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 811-03785
Fidelity Advisor Series I
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | November 30 |
Date of reporting period: | May 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Top Holdings (% of Fund's net assets) | ||
Bancorp, Inc., Delaware | 1.6 | |
Churchill Downs, Inc. | 1.3 | |
Landstar System, Inc. | 1.3 | |
ARAMARK Holdings Corp. | 1.3 | |
Willscot Mobile Mini Holdings | 1.3 | |
KBR, Inc. | 1.3 | |
Regal Rexnord Corp. | 1.2 | |
CACI International, Inc. Class A | 1.2 | |
CubeSmart | 1.2 | |
WESCO International, Inc. | 1.2 | |
12.9 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 22.3 | |
Financials | 14.3 | |
Consumer Discretionary | 14.2 | |
Information Technology | 10.2 | |
Health Care | 9.1 | |
Real Estate | 7.9 | |
Materials | 6.2 | |
Consumer Staples | 5.1 | |
Utilities | 3.5 | |
Energy | 3.4 | |
Communication Services | 1.8 | |
Asset Allocation (% of Fund's net assets) |
Futures - 0.8% |
Common Stocks - 97.9% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 1.8% | |||
Diversified Telecommunication Services - 0.4% | |||
Frontier Communications Parent, Inc. (a)(b) | 60,100 | 894 | |
Iridium Communications, Inc. | 99,500 | 5,974 | |
6,868 | |||
Entertainment - 0.3% | |||
Endeavor Group Holdings, Inc. (a) | 81,300 | 1,831 | |
Liberty Media Corp. Liberty Formula One Series C (a) | 30,300 | 2,133 | |
Warner Music Group Corp. Class A | 62,600 | 1,531 | |
5,495 | |||
Interactive Media & Services - 0.2% | |||
IAC, Inc. (a) | 9,000 | 503 | |
TripAdvisor, Inc. (a)(b) | 47,900 | 745 | |
Ziff Davis, Inc. (a) | 42,100 | 2,486 | |
3,734 | |||
Media - 0.9% | |||
Cable One, Inc. (b) | 6,100 | 3,732 | |
Interpublic Group of Companies, Inc. | 63,451 | 2,360 | |
Nexstar Broadcasting Group, Inc. Class A | 29,100 | 4,392 | |
TEGNA, Inc. | 45,100 | 699 | |
The New York Times Co. Class A | 125,100 | 4,431 | |
15,614 | |||
TOTAL COMMUNICATION SERVICES | 31,711 | ||
CONSUMER DISCRETIONARY - 14.2% | |||
Automobile Components - 1.3% | |||
Adient PLC (a) | 244,000 | 8,220 | |
Lear Corp. | 110,753 | 13,585 | |
Novem Group SA | 169,600 | 1,628 | |
23,433 | |||
Automobiles - 0.4% | |||
Harley-Davidson, Inc. | 251,572 | 7,826 | |
Broadline Retail - 0.5% | |||
Ollie's Bargain Outlet Holdings, Inc. (a) | 147,200 | 8,114 | |
Diversified Consumer Services - 0.7% | |||
Cairo Mezz PLC (a) | 6,133,124 | 767 | |
H&R Block, Inc. | 232,000 | 6,925 | |
Service Corp. International | 72,200 | 4,593 | |
12,285 | |||
Hotels, Restaurants & Leisure - 5.4% | |||
ARAMARK Holdings Corp. | 600,200 | 23,696 | |
Brinker International, Inc. (a) | 127,100 | 4,649 | |
Caesars Entertainment, Inc. (a) | 215,302 | 8,830 | |
Churchill Downs, Inc. | 179,694 | 24,406 | |
Domino's Pizza, Inc. | 32,900 | 9,536 | |
Planet Fitness, Inc. (a) | 84,000 | 5,371 | |
Red Rock Resorts, Inc. | 3,200 | 146 | |
Vail Resorts, Inc. | 25,400 | 6,177 | |
Wyndham Hotels & Resorts, Inc. | 230,133 | 15,707 | |
98,518 | |||
Household Durables - 1.9% | |||
Leggett & Platt, Inc. (b) | 200,640 | 6,116 | |
Mohawk Industries, Inc. (a) | 74,540 | 6,861 | |
NVR, Inc. (a) | 1,478 | 8,209 | |
Taylor Morrison Home Corp. (a) | 329,664 | 13,988 | |
35,174 | |||
Specialty Retail - 1.8% | |||
Burlington Stores, Inc. (a) | 25,600 | 3,852 | |
Five Below, Inc. (a) | 83,300 | 14,371 | |
Foot Locker, Inc. | 189,500 | 4,798 | |
Valvoline, Inc. | 244,004 | 9,394 | |
32,415 | |||
Textiles, Apparel & Luxury Goods - 2.2% | |||
Capri Holdings Ltd. (a) | 190,064 | 6,671 | |
Levi Strauss & Co. Class A | 99,400 | 1,315 | |
Prada SpA | 893,400 | 5,973 | |
PVH Corp. | 145,254 | 12,495 | |
Tapestry, Inc. | 327,049 | 13,089 | |
39,543 | |||
TOTAL CONSUMER DISCRETIONARY | 257,308 | ||
CONSUMER STAPLES - 5.1% | |||
Beverages - 0.5% | |||
Boston Beer Co., Inc. Class A (a) | 13,400 | 4,523 | |
Celsius Holdings, Inc. (a) | 41,800 | 5,247 | |
9,770 | |||
Consumer Staples Distribution & Retail - 2.5% | |||
Albertsons Companies, Inc. | 38,700 | 788 | |
BJ's Wholesale Club Holdings, Inc. (a) | 155,500 | 9,742 | |
Casey's General Stores, Inc. | 24,900 | 5,619 | |
Performance Food Group Co. (a) | 254,300 | 14,060 | |
Sprouts Farmers Market LLC (a) | 146,500 | 5,063 | |
U.S. Foods Holding Corp. (a) | 236,500 | 9,408 | |
44,680 | |||
Food Products - 1.3% | |||
Bunge Ltd. | 8,600 | 797 | |
Darling Ingredients, Inc. (a) | 155,900 | 9,881 | |
Freshpet, Inc. (a)(b) | 24,400 | 1,458 | |
Ingredion, Inc. | 70,700 | 7,395 | |
Nomad Foods Ltd. (a) | 73,100 | 1,246 | |
Post Holdings, Inc. (a)(b) | 22,226 | 1,888 | |
Sovos Brands, Inc. (a) | 74,800 | 1,420 | |
24,085 | |||
Household Products - 0.3% | |||
Energizer Holdings, Inc. | 114,000 | 3,716 | |
Reynolds Consumer Products, Inc. | 53,500 | 1,468 | |
5,184 | |||
Personal Care Products - 0.5% | |||
BellRing Brands, Inc. (a) | 141,246 | 5,172 | |
The Beauty Health Co. (a)(b) | 480,500 | 3,863 | |
9,035 | |||
TOTAL CONSUMER STAPLES | 92,754 | ||
ENERGY - 3.4% | |||
Energy Equipment & Services - 0.9% | |||
Championx Corp. | 419,200 | 10,589 | |
Liberty Oilfield Services, Inc. Class A | 539,260 | 6,331 | |
16,920 | |||
Oil, Gas & Consumable Fuels - 2.5% | |||
APA Corp. | 214,402 | 6,814 | |
Denbury, Inc. (a) | 83,502 | 7,529 | |
EQT Corp. (b) | 230,992 | 8,032 | |
HF Sinclair Corp. | 249,106 | 10,323 | |
Northern Oil & Gas, Inc. | 240,700 | 7,199 | |
Targa Resources Corp. | 78,000 | 5,308 | |
45,205 | |||
TOTAL ENERGY | 62,125 | ||
FINANCIALS - 14.2% | |||
Banks - 5.2% | |||
Associated Banc-Corp. | 484,153 | 7,170 | |
Axos Financial, Inc. (a) | 62,729 | 2,372 | |
Bancorp, Inc., Delaware (a) | 960,269 | 29,624 | |
Cadence Bank | 289,749 | 5,204 | |
East West Bancorp, Inc. | 129,945 | 6,218 | |
First Interstate Bancsystem, Inc. | 93,078 | 2,052 | |
Pathward Financial, Inc. | 163,747 | 7,195 | |
Piraeus Financial Holdings SA (a) | 1,022,216 | 3,016 | |
Popular, Inc. | 215,600 | 12,328 | |
Synovus Financial Corp. | 90,743 | 2,458 | |
Wintrust Financial Corp. | 75,692 | 4,812 | |
Zions Bancorp NA | 433,602 | 11,833 | |
94,282 | |||
Capital Markets - 0.8% | |||
Interactive Brokers Group, Inc. | 163,124 | 12,598 | |
Patria Investments Ltd. | 144,000 | 2,124 | |
14,722 | |||
Consumer Finance - 1.0% | |||
FirstCash Holdings, Inc. | 43,224 | 4,259 | |
NerdWallet, Inc. (a)(b) | 182,630 | 1,717 | |
OneMain Holdings, Inc. | 346,080 | 13,103 | |
19,079 | |||
Financial Services - 3.2% | |||
AvidXchange Holdings, Inc. (a) | 489,894 | 4,747 | |
Cannae Holdings, Inc. (a) | 185,667 | 3,648 | |
Essent Group Ltd. | 271,800 | 12,005 | |
MGIC Investment Corp. | 396,192 | 5,990 | |
Nuvei Corp. (Canada) (a)(c) | 100,614 | 3,157 | |
Repay Holdings Corp. (a) | 393,176 | 2,489 | |
Shift4 Payments, Inc. (a) | 45,052 | 2,826 | |
UWM Holdings Corp. Class A (b) | 1,024,989 | 5,258 | |
Voya Financial, Inc. | 135,050 | 9,156 | |
WEX, Inc. (a) | 52,307 | 8,675 | |
57,951 | |||
Insurance - 4.0% | |||
American Financial Group, Inc. | 92,275 | 10,360 | |
BRP Group, Inc. (a) | 348,461 | 6,990 | |
Fairfax Financial Holdings Ltd. (sub. vtg.) | 9,146 | 6,565 | |
Globe Life, Inc. | 36,543 | 3,771 | |
Primerica, Inc. | 70,600 | 12,851 | |
Reinsurance Group of America, Inc. | 99,900 | 13,986 | |
Talanx AG | 66,304 | 3,696 | |
Unum Group | 319,631 | 13,888 | |
72,107 | |||
TOTAL FINANCIALS | 258,141 | ||
HEALTH CARE - 9.1% | |||
Biotechnology - 1.4% | |||
Repligen Corp. (a) | 84,200 | 14,139 | |
United Therapeutics Corp. (a) | 52,500 | 11,011 | |
25,150 | |||
Health Care Equipment & Supplies - 3.2% | |||
ICU Medical, Inc. (a) | 59,000 | 10,319 | |
Masimo Corp. (a) | 124,000 | 20,068 | |
Nevro Corp. (a) | 176,000 | 4,851 | |
Penumbra, Inc. (a) | 60,000 | 18,440 | |
Tandem Diabetes Care, Inc. (a) | 170,000 | 4,418 | |
58,096 | |||
Health Care Providers & Services - 3.1% | |||
Acadia Healthcare Co., Inc. (a) | 197,500 | 13,949 | |
agilon health, Inc. (a) | 460,000 | 9,145 | |
Alignment Healthcare, Inc. (a) | 693,106 | 4,069 | |
Molina Healthcare, Inc. (a) | 26,500 | 7,258 | |
Option Care Health, Inc. (a) | 108,000 | 2,975 | |
Privia Health Group, Inc. (a) | 340,000 | 8,483 | |
Surgery Partners, Inc. (a) | 271,500 | 10,176 | |
56,055 | |||
Health Care Technology - 0.3% | |||
Evolent Health, Inc. (a) | 235,000 | 6,848 | |
Life Sciences Tools & Services - 1.1% | |||
10X Genomics, Inc. (a) | 130,000 | 6,820 | |
Bruker Corp. | 187,500 | 12,956 | |
19,776 | |||
TOTAL HEALTH CARE | 165,925 | ||
INDUSTRIALS - 22.3% | |||
Aerospace & Defense - 2.3% | |||
HEICO Corp. Class A | 163,413 | 19,912 | |
Howmet Aerospace, Inc. | 239,400 | 10,234 | |
Spirit AeroSystems Holdings, Inc. Class A | 426,800 | 11,349 | |
41,495 | |||
Building Products - 1.0% | |||
Carlisle Companies, Inc. | 90,540 | 19,234 | |
Commercial Services & Supplies - 0.9% | |||
The Brink's Co. | 241,392 | 16,060 | |
Construction & Engineering - 1.5% | |||
MDU Resources Group, Inc. | 134,568 | 3,927 | |
Willscot Mobile Mini Holdings (a) | 532,998 | 22,962 | |
26,889 | |||
Electrical Equipment - 1.2% | |||
Regal Rexnord Corp. | 172,833 | 22,449 | |
Ground Transportation - 2.4% | |||
Landstar System, Inc. | 136,011 | 23,854 | |
RXO, Inc. (a) | 287,200 | 5,994 | |
XPO, Inc. (a) | 286,100 | 13,427 | |
43,275 | |||
Machinery - 7.1% | |||
AGCO Corp. | 148,600 | 16,388 | |
Allison Transmission Holdings, Inc. | 120,863 | 5,717 | |
Chart Industries, Inc. (a)(b) | 66,800 | 7,330 | |
Crane Co. | 135,200 | 9,824 | |
Crane Nxt Co. | 132,500 | 6,973 | |
Dover Corp. | 67,100 | 8,946 | |
ESAB Corp. | 311,600 | 18,297 | |
Flowserve Corp. | 641,094 | 20,868 | |
IDEX Corp. | 96,175 | 19,154 | |
ITT, Inc. | 195,687 | 14,904 | |
128,401 | |||
Marine Transportation - 0.8% | |||
Kirby Corp. (a) | 206,594 | 14,784 | |
Passenger Airlines - 0.2% | |||
JetBlue Airways Corp. (a) | 542,700 | 3,707 | |
Professional Services - 3.0% | |||
CACI International, Inc. Class A (a) | 74,900 | 22,412 | |
Ceridian HCM Holding, Inc. (a)(b) | 101,700 | 6,290 | |
FTI Consulting, Inc. (a) | 20,900 | 3,929 | |
KBR, Inc. | 385,500 | 22,752 | |
55,383 | |||
Trading Companies & Distributors - 1.9% | |||
Air Lease Corp. Class A | 347,500 | 13,212 | |
WESCO International, Inc. | 155,113 | 21,309 | |
34,521 | |||
TOTAL INDUSTRIALS | 406,198 | ||
INFORMATION TECHNOLOGY - 10.2% | |||
Electronic Equipment, Instruments & Components - 1.8% | |||
Avnet, Inc. | 193,400 | 8,479 | |
Cognex Corp. | 216,671 | 11,908 | |
Jabil, Inc. | 56,600 | 5,067 | |
Trimble, Inc. (a) | 91,900 | 4,289 | |
TTM Technologies, Inc. (a) | 290,100 | 3,974 | |
33,717 | |||
IT Services - 2.6% | |||
Akamai Technologies, Inc. (a) | 87,500 | 8,061 | |
Cyxtera Technologies, Inc. Class A (a) | 299,800 | 49 | |
EPAM Systems, Inc. (a) | 18,717 | 4,803 | |
GoDaddy, Inc. (a) | 107,800 | 7,910 | |
MongoDB, Inc. Class A (a) | 34,000 | 9,989 | |
Twilio, Inc. Class A (a) | 164,400 | 11,446 | |
Wix.com Ltd. (a) | 56,100 | 4,276 | |
46,534 | |||
Semiconductors & Semiconductor Equipment - 0.6% | |||
Cirrus Logic, Inc. (a) | 51,700 | 4,016 | |
SolarEdge Technologies, Inc. (a) | 22,300 | 6,352 | |
10,368 | |||
Software - 5.0% | |||
Aspen Technology, Inc. (a) | 24,248 | 3,975 | |
Bill Holdings, Inc. (a) | 68,200 | 7,064 | |
Blackbaud, Inc. (a) | 152,800 | 11,209 | |
Blend Labs, Inc. (a)(b) | 1,456,519 | 1,440 | |
Elastic NV (a) | 142,100 | 10,348 | |
Five9, Inc. (a) | 166,800 | 11,027 | |
Gen Digital, Inc. | 446,000 | 7,823 | |
Guidewire Software, Inc. (a) | 68,200 | 5,659 | |
HubSpot, Inc. (a) | 18,900 | 9,790 | |
PTC, Inc. (a) | 45,600 | 6,129 | |
Tenable Holdings, Inc. (a) | 226,100 | 9,268 | |
Workiva, Inc. (a) | 71,332 | 6,909 | |
90,641 | |||
Technology Hardware, Storage & Peripherals - 0.2% | |||
Western Digital Corp. (a) | 117,300 | 4,543 | |
TOTAL INFORMATION TECHNOLOGY | 185,803 | ||
MATERIALS - 6.2% | |||
Chemicals - 2.0% | |||
Ashland, Inc. | 130,900 | 11,111 | |
RPM International, Inc. | 196,300 | 15,663 | |
Westlake Corp. | 87,000 | 9,044 | |
35,818 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 96,700 | 15,755 | |
Metals & Mining - 2.7% | |||
Alcoa Corp. | 273,000 | 8,660 | |
Cleveland-Cliffs, Inc. (a)(b) | 653,700 | 9,073 | |
Lundin Mining Corp. | 916,900 | 6,410 | |
Reliance Steel & Aluminum Co. | 82,600 | 19,385 | |
Royal Gold, Inc. | 45,200 | 5,598 | |
49,126 | |||
Paper & Forest Products - 0.7% | |||
Louisiana-Pacific Corp. | 216,300 | 12,658 | |
TOTAL MATERIALS | 113,357 | ||
REAL ESTATE - 7.9% | |||
Equity Real Estate Investment Trusts (REITs) - 7.4% | |||
American Homes 4 Rent Class A | 53,200 | 1,824 | |
CubeSmart | 499,772 | 22,210 | |
EastGroup Properties, Inc. | 107,800 | 17,745 | |
Equity Lifestyle Properties, Inc. | 58,400 | 3,689 | |
Essex Property Trust, Inc. | 38,400 | 8,297 | |
Healthcare Trust of America, Inc. | 453,400 | 8,438 | |
Lamar Advertising Co. Class A | 145,400 | 13,069 | |
Omega Healthcare Investors, Inc. | 20,000 | 596 | |
Postal Realty Trust, Inc. | 711,830 | 10,450 | |
Ryman Hospitality Properties, Inc. | 55,800 | 5,119 | |
SITE Centers Corp. | 773,700 | 9,223 | |
Spirit Realty Capital, Inc. | 265,200 | 10,359 | |
Tanger Factory Outlet Centers, Inc. | 32,200 | 656 | |
Terreno Realty Corp. | 135,000 | 8,280 | |
Ventas, Inc. | 312,600 | 13,486 | |
133,441 | |||
Real Estate Management & Development - 0.5% | |||
Doma Holdings, Inc. Class A (a)(b) | 1,223,802 | 365 | |
Jones Lang LaSalle, Inc. (a) | 66,000 | 9,262 | |
WeWork, Inc. (a) | 464,500 | 80 | |
9,707 | |||
TOTAL REAL ESTATE | 143,148 | ||
UTILITIES - 3.5% | |||
Electric Utilities - 0.7% | |||
Allete, Inc. | 73,100 | 4,355 | |
OGE Energy Corp. | 80,400 | 2,837 | |
PNM Resources, Inc. | 123,900 | 5,689 | |
12,881 | |||
Gas Utilities - 0.8% | |||
Atmos Energy Corp. | 12,100 | 1,395 | |
National Fuel Gas Co. | 84,800 | 4,317 | |
ONE Gas, Inc. | 42,018 | 3,401 | |
Southwest Gas Holdings, Inc. | 34,900 | 2,043 | |
UGI Corp. | 140,500 | 3,930 | |
15,086 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
NextEra Energy Partners LP | 29,300 | 1,756 | |
Ormat Technologies, Inc. (b) | 47,500 | 4,042 | |
5,798 | |||
Multi-Utilities - 1.1% | |||
Algonquin Power & Utilities Corp. | 356,900 | 3,008 | |
Black Hills Corp. | 120,700 | 7,357 | |
NorthWestern Energy Corp. | 155,600 | 8,805 | |
19,170 | |||
Water Utilities - 0.6% | |||
Essential Utilities, Inc. | 281,715 | 11,477 | |
TOTAL UTILITIES | 64,412 | ||
TOTAL COMMON STOCKS (Cost $1,678,265) | 1,780,882 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (d) (000s) | Value ($) (000s) | ||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Affirm Holdings, Inc. 0% 11/15/26 (Cost $1,546) | 2,326 | 1,564 | |
U.S. Treasury Obligations - 0.1% | |||
Principal Amount (d) (000s) | Value ($) (000s) | ||
U.S. Treasury Bills, yield at date of purchase 4.59% to 4.92% 6/1/23 to 6/8/23 (e) (Cost $1,220) | 1,220 | 1,220 | |
Money Market Funds - 3.8% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.14% (f) | 32,252,729 | 32,259 | |
Fidelity Securities Lending Cash Central Fund 5.14% (f)(g) | 36,717,147 | 36,721 | |
TOTAL MONEY MARKET FUNDS (Cost $68,979) | 68,980 | ||
TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $1,750,010) | 1,852,646 |
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (33,859) |
NET ASSETS - 100.0% | 1,818,787 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) (000s) | Value ($) (000s) | Unrealized Appreciation/ (Depreciation) ($) (000s) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 57 | Jun 2023 | 13,731 | (309) | (309) |
The notional amount of futures purchased as a percentage of Net Assets is 0.8% |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,157,000 or 0.2% of net assets. |
(d) | Amount is stated in United States dollars unless otherwise noted. |
(e) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,022,000. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 56,961 | 333,150 | 357,852 | 729 | 2 | (2) | 32,259 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.14% | 29,703 | 337,434 | 330,416 | 174 | - | - | 36,721 | 0.1% |
Total | 86,664 | 670,584 | 688,268 | 903 | 2 | (2) | 68,980 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 31,711 | 31,711 | - | - |
Consumer Discretionary | 257,308 | 257,308 | - | - |
Consumer Staples | 92,754 | 92,754 | - | - |
Energy | 62,125 | 62,125 | - | - |
Financials | 258,141 | 258,141 | - | - |
Health Care | 165,925 | 165,925 | - | - |
Industrials | 406,198 | 406,198 | - | - |
Information Technology | 185,803 | 185,803 | - | - |
Materials | 113,357 | 113,357 | - | - |
Real Estate | 143,148 | 143,148 | - | - |
Utilities | 64,412 | 64,412 | - | - |
Corporate Bonds | 1,564 | - | 1,564 | - |
U.S. Government and Government Agency Obligations | 1,220 | - | 1,220 | - |
Money Market Funds | 68,980 | 68,980 | - | - |
Total Investments in Securities: | 1,852,646 | 1,849,862 | 2,784 | - |
Derivative Instruments: | ||||
Liabilities | ||||
Futures Contracts | (309) | (309) | - | - |
Total Liabilities | (309) | (309) | - | - |
Total Derivative Instruments: | (309) | (309) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Futures Contracts (a) | 0 | (309) |
Total Equity Risk | 0 | (309) |
Total Value of Derivatives | 0 | (309) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $33,961) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,681,031) | $ | 1,783,666 | ||
Fidelity Central Funds (cost $68,979) | 68,980 | |||
Total Investment in Securities (cost $1,750,010) | $ | 1,852,646 | ||
Receivable for investments sold | 7,040 | |||
Receivable for fund shares sold | 871 | |||
Dividends receivable | 2,455 | |||
Distributions receivable from Fidelity Central Funds | 160 | |||
Other receivables | 26 | |||
Total assets | 1,863,198 | |||
Liabilities | ||||
Payable to custodian bank | $ | 204 | ||
Payable for investments purchased | 4,620 | |||
Payable for fund shares redeemed | 1,109 | |||
Accrued management fee | 883 | |||
Distribution and service plan fees payable | 323 | |||
Payable for daily variation margin on futures contracts | 200 | |||
Other affiliated payables | 306 | |||
Other payables and accrued expenses | 44 | |||
Collateral on securities loaned | 36,722 | |||
Total Liabilities | 44,411 | |||
Net Assets | $ | 1,818,787 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,707,590 | ||
Total accumulated earnings (loss) | 111,197 | |||
Net Assets | $ | 1,818,787 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($590,253 ÷ 17,679 shares) (a) | $ | 33.39 | ||
Maximum offering price per share (100/94.25 of $33.39) | $ | 35.43 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($425,449 ÷ 12,606 shares) (a) | $ | 33.75 | ||
Maximum offering price per share (100/96.50 of $33.75) | $ | 34.97 | ||
Class C : | ||||
Net Asset Value and offering price per share ($19,424 ÷ 675 shares) (a)(b) | $ | 28.77 | ||
Fidelity Stock Selector Mid Cap Fund : | ||||
Net Asset Value , offering price and redemption price per share ($318,705 ÷ 8,899 shares) | $ | 35.81 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($335,986 ÷ 9,351 shares) | $ | 35.93 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($128,970 ÷ 3,596 shares) (b) | $ | 35.87 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 15,230 | ||
Non-Cash dividends | 2,014 | |||
Interest | 118 | |||
Income from Fidelity Central Funds (including $174 from security lending) | 903 | |||
Total Income | 18,265 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 5,137 | ||
Performance adjustment | (194) | |||
Transfer agent fees | 1,628 | |||
Distribution and service plan fees | 2,013 | |||
Accounting fees | 263 | |||
Custodian fees and expenses | 28 | |||
Independent trustees' fees and expenses | 6 | |||
Registration fees | 71 | |||
Audit | 30 | |||
Legal | 3 | |||
Interest | 8 | |||
Miscellaneous | 5 | |||
Total expenses before reductions | 8,998 | |||
Expense reductions | (48) | |||
Total expenses after reductions | 8,950 | |||
Net Investment income (loss) | 9,315 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 7,748 | |||
Fidelity Central Funds | 2 | |||
Foreign currency transactions | (8) | |||
Futures contracts | 1,050 | |||
Total net realized gain (loss) | 8,792 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (90,367) | |||
Fidelity Central Funds | (2) | |||
Assets and liabilities in foreign currencies | 6 | |||
Futures contracts | (1,567) | |||
Total change in net unrealized appreciation (depreciation) | (91,930) | |||
Net gain (loss) | (83,138) | |||
Net increase (decrease) in net assets resulting from operations | $ | (73,823) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 9,315 | $ | 11,268 |
Net realized gain (loss) | 8,792 | 174,994 | ||
Change in net unrealized appreciation (depreciation) | (91,930) | (275,836) | ||
Net increase (decrease) in net assets resulting from operations | (73,823) | (89,574) | ||
Distributions to shareholders | (176,342) | (266,942) | ||
Share transactions - net increase (decrease) | (23,499) | 259,019 | ||
Total increase (decrease) in net assets | (273,664) | (97,497) | ||
Net Assets | ||||
Beginning of period | 2,092,451 | 2,189,948 | ||
End of period | $ | 1,818,787 | $ | 2,092,451 |
Fidelity Advisor® Stock Selector Mid Cap Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 38.19 | $ | 45.46 | $ | 37.74 | $ | 36.07 | $ | 39.28 | $ | 39.74 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .16 | .20 | .20 | .30 C | .25 | .26 | ||||||
Net realized and unrealized gain (loss) | (1.60) | (1.76) | 8.40 | 2.85 | 2.80 D | 1.04 | ||||||
Total from investment operations | (1.44) | (1.56) | 8.60 | 3.15 | 3.05 | 1.30 | ||||||
Distributions from net investment income | (.18) | (.21) | (.35) | (.21) | (.25) | (.11) | ||||||
Distributions from net realized gain | (3.18) | (5.50) | (.54) | (1.27) | (6.01) | (1.65) | ||||||
Total distributions | (3.36) | (5.71) | (.88) E | (1.48) | (6.26) | (1.76) | ||||||
Net asset value, end of period | $ | 33.39 | $ | 38.19 | $ | 45.46 | $ | 37.74 | $ | 36.07 | $ | 39.28 |
Total Return F,G,H | (3.68)% | (4.66)% | 23.19% | 8.99% | 12.13% D | 3.36% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .97% K | .97% | 1.05% | 1.14% | 1.14% | .93% | ||||||
Expenses net of fee waivers, if any | .97% K | .97% | 1.05% | 1.14% | 1.14% | .92% | ||||||
Expenses net of all reductions | .97% K | .97% | 1.05% | 1.13% | 1.14% | .91% | ||||||
Net investment income (loss) | .90% K | .52% | .45% | .94% C | .75% | .64% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 590 | $ | 654 | $ | 736 | $ | 626 | $ | 623 | $ | 532 |
Portfolio turnover rate L | 45% K | 64% | 43% | 86% | 57% | 81% |
Fidelity Advisor® Stock Selector Mid Cap Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 38.50 | $ | 45.77 | $ | 37.99 | $ | 36.30 | $ | 39.43 | $ | 39.89 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .12 | .11 | .09 | .22 C | .17 | .16 | ||||||
Net realized and unrealized gain (loss) | (1.61) | (1.80) | 8.48 | 2.86 | 2.85 D | 1.04 | ||||||
Total from investment operations | (1.49) | (1.69) | 8.57 | 3.08 | 3.02 | 1.20 | ||||||
Distributions from net investment income | (.08) | (.09) | (.25) | (.12) | (.14) | (.01) | ||||||
Distributions from net realized gain | (3.18) | (5.50) | (.54) | (1.27) | (6.01) | (1.65) | ||||||
Total distributions | (3.26) | (5.58) E | (.79) | (1.39) | (6.15) | (1.66) | ||||||
Net asset value, end of period | $ | 33.75 | $ | 38.50 | $ | 45.77 | $ | 37.99 | $ | 36.30 | $ | 39.43 |
Total Return F,G,H | (3.79)% | (4.90)% | 22.91% | 8.71% | 11.88% D | 3.10% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.22% K | 1.22% | 1.29% | 1.38% | 1.38% | 1.17% | ||||||
Expenses net of fee waivers, if any | 1.21% K | 1.21% | 1.29% | 1.38% | 1.38% | 1.17% | ||||||
Expenses net of all reductions | 1.21% K | 1.21% | 1.29% | 1.37% | 1.38% | 1.15% | ||||||
Net investment income (loss) | .66% K | .27% | .20% | .70% C | .51% | .39% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 425 | $ | 464 | $ | 552 | $ | 496 | $ | 544 | $ | 536 |
Portfolio turnover rate L | 45% K | 64% | 43% | 86% | 57% | 81% |
Fidelity Advisor® Stock Selector Mid Cap Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 33.33 | $ | 40.31 | $ | 33.58 | $ | 32.15 | $ | 35.67 | $ | 36.25 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .02 | (.09) | (.14) | .04 C | (.01) | (.05) | ||||||
Net realized and unrealized gain (loss) | (1.40) | (1.53) | 7.51 | 2.50 | 2.46 D | .96 | ||||||
Total from investment operations | (1.38) | (1.62) | 7.37 | 2.54 | 2.45 | .91 | ||||||
Distributions from net investment income | - | - | (.10) | - | - | - | ||||||
Distributions from net realized gain | (3.18) | (5.36) | (.54) | (1.11) | (5.97) | (1.49) | ||||||
Total distributions | (3.18) | (5.36) | (.64) | (1.11) | (5.97) | (1.49) | ||||||
Net asset value, end of period | $ | 28.77 | $ | 33.33 | $ | 40.31 | $ | 33.58 | $ | 32.15 | $ | 35.67 |
Total Return E,F,G | (4.06)% | (5.41)% | 22.25% | 8.10% | 11.27% D | 2.59% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.77% J | 1.77% | 1.84% | 1.93% | 1.93% | 1.69% | ||||||
Expenses net of fee waivers, if any | 1.76% J | 1.76% | 1.84% | 1.93% | 1.93% | 1.69% | ||||||
Expenses net of all reductions | 1.76% J | 1.76% | 1.84% | 1.92% | 1.93% | 1.67% | ||||||
Net investment income (loss) | .11% J | (.28)% | (.35)% | .15% C | (.04)% | (.12)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 19 | $ | 22 | $ | 27 | $ | 30 | $ | 35 | $ | 114 |
Portfolio turnover rate K | 45% J | 64% | 43% | 86% | 57% | 81% |
Fidelity® Stock Selector Mid Cap Fund |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 40.76 | $ | 48.16 | $ | 39.90 | $ | 38.00 | $ | 41.00 | $ | 41.43 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .22 | .32 | .34 | .40 C | .34 | .33 | ||||||
Net realized and unrealized gain (loss) | (1.71) | (1.90) | 8.88 | 3.01 | 2.99 D | 1.09 | ||||||
Total from investment operations | (1.49) | (1.58) | 9.22 | 3.41 | 3.33 | 1.42 | ||||||
Distributions from net investment income | (.27) | (.33) | (.42) | (.24) | (.32) | (.20) | ||||||
Distributions from net realized gain | (3.18) | (5.50) | (.54) | (1.27) | (6.01) | (1.65) | ||||||
Total distributions | (3.46) E | (5.82) E | (.96) | (1.51) | (6.33) | (1.85) | ||||||
Net asset value, end of period | $ | 35.81 | $ | 40.76 | $ | 48.16 | $ | 39.90 | $ | 38.00 | $ | 41.00 |
Total Return F,G | (3.57)% | (4.43)% | 23.52% | 9.24% | 12.38% D | 3.53% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .73% J | .72% | .79% | .89% | .94% | .77% | ||||||
Expenses net of fee waivers, if any | .72% J | .72% | .79% | .89% | .94% | .76% | ||||||
Expenses net of all reductions | .72% J | .72% | .79% | .88% | .94% | .75% | ||||||
Net investment income (loss) | 1.15% J | .77% | .71% | 1.19% C | .95% | .80% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 319 | $ | 349 | $ | 395 | $ | 342 | $ | 362 | $ | 502 |
Portfolio turnover rate K | 45% J | 64% | 43% | 86% | 57% | 81% |
Fidelity Advisor® Stock Selector Mid Cap Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 40.88 | $ | 48.29 | $ | 40.01 | $ | 38.15 | $ | 41.11 | $ | 41.51 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .21 | .31 | .33 | .40 C | .35 | .36 | ||||||
Net realized and unrealized gain (loss) | (1.71) | (1.90) | 8.91 | 3.02 | 3.01 D | 1.10 | ||||||
Total from investment operations | (1.50) | (1.59) | 9.24 | 3.42 | 3.36 | 1.46 | ||||||
Distributions from net investment income | (.27) | (.32) | (.42) | (.29) | (.31) | (.21) | ||||||
Distributions from net realized gain | (3.18) | (5.50) | (.54) | (1.27) | (6.01) | (1.65) | ||||||
Total distributions | (3.45) | (5.82) | (.96) | (1.56) | (6.32) | (1.86) | ||||||
Net asset value, end of period | $ | 35.93 | $ | 40.88 | $ | 48.29 | $ | 40.01 | $ | 38.15 | $ | 41.11 |
Total Return E,F | (3.57)% | (4.45)% | 23.50% | 9.23% | 12.41% D | 3.62% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .74% I | .74% | .82% | .90% | .91% | .69% | ||||||
Expenses net of fee waivers, if any | .74% I | .74% | .81% | .90% | .91% | .69% | ||||||
Expenses net of all reductions | .74% I | .74% | .81% | .89% | .91% | .67% | ||||||
Net investment income (loss) | 1.14% I | .75% | .68% | 1.18% C | .98% | .87% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 336 | $ | 386 | $ | 413 | $ | 293 | $ | 312 | $ | 279 |
Portfolio turnover rate J | 45% I | 64% | 43% | 86% | 57% | 81% |
Fidelity Advisor® Stock Selector Mid Cap Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 40.86 | $ | 48.26 | $ | 39.97 | $ | 38.12 | $ | 41.15 | $ | 41.57 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .24 | .36 | .38 | .44 C | .41 | .43 | ||||||
Net realized and unrealized gain (loss) | (1.72) | (1.88) | 8.92 | 3.03 | 2.99 D | 1.08 | ||||||
Total from investment operations | (1.48) | (1.52) | 9.30 | 3.47 | 3.40 | 1.51 | ||||||
Distributions from net investment income | (.33) | (.38) | (.47) | (.35) | (.42) | (.28) | ||||||
Distributions from net realized gain | (3.18) | (5.50) | (.54) | (1.27) | (6.01) | (1.65) | ||||||
Total distributions | (3.51) | (5.88) | (1.01) | (1.62) | (6.43) | (1.93) | ||||||
Net asset value, end of period | $ | 35.87 | $ | 40.86 | $ | 48.26 | $ | 39.97 | $ | 38.12 | $ | 41.15 |
Total Return E,F | (3.51)% | (4.30)% | 23.69% | 9.39% | 12.59% D | 3.75% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .59% I | .59% | .67% | .75% | .75% | .53% | ||||||
Expenses net of fee waivers, if any | .59% I | .59% | .67% | .75% | .75% | .53% | ||||||
Expenses net of all reductions | .59% I | .59% | .67% | .73% | .75% | .52% | ||||||
Net investment income (loss) | 1.29% I | .90% | .82% | 1.33% C | 1.14% | 1.03% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 129 | $ | 217 | $ | 67 | $ | 150 | $ | 245 | $ | 18 |
Portfolio turnover rate J | 45% I | 64% | 43% | 86% | 57% | 81% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $258,955 |
Gross unrealized depreciation | (160,992) |
Net unrealized appreciation (depreciation) | $97,963 |
Tax cost | $1,754,992 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Advisor Stock Selector Mid Cap Fund | 431,172 | 589,249 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $781 | $10 |
Class M | .25% | .25% | 1,127 | 13 |
Class C | .75% | .25% | 105 | 7 |
$2,013 | $30 |
Retained by FDC | |
Class A | $ 64 |
Class M | 7 |
Class C A | 4 |
$75 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $ 545 | .17 |
Class M | 379 | .17 |
Class C | 23 | .22 |
Fidelity Stock Selector Mid Cap Fund | 305 | .18 |
Class I | 342 | .19 |
Class Z | 34 | .04 |
$1,628 |
% of Average Net Assets | |
Fidelity Advisor Stock Selector Mid Cap Fund | .03 |
Amount | |
Fidelity Advisor Stock Selector Mid Cap Fund | $ 12 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Stock Selector Mid Cap Fund | Borrower | $ 8,430 | 4.69% | $ 8 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Stock Selector Mid Cap Fund | 16,617 | 49,831 | (5,363) |
Amount | |
Fidelity Advisor Stock Selector Mid Cap Fund | $2 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Stock Selector Mid Cap Fund | $18 | $ 26 | $3,308 |
Expense reduction | |
Class M | 2 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Stock Selector Mid Cap Fund | ||
Distributions to shareholders | ||
Class A | $ 56,107 | $91,386 |
Class M | 39,007 | 66,607 |
Class C | 2,087 | 3,596 |
Fidelity Stock Selector Mid Cap Fund | 29,748 | 47,323 |
Class I | 32,276 | 49,700 |
Class Z | 17,117 | 8,330 |
Total | $ 176,342 | $ 266,942 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Stock Selector Mid Cap Fund | ||||
Class A | ||||
Shares sold | 479 | 1,111 | $16,544 | $42,903 |
Reinvestment of distributions | 1,583 | 2,014 | 52,298 | 85,227 |
Shares redeemed | (1,515) | (2,177) | (53,324) | (85,105) |
Net increase (decrease) | 547 | 948 | $15,518 | $43,025 |
Class M | ||||
Shares sold | 350 | 651 | $12,369 | $25,411 |
Reinvestment of distributions | 1,139 | 1,517 | 38,061 | 64,852 |
Shares redeemed | (939) | (2,178) | (33,074) | (84,679) |
Net increase (decrease) | 550 | (10) | $17,356 | $5,584 |
Class C | ||||
Shares sold | 38 | 65 | $1,155 | $2,165 |
Reinvestment of distributions | 73 | 96 | 2,083 | 3,589 |
Shares redeemed | (97) | (178) | (2,893) | (6,017) |
Net increase (decrease) | 14 | (17) | $345 | $(263) |
Fidelity Stock Selector Mid Cap Fund | ||||
Shares sold | 422 | 668 | $15,913 | $27,209 |
Reinvestment of distributions | 800 | 1,010 | 28,328 | 45,509 |
Shares redeemed | (897) | (1,295) | (33,336) | (53,611) |
Net increase (decrease) | 325 | 383 | $10,905 | $19,107 |
Class I | ||||
Shares sold | 687 | 1,936 | $25,728 | $77,354 |
Reinvestment of distributions | 881 | 1,062 | 31,280 | 48,006 |
Shares redeemed | (1,657) | (2,110) | (61,281) | (87,273) |
Net increase (decrease) | (89) | 888 | $(4,273) | $38,087 |
Class Z | ||||
Shares sold | 596 | 4,138 | $22,508 | $161,875 |
Reinvestment of distributions | 461 | 168 | 16,346 | 7,560 |
Shares redeemed | (2,763) | (396) | (102,204) | (15,956) |
Net increase (decrease) | (1,706) | 3,910 | $(63,350) | $153,479 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Stock Selector Mid Cap Fund | ||||||||||
Class A | .97% | |||||||||
Actual | $ 1,000 | $ 963.20 | $ 4.75 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.09 | $ 4.89 | |||||||
Class M | 1.21% | |||||||||
Actual | $ 1,000 | $ 962.10 | $ 5.92 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.90 | $ 6.09 | |||||||
Class C | 1.76% | |||||||||
Actual | $ 1,000 | $ 959.40 | $ 8.60 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.16 | $ 8.85 | |||||||
Fidelity® Stock Selector Mid Cap Fund | .72% | |||||||||
Actual | $ 1,000 | $ 964.30 | $ 3.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.34 | $ 3.63 | |||||||
Class I | .74% | |||||||||
Actual | $ 1,000 | $ 964.30 | $ 3.62 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.24 | $ 3.73 | |||||||
Class Z | .59% | |||||||||
Actual | $ 1,000 | $ 964.90 | $ 2.89 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.99 | $ 2.97 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Johnson & Johnson | 3.5 | |
Exxon Mobil Corp. | 2.8 | |
Comcast Corp. Class A | 2.8 | |
Wells Fargo & Co. | 2.7 | |
Unilever PLC sponsored ADR | 2.3 | |
Cisco Systems, Inc. | 2.3 | |
Verizon Communications, Inc. | 1.9 | |
Sanofi SA sponsored ADR | 1.9 | |
M&T Bank Corp. | 1.9 | |
Microchip Technology, Inc. | 1.8 | |
23.9 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 19.7 | |
Health Care | 15.0 | |
Information Technology | 10.9 | |
Consumer Staples | 9.9 | |
Industrials | 9.6 | |
Energy | 7.5 | |
Communication Services | 6.7 | |
Utilities | 6.7 | |
Real Estate | 4.0 | |
Consumer Discretionary | 4.0 | |
Materials | 2.1 | |
Asset Allocation (% of Fund's net assets) |
Written Options - (0.0)% |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 96.1% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 6.7% | |||
Diversified Telecommunication Services - 2.6% | |||
Deutsche Telekom AG | 528,100 | 11,716 | |
Verizon Communications, Inc. | 942,990 | 33,599 | |
45,315 | |||
Entertainment - 0.8% | |||
Activision Blizzard, Inc. | 172,800 | 13,859 | |
Media - 3.3% | |||
Comcast Corp. Class A | 1,254,600 | 49,369 | |
Omnicom Group, Inc. (a) | 108,800 | 9,595 | |
58,964 | |||
TOTAL COMMUNICATION SERVICES | 118,138 | ||
CONSUMER DISCRETIONARY - 4.0% | |||
Broadline Retail - 0.7% | |||
eBay, Inc. | 273,300 | 11,626 | |
Household Durables - 0.5% | |||
Whirlpool Corp. (a) | 65,100 | 8,417 | |
Leisure Products - 0.3% | |||
Hasbro, Inc. | 103,400 | 6,137 | |
Specialty Retail - 2.0% | |||
Best Buy Co., Inc. | 87,100 | 6,330 | |
Lowe's Companies, Inc. | 74,400 | 14,964 | |
Williams-Sonoma, Inc. (a) | 118,800 | 13,485 | |
34,779 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Tapestry, Inc. | 232,200 | 9,293 | |
TOTAL CONSUMER DISCRETIONARY | 70,252 | ||
CONSUMER STAPLES - 9.9% | |||
Beverages - 3.2% | |||
Anheuser-Busch InBev SA NV ADR (a) | 211,800 | 11,310 | |
Coca-Cola European Partners PLC | 307,800 | 19,204 | |
Keurig Dr. Pepper, Inc. | 282,100 | 8,779 | |
The Coca-Cola Co. (b) | 256,800 | 15,321 | |
54,614 | |||
Consumer Staples Distribution & Retail - 0.8% | |||
Albertsons Companies, Inc. | 702,200 | 14,297 | |
Food Products - 0.5% | |||
Tyson Foods, Inc. Class A | 178,000 | 9,014 | |
Household Products - 1.9% | |||
Energizer Holdings, Inc. | 149,400 | 4,870 | |
Reckitt Benckiser Group PLC | 187,500 | 14,580 | |
Reynolds Consumer Products, Inc. | 509,300 | 13,975 | |
33,425 | |||
Personal Care Products - 2.5% | |||
Kenvue, Inc. | 164,600 | 4,130 | |
Unilever PLC sponsored ADR | 795,700 | 39,737 | |
43,867 | |||
Tobacco - 1.0% | |||
Philip Morris International, Inc. (b) | 193,400 | 17,408 | |
TOTAL CONSUMER STAPLES | 172,625 | ||
ENERGY - 7.5% | |||
Oil, Gas & Consumable Fuels - 7.5% | |||
Enterprise Products Partners LP | 1,141,000 | 28,902 | |
Exxon Mobil Corp. | 488,500 | 49,915 | |
Parkland Corp. | 353,400 | 8,815 | |
Shell PLC ADR | 457,300 | 25,609 | |
TotalEnergies SE | 305,400 | 17,234 | |
130,475 | |||
FINANCIALS - 19.7% | |||
Banks - 10.2% | |||
Cullen/Frost Bankers, Inc. | 92,500 | 9,269 | |
Huntington Bancshares, Inc. | 1,487,500 | 15,336 | |
JPMorgan Chase & Co. | 90,800 | 12,322 | |
M&T Bank Corp. | 275,900 | 32,876 | |
PNC Financial Services Group, Inc. | 265,300 | 30,730 | |
U.S. Bancorp | 1,036,100 | 30,979 | |
Wells Fargo & Co. | 1,170,850 | 46,612 | |
178,124 | |||
Capital Markets - 2.8% | |||
Bank of New York Mellon Corp. | 298,600 | 12,004 | |
CME Group, Inc. | 79,300 | 14,175 | |
LPL Financial | 54,200 | 10,557 | |
State Street Corp. | 128,799 | 8,761 | |
UBS Group AG (c) | 212,800 | 4,024 | |
49,521 | |||
Financial Services - 3.2% | |||
Fidelity National Information Services, Inc. | 359,200 | 19,602 | |
Global Payments, Inc. | 218,700 | 21,365 | |
Visa, Inc. Class A | 69,200 | 15,295 | |
56,262 | |||
Insurance - 3.5% | |||
Assurant, Inc. | 44,700 | 5,364 | |
AXA SA | 686,400 | 19,460 | |
Chubb Ltd. | 81,684 | 15,177 | |
First American Financial Corp. | 122,200 | 6,712 | |
The Travelers Companies, Inc. | 86,000 | 14,555 | |
61,268 | |||
TOTAL FINANCIALS | 345,175 | ||
HEALTH CARE - 15.0% | |||
Health Care Providers & Services - 3.8% | |||
AmerisourceBergen Corp. | 52,100 | 8,865 | |
Cigna Group | 71,900 | 17,789 | |
Elevance Health, Inc. | 48,600 | 21,764 | |
UnitedHealth Group, Inc. (b) | 39,100 | 19,051 | |
67,469 | |||
Pharmaceuticals - 11.2% | |||
Bristol-Myers Squibb Co. | 472,800 | 30,467 | |
Johnson & Johnson | 398,118 | 61,731 | |
Merck & Co., Inc. (b) | 272,800 | 30,120 | |
Organon & Co. | 392,430 | 7,609 | |
Roche Holding AG (participation certificate) | 58,400 | 18,601 | |
Royalty Pharma PLC | 412,800 | 13,515 | |
Sanofi SA sponsored ADR (a) | 658,000 | 33,571 | |
195,614 | |||
TOTAL HEALTH CARE | 263,083 | ||
INDUSTRIALS - 9.6% | |||
Aerospace & Defense - 1.0% | |||
General Dynamics Corp. | 90,000 | 18,376 | |
Building Products - 1.2% | |||
Carlisle Companies, Inc. | 38,500 | 8,179 | |
Owens Corning | 113,600 | 12,079 | |
20,258 | |||
Electrical Equipment - 1.4% | |||
Regal Rexnord Corp. | 191,100 | 24,822 | |
Industrial Conglomerates - 1.1% | |||
Hitachi Ltd. | 322,100 | 18,601 | |
Machinery - 2.1% | |||
Allison Transmission Holdings, Inc. | 361,500 | 17,099 | |
Parker Hannifin Corp. | 61,800 | 19,803 | |
36,902 | |||
Professional Services - 2.8% | |||
Genpact Ltd. | 243,200 | 8,945 | |
Manpower, Inc. | 84,900 | 5,957 | |
Robert Half International, Inc. | 83,200 | 5,410 | |
Science Applications International Corp. | 134,400 | 13,081 | |
SS&C Technologies Holdings, Inc. | 275,400 | 15,136 | |
48,529 | |||
TOTAL INDUSTRIALS | 167,488 | ||
INFORMATION TECHNOLOGY - 10.9% | |||
Communications Equipment - 2.3% | |||
Cisco Systems, Inc. | 798,153 | 39,644 | |
IT Services - 3.6% | |||
Amdocs Ltd. | 215,822 | 20,324 | |
Capgemini SA | 105,900 | 18,428 | |
Cognizant Technology Solutions Corp. Class A | 149,700 | 9,355 | |
IBM Corp. | 114,600 | 14,736 | |
62,843 | |||
Semiconductors & Semiconductor Equipment - 3.3% | |||
Microchip Technology, Inc. | 412,150 | 31,018 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 270,400 | 26,659 | |
57,677 | |||
Software - 1.7% | |||
Gen Digital, Inc. | 100,718 | 1,767 | |
Microsoft Corp. | 65,400 | 21,477 | |
Open Text Corp. | 173,900 | 7,230 | |
30,474 | |||
TOTAL INFORMATION TECHNOLOGY | 190,638 | ||
MATERIALS - 2.1% | |||
Chemicals - 1.6% | |||
Celanese Corp. Class A | 94,400 | 9,819 | |
CF Industries Holdings, Inc. | 209,300 | 12,874 | |
Olin Corp. | 119,600 | 5,658 | |
28,351 | |||
Containers & Packaging - 0.5% | |||
Berry Global Group, Inc. | 153,100 | 8,759 | |
TOTAL MATERIALS | 37,110 | ||
REAL ESTATE - 4.0% | |||
Equity Real Estate Investment Trusts (REITs) - 4.0% | |||
Alexandria Real Estate Equities, Inc. | 80,700 | 9,156 | |
American Tower Corp. | 55,800 | 10,292 | |
Corporate Office Properties Trust (SBI) | 424,000 | 9,676 | |
Crown Castle International Corp. | 71,100 | 8,049 | |
Digital Realty Trust, Inc. | 101,900 | 10,441 | |
Essex Property Trust, Inc. | 37,600 | 8,124 | |
Gaming & Leisure Properties | 89,600 | 4,313 | |
Public Storage | 37,300 | 10,567 | |
70,618 | |||
UTILITIES - 6.7% | |||
Electric Utilities - 4.3% | |||
Duke Energy Corp. (b) | 292,300 | 26,099 | |
Edison International | 332,064 | 22,421 | |
Exelon Corp. | 338,000 | 13,402 | |
FirstEnergy Corp. | 379,300 | 14,182 | |
76,104 | |||
Independent Power and Renewable Electricity Producers - 0.8% | |||
Vistra Corp. | 563,200 | 13,500 | |
Multi-Utilities - 1.6% | |||
Dominion Energy, Inc. | 219,100 | 11,016 | |
Sempra Energy | 121,900 | 17,496 | |
28,512 | |||
TOTAL UTILITIES | 118,116 | ||
TOTAL COMMON STOCKS (Cost $1,596,630) | 1,683,718 | ||
Money Market Funds - 6.2% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.14% (d) | 63,265,157 | 63,278 | |
Fidelity Securities Lending Cash Central Fund 5.14% (d)(e) | 46,282,771 | 46,287 | |
TOTAL MONEY MARKET FUNDS (Cost $109,565) | 109,565 | ||
TOTAL INVESTMENT IN SECURITIES - 102.3% (Cost $1,706,195) | 1,793,283 |
NET OTHER ASSETS (LIABILITIES) - (2.3)% | (40,934) |
NET ASSETS - 100.0% | 1,752,349 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) | |
Call Options | ||||||
Duke Energy Corp. | Chicago Board Options Exchange | 431 | 3,848 | 105.00 | 07/21/23 | (3) |
Merck & Co., Inc. | Chicago Board Options Exchange | 263 | 2,904 | 125.00 | 07/21/23 | (5) |
Philip Morris International, Inc. | Chicago Board Options Exchange | 191 | 1,719 | 100.00 | 06/16/23 | (1) |
The Coca-Cola Co. | Chicago Board Options Exchange | 383 | 2,285 | 67.50 | 07/21/23 | (1) |
UnitedHealth Group, Inc. | Chicago Board Options Exchange | 24 | 1,169 | 520.00 | 07/21/23 | (11) |
TOTAL WRITTEN OPTIONS | (21) |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $11,925,000. |
(c) | Non-income producing |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 71,467 | 139,041 | 147,230 | 1,441 | - | - | 63,278 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.14% | 30,796 | 197,283 | 181,792 | 129 | - | - | 46,287 | 0.2% |
Total | 102,263 | 336,324 | 329,022 | 1,570 | - | - | 109,565 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 118,138 | 106,422 | 11,716 | - |
Consumer Discretionary | 70,252 | 70,252 | - | - |
Consumer Staples | 172,625 | 158,045 | 14,580 | - |
Energy | 130,475 | 113,241 | 17,234 | - |
Financials | 345,175 | 325,715 | 19,460 | - |
Health Care | 263,083 | 244,482 | 18,601 | - |
Industrials | 167,488 | 167,488 | - | - |
Information Technology | 190,638 | 190,638 | - | - |
Materials | 37,110 | 37,110 | - | - |
Real Estate | 70,618 | 70,618 | - | - |
Utilities | 118,116 | 118,116 | - | - |
Money Market Funds | 109,565 | 109,565 | - | - |
Total Investments in Securities: | 1,793,283 | 1,711,692 | 81,591 | - |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | (21) | (21) | - | - |
Total Liabilities | (21) | (21) | - | - |
Total Derivative Instruments: | (21) | (21) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Written Options (a) | 0 | (21) |
Total Equity Risk | 0 | (21) |
Total Value of Derivatives | 0 | (21) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $44,723) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,596,630) | $ | 1,683,718 | ||
Fidelity Central Funds (cost $109,565) | 109,565 | |||
Total Investment in Securities (cost $1,706,195) | $ | 1,793,283 | ||
Restricted cash | 1,766 | |||
Receivable for investments sold | 1,256 | |||
Receivable for fund shares sold | 832 | |||
Dividends receivable | 6,569 | |||
Distributions receivable from Fidelity Central Funds | 370 | |||
Other receivables | 42 | |||
Total assets | 1,804,118 | |||
Liabilities | ||||
Payable for investments purchased | $ | 3,047 | ||
Payable for fund shares redeemed | 1,010 | |||
Accrued management fee | 633 | |||
Distribution and service plan fees payable | 421 | |||
Written options, at value (premium received $136) | 21 | |||
Other affiliated payables | 293 | |||
Other payables and accrued expenses | 57 | |||
Collateral on securities loaned | 46,287 | |||
Total Liabilities | 51,769 | |||
Net Assets | $ | 1,752,349 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,621,955 | ||
Total accumulated earnings (loss) | 130,394 | |||
Net Assets | $ | 1,752,349 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($698,732 ÷ 24,207 shares) (a) | $ | 28.86 | ||
Maximum offering price per share (100/94.25 of $28.86) | $ | 30.62 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($518,678 ÷ 17,355 shares) (a) | $ | 29.89 | ||
Maximum offering price per share (100/96.50 of $29.89) | $ | 30.97 | ||
Class C : | ||||
Net Asset Value and offering price per share ($58,975 ÷ 2,012 shares) (a) | $ | 29.31 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($350,780 ÷ 11,354 shares) (b) | $ | 30.90 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($125,184 ÷ 4,058 shares) | $ | 30.85 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 28,059 | ||
Income from Fidelity Central Funds (including $129 from security lending) | 1,570 | |||
Total Income | 29,629 | |||
Expenses | ||||
Management fee | $ | 3,897 | ||
Transfer agent fees | 1,537 | |||
Distribution and service plan fees | 2,617 | |||
Accounting fees | 248 | |||
Custodian fees and expenses | 42 | |||
Independent trustees' fees and expenses | 6 | |||
Registration fees | 56 | |||
Audit | 47 | |||
Legal | 2 | |||
Miscellaneous | 4 | |||
Total expenses before reductions | 8,456 | |||
Expense reductions | (45) | |||
Total expenses after reductions | 8,411 | |||
Net Investment income (loss) | 21,218 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 27,551 | |||
Foreign currency transactions | 12 | |||
Total net realized gain (loss) | 27,563 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (136,009) | |||
Assets and liabilities in foreign currencies | 6 | |||
Written options | 115 | |||
Total change in net unrealized appreciation (depreciation) | (135,888) | |||
Net gain (loss) | (108,325) | |||
Net increase (decrease) in net assets resulting from operations | $ | (87,107) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 21,218 | $ | 33,309 |
Net realized gain (loss) | 27,563 | 72,413 | ||
Change in net unrealized appreciation (depreciation) | (135,888) | 41,446 | ||
Net increase (decrease) in net assets resulting from operations | (87,107) | 147,168 | ||
Distributions to shareholders | (81,921) | (167,060) | ||
Share transactions - net increase (decrease) | 64,160 | 316,498 | ||
Total increase (decrease) in net assets | (104,868) | 296,606 | ||
Net Assets | ||||
Beginning of period | 1,857,217 | 1,560,611 | ||
End of period | $ | 1,752,349 | $ | 1,857,217 |
Fidelity Advisor® Equity Income Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 31.78 | $ | 32.34 | $ | 27.88 | $ | 30.22 | $ | 31.53 | $ | 34.96 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .35 | .61 | .58 | .65 | .67 | .68 | ||||||
Net realized and unrealized gain (loss) | (1.83) | 2.32 | 4.53 | (.67) | 2.08 | (.37) C | ||||||
Total from investment operations | (1.48) | 2.93 | 5.11 | (.02) | 2.75 | .31 | ||||||
Distributions from net investment income | (.27) | (.58) | (.65) | (.66) | (.65) | (.78) | ||||||
Distributions from net realized gain | (1.17) | (2.91) | - D | (1.67) | (3.41) | (2.95) | ||||||
Total distributions | (1.44) | (3.49) | (.65) | (2.32) E | (4.06) | (3.74) E | ||||||
Net asset value, end of period | $ | 28.86 | $ | 31.78 | $ | 32.34 | $ | 27.88 | $ | 30.22 | $ | 31.53 |
Total Return F,G,H | (4.74)% | 9.34% | 18.46% | .02% | 11.73% | .77% C | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .90% K | .89% | .90% | .92% | .93% | .93% | ||||||
Expenses net of fee waivers, if any | .89% K | .89% | .89% | .92% | .92% | .93% | ||||||
Expenses net of all reductions | .89% K | .89% | .89% | .92% | .92% | .91% | ||||||
Net investment income (loss) | 2.35% K | 1.98% | 1.80% | 2.51% | 2.37% | 2.11% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 699 | $ | 741 | $ | 675 | $ | 591 | $ | 660 | $ | 609 |
Portfolio turnover rate L | 43% K | 47% | 48% | 65% | 48% | 59% |
Fidelity Advisor® Equity Income Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.84 | $ | 33.30 | $ | 28.69 | $ | 31.02 | $ | 32.24 | $ | 35.65 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .33 | .56 | .52 | .60 | .62 | .62 | ||||||
Net realized and unrealized gain (loss) | (1.88) | 2.38 | 4.66 | (.68) | 2.15 | (.38) C | ||||||
Total from investment operations | (1.55) | 2.94 | 5.18 | (.08) | 2.77 | .24 | ||||||
Distributions from net investment income | (.23) | (.49) | (.57) | (.59) | (.58) | (.70) | ||||||
Distributions from net realized gain | (1.17) | (2.91) | - D | (1.67) | (3.41) | (2.95) | ||||||
Total distributions | (1.40) | (3.40) | (.57) | (2.25) E | (3.99) | (3.65) | ||||||
Net asset value, end of period | $ | 29.89 | $ | 32.84 | $ | 33.30 | $ | 28.69 | $ | 31.02 | $ | 32.24 |
Total Return F,G,H | (4.81)% | 9.08% | 18.16% | (.22)% | 11.46% | .56% C | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.14% K | 1.13% | 1.14% | 1.16% | 1.16% | 1.16% | ||||||
Expenses net of fee waivers, if any | 1.13% K | 1.13% | 1.13% | 1.16% | 1.16% | 1.16% | ||||||
Expenses net of all reductions | 1.13% K | 1.13% | 1.13% | 1.15% | 1.16% | 1.15% | ||||||
Net investment income (loss) | 2.11% K | 1.74% | 1.56% | 2.28% | 2.14% | 1.88% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 519 | $ | 571 | $ | 555 | $ | 534 | $ | 642 | $ | 662 |
Portfolio turnover rate L | 43% K | 47% | 48% | 65% | 48% | 59% |
Fidelity Advisor® Equity Income Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.23 | $ | 32.75 | $ | 28.21 | $ | 30.52 | $ | 31.73 | $ | 35.15 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .24 | .37 | .32 | .45 | .45 | .44 | ||||||
Net realized and unrealized gain (loss) | (1.85) | 2.35 | 4.60 | (.66) | 2.12 | (.39) C | ||||||
Total from investment operations | (1.61) | 2.72 | 4.92 | (.21) | 2.57 | .05 | ||||||
Distributions from net investment income | (.14) | (.32) | (.37) | (.43) | (.37) | (.52) | ||||||
Distributions from net realized gain | (1.17) | (2.91) | - D | (1.67) | (3.41) | (2.95) | ||||||
Total distributions | (1.31) | (3.24) E | (.38) E | (2.10) | (3.78) | (3.47) | ||||||
Net asset value, end of period | $ | 29.31 | $ | 32.23 | $ | 32.75 | $ | 28.21 | $ | 30.52 | $ | 31.73 |
Total Return F,G,H | (5.07)% | 8.46% | 17.51% | (.77)% | 10.86% | (.01)% C | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.68% K | 1.68% | 1.70% | 1.72% | 1.72% | 1.70% | ||||||
Expenses net of fee waivers, if any | 1.68% K | 1.68% | 1.69% | 1.72% | 1.71% | 1.69% | ||||||
Expenses net of all reductions | 1.68% K | 1.68% | 1.69% | 1.72% | 1.71% | 1.68% | ||||||
Net investment income (loss) | 1.56% K | 1.19% | 1.00% | 1.71% | 1.58% | 1.34% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 59 | $ | 68 | $ | 52 | $ | 63 | $ | 84 | $ | 160 |
Portfolio turnover rate L | 43% K | 47% | 48% | 65% | 48% | 59% |
Fidelity Advisor® Equity Income Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 33.91 | $ | 34.28 | $ | 29.51 | $ | 31.85 | $ | 32.99 | $ | 36.40 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .42 | .73 | .70 | .75 | .78 | .80 | ||||||
Net realized and unrealized gain (loss) | (1.95) | 2.47 | 4.80 | (.70) | 2.21 | (.39) C | ||||||
Total from investment operations | (1.53) | 3.20 | 5.50 | .05 | 2.99 | .41 | ||||||
Distributions from net investment income | (.30) | (.65) | (.73) | (.72) | (.72) | (.87) | ||||||
Distributions from net realized gain | (1.17) | (2.91) | - D | (1.67) | (3.41) | (2.95) | ||||||
Total distributions | (1.48) E | (3.57) E | (.73) | (2.39) | (4.13) | (3.82) | ||||||
Net asset value, end of period | $ | 30.90 | $ | 33.91 | $ | 34.28 | $ | 29.51 | $ | 31.85 | $ | 32.99 |
Total Return F,G | (4.60)% | 9.62% | 18.75% | .27% | 12.00% | 1.05% C | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .66% J | .65% | .65% | .67% | .67% | .67% | ||||||
Expenses net of fee waivers, if any | .65% J | .65% | .65% | .67% | .67% | .67% | ||||||
Expenses net of all reductions | .65% J | .65% | .65% | .66% | .67% | .66% | ||||||
Net investment income (loss) | 2.59% J | 2.22% | 2.05% | 2.77% | 2.63% | 2.37% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 351 | $ | 359 | $ | 244 | $ | 178 | $ | 227 | $ | 243 |
Portfolio turnover rate K | 43% J | 47% | 48% | 65% | 48% | 59% |
Fidelity Advisor® Equity Income Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 33.86 | $ | 34.24 | $ | 29.48 | $ | 31.82 | $ | 32.96 | $ | 36.38 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .44 | .77 | .75 | .79 | .82 | .85 | ||||||
Net realized and unrealized gain (loss) | (1.95) | 2.46 | 4.78 | (.70) | 2.21 | (.40) C | ||||||
Total from investment operations | (1.51) | 3.23 | 5.53 | .09 | 3.03 | .45 | ||||||
Distributions from net investment income | (.33) | (.70) | (.77) | (.76) | (.77) | (.91) | ||||||
Distributions from net realized gain | (1.17) | (2.91) | - D | (1.67) | (3.41) | (2.95) | ||||||
Total distributions | (1.50) | (3.61) | (.77) | (2.43) | (4.17) E | (3.87) E | ||||||
Net asset value, end of period | $ | 30.85 | $ | 33.86 | $ | 34.24 | $ | 29.48 | $ | 31.82 | $ | 32.96 |
Total Return F,G | (4.54)% | 9.77% | 18.89% | .43% | 12.18% | 1.16% C | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .51% J | .51% | .51% | .53% | .53% | .53% | ||||||
Expenses net of fee waivers, if any | .51% J | .51% | .51% | .52% | .53% | .53% | ||||||
Expenses net of all reductions | .51% J | .51% | .51% | .52% | .52% | .52% | ||||||
Net investment income (loss) | 2.73% J | 2.36% | 2.18% | 2.91% | 2.77% | 2.51% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 125 | $ | 117 | $ | 35 | $ | 26 | $ | 27 | $ | 22 |
Portfolio turnover rate K | 43% J | 47% | 48% | 65% | 48% | 59% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Fidelity Advisor Equity Income Fund | $23 |
Gross unrealized appreciation | $214,416 |
Gross unrealized depreciation | (127,857) |
Net unrealized appreciation (depreciation) | $86,559 |
Tax cost | $1,706,839 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Income Fund | 392,136 | 378,272 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $914 | $19 |
Class M | .25% | .25% | 1,376 | 12 |
Class C | .75% | .25% | 327 | 58 |
$2,617 | $89 |
Retained by FDC | |
Class A | $195 |
Class M | 10 |
Class C A | 11 |
$216 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $645 | .18 |
Class M | 461 | .17 |
Class C | 69 | .21 |
Class I | 336 | .19 |
Class Z | 26 | .04 |
$1,537 |
% of Average Net Assets | |
Fidelity Advisor Equity Income Fund | .03 |
Amount | |
Fidelity Advisor Equity Income Fund | $ 8 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Equity Income Fund | 47,649 | 29,078 | 5,111 |
Amount | |
Fidelity Advisor Equity Income Fund | $2 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Equity Income Fund | $14 | $16 | $7,727 |
Expense reduction | |
Class M | $1 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Equity Income Fund | ||
Distributions to shareholders | ||
Class A | $ 33,764 | $73,516 |
Class M | 24,117 | 56,803 |
Class C | 2,795 | 5,145 |
Class I | 15,980 | 26,327 |
Class Z | 5,265 | 5,269 |
Total | $81,921 | $167,060 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Equity Income Fund | ||||
Class A | ||||
Shares sold | 1,431 | 3,323 | $43,160 | $103,218 |
Reinvestment of distributions | 1,093 | 2,230 | 32,220 | 69,823 |
Shares redeemed | (1,646) | (3,106) | (49,475) | (96,136) |
Net increase (decrease) | 878 | 2,447 | $25,905 | $76,905 |
Class M | ||||
Shares sold | 681 | 1,876 | $21,250 | $60,326 |
Reinvestment of distributions | 775 | 1,720 | 23,671 | 55,712 |
Shares redeemed | (1,494) | (2,857) | (46,532) | (91,349) |
Net increase (decrease) | (38) | 739 | $(1,611) | $24,689 |
Class C | ||||
Shares sold | 237 | 990 | $7,294 | $31,165 |
Reinvestment of distributions | 92 | 159 | 2,761 | 5,070 |
Shares redeemed | (440) | (608) | (13,432) | (19,033) |
Net increase (decrease) | (111) | 541 | $(3,377) | $17,202 |
Class I | ||||
Shares sold | 1,504 | 4,297 | $48,373 | $141,287 |
Reinvestment of distributions | 478 | 735 | 15,069 | 24,455 |
Shares redeemed | (1,218) | (1,562) | (39,251) | (51,041) |
Net increase (decrease) | 764 | 3,470 | $24,191 | $114,701 |
Class Z | ||||
Shares sold | 913 | 3,004 | $29,208 | $101,219 |
Reinvestment of distributions | 150 | 149 | 4,727 | 4,916 |
Shares redeemed | (466) | (710) | (14,883) | (23,134) |
Net increase (decrease) | 597 | 2,443 | $19,052 | $83,001 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Equity Income Fund | ||||||||||
Class A | .89% | |||||||||
Actual | $ 1,000 | $ 952.60 | $ 4.33 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.49 | $ 4.48 | |||||||
Class M | 1.13% | |||||||||
Actual | $ 1,000 | $ 951.90 | $ 5.50 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.30 | $ 5.69 | |||||||
Class C | 1.68% | |||||||||
Actual | $ 1,000 | $ 949.30 | $ 8.16 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.55 | $ 8.45 | |||||||
Class I | .65% | |||||||||
Actual | $ 1,000 | $ 954.00 | $ 3.17 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.69 | $ 3.28 | |||||||
Class Z | .51% | |||||||||
Actual | $ 1,000 | $ 954.60 | $ 2.49 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.39 | $ 2.57 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Berkshire Hathaway, Inc. Class B | 5.4 | |
Exxon Mobil Corp. | 4.6 | |
Comcast Corp. Class A | 3.1 | |
JPMorgan Chase & Co. | 2.8 | |
PG&E Corp. | 2.8 | |
Bristol-Myers Squibb Co. | 2.4 | |
Cigna Group | 2.3 | |
Mondelez International, Inc. | 2.3 | |
UnitedHealth Group, Inc. | 2.2 | |
Centene Corp. | 2.2 | |
30.1 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 22.9 | |
Health Care | 19.1 | |
Utilities | 10.2 | |
Consumer Staples | 9.9 | |
Energy | 8.7 | |
Industrials | 7.5 | |
Communication Services | 7.0 | |
Information Technology | 6.5 | |
Consumer Discretionary | 2.4 | |
Materials | 2.3 | |
Real Estate | 0.5 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 95.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.0% | |||
Entertainment - 2.0% | |||
Activision Blizzard, Inc. | 52,879 | 4,240,896 | |
Interactive Media & Services - 1.9% | |||
Alphabet, Inc. Class A (a) | 31,652 | 3,889,081 | |
Media - 3.1% | |||
Comcast Corp. Class A | 165,494 | 6,512,189 | |
TOTAL COMMUNICATION SERVICES | 14,642,166 | ||
CONSUMER DISCRETIONARY - 2.4% | |||
Broadline Retail - 0.2% | |||
eBay, Inc. | 8,935 | 380,095 | |
Diversified Consumer Services - 1.3% | |||
H&R Block, Inc. (b) | 91,869 | 2,742,290 | |
Specialty Retail - 0.9% | |||
Ross Stores, Inc. | 17,929 | 1,857,803 | |
TOTAL CONSUMER DISCRETIONARY | 4,980,188 | ||
CONSUMER STAPLES - 9.9% | |||
Beverages - 0.8% | |||
Coca-Cola European Partners PLC | 26,589 | 1,658,888 | |
Consumer Staples Distribution & Retail - 2.1% | |||
Dollar General Corp. | 13,158 | 2,645,942 | |
U.S. Foods Holding Corp. (a) | 47,371 | 1,884,418 | |
4,530,360 | |||
Food Products - 2.9% | |||
Mondelez International, Inc. | 64,642 | 4,745,369 | |
Tyson Foods, Inc. Class A | 26,986 | 1,366,571 | |
6,111,940 | |||
Household Products - 2.9% | |||
Procter & Gamble Co. | 21,264 | 3,030,120 | |
Reckitt Benckiser Group PLC | 22,325 | 1,736,027 | |
The Clorox Co. | 8,127 | 1,285,529 | |
6,051,676 | |||
Personal Care Products - 1.2% | |||
Haleon PLC | 350,700 | 1,387,269 | |
Kenvue, Inc. | 14,600 | 366,314 | |
Unilever PLC sponsored ADR | 13,519 | 675,139 | |
2,428,722 | |||
TOTAL CONSUMER STAPLES | 20,781,586 | ||
ENERGY - 8.7% | |||
Oil, Gas & Consumable Fuels - 8.7% | |||
Antero Resources Corp. (a) | 32,921 | 671,918 | |
ConocoPhillips Co. | 25,476 | 2,529,767 | |
Equinor ASA sponsored ADR | 50,612 | 1,282,002 | |
Exxon Mobil Corp. | 93,621 | 9,566,194 | |
Occidental Petroleum Corp. | 26,439 | 1,524,473 | |
Ovintiv, Inc. | 24,581 | 812,894 | |
Parex Resources, Inc. | 96,296 | 1,938,689 | |
18,325,937 | |||
FINANCIALS - 22.9% | |||
Banks - 9.7% | |||
Bank of America Corp. | 163,181 | 4,534,800 | |
Cullen/Frost Bankers, Inc. | 4,143 | 415,129 | |
JPMorgan Chase & Co. | 44,075 | 5,981,418 | |
M&T Bank Corp. | 19,473 | 2,320,403 | |
PNC Financial Services Group, Inc. | 19,801 | 2,293,550 | |
U.S. Bancorp | 47,610 | 1,423,539 | |
Wells Fargo & Co. | 86,786 | 3,454,951 | |
20,423,790 | |||
Capital Markets - 2.8% | |||
Affiliated Managers Group, Inc. | 9,888 | 1,375,322 | |
BlackRock, Inc. Class A | 5,084 | 3,342,984 | |
Invesco Ltd. | 20,478 | 294,474 | |
Northern Trust Corp. | 14,278 | 1,026,874 | |
6,039,654 | |||
Financial Services - 5.4% | |||
Berkshire Hathaway, Inc. Class B (a) | 35,343 | 11,347,927 | |
Insurance - 5.0% | |||
Chubb Ltd. | 20,127 | 3,739,597 | |
The Travelers Companies, Inc. | 23,030 | 3,897,597 | |
Willis Towers Watson PLC | 13,148 | 2,877,440 | |
10,514,634 | |||
TOTAL FINANCIALS | 48,326,005 | ||
HEALTH CARE - 19.1% | |||
Biotechnology - 1.8% | |||
Regeneron Pharmaceuticals, Inc. (a) | 1,558 | 1,146,002 | |
Vertex Pharmaceuticals, Inc. (a) | 8,201 | 2,653,598 | |
3,799,600 | |||
Health Care Equipment & Supplies - 0.2% | |||
Baxter International, Inc. | 10,300 | 419,416 | |
Health Care Providers & Services - 9.7% | |||
Centene Corp. (a) | 73,190 | 4,567,788 | |
Cigna Group | 20,084 | 4,968,982 | |
Elevance Health, Inc. | 7,014 | 3,141,009 | |
Humana, Inc. | 6,293 | 3,158,268 | |
UnitedHealth Group, Inc. | 9,411 | 4,585,416 | |
20,421,463 | |||
Pharmaceuticals - 7.4% | |||
AstraZeneca PLC sponsored ADR | 50,533 | 3,692,952 | |
Bristol-Myers Squibb Co. | 77,977 | 5,024,838 | |
Roche Holding AG (participation certificate) | 9,655 | 3,075,203 | |
Sanofi SA sponsored ADR | 76,604 | 3,908,336 | |
15,701,329 | |||
TOTAL HEALTH CARE | 40,341,808 | ||
INDUSTRIALS - 7.5% | |||
Aerospace & Defense - 3.8% | |||
Airbus Group NV | 7,717 | 1,013,437 | |
L3Harris Technologies, Inc. | 9,252 | 1,627,612 | |
Lockheed Martin Corp. | 4,690 | 2,082,407 | |
Northrop Grumman Corp. | 7,398 | 3,221,755 | |
7,945,211 | |||
Air Freight & Logistics - 0.4% | |||
Deutsche Post AG | 17,995 | 811,464 | |
Electrical Equipment - 1.1% | |||
Eaton Corp. PLC | 2,928 | 515,035 | |
Regal Rexnord Corp. | 13,283 | 1,725,329 | |
2,240,364 | |||
Industrial Conglomerates - 0.8% | |||
Siemens AG | 10,895 | 1,792,913 | |
Machinery - 0.8% | |||
Crane Co. | 2,300 | 167,118 | |
Crane Nxt Co. | 2,300 | 121,049 | |
Oshkosh Corp. | 4,890 | 361,029 | |
Pentair PLC | 19,244 | 1,067,465 | |
1,716,661 | |||
Professional Services - 0.6% | |||
Maximus, Inc. | 16,032 | 1,297,951 | |
TOTAL INDUSTRIALS | 15,804,564 | ||
INFORMATION TECHNOLOGY - 5.2% | |||
Communications Equipment - 1.9% | |||
Cisco Systems, Inc. | 80,731 | 4,009,909 | |
IT Services - 2.1% | |||
Amdocs Ltd. | 26,044 | 2,452,563 | |
Capgemini SA | 6,071 | 1,056,457 | |
Cognizant Technology Solutions Corp. Class A | 16,457 | 1,028,398 | |
4,537,418 | |||
Software - 1.2% | |||
Gen Digital, Inc. | 79,867 | 1,400,867 | |
Open Text Corp. | 24,932 | 1,037,670 | |
2,438,537 | |||
TOTAL INFORMATION TECHNOLOGY | 10,985,864 | ||
MATERIALS - 2.3% | |||
Chemicals - 1.4% | |||
DuPont de Nemours, Inc. | 42,771 | 2,873,783 | |
Metals & Mining - 0.9% | |||
Lundin Mining Corp. | 199,016 | 1,391,279 | |
Newmont Corp. | 14,451 | 585,988 | |
1,977,267 | |||
TOTAL MATERIALS | 4,851,050 | ||
REAL ESTATE - 0.5% | |||
Real Estate Management & Development - 0.5% | |||
CBRE Group, Inc. (a) | 15,157 | 1,135,562 | |
UTILITIES - 10.2% | |||
Electric Utilities - 8.1% | |||
Constellation Energy Corp. | 21,118 | 1,774,334 | |
Edison International | 31,284 | 2,112,296 | |
Evergy, Inc. | 31,363 | 1,814,350 | |
NextEra Energy, Inc. | 26,787 | 1,967,773 | |
PG&E Corp. (a) | 344,753 | 5,840,116 | |
Portland General Electric Co. (b) | 22,149 | 1,079,321 | |
Southern Co. | 34,711 | 2,421,092 | |
17,009,282 | |||
Independent Power and Renewable Electricity Producers - 0.5% | |||
The AES Corp. | 60,953 | 1,203,212 | |
Multi-Utilities - 1.6% | |||
Dominion Energy, Inc. | 44,589 | 2,241,935 | |
National Grid PLC | 80,556 | 1,109,835 | |
3,351,770 | |||
TOTAL UTILITIES | 21,564,264 | ||
TOTAL COMMON STOCKS (Cost $173,811,430) | 201,738,994 | ||
Nonconvertible Preferred Stocks - 1.3% | |||
Shares | Value ($) | ||
INFORMATION TECHNOLOGY - 1.3% | |||
Technology Hardware, Storage & Peripherals - 1.3% | |||
Samsung Electronics Co. Ltd. (Cost $2,683,745) | 61,327 | 2,717,308 | |
Money Market Funds - 4.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (c) | 5,793,757 | 5,794,916 | |
Fidelity Securities Lending Cash Central Fund 5.14% (c)(d) | 3,831,542 | 3,831,925 | |
TOTAL MONEY MARKET FUNDS (Cost $9,626,841) | 9,626,841 | ||
TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $186,122,016) | 214,083,143 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (3,394,563) |
NET ASSETS - 100.0% | 210,688,580 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 2,498,638 | 31,898,108 | 28,601,830 | 97,936 | - | - | 5,794,916 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 1,345,750 | 16,658,860 | 14,172,685 | 1,126 | - | - | 3,831,925 | 0.0% |
Total | 3,844,388 | 48,556,968 | 42,774,515 | 99,062 | - | - | 9,626,841 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 14,642,166 | 14,642,166 | - | - |
Consumer Discretionary | 4,980,188 | 4,980,188 | - | - |
Consumer Staples | 20,781,586 | 17,658,290 | 3,123,296 | - |
Energy | 18,325,937 | 18,325,937 | - | - |
Financials | 48,326,005 | 48,326,005 | - | - |
Health Care | 40,341,808 | 37,266,605 | 3,075,203 | - |
Industrials | 15,804,564 | 12,186,750 | 3,617,814 | - |
Information Technology | 13,703,172 | 13,703,172 | - | - |
Materials | 4,851,050 | 4,851,050 | - | - |
Real Estate | 1,135,562 | 1,135,562 | - | - |
Utilities | 21,564,264 | 20,454,429 | 1,109,835 | - |
Money Market Funds | 9,626,841 | 9,626,841 | - | - |
Total Investments in Securities: | 214,083,143 | 203,156,995 | 10,926,148 | - |
Statement of Assets and Liabilities | ||||
May 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $3,718,658) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $176,495,175) | $ | 204,456,302 | ||
Fidelity Central Funds (cost $9,626,841) | 9,626,841 | |||
Total Investment in Securities (cost $186,122,016) | $ | 214,083,143 | ||
Foreign currency held at value (cost $170) | 1,100 | |||
Receivable for fund shares sold | 378,958 | |||
Dividends receivable | 532,577 | |||
Distributions receivable from Fidelity Central Funds | 19,806 | |||
Prepaid expenses | 43 | |||
Other receivables | 7,603 | |||
Total assets | 215,023,230 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 266,472 | ||
Accrued management fee | 116,322 | |||
Distribution and service plan fees payable | 49,695 | |||
Other affiliated payables | 38,055 | |||
Other payables and accrued expenses | 32,181 | |||
Collateral on securities loaned | 3,831,925 | |||
Total Liabilities | 4,334,650 | |||
Net Assets | $ | 210,688,580 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 181,331,397 | ||
Total accumulated earnings (loss) | 29,357,183 | |||
Net Assets | $ | 210,688,580 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($110,192,855 ÷ 5,175,013 shares) (a) | $ | 21.29 | ||
Maximum offering price per share (100/94.25 of $21.29) | $ | 22.59 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($30,309,451 ÷ 1,422,712 shares) (a) | $ | 21.30 | ||
Maximum offering price per share (100/96.50 of $21.30) | $ | 22.07 | ||
Class C : | ||||
Net Asset Value and offering price per share ($15,400,873 ÷ 742,375 shares) (a) | $ | 20.75 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($38,859,579 ÷ 1,775,883 shares) | $ | 21.88 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($15,925,822 ÷ 732,707 shares) | $ | 21.74 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended May 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 2,468,569 | ||
Income from Fidelity Central Funds (including $1,126 from security lending) | 99,062 | |||
Total Income | 2,567,631 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 592,599 | ||
Performance adjustment | 139,318 | |||
Transfer agent fees | 195,747 | |||
Distribution and service plan fees | 305,717 | |||
Accounting fees | 39,914 | |||
Custodian fees and expenses | 13,017 | |||
Independent trustees' fees and expenses | 714 | |||
Registration fees | 71,577 | |||
Audit | 30,670 | |||
Legal | 1,025 | |||
Interest | 1,189 | |||
Miscellaneous | 479 | |||
Total expenses before reductions | 1,391,966 | |||
Expense reductions | (89,839) | |||
Total expenses after reductions | 1,302,127 | |||
Net Investment income (loss) | 1,265,504 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 812,329 | |||
Foreign currency transactions | 2,701 | |||
Total net realized gain (loss) | 815,030 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (19,153,612) | |||
Assets and liabilities in foreign currencies | 1,181 | |||
Total change in net unrealized appreciation (depreciation) | (19,152,431) | |||
Net gain (loss) | (18,337,401) | |||
Net increase (decrease) in net assets resulting from operations | $ | (17,071,897) |
Statement of Changes in Net Assets | ||||
Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,265,504 | $ | 2,019,358 |
Net realized gain (loss) | 815,030 | 2,605,567 | ||
Change in net unrealized appreciation (depreciation) | (19,152,431) | 11,328,352 | ||
Net increase (decrease) in net assets resulting from operations | (17,071,897) | 15,953,277 | ||
Distributions to shareholders | (3,783,745) | (7,393,417) | ||
Share transactions - net increase (decrease) | (10,525,813) | 5,051,034 | ||
Total increase (decrease) in net assets | (31,381,455) | 13,610,894 | ||
Net Assets | ||||
Beginning of period | 242,070,035 | 228,459,141 | ||
End of period | $ | 210,688,580 | $ | 242,070,035 |
Fidelity Advisor® Equity Value Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.31 | $ | 22.52 | $ | 18.87 | $ | 18.81 | $ | 18.77 | $ | 18.84 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .12 | .20 | .16 | .24 C | .26 | .26 | ||||||
Net realized and unrealized gain (loss) | (1.78) | 1.30 | 3.69 | .80 | 1.25 | (.16) | ||||||
Total from investment operations | (1.66) | 1.50 | 3.85 | 1.04 | 1.51 | .10 | ||||||
Distributions from net investment income | (.19) | (.11) | (.20) | (.45) | (.28) | (.13) | ||||||
Distributions from net realized gain | (.17) | (.60) | - | (.53) | (1.19) | (.05) | ||||||
Total distributions | (.36) | (.71) | (.20) | (.98) | (1.47) | (.17) D | ||||||
Net asset value, end of period | $ | 21.29 | $ | 23.31 | $ | 22.52 | $ | 18.87 | $ | 18.81 | $ | 18.77 |
Total Return E,F,G | (7.17)% | 6.63% | 20.58% | 5.68% | 9.75% | .53% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.23% J | 1.19% | 1.14% | 1.11% | 1.00% | 1.00% | ||||||
Expenses net of fee waivers, if any | 1.15% J | 1.15% | 1.14% | 1.10% | 1.00% | 1.00% | ||||||
Expenses net of all reductions | 1.15% J | 1.15% | 1.14% | 1.09% | .99% | 1.00% | ||||||
Net investment income (loss) | 1.13% J | .90% | .73% | 1.44% C | 1.47% | 1.39% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 110,193 | $ | 117,379 | $ | 96,669 | $ | 67,291 | $ | 71,916 | $ | 67,457 |
Portfolio turnover rate K | 25% J | 40% | 35% | 75% | 43% L | 33% |
Fidelity Advisor® Equity Value Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.28 | $ | 22.50 | $ | 18.85 | $ | 18.79 | $ | 18.73 | $ | 18.80 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .10 | .14 | .11 | .20 C | .21 | .21 | ||||||
Net realized and unrealized gain (loss) | (1.78) | 1.29 | 3.69 | .79 | 1.26 | (.16) | ||||||
Total from investment operations | (1.68) | 1.43 | 3.80 | .99 | 1.47 | .05 | ||||||
Distributions from net investment income | (.13) | (.05) | (.15) | (.40) | (.23) | (.07) | ||||||
Distributions from net realized gain | (.17) | (.60) | - | (.53) | (1.19) | (.05) | ||||||
Total distributions | (.30) | (.65) | (.15) | (.93) | (1.41) D | (.12) | ||||||
Net asset value, end of period | $ | 21.30 | $ | 23.28 | $ | 22.50 | $ | 18.85 | $ | 18.79 | $ | 18.73 |
Total Return E,F,G | (7.26)% | 6.32% | 20.31% | 5.37% | 9.51% | .25% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.47% J | 1.44% | 1.39% | 1.37% | 1.26% | 1.27% | ||||||
Expenses net of fee waivers, if any | 1.40% J | 1.40% | 1.38% | 1.36% | 1.26% | 1.27% | ||||||
Expenses net of all reductions | 1.39% J | 1.40% | 1.38% | 1.35% | 1.26% | 1.26% | ||||||
Net investment income (loss) | .89% J | .65% | .48% | 1.19% C | 1.21% | 1.12% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 30,309 | $ | 33,509 | $ | 31,217 | $ | 25,905 | $ | 28,791 | $ | 30,030 |
Portfolio turnover rate K | 25% J | 40% | 35% | 75% | 43% L | 33% |
Fidelity Advisor® Equity Value Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 22.65 | $ | 21.89 | $ | 18.33 | $ | 18.29 | $ | 18.25 | $ | 18.33 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .04 | .03 | (.01) | .10 C | .12 | .11 | ||||||
Net realized and unrealized gain (loss) | (1.72) | 1.25 | 3.61 | .76 | 1.24 | (.16) | ||||||
Total from investment operations | (1.68) | 1.28 | 3.60 | .86 | 1.36 | (.05) | ||||||
Distributions from net investment income | (.05) | - | (.04) | (.29) | (.13) | - | ||||||
Distributions from net realized gain | (.17) | (.52) | - | (.53) | (1.19) | (.03) | ||||||
Total distributions | (.22) | (.52) | (.04) | (.82) | (1.32) | (.03) | ||||||
Net asset value, end of period | $ | 20.75 | $ | 22.65 | $ | 21.89 | $ | 18.33 | $ | 18.29 | $ | 18.25 |
Total Return D,E,F | (7.47)% | 5.81% | 19.67% | 4.78% | 8.95% | (.29)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 2.01% I | 1.98% | 1.93% | 1.91% | 1.79% | 1.78% | ||||||
Expenses net of fee waivers, if any | 1.90% I | 1.90% | 1.93% | 1.90% | 1.79% | 1.78% | ||||||
Expenses net of all reductions | 1.90% I | 1.90% | 1.93% | 1.89% | 1.79% | 1.78% | ||||||
Net investment income (loss) | .38% I | .15% | (.06)% | .64% C | .68% | .61% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 15,401 | $ | 17,461 | $ | 14,096 | $ | 11,555 | $ | 15,819 | $ | 21,206 |
Portfolio turnover rate J | 25% I | 40% | 35% | 75% | 43% K | 33% |
Fidelity Advisor® Equity Value Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.96 | $ | 23.14 | $ | 19.39 | $ | 19.16 | $ | 19.09 | $ | 19.18 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .16 | .26 | .22 | .30 C | .31 | .32 | ||||||
Net realized and unrealized gain (loss) | (1.82) | 1.33 | 3.79 | .81 | 1.28 | (.17) | ||||||
Total from investment operations | (1.66) | 1.59 | 4.01 | 1.11 | 1.59 | .15 | ||||||
Distributions from net investment income | (.25) | (.18) | (.26) | (.35) | (.34) | (.19) | ||||||
Distributions from net realized gain | (.17) | (.60) | - | (.53) | (1.19) | (.05) | ||||||
Total distributions | (.42) | (.77) D | (.26) | (.88) | (1.52) D | (.24) | ||||||
Net asset value, end of period | $ | 21.88 | $ | 23.96 | $ | 23.14 | $ | 19.39 | $ | 19.16 | $ | 19.09 |
Total Return E,F | (7.02)% | 6.86% | 20.93% | 5.95% | 10.12% | .75% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .97% I | .94% | .90% | .77% | .72% | .73% | ||||||
Expenses net of fee waivers, if any | .90% I | .90% | .90% | .76% | .72% | .72% | ||||||
Expenses net of all reductions | .90% I | .90% | .90% | .75% | .72% | .72% | ||||||
Net investment income (loss) | 1.38% I | 1.15% | .97% | 1.78% C | 1.75% | 1.66% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 38,860 | $ | 52,405 | $ | 51,171 | $ | 16,291 | $ | 18,538 | $ | 122,603 |
Portfolio turnover rate J | 25% I | 40% | 35% | 75% | 43% K | 33% |
Fidelity Advisor® Equity Value Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.82 | $ | 23.00 | $ | 19.26 | $ | 19.18 | $ | 19.12 | $ | 19.20 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .17 | .30 | .26 | .32 C | .33 | .34 | ||||||
Net realized and unrealized gain (loss) | (1.80) | 1.32 | 3.75 | .82 | 1.28 | (.16) | ||||||
Total from investment operations | (1.63) | 1.62 | 4.01 | 1.14 | 1.61 | .18 | ||||||
Distributions from net investment income | (.28) | (.20) | (.27) | (.52) | (.37) | (.21) | ||||||
Distributions from net realized gain | (.17) | (.60) | - | (.53) | (1.19) | (.05) | ||||||
Total distributions | (.45) | (.80) | (.27) | (1.06) D | (1.55) D | (.26) | ||||||
Net asset value, end of period | $ | 21.74 | $ | 23.82 | $ | 23.00 | $ | 19.26 | $ | 19.18 | $ | 19.12 |
Total Return E,F | (6.93)% | 7.02% | 21.07% | 6.09% | 10.27% | .91% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .83% I | .79% | .74% | .70% | .58% | .59% | ||||||
Expenses net of fee waivers, if any | .75% I | .75% | .74% | .69% | .58% | .59% | ||||||
Expenses net of all reductions | .75% I | .75% | .74% | .68% | .58% | .58% | ||||||
Net investment income (loss) | 1.53% I | 1.30% | 1.12% | 1.86% C | 1.89% | 1.80% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 15,926 | $ | 21,317 | $ | 35,306 | $ | 2,606 | $ | 3,852 | $ | 2,406 |
Portfolio turnover rate J | 25% I | 40% | 35% | 75% | 43% K | 33% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $38,062,796 |
Gross unrealized depreciation | (10,427,783) |
Net unrealized appreciation (depreciation) | $27,635,013 |
Tax cost | $186,448,130 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Value Fund | 27,247,341 | 43,655,591 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $143,269 | $4,204 |
Class M | .25% | .25% | 79,532 | 941 |
Class C | .75% | .25% | 82,916 | 11,141 |
$305,717 | $16,286 |
Retained by FDC | |
Class A | $ 52,711 |
Class M | 4,881 |
Class C A | 4,535 |
$62,127 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $ 105,779 | .18 |
Class M | 28,260 | .18 |
Class C | 18,344 | .22 |
Class I | 39,760 | .18 |
Class Z | 3,604 | .04 |
$195,747 |
% of Average Net Assets | |
Fidelity Advisor Equity Value Fund | .04 |
Amount | |
Fidelity Advisor Equity Value Fund | $ 475 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Equity Value Fund | Borrower | $ 4,687,000 | 4.57% | $ 1,189 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Equity Value Fund | 1,911,053 | 5,332,560 | (302,487) |
Amount | |
Fidelity Advisor Equity Value Fund | $224 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Equity Value Fund | $122 | $ - | $- |
Expense Limitations | Reimbursement | |
Class A | 1.15% | $ 42,528 |
Class M | 1.40% | 10,773 |
Class C | 1.90% | 9,370 |
Class I | .90% | 14,918 |
Class Z | .75% | 6,370 |
$83,959 |
Expense reduction | |
Class M | $427 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Equity Value Fund | ||
Distributions to shareholders | ||
Class A | $ 1,831,872 | $3,052,916 |
Class M | 434,839 | 897,128 |
Class C | 171,624 | 335,659 |
Class I | 936,668 | 1,735,387 |
Class Z | 408,742 | 1,372,327 |
Total | $3,783,745 | $7,393,417 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Equity Value Fund | ||||
Class A | ||||
Shares sold | 516,204 | 1,322,626 | $11,453,315 | $29,846,718 |
Reinvestment of distributions | 79,706 | 125,386 | 1,767,079 | 2,944,057 |
Shares redeemed | (457,504) | (704,458) | (10,100,731) | (15,754,356) |
Net increase (decrease) | 138,406 | 743,554 | $3,119,663 | $17,036,419 |
Class M | ||||
Shares sold | 57,272 | 236,755 | $1,268,502 | $5,321,237 |
Reinvestment of distributions | 19,273 | 37,646 | 427,869 | 885,059 |
Shares redeemed | (92,963) | (222,986) | (2,056,121) | (4,958,113) |
Net increase (decrease) | (16,418) | 51,415 | $(359,750) | $1,248,183 |
Class C | ||||
Shares sold | 100,041 | 326,262 | $2,162,718 | $7,171,335 |
Reinvestment of distributions | 7,175 | 14,355 | 155,486 | 329,881 |
Shares redeemed | (135,798) | (213,704) | (2,916,350) | (4,679,466) |
Net increase (decrease) | (28,582) | 126,913 | $(598,146) | $2,821,750 |
Class I | ||||
Shares sold | 326,724 | 1,266,409 | $7,463,542 | $29,316,775 |
Reinvestment of distributions | 37,937 | 68,071 | 863,451 | 1,639,827 |
Shares redeemed | (775,528) | (1,359,296) | (17,478,176) | (31,653,830) |
Net increase (decrease) | (410,867) | (24,816) | $(9,151,183) | $(697,228) |
Class Z | ||||
Shares sold | 364,692 | 677,338 | $8,326,489 | $15,778,041 |
Reinvestment of distributions | 15,951 | 49,426 | 360,343 | 1,181,767 |
Shares redeemed | (542,741) | (1,367,272) | (12,223,229) | (32,317,898) |
Net increase (decrease) | (162,098) | (640,508) | $(3,536,397) | $(15,358,090) |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Equity Value Fund | ||||||||||
Class A | 1.15% | |||||||||
Actual | $ 1,000 | $ 928.30 | $ 5.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.20 | $ 5.79 | |||||||
Class M | 1.40% | |||||||||
Actual | $ 1,000 | $ 927.40 | $ 6.73 | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.95 | $ 7.04 | |||||||
Class C | 1.90% | |||||||||
Actual | $ 1,000 | $ 925.30 | $ 9.12 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.46 | $ 9.55 | |||||||
Class I | .90% | |||||||||
Actual | $ 1,000 | $ 929.80 | $ 4.33 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.44 | $ 4.53 | |||||||
Class Z | .75% | |||||||||
Actual | $ 1,000 | $ 930.70 | $ 3.61 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.19 | $ 3.78 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.5 | |
Exxon Mobil Corp. | 7.0 | |
General Electric Co. | 6.5 | |
Wells Fargo & Co. | 5.3 | |
Apple, Inc. | 3.5 | |
Bank of America Corp. | 2.5 | |
The Boeing Co. | 2.1 | |
Comcast Corp. Class A | 2.0 | |
Hess Corp. | 1.9 | |
Visa, Inc. Class A | 1.8 | |
40.1 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 17.3 | |
Financials | 16.7 | |
Industrials | 15.6 | |
Health Care | 13.3 | |
Energy | 11.2 | |
Communication Services | 9.2 | |
Consumer Staples | 4.7 | |
Consumer Discretionary | 3.8 | |
Materials | 2.9 | |
Real Estate | 0.9 | |
Utilities | 0.6 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 96.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 9.2% | |||
Diversified Telecommunication Services - 0.3% | |||
Cellnex Telecom SA (a) | 45,400 | 1,839,699 | |
Verizon Communications, Inc. | 54,276 | 1,933,854 | |
3,773,553 | |||
Entertainment - 1.1% | |||
Activision Blizzard, Inc. | 16,611 | 1,332,202 | |
Sea Ltd. ADR (b) | 9,300 | 533,913 | |
The Walt Disney Co. (b) | 62,775 | 5,521,689 | |
Universal Music Group NV (c) | 214,634 | 4,257,706 | |
Universal Music Group NV rights (b) | 214,634 | 61,944 | |
11,707,454 | |||
Interactive Media & Services - 5.2% | |||
Alphabet, Inc.: | |||
Class A (b) | 142,080 | 17,457,370 | |
Class C (b) | 129,360 | 15,959,143 | |
Match Group, Inc. (b) | 64,700 | 2,232,150 | |
Meta Platforms, Inc. Class A (b) | 65,200 | 17,259,744 | |
Snap, Inc. Class A (b) | 212,100 | 2,163,420 | |
55,071,827 | |||
Media - 2.6% | |||
Charter Communications, Inc. Class A (b) | 2,100 | 684,915 | |
Comcast Corp. Class A | 543,323 | 21,379,760 | |
Interpublic Group of Companies, Inc. | 146,420 | 5,445,360 | |
27,510,035 | |||
TOTAL COMMUNICATION SERVICES | 98,062,869 | ||
CONSUMER DISCRETIONARY - 3.8% | |||
Automobile Components - 0.2% | |||
BorgWarner, Inc. | 62,516 | 2,771,334 | |
Automobiles - 0.1% | |||
General Motors Co. | 22,800 | 738,948 | |
Broadline Retail - 0.2% | |||
Amazon.com, Inc. (b) | 19,300 | 2,327,194 | |
Hotels, Restaurants & Leisure - 1.7% | |||
Amadeus IT Holding SA Class A | 28,700 | 2,059,657 | |
Booking Holdings, Inc. (b) | 4,019 | 10,082,747 | |
Expedia, Inc. (b) | 17,900 | 1,713,209 | |
Marriott International, Inc. Class A | 19,400 | 3,255,126 | |
Starbucks Corp. | 11,700 | 1,142,388 | |
18,253,127 | |||
Household Durables - 0.4% | |||
Mohawk Industries, Inc. (b) | 23,906 | 2,200,308 | |
Sony Group Corp. sponsored ADR | 14,500 | 1,358,650 | |
Whirlpool Corp. (d) | 4,834 | 624,988 | |
4,183,946 | |||
Specialty Retail - 1.1% | |||
Lowe's Companies, Inc. | 51,630 | 10,384,342 | |
RH (b) | 3,800 | 930,924 | |
11,315,266 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
NIKE, Inc. Class B | 7,200 | 757,872 | |
TOTAL CONSUMER DISCRETIONARY | 40,347,687 | ||
CONSUMER STAPLES - 4.7% | |||
Beverages - 1.7% | |||
Diageo PLC sponsored ADR (d) | 26,600 | 4,469,332 | |
Keurig Dr. Pepper, Inc. | 127,800 | 3,977,136 | |
The Coca-Cola Co. | 158,981 | 9,484,806 | |
17,931,274 | |||
Consumer Staples Distribution & Retail - 1.4% | |||
Costco Wholesale Corp. | 1,300 | 665,028 | |
Performance Food Group Co. (b) | 38,900 | 2,150,781 | |
Sysco Corp. | 88,500 | 6,190,575 | |
Target Corp. | 10,400 | 1,361,672 | |
U.S. Foods Holding Corp. (b) | 47,800 | 1,901,484 | |
Walmart, Inc. | 20,700 | 3,040,209 | |
15,309,749 | |||
Household Products - 0.1% | |||
Colgate-Palmolive Co. | 1,000 | 74,380 | |
Procter & Gamble Co. | 1,500 | 213,750 | |
Spectrum Brands Holdings, Inc. | 10,467 | 755,822 | |
1,043,952 | |||
Personal Care Products - 0.6% | |||
Estee Lauder Companies, Inc. Class A | 4,300 | 791,329 | |
Haleon PLC ADR | 461,238 | 3,708,354 | |
Kenvue, Inc. | 78,700 | 1,974,583 | |
6,474,266 | |||
Tobacco - 0.9% | |||
Altria Group, Inc. | 209,580 | 9,309,544 | |
Philip Morris International, Inc. | 1,200 | 108,012 | |
9,417,556 | |||
TOTAL CONSUMER STAPLES | 50,176,797 | ||
ENERGY - 11.2% | |||
Energy Equipment & Services - 0.0% | |||
Baker Hughes Co. Class A | 7,900 | 215,275 | |
Oil, Gas & Consumable Fuels - 11.2% | |||
Canadian Natural Resources Ltd. | 11,200 | 603,356 | |
Cenovus Energy, Inc. (Canada) | 708,462 | 11,319,735 | |
Exxon Mobil Corp. | 725,868 | 74,169,192 | |
Hess Corp. | 159,335 | 20,182,964 | |
Imperial Oil Ltd. | 128,200 | 5,819,288 | |
Kosmos Energy Ltd. (b) | 924,795 | 5,511,778 | |
Phillips 66 Co. | 11,400 | 1,044,354 | |
118,650,667 | |||
TOTAL ENERGY | 118,865,942 | ||
FINANCIALS - 16.7% | |||
Banks - 10.8% | |||
Bank of America Corp. | 948,214 | 26,350,867 | |
JPMorgan Chase & Co. | 81,018 | 10,994,953 | |
M&T Bank Corp. | 18,628 | 2,219,712 | |
PNC Financial Services Group, Inc. | 70,741 | 8,193,930 | |
Truist Financial Corp. | 184,427 | 5,619,491 | |
U.S. Bancorp | 158,190 | 4,729,881 | |
Wells Fargo & Co. | 1,424,103 | 56,693,540 | |
114,802,374 | |||
Capital Markets - 2.0% | |||
Charles Schwab Corp. | 2,200 | 115,918 | |
CME Group, Inc. | 1,500 | 268,125 | |
KKR & Co. LP | 106,391 | 5,478,073 | |
Morgan Stanley | 61,525 | 5,030,284 | |
Northern Trust Corp. | 109,391 | 7,867,401 | |
Raymond James Financial, Inc. | 27,793 | 2,511,098 | |
State Street Corp. | 11,719 | 797,126 | |
22,068,025 | |||
Financial Services - 3.7% | |||
Acacia Research Corp. (b) | 36,900 | 152,766 | |
Edenred SA | 66,000 | 4,238,488 | |
Fidelity National Information Services, Inc. | 43,100 | 2,351,967 | |
Global Payments, Inc. | 5,500 | 537,295 | |
MasterCard, Inc. Class A | 10,915 | 3,984,193 | |
PayPal Holdings, Inc. (b) | 27,900 | 1,729,521 | |
Radian Group, Inc. | 272,031 | 6,947,672 | |
Visa, Inc. Class A | 87,827 | 19,412,402 | |
39,354,304 | |||
Insurance - 0.2% | |||
Chubb Ltd. | 10,495 | 1,949,971 | |
TOTAL FINANCIALS | 178,174,674 | ||
HEALTH CARE - 13.3% | |||
Biotechnology - 0.5% | |||
Alnylam Pharmaceuticals, Inc. (b) | 12,119 | 2,242,136 | |
Argenx SE ADR (b) | 1,100 | 427,570 | |
Insmed, Inc. (b) | 47,497 | 903,868 | |
Vaxcyte, Inc. (b) | 31,000 | 1,535,120 | |
Verve Therapeutics, Inc. (b)(d) | 19,900 | 308,052 | |
5,416,746 | |||
Health Care Equipment & Supplies - 3.0% | |||
Abbott Laboratories | 4,000 | 408,000 | |
Becton, Dickinson & Co. | 10,797 | 2,610,283 | |
Boston Scientific Corp. (b) | 279,026 | 14,364,258 | |
GE Healthcare Holding LLC | 169,571 | 13,482,590 | |
iRhythm Technologies, Inc. (b) | 100 | 11,427 | |
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | 50,462 | 952,723 | |
31,829,281 | |||
Health Care Providers & Services - 5.4% | |||
Cardinal Health, Inc. | 85,882 | 7,068,089 | |
Centene Corp. (b) | 8,400 | 524,244 | |
Cigna Group | 47,803 | 11,826,940 | |
CVS Health Corp. | 98,768 | 6,719,187 | |
Guardant Health, Inc. (b) | 22,800 | 668,496 | |
Humana, Inc. | 3,600 | 1,806,732 | |
McKesson Corp. | 30,506 | 11,922,965 | |
UnitedHealth Group, Inc. | 35,299 | 17,199,085 | |
57,735,738 | |||
Life Sciences Tools & Services - 0.2% | |||
Danaher Corp. | 11,500 | 2,640,630 | |
Pharmaceuticals - 4.2% | |||
Bristol-Myers Squibb Co. | 289,717 | 18,669,363 | |
Eli Lilly & Co. | 15,800 | 6,785,468 | |
GSK PLC sponsored ADR | 212,030 | 7,124,208 | |
Johnson & Johnson | 70,584 | 10,944,755 | |
Sanofi SA sponsored ADR | 17,700 | 903,054 | |
Viatris, Inc. | 11,800 | 107,970 | |
44,534,818 | |||
TOTAL HEALTH CARE | 142,157,213 | ||
INDUSTRIALS - 15.4% | |||
Aerospace & Defense - 3.6% | |||
Airbus Group NV | 49,300 | 6,474,337 | |
General Dynamics Corp. | 13,129 | 2,680,679 | |
Huntington Ingalls Industries, Inc. | 9,319 | 1,876,660 | |
MTU Aero Engines AG | 3,600 | 830,407 | |
Raytheon Technologies Corp. | 15,092 | 1,390,577 | |
Safran SA | 8,000 | 1,158,175 | |
Textron, Inc. | 10,600 | 655,822 | |
The Boeing Co. (b) | 110,467 | 22,723,062 | |
37,789,719 | |||
Air Freight & Logistics - 1.8% | |||
FedEx Corp. | 22,892 | 4,989,998 | |
United Parcel Service, Inc. Class B | 81,863 | 13,671,121 | |
18,661,119 | |||
Building Products - 0.1% | |||
Johnson Controls International PLC | 22,600 | 1,349,220 | |
Commercial Services & Supplies - 0.1% | |||
ACV Auctions, Inc. Class A (b) | 86,600 | 1,475,664 | |
Electrical Equipment - 1.2% | |||
Acuity Brands, Inc. | 18,456 | 2,781,135 | |
Hubbell, Inc. Class B | 11,785 | 3,328,791 | |
Regal Rexnord Corp. | 18,900 | 2,454,921 | |
Vertiv Holdings Co. | 198,000 | 3,821,400 | |
12,386,247 | |||
Ground Transportation - 0.5% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 91,158 | 5,012,778 | |
Industrial Conglomerates - 6.6% | |||
3M Co. | 9,559 | 891,950 | |
General Electric Co. | 688,113 | 69,864,113 | |
70,756,063 | |||
Machinery - 1.1% | |||
Chart Industries, Inc. (b)(d) | 11,000 | 1,207,030 | |
Cummins, Inc. | 6,500 | 1,328,665 | |
Flowserve Corp. | 60,619 | 1,973,148 | |
Fortive Corp. | 30,400 | 1,979,344 | |
Nordson Corp. | 1,000 | 217,930 | |
Otis Worldwide Corp. | 19,696 | 1,566,029 | |
Stanley Black & Decker, Inc. | 13,400 | 1,004,598 | |
Westinghouse Air Brake Tech Co. | 21,345 | 1,977,187 | |
11,253,931 | |||
Passenger Airlines - 0.1% | |||
Copa Holdings SA Class A | 3,200 | 336,192 | |
Ryanair Holdings PLC sponsored ADR (b) | 9,400 | 987,752 | |
1,323,944 | |||
Professional Services - 0.3% | |||
Equifax, Inc. | 4,200 | 876,204 | |
Genpact Ltd. | 42,200 | 1,552,116 | |
Paycom Software, Inc. | 2,800 | 784,364 | |
3,212,684 | |||
Trading Companies & Distributors - 0.0% | |||
Beijer Ref AB (B Shares) | 21,200 | 313,552 | |
TOTAL INDUSTRIALS | 163,534,921 | ||
INFORMATION TECHNOLOGY - 17.3% | |||
Electronic Equipment, Instruments & Components - 0.2% | |||
Mirion Technologies, Inc. (b)(e) | 232,270 | 1,837,256 | |
IT Services - 0.4% | |||
EPAM Systems, Inc. (b) | 2,600 | 667,212 | |
IBM Corp. | 11,500 | 1,478,785 | |
Snowflake, Inc. (b) | 800 | 132,288 | |
Twilio, Inc. Class A (b) | 24,000 | 1,670,880 | |
Unisys Corp. (b) | 72,989 | 286,847 | |
4,236,012 | |||
Semiconductors & Semiconductor Equipment - 3.0% | |||
Analog Devices, Inc. | 11,718 | 2,082,171 | |
Applied Materials, Inc. | 23,416 | 3,121,353 | |
Intel Corp. | 25,600 | 804,864 | |
Lam Research Corp. | 4,500 | 2,775,150 | |
Marvell Technology, Inc. | 132,001 | 7,720,738 | |
NVIDIA Corp. | 11,100 | 4,199,574 | |
Qualcomm, Inc. | 77,501 | 8,789,388 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 24,200 | 2,385,878 | |
31,879,116 | |||
Software - 10.1% | |||
Adobe, Inc. (b) | 20,000 | 8,355,800 | |
Autodesk, Inc. (b) | 11,841 | 2,360,977 | |
DoubleVerify Holdings, Inc. (b) | 16,500 | 575,355 | |
Elastic NV (b) | 32,800 | 2,388,496 | |
Intuit, Inc. | 6,300 | 2,640,456 | |
Microsoft Corp. | 242,153 | 79,520,626 | |
PTC, Inc. (b) | 9,300 | 1,249,920 | |
Salesforce, Inc. (b) | 4,500 | 1,005,210 | |
SAP SE sponsored ADR | 70,817 | 9,237,369 | |
Workday, Inc. Class A (b) | 3,300 | 699,567 | |
108,033,776 | |||
Technology Hardware, Storage & Peripherals - 3.6% | |||
Apple, Inc. | 210,868 | 37,376,353 | |
Samsung Electronics Co. Ltd. | 22,520 | 1,215,783 | |
38,592,136 | |||
TOTAL INFORMATION TECHNOLOGY | 184,578,296 | ||
MATERIALS - 2.9% | |||
Chemicals - 0.7% | |||
Axalta Coating Systems Ltd. (b) | 13,300 | 385,833 | |
DuPont de Nemours, Inc. | 83,000 | 5,576,770 | |
LyondellBasell Industries NV Class A | 6,700 | 573,118 | |
Sherwin-Williams Co. | 2,100 | 478,338 | |
7,014,059 | |||
Metals & Mining - 2.2% | |||
First Quantum Minerals Ltd. | 390,800 | 8,187,368 | |
Freeport-McMoRan, Inc. | 350,804 | 12,046,609 | |
Glencore PLC | 714,100 | 3,652,017 | |
23,885,994 | |||
TOTAL MATERIALS | 30,900,053 | ||
REAL ESTATE - 0.9% | |||
Equity Real Estate Investment Trusts (REITs) - 0.9% | |||
American Tower Corp. | 14,309 | 2,639,152 | |
Crown Castle International Corp. | 13,900 | 1,573,619 | |
Equinix, Inc. | 442 | 329,533 | |
Simon Property Group, Inc. | 44,000 | 4,626,600 | |
9,168,904 | |||
UTILITIES - 0.6% | |||
Electric Utilities - 0.6% | |||
Entergy Corp. | 8,900 | 873,980 | |
PG&E Corp. (b) | 68,500 | 1,160,390 | |
Southern Co. | 66,700 | 4,652,325 | |
6,686,695 | |||
Multi-Utilities - 0.0% | |||
Sempra Energy | 2,034 | 291,940 | |
TOTAL UTILITIES | 6,978,635 | ||
TOTAL COMMON STOCKS (Cost $678,857,236) | 1,022,945,991 | ||
Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.0% | |||
COMMUNICATION SERVICES - 0.0% | |||
Interactive Media & Services - 0.0% | |||
Reddit, Inc. Series E (b)(e)(f) | 1,200 | 40,452 | |
Nonconvertible Preferred Stocks - 0.2% | |||
INDUSTRIALS - 0.2% | |||
Aerospace & Defense - 0.2% | |||
Embraer SA sponsored ADR (b) | 119,400 | 1,776,672 | |
TOTAL PREFERRED STOCKS (Cost $1,471,102) | 1,817,124 | ||
Money Market Funds - 4.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (g) | 39,119,284 | 39,127,108 | |
Fidelity Securities Lending Cash Central Fund 5.14% (g)(h) | 6,243,631 | 6,244,256 | |
TOTAL MONEY MARKET FUNDS (Cost $45,371,364) | 45,371,364 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $725,699,702) | 1,070,134,479 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (5,216,782) |
NET ASSETS - 100.0% | 1,064,917,697 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,839,699 or 0.2% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,877,708 or 0.2% of net assets. |
(f) | Level 3 security |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Mirion Technologies, Inc. | 6/16/21 | 2,322,700 |
Reddit, Inc. Series E | 5/18/21 | 50,969 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 40,544,606 | 44,595,456 | 46,012,954 | 937,725 | - | - | 39,127,108 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.14% | 3,679,031 | 79,028,227 | 76,463,002 | 25,109 | - | - | 6,244,256 | 0.0% |
Total | 44,223,637 | 123,623,683 | 122,475,956 | 962,834 | - | - | 45,371,364 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 98,103,321 | 93,743,219 | 4,319,650 | 40,452 |
Consumer Discretionary | 40,347,687 | 38,288,030 | 2,059,657 | - |
Consumer Staples | 50,176,797 | 50,176,797 | - | - |
Energy | 118,865,942 | 118,865,942 | - | - |
Financials | 178,174,674 | 178,174,674 | - | - |
Health Care | 142,157,213 | 142,157,213 | - | - |
Industrials | 165,311,593 | 158,837,256 | 6,474,337 | - |
Information Technology | 184,578,296 | 184,578,296 | - | - |
Materials | 30,900,053 | 27,248,036 | 3,652,017 | - |
Real Estate | 9,168,904 | 9,168,904 | - | - |
Utilities | 6,978,635 | 6,978,635 | - | - |
Money Market Funds | 45,371,364 | 45,371,364 | - | - |
Total Investments in Securities: | 1,070,134,479 | 1,053,588,366 | 16,505,661 | 40,452 |
Statement of Assets and Liabilities | ||||
May 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $6,021,217) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $680,328,338) | $ | 1,024,763,115 | ||
Fidelity Central Funds (cost $45,371,364) | 45,371,364 | |||
Total Investment in Securities (cost $725,699,702) | $ | 1,070,134,479 | ||
Restricted cash | 993,871 | |||
Foreign currency held at value (cost $44) | 43 | |||
Receivable for investments sold | 1,229,118 | |||
Receivable for fund shares sold | 1,239,454 | |||
Dividends receivable | 1,703,073 | |||
Distributions receivable from Fidelity Central Funds | 161,814 | |||
Prepaid expenses | 186 | |||
Other receivables | 42,323 | |||
Total assets | 1,075,504,361 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 597,758 | ||
Delayed delivery | 61,944 | |||
Payable for fund shares redeemed | 2,582,853 | |||
Accrued management fee | 629,807 | |||
Distribution and service plan fees payable | 246,500 | |||
Other affiliated payables | 174,318 | |||
Other payables and accrued expenses | 47,084 | |||
Collateral on securities loaned | 6,246,400 | |||
Total Liabilities | 10,586,664 | |||
Net Assets | $ | 1,064,917,697 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 711,950,151 | ||
Total accumulated earnings (loss) | 352,967,546 | |||
Net Assets | $ | 1,064,917,697 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($544,128,799 ÷ 15,066,114 shares) (a) | $ | 36.12 | ||
Maximum offering price per share (100/94.25 of $36.12) | $ | 38.32 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($163,064,058 ÷ 4,525,476 shares) (a) | $ | 36.03 | ||
Maximum offering price per share (100/96.50 of $36.03) | $ | 37.34 | ||
Class C : | ||||
Net Asset Value and offering price per share ($77,217,680 ÷ 2,474,314 shares) (a) | $ | 31.21 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($233,290,563 ÷ 6,033,577 shares) | $ | 38.67 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($47,216,597 ÷ 1,222,718 shares) | $ | 38.62 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended May 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 9,465,883 | ||
Income from Fidelity Central Funds (including $25,109 from security lending) | 962,834 | |||
Total Income | 10,428,717 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 2,752,169 | ||
Performance adjustment | 770,020 | |||
Transfer agent fees | 884,759 | |||
Distribution and service plan fees | 1,473,364 | |||
Accounting fees | 154,180 | |||
Custodian fees and expenses | 36,241 | |||
Independent trustees' fees and expenses | 3,256 | |||
Registration fees | 55,694 | |||
Audit | 34,543 | |||
Legal | 2,358 | |||
Miscellaneous | 2,831 | |||
Total expenses before reductions | 6,169,415 | |||
Expense reductions | (27,724) | |||
Total expenses after reductions | 6,141,691 | |||
Net Investment income (loss) | 4,287,026 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 7,793,037 | |||
Foreign currency transactions | 4,167 | |||
Total net realized gain (loss) | 7,797,204 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 5,665,132 | |||
Assets and liabilities in foreign currencies | 6,181 | |||
Total change in net unrealized appreciation (depreciation) | 5,671,313 | |||
Net gain (loss) | 13,468,517 | |||
Net increase (decrease) in net assets resulting from operations | $ | 17,755,543 |
Statement of Changes in Net Assets | ||||
Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,287,026 | $ | 10,686,103 |
Net realized gain (loss) | 7,797,204 | 12,808,864 | ||
Change in net unrealized appreciation (depreciation) | 5,671,313 | (9,405,688) | ||
Net increase (decrease) in net assets resulting from operations | 17,755,543 | 14,089,279 | ||
Distributions to shareholders | (21,109,328) | (67,019,635) | ||
Share transactions - net increase (decrease) | 18,704,757 | 70,348,927 | ||
Total increase (decrease) in net assets | 15,350,972 | 17,418,571 | ||
Net Assets | ||||
Beginning of period | 1,049,566,725 | 1,032,148,154 | ||
End of period | $ | 1,064,917,697 | $ | 1,049,566,725 |
Fidelity Advisor® Large Cap Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 36.29 | $ | 38.14 | $ | 31.98 | $ | 32.80 | $ | 33.76 | $ | 34.98 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .15 | .38 | .62 C | .50 | .51 | .40 | ||||||
Net realized and unrealized gain (loss) | .43 | .28 | 7.29 | 1.36 | 2.97 | .89 | ||||||
Total from investment operations | .58 | .66 | 7.91 | 1.86 | 3.48 | 1.29 | ||||||
Distributions from net investment income | (.38) | (.61) | (.57) | (.60) | (.45) | (.38) | ||||||
Distributions from net realized gain | (.37) | (1.90) | (1.18) | (2.08) | (3.99) | (2.13) | ||||||
Total distributions | (.75) | (2.51) | (1.75) | (2.68) | (4.44) | (2.51) | ||||||
Net asset value, end of period | $ | 36.12 | $ | 36.29 | $ | 38.14 | $ | 31.98 | $ | 32.80 | $ | 33.76 |
Total Return D,E,F | 1.74% | 1.49% | 25.87% | 5.91% | 14.19% | 3.77% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.16% I | .92% | .80% | .75% | .91% | .92% | ||||||
Expenses net of fee waivers, if any | 1.15% I | .91% | .80% | .75% | .91% | .92% | ||||||
Expenses net of all reductions | 1.15% I | .91% | .80% | .75% | .90% | .92% | ||||||
Net investment income (loss) | .84% I | 1.07% | 1.67% C | 1.76% | 1.71% | 1.17% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 544,129 | $ | 532,911 | $ | 468,894 | $ | 389,143 | $ | 423,325 | $ | 401,495 |
Portfolio turnover rate J | 12% I | 11% | 17% | 22% | 28% K | 37% |
Fidelity Advisor® Large Cap Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 36.14 | $ | 37.99 | $ | 31.86 | $ | 32.69 | $ | 33.63 | $ | 34.86 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .11 | .29 | .52 C | .42 | .43 | .31 | ||||||
Net realized and unrealized gain (loss) | .42 | .27 | 7.28 | 1.35 | 2.98 | .89 | ||||||
Total from investment operations | .53 | .56 | 7.80 | 1.77 | 3.41 | 1.20 | ||||||
Distributions from net investment income | (.27) | (.52) | (.49) | (.52) | (.36) | (.29) | ||||||
Distributions from net realized gain | (.37) | (1.90) | (1.18) | (2.08) | (3.99) | (2.13) | ||||||
Total distributions | (.64) | (2.41) D | (1.67) | (2.60) | (4.35) | (2.43) D | ||||||
Net asset value, end of period | $ | 36.03 | $ | 36.14 | $ | 37.99 | $ | 31.86 | $ | 32.69 | $ | 33.63 |
Total Return E,F,G | 1.60% | 1.23% | 25.55% | 5.62% | 13.93% | 3.50% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.40% J | 1.17% | 1.05% | 1.01% | 1.17% | 1.18% | ||||||
Expenses net of fee waivers, if any | 1.40% J | 1.16% | 1.05% | 1.01% | 1.16% | 1.18% | ||||||
Expenses net of all reductions | 1.40% J | 1.16% | 1.05% | 1.00% | 1.16% | 1.18% | ||||||
Net investment income (loss) | .60% J | .83% | 1.42% C | 1.50% | 1.46% | .92% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 163,064 | $ | 166,368 | $ | 176,983 | $ | 153,918 | $ | 175,139 | $ | 173,195 |
Portfolio turnover rate K | 12% J | 11% | 17% | 22% | 28% L | 37% |
Fidelity Advisor® Large Cap Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 31.34 | $ | 33.25 | $ | 28.08 | $ | 29.09 | $ | 30.44 | $ | 31.78 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .01 | .09 | .29 C | .25 | .25 | .13 | ||||||
Net realized and unrealized gain (loss) | .38 | .24 | 6.40 | 1.18 | 2.60 | .81 | ||||||
Total from investment operations | .39 | .33 | 6.69 | 1.43 | 2.85 | .94 | ||||||
Distributions from net investment income | (.15) | (.34) | (.34) | (.36) | (.21) | (.15) | ||||||
Distributions from net realized gain | (.37) | (1.90) | (1.18) | (2.08) | (3.99) | (2.13) | ||||||
Total distributions | (.52) | (2.24) | (1.52) | (2.44) | (4.20) | (2.28) | ||||||
Net asset value, end of period | $ | 31.21 | $ | 31.34 | $ | 33.25 | $ | 28.08 | $ | 29.09 | $ | 30.44 |
Total Return D,E,F | 1.35% | .70% | 24.90% | 5.10% | 13.33% | 3.01% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.93% I | 1.69% | 1.57% | 1.53% | 1.67% | 1.69% | ||||||
Expenses net of fee waivers, if any | 1.92% I | 1.68% | 1.57% | 1.52% | 1.67% | 1.69% | ||||||
Expenses net of all reductions | 1.92% I | 1.68% | 1.57% | 1.52% | 1.67% | 1.68% | ||||||
Net investment income (loss) | .07% I | .30% | .90% C | .98% | .95% | .41% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 77,218 | $ | 81,509 | $ | 89,886 | $ | 88,926 | $ | 119,072 | $ | 158,775 |
Portfolio turnover rate J | 12% I | 11% | 17% | 22% | 28% K | 37% |
Fidelity Advisor® Large Cap Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 38.83 | $ | 40.63 | $ | 33.94 | $ | 34.63 | $ | 35.37 | $ | 36.53 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .21 | .51 | .76 C | .61 | .62 | .51 | ||||||
Net realized and unrealized gain (loss) | .45 | .30 | 7.76 | 1.44 | 3.17 | .93 | ||||||
Total from investment operations | .66 | .81 | 8.52 | 2.05 | 3.79 | 1.44 | ||||||
Distributions from net investment income | (.45) | (.71) | (.64) | (.66) | (.54) | (.47) | ||||||
Distributions from net realized gain | (.37) | (1.90) | (1.18) | (2.08) | (3.99) | (2.13) | ||||||
Total distributions | (.82) | (2.61) | (1.83) D | (2.74) | (4.53) | (2.60) | ||||||
Net asset value, end of period | $ | 38.67 | $ | 38.83 | $ | 40.63 | $ | 33.94 | $ | 34.63 | $ | 35.37 |
Total Return E,F | 1.86% | 1.77% | 26.22% | 6.17% | 14.54% | 4.05% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .89% I | .65% | .54% | .48% | .64% | .66% | ||||||
Expenses net of fee waivers, if any | .89% I | .65% | .54% | .48% | .64% | .66% | ||||||
Expenses net of all reductions | .89% I | .65% | .54% | .48% | .64% | .66% | ||||||
Net investment income (loss) | 1.11% I | 1.34% | 1.93% C | 2.03% | 1.98% | 1.44% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 233,291 | $ | 224,889 | $ | 257,331 | $ | 206,090 | $ | 301,067 | $ | 459,962 |
Portfolio turnover rate J | 12% I | 11% | 17% | 22% | 28% K | 37% |
Fidelity Advisor® Large Cap Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 38.81 | $ | 40.61 | $ | 33.93 | $ | 34.64 | $ | 35.41 | $ | 36.57 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .23 | .55 | .81 C | .64 | .66 | .56 | ||||||
Net realized and unrealized gain (loss) | .45 | .30 | 7.74 | 1.45 | 3.16 | .93 | ||||||
Total from investment operations | .68 | .85 | 8.55 | 2.09 | 3.82 | 1.49 | ||||||
Distributions from net investment income | (.50) | (.76) | (.69) | (.72) | (.60) | (.52) | ||||||
Distributions from net realized gain | (.37) | (1.90) | (1.18) | (2.08) | (3.99) | (2.13) | ||||||
Total distributions | (.87) | (2.65) D | (1.87) | (2.80) | (4.59) | (2.65) | ||||||
Net asset value, end of period | $ | 38.62 | $ | 38.81 | $ | 40.61 | $ | 33.93 | $ | 34.64 | $ | 35.41 |
Total Return E,F | 1.93% | 1.88% | 26.36% | 6.30% | 14.67% | 4.19% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .77% I | .53% | .42% | .36% | .51% | .53% | ||||||
Expenses net of fee waivers, if any | .77% I | .53% | .42% | .36% | .51% | .53% | ||||||
Expenses net of all reductions | .77% I | .53% | .42% | .36% | .51% | .53% | ||||||
Net investment income (loss) | 1.23% I | 1.46% | 2.05% C | 2.15% | 2.11% | 1.57% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 47,217 | $ | 43,889 | $ | 39,055 | $ | 30,308 | $ | 28,596 | $ | 17,711 |
Portfolio turnover rate J | 12% I | 11% | 17% | 22% | 28% K | 37% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $390,646,231 |
Gross unrealized depreciation | (48,186,130) |
Net unrealized appreciation (depreciation) | $342,460,101 |
Tax cost | $727,674,378 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Large Cap Fund | 64,218,269 | 58,809,666 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $667,895 | $16,283 |
Class M | .25% | .25% | 406,778 | 4,400 |
Class C | .75% | .25% | 398,691 | 44,643 |
$1,473,364 | $65,326 |
Retained by FDC | |
Class A | $273,659 |
Class M | 13,935 |
Class C A | 14,405 |
$301,999 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $470,482 | .18 |
Class M | 141,642 | .17 |
Class C | 78,398 | .20 |
Class I | 184,596 | .16 |
Class Z | 9,641 | .04 |
$884,759 |
% of Average Net Assets | |
Fidelity Advisor Large Cap Fund | .03 |
Amount | |
Fidelity Advisor Large Cap Fund | $1,368 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Large Cap Fund | 7,074,072 | 770,004 | (181,640) |
Amount | |
Fidelity Advisor Large Cap Fund | $1,010 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Large Cap Fund | $2,651 | $- | $- |
Expense reduction | |
Class A | $1,043 |
Class M | 2,893 |
Class C | 14 |
$3,950 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Large Cap Fund | ||
Distributions to shareholders | ||
Class A | $ 10,995,838 | $30,944,684 |
Class M | 2,923,336 | 11,170,201 |
Class C | 1,372,106 | 5,966,361 |
Class I | 4,801,903 | 16,368,054 |
Class Z | 1,016,145 | 2,570,335 |
Total | $21,109,328 | $67,019,635 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Large Cap Fund | ||||
Class A | ||||
Shares sold | 1,577,223 | 3,626,974 | $55,879,454 | $128,966,334 |
Reinvestment of distributions | 303,648 | 779,090 | 10,211,667 | 29,356,126 |
Shares redeemed | (1,499,353) | (2,014,687) | (53,157,183) | (70,920,013) |
Net increase (decrease) | 381,518 | 2,391,377 | $12,933,938 | $87,402,447 |
Class M | ||||
Shares sold | 177,520 | 379,641 | $6,313,657 | $13,633,890 |
Reinvestment of distributions | 85,769 | 292,695 | 2,880,972 | 11,008,245 |
Shares redeemed | (340,709) | (727,664) | (12,054,146) | (25,981,535) |
Net increase (decrease) | (77,420) | (55,328) | $(2,859,517) | $(1,339,400) |
Class C | ||||
Shares sold | 334,035 | 660,665 | $10,133,458 | $20,016,036 |
Reinvestment of distributions | 44,771 | 175,143 | 1,305,531 | 5,739,439 |
Shares redeemed | (504,917) | (938,456) | (15,440,588) | (28,835,259) |
Net increase (decrease) | (126,111) | (102,648) | $(4,001,599) | $(3,079,784) |
Class I | ||||
Shares sold | 1,020,555 | 2,154,388 | $39,007,813 | $82,102,984 |
Reinvestment of distributions | 111,978 | 355,420 | 4,027,848 | 14,291,444 |
Shares redeemed | (891,037) | (3,050,691) | (33,876,637) | (115,517,358) |
Net increase (decrease) | 241,496 | (540,883) | $9,159,024 | $(19,122,930) |
Class Z | ||||
Shares sold | 226,689 | 296,020 | $8,643,935 | $11,181,715 |
Reinvestment of distributions | 25,887 | 57,903 | 929,329 | 2,324,789 |
Shares redeemed | (160,762) | (184,633) | (6,100,353) | (7,017,910) |
Net increase (decrease) | 91,814 | 169,290 | $3,472,911 | $6,488,594 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Large Cap Fund | ||||||||||
Class A | 1.15% | |||||||||
Actual | $ 1,000 | $ 1,017.40 | $ 5.78 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.20 | $ 5.79 | |||||||
Class M | 1.40% | |||||||||
Actual | $ 1,000 | $ 1,016.00 | $ 7.04 | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.95 | $ 7.04 | |||||||
Class C | 1.92% | |||||||||
Actual | $ 1,000 | $ 1,013.50 | $ 9.64 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.36 | $ 9.65 | |||||||
Class I | .89% | |||||||||
Actual | $ 1,000 | $ 1,018.60 | $ 4.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.49 | $ 4.48 | |||||||
Class Z | .77% | |||||||||
Actual | $ 1,000 | $ 1,019.30 | $ 3.88 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.09 | $ 3.88 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Eagle Materials, Inc. | 1.7 | |
Insight Enterprises, Inc. | 1.7 | |
Valvoline, Inc. | 1.6 | |
KBR, Inc. | 1.6 | |
Extreme Networks, Inc. | 1.5 | |
Chemed Corp. | 1.5 | |
Denbury, Inc. | 1.5 | |
Constellium NV | 1.5 | |
Brookfield Infrastructure Corp. A Shares | 1.4 | |
Commercial Metals Co. | 1.4 | |
15.4 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 20.1 | |
Information Technology | 14.9 | |
Health Care | 14.8 | |
Financials | 14.2 | |
Consumer Discretionary | 13.4 | |
Materials | 6.0 | |
Energy | 4.2 | |
Real Estate | 4.0 | |
Consumer Staples | 3.8 | |
Communication Services | 2.9 | |
Utilities | 1.8 | |
Asset Allocation (% of Fund's net assets) |
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |
Common Stocks - 100.1% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 2.9% | |||
Entertainment - 0.2% | |||
Vivid Seats, Inc. Class A (a) | 467,980 | 3,421 | |
Interactive Media & Services - 1.5% | |||
Cars.com, Inc. (a) | 970,700 | 17,133 | |
Ziff Davis, Inc. (a) | 161,600 | 9,541 | |
26,674 | |||
Media - 0.6% | |||
TechTarget, Inc. (a) | 283,800 | 9,859 | |
Wireless Telecommunication Services - 0.6% | |||
Gogo, Inc. (a) | 763,200 | 11,486 | |
TOTAL COMMUNICATION SERVICES | 51,440 | ||
CONSUMER DISCRETIONARY - 13.4% | |||
Automobile Components - 3.0% | |||
Adient PLC (a) | 494,900 | 16,673 | |
Fox Factory Holding Corp. (a) | 160,700 | 14,289 | |
Patrick Industries, Inc. | 336,464 | 22,048 | |
53,010 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
Brinker International, Inc. (a) | 299,300 | 10,948 | |
Churchill Downs, Inc. | 181,301 | 24,624 | |
Lindblad Expeditions Holdings (a) | 508,900 | 4,824 | |
40,396 | |||
Household Durables - 1.9% | |||
Skyline Champion Corp. (a) | 271,886 | 15,805 | |
Tempur Sealy International, Inc. | 483,000 | 17,214 | |
33,019 | |||
Leisure Products - 0.4% | |||
Clarus Corp. (b) | 778,238 | 6,436 | |
Specialty Retail - 4.7% | |||
Academy Sports & Outdoors, Inc. | 148,905 | 7,290 | |
Aritzia, Inc. (a) | 147,300 | 3,773 | |
Lithia Motors, Inc. Class A (sub. vtg.) (b) | 30,900 | 7,208 | |
Murphy U.S.A., Inc. | 71,900 | 19,875 | |
Musti Group OYJ | 822,255 | 16,778 | |
Valvoline, Inc. | 753,600 | 29,014 | |
83,938 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Crocs, Inc. (a) | 173,121 | 19,438 | |
TOTAL CONSUMER DISCRETIONARY | 236,237 | ||
CONSUMER STAPLES - 3.8% | |||
Consumer Staples Distribution & Retail - 2.7% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 189,030 | 11,843 | |
Performance Food Group Co. (a) | 409,400 | 22,636 | |
Sprouts Farmers Market LLC (a) | 387,400 | 13,389 | |
47,868 | |||
Food Products - 1.1% | |||
Nomad Foods Ltd. (a) | 1,106,400 | 18,864 | |
TOTAL CONSUMER STAPLES | 66,732 | ||
ENERGY - 4.2% | |||
Energy Equipment & Services - 0.8% | |||
TechnipFMC PLC (a) | 1,041,100 | 13,680 | |
Oil, Gas & Consumable Fuels - 3.4% | |||
Antero Resources Corp. (a) | 693,400 | 14,152 | |
Denbury, Inc. (a) | 291,700 | 26,303 | |
Hess Midstream LP (b) | 335,948 | 9,370 | |
Magnolia Oil & Gas Corp. Class A | 563,700 | 10,896 | |
60,721 | |||
TOTAL ENERGY | 74,401 | ||
FINANCIALS - 14.2% | |||
Banks - 4.4% | |||
ConnectOne Bancorp, Inc. | 856,700 | 11,634 | |
First Interstate Bancsystem, Inc. | 618,600 | 13,640 | |
Independent Bank Group, Inc. | 322,000 | 10,745 | |
Metropolitan Bank Holding Corp. (a) | 248,800 | 7,041 | |
Pinnacle Financial Partners, Inc. | 262,500 | 12,771 | |
ServisFirst Bancshares, Inc. (b) | 269,400 | 10,857 | |
Trico Bancshares | 343,200 | 11,175 | |
77,863 | |||
Capital Markets - 3.4% | |||
Houlihan Lokey (b) | 179,600 | 15,681 | |
Lazard Ltd. Class A | 350,600 | 10,059 | |
LPL Financial | 72,600 | 14,141 | |
Morningstar, Inc. | 42,509 | 8,702 | |
Patria Investments Ltd. | 789,860 | 11,650 | |
60,233 | |||
Consumer Finance - 1.1% | |||
PROG Holdings, Inc. (a) | 629,414 | 20,538 | |
Financial Services - 1.8% | |||
Essent Group Ltd. | 487,123 | 21,516 | |
Walker & Dunlop, Inc. | 133,800 | 9,793 | |
31,309 | |||
Insurance - 3.5% | |||
Old Republic International Corp. | 725,100 | 17,758 | |
Primerica, Inc. | 124,800 | 22,716 | |
Selective Insurance Group, Inc. | 218,900 | 21,174 | |
61,648 | |||
TOTAL FINANCIALS | 251,591 | ||
HEALTH CARE - 14.8% | |||
Biotechnology - 4.6% | |||
Avid Bioservices, Inc. (a)(b) | 307,711 | 4,754 | |
Blueprint Medicines Corp. (a) | 126,000 | 7,122 | |
Celldex Therapeutics, Inc. (a) | 69,400 | 2,207 | |
Cerevel Therapeutics Holdings (a) | 195,600 | 6,377 | |
Cytokinetics, Inc. (a) | 219,100 | 8,258 | |
Day One Biopharmaceuticals, Inc. (a) | 130,800 | 1,740 | |
Exelixis, Inc. (a) | 273,500 | 5,273 | |
Janux Therapeutics, Inc. (a)(b) | 171,000 | 1,987 | |
Keros Therapeutics, Inc. (a) | 58,000 | 2,776 | |
Legend Biotech Corp. ADR (a) | 77,800 | 4,992 | |
PepGen, Inc. | 132,100 | 1,979 | |
Prelude Therapeutics, Inc. (a) | 254,637 | 1,421 | |
PTC Therapeutics, Inc. (a) | 157,300 | 6,602 | |
Relay Therapeutics, Inc. (a)(b) | 178,800 | 1,992 | |
Vaxcyte, Inc. (a) | 152,800 | 7,567 | |
Verve Therapeutics, Inc. (a)(b) | 239,100 | 3,701 | |
Viking Therapeutics, Inc. (a) | 164,700 | 3,617 | |
Xenon Pharmaceuticals, Inc. (a) | 206,600 | 7,960 | |
Zentalis Pharmaceuticals, Inc. (a) | 48,346 | 1,259 | |
81,584 | |||
Health Care Equipment & Supplies - 4.0% | |||
Envista Holdings Corp. (a) | 493,300 | 15,731 | |
Inspire Medical Systems, Inc. (a) | 44,300 | 12,957 | |
Merit Medical Systems, Inc. (a) | 184,300 | 15,186 | |
Neogen Corp. (a) | 567,000 | 9,917 | |
Tandem Diabetes Care, Inc. (a) | 236,800 | 6,154 | |
TransMedics Group, Inc. (a) | 137,700 | 10,005 | |
69,950 | |||
Health Care Providers & Services - 4.1% | |||
Acadia Healthcare Co., Inc. (a) | 253,300 | 17,891 | |
Chemed Corp. | 49,600 | 26,475 | |
Option Care Health, Inc. (a) | 228,537 | 6,296 | |
The Ensign Group, Inc. | 248,400 | 22,011 | |
72,673 | |||
Life Sciences Tools & Services - 0.6% | |||
BioLife Solutions, Inc. (a) | 240,100 | 5,606 | |
Olink Holding AB ADR (a) | 185,102 | 3,606 | |
Quanterix Corp. (a) | 79,600 | 1,561 | |
10,773 | |||
Pharmaceuticals - 1.5% | |||
Arvinas Holding Co. LLC (a) | 139,200 | 3,039 | |
DICE Therapeutics, Inc. (a)(b) | 139,800 | 4,419 | |
Edgewise Therapeutics, Inc. (a) | 277,000 | 2,803 | |
Intra-Cellular Therapies, Inc. (a) | 141,100 | 8,379 | |
Ventyx Biosciences, Inc. (a) | 112,900 | 3,892 | |
Verona Pharma PLC ADR (a) | 173,600 | 3,736 | |
26,268 | |||
TOTAL HEALTH CARE | 261,248 | ||
INDUSTRIALS - 20.1% | |||
Aerospace & Defense - 0.7% | |||
V2X, Inc. (a) | 320,397 | 13,216 | |
Building Products - 2.1% | |||
CSW Industrials, Inc. | 93,834 | 13,298 | |
Masonite International Corp. (a) | 262,800 | 23,145 | |
36,443 | |||
Commercial Services & Supplies - 0.7% | |||
Tetra Tech, Inc. | 87,200 | 11,987 | |
Construction & Engineering - 1.8% | |||
EMCOR Group, Inc. | 145,800 | 24,034 | |
Granite Construction, Inc. | 235,600 | 8,526 | |
32,560 | |||
Electrical Equipment - 1.6% | |||
Array Technologies, Inc. (a) | 755,532 | 16,750 | |
Atkore, Inc. (a) | 101,800 | 11,887 | |
28,637 | |||
Ground Transportation - 0.9% | |||
TFI International, Inc. | 144,100 | 15,171 | |
Machinery - 2.2% | |||
ITT, Inc. | 186,200 | 14,181 | |
Luxfer Holdings PLC sponsored | 694,600 | 9,974 | |
Terex Corp. (b) | 312,300 | 14,481 | |
38,636 | |||
Professional Services - 5.8% | |||
ASGN, Inc. (a) | 200,000 | 13,086 | |
Concentrix Corp. | 176,041 | 15,439 | |
FTI Consulting, Inc. (a)(b) | 89,100 | 16,752 | |
KBR, Inc. | 468,800 | 27,669 | |
NV5 Global, Inc. (a) | 176,580 | 16,002 | |
TriNet Group, Inc. (a)(b) | 156,000 | 13,864 | |
102,812 | |||
Trading Companies & Distributors - 4.3% | |||
Applied Industrial Technologies, Inc. | 133,500 | 16,415 | |
Beacon Roofing Supply, Inc. (a) | 201,100 | 12,858 | |
Custom Truck One Source, Inc. Class A (a) | 1,035,774 | 6,670 | |
GMS, Inc. (a) | 321,618 | 20,368 | |
Rush Enterprises, Inc. Class A | 379,194 | 19,820 | |
76,131 | |||
TOTAL INDUSTRIALS | 355,593 | ||
INFORMATION TECHNOLOGY - 14.9% | |||
Communications Equipment - 1.5% | |||
Extreme Networks, Inc. (a) | 1,295,500 | 26,687 | |
Electronic Equipment, Instruments & Components - 5.7% | |||
Advanced Energy Industries, Inc. | 192,300 | 18,874 | |
Fabrinet (a) | 198,700 | 22,497 | |
Insight Enterprises, Inc. (a) | 219,572 | 29,691 | |
Napco Security Technologies, Inc. (b) | 279,702 | 10,402 | |
TD SYNNEX Corp. | 221,541 | 19,801 | |
101,265 | |||
IT Services - 1.2% | |||
Endava PLC ADR (a) | 156,308 | 7,628 | |
Perficient, Inc. (a) | 164,400 | 12,572 | |
20,200 | |||
Semiconductors & Semiconductor Equipment - 3.1% | |||
AEHR Test Systems (a)(b) | 365,700 | 12,075 | |
Allegro MicroSystems LLC (a) | 159,500 | 6,273 | |
Axcelis Technologies, Inc. (a) | 66,700 | 10,509 | |
MACOM Technology Solutions Holdings, Inc. (a) | 261,500 | 15,646 | |
Synaptics, Inc. (a) | 117,245 | 10,088 | |
54,591 | |||
Software - 2.8% | |||
Five9, Inc. (a) | 111,400 | 7,365 | |
Intapp, Inc. (a) | 461,039 | 19,488 | |
Rapid7, Inc. (a) | 158,900 | 7,583 | |
Tenable Holdings, Inc. (a) | 370,200 | 15,174 | |
49,610 | |||
Technology Hardware, Storage & Peripherals - 0.6% | |||
Avid Technology, Inc. (a) | 422,900 | 10,150 | |
TOTAL INFORMATION TECHNOLOGY | 262,503 | ||
MATERIALS - 6.0% | |||
Chemicals - 1.4% | |||
Element Solutions, Inc. | 984,500 | 17,652 | |
Tronox Holdings PLC | 657,000 | 6,990 | |
24,642 | |||
Construction Materials - 1.7% | |||
Eagle Materials, Inc. | 185,400 | 30,208 | |
Metals & Mining - 2.9% | |||
Commercial Metals Co. | 578,500 | 24,731 | |
Constellium NV (a) | 1,752,900 | 26,118 | |
50,849 | |||
TOTAL MATERIALS | 105,699 | ||
REAL ESTATE - 4.0% | |||
Equity Real Estate Investment Trusts (REITs) - 3.4% | |||
Essential Properties Realty Trust, Inc. | 995,001 | 23,810 | |
Lamar Advertising Co. Class A | 267,700 | 24,061 | |
Urban Edge Properties | 891,500 | 11,884 | |
59,755 | |||
Real Estate Management & Development - 0.6% | |||
Cushman & Wakefield PLC (a) | 1,263,100 | 10,016 | |
TOTAL REAL ESTATE | 69,771 | ||
UTILITIES - 1.8% | |||
Gas Utilities - 1.4% | |||
Brookfield Infrastructure Corp. A Shares | 541,267 | 24,952 | |
Multi-Utilities - 0.4% | |||
Telecom Plus PLC | 368,348 | 6,965 | |
TOTAL UTILITIES | 31,917 | ||
TOTAL COMMON STOCKS (Cost $1,550,741) | 1,767,132 | ||
Money Market Funds - 3.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Securities Lending Cash Central Fund 5.14% (c)(d) (Cost $60,610) | 60,604,300 | 60,610 | |
TOTAL INVESTMENT IN SECURITIES - 103.5% (Cost $1,611,351) | 1,827,742 |
NET OTHER ASSETS (LIABILITIES) - (3.5)% | (61,756) |
NET ASSETS - 100.0% | 1,765,986 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 14,942 | 246,464 | 261,406 | 243 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 50,384 | 267,106 | 256,880 | 235 | - | - | 60,610 | 0.2% |
Total | 65,326 | 513,570 | 518,286 | 478 | - | - | 60,610 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 51,440 | 51,440 | - | - |
Consumer Discretionary | 236,237 | 236,237 | - | - |
Consumer Staples | 66,732 | 66,732 | - | - |
Energy | 74,401 | 74,401 | - | - |
Financials | 251,591 | 251,591 | - | - |
Health Care | 261,248 | 261,248 | - | - |
Industrials | 355,593 | 355,593 | - | - |
Information Technology | 262,503 | 262,503 | - | - |
Materials | 105,699 | 105,699 | - | - |
Real Estate | 69,771 | 69,771 | - | - |
Utilities | 31,917 | 31,917 | - | - |
Money Market Funds | 60,610 | 60,610 | - | - |
Total Investments in Securities: | 1,827,742 | 1,827,742 | - | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $58,515) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,550,741) | $ | 1,767,132 | ||
Fidelity Central Funds (cost $60,610) | 60,610 | |||
Total Investment in Securities (cost $1,611,351) | $ | 1,827,742 | ||
Cash | 3 | |||
Foreign currency held at value (cost $807) | 811 | |||
Receivable for investments sold | 3,615 | |||
Receivable for fund shares sold | 819 | |||
Dividends receivable | 1,339 | |||
Distributions receivable from Fidelity Central Funds | 97 | |||
Other receivables | 9 | |||
Total assets | 1,834,435 | |||
Liabilities | ||||
Payable for investments purchased | $ | 697 | ||
Payable for fund shares redeemed | 1,391 | |||
Accrued management fee | 1,272 | |||
Distribution and service plan fees payable | 348 | |||
Notes payable to affiliates | 3,792 | |||
Other affiliated payables | 301 | |||
Other payables and accrued expenses | 40 | |||
Collateral on securities loaned | 60,608 | |||
Total Liabilities | 68,449 | |||
Net Assets | $ | 1,765,986 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,541,042 | ||
Total accumulated earnings (loss) | 224,944 | |||
Net Assets | $ | 1,765,986 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($618,281 ÷ 25,717 shares) (a) | $ | 24.04 | ||
Maximum offering price per share (100/94.25 of $24.04) | $ | 25.51 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($430,951 ÷ 20,347 shares) (a) | $ | 21.18 | ||
Maximum offering price per share (100/96.50 of $21.18) | $ | 21.95 | ||
Class C : | ||||
Net Asset Value and offering price per share ($40,158 ÷ 2,710 shares) (a) | $ | 14.82 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($414,418 ÷ 14,920 shares) | $ | 27.78 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($262,178 ÷ 9,374 shares) | $ | 27.97 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 7,003 | ||
Interest | 1 | |||
Income from Fidelity Central Funds (including $235 from security lending) | 478 | |||
Total Income | 7,482 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 6,163 | ||
Performance adjustment | 1,819 | |||
Transfer agent fees | 1,565 | |||
Distribution and service plan fees | 2,201 | |||
Accounting fees | 247 | |||
Custodian fees and expenses | 39 | |||
Independent trustees' fees and expenses | 6 | |||
Registration fees | 42 | |||
Audit | 31 | |||
Legal | 2 | |||
Interest | 17 | |||
Miscellaneous | 8 | |||
Total expenses before reductions | 12,140 | |||
Expense reductions | (44) | |||
Total expenses after reductions | 12,096 | |||
Net Investment income (loss) | (4,614) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 30,490 | |||
Foreign currency transactions | (3) | |||
Total net realized gain (loss) | 30,487 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (118,725) | |||
Assets and liabilities in foreign currencies | 4 | |||
Total change in net unrealized appreciation (depreciation) | (118,721) | |||
Net gain (loss) | (88,234) | |||
Net increase (decrease) in net assets resulting from operations | $ | (92,848) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (4,614) | $ | (7,413) |
Net realized gain (loss) | 30,487 | 107,304 | ||
Change in net unrealized appreciation (depreciation) | (118,721) | (416,191) | ||
Net increase (decrease) in net assets resulting from operations | (92,848) | (316,300) | ||
Distributions to shareholders | (89,410) | (224,659) | ||
Share transactions - net increase (decrease) | 34,841 | 289,457 | ||
Total increase (decrease) in net assets | (147,417) | (251,502) | ||
Net Assets | ||||
Beginning of period | 1,913,403 | 2,164,905 | ||
End of period | $ | 1,765,986 | $ | 1,913,403 |
Fidelity Advisor® Small Cap Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 26.67 | $ | 34.34 | $ | 26.09 | $ | 24.25 | $ | 24.46 | $ | 29.35 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.07) | (.11) | (.17) | (.08) | (.03) | (.04) | ||||||
Net realized and unrealized gain (loss) | (1.27) | (4.04) | 9.15 | 2.85 | 2.56 | (1.28) | ||||||
Total from investment operations | (1.34) | (4.15) | 8.98 | 2.77 | 2.53 | (1.32) | ||||||
Distributions from net realized gain | (1.29) | (3.52) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Total distributions | (1.29) | (3.52) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Net asset value, end of period | $ | 24.04 | $ | 26.67 | $ | 34.34 | $ | 26.09 | $ | 24.25 | $ | 24.46 |
Total Return C,D,E | (5.02)% | (13.82)% | 35.20% | 11.78% | 13.97% | (5.18)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.36% H | 1.33% | 1.22% | 1.22% | .98% | .97% | ||||||
Expenses net of fee waivers, if any | 1.36% H | 1.32% | 1.22% | 1.22% | .98% | .97% | ||||||
Expenses net of all reductions | 1.36% H | 1.32% | 1.22% | 1.22% | .98% | .96% | ||||||
Net investment income (loss) | (.54)% H | (.40)% | (.53)% | (.36)% | (.13)% | (.13)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 618 | $ | 676 | $ | 837 | $ | 638 | $ | 654 | $ | 640 |
Portfolio turnover rate I | 24% H | 47% | 41% | 47% | 56% | 74% |
Fidelity Advisor® Small Cap Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.68 | $ | 30.88 | $ | 23.58 | $ | 22.06 | $ | 22.58 | $ | 27.43 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.09) | (.15) | (.22) | (.12) | (.07) | (.09) | ||||||
Net realized and unrealized gain (loss) | (1.12) | (3.59) | 8.25 | 2.57 | 2.29 | (1.19) | ||||||
Total from investment operations | (1.21) | (3.74) | 8.03 | 2.45 | 2.22 | (1.28) | ||||||
Distributions from net realized gain | (1.29) | (3.46) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Total distributions | (1.29) | (3.46) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Net asset value, end of period | $ | 21.18 | $ | 23.68 | $ | 30.88 | $ | 23.58 | $ | 22.06 | $ | 22.58 |
Total Return C,D,E | (5.11)% | (14.03)% | 34.91% | 11.49% | 13.73% | (5.42)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.60% H | 1.57% | 1.46% | 1.45% | 1.22% | 1.20% | ||||||
Expenses net of fee waivers, if any | 1.60% H | 1.56% | 1.46% | 1.45% | 1.22% | 1.20% | ||||||
Expenses net of all reductions | 1.59% H | 1.56% | 1.46% | 1.45% | 1.21% | 1.19% | ||||||
Net investment income (loss) | (.77)% H | (.64)% | (.77)% | (.59)% | (.36)% | (.37)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 431 | $ | 477 | $ | 619 | $ | 503 | $ | 542 | $ | 580 |
Portfolio turnover rate I | 24% H | 47% | 41% | 47% | 56% | 74% |
Fidelity Advisor® Small Cap Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 17.02 | $ | 23.16 | $ | 17.96 | $ | 17.11 | $ | 18.32 | $ | 23.02 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.11) | (.21) | (.29) | (.18) | (.15) | (.18) | ||||||
Net realized and unrealized gain (loss) | (.80) | (2.56) | 6.22 | 1.96 | 1.68 | (.95) | ||||||
Total from investment operations | (.91) | (2.77) | 5.93 | 1.78 | 1.53 | (1.13) | ||||||
Distributions from net realized gain | (1.29) | (3.37) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Total distributions | (1.29) | (3.37) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Net asset value, end of period | $ | 14.82 | $ | 17.02 | $ | 23.16 | $ | 17.96 | $ | 17.11 | $ | 18.32 |
Total Return C,D,E | (5.36)% | (14.51)% | 34.12% | 10.87% | 13.05% | (5.88)% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 2.19% H | 2.15% | 2.03% | 2.04% | 1.79% | 1.74% | ||||||
Expenses net of fee waivers, if any | 2.18% H | 2.14% | 2.03% | 2.04% | 1.79% | 1.74% | ||||||
Expenses net of all reductions | 2.18% H | 2.14% | 2.03% | 2.03% | 1.78% | 1.73% | ||||||
Net investment income (loss) | (1.36)% H | (1.22)% | (1.34)% | (1.18)% | (.93)% | (.90)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 40 | $ | 50 | $ | 73 | $ | 81 | $ | 96 | $ | 196 |
Portfolio turnover rate I | 24% H | 47% | 41% | 47% | 56% | 74% |
Fidelity Advisor® Small Cap Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 30.56 | $ | 38.84 | $ | 29.34 | $ | 27.09 | $ | 26.89 | $ | 31.84 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.04) | (.05) | (.10) | (.02) | .03 | .04 | ||||||
Net realized and unrealized gain (loss) | (1.45) | (4.63) | 10.33 | 3.20 | 2.91 | (1.42) | ||||||
Total from investment operations | (1.49) | (4.68) | 10.23 | 3.18 | 2.94 | (1.38) | ||||||
Distributions from net realized gain | (1.29) | (3.60) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Total distributions | (1.29) | (3.60) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Net asset value, end of period | $ | 27.78 | $ | 30.56 | $ | 38.84 | $ | 29.34 | $ | 27.09 | $ | 26.89 |
Total Return C,D | (4.87)% | (13.61)% | 35.57% | 12.07% | 14.26% | (4.93)% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | 1.11% G | 1.08% | .97% | .96% | .72% | .71% | ||||||
Expenses net of fee waivers, if any | 1.10% G | 1.07% | .96% | .95% | .72% | .71% | ||||||
Expenses net of all reductions | 1.10% G | 1.07% | .96% | .95% | .72% | .70% | ||||||
Net investment income (loss) | (.28)% G | (.15)% | (.27)% | (.09)% | .14% | .12% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 414 | $ | 456 | $ | 519 | $ | 378 | $ | 434 | $ | 604 |
Portfolio turnover rate H | 24% G | 47% | 41% | 47% | 56% | 74% |
Fidelity Advisor® Small Cap Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 30.74 | $ | 39.04 | $ | 29.45 | $ | 27.15 | $ | 26.90 | $ | 31.81 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.02) | - | (.05) | .01 | .07 | .08 | ||||||
Net realized and unrealized gain (loss) | (1.46) | (4.65) | 10.37 | 3.22 | 2.92 | (1.42) | ||||||
Total from investment operations | (1.48) | (4.65) | 10.32 | 3.23 | 2.99 | (1.34) | ||||||
Distributions from net realized gain | (1.29) | (3.65) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Total distributions | (1.29) | (3.65) | (.73) | (.93) | (2.74) | (3.57) | ||||||
Net asset value, end of period | $ | 27.97 | $ | 30.74 | $ | 39.04 | $ | 29.45 | $ | 27.15 | $ | 26.90 |
Total Return C,D | (4.80)% | (13.47)% | 35.75% | 12.23% | 14.46% | (4.80)% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .96% G | .93% | .83% | .81% | .57% | .56% | ||||||
Expenses net of fee waivers, if any | .96% G | .93% | .83% | .81% | .57% | .56% | ||||||
Expenses net of all reductions | .96% G | .93% | .83% | .80% | .57% | .55% | ||||||
Net investment income (loss) | (.14)% G | -% | (.14)% | .05% | .29% | .28% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 262 | $ | 254 | $ | 117 | $ | 79 | $ | 117 | $ | 71 |
Portfolio turnover rate H | 24% G | 47% | 41% | 47% | 56% | 74% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $410,021 |
Gross unrealized depreciation | (196,963) |
Net unrealized appreciation (depreciation) | $213,058 |
Tax cost | $1,614,684 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Small Cap Fund | 221,604 | 254,542 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $821 | $13 |
Class M | .25% | .25% | 1,152 | 12 |
Class C | .75% | .25% | 228 | 17 |
$2,201 | $42 |
Retained by FDC | |
Class A | $74 |
Class M | 5 |
Class C A | 5 |
$84 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $633 | .19 |
Class M | 413 | .18 |
Class C | 60 | .27 |
Class I | 413 | .19 |
Class Z | 46 | .04 |
$1,565 |
% of Average Net Assets | |
Fidelity Advisor Small Cap Fund | .03 |
Amount | |
Fidelity Advisor Small Cap Fund | $ 7 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Small Cap Fund | Borrower | $9,474 | 4.69% | $17 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Small Cap Fund | 15,982 | 19,699 | (2,558) |
Amount | |
Fidelity Advisor Small Cap Fund | $2 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Small Cap Fund | $25 | $- A | $- |
Expense reduction | |
Class M | $2 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Small Cap Fund | ||
Distributions to shareholders | ||
Class A | $32,548 | $85,485 |
Class M | 25,778 | 68,964 |
Class C | 3,770 | 10,451 |
Class I | 19,157 | 48,341 |
Class Z | 8,157 | 11,418 |
Total | $89,410 | $224,659 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Small Cap Fund | ||||
Class A | ||||
Shares sold | 1,124 | 2,491 | $28,331 | $68,027 |
Reinvestment of distributions | 1,301 | 2,567 | 31,291 | 82,352 |
Shares redeemed | (2,058) | (4,082) | (51,852) | (111,179) |
Net increase (decrease) | 367 | 976 | $7,770 | $39,200 |
Class M | ||||
Shares sold | 849 | 2,126 | $18,962 | $52,266 |
Reinvestment of distributions | 1,201 | 2,378 | 25,473 | 67,891 |
Shares redeemed | (1,849) | (4,400) | (41,233) | (106,286) |
Net increase (decrease) | 201 | 104 | $3,202 | $13,871 |
Class C | ||||
Shares sold | 166 | 392 | $2,615 | $6,792 |
Reinvestment of distributions | 251 | 503 | 3,733 | 10,385 |
Shares redeemed | (672) | (1,082) | (10,403) | (18,975) |
Net increase (decrease) | (255) | (187) | $(4,055) | $(1,798) |
Class I | ||||
Shares sold | 1,484 | 5,582 | $43,360 | $181,303 |
Reinvestment of distributions | 656 | 1,244 | 18,199 | 45,641 |
Shares redeemed | (2,130) | (5,276) | (61,752) | (159,279) |
Net increase (decrease) | 10 | 1,550 | $(193) | $67,665 |
Class Z | ||||
Shares sold | 3,779 | 8,202 | $108,451 | $253,540 |
Reinvestment of distributions | 273 | 267 | 7,632 | 9,831 |
Shares redeemed | (2,944) | (3,209) | (87,966) | (92,852) |
Net increase (decrease) | 1,108 | 5,260 | $28,117 | $170,519 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Small Cap Fund | ||||||||||
Class A | 1.36% | |||||||||
Actual | $ 1,000 | $ 949.80 | $ 6.61 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.15 | $ 6.84 | |||||||
Class M | 1.60% | |||||||||
Actual | $ 1,000 | $ 948.90 | $ 7.77 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.95 | $ 8.05 | |||||||
Class C | 2.18% | |||||||||
Actual | $ 1,000 | $ 946.40 | $ 10.58 | |||||||
Hypothetical- B | $ 1,000 | $ 1,014.06 | $ 10.95 | |||||||
Class I | 1.10% | |||||||||
Actual | $ 1,000 | $ 951.30 | $ 5.35 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.45 | $ 5.54 | |||||||
Class Z | .96% | |||||||||
Actual | $ 1,000 | $ 952.00 | $ 4.67 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.14 | $ 4.84 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 10.0 | |
NVIDIA Corp. | 7.3 | |
Alphabet, Inc. Class C | 5.1 | |
Amazon.com, Inc. | 4.6 | |
T-Mobile U.S., Inc. | 3.3 | |
Meta Platforms, Inc. Class A | 2.8 | |
Uber Technologies, Inc. | 2.6 | |
Apple, Inc. | 2.4 | |
Advanced Micro Devices, Inc. | 2.3 | |
onsemi | 2.1 | |
42.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 44.3 | |
Communication Services | 17.3 | |
Financials | 9.8 | |
Health Care | 9.5 | |
Consumer Discretionary | 8.2 | |
Industrials | 5.0 | |
Energy | 3.0 | |
Utilities | 2.1 | |
Consumer Staples | 0.3 | |
Materials | 0.2 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 96.5% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 17.0% | |||
Entertainment - 2.1% | |||
Netflix, Inc. (a) | 177,800 | 70,272 | |
Roku, Inc. Class A (a) | 2,900,020 | 168,781 | |
Sea Ltd. ADR (a) | 1,536,284 | 88,198 | |
327,251 | |||
Interactive Media & Services - 10.9% | |||
Alphabet, Inc.: | |||
Class A (a) | 2,467,360 | 303,165 | |
Class C (a) | 6,486,780 | 800,274 | |
Epic Games, Inc. (a)(b)(c) | 56,200 | 39,563 | |
Meta Platforms, Inc. Class A (a) | 1,658,885 | 439,140 | |
Snap, Inc. Class A (a) | 4,698,300 | 47,923 | |
Zoominfo Technologies, Inc. (a) | 3,481,300 | 86,093 | |
1,716,158 | |||
Media - 0.7% | |||
Innovid Corp. (a) | 1,017,722 | 1,262 | |
Magnite, Inc. (a)(d) | 6,107,231 | 72,554 | |
TechTarget, Inc. (a) | 992,627 | 34,484 | |
The Trade Desk, Inc. (a) | 118,610 | 8,312 | |
116,612 | |||
Wireless Telecommunication Services - 3.3% | |||
T-Mobile U.S., Inc. (a) | 3,723,125 | 510,999 | |
TOTAL COMMUNICATION SERVICES | 2,671,020 | ||
CONSUMER DISCRETIONARY - 8.0% | |||
Automobile Components - 0.1% | |||
Aptiv PLC (a) | 173,800 | 15,308 | |
Automobiles - 0.5% | |||
Neutron Holdings, Inc. (a)(b)(c) | 474,927 | 12 | |
Rad Power Bikes, Inc. (a)(b)(c) | 382,384 | 803 | |
Rivian Automotive, Inc. (a) | 1,322,800 | 19,485 | |
Tesla, Inc. (a) | 290,440 | 59,229 | |
79,529 | |||
Broadline Retail - 4.6% | |||
Amazon.com, Inc. (a) | 5,989,340 | 722,195 | |
Hotels, Restaurants & Leisure - 0.4% | |||
Domino's Pizza, Inc. | 4,400 | 1,275 | |
Doordash, Inc. (a)(d) | 918,400 | 59,962 | |
Sonder Holdings, Inc.: | |||
rights (a)(c) | 15,488 | 0 | |
rights (a)(c) | 15,489 | 1 | |
rights (a)(c) | 15,488 | 1 | |
rights (a)(c) | 15,488 | 1 | |
rights (a)(c) | 15,488 | 0 | |
rights (a)(c) | 15,488 | 0 | |
61,240 | |||
Household Durables - 0.1% | |||
D.R. Horton, Inc. | 13,500 | 1,442 | |
Lennar Corp. Class A | 19,600 | 2,100 | |
Tempur Sealy International, Inc. | 218,600 | 7,791 | |
11,333 | |||
Leisure Products - 0.0% | |||
Peloton Interactive, Inc. Class A (a)(d) | 536,600 | 3,906 | |
Specialty Retail - 1.8% | |||
Auto1 Group SE (a)(e) | 7,679,945 | 65,870 | |
Carvana Co. Class A (a)(d) | 1,909,300 | 24,668 | |
Cazoo Group Ltd. Class A (a)(d) | 622,670 | 822 | |
Floor & Decor Holdings, Inc. Class A (a)(d) | 1,243,700 | 113,562 | |
Lowe's Companies, Inc. | 343,400 | 69,068 | |
Wayfair LLC Class A (a) | 433,529 | 17,480 | |
291,470 | |||
Textiles, Apparel & Luxury Goods - 0.5% | |||
Bombas LLC (a)(b)(c) | 5,086,874 | 15,311 | |
Compagnie Financiere Richemont SA Series A | 114,210 | 18,184 | |
lululemon athletica, Inc. (a) | 133,710 | 44,382 | |
77,877 | |||
TOTAL CONSUMER DISCRETIONARY | 1,262,858 | ||
CONSUMER STAPLES - 0.1% | |||
Beverages - 0.1% | |||
Boston Beer Co., Inc. Class A (a) | 56,900 | 19,204 | |
Celsius Holdings, Inc. (a) | 15,100 | 1,896 | |
21,100 | |||
Food Products - 0.0% | |||
Local Bounti Corp. (a)(d) | 3,652,755 | 1,607 | |
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(b)(c) | 2,772 | 26 | |
TOTAL CONSUMER STAPLES | 22,733 | ||
ENERGY - 3.0% | |||
Oil, Gas & Consumable Fuels - 3.0% | |||
Antero Resources Corp. (a) | 5,058,747 | 103,249 | |
Canadian Natural Resources Ltd. | 1,185,300 | 63,853 | |
Cenovus Energy, Inc. (Canada) | 2,022,400 | 32,314 | |
Cheniere Energy, Inc. | 87,500 | 12,230 | |
Denbury, Inc. (a) | 46,600 | 4,202 | |
Exxon Mobil Corp. | 350,200 | 35,783 | |
Hess Corp. | 561,545 | 71,131 | |
Occidental Petroleum Corp. | 44,300 | 2,554 | |
Ovintiv, Inc. | 2,239,900 | 74,073 | |
Tourmaline Oil Corp. (d) | 1,721,800 | 71,979 | |
471,368 | |||
FINANCIALS - 9.5% | |||
Banks - 0.7% | |||
NatWest Group PLC | 15,778,700 | 51,126 | |
Starling Bank Ltd. Series D (a)(b)(c) | 6,988,700 | 26,255 | |
UniCredit SpA | 1,748,300 | 33,711 | |
111,092 | |||
Capital Markets - 0.7% | |||
Coinbase Global, Inc. (a)(d) | 146,700 | 9,125 | |
LPL Financial | 532,100 | 103,642 | |
112,767 | |||
Financial Services - 8.1% | |||
Adyen BV (a)(e) | 15,600 | 25,550 | |
Apollo Global Management, Inc. | 224,500 | 15,008 | |
Block, Inc. Class A (a) | 4,638,500 | 280,119 | |
Dlocal Ltd. (a) | 5,981,317 | 69,623 | |
Fiserv, Inc. (a) | 864,600 | 96,999 | |
FleetCor Technologies, Inc. (a) | 13,400 | 3,036 | |
Global Payments, Inc. | 851,300 | 83,163 | |
Marqeta, Inc. Class A (a) | 17,291,952 | 82,828 | |
MasterCard, Inc. Class A | 313,112 | 114,292 | |
Nuvei Corp. (Canada) (a)(e) | 4,948,874 | 155,265 | |
Payoneer Global, Inc. (a)(b) | 442,000 | 1,834 | |
Rapyd Financial Network 2016 Ltd. (a)(b)(c) | 340,545 | 25,296 | |
Repay Holdings Corp. (a)(f) | 6,078,427 | 38,476 | |
Shift4 Payments, Inc. (a)(d) | 847,300 | 53,143 | |
Visa, Inc. Class A | 991,361 | 219,121 | |
1,263,753 | |||
TOTAL FINANCIALS | 1,487,612 | ||
HEALTH CARE - 9.4% | |||
Biotechnology - 1.9% | |||
Alnylam Pharmaceuticals, Inc. (a) | 154,835 | 28,646 | |
ALX Oncology Holdings, Inc. (a) | 653,300 | 4,358 | |
Arcutis Biotherapeutics, Inc. (a) | 235,100 | 1,766 | |
Argenx SE ADR (a) | 142,699 | 55,467 | |
Ascendis Pharma A/S sponsored ADR (a) | 67,662 | 5,885 | |
Blueprint Medicines Corp. (a) | 89,800 | 5,075 | |
Celldex Therapeutics, Inc. (a) | 804,000 | 25,567 | |
Cytokinetics, Inc. (a) | 1,015,500 | 38,274 | |
Gilead Sciences, Inc. | 36,800 | 2,831 | |
Icosavax, Inc. (a) | 1,734,129 | 17,411 | |
Keros Therapeutics, Inc. (a) | 277,800 | 13,296 | |
Moderna, Inc. (a) | 8,200 | 1,047 | |
Morphic Holding, Inc. (a) | 208,036 | 11,962 | |
Nuvalent, Inc. Class A (a) | 283,376 | 11,930 | |
PTC Therapeutics, Inc. (a) | 58,900 | 2,472 | |
Vaxcyte, Inc. (a) | 1,088,743 | 53,915 | |
Verve Therapeutics, Inc. (a)(d) | 217,300 | 3,364 | |
Zentalis Pharmaceuticals, Inc. (a) | 686,100 | 17,866 | |
301,132 | |||
Health Care Equipment & Supplies - 2.1% | |||
Blink Health LLC Series A1 (a)(b)(c) | 56,119 | 2,688 | |
Boston Scientific Corp. (a) | 2,929,274 | 150,799 | |
Insulet Corp. (a) | 113,310 | 31,075 | |
Penumbra, Inc. (a) | 218,763 | 67,235 | |
TransMedics Group, Inc. (a) | 975,756 | 70,898 | |
322,695 | |||
Health Care Providers & Services - 4.4% | |||
agilon health, Inc. (a)(d) | 6,891,753 | 137,008 | |
Alignment Healthcare, Inc. (a) | 986,100 | 5,788 | |
Centene Corp. (a) | 2,545,244 | 158,849 | |
Humana, Inc. | 303,160 | 152,147 | |
P3 Health Partners, Inc. Class A (a) | 1,631,654 | 6,608 | |
The Oncology Institute, Inc. (a) | 775,267 | 331 | |
UnitedHealth Group, Inc. | 489,367 | 238,439 | |
699,170 | |||
Life Sciences Tools & Services - 0.6% | |||
Danaher Corp. | 223,100 | 51,228 | |
Thermo Fisher Scientific, Inc. | 78,900 | 40,117 | |
91,345 | |||
Pharmaceuticals - 0.4% | |||
Eli Lilly & Co. | 153,200 | 65,793 | |
TOTAL HEALTH CARE | 1,480,135 | ||
INDUSTRIALS - 4.3% | |||
Aerospace & Defense - 0.9% | |||
Lockheed Martin Corp. | 124,700 | 55,368 | |
Space Exploration Technologies Corp. Class A (a)(b)(c) | 85,000 | 6,545 | |
The Boeing Co. (a) | 354,200 | 72,859 | |
134,772 | |||
Commercial Services & Supplies - 0.3% | |||
ACV Auctions, Inc. Class A (a)(d) | 2,833,900 | 48,290 | |
Electrical Equipment - 0.1% | |||
Bloom Energy Corp. Class A (a)(d) | 627,400 | 8,608 | |
Eaton Corp. PLC | 8,700 | 1,530 | |
Nextracker, Inc. Class A (d) | 59,400 | 2,272 | |
Sunrun, Inc. (a) | 88,600 | 1,563 | |
13,973 | |||
Ground Transportation - 2.9% | |||
Bird Global, Inc.: | |||
Stage 1 rights (a)(c) | 106,001 | 0 | |
Stage 2 rights (a)(c) | 106,001 | 0 | |
Stage 3 rights (a)(c) | 106,001 | 0 | |
Lyft, Inc. (a) | 6,189,102 | 55,826 | |
Uber Technologies, Inc. (a) | 10,679,981 | 405,092 | |
460,918 | |||
Professional Services - 0.1% | |||
FTI Consulting, Inc. (a) | 17,900 | 3,365 | |
Paycom Software, Inc. | 24,200 | 6,779 | |
10,144 | |||
TOTAL INDUSTRIALS | 668,097 | ||
INFORMATION TECHNOLOGY - 43.1% | |||
Communications Equipment - 0.2% | |||
Lumentum Holdings, Inc. (a) | 510,800 | 27,021 | |
Electronic Equipment, Instruments & Components - 2.7% | |||
Coherent Corp. (a) | 556,200 | 20,557 | |
Flex Ltd. (a) | 12,041,899 | 305,744 | |
Jabil, Inc. | 1,100,900 | 98,553 | |
424,854 | |||
IT Services - 2.9% | |||
Cloudflare, Inc. (a) | 911,800 | 63,060 | |
EPAM Systems, Inc. (a) | 651,237 | 167,120 | |
Globant SA (a) | 141,600 | 26,027 | |
MongoDB, Inc. Class A (a) | 395,600 | 116,223 | |
Okta, Inc. (a) | 120,000 | 10,908 | |
Shopify, Inc. Class A (a) | 120,000 | 6,863 | |
Snowflake, Inc. (a) | 45,000 | 7,441 | |
Twilio, Inc. Class A (a) | 873,500 | 60,813 | |
458,455 | |||
Semiconductors & Semiconductor Equipment - 17.7% | |||
Advanced Micro Devices, Inc. (a) | 2,995,100 | 354,051 | |
Applied Materials, Inc. | 926,801 | 123,543 | |
Enphase Energy, Inc. (a) | 54,000 | 9,390 | |
GlobalFoundries, Inc. (a) | 1,198,800 | 69,926 | |
Impinj, Inc. (a) | 84,800 | 8,678 | |
Lam Research Corp. | 112,576 | 69,426 | |
Lattice Semiconductor Corp. (a) | 90,400 | 7,350 | |
Marvell Technology, Inc. | 4,326,679 | 253,067 | |
Monolithic Power Systems, Inc. | 6,000 | 2,939 | |
NVIDIA Corp. | 3,017,372 | 1,141,593 | |
NXP Semiconductors NV | 1,493,575 | 267,499 | |
onsemi (a) | 3,923,061 | 327,968 | |
Rambus, Inc. (a) | 535,800 | 34,270 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,137,600 | 112,156 | |
2,781,856 | |||
Software - 17.1% | |||
Adobe, Inc. (a) | 33,900 | 14,163 | |
Bill Holdings, Inc. (a) | 643,100 | 66,612 | |
Confluent, Inc. (a)(d) | 1,735,500 | 55,085 | |
Convoy, Inc. warrants (a)(b)(c) | 68,035 | 169 | |
Datadog, Inc. Class A (a) | 858,700 | 81,499 | |
DoubleVerify Holdings, Inc. (a) | 1,697,945 | 59,207 | |
Dynatrace, Inc. (a) | 2,820,064 | 143,795 | |
Elastic NV (a) | 875,340 | 63,742 | |
Five9, Inc. (a) | 752,600 | 49,754 | |
HubSpot, Inc. (a) | 163,749 | 84,820 | |
Intapp, Inc. (a) | 1,473,769 | 62,296 | |
Intuit, Inc. | 173,408 | 72,679 | |
Microsoft Corp. | 4,773,215 | 1,567,477 | |
Oracle Corp. | 1,130,200 | 119,733 | |
Palo Alto Networks, Inc. (a) | 64,400 | 13,742 | |
Pine Labs Private Ltd. (a)(b)(c) | 16,636 | 8,319 | |
Salesforce, Inc. (a) | 374,938 | 83,754 | |
SentinelOne, Inc. (a) | 284,300 | 6,078 | |
ServiceNow, Inc. (a) | 212,258 | 115,634 | |
Stripe, Inc. Class B (a)(b)(c) | 73,500 | 1,480 | |
Viant Technology, Inc. (a) | 950,154 | 4,371 | |
Zscaler, Inc. (a) | 44,500 | 6,029 | |
2,680,438 | |||
Technology Hardware, Storage & Peripherals - 2.5% | |||
Apple, Inc. | 2,063,560 | 365,766 | |
Pure Storage, Inc. Class A (a) | 706,600 | 20,343 | |
386,109 | |||
TOTAL INFORMATION TECHNOLOGY | 6,758,733 | ||
UTILITIES - 2.1% | |||
Electric Utilities - 1.5% | |||
Constellation Energy Corp. | 475,233 | 39,929 | |
ORSTED A/S (e) | 666,156 | 58,329 | |
PG&E Corp. (a) | 8,184,000 | 138,637 | |
236,895 | |||
Independent Power and Renewable Electricity Producers - 0.6% | |||
NextEra Energy Partners LP | 1,468,300 | 87,981 | |
TOTAL UTILITIES | 324,876 | ||
TOTAL COMMON STOCKS (Cost $10,377,523) | 15,147,432 | ||
Preferred Stocks - 3.0% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 2.3% | |||
COMMUNICATION SERVICES - 0.3% | |||
Interactive Media & Services - 0.3% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 116,411 | 24,701 | |
Reddit, Inc. Series F (a)(b)(c) | 793,873 | 26,761 | |
51,462 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 49,852 | 105 | |
Series C(a)(b)(c) | 196,163 | 412 | |
Series D(a)(b)(c) | 415,700 | 873 | |
1,390 | |||
Broadline Retail - 0.1% | |||
Meesho Series F (a)(b)(c) | 243,800 | 16,876 | |
TOTAL CONSUMER DISCRETIONARY | 18,266 | ||
CONSUMER STAPLES - 0.2% | |||
Consumer Staples Distribution & Retail - 0.1% | |||
GoBrands, Inc. Series G (a)(b)(c) | 70,400 | 6,060 | |
Instacart, Inc.: | |||
Series H(a)(b)(c) | 267,054 | 10,936 | |
Series I(a)(b)(c) | 90,554 | 3,708 | |
20,704 | |||
Food Products - 0.0% | |||
Bowery Farming, Inc. Series C1 (a)(b)(c) | 404,785 | 3,773 | |
Tobacco - 0.1% | |||
JUUL Labs, Inc.: | |||
Series C(a)(b)(c) | 566,439 | 5,353 | |
Series D(a)(b)(c) | 3,671 | 35 | |
5,388 | |||
TOTAL CONSUMER STAPLES | 29,865 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (b)(c) | 155,650 | 3,815 | |
HEALTH CARE - 0.1% | |||
Health Care Equipment & Supplies - 0.1% | |||
Blink Health LLC Series C (a)(b)(c) | 234,164 | 11,214 | |
Health Care Technology - 0.0% | |||
Aledade, Inc. Series E1 (b)(c) | 153,312 | 7,684 | |
TOTAL HEALTH CARE | 18,898 | ||
INDUSTRIALS - 0.7% | |||
Aerospace & Defense - 0.5% | |||
Relativity Space, Inc. Series E (a)(b)(c) | 1,068,417 | 18,345 | |
Space Exploration Technologies Corp.: | |||
Series I(a)(b)(c) | 16,438 | 12,657 | |
Series N(a)(b)(c) | 51,400 | 39,578 | |
70,580 | |||
Construction & Engineering - 0.2% | |||
Beta Technologies, Inc. Series A (a)(b)(c) | 441,839 | 36,248 | |
TOTAL INDUSTRIALS | 106,828 | ||
INFORMATION TECHNOLOGY - 0.7% | |||
Electronic Equipment, Instruments & Components - 0.1% | |||
CelLink Corp. Series D (a)(b)(c) | 380,829 | 4,974 | |
Enevate Corp. Series E (a)(b)(c) | 7,873,996 | 4,567 | |
9,541 | |||
IT Services - 0.0% | |||
Yanka Industries, Inc.: | |||
Series E(a)(b)(c) | 341,047 | 2,544 | |
Series F(a)(b)(c) | 380,955 | 2,842 | |
5,386 | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc.: | |||
Series F1(a)(b)(c) | 339,534 | 3,779 | |
Series F2(a)(b)(c) | 179,288 | 1,995 | |
SiMa.ai: | |||
Series B(a)(b)(c) | 1,198,500 | 7,179 | |
Series B1(a)(b)(c) | 171,099 | 1,210 | |
Xsight Labs Ltd. Series D (a)(b)(c) | 501,100 | 3,518 | |
17,681 | |||
Software - 0.5% | |||
Bolt Technology OU Series E (a)(b)(c) | 290,611 | 37,562 | |
Convoy, Inc. Series D (a)(b)(c) | 1,038,289 | 5,856 | |
Databricks, Inc.: | |||
Series G(a)(b)(c) | 181,200 | 8,747 | |
Series H(a)(b)(c) | 32,352 | 1,562 | |
Mountain Digital, Inc. Series D (a)(b)(c) | 896,466 | 12,515 | |
Skyryse, Inc. Series B (a)(b)(c) | 244,100 | 5,138 | |
Stripe, Inc. Series H (a)(b)(c) | 165,183 | 3,325 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 32,900 | 1,857 | |
76,562 | |||
TOTAL INFORMATION TECHNOLOGY | 109,170 | ||
MATERIALS - 0.2% | |||
Metals & Mining - 0.2% | |||
Diamond Foundry, Inc. Series C (a)(b)(c) | 674,317 | 23,918 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 362,222 | ||
Nonconvertible Preferred Stocks - 0.7% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (a)(b)(c) | 6,477,300 | 166 | |
Waymo LLC Series A2 (a)(b)(c) | 47,838 | 2,205 | |
2,371 | |||
FINANCIALS - 0.3% | |||
Financial Services - 0.3% | |||
Circle Internet Financial Ltd. Series E (a)(b)(c) | 1,497,818 | 36,712 | |
Thriveworks TopCo LLC Series B (a)(b)(c)(g) | 764,320 | 11,465 | |
48,177 | |||
INFORMATION TECHNOLOGY - 0.4% | |||
IT Services - 0.1% | |||
Gupshup, Inc. (a)(b)(c) | 509,400 | 7,295 | |
Software - 0.3% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(b)(c) | 39,764 | 19,884 | |
Series A(a)(b)(c) | 9,936 | 4,968 | |
Series B(a)(b)(c) | 10,808 | 5,404 | |
Series B2(a)(b)(c) | 8,745 | 4,373 | |
Series C(a)(b)(c) | 16,265 | 8,133 | |
Series C1(a)(b)(c) | 3,427 | 1,714 | |
Series D(a)(b)(c) | 3,667 | 1,834 | |
46,310 | |||
TOTAL INFORMATION TECHNOLOGY | 53,605 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 104,153 | ||
TOTAL PREFERRED STOCKS (Cost $552,011) | 466,375 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (h) (000s) | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (b)(c) | 843 | 868 | |
4% 6/12/27 (b)(c) | 232 | 239 | |
4.5% 10/27/25 (b)(c)(i) | 13,144 | 12,982 | |
14,089 | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (b)(c) | 453 | 464 | |
TOTAL CONVERTIBLE BONDS (Cost $14,672) | 14,553 | ||
Preferred Securities - 0.1% | |||
Principal Amount (h) (000s) | Value ($) (000s) | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc. 0% (b)(c)(j) | 7,958 | 9,823 | |
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(j) | 1,830 | 1,737 | |
TOTAL PREFERRED SECURITIES (Cost $9,788) | 11,560 | ||
Money Market Funds - 1.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.14% (k) | 50,319,001 | 50,329 | |
Fidelity Securities Lending Cash Central Fund 5.14% (k)(l) | 170,025,885 | 170,043 | |
TOTAL MONEY MARKET FUNDS (Cost $220,372) | 220,372 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $11,174,366) | 15,860,292 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (170,804) |
NET ASSETS - 100.0% | 15,689,488 |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $620,789,000 or 4.0% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $305,014,000 or 1.9% of net assets. |
(f) | Affiliated company |
(g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(h) | Amount is stated in United States dollars unless otherwise noted. |
(i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(l) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Aledade, Inc. Series E1 | 5/20/22 | 7,637 |
Beta Technologies, Inc. Series A | 4/09/21 | 32,374 |
Blink Health LLC Series A1 | 12/30/20 | 1,520 |
Blink Health LLC Series C | 11/07/19 - 7/14/21 | 8,939 |
Bolt Technology OU Series E | 1/03/22 | 75,500 |
Bombas LLC | 2/16/21 - 11/12/21 | 24,316 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 24,388 |
ByteDance Ltd. Series E1 | 11/18/20 | 12,756 |
CelLink Corp. Series D | 1/20/22 | 7,930 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 24,310 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 6,559 |
Convoy, Inc. Series D | 10/30/19 | 14,058 |
Convoy, Inc. warrants | 3/24/23 | 0 |
Convoy, Inc. 15% 9/30/26 | 3/24/23 | 453 |
Databricks, Inc. Series G | 2/01/21 | 10,713 |
Databricks, Inc. Series H | 8/31/21 | 2,377 |
Diamond Foundry, Inc. Series C | 3/15/21 | 16,184 |
Enevate Corp. Series E | 1/29/21 | 8,730 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | 45,615 |
GaN Systems, Inc. Series F1 | 11/30/21 | 2,879 |
GaN Systems, Inc. Series F2 | 11/30/21 | 1,520 |
GaN Systems, Inc. 0% | 11/30/21 | 7,958 |
GoBrands, Inc. Series G | 3/02/21 | 17,580 |
Gupshup, Inc. | 6/08/21 | 11,648 |
Instacart, Inc. Series H | 11/13/20 | 16,023 |
Instacart, Inc. Series I | 2/26/21 | 11,319 |
JUUL Labs, Inc. Class B | 11/21/17 | 0 |
JUUL Labs, Inc. Series C | 5/22/15 | 0 |
JUUL Labs, Inc. Series D | 6/25/18 | 0 |
Meesho Series F | 9/21/21 | 18,693 |
Mountain Digital, Inc. Series D | 11/05/21 | 20,588 |
Neutron Holdings, Inc. | 2/04/21 | 5 |
Neutron Holdings, Inc. Series 1C | 7/03/18 | 1,184 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 843 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 232 |
Neutron Holdings, Inc. 4.5% 10/27/25 | 10/29/21 - 4/27/23 | 13,145 |
Payoneer Global, Inc. | 2/03/21 | 4,420 |
Pine Labs Private Ltd. | 6/30/21 | 6,203 |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 14,826 |
Pine Labs Private Ltd. Series A | 6/30/21 | 3,705 |
Pine Labs Private Ltd. Series B | 6/30/21 | 4,030 |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 3,261 |
Pine Labs Private Ltd. Series C | 6/30/21 | 6,065 |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 1,278 |
Pine Labs Private Ltd. Series D | 6/30/21 | 1,367 |
Rad Power Bikes, Inc. | 1/21/21 | 1,845 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 240 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 946 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 3,984 |
Rapyd Financial Network 2016 Ltd. | 3/30/21 | 25,000 |
Reddit, Inc. Series F | 8/11/21 | 49,057 |
Relativity Space, Inc. Series E | 5/27/21 | 24,397 |
SiMa.ai Series B | 5/10/21 | 6,145 |
SiMa.ai Series B1 | 4/25/22 - 10/17/22 | 1,213 |
Skyryse, Inc. Series B | 10/21/21 | 6,024 |
Space Exploration Technologies Corp. Class A | 2/16/21 | 3,570 |
Space Exploration Technologies Corp. Series I | 4/05/18 | 2,778 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 13,878 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 13,359 |
Stripe, Inc. Class B | 5/18/21 | 2,949 |
Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 6,628 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 1,956 |
Tenstorrent, Inc. 0% | 4/23/21 | 1,830 |
Thriveworks TopCo LLC Series B | 7/23/21 - 2/25/22 | 21,938 |
Waymo LLC Series A2 | 5/08/20 | 4,108 |
Xsight Labs Ltd. Series D | 2/16/21 | 4,007 |
Yanka Industries, Inc. Series E | 5/15/20 | 4,120 |
Yanka Industries, Inc. Series F | 4/08/21 | 12,144 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 4,561 | 1,073,310 | 1,027,542 | 607 | - | - | 50,329 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.14% | 168,941 | 936,632 | 935,530 | 1,018 | - | - | 170,043 | 0.6% |
Total | 173,502 | 2,009,942 | 1,963,072 | 1,625 | - | - | 220,372 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
P3 Health Partners, Inc. | 9,715 | - | - | - | - | 10,610 | - |
P3 Health Partners, Inc. Class A | - | - | 417 | - | (3,592) | (9,708) | - |
Repay Holdings Corp. | 46,202 | 5,417 | - | - | - | (13,143) | 38,476 |
Total | 55,917 | 5,417 | 417 | - | (3,592) | (12,241) | 38,476 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 2,722,482 | 2,631,457 | - | 91,025 |
Consumer Discretionary | 1,283,495 | 1,228,545 | 18,184 | 36,766 |
Consumer Staples | 52,598 | 22,707 | - | 29,891 |
Energy | 471,368 | 471,368 | - | - |
Financials | 1,539,604 | 1,325,674 | 110,387 | 103,543 |
Health Care | 1,499,033 | 1,477,447 | - | 21,586 |
Industrials | 774,925 | 661,552 | - | 113,373 |
Information Technology | 6,921,508 | 6,748,765 | - | 172,743 |
Materials | 23,918 | - | - | 23,918 |
Utilities | 324,876 | 324,876 | - | - |
Corporate Bonds | 14,553 | - | - | 14,553 |
Preferred Securities | 11,560 | - | - | 11,560 |
Money Market Funds | 220,372 | 220,372 | - | - |
Total Investments in Securities: | 15,860,292 | 15,112,763 | 128,571 | 618,958 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Information Technology | |||
Beginning Balance | $ | 172,585 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (5,238) | ||
Cost of Purchases | 5,396 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 172,743 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2023 | $ | (5,238) | |
Other Investments in Securities | |||
Beginning Balance | $ | 426,514 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (59,389) | ||
Cost of Purchases | 1,210 | ||
Proceeds of Sales | (3,352) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 81,232 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 446,215 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2023 | $ | (59,588) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $161,518) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $10,859,418) | $ | 15,601,444 | ||
Fidelity Central Funds (cost $220,372) | 220,372 | |||
Other affiliated issuers (cost $94,576) | 38,476 | |||
Total Investment in Securities (cost $11,174,366) | $ | 15,860,292 | ||
Cash | 11 | |||
Foreign currency held at value (cost $7) | 17 | |||
Receivable for investments sold | 65,793 | |||
Receivable for fund shares sold | 12,647 | |||
Dividends receivable | 7,553 | |||
Interest receivable | 195 | |||
Distributions receivable from Fidelity Central Funds | 321 | |||
Prepaid expenses | 3 | |||
Other receivables | 392 | |||
Total assets | 15,947,224 | |||
Liabilities | ||||
Payable for investments purchased | $ | 61,122 | ||
Payable for fund shares redeemed | 18,945 | |||
Accrued management fee | 3,440 | |||
Distribution and service plan fees payable | 2,202 | |||
Other affiliated payables | 1,911 | |||
Other payables and accrued expenses | 92 | |||
Collateral on securities loaned | 170,024 | |||
Total Liabilities | 257,736 | |||
Net Assets | $ | 15,689,488 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 13,240,304 | ||
Total accumulated earnings (loss) | 2,449,184 | |||
Net Assets | $ | 15,689,488 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($2,986,930 ÷ 27,565 shares) (a) | $ | 108.36 | ||
Maximum offering price per share (100/94.25 of $108.36) | $ | 114.97 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($2,308,882 ÷ 21,665 shares) (a) | $ | 106.57 | ||
Maximum offering price per share (100/96.50 of $106.57) | $ | 110.44 | ||
Class C : | ||||
Net Asset Value and offering price per share ($861,173 ÷ 9,869 shares) (a) | $ | 87.26 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($7,041,174 ÷ 58,663 shares) | $ | 120.03 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($2,491,329 ÷ 20,480 shares) | $ | 121.65 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 34,408 | ||
Interest | 555 | |||
Income from Fidelity Central Funds (including $1,018 from security lending) | 1,625 | |||
Total Income | 36,588 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 37,791 | ||
Performance adjustment | (17,336) | |||
Transfer agent fees | 10,604 | |||
Distribution and service plan fees | 12,639 | |||
Accounting fees | 672 | |||
Custodian fees and expenses | 76 | |||
Independent trustees' fees and expenses | 49 | |||
Registration fees | 174 | |||
Audit | 64 | |||
Legal | 9 | |||
Interest | 208 | |||
Miscellaneous | 43 | |||
Total expenses before reductions | 44,993 | |||
Expense reductions | (329) | |||
Total expenses after reductions | 44,664 | |||
Net Investment income (loss) | (8,076) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $3,296) | (175,467) | |||
Redemptions in-kind | 9,166 | |||
Affiliated issuers | (3,592) | |||
Foreign currency transactions | (283) | |||
Total net realized gain (loss) | (170,176) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,285) | 1,835,064 | |||
Affiliated issuers | (12,241) | |||
Unfunded commitments | 1,118 | |||
Assets and liabilities in foreign currencies | 41 | |||
Total change in net unrealized appreciation (depreciation) | 1,823,982 | |||
Net gain (loss) | 1,653,806 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,645,730 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (8,076) | $ | (44,246) |
Net realized gain (loss) | (170,176) | (1,922,226) | ||
Change in net unrealized appreciation (depreciation) | 1,823,982 | (6,288,294) | ||
Net increase (decrease) in net assets resulting from operations | 1,645,730 | (8,254,766) | ||
Distributions to shareholders | - | (2,251,740) | ||
Share transactions - net increase (decrease) | (872,202) | (103,196) | ||
Total increase (decrease) in net assets | 773,528 | (10,609,702) | ||
Net Assets | ||||
Beginning of period | 14,915,960 | 25,525,662 | ||
End of period | $ | 15,689,488 | $ | 14,915,960 |
Fidelity Advisor® Growth Opportunities Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 96.87 | $ | 159.95 | $ | 141.06 | $ | 90.00 | $ | 76.87 | $ | 68.76 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.10) | (.38) | (1.06) | (.56) | (.18) C | (.25) | ||||||
Net realized and unrealized gain (loss) | 11.59 | (48.08) | 27.68 | 55.26 | 21.21 | 13.33 | ||||||
Total from investment operations | 11.49 | (48.46) | 26.62 | 54.70 | 21.03 | 13.08 | ||||||
Distributions from net realized gain | - | (14.62) | (7.73) | (3.64) | (7.90) | (4.97) | ||||||
Total distributions | - | (14.62) | (7.73) | (3.64) | (7.90) | (4.97) | ||||||
Net asset value, end of period | $ | 108.36 | $ | 96.87 | $ | 159.95 | $ | 141.06 | $ | 90.00 | $ | 76.87 |
Total Return D,E,F | 11.86% | (33.31)% | 19.60% | 63.12% | 31.29% | 20.35% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .72% I | .89% | 1.04% | 1.06% | 1.11% | 1.05% | ||||||
Expenses net of fee waivers, if any | .72% I | .89% | 1.04% | 1.06% | 1.11% | 1.05% | ||||||
Expenses net of all reductions | .72% I | .89% | 1.04% | 1.06% | 1.10% | 1.05% | ||||||
Net investment income (loss) | (.21)% I | (.35)% | (.68)% | (.52)% | (.22)% C | (.33)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,987 | $ | 2,749 | $ | 4,184 | $ | 3,037 | $ | 1,349 | $ | 673 |
Portfolio turnover rate J | 57% I,K | 75% | 66% | 47% | 37% K | 46% |
Fidelity Advisor® Growth Opportunities Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 95.39 | $ | 157.62 | $ | 139.13 | $ | 89.03 | $ | 76.28 | $ | 68.27 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.21) | (.64) | (1.41) | (.79) | (.37) C | (.41) | ||||||
Net realized and unrealized gain (loss) | 11.39 | (47.42) | 27.31 | 54.53 | 21.02 | 13.24 | ||||||
Total from investment operations | 11.18 | (48.06) | 25.90 | 53.74 | 20.65 | 12.83 | ||||||
Distributions from net realized gain | - | (14.17) | (7.41) | (3.64) | (7.90) | (4.82) | ||||||
Total distributions | - | (14.17) | (7.41) | (3.64) | (7.90) | (4.82) | ||||||
Net asset value, end of period | $ | 106.57 | $ | 95.39 | $ | 157.62 | $ | 139.13 | $ | 89.03 | $ | 76.28 |
Total Return D,E,F | 11.72% | (33.47)% | 19.31% | 62.71% | 31.01% | 20.07% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .96% I | 1.13% | 1.28% | 1.30% | 1.34% | 1.28% | ||||||
Expenses net of fee waivers, if any | .96% I | 1.13% | 1.28% | 1.30% | 1.34% | 1.28% | ||||||
Expenses net of all reductions | .96% I | 1.13% | 1.28% | 1.30% | 1.34% | 1.28% | ||||||
Net investment income (loss) | (.45)% I | (.59)% | (.93)% | (.76)% | (.46)% C | (.57)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,309 | $ | 2,136 | $ | 3,481 | $ | 3,153 | $ | 2,094 | $ | 1,671 |
Portfolio turnover rate J | 57% I,K | 75% | 66% | 47% | 37% K | 46% |
Fidelity Advisor® Growth Opportunities Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 78.30 | $ | 132.10 | $ | 118.14 | $ | 76.50 | $ | 67.03 | $ | 60.60 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.38) | (.99) | (1.85) | (1.15) | (.67) C | (.70) | ||||||
Net realized and unrealized gain (loss) | 9.34 | (39.09) | 23.04 | 46.43 | 18.04 | 11.68 | ||||||
Total from investment operations | 8.96 | (40.08) | 21.19 | 45.28 | 17.37 | 10.98 | ||||||
Distributions from net realized gain | - | (13.72) | (7.23) | (3.64) | (7.90) | (4.55) | ||||||
Total distributions | - | (13.72) | (7.23) | (3.64) | (7.90) | (4.55) | ||||||
Net asset value, end of period | $ | 87.26 | $ | 78.30 | $ | 132.10 | $ | 118.14 | $ | 76.50 | $ | 67.03 |
Total Return D,E,F | 11.44% | (33.81)% | 18.70% | 61.89% | 30.31% | 19.44% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.48% I | 1.65% | 1.80% | 1.81% | 1.86% | 1.81% | ||||||
Expenses net of fee waivers, if any | 1.47% I | 1.64% | 1.80% | 1.81% | 1.86% | 1.81% | ||||||
Expenses net of all reductions | 1.47% I | 1.64% | 1.80% | 1.81% | 1.86% | 1.80% | ||||||
Net investment income (loss) | (.96)% I | (1.10)% | (1.44)% | (1.27)% | (.98)% C | (1.09)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 861 | $ | 828 | $ | 1,413 | $ | 1,159 | $ | 483 | $ | 244 |
Portfolio turnover rate J | 57% I,K | 75% | 66% | 47% | 37% K | 46% |
Fidelity Advisor® Growth Opportunities Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 107.16 | $ | 175.33 | $ | 153.77 | $ | 97.56 | $ | 82.42 | $ | 73.38 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .02 | (.12) | (.74) | (.31) | .03 C | (.05) | ||||||
Net realized and unrealized gain (loss) | 12.85 | (53.08) | 30.27 | 60.16 | 23.01 | 14.25 | ||||||
Total from investment operations | 12.87 | (53.20) | 29.53 | 59.85 | 23.04 | 14.20 | ||||||
Distributions from net realized gain | - | (14.97) | (7.97) | (3.64) | (7.90) | (5.16) | ||||||
Total distributions | - | (14.97) | (7.97) | (3.64) | (7.90) | (5.16) | ||||||
Net asset value, end of period | $ | 120.03 | $ | 107.16 | $ | 175.33 | $ | 153.77 | $ | 97.56 | $ | 82.42 |
Total Return D,E | 12.01% | (33.15)% | 19.90% | 63.52% | 31.66% | 20.67% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .47% H | .64% | .79% | .80% | .84% | .78% | ||||||
Expenses net of fee waivers, if any | .47% H | .64% | .79% | .80% | .84% | .78% | ||||||
Expenses net of all reductions | .47% H | .64% | .79% | .80% | .84% | .78% | ||||||
Net investment income (loss) | .04% H | (.10)% | (.43)% | (.26)% | .04% C | (.06)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 7,041 | $ | 6,873 | $ | 12,620 | $ | 8,282 | $ | 2,819 | $ | 850 |
Portfolio turnover rate I | 57% H,J | 75% | 66% | 47% | 37% J | 46% |
Fidelity Advisor® Growth Opportunities Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 108.54 | $ | 177.37 | $ | 155.40 | $ | 98.44 | $ | 83.00 | $ | 73.88 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .09 | .03 | (.54) | (.17) | .14 C | .04 | ||||||
Net realized and unrealized gain (loss) | 13.02 | (53.71) | 30.58 | 60.77 | 23.20 | 14.35 | ||||||
Total from investment operations | 13.11 | (53.68) | 30.04 | 60.60 | 23.34 | 14.39 | ||||||
Distributions from net investment income | - | - | - | - | - | (.05) | ||||||
Distributions from net realized gain | - | (15.15) | (8.07) | (3.64) | (7.90) | (5.22) | ||||||
Total distributions | - | (15.15) | (8.07) | (3.64) | (7.90) | (5.27) | ||||||
Net asset value, end of period | $ | 121.65 | $ | 108.54 | $ | 177.37 | $ | 155.40 | $ | 98.44 | $ | 83.00 |
Total Return D,E | 12.08% | (33.06)% | 20.04% | 63.72% | 31.81% | 20.82% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .34% H | .52% | .67% | .69% | .72% | .66% | ||||||
Expenses net of fee waivers, if any | .34% H | .51% | .67% | .68% | .72% | .66% | ||||||
Expenses net of all reductions | .34% H | .51% | .67% | .68% | .72% | .65% | ||||||
Net investment income (loss) | .17% H | .03% | (.31)% | (.15)% | .16% C | .06% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,491 | $ | 2,330 | $ | 3,828 | $ | 2,826 | $ | 1,114 | $ | 88 |
Portfolio turnover rate I | 57% H,J | 75% | 66% | 47% | 37% J | 46% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $592,845 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 13.8 - 15.8 / 15.0 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.3 - 25.0 / 7.2 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 15.0 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.0 | Increase | |||
Probability rate | 25.0% - 75.0% / 50.0% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.31 / $0.14 | Increase | ||
Market approach | Transaction price | $1.11 - $91.72 / $19.74 | Increase | ||
Discount rate | 15.0% - 52.5% / 38.6% | Decrease | |||
Discounted cash flow | Weighted average cost of capital (WACC) | 29.0% | Decrease | ||
Exit multiple | 1.8 | Increase | |||
Black scholes | Discount rate | 3.5% - 4.3% / 4.0% | |||
Volatility | 50.0% - 100.0% / 70.2% | Increase | |||
Term | 2.0 - 5.0 / 3.7 | Increase | |||
Corporate Bonds | $14,553 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.3 - 2.5 / 2.5 | Increase |
Discount rate | 29.2% | Decrease | |||
Probability rate | 10.0% - 50.0% / 33.3% | Increase | |||
Black scholes | Discount rate | 4.3% | Increase | ||
Volatility | 60.0% - 75.0% / 74.5% | Increase | |||
Term | 0.6 - 2.0 / 0.6 | Increase | |||
Preferred Securities | $11,560 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 5.0 | Increase |
Market approach | Transaction price | $59.45 | Increase | ||
Discounted cash flow | Discount rate | 20.0% | Decrease | ||
Black scholes | Discount rate | 4.2% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 2.0 | Increase |
Fidelity Advisor Growth Opportunities Fund | $11 |
Gross unrealized appreciation | $6,008,499 |
Gross unrealized depreciation | (1,429,059) |
Net unrealized appreciation (depreciation) | $4,579,440 |
Tax cost | $11,280,852 |
Short-term | $(1,897,510) |
Long-term | (-) |
Total capital loss carryforward | $(1,897,510) |
$ Amount | % of Net Assets | |
Fidelity Advisor Growth Opportunities Fund | 11,465 | .07 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Growth Opportunities Fund | 4,106,829 | 5,030,874 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Advisor Growth Opportunities Fund | 90 | 9,166 | 10,082 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $3,381 | $73 |
Class M | .25% | .25% | 5,272 | 43 |
Class C | .75% | .25% | 3,986 | 471 |
$12,639 | $587 |
Retained by FDC | |
Class A | $ 2,481 |
Class M | 70 |
Class C A | 192 |
$2,743 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $ 2,296 | .17 |
Class M | 1,680 | .16 |
Class C | 698 | .18 |
Class I | 5,456 | .17 |
Class Z | 474 | .04 |
$10,604 |
% of Average Net Assets | |
Fidelity Advisor Growth Opportunities Fund | .01 |
Amount | |
Fidelity Advisor Growth Opportunities Fund | $ 110 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Growth Opportunities Fund | Borrower | $ 19,205 | 4.65% | $ 208 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Growth Opportunities Fund | 208,008 | 471,506 | (49,902) |
Amount | |
Fidelity Advisor Growth Opportunities Fund | $14 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Growth Opportunities Fund | $107 | $ 34 | $130 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Growth Opportunities Fund | ||
Distributions to shareholders | ||
Class A | $ - | $383,847 |
Class M | - | 311,608 |
Class C | - | 146,868 |
Class I | - | 1,065,687 |
Class Z | - | 343,730 |
Total | $- | $2,251,740 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Growth Opportunities Fund | ||||
Class A | ||||
Shares sold | 2,260 | 7,278 | $220,021 | $794,992 |
Reinvestment of distributions | - | 2,511 | - | 362,972 |
Shares redeemed | (3,075) | (7,570) | (296,064) | (828,468) |
Net increase (decrease) | (815) | 2,219 | $(76,043) | $329,496 |
Class M | ||||
Shares sold | 903 | 2,024 | $86,371 | $223,304 |
Reinvestment of distributions | - | 2,107 | - | 300,595 |
Shares redeemed | (1,633) | (3,818) | (155,379) | (419,272) |
Net increase (decrease) | (730) | 313 | $(69,008) | $104,627 |
Class C | ||||
Shares sold | 658 | 1,830 | $51,586 | $171,562 |
Reinvestment of distributions | - | 1,177 | - | 138,522 |
Shares redeemed | (1,359) | (3,130) | (105,431) | (280,287) |
Net increase (decrease) | (701) | (123) | $(53,845) | $29,797 |
Class I | ||||
Shares sold | 8,439 | 25,262 | $908,040 | $3,147,620 |
Reinvestment of distributions | - | 6,084 | - | 970,856 |
Shares redeemed | (13,911) | (39,190) | (1,478,084) | (4,835,461) |
Net increase (decrease) | (5,472) | (7,844) | $(570,044) | $(716,985) |
Class Z | ||||
Shares sold | 3,496 | 10,960 | $380,610 | $1,437,835 |
Reinvestment of distributions | - | 1,870 | - | 301,936 |
Shares redeemed | (4,482) | (12,944) | (483,872) | (1,589,902) |
Net increase (decrease) | (986) | (114) | $(103,262) | $149,869 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Growth Opportunities Fund | ||||||||||
Class A | .72% | |||||||||
Actual | $ 1,000 | $ 1,118.60 | $ 3.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.34 | $ 3.63 | |||||||
Class M | .96% | |||||||||
Actual | $ 1,000 | $ 1,117.20 | $ 5.07 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.14 | $ 4.84 | |||||||
Class C | 1.47% | |||||||||
Actual | $ 1,000 | $ 1,114.40 | $ 7.75 | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.60 | $ 7.39 | |||||||
Class I | .47% | |||||||||
Actual | $ 1,000 | $ 1,120.10 | $ 2.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.59 | $ 2.37 | |||||||
Class Z | .34% | |||||||||
Actual | $ 1,000 | $ 1,120.80 | $ 1.80 | |||||||
Hypothetical- B | $ 1,000 | $ 1,023.24 | $ 1.72 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.8 | |
Exxon Mobil Corp. | 7.3 | |
Wells Fargo & Co. | 5.4 | |
General Electric Co.* | 4.3 | |
Apple, Inc. | 3.5 | |
Bank of America Corp. | 2.5 | |
Visa, Inc. Class A | 1.9 | |
UnitedHealth Group, Inc. | 1.9 | |
Comcast Corp. Class A | 1.9 | |
The Boeing Co. | 1.7 | |
38.2 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 18.0 | |
Financials | 17.3 | |
Industrials | 16.2 | |
Health Care | 12.9 | |
Energy | 11.2 | |
Consumer Staples | 5.6 | |
Communication Services | 4.6 | |
Consumer Discretionary | 3.1 | |
Materials | 2.8 | |
Utilities | 1.6 | |
Real Estate | 1.3 | |
Asset Allocation (% of Fund's net assets) |
Written options - (0.0)% |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 94.3% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 4.5% | |||
Diversified Telecommunication Services - 0.7% | |||
Cellnex Telecom SA (a) | 77,500 | 3,140 | |
Elisa Corp. (A Shares) | 12,500 | 700 | |
Verizon Communications, Inc. | 82,209 | 2,929 | |
6,769 | |||
Entertainment - 1.2% | |||
Activision Blizzard, Inc. | 14,400 | 1,155 | |
The Walt Disney Co. (b) | 49,700 | 4,372 | |
Universal Music Group NV (c) | 228,000 | 4,523 | |
Universal Music Group NV rights (b) | 218,700 | 63 | |
Warner Music Group Corp. Class A | 48,500 | 1,186 | |
11,299 | |||
Media - 2.6% | |||
Comcast Corp. Class A | 438,958 | 17,273 | |
Interpublic Group of Companies, Inc. (d) | 171,400 | 6,374 | |
23,647 | |||
TOTAL COMMUNICATION SERVICES | 41,715 | ||
CONSUMER DISCRETIONARY - 3.1% | |||
Automobile Components - 0.3% | |||
BorgWarner, Inc. | 71,900 | 3,187 | |
Hotels, Restaurants & Leisure - 1.4% | |||
Amadeus IT Holding SA Class A | 64,500 | 4,629 | |
Churchill Downs, Inc. | 24,400 | 3,314 | |
Domino's Pizza, Inc. | 4,900 | 1,420 | |
Marriott International, Inc. Class A | 12,900 | 2,164 | |
Starbucks Corp. | 15,700 | 1,533 | |
13,060 | |||
Household Durables - 0.2% | |||
Sony Group Corp. sponsored ADR | 14,100 | 1,321 | |
Whirlpool Corp. (e) | 4,200 | 543 | |
1,864 | |||
Specialty Retail - 0.9% | |||
Lowe's Companies, Inc. | 38,857 | 7,815 | |
TJX Companies, Inc. | 2,400 | 184 | |
Williams-Sonoma, Inc. | 1,000 | 114 | |
8,113 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
NIKE, Inc. Class B | 12,900 | 1,358 | |
Puma AG | 18,944 | 901 | |
Tapestry, Inc. | 300 | 12 | |
Wolverine World Wide, Inc. | 20,800 | 278 | |
2,549 | |||
TOTAL CONSUMER DISCRETIONARY | 28,773 | ||
CONSUMER STAPLES - 5.6% | |||
Beverages - 2.3% | |||
Diageo PLC sponsored ADR (e) | 24,300 | 4,083 | |
Keurig Dr. Pepper, Inc. | 171,900 | 5,350 | |
Pernod Ricard SA | 6,900 | 1,491 | |
Remy Cointreau SA | 4,044 | 621 | |
The Coca-Cola Co. | 161,784 | 9,652 | |
21,197 | |||
Consumer Staples Distribution & Retail - 1.4% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 5,600 | 271 | |
Sysco Corp. | 79,700 | 5,575 | |
Target Corp. | 19,600 | 2,566 | |
Walmart, Inc. | 29,500 | 4,333 | |
12,745 | |||
Household Products - 0.3% | |||
Colgate-Palmolive Co. | 6,800 | 506 | |
Kimberly-Clark Corp. | 1,700 | 228 | |
Procter & Gamble Co. | 9,300 | 1,325 | |
Spectrum Brands Holdings, Inc. (e) | 12,600 | 910 | |
2,969 | |||
Personal Care Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 6,800 | 1,251 | |
Haleon PLC ADR | 394,509 | 3,172 | |
Kenvue, Inc. | 73,600 | 1,847 | |
6,270 | |||
Tobacco - 0.9% | |||
Altria Group, Inc. | 184,920 | 8,214 | |
Philip Morris International, Inc. | 1,000 | 90 | |
8,304 | |||
TOTAL CONSUMER STAPLES | 51,485 | ||
ENERGY - 11.2% | |||
Energy Equipment & Services - 0.0% | |||
Baker Hughes Co. Class A | 5,700 | 155 | |
Oil, Gas & Consumable Fuels - 11.2% | |||
Canadian Natural Resources Ltd. | 36,500 | 1,966 | |
Cenovus Energy, Inc. (Canada) | 571,300 | 9,128 | |
Energy Transfer LP | 38,500 | 477 | |
Enterprise Products Partners LP | 23,300 | 590 | |
Exxon Mobil Corp. | 657,300 | 67,163 | |
Hess Corp. | 117,015 | 14,822 | |
Imperial Oil Ltd. | 132,900 | 6,033 | |
Kosmos Energy Ltd. (b) | 410,600 | 2,447 | |
Phillips 66 Co. | 10,900 | 999 | |
103,625 | |||
TOTAL ENERGY | 103,780 | ||
FINANCIALS - 17.3% | |||
Banks - 11.1% | |||
Bank of America Corp. | 830,342 | 23,075 | |
JPMorgan Chase & Co. | 63,543 | 8,623 | |
M&T Bank Corp. | 20,800 | 2,479 | |
PNC Financial Services Group, Inc. | 69,116 | 8,006 | |
Truist Financial Corp. | 182,649 | 5,565 | |
U.S. Bancorp | 150,130 | 4,489 | |
Wells Fargo & Co. | 1,258,350 | 50,095 | |
102,332 | |||
Capital Markets - 2.2% | |||
Brookfield Asset Management Ltd. Class A | 9,543 | 291 | |
Brookfield Corp. Class A (e) | 35,601 | 1,069 | |
Charles Schwab Corp. | 3,000 | 158 | |
CME Group, Inc. | 1,600 | 286 | |
Intercontinental Exchange, Inc. | 1,100 | 117 | |
KKR & Co. LP | 64,113 | 3,301 | |
Morgan Stanley | 35,630 | 2,913 | |
Northern Trust Corp. | 105,437 | 7,583 | |
Raymond James Financial, Inc. | 42,350 | 3,826 | |
S&P Global, Inc. | 100 | 37 | |
State Street Corp. | 9,870 | 671 | |
20,252 | |||
Financial Services - 3.1% | |||
Edenred SA | 57,400 | 3,686 | |
Essent Group Ltd. | 20,500 | 905 | |
Fidelity National Information Services, Inc. | 51,500 | 2,810 | |
Global Payments, Inc. | 13,300 | 1,299 | |
MasterCard, Inc. Class A | 6,800 | 2,482 | |
Visa, Inc. Class A | 80,140 | 17,713 | |
28,895 | |||
Insurance - 0.9% | |||
American Financial Group, Inc. | 4,500 | 505 | |
Arthur J. Gallagher & Co. | 3,300 | 661 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 172 | 5 | |
Chubb Ltd. | 12,100 | 2,248 | |
Marsh & McLennan Companies, Inc. | 17,766 | 3,077 | |
Old Republic International Corp. | 23,500 | 576 | |
The Travelers Companies, Inc. | 8,000 | 1,354 | |
8,426 | |||
TOTAL FINANCIALS | 159,905 | ||
HEALTH CARE - 12.7% | |||
Health Care Equipment & Supplies - 2.1% | |||
Abbott Laboratories | 5,500 | 561 | |
Becton, Dickinson & Co. | 11,775 | 2,847 | |
Boston Scientific Corp. (b) | 144,000 | 7,413 | |
GE Healthcare Holding LLC | 67,812 | 5,392 | |
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | 105,029 | 1,983 | |
Sonova Holding AG | 2,713 | 695 | |
18,891 | |||
Health Care Providers & Services - 5.7% | |||
Cardinal Health, Inc. (d) | 67,200 | 5,531 | |
Cigna Group | 42,400 | 10,490 | |
CVS Health Corp. | 81,151 | 5,521 | |
Humana, Inc. | 4,100 | 2,058 | |
McKesson Corp. (d) | 28,833 | 11,269 | |
UnitedHealth Group, Inc. | 35,600 | 17,346 | |
52,215 | |||
Life Sciences Tools & Services - 0.5% | |||
Danaher Corp. | 21,800 | 5,006 | |
Pharmaceuticals - 4.4% | |||
Bristol-Myers Squibb Co. | 217,400 | 14,009 | |
Eli Lilly & Co. | 15,600 | 6,700 | |
GSK PLC sponsored ADR | 175,447 | 5,895 | |
Johnson & Johnson | 66,401 | 10,296 | |
Sanofi SA sponsored ADR | 22,200 | 1,133 | |
UCB SA | 27,300 | 2,379 | |
Viatris, Inc. | 7,200 | 66 | |
Zoetis, Inc. Class A | 1,500 | 245 | |
40,723 | |||
TOTAL HEALTH CARE | 116,835 | ||
INDUSTRIALS - 16.2% | |||
Aerospace & Defense - 3.5% | |||
Airbus Group NV | 39,100 | 5,135 | |
General Dynamics Corp. | 15,200 | 3,104 | |
Huntington Ingalls Industries, Inc. | 11,300 | 2,276 | |
MTU Aero Engines AG | 5,700 | 1,315 | |
Raytheon Technologies Corp. | 20,731 | 1,910 | |
Safran SA | 14,300 | 2,070 | |
Textron, Inc. | 13,900 | 860 | |
The Boeing Co. (b) | 76,610 | 15,759 | |
32,429 | |||
Air Freight & Logistics - 1.7% | |||
DSV A/S | 5,300 | 1,021 | |
Expeditors International of Washington, Inc. | 700 | 77 | |
FedEx Corp. | 12,600 | 2,747 | |
United Parcel Service, Inc. Class B | 70,079 | 11,703 | |
15,548 | |||
Building Products - 0.5% | |||
A.O. Smith Corp. | 19,500 | 1,247 | |
Johnson Controls International PLC | 49,100 | 2,931 | |
4,178 | |||
Commercial Services & Supplies - 0.7% | |||
GFL Environmental, Inc. | 165,900 | 5,988 | |
Ritchie Bros. Auctioneers, Inc. | 1,300 | 68 | |
6,056 | |||
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 14,600 | 2,200 | |
AMETEK, Inc. | 3,400 | 493 | |
Hubbell, Inc. Class B | 13,612 | 3,845 | |
Regal Rexnord Corp. | 16,700 | 2,169 | |
Rockwell Automation, Inc. | 2,100 | 585 | |
9,292 | |||
Ground Transportation - 0.5% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 79,800 | 4,388 | |
Industrial Conglomerates - 4.4% | |||
3M Co. | 11,400 | 1,064 | |
General Electric Co. (d) | 390,036 | 39,600 | |
40,664 | |||
Machinery - 1.9% | |||
Allison Transmission Holdings, Inc. | 43,300 | 2,048 | |
Barnes Group, Inc. | 2,300 | 91 | |
Caterpillar, Inc. | 3,800 | 782 | |
Cummins, Inc. | 6,200 | 1,267 | |
Donaldson Co., Inc. | 66,300 | 3,881 | |
Epiroc AB (A Shares) | 2,700 | 47 | |
Flowserve Corp. | 37,500 | 1,221 | |
Fortive Corp. | 32,000 | 2,084 | |
Kardex AG | 550 | 119 | |
Nordson Corp. | 16,300 | 3,552 | |
Otis Worldwide Corp. | 9,565 | 761 | |
Stanley Black & Decker, Inc. | 11,710 | 878 | |
Westinghouse Air Brake Tech Co. | 13,131 | 1,216 | |
17,947 | |||
Passenger Airlines - 0.0% | |||
Copa Holdings SA Class A | 3,400 | 357 | |
Professional Services - 0.8% | |||
Equifax, Inc. | 9,500 | 1,982 | |
Genpact Ltd. | 66,400 | 2,442 | |
Paycom Software, Inc. | 700 | 196 | |
RELX PLC (London Stock Exchange) | 94,538 | 2,957 | |
Robert Half International, Inc. | 800 | 52 | |
7,629 | |||
Trading Companies & Distributors - 1.0% | |||
Brenntag SE | 8,300 | 651 | |
Fastenal Co. | 13,900 | 749 | |
MSC Industrial Direct Co., Inc. Class A | 1,500 | 135 | |
Watsco, Inc. (e) | 22,364 | 7,254 | |
WESCO International, Inc. | 5,600 | 769 | |
9,558 | |||
Transportation Infrastructure - 0.2% | |||
Aena SME SA (a) | 9,100 | 1,422 | |
TOTAL INDUSTRIALS | 149,468 | ||
INFORMATION TECHNOLOGY - 18.0% | |||
Electronic Equipment, Instruments & Components - 0.2% | |||
CDW Corp. | 12,900 | 2,215 | |
IT Services - 0.5% | |||
Amdocs Ltd. | 15,500 | 1,460 | |
IBM Corp. | 20,100 | 2,585 | |
Unisys Corp. (b) | 43,666 | 172 | |
4,217 | |||
Semiconductors & Semiconductor Equipment - 4.1% | |||
Analog Devices, Inc. | 17,800 | 3,163 | |
Applied Materials, Inc. | 20,295 | 2,705 | |
BE Semiconductor Industries NV | 7,400 | 815 | |
Intel Corp. | 14,000 | 440 | |
Lam Research Corp. | 4,400 | 2,713 | |
Marvell Technology, Inc. | 132,700 | 7,762 | |
Microchip Technology, Inc. | 2,300 | 173 | |
NVIDIA Corp. (d) | 11,900 | 4,502 | |
NXP Semiconductors NV | 22,800 | 4,083 | |
Qualcomm, Inc. | 68,698 | 7,791 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 26,900 | 2,652 | |
Teradyne, Inc. | 8,600 | 862 | |
37,661 | |||
Software - 9.6% | |||
Intuit, Inc. | 14,800 | 6,203 | |
Microsoft Corp. | 219,453 | 72,065 | |
Open Text Corp. | 18,100 | 753 | |
SAP SE sponsored ADR | 62,500 | 8,153 | |
Temenos Group AG | 13,490 | 1,137 | |
88,311 | |||
Technology Hardware, Storage & Peripherals - 3.6% | |||
Apple, Inc. | 182,392 | 32,329 | |
FUJIFILM Holdings Corp. | 7,000 | 429 | |
Samsung Electronics Co. Ltd. | 17,790 | 960 | |
33,718 | |||
TOTAL INFORMATION TECHNOLOGY | 166,122 | ||
MATERIALS - 2.8% | |||
Chemicals - 0.8% | |||
DuPont de Nemours, Inc. | 68,800 | 4,623 | |
International Flavors & Fragrances, Inc. | 4,800 | 371 | |
LyondellBasell Industries NV Class A | 13,200 | 1,129 | |
PPG Industries, Inc. | 6,000 | 788 | |
Sherwin-Williams Co. | 1,600 | 364 | |
7,275 | |||
Metals & Mining - 2.0% | |||
First Quantum Minerals Ltd. | 299,100 | 6,266 | |
Freeport-McMoRan, Inc. | 247,900 | 8,513 | |
Glencore PLC | 706,900 | 3,615 | |
18,394 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 2,800 | 164 | |
TOTAL MATERIALS | 25,833 | ||
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
American Tower Corp. | 23,800 | 4,390 | |
Crown Castle International Corp. | 19,900 | 2,253 | |
Equinix, Inc. | 110 | 82 | |
Public Storage | 200 | 57 | |
Simon Property Group, Inc. | 44,900 | 4,721 | |
11,503 | |||
UTILITIES - 1.6% | |||
Electric Utilities - 1.5% | |||
Constellation Energy Corp. | 5,600 | 471 | |
Duke Energy Corp. | 12,800 | 1,143 | |
Entergy Corp. | 14,800 | 1,453 | |
Exelon Corp. | 15,700 | 623 | |
PG&E Corp. (b) | 106,900 | 1,811 | |
Southern Co. | 120,200 | 8,384 | |
13,885 | |||
Multi-Utilities - 0.1% | |||
Sempra Energy | 7,500 | 1,076 | |
TOTAL UTILITIES | 14,961 | ||
TOTAL COMMON STOCKS (Cost $640,214) | 870,380 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) (000s) | ||
HEALTH CARE - 0.2% | |||
Health Care Equipment & Supplies - 0.2% | |||
Becton, Dickinson & Co. 6.50% | 14,200 | 684 | |
Boston Scientific Corp. Series A, 5.50% | 8,400 | 1,031 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,564) | 1,715 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (f) (000s) | Value ($) (000s) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Snap, Inc. 0.125% 3/1/28 (Cost $725) | 1,004 | 704 | |
Money Market Funds - 6.7% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.14% (g) | 49,617,729 | 49,628 | |
Fidelity Securities Lending Cash Central Fund 5.14% (g)(h) | 12,612,564 | 12,614 | |
TOTAL MONEY MARKET FUNDS (Cost $62,242) | 62,242 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% (Cost $704,745) | 935,041 |
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (12,207) |
NET ASSETS - 100.0% | 922,834 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) | |
Call Options | ||||||
Cardinal Health, Inc. | Chicago Board Options Exchange | 95 | 782 | 90.00 | 07/21/23 | (4) |
General Electric Co. | Chicago Board Options Exchange | 193 | 1,960 | 110.00 | 07/21/23 | (26) |
Interpublic Group of Companies, Inc. | Chicago Board Options Exchange | 344 | 1,279 | 42.00 | 07/21/23 | (6) |
McKesson Corp. | Chicago Board Options Exchange | 39 | 1,524 | 420.00 | 06/16/23 | (2) |
McKesson Corp. | Chicago Board Options Exchange | 16 | 625 | 420.00 | 06/30/23 | (2) |
NVIDIA Corp. | Chicago Board Options Exchange | 5 | 189 | 350.00 | 06/16/23 | (17) |
NVIDIA Corp. | Chicago Board Options Exchange | 8 | 303 | 360.00 | 07/21/23 | (31) |
TOTAL WRITTEN OPTIONS | (88) |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,562,000 or 0.5% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $6,662,000. |
(e) | Security or a portion of the security is on loan at period end. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 73,093 | 110,359 | 133,824 | 1,555 | - | - | 49,628 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.14% | 12,462 | 64,113 | 63,961 | 37 | - | - | 12,614 | 0.0% |
Total | 85,555 | 174,472 | 197,785 | 1,592 | - | - | 62,242 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 41,715 | 37,129 | 4,586 | - |
Consumer Discretionary | 28,773 | 24,144 | 4,629 | - |
Consumer Staples | 51,485 | 51,485 | - | - |
Energy | 103,780 | 103,780 | - | - |
Financials | 159,905 | 159,905 | - | - |
Health Care | 118,550 | 116,835 | 1,715 | - |
Industrials | 149,468 | 141,329 | 8,139 | - |
Information Technology | 166,122 | 166,122 | - | - |
Materials | 25,833 | 22,218 | 3,615 | - |
Real Estate | 11,503 | 11,503 | - | - |
Utilities | 14,961 | 14,961 | - | - |
Corporate Bonds | 704 | - | 704 | - |
Money Market Funds | 62,242 | 62,242 | - | - |
Total Investments in Securities: | 935,041 | 911,653 | 23,388 | - |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | (88) | (88) | - | - |
Total Liabilities | (88) | (88) | - | - |
Total Derivative Instruments: | (88) | (88) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Written Options (a) | 0 | (88) |
Total Equity Risk | 0 | (88) |
Total Value of Derivatives | 0 | (88) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $12,138) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $642,503) | $ | 872,799 | ||
Fidelity Central Funds (cost $62,242) | 62,242 | |||
Total Investment in Securities (cost $704,745) | $ | 935,041 | ||
Restricted cash | 442 | |||
Foreign currency held at value (cost $1) | 1 | |||
Receivable for investments sold | 246 | |||
Receivable for fund shares sold | 783 | |||
Dividends receivable | 2,534 | |||
Distributions receivable from Fidelity Central Funds | 253 | |||
Other receivables | 21 | |||
Total assets | 939,321 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 2,219 | ||
Delayed delivery | 63 | |||
Payable for fund shares redeemed | 785 | |||
Accrued management fee | 331 | |||
Distribution and service plan fees payable | 204 | |||
Written options, at value (premium received $81) | 88 | |||
Other affiliated payables | 150 | |||
Other payables and accrued expenses | 33 | |||
Collateral on securities loaned | 12,614 | |||
Total Liabilities | 16,487 | |||
Net Assets | $ | 922,834 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 688,028 | ||
Total accumulated earnings (loss) | 234,806 | |||
Net Assets | $ | 922,834 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($428,123 ÷ 13,210 shares) (a) | $ | 32.41 | ||
Maximum offering price per share (100/94.25 of $32.41) | $ | 34.39 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($175,678 ÷ 5,409 shares) (a) | $ | 32.48 | ||
Maximum offering price per share (100/96.50 of $32.48) | $ | 33.66 | ||
Class C : | ||||
Net Asset Value and offering price per share ($47,550 ÷ 1,598 shares) (a)(b) | $ | 29.75 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($168,280 ÷ 5,051 shares) | $ | 33.32 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($103,203 ÷ 3,091 shares) | $ | 33.39 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 8,641 | ||
Interest | 21 | |||
Income from Fidelity Central Funds (including $37 from security lending) | 1,592 | |||
Total Income | 10,254 | |||
Expenses | ||||
Management fee | $ | 1,847 | ||
Transfer agent fees | 722 | |||
Distribution and service plan fees | 1,207 | |||
Accounting fees | 133 | |||
Custodian fees and expenses | 22 | |||
Independent trustees' fees and expenses | 3 | |||
Registration fees | 64 | |||
Audit | 45 | |||
Legal | 1 | |||
Miscellaneous | 2 | |||
Total expenses before reductions | 4,046 | |||
Expense reductions | (23) | |||
Total expenses after reductions | 4,023 | |||
Net Investment income (loss) | 6,231 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 3,123 | |||
Foreign currency transactions | 4 | |||
Written options | 524 | |||
Total net realized gain (loss) | 3,651 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (14,109) | |||
Assets and liabilities in foreign currencies | 2 | |||
Written options | 80 | |||
Total change in net unrealized appreciation (depreciation) | (14,027) | |||
Net gain (loss) | (10,376) | |||
Net increase (decrease) in net assets resulting from operations | $ | (4,145) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,231 | $ | 9,162 |
Net realized gain (loss) | 3,651 | 2,169 | ||
Change in net unrealized appreciation (depreciation) | (14,027) | 21,109 | ||
Net increase (decrease) in net assets resulting from operations | (4,145) | 32,440 | ||
Distributions to shareholders | (8,300) | (33,061) | ||
Share transactions - net increase (decrease) | 114,291 | 173,331 | ||
Total increase (decrease) in net assets | 101,846 | 172,710 | ||
Net Assets | ||||
Beginning of period | 820,988 | 648,278 | ||
End of period | $ | 922,834 | $ | 820,988 |
Fidelity Advisor® Growth & Income Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.90 | $ | 33.01 | $ | 27.71 | $ | 28.32 | $ | 28.69 | $ | 30.29 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .24 | .42 | .59 C | .44 | .49 | .43 | ||||||
Net realized and unrealized gain (loss) | (.41) | 1.09 | 6.08 | .90 | 2.48 | .58 | ||||||
Total from investment operations | (.17) | 1.51 | 6.67 | 1.34 | 2.97 | 1.01 | ||||||
Distributions from net investment income | (.22) | (.83) | (.48) | (.48) | (.47) | (.36) | ||||||
Distributions from net realized gain | (.10) | (.80) | (.89) | (1.47) | (2.87) | (2.26) | ||||||
Total distributions | (.32) | (1.62) D | (1.37) | (1.95) | (3.34) | (2.61) D | ||||||
Net asset value, end of period | $ | 32.41 | $ | 32.90 | $ | 33.01 | $ | 27.71 | $ | 28.32 | $ | 28.69 |
Total Return E,F,G | (.48)% | 4.64% | 25.08% | 4.86% | 13.65% | 3.42% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .92% J | .91% | .92% | .95% | .96% | .96% | ||||||
Expenses net of fee waivers, if any | .91% J | .91% | .92% | .95% | .96% | .96% | ||||||
Expenses net of all reductions | .91% J | .91% | .92% | .95% | .95% | .95% | ||||||
Net investment income (loss) | 1.45% J | 1.31% | 1.85% C | 1.78% | 1.93% | 1.49% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 428 | $ | 406 | $ | 344 | $ | 277 | $ | 288 | $ | 243 |
Portfolio turnover rate K | 11% J | 8% | 15% | 28% | 29% | 40% |
Fidelity Advisor® Growth & Income Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.97 | $ | 33.01 | $ | 27.71 | $ | 28.31 | $ | 28.67 | $ | 30.26 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .20 | .34 | .51 C | .38 | .43 | .36 | ||||||
Net realized and unrealized gain (loss) | (.41) | 1.10 | 6.10 | .89 | 2.47 | .59 | ||||||
Total from investment operations | (.21) | 1.44 | 6.61 | 1.27 | 2.90 | .95 | ||||||
Distributions from net investment income | (.18) | (.68) | (.42) | (.40) | (.39) | (.28) | ||||||
Distributions from net realized gain | (.10) | (.80) | (.89) | (1.47) | (2.87) | (2.26) | ||||||
Total distributions | (.28) | (1.48) | (1.31) | (1.87) | (3.26) | (2.54) | ||||||
Net asset value, end of period | $ | 32.48 | $ | 32.97 | $ | 33.01 | $ | 27.71 | $ | 28.31 | $ | 28.67 |
Total Return D,E,F | (.60)% | 4.38% | 24.77% | 4.61% | 13.33% | 3.19% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.16% I | 1.15% | 1.16% | 1.20% | 1.21% | 1.21% | ||||||
Expenses net of fee waivers, if any | 1.15% I | 1.15% | 1.16% | 1.20% | 1.21% | 1.21% | ||||||
Expenses net of all reductions | 1.15% I | 1.15% | 1.16% | 1.20% | 1.20% | 1.20% | ||||||
Net investment income (loss) | 1.21% I | 1.07% | 1.61% C | 1.53% | 1.68% | 1.24% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 176 | $ | 180 | $ | 173 | $ | 153 | $ | 172 | $ | 175 |
Portfolio turnover rate J | 11% I | 8% | 15% | 28% | 29% | 40% |
Fidelity Advisor® Growth & Income Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 30.24 | $ | 30.33 | $ | 25.56 | $ | 26.22 | $ | 26.79 | $ | 28.45 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .10 | .16 | .32 C | .23 | .27 | .20 | ||||||
Net realized and unrealized gain (loss) | (.37) | 1.00 | 5.62 | .82 | 2.28 | .55 | ||||||
Total from investment operations | (.27) | 1.16 | 5.94 | 1.05 | 2.55 | .75 | ||||||
Distributions from net investment income | (.12) | (.45) | (.28) | (.24) | (.26) | (.15) | ||||||
Distributions from net realized gain | (.10) | (.80) | (.89) | (1.47) | (2.87) | (2.26) | ||||||
Total distributions | (.22) | (1.25) | (1.17) | (1.71) | (3.12) D | (2.41) | ||||||
Net asset value, end of period | $ | 29.75 | $ | 30.24 | $ | 30.33 | $ | 25.56 | $ | 26.22 | $ | 26.79 |
Total Return E,F,G | (.87)% | 3.80% | 24.14% | 4.07% | 12.74% | 2.64% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.68% J | 1.67% | 1.69% | 1.73% | 1.73% | 1.72% | ||||||
Expenses net of fee waivers, if any | 1.68% J | 1.67% | 1.69% | 1.73% | 1.73% | 1.71% | ||||||
Expenses net of all reductions | 1.68% J | 1.67% | 1.69% | 1.73% | 1.73% | 1.71% | ||||||
Net investment income (loss) | .69% J | .55% | 1.09% C | 1.00% | 1.15% | .73% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 48 | $ | 47 | $ | 41 | $ | 34 | $ | 41 | $ | 75 |
Portfolio turnover rate K | 11% J | 8% | 15% | 28% | 29% | 40% |
Fidelity Advisor® Growth & Income Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 33.81 | $ | 33.95 | $ | 28.45 | $ | 29.01 | $ | 29.33 | $ | 30.91 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .28 | .51 | .69 C | .52 | .57 | .52 | ||||||
Net realized and unrealized gain (loss) | (.41) | 1.12 | 6.24 | .93 | 2.52 | .60 | ||||||
Total from investment operations | (.13) | 1.63 | 6.93 | 1.45 | 3.09 | 1.12 | ||||||
Distributions from net investment income | (.26) | (.97) | (.55) | (.54) | (.54) | (.44) | ||||||
Distributions from net realized gain | (.10) | (.80) | (.89) | (1.47) | (2.87) | (2.26) | ||||||
Total distributions | (.36) | (1.77) | (1.43) D | (2.01) | (3.41) | (2.70) | ||||||
Net asset value, end of period | $ | 33.32 | $ | 33.81 | $ | 33.95 | $ | 28.45 | $ | 29.01 | $ | 29.33 |
Total Return E,F | (.35)% | 4.86% | 25.40% | 5.16% | 13.89% | 3.71% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .67% I | .66% | .67% | .70% | .70% | .69% | ||||||
Expenses net of fee waivers, if any | .67% I | .66% | .67% | .70% | .69% | .69% | ||||||
Expenses net of all reductions | .67% I | .66% | .67% | .69% | .69% | .69% | ||||||
Net investment income (loss) | 1.70% I | 1.56% | 2.10% C | 2.03% | 2.19% | 1.75% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 168 | $ | 128 | $ | 76 | $ | 45 | $ | 48 | $ | 47 |
Portfolio turnover rate J | 11% I | 8% | 15% | 28% | 29% | 40% |
Fidelity Advisor® Growth & Income Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 33.88 | $ | 34.04 | $ | 28.52 | $ | 29.09 | $ | 29.35 | $ | 30.94 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .31 | .55 | .73 C | .55 | .62 | .56 | ||||||
Net realized and unrealized gain (loss) | (.42) | 1.13 | 6.26 | .93 | 2.53 | .59 | ||||||
Total from investment operations | (.11) | 1.68 | 6.99 | 1.48 | 3.15 | 1.15 | ||||||
Distributions from net investment income | (.28) | (1.05) | (.59) | (.58) | (.54) | (.49) | ||||||
Distributions from net realized gain | (.10) | (.80) | (.89) | (1.47) | (2.87) | (2.26) | ||||||
Total distributions | (.38) | (1.84) D | (1.47) D | (2.05) | (3.41) | (2.74) D | ||||||
Net asset value, end of period | $ | 33.39 | $ | 33.88 | $ | 34.04 | $ | 28.52 | $ | 29.09 | $ | 29.35 |
Total Return E,F | (.29)% | 5.03% | 25.59% | 5.26% | 14.11% | 3.84% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .53% I | .53% | .53% | .55% | .56% | .56% | ||||||
Expenses net of fee waivers, if any | .53% I | .52% | .53% | .55% | .56% | .56% | ||||||
Expenses net of all reductions | .53% I | .52% | .53% | .55% | .55% | .55% | ||||||
Net investment income (loss) | 1.84% I | 1.69% | 2.24% C | 2.18% | 2.33% | 1.89% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 103 | $ | 60 | $ | 14 | $ | 11 | $ | 7 | $ | 22 |
Portfolio turnover rate J | 11% I | 8% | 15% | 28% | 29% | 40% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $267,603 |
Gross unrealized depreciation | (39,458) |
Net unrealized appreciation (depreciation) | $228,145 |
Tax cost | $706,808 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Advisor Growth & Income Fund | 184,224 | 45,198 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $520 | $16 |
Class M | .25% | .25% | 444 | 7 |
Class C | .75% | .25% | 243 | 45 |
$1,207 | $68 |
Retained by FDC | |
Class A | $340 |
Class M | 14 |
Class C A | 20 |
$374 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $370 | .18 |
Class M | 151 | .17 |
Class C | 46 | .19 |
Class I | 139 | .18 |
Class Z | 16 | .04 |
$722 |
% of Average Net Assets | |
Fidelity Advisor Growth & Income Fund | .03 |
Amount | |
Fidelity Advisor Growth & Income Fund | $1 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Growth & Income Fund | 13,573 | 571 | 76 |
Amount | |
Fidelity Advisor Growth & Income Fund | $1 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Growth & Income Fund | $4 | $- | $- |
Expense reduction | |
Class A | $1 |
Class M | 3 |
$4 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Growth & Income Fund | ||
Distributions to shareholders | ||
Class A | $4,048 | $17,363 |
Class M | 1,538 | 7,787 |
Class C | 354 | 1,696 |
Class I | 1,551 | 4,201 |
Class Z | 809 | 2,014 |
Total | $8,300 | $33,061 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Growth & Income Fund | ||||
Class A | ||||
Shares sold | 1,518 | 2,812 | $49,197 | $90,084 |
Reinvestment of distributions | 122 | 504 | 3,865 | 16,493 |
Shares redeemed | (761) | (1,415) | (24,714) | (44,767) |
Net increase (decrease) | 879 | 1,901 | $28,348 | $61,810 |
Class M | ||||
Shares sold | 261 | 643 | $8,451 | $20,917 |
Reinvestment of distributions | 48 | 231 | 1,505 | 7,629 |
Shares redeemed | (362) | (650) | (11,733) | (20,594) |
Net increase (decrease) | (53) | 224 | $(1,777) | $7,952 |
Class C | ||||
Shares sold | 305 | 649 | $9,046 | $19,167 |
Reinvestment of distributions | 12 | 55 | 338 | 1,666 |
Shares redeemed | (279) | (486) | (8,307) | (14,200) |
Net increase (decrease) | 38 | 218 | $1,077 | $6,633 |
Class I | ||||
Shares sold | 2,401 | 2,275 | $80,403 | $74,876 |
Reinvestment of distributions | 44 | 112 | 1,429 | 3,758 |
Shares redeemed | (1,172) | (850) | (39,307) | (27,709) |
Net increase (decrease) | 1,273 | 1,537 | $42,525 | $50,925 |
Class Z | ||||
Shares sold | 1,501 | 1,643 | $50,565 | $55,104 |
Reinvestment of distributions | 23 | 56 | 742 | 1,860 |
Shares redeemed | (216) | (334) | (7,189) | (10,953) |
Net increase (decrease) | 1,308 | 1,365 | $44,118 | $46,011 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Growth & Income Fund | ||||||||||
Class A | .91% | |||||||||
Actual | $ 1,000 | $ 995.20 | $ 4.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.39 | $ 4.58 | |||||||
Class M | 1.15% | |||||||||
Actual | $ 1,000 | $ 994.00 | $ 5.72 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.20 | $ 5.79 | |||||||
Class C | 1.68% | |||||||||
Actual | $ 1,000 | $ 991.30 | $ 8.34 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.55 | $ 8.45 | |||||||
Class I | .67% | |||||||||
Actual | $ 1,000 | $ 996.50 | $ 3.33 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.59 | $ 3.38 | |||||||
Class Z | .53% | |||||||||
Actual | $ 1,000 | $ 997.10 | $ 2.64 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.29 | $ 2.67 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Canadian Natural Resources Ltd. | 2.3 | |
First Citizens Bancshares, Inc. | 2.1 | |
PG&E Corp. | 2.1 | |
Welltower, Inc. | 1.9 | |
Hess Corp. | 1.8 | |
Builders FirstSource, Inc. | 1.8 | |
Constellation Energy Corp. | 1.7 | |
Centene Corp. | 1.7 | |
Flex Ltd. | 1.6 | |
Cigna Group | 1.6 | |
18.6 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 18.7 | |
Industrials | 17.9 | |
Materials | 10.4 | |
Consumer Discretionary | 10.4 | |
Energy | 8.6 | |
Utilities | 8.2 | |
Real Estate | 8.0 | |
Information Technology | 6.0 | |
Health Care | 5.5 | |
Consumer Staples | 3.6 | |
Communication Services | 1.3 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 98.6% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 1.3% | |||
Diversified Telecommunication Services - 0.9% | |||
Cellnex Telecom SA (a) | 327,900 | 13,287 | |
Media - 0.4% | |||
Nexstar Broadcasting Group, Inc. Class A | 35,800 | 5,403 | |
TOTAL COMMUNICATION SERVICES | 18,690 | ||
CONSUMER DISCRETIONARY - 10.4% | |||
Automobile Components - 1.3% | |||
Adient PLC (b) | 246,400 | 8,301 | |
Autoliv, Inc. | 119,000 | 9,699 | |
18,000 | |||
Automobiles - 0.2% | |||
Harley-Davidson, Inc. | 98,700 | 3,071 | |
Broadline Retail - 0.3% | |||
Kohl's Corp. | 195,900 | 3,589 | |
Diversified Consumer Services - 0.9% | |||
Adtalem Global Education, Inc. (b) | 300,314 | 12,463 | |
Hotels, Restaurants & Leisure - 1.6% | |||
Bowlero Corp. Class A (b)(c) | 681,300 | 7,808 | |
Hilton Grand Vacations, Inc. (b) | 147,200 | 6,293 | |
Red Rock Resorts, Inc. | 170,200 | 7,759 | |
21,860 | |||
Household Durables - 1.6% | |||
Mohawk Industries, Inc. (b) | 84,000 | 7,731 | |
Tempur Sealy International, Inc. | 429,000 | 15,290 | |
23,021 | |||
Leisure Products - 0.5% | |||
Mattel, Inc. (b) | 415,700 | 7,237 | |
Specialty Retail - 3.4% | |||
American Eagle Outfitters, Inc. | 1,019,222 | 10,365 | |
Bath & Body Works, Inc. | 105,600 | 3,721 | |
Lithia Motors, Inc. Class A (sub. vtg.) (c) | 58,200 | 13,577 | |
Sally Beauty Holdings, Inc. (b) | 427,900 | 4,818 | |
Upbound Group, Inc. | 284,700 | 8,515 | |
Victoria's Secret & Co. (b) | 367,100 | 7,496 | |
48,492 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Capri Holdings Ltd. (b) | 237,700 | 8,343 | |
TOTAL CONSUMER DISCRETIONARY | 146,076 | ||
CONSUMER STAPLES - 3.6% | |||
Beverages - 0.7% | |||
Primo Water Corp. | 817,300 | 10,519 | |
Consumer Staples Distribution & Retail - 1.5% | |||
U.S. Foods Holding Corp. (b) | 516,600 | 20,550 | |
Food Products - 1.4% | |||
Darling Ingredients, Inc. (b) | 303,022 | 19,206 | |
TOTAL CONSUMER STAPLES | 50,275 | ||
ENERGY - 8.6% | |||
Energy Equipment & Services - 1.8% | |||
Expro Group Holdings NV (b) | 764,000 | 12,675 | |
Valaris Ltd. (b) | 223,000 | 12,874 | |
25,549 | |||
Oil, Gas & Consumable Fuels - 6.8% | |||
Antero Resources Corp. (b) | 586,400 | 11,968 | |
Canadian Natural Resources Ltd. | 591,300 | 31,853 | |
Hess Corp. | 199,100 | 25,220 | |
Targa Resources Corp. | 190,400 | 12,957 | |
Tourmaline Oil Corp. (c) | 310,500 | 12,980 | |
94,978 | |||
TOTAL ENERGY | 120,527 | ||
FINANCIALS - 18.7% | |||
Banks - 4.3% | |||
East West Bancorp, Inc. | 329,100 | 15,747 | |
First Citizens Bancshares, Inc. (c) | 23,700 | 29,559 | |
Popular, Inc. | 161,200 | 9,217 | |
U.S. Bancorp | 191,000 | 5,711 | |
60,234 | |||
Capital Markets - 3.1% | |||
Ameriprise Financial, Inc. | 61,000 | 18,207 | |
LPL Financial | 92,600 | 18,037 | |
Raymond James Financial, Inc. | 86,600 | 7,824 | |
44,068 | |||
Consumer Finance - 2.8% | |||
OneMain Holdings, Inc. | 309,573 | 11,720 | |
PROG Holdings, Inc. (b) | 274,952 | 8,972 | |
SLM Corp. | 1,185,984 | 18,098 | |
38,790 | |||
Financial Services - 3.7% | |||
Apollo Global Management, Inc. | 302,200 | 20,202 | |
Global Payments, Inc. | 170,900 | 16,695 | |
Walker & Dunlop, Inc. | 207,400 | 15,180 | |
52,077 | |||
Insurance - 4.8% | |||
American Financial Group, Inc. | 136,500 | 15,325 | |
Assurant, Inc. | 126,700 | 15,203 | |
First American Financial Corp. | 197,500 | 10,849 | |
Reinsurance Group of America, Inc. | 64,150 | 8,981 | |
The Travelers Companies, Inc. | 104,500 | 17,686 | |
68,044 | |||
TOTAL FINANCIALS | 263,213 | ||
HEALTH CARE - 5.5% | |||
Health Care Providers & Services - 4.6% | |||
AdaptHealth Corp. (b) | 597,600 | 6,263 | |
Centene Corp. (b) | 379,200 | 23,666 | |
Cigna Group | 89,700 | 22,193 | |
Tenet Healthcare Corp. (b) | 175,500 | 12,496 | |
64,618 | |||
Pharmaceuticals - 0.9% | |||
Jazz Pharmaceuticals PLC (b) | 103,400 | 13,252 | |
TOTAL HEALTH CARE | 77,870 | ||
INDUSTRIALS - 17.9% | |||
Air Freight & Logistics - 1.1% | |||
FedEx Corp. | 70,700 | 15,411 | |
Building Products - 1.8% | |||
Builders FirstSource, Inc. (b) | 213,300 | 24,732 | |
Commercial Services & Supplies - 1.1% | |||
The Brink's Co. | 228,800 | 15,222 | |
Construction & Engineering - 3.9% | |||
Fluor Corp. (b)(c) | 442,100 | 11,742 | |
Granite Construction, Inc. | 243,600 | 8,816 | |
MDU Resources Group, Inc. (c) | 526,600 | 15,366 | |
Willscot Mobile Mini Holdings (b) | 450,900 | 19,425 | |
55,349 | |||
Electrical Equipment - 1.9% | |||
Regal Rexnord Corp. | 126,100 | 16,379 | |
Sensata Technologies, Inc. PLC | 257,900 | 10,708 | |
27,087 | |||
Ground Transportation - 3.6% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 106,800 | 5,873 | |
TFI International, Inc. (Canada) | 123,500 | 13,010 | |
U-Haul Holding Co. (non-vtg.) | 241,800 | 11,193 | |
XPO, Inc. (b) | 431,600 | 20,255 | |
50,331 | |||
Machinery - 3.2% | |||
Allison Transmission Holdings, Inc. | 269,800 | 12,762 | |
Chart Industries, Inc. (b) | 46,400 | 5,091 | |
Flowserve Corp. | 223,396 | 7,272 | |
Kennametal, Inc. (c) | 569,400 | 14,189 | |
Timken Co. | 76,500 | 5,474 | |
44,788 | |||
Professional Services - 0.8% | |||
Manpower, Inc. | 163,500 | 11,473 | |
Trading Companies & Distributors - 0.5% | |||
Beacon Roofing Supply, Inc. (b) | 119,500 | 7,641 | |
TOTAL INDUSTRIALS | 252,034 | ||
INFORMATION TECHNOLOGY - 6.0% | |||
Communications Equipment - 1.4% | |||
Lumentum Holdings, Inc. (b) | 371,200 | 19,636 | |
Electronic Equipment, Instruments & Components - 3.0% | |||
Coherent Corp. (b)(c) | 178,400 | 6,594 | |
Flex Ltd. (b) | 901,100 | 22,879 | |
Vontier Corp. | 431,200 | 12,781 | |
42,254 | |||
Semiconductors & Semiconductor Equipment - 0.6% | |||
Skyworks Solutions, Inc. | 84,000 | 8,695 | |
Software - 1.0% | |||
NCR Corp. (b) | 597,800 | 14,168 | |
TOTAL INFORMATION TECHNOLOGY | 84,753 | ||
MATERIALS - 10.4% | |||
Chemicals - 5.6% | |||
Axalta Coating Systems Ltd. (b) | 424,800 | 12,323 | |
Celanese Corp. Class A | 125,700 | 13,075 | |
Methanex Corp. | 309,600 | 12,653 | |
Olin Corp. | 279,183 | 13,208 | |
The Chemours Co. LLC | 376,400 | 9,971 | |
Tronox Holdings PLC | 544,400 | 5,792 | |
Westlake Corp. (c) | 110,100 | 11,445 | |
78,467 | |||
Containers & Packaging - 2.3% | |||
Crown Holdings, Inc. | 161,554 | 12,315 | |
O-I Glass, Inc. (b) | 510,800 | 10,584 | |
WestRock Co. | 326,700 | 9,151 | |
32,050 | |||
Metals & Mining - 1.5% | |||
Constellium NV (b) | 842,500 | 12,553 | |
Freeport-McMoRan, Inc. | 266,400 | 9,148 | |
21,701 | |||
Paper & Forest Products - 1.0% | |||
Louisiana-Pacific Corp. | 252,800 | 14,794 | |
TOTAL MATERIALS | 147,012 | ||
REAL ESTATE - 8.0% | |||
Equity Real Estate Investment Trusts (REITs) - 6.6% | |||
CubeSmart | 402,700 | 17,896 | |
Equity Lifestyle Properties, Inc. | 230,500 | 14,561 | |
Essex Property Trust, Inc. | 75,800 | 16,377 | |
Prologis (REIT), Inc. | 131,537 | 16,383 | |
Welltower, Inc. | 370,100 | 27,613 | |
92,830 | |||
Real Estate Management & Development - 1.4% | |||
Jones Lang LaSalle, Inc. (b) | 139,100 | 19,521 | |
TOTAL REAL ESTATE | 112,351 | ||
UTILITIES - 8.2% | |||
Electric Utilities - 6.5% | |||
Constellation Energy Corp. | 289,000 | 24,282 | |
Edison International | 239,800 | 16,191 | |
Evergy, Inc. | 193,600 | 11,200 | |
PG&E Corp. (b) | 1,707,700 | 28,928 | |
Southern Co. | 153,100 | 10,679 | |
91,280 | |||
Independent Power and Renewable Electricity Producers - 1.7% | |||
The AES Corp. | 711,800 | 14,051 | |
Vistra Corp. | 448,700 | 10,755 | |
24,806 | |||
TOTAL UTILITIES | 116,086 | ||
TOTAL COMMON STOCKS (Cost $1,234,956) | 1,388,887 | ||
Money Market Funds - 7.2% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.14% (d) | 20,336,465 | 20,341 | |
Fidelity Securities Lending Cash Central Fund 5.14% (d)(e) | 81,499,925 | 81,508 | |
TOTAL MONEY MARKET FUNDS (Cost $101,849) | 101,849 | ||
TOTAL INVESTMENT IN SECURITIES - 105.8% (Cost $1,336,805) | 1,490,736 |
NET OTHER ASSETS (LIABILITIES) - (5.8)% | (82,119) |
NET ASSETS - 100.0% | 1,408,617 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,287,000 or 0.9% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 1,324 | 185,916 | 166,899 | 461 | - | - | 20,341 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 51,754 | 296,792 | 267,038 | 59 | - | - | 81,508 | 0.3% |
Total | 53,078 | 482,708 | 433,937 | 520 | - | - | 101,849 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 18,690 | 18,690 | - | - |
Consumer Discretionary | 146,076 | 146,076 | - | - |
Consumer Staples | 50,275 | 50,275 | - | - |
Energy | 120,527 | 120,527 | - | - |
Financials | 263,213 | 263,213 | - | - |
Health Care | 77,870 | 77,870 | - | - |
Industrials | 252,034 | 252,034 | - | - |
Information Technology | 84,753 | 84,753 | - | - |
Materials | 147,012 | 147,012 | - | - |
Real Estate | 112,351 | 112,351 | - | - |
Utilities | 116,086 | 116,086 | - | - |
Money Market Funds | 101,849 | 101,849 | - | - |
Total Investments in Securities: | 1,490,736 | 1,490,736 | - | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $77,506) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,234,956) | $ | 1,388,887 | ||
Fidelity Central Funds (cost $101,849) | 101,849 | |||
Total Investment in Securities (cost $1,336,805) | $ | 1,490,736 | ||
Receivable for investments sold | 514 | |||
Receivable for fund shares sold | 831 | |||
Dividends receivable | 1,389 | |||
Distributions receivable from Fidelity Central Funds | 75 | |||
Other receivables | 57 | |||
Total assets | 1,493,602 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 2,188 | ||
Accrued management fee | 841 | |||
Distribution and service plan fees payable | 167 | |||
Other affiliated payables | 241 | |||
Other payables and accrued expenses | 40 | |||
Collateral on securities loaned | 81,508 | |||
Total Liabilities | 84,985 | |||
Net Assets | $ | 1,408,617 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,252,732 | ||
Total accumulated earnings (loss) | 155,885 | |||
Net Assets | $ | 1,408,617 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($296,820 ÷ 7,909 shares) (a) | $ | 37.53 | ||
Maximum offering price per share (100/94.25 of $37.53) | $ | 39.82 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($208,908 ÷ 5,179 shares) (a) | $ | 40.34 | ||
Maximum offering price per share (100/96.50 of $40.34) | $ | 41.80 | ||
Class C : | ||||
Net Asset Value and offering price per share ($16,498 ÷ 536 shares) (a)(b) | $ | 30.77 | ||
Fidelity Value Strategies Fund : | ||||
Net Asset Value , offering price and redemption price per share ($501,751 ÷ 10,840 shares) | $ | 46.29 | ||
Class K : | ||||
Net Asset Value , offering price and redemption price per share ($54,661 ÷ 1,183 shares) (b) | $ | 46.22 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($329,979 ÷ 7,769 shares) | $ | 42.47 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 12,019 | ||
Income from Fidelity Central Funds (including $59 from security lending) | 520 | |||
Total Income | 12,539 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 4,035 | ||
Performance adjustment | 1,187 | |||
Transfer agent fees | 1,274 | |||
Distribution and service plan fees | 1,032 | |||
Accounting fees | 213 | |||
Custodian fees and expenses | 15 | |||
Independent trustees' fees and expenses | 5 | |||
Registration fees | 90 | |||
Audit | 35 | |||
Legal | 3 | |||
Interest | 13 | |||
Miscellaneous | 3 | |||
Total expenses before reductions | 7,905 | |||
Expense reductions | (36) | |||
Total expenses after reductions | 7,869 | |||
Net Investment income (loss) | 4,670 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 713 | |||
Foreign currency transactions | 8 | |||
Total net realized gain (loss) | 721 | |||
Change in net unrealized appreciation (depreciation) on investment securities | (114,406) | |||
Net gain (loss) | (113,685) | |||
Net increase (decrease) in net assets resulting from operations | $ | (109,015) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,670 | $ | 10,616 |
Net realized gain (loss) | 721 | 32,400 | ||
Change in net unrealized appreciation (depreciation) | (114,406) | 24,245 | ||
Net increase (decrease) in net assets resulting from operations | (109,015) | 67,261 | ||
Distributions to shareholders | (32,384) | (104,569) | ||
Share transactions - net increase (decrease) | 3,458 | 256,598 | ||
Total increase (decrease) in net assets | (137,941) | 219,290 | ||
Net Assets | ||||
Beginning of period | 1,546,558 | 1,327,268 | ||
End of period | $ | 1,408,617 | $ | 1,546,558 |
Fidelity Advisor® Value Strategies Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 41.23 | $ | 42.62 | $ | 32.58 | $ | 33.23 | $ | 33.48 | $ | 38.91 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .09 | .24 | .37 C | .29 | .42 D | .35 | ||||||
Net realized and unrealized gain (loss) | (2.86) | 2.05 | 9.96 | .87 | 3.66 | (2.50) | ||||||
Total from investment operations | (2.77) | 2.29 | 10.33 | 1.16 | 4.08 | (2.15) | ||||||
Distributions from net investment income | (.27) | (.39) | (.29) | (.46) E | (.29) | (.51) | ||||||
Distributions from net realized gain | (.65) | (3.29) | - | (1.34) E | (4.04) | (2.77) | ||||||
Total distributions | (.93) F | (3.68) | (.29) | (1.81) F | (4.33) | (3.28) | ||||||
Net asset value, end of period | $ | 37.53 | $ | 41.23 | $ | 42.62 | $ | 32.58 | $ | 33.23 | $ | 33.48 |
Total Return G,H,I | (6.77)% | 5.18% | 31.91% | 3.53% | 16.34% | (6.16)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | 1.16% L | 1.14% | 1.13% | 1.03% | 1.02% | .91% | ||||||
Expenses net of fee waivers, if any | 1.15% L | 1.13% | 1.13% | 1.02% | 1.02% | .91% | ||||||
Expenses net of all reductions | 1.15% L | 1.13% | 1.13% | 1.01% | 1.01% | .90% | ||||||
Net investment income (loss) | .48% L | .61% | .90% C | 1.03% | 1.39% D | .98% M | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 297 | $ | 318 | $ | 254 | $ | 191 | $ | 204 | $ | 175 |
Portfolio turnover rate N | 62% L | 46% | 53% | 72% | 66% | 72% |
Fidelity Advisor® Value Strategies Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 44.16 | $ | 45.37 | $ | 34.67 | $ | 35.23 | $ | 35.16 | $ | 40.69 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .05 | .16 | .29 C | .24 | .37 D | .28 | ||||||
Net realized and unrealized gain (loss) | (3.08) | 2.17 | 10.61 | .92 | 3.93 | (2.63) | ||||||
Total from investment operations | (3.03) | 2.33 | 10.90 | 1.16 | 4.30 | (2.35) | ||||||
Distributions from net investment income | (.14) | (.25) | (.20) | (.37) E | (.19) | (.41) | ||||||
Distributions from net realized gain | (.65) | (3.29) | - | (1.34) E | (4.04) | (2.77) | ||||||
Total distributions | (.79) | (3.54) | (.20) | (1.72) F | (4.23) | (3.18) | ||||||
Net asset value, end of period | $ | 40.34 | $ | 44.16 | $ | 45.37 | $ | 34.67 | $ | 35.23 | $ | 35.16 |
Total Return G,H,I | (6.89)% | 4.95% | 31.59% | 3.32% | 16.07% | (6.38)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | 1.40% L | 1.37% | 1.37% | 1.25% | 1.25% | 1.14% | ||||||
Expenses net of fee waivers, if any | 1.39% L | 1.37% | 1.37% | 1.25% | 1.24% | 1.14% | ||||||
Expenses net of all reductions | 1.39% L | 1.37% | 1.37% | 1.24% | 1.24% | 1.13% | ||||||
Net investment income (loss) | .24% L | .37% | .66% C | .81% | 1.16% D | .75% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 209 | $ | 231 | $ | 237 | $ | 204 | $ | 234 | $ | 225 |
Portfolio turnover rate M | 62% L | 46% | 53% | 72% | 66% | 72% |
Fidelity Advisor® Value Strategies Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 33.87 | $ | 35.64 | $ | 27.33 | $ | 28.07 | $ | 28.95 | $ | 34.09 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.05) | (.06) | .04 C | .05 | .15 D | .06 | ||||||
Net realized and unrealized gain (loss) | (2.35) | 1.72 | 8.37 | .71 | 3.04 | (2.16) | ||||||
Total from investment operations | (2.40) | 1.66 | 8.41 | .76 | 3.19 | (2.10) | ||||||
Distributions from net investment income | (.05) | (.14) | (.10) | (.16) E | (.03) | (.27) | ||||||
Distributions from net realized gain | (.65) | (3.29) | - | (1.34) E | (4.04) | (2.77) | ||||||
Total distributions | (.70) | (3.43) | (.10) | (1.50) | (4.07) | (3.04) | ||||||
Net asset value, end of period | $ | 30.77 | $ | 33.87 | $ | 35.64 | $ | 27.33 | $ | 28.07 | $ | 28.95 |
Total Return F,G,H | (7.13)% | 4.37% | 30.84% | 2.73% | 15.41% | (6.89)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.94% K | 1.92% | 1.92% | 1.83% | 1.82% | 1.68% | ||||||
Expenses net of fee waivers, if any | 1.93% K | 1.91% | 1.91% | 1.83% | 1.82% | 1.68% | ||||||
Expenses net of all reductions | 1.93% K | 1.91% | 1.91% | 1.82% | 1.82% | 1.67% | ||||||
Net investment income (loss) | (.30)% K | (.17)% | .11% C | .23% | .58% D | .21% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 16 | $ | 18 | $ | 14 | $ | 11 | $ | 14 | $ | 34 |
Portfolio turnover rate L | 62% K | 46% | 53% | 72% | 66% | 72% |
Fidelity® Value Strategies Fund |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 50.65 | $ | 51.53 | $ | 39.30 | $ | 39.68 | $ | 39.04 | $ | 44.81 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .18 | .43 | .58 C | .43 | .60 D | .52 | ||||||
Net realized and unrealized gain (loss) | (3.54) | 2.47 | 12.00 | 1.07 | 4.46 | (2.92) | ||||||
Total from investment operations | (3.36) | 2.90 | 12.58 | 1.50 | 5.06 | (2.40) | ||||||
Distributions from net investment income | (.35) | (.49) | (.35) | (.54) E | (.38) | (.61) | ||||||
Distributions from net realized gain | (.65) | (3.29) | - | (1.34) E | (4.04) | (2.77) | ||||||
Total distributions | (1.00) | (3.78) | (.35) | (1.88) | (4.42) | (3.37) F | ||||||
Net asset value, end of period | $ | 46.29 | $ | 50.65 | $ | 51.53 | $ | 39.30 | $ | 39.68 | $ | 39.04 |
Total Return G,H | (6.66)% | 5.48% | 32.24% | 3.85% | 16.63% | (5.89)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .90% K | .88% | .86% | .76% | .74% | .63% | ||||||
Expenses net of fee waivers, if any | .90% K | .87% | .86% | .76% | .74% | .63% | ||||||
Expenses net of all reductions | .90% K | .87% | .86% | .75% | .74% | .62% | ||||||
Net investment income (loss) | .74% K | .87% | 1.17% C | 1.30% | 1.66% D | 1.26% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 502 | $ | 565 | $ | 513 | $ | 285 | $ | 332 | $ | 324 |
Portfolio turnover rate L | 62% K | 46% | 53% | 72% | 66% | 72% |
Fidelity® Value Strategies Fund Class K |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 50.61 | $ | 51.49 | $ | 39.27 | $ | 39.65 | $ | 39.03 | $ | 44.82 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .21 | .49 | .64 C | .48 | .64 D | .58 | ||||||
Net realized and unrealized gain (loss) | (3.53) | 2.46 | 11.98 | 1.07 | 4.46 | (2.93) | ||||||
Total from investment operations | (3.32) | 2.95 | 12.62 | 1.55 | 5.10 | (2.35) | ||||||
Distributions from net investment income | (.42) | (.54) | (.40) | (.59) E | (.44) | (.67) | ||||||
Distributions from net realized gain | (.65) | (3.29) | - | (1.34) E | (4.04) | (2.77) | ||||||
Total distributions | (1.07) | (3.83) | (.40) | (1.93) | (4.48) | (3.44) | ||||||
Net asset value, end of period | $ | 46.22 | $ | 50.61 | $ | 51.49 | $ | 39.27 | $ | 39.65 | $ | 39.03 |
Total Return F,G | (6.60)% | 5.59% | 32.41% | 3.99% | 16.80% | (5.80)% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .77% J | .75% | .75% | .62% | .61% | .50% | ||||||
Expenses net of fee waivers, if any | .77% J | .75% | .75% | .61% | .61% | .50% | ||||||
Expenses net of all reductions | .77% J | .75% | .75% | .60% | .61% | .49% | ||||||
Net investment income (loss) | .87% J | .99% | 1.28% C | 1.44% | 1.79% D | 1.39% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 55 | $ | 62 | $ | 54 | $ | 37 | $ | 49 | $ | 49 |
Portfolio turnover rate K | 62% J | 46% | 53% | 72% | 66% | 72% |
Fidelity Advisor® Value Strategies Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 46.56 | $ | 47.69 | $ | 36.40 | $ | 36.90 | $ | 36.64 | $ | 42.27 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .16 | .39 | .54 C | .40 | .55 D | .48 | ||||||
Net realized and unrealized gain (loss) | (3.24) | 2.28 | 11.10 | .98 | 4.12 | (2.75) | ||||||
Total from investment operations | (3.08) | 2.67 | 11.64 | 1.38 | 4.67 | (2.27) | ||||||
Distributions from net investment income | (.36) | (.51) | (.35) | (.53) E | (.37) | (.59) | ||||||
Distributions from net realized gain | (.65) | (3.29) | - | (1.34) E | (4.04) | (2.77) | ||||||
Total distributions | (1.01) | (3.80) | (.35) | (1.88) F | (4.41) | (3.36) | ||||||
Net asset value, end of period | $ | 42.47 | $ | 46.56 | $ | 47.69 | $ | 36.40 | $ | 36.90 | $ | 36.64 |
Total Return G,H | (6.66)% | 5.44% | 32.23% | 3.80% | 16.64% | (5.95)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .91% K | .89% | .88% | .78% | .78% | .67% | ||||||
Expenses net of fee waivers, if any | .90% K | .88% | .88% | .78% | .78% | .67% | ||||||
Expenses net of all reductions | .90% K | .88% | .88% | .77% | .77% | .66% | ||||||
Net investment income (loss) | .73% K | .86% | 1.15% C | 1.27% | 1.63% D | 1.22% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 330 | $ | 352 | $ | 256 | $ | 61 | $ | 72 | $ | 62 |
Portfolio turnover rate L | 62% K | 46% | 53% | 72% | 66% | 72% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $269,582 |
Gross unrealized depreciation | (118,466) |
Net unrealized appreciation (depreciation) | $151,116 |
Tax cost | $1,339,620 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Value Strategies Fund | 470,761 | 512,092 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $390 | $10 |
Class M | .25% | .25% | 554 | 5 |
Class C | .75% | .25% | 88 | 18 |
$1,032 | $33 |
Retained by FDC | |
Class A | $121 |
Class M | 10 |
Class C A | 7 |
$138 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $275 | .18 |
Class M | 183 | .17 |
Class C | 18 | .20 |
Fidelity Value Strategies Fund | 474 | .17 |
Class K | 17 | .04 |
Class I | 307 | .18 |
$1,274 |
% of Average Net Assets | |
Fidelity Advisor Value Strategies Fund | .03 |
Amount | |
Fidelity Advisor Value Strategies Fund | $8 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Value Strategies Fund | Borrower | $5,685 | 5.07% | $13 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Value Strategies Fund | 22,523 | 36,199 | 4,192 |
Amount | |
Fidelity Advisor Value Strategies Fund | $2 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Value Strategies Fund | $6 | $- | $- |
Expense reduction | |
Class M | $1 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Value Strategies Fund | ||
Distributions to shareholders | ||
Class A | $7,159 | $21,936 |
Class M | 4,122 | 18,416 |
Class C | 374 | 1,360 |
Fidelity Value Strategies Fund | 11,158 | 37,615 |
Class K | 1,988 | 4,029 |
Class I | 7,583 | 21,213 |
Total | $32,384 | $104,569 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Value Strategies Fund | ||||
Class A | ||||
Shares sold | 667 | 2,196 | $26,229 | $89,027 |
Reinvestment of distributions | 158 | 488 | 6,023 | 20,592 |
Shares redeemed | (623) | (926) | (24,345) | (36,950) |
Net increase (decrease) | 202 | 1,758 | $7,907 | $72,669 |
Class M | ||||
Shares sold | 140 | 311 | $5,936 | $13,538 |
Reinvestment of distributions | 93 | 374 | 3,805 | 16,915 |
Shares redeemed | (296) | (668) | (12,530) | (28,828) |
Net increase (decrease) | (63) | 17 | $(2,789) | $1,625 |
Class C | ||||
Shares sold | 66 | 242 | $2,144 | $8,153 |
Reinvestment of distributions | 11 | 38 | 360 | 1,324 |
Shares redeemed | (75) | (141) | (2,408) | (4,671) |
Net increase (decrease) | 2 | 139 | $96 | $4,806 |
Fidelity Value Strategies Fund | ||||
Shares sold | 1,747 | 4,143 | $86,537 | $207,243 |
Reinvestment of distributions | 219 | 684 | 10,304 | 35,310 |
Shares redeemed | (2,283) | (3,616) | (108,828) | (176,732) |
Net increase (decrease) | (317) | 1,211 | $(11,987) | $65,821 |
Class K | ||||
Shares sold | 958 | 569 | $47,002 | $28,021 |
Reinvestment of distributions | 42 | 78 | 1,988 | 4,029 |
Shares redeemed | (1,036) | (485) | (48,744) | (23,528) |
Net increase (decrease) | (36) | 162 | $246 | $8,522 |
Class I | ||||
Shares sold | 1,708 | 4,791 | $76,698 | $217,077 |
Reinvestment of distributions | 166 | 430 | 7,191 | 20,448 |
Shares redeemed | (1,674) | (3,013) | (73,904) | (134,370) |
Net increase (decrease) | 200 | 2,208 | $9,985 | $103,155 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Value Strategies Fund | ||||||||||
Class A | 1.15% | |||||||||
Actual | $ 1,000 | $ 932.30 | $ 5.54 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.20 | $ 5.79 | |||||||
Class M | 1.39% | |||||||||
Actual | $ 1,000 | $ 931.10 | $ 6.69 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.00 | $ 6.99 | |||||||
Class C | 1.93% | |||||||||
Actual | $ 1,000 | $ 928.70 | $ 9.28 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.31 | $ 9.70 | |||||||
Fidelity® Value Strategies Fund | .90% | |||||||||
Actual | $ 1,000 | $ 933.40 | $ 4.34 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.44 | $ 4.53 | |||||||
Class K | .77% | |||||||||
Actual | $ 1,000 | $ 934.00 | $ 3.71 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.09 | $ 3.88 | |||||||
Class I | .90% | |||||||||
Actual | $ 1,000 | $ 933.40 | $ 4.34 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.44 | $ 4.53 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 12.4 | |
NVIDIA Corp. | 6.9 | |
Alphabet, Inc. Class A | 5.3 | |
Apple, Inc. | 4.1 | |
Uber Technologies, Inc. | 3.2 | |
Amazon.com, Inc. | 3.2 | |
UnitedHealth Group, Inc. | 2.4 | |
Vertex Pharmaceuticals, Inc. | 2.2 | |
Eli Lilly & Co. | 2.0 | |
CME Group, Inc. | 1.8 | |
43.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 37.3 | |
Health Care | 16.9 | |
Industrials | 12.6 | |
Consumer Discretionary | 10.9 | |
Communication Services | 9.5 | |
Financials | 6.2 | |
Energy | 4.1 | |
Consumer Staples | 1.4 | |
Materials | 0.5 | |
Utilities | 0.0 | |
Real Estate | 0.0 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.1% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 9.5% | |||
Entertainment - 4.0% | |||
Netflix, Inc. (a) | 35,044 | 13,850,440 | |
Universal Music Group NV (b) | 775,853 | 15,390,637 | |
Universal Music Group NV rights (a) | 855,819 | 246,992 | |
Warner Music Group Corp. Class A | 380,326 | 9,298,971 | |
38,787,040 | |||
Interactive Media & Services - 5.5% | |||
Alphabet, Inc. Class A (a) | 424,352 | 52,140,130 | |
Bumble, Inc. (a) | 70,835 | 1,083,776 | |
Epic Games, Inc. (a)(c)(d) | 805 | 566,688 | |
53,790,594 | |||
Media - 0.0% | |||
Innovid Corp. (a) | 59,313 | 73,548 | |
TOTAL COMMUNICATION SERVICES | 92,651,182 | ||
CONSUMER DISCRETIONARY - 10.9% | |||
Automobile Components - 0.0% | |||
Mobileye Global, Inc. (e) | 5,909 | 263,364 | |
Automobiles - 1.1% | |||
BYD Co. Ltd. (H Shares) | 149,500 | 4,514,523 | |
Ferrari NV | 23,469 | 6,727,858 | |
XPeng, Inc. ADR (a)(e) | 4,400 | 34,672 | |
11,277,053 | |||
Broadline Retail - 4.2% | |||
Amazon.com, Inc. (a) | 257,498 | 31,049,109 | |
Dollarama, Inc. | 9,283 | 564,707 | |
MercadoLibre, Inc. (a) | 7,463 | 9,246,657 | |
40,860,473 | |||
Diversified Consumer Services - 0.2% | |||
Laureate Education, Inc. Class A | 201,933 | 2,443,389 | |
Hotels, Restaurants & Leisure - 2.3% | |||
Airbnb, Inc. Class A (a) | 59,416 | 6,522,094 | |
Booking Holdings, Inc. (a) | 2,037 | 5,110,364 | |
Flutter Entertainment PLC (a) | 48,986 | 9,588,301 | |
Kura Sushi U.S.A., Inc. Class A (a) | 16,471 | 1,342,222 | |
22,562,981 | |||
Specialty Retail - 1.9% | |||
Five Below, Inc. (a) | 40,079 | 6,914,429 | |
RH (a) | 6,389 | 1,565,177 | |
TJX Companies, Inc. | 127,975 | 9,827,200 | |
18,306,806 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Compagnie Financiere Richemont SA Series A | 1,274 | 202,841 | |
LVMH Moet Hennessy Louis Vuitton SE | 7,452 | 6,515,494 | |
On Holding AG (a) | 2,600 | 71,370 | |
Samsonite International SA (a)(f) | 1,900,548 | 4,825,124 | |
11,614,829 | |||
TOTAL CONSUMER DISCRETIONARY | 107,328,895 | ||
CONSUMER STAPLES - 1.4% | |||
Beverages - 1.4% | |||
Boston Beer Co., Inc. Class A (a) | 9,880 | 3,334,500 | |
Monster Beverage Corp. | 170,209 | 9,977,652 | |
13,312,152 | |||
ENERGY - 4.1% | |||
Energy Equipment & Services - 0.4% | |||
Baker Hughes Co. Class A | 157,994 | 4,305,337 | |
Oil, Gas & Consumable Fuels - 3.7% | |||
Cheniere Energy, Inc. | 96,600 | 13,501,782 | |
Denbury, Inc. (a) | 21,200 | 1,911,604 | |
New Fortress Energy, Inc. | 70,195 | 1,844,023 | |
Range Resources Corp. | 156,168 | 4,274,318 | |
Reliance Industries Ltd. | 476,053 | 14,219,414 | |
35,751,141 | |||
TOTAL ENERGY | 40,056,478 | ||
FINANCIALS - 6.2% | |||
Banks - 0.1% | |||
HDFC Bank Ltd. | 25,592 | 497,201 | |
Capital Markets - 1.8% | |||
CME Group, Inc. | 101,296 | 18,106,660 | |
Financial Services - 2.5% | |||
Block, Inc. Class A (a) | 82,474 | 4,980,605 | |
MasterCard, Inc. Class A | 48,051 | 17,539,576 | |
One97 Communications Ltd. (a) | 93,600 | 789,357 | |
Rocket Companies, Inc. (a)(e) | 155,554 | 1,247,543 | |
24,557,081 | |||
Insurance - 1.8% | |||
American Financial Group, Inc. | 35,842 | 4,023,981 | |
Arthur J. Gallagher & Co. | 38,984 | 7,809,665 | |
BRP Group, Inc. (a) | 74,663 | 1,497,740 | |
Marsh & McLennan Companies, Inc. | 23,841 | 4,128,784 | |
17,460,170 | |||
TOTAL FINANCIALS | 60,621,112 | ||
HEALTH CARE - 16.9% | |||
Biotechnology - 6.7% | |||
2seventy bio, Inc. (a)(e) | 11,500 | 136,965 | |
Adamas Pharmaceuticals, Inc.: | |||
rights (a)(d) | 220,830 | 55,208 | |
rights (a)(d) | 220,830 | 24,291 | |
Affimed NV (a) | 69,014 | 60,712 | |
Alnylam Pharmaceuticals, Inc. (a) | 29,839 | 5,520,513 | |
Applied Therapeutics, Inc. (a) | 4,900 | 6,321 | |
Arcellx, Inc. (a) | 6,279 | 277,218 | |
Beam Therapeutics, Inc. (a) | 5,476 | 174,684 | |
Biogen, Inc. (a) | 19,498 | 5,779,402 | |
Cytokinetics, Inc. (a) | 21,159 | 797,483 | |
Evelo Biosciences, Inc. (a)(e) | 61,000 | 8,327 | |
Galapagos NV sponsored ADR (a) | 59,305 | 2,452,855 | |
Gamida Cell Ltd. (a) | 321,345 | 674,825 | |
Gamida Cell Ltd. warrants 4/21/28 (a) | 59,930 | 74,872 | |
Genmab A/S (a) | 4,400 | 1,721,057 | |
Hookipa Pharma, Inc. (a) | 134,300 | 175,933 | |
Immunocore Holdings PLC ADR (a) | 20,086 | 1,108,345 | |
Insmed, Inc. (a) | 97,746 | 1,860,106 | |
Legend Biotech Corp. ADR (a) | 29,727 | 1,907,582 | |
Prelude Therapeutics, Inc. (a) | 4,000 | 22,320 | |
Regeneron Pharmaceuticals, Inc. (a) | 11,220 | 8,252,983 | |
Repligen Corp. (a) | 13,268 | 2,227,963 | |
Rubius Therapeutics, Inc. (a)(e) | 28,487 | 530 | |
Seagen, Inc. (a) | 45,409 | 8,886,541 | |
Seres Therapeutics, Inc. (a) | 54,600 | 270,270 | |
Synlogic, Inc. (a) | 159,700 | 83,843 | |
Vertex Pharmaceuticals, Inc. (a) | 66,147 | 21,403,185 | |
Vor Biopharma, Inc. (a) | 80,031 | 376,146 | |
XOMA Corp. (a) | 47,918 | 814,606 | |
65,155,086 | |||
Health Care Equipment & Supplies - 1.6% | |||
Boston Scientific Corp. (a) | 250,614 | 12,901,609 | |
Insulet Corp. (a) | 856 | 234,758 | |
Penumbra, Inc. (a) | 7,127 | 2,190,412 | |
15,326,779 | |||
Health Care Providers & Services - 3.2% | |||
HealthEquity, Inc. (a) | 148,695 | 8,148,486 | |
Option Care Health, Inc. (a) | 7,150 | 196,983 | |
UnitedHealth Group, Inc. | 47,014 | 22,907,101 | |
31,252,570 | |||
Health Care Technology - 0.4% | |||
Certara, Inc. (a)(e) | 83,651 | 1,738,268 | |
Evolent Health, Inc. (c) | 53,800 | 1,489,345 | |
Simulations Plus, Inc. (e) | 13,667 | 603,945 | |
3,831,558 | |||
Life Sciences Tools & Services - 2.2% | |||
Bio-Techne Corp. | 29,159 | 2,384,915 | |
Bruker Corp. | 68,439 | 4,729,135 | |
Charles River Laboratories International, Inc. (a) | 16,676 | 3,224,805 | |
Codexis, Inc. (a) | 54,901 | 121,331 | |
Danaher Corp. | 20,056 | 4,605,259 | |
Nanostring Technologies, Inc. (a) | 14,449 | 85,105 | |
Sartorius Stedim Biotech | 7,783 | 2,043,207 | |
Thermo Fisher Scientific, Inc. | 8,972 | 4,561,903 | |
21,755,660 | |||
Pharmaceuticals - 2.8% | |||
Aclaris Therapeutics, Inc. (a) | 19,377 | 161,798 | |
AstraZeneca PLC sponsored ADR | 84,328 | 6,162,690 | |
Eli Lilly & Co. | 44,578 | 19,144,468 | |
Nuvation Bio, Inc. (a) | 41,625 | 67,433 | |
Revance Therapeutics, Inc. (a) | 77,992 | 2,383,436 | |
27,919,825 | |||
TOTAL HEALTH CARE | 165,241,478 | ||
INDUSTRIALS - 12.6% | |||
Aerospace & Defense - 1.5% | |||
Axon Enterprise, Inc. (a) | 13,460 | 2,596,569 | |
Spirit AeroSystems Holdings, Inc. Class A (e) | 153,341 | 4,077,337 | |
The Boeing Co. (a) | 38,905 | 8,002,759 | |
14,676,665 | |||
Electrical Equipment - 1.7% | |||
AMETEK, Inc. | 21,901 | 3,177,178 | |
Bloom Energy Corp. Class A (a)(e) | 15,666 | 214,938 | |
Eaton Corp. PLC | 14,724 | 2,589,952 | |
Hubbell, Inc. Class B | 8,301 | 2,344,700 | |
Rockwell Automation, Inc. | 28,463 | 7,929,792 | |
16,256,560 | |||
Ground Transportation - 3.2% | |||
Uber Technologies, Inc. (a) | 833,630 | 31,619,586 | |
Industrial Conglomerates - 1.4% | |||
General Electric Co. | 138,196 | 14,031,040 | |
Machinery - 1.7% | |||
Energy Recovery, Inc. (a) | 29,770 | 708,824 | |
Ingersoll Rand, Inc. | 159,657 | 9,046,166 | |
Parker Hannifin Corp. | 14,089 | 4,514,679 | |
Westinghouse Air Brake Tech Co. | 25,451 | 2,357,526 | |
16,627,195 | |||
Passenger Airlines - 0.5% | |||
Ryanair Holdings PLC sponsored ADR (a) | 50,065 | 5,260,830 | |
Professional Services - 1.7% | |||
Equifax, Inc. | 15,825 | 3,301,412 | |
KBR, Inc. | 188,994 | 11,154,426 | |
TransUnion Holding Co., Inc. | 32,084 | 2,309,406 | |
16,765,244 | |||
Trading Companies & Distributors - 0.9% | |||
Ferguson PLC | 57,827 | 8,398,282 | |
TOTAL INDUSTRIALS | 123,635,402 | ||
INFORMATION TECHNOLOGY - 37.3% | |||
Electronic Equipment, Instruments & Components - 1.2% | |||
Flex Ltd. (a) | 261,131 | 6,630,116 | |
Jabil, Inc. | 54,278 | 4,858,967 | |
11,489,083 | |||
IT Services - 1.7% | |||
Cloudflare, Inc. (a) | 29,775 | 2,059,239 | |
Gartner, Inc. (a) | 6,067 | 2,080,132 | |
MongoDB, Inc. Class A (a) | 30,242 | 8,884,797 | |
Shopify, Inc. Class A (a) | 65,740 | 3,759,671 | |
16,783,839 | |||
Semiconductors & Semiconductor Equipment - 13.5% | |||
Aixtron AG | 101,664 | 3,152,478 | |
Allegro MicroSystems LLC (a) | 38,050 | 1,496,507 | |
ASML Holding NV (depository receipt) | 7,904 | 5,714,039 | |
BE Semiconductor Industries NV | 50,278 | 5,538,129 | |
eMemory Technology, Inc. | 5,992 | 358,919 | |
Enphase Energy, Inc. (a) | 19,090 | 3,319,369 | |
KLA Corp. | 12,788 | 5,664,956 | |
Marvell Technology, Inc. | 39,622 | 2,317,491 | |
Monolithic Power Systems, Inc. | 6,296 | 3,084,473 | |
NVIDIA Corp. | 178,238 | 67,434,565 | |
NXP Semiconductors NV | 42,246 | 7,566,259 | |
Silicon Laboratories, Inc. (a) | 1,800 | 253,206 | |
SiTime Corp. (a) | 41,086 | 4,074,499 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 171,696 | 16,927,509 | |
Universal Display Corp. | 37,332 | 5,500,124 | |
132,402,523 | |||
Software - 16.8% | |||
Confluent, Inc. (a) | 174,598 | 5,541,741 | |
Elastic NV (a) | 988 | 71,946 | |
HashiCorp, Inc. (a) | 74,228 | 2,548,990 | |
HubSpot, Inc. (a) | 14,553 | 7,538,308 | |
Manhattan Associates, Inc. (a) | 35,620 | 6,462,180 | |
Microsoft Corp. | 371,118 | 121,871,430 | |
NICE Ltd. sponsored ADR (a) | 8,300 | 1,709,302 | |
Oracle Corp. | 142,567 | 15,103,548 | |
Palo Alto Networks, Inc. (a) | 1,023 | 218,298 | |
ServiceNow, Inc. (a) | 5,808 | 3,164,082 | |
Volue A/S (a) | 181,855 | 265,078 | |
164,494,903 | |||
Technology Hardware, Storage & Peripherals - 4.1% | |||
Apple, Inc. | 226,184 | 40,091,114 | |
TOTAL INFORMATION TECHNOLOGY | 365,261,462 | ||
MATERIALS - 0.2% | |||
Chemicals - 0.1% | |||
Aspen Aerogels, Inc. (a) | 84,635 | 556,052 | |
Metals & Mining - 0.1% | |||
MP Materials Corp. (a)(e) | 60,705 | 1,257,808 | |
TOTAL MATERIALS | 1,813,860 | ||
REAL ESTATE - 0.0% | |||
Real Estate Management & Development - 0.0% | |||
Doma Holdings, Inc. (a)(c) | 115,014 | 34,297 | |
WeWork, Inc. (a)(e) | 636,976 | 109,114 | |
143,411 | |||
UTILITIES - 0.0% | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Brookfield Renewable Partners LP | 13,809 | 418,689 | |
TOTAL COMMON STOCKS (Cost $621,552,860) | 970,484,121 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(c)(d) | 26,300 | 110,460 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
ASAPP, Inc. Series C (a)(c)(d) | 90,925 | 338,241 | |
MATERIALS - 0.3% | |||
Metals & Mining - 0.3% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (a)(c)(d) | 21,131 | 930,398 | |
Series C3 (a)(c)(d) | 26,414 | 1,163,008 | |
Series C4 (a)(c)(d) | 6,345 | 279,370 | |
Series C5 (a)(c)(d) | 13,150 | 578,995 | |
2,951,771 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,827,365) | 3,400,472 | ||
Money Market Funds - 0.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (g) | 2,243,312 | 2,243,761 | |
Fidelity Securities Lending Cash Central Fund 5.14% (g)(h) | 5,907,765 | 5,908,356 | |
TOTAL MONEY MARKET FUNDS (Cost $8,152,117) | 8,152,117 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $632,532,342) | 982,036,710 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (2,410,419) |
NET ASSETS - 100.0% | 979,626,291 |
(a) | Non-income producing |
(b) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,490,802 or 0.6% of net assets. |
(d) | Level 3 security |
(e) | Security or a portion of the security is on loan at period end. |
(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 $4,825,124 or 0.5% of net assets. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ASAPP, Inc. Series C | 4/30/21 | 599,841 |
Doma Holdings, Inc. | 3/02/21 | 1,150,140 |
ElevateBio LLC Series C | 3/09/21 | 110,329 |
Epic Games, Inc. | 3/29/21 | 712,425 |
Evolent Health, Inc. | 3/28/23 | 1,560,200 |
Illuminated Holdings, Inc. Series C2 | 7/07/20 | 528,275 |
Illuminated Holdings, Inc. Series C3 | 7/07/20 | 792,420 |
Illuminated Holdings, Inc. Series C4 | 1/08/21 | 228,420 |
Illuminated Holdings, Inc. Series C5 | 6/16/21 | 568,080 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 8,265,413 | 187,258,774 | 193,280,426 | 212,948 | - | - | 2,243,761 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 7,581,305 | 75,407,653 | 77,080,602 | 77,836 | - | - | 5,908,356 | 0.0% |
Total | 15,846,718 | 262,666,427 | 270,361,028 | 290,784 | - | - | 8,152,117 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 92,651,182 | 76,446,865 | 15,637,629 | 566,688 |
Consumer Discretionary | 107,328,895 | 96,096,037 | 11,232,858 | - |
Consumer Staples | 13,312,152 | 13,312,152 | - | - |
Energy | 40,056,478 | 40,056,478 | - | - |
Financials | 60,621,112 | 60,123,911 | 497,201 | - |
Health Care | 165,351,938 | 163,597,762 | 1,564,217 | 189,959 |
Industrials | 123,635,402 | 123,635,402 | - | - |
Information Technology | 365,599,703 | 365,261,462 | - | 338,241 |
Materials | 4,765,631 | 1,813,860 | - | 2,951,771 |
Real Estate | 143,411 | 143,411 | - | - |
Utilities | 418,689 | 418,689 | - | - |
Money Market Funds | 8,152,117 | 8,152,117 | - | - |
Total Investments in Securities: | 982,036,710 | 949,058,146 | 28,931,905 | 4,046,659 |
Statement of Assets and Liabilities | ||||
May 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,313,721) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $624,380,225) | $ | 973,884,593 | ||
Fidelity Central Funds (cost $8,152,117) | 8,152,117 | |||
Total Investment in Securities (cost $632,532,342) | $ | 982,036,710 | ||
Foreign currency held at value (cost $2) | 2 | |||
Receivable for investments sold | 76,651,526 | |||
Receivable for fund shares sold | 6,527 | |||
Dividends receivable | 851,709 | |||
Distributions receivable from Fidelity Central Funds | 56,797 | |||
Receivable from investment adviser for expense reductions | 828 | |||
Other receivables | 11,675 | |||
Total assets | 1,059,615,774 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 6,601,446 | ||
Delayed delivery | 246,992 | |||
Payable for fund shares redeemed | 66,645,171 | |||
Other payables and accrued expenses | 588,298 | |||
Collateral on securities loaned | 5,907,576 | |||
Total Liabilities | 79,989,483 | |||
Net Assets | $ | 979,626,291 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 595,831,985 | ||
Total accumulated earnings (loss) | 383,794,306 | |||
Net Assets | $ | 979,626,291 | ||
Net Asset Value , offering price and redemption price per share ($979,626,291 ÷ 70,735,081 shares) | $ | 13.85 |
Statement of Operations | ||||
Six months ended May 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 4,537,592 | ||
Income from Fidelity Central Funds (including $77,836 from security lending) | 290,784 | |||
Total Income | 4,828,376 | |||
Expenses | ||||
Custodian fees and expenses | $ | 21,666 | ||
Independent trustees' fees and expenses | 3,077 | |||
Interest | 5,337 | |||
Miscellaneous | 756 | |||
Total expenses before reductions | 30,836 | |||
Expense reductions | (7,627) | |||
Total expenses after reductions | 23,209 | |||
Net Investment income (loss) | 4,805,167 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $59,039) | 33,875,575 | |||
Foreign currency transactions | 41,861 | |||
Total net realized gain (loss) | 33,917,436 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $267,620) | 47,168,842 | |||
Assets and liabilities in foreign currencies | (36,096) | |||
Total change in net unrealized appreciation (depreciation) | 47,132,746 | |||
Net gain (loss) | 81,050,182 | |||
Net increase (decrease) in net assets resulting from operations | $ | 85,855,349 |
Statement of Changes in Net Assets | ||||
Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,805,167 | $ | 8,320,846 |
Net realized gain (loss) | 33,917,436 | 45,053,325 | ||
Change in net unrealized appreciation (depreciation) | 47,132,746 | (251,222,565) | ||
Net increase (decrease) in net assets resulting from operations | 85,855,349 | (197,848,394) | ||
Distributions to shareholders | (49,123,120) | (197,714,407) | ||
Share transactions | ||||
Proceeds from sales of shares | 84,332,247 | 273,453,496 | ||
Reinvestment of distributions | 49,123,120 | 197,714,406 | ||
Cost of shares redeemed | (172,922,540) | (216,449,387) | ||
Net increase (decrease) in net assets resulting from share transactions | (39,467,173) | 254,718,515 | ||
Total increase (decrease) in net assets | (2,734,944) | (140,844,286) | ||
Net Assets | ||||
Beginning of period | 982,361,235 | 1,123,205,521 | ||
End of period | $ | 979,626,291 | $ | 982,361,235 |
Other Information | ||||
Shares | ||||
Sold | 6,796,159 | 19,207,680 | ||
Issued in reinvestment of distributions | 3,914,193 | 12,026,424 | ||
Redeemed | (13,038,550) | (15,067,731) | ||
Net increase (decrease) | (2,328,198) | 16,166,373 | ||
Fidelity Advisor® Series Equity Growth Fund |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.45 | $ | 19.74 | $ | 19.73 | $ | 15.53 | $ | 14.20 | $ | 15.41 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .06 | .12 | .17 C | .10 | .12 | .13 | ||||||
Net realized and unrealized gain (loss) | 1.02 | (2.96) | 4.20 | 6.02 | 2.33 | 1.05 | ||||||
Total from investment operations | 1.08 | (2.84) | 4.37 | 6.12 | 2.45 | 1.18 | ||||||
Distributions from net investment income | (.11) | (.20) | (.13) | (.13) | (.13) | (.09) | ||||||
Distributions from net realized gain | (.57) | (3.26) | (4.23) | (1.79) | (.99) | (2.30) | ||||||
Total distributions | (.68) | (3.45) D | (4.36) | (1.92) | (1.12) | (2.39) | ||||||
Net asset value, end of period | $ | 13.85 | $ | 13.45 | $ | 19.74 | $ | 19.73 | $ | 15.53 | $ | 14.20 |
Total Return E,F | 8.56% | (17.55)% | 27.43% | 44.43% | 19.73% | 8.96% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .01% I | -% J | .01% | .01% | .01% | .01% | ||||||
Expenses net of fee waivers, if any | -% I,J | -% J | -% J | .01% | .01% | .01% | ||||||
Expenses net of all reductions | -% I,J | -% J | -% J | .01% | .01% | -% J | ||||||
Net investment income (loss) | .97% I | .84% | .95% C | .65% | .84% | .92% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 979,626 | $ | 982,361 | $ | 1,123,206 | $ | 1,007,642 | $ | 977,722 | $ | 947,353 |
Portfolio turnover rate K | 73% I | 49% | 51% | 56% | 52% L | 38% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $381,519,709 |
Gross unrealized depreciation | (33,350,277) |
Net unrealized appreciation (depreciation) | $348,169,432 |
Tax cost | $633,867,278 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Equity Growth Fund | 355,555,973 | 437,624,206 |
Amount | |
Fidelity Advisor Series Equity Growth Fund | $5,350 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Series Equity Growth Fund | Borrower | $ 12,892,000 | 4.97% | $5,337 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Series Equity Growth Fund | 10,870,372 | 21,532,403 | 463,521 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Series Equity Growth Fund | $8,429 | $5,266 | $143,558 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Series Equity Growth Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 1,085.60 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,024.93 | $- E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
A special meeting of shareholders was held on April 19, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | ||
Proposal 1 | ||
To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if, as a result, (a) more than 5% of fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of outstanding voting securities of issuer. | ||
# of Votes | % of Votes | |
Affirmative | 994,977,947.020 | 100.000 |
Against | 0.000 | 0.000 |
Abstain | 0.000 | 0.000 |
TOTAL | 994,977,947.020 | 100.000 |
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.9 | |
UnitedHealth Group, Inc. | 2.7 | |
Visa, Inc. Class A | 2.6 | |
Cigna Group | 1.8 | |
The Boeing Co. | 1.7 | |
Wells Fargo & Co. | 1.6 | |
Allison Transmission Holdings, Inc. | 1.6 | |
MasterCard, Inc. Class A | 1.4 | |
Marvell Technology, Inc. | 1.4 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1.4 | |
24.1 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 19.6 | |
Health Care | 13.8 | |
Financials | 12.7 | |
Industrials | 12.6 | |
Energy | 8.1 | |
Consumer Staples | 7.7 | |
Utilities | 6.7 | |
Materials | 5.5 | |
Communication Services | 5.0 | |
Consumer Discretionary | 4.5 | |
Real Estate | 3.0 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.2% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 5.0% | |||
Diversified Telecommunication Services - 1.1% | |||
Cellnex Telecom SA (a) | 134,800 | 5,462 | |
Verizon Communications, Inc. | 159,000 | 5,665 | |
11,127 | |||
Entertainment - 0.7% | |||
Activision Blizzard, Inc. | 93,600 | 7,507 | |
Interactive Media & Services - 2.2% | |||
Alphabet, Inc. Class A (b) | 92,400 | 11,353 | |
Meta Platforms, Inc. Class A (b) | 45,600 | 12,071 | |
23,424 | |||
Media - 1.0% | |||
Comcast Corp. Class A | 278,150 | 10,945 | |
TOTAL COMMUNICATION SERVICES | 53,003 | ||
CONSUMER DISCRETIONARY - 4.5% | |||
Diversified Consumer Services - 0.7% | |||
H&R Block, Inc. | 255,042 | 7,613 | |
Hotels, Restaurants & Leisure - 2.2% | |||
ARAMARK Holdings Corp. | 125,400 | 4,951 | |
Churchill Downs, Inc. | 21,800 | 2,961 | |
Domino's Pizza, Inc. | 31,600 | 9,159 | |
Hilton Worldwide Holdings, Inc. | 15,400 | 2,096 | |
Restaurant Brands International, Inc. (c) | 60,100 | 4,382 | |
Starbucks Corp. | 100 | 10 | |
23,559 | |||
Household Durables - 0.8% | |||
D.R. Horton, Inc. | 29,700 | 3,173 | |
Lennar Corp. Class A | 38,000 | 4,071 | |
Sony Group Corp. | 16,800 | 1,576 | |
8,820 | |||
Specialty Retail - 0.8% | |||
TJX Companies, Inc. | 62,000 | 4,761 | |
Valvoline, Inc. | 78,500 | 3,022 | |
7,783 | |||
TOTAL CONSUMER DISCRETIONARY | 47,775 | ||
CONSUMER STAPLES - 7.7% | |||
Beverages - 2.5% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 38,500 | 9,354 | |
Keurig Dr. Pepper, Inc. | 350,900 | 10,920 | |
Molson Coors Beverage Co. Class B | 26,500 | 1,639 | |
The Coca-Cola Co. | 84,600 | 5,047 | |
26,960 | |||
Consumer Staples Distribution & Retail - 2.0% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 158,400 | 7,670 | |
Dollar General Corp. | 24,900 | 5,007 | |
Walmart, Inc. | 55,000 | 8,078 | |
20,755 | |||
Food Products - 0.4% | |||
The J.M. Smucker Co. | 27,200 | 3,987 | |
Household Products - 0.8% | |||
Reynolds Consumer Products, Inc. (c) | 327,761 | 8,994 | |
Tobacco - 2.0% | |||
Altria Group, Inc. | 185,073 | 8,221 | |
Philip Morris International, Inc. | 141,500 | 12,736 | |
20,957 | |||
TOTAL CONSUMER STAPLES | 81,653 | ||
ENERGY - 8.1% | |||
Energy Equipment & Services - 0.9% | |||
Baker Hughes Co. Class A | 190,600 | 5,194 | |
Schlumberger Ltd. | 102,700 | 4,399 | |
9,593 | |||
Oil, Gas & Consumable Fuels - 7.2% | |||
ARC Resources Ltd. | 476,100 | 5,738 | |
Arch Resources, Inc. | 70,500 | 7,286 | |
Canadian Natural Resources Ltd. | 127,100 | 6,848 | |
Cheniere Energy, Inc. | 31,700 | 4,431 | |
Cool Co. Ltd. | 268,400 | 3,255 | |
Energy Transfer LP | 1,117,900 | 13,862 | |
Enterprise Products Partners LP | 447,200 | 11,328 | |
Exxon Mobil Corp. | 116,722 | 11,927 | |
Reliance Industries Ltd. GDR (a) | 85,900 | 5,077 | |
Sitio Royalties Corp. | 147,700 | 3,763 | |
Viper Energy Partners LP | 107,453 | 2,770 | |
76,285 | |||
TOTAL ENERGY | 85,878 | ||
FINANCIALS - 12.7% | |||
Banks - 2.8% | |||
Bank of America Corp. | 442,400 | 12,294 | |
Wells Fargo & Co. | 422,590 | 16,823 | |
29,117 | |||
Capital Markets - 1.7% | |||
Brookfield Corp. Class A (c) | 67,700 | 2,034 | |
Intercontinental Exchange, Inc. | 100,700 | 10,669 | |
S&P Global, Inc. | 14,548 | 5,345 | |
18,048 | |||
Financial Services - 5.4% | |||
Apollo Global Management, Inc. | 96,800 | 6,471 | |
Fidelity National Information Services, Inc. | 88,500 | 4,829 | |
Global Payments, Inc. | 39,800 | 3,888 | |
MasterCard, Inc. Class A | 41,400 | 15,112 | |
Visa, Inc. Class A | 123,200 | 27,231 | |
57,531 | |||
Insurance - 2.8% | |||
Arthur J. Gallagher & Co. | 49,500 | 9,916 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 491 | 15 | |
Chubb Ltd. | 27,300 | 5,072 | |
Marsh & McLennan Companies, Inc. | 40,800 | 7,066 | |
The Travelers Companies, Inc. | 47,700 | 8,073 | |
30,142 | |||
TOTAL FINANCIALS | 134,838 | ||
HEALTH CARE - 13.8% | |||
Biotechnology - 1.2% | |||
AbbVie, Inc. | 20,200 | 2,787 | |
Gilead Sciences, Inc. | 126,700 | 9,748 | |
12,535 | |||
Health Care Equipment & Supplies - 0.5% | |||
Baxter International, Inc. | 77,500 | 3,156 | |
Becton, Dickinson & Co. | 7,500 | 1,813 | |
4,969 | |||
Health Care Providers & Services - 7.0% | |||
Cigna Group | 79,600 | 19,694 | |
CVS Health Corp. | 80,100 | 5,449 | |
Elevance Health, Inc. | 15,800 | 7,076 | |
HCA Holdings, Inc. | 20,700 | 5,469 | |
Humana, Inc. | 17,200 | 8,632 | |
UnitedHealth Group, Inc. | 58,497 | 28,502 | |
74,822 | |||
Life Sciences Tools & Services - 1.6% | |||
Danaher Corp. | 39,100 | 8,978 | |
Thermo Fisher Scientific, Inc. | 15,100 | 7,678 | |
16,656 | |||
Pharmaceuticals - 3.5% | |||
Bristol-Myers Squibb Co. | 175,000 | 11,277 | |
Eli Lilly & Co. | 28,000 | 12,025 | |
Novo Nordisk A/S Series B sponsored ADR | 16,300 | 2,615 | |
Perrigo Co. PLC | 133,200 | 4,257 | |
Roche Holding AG (participation certificate) | 11,570 | 3,685 | |
Royalty Pharma PLC | 92,800 | 3,038 | |
36,897 | |||
TOTAL HEALTH CARE | 145,879 | ||
INDUSTRIALS - 12.6% | |||
Aerospace & Defense - 4.4% | |||
Airbus Group NV | 34,300 | 4,504 | |
Howmet Aerospace, Inc. | 109,200 | 4,668 | |
L3Harris Technologies, Inc. | 16,400 | 2,885 | |
Lockheed Martin Corp. | 8,300 | 3,685 | |
Northrop Grumman Corp. | 10,500 | 4,573 | |
Spirit AeroSystems Holdings, Inc. Class A | 116,600 | 3,100 | |
Textron, Inc. | 86,900 | 5,377 | |
The Boeing Co. (b) | 86,100 | 17,711 | |
46,503 | |||
Air Freight & Logistics - 0.2% | |||
United Parcel Service, Inc. Class B | 10,000 | 1,670 | |
Commercial Services & Supplies - 1.0% | |||
GFL Environmental, Inc. | 286,400 | 10,338 | |
Industrial Conglomerates - 1.7% | |||
General Electric Co. | 118,187 | 12,000 | |
Hitachi Ltd. | 101,400 | 5,856 | |
17,856 | |||
Machinery - 1.8% | |||
Allison Transmission Holdings, Inc. | 354,443 | 16,765 | |
Caterpillar, Inc. | 13,600 | 2,798 | |
19,563 | |||
Marine Transportation - 0.3% | |||
2020 Bulkers Ltd. | 216,500 | 1,940 | |
Himalaya Shipping Ltd. | 207,000 | 1,047 | |
2,987 | |||
Professional Services - 2.5% | |||
Equifax, Inc. | 18,100 | 3,776 | |
Genpact Ltd. | 111,400 | 4,097 | |
Leidos Holdings, Inc. | 32,500 | 2,537 | |
Paycom Software, Inc. | 13,300 | 3,726 | |
SS&C Technologies Holdings, Inc. | 232,700 | 12,789 | |
26,925 | |||
Trading Companies & Distributors - 0.7% | |||
United Rentals, Inc. | 6,800 | 2,270 | |
Watsco, Inc. (c) | 17,000 | 5,514 | |
7,784 | |||
TOTAL INDUSTRIALS | 133,626 | ||
INFORMATION TECHNOLOGY - 19.6% | |||
Communications Equipment - 0.6% | |||
Cisco Systems, Inc. | 126,200 | 6,268 | |
Electronic Equipment, Instruments & Components - 0.4% | |||
Jabil, Inc. | 42,400 | 3,796 | |
IT Services - 0.9% | |||
Amdocs Ltd. | 101,900 | 9,596 | |
Semiconductors & Semiconductor Equipment - 7.1% | |||
ASML Holding NV (Netherlands) | 3,600 | 2,604 | |
BE Semiconductor Industries NV | 54,800 | 6,036 | |
Broadcom, Inc. | 10,400 | 8,403 | |
Marvell Technology, Inc. | 256,745 | 15,017 | |
Microchip Technology, Inc. | 13,400 | 1,008 | |
Monolithic Power Systems, Inc. | 4,500 | 2,205 | |
NVIDIA Corp. | 33,600 | 12,712 | |
NXP Semiconductors NV | 40,568 | 7,266 | |
Skyworks Solutions, Inc. | 25,100 | 2,598 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 148,400 | 14,631 | |
Universal Display Corp. | 17,600 | 2,593 | |
75,073 | |||
Software - 9.1% | |||
Intuit, Inc. | 31,300 | 13,118 | |
Microsoft Corp. | 254,700 | 83,643 | |
96,761 | |||
Technology Hardware, Storage & Peripherals - 1.5% | |||
Apple, Inc. | 39,296 | 6,965 | |
Samsung Electronics Co. Ltd. | 167,820 | 9,060 | |
16,025 | |||
TOTAL INFORMATION TECHNOLOGY | 207,519 | ||
MATERIALS - 5.5% | |||
Chemicals - 0.7% | |||
CF Industries Holdings, Inc. | 41,000 | 2,522 | |
International Flavors & Fragrances, Inc. | 31,600 | 2,442 | |
Shin-Etsu Chemical Co. Ltd. | 91,900 | 2,829 | |
7,793 | |||
Metals & Mining - 4.3% | |||
Agnico Eagle Mines Ltd. (Canada) | 125,400 | 6,381 | |
Barrick Gold Corp. | 423,700 | 7,152 | |
Freeport-McMoRan, Inc. | 158,400 | 5,439 | |
Glencore PLC | 1,317,700 | 6,739 | |
Newmont Corp. | 245,600 | 9,959 | |
Wheaton Precious Metals Corp. | 218,600 | 9,907 | |
45,577 | |||
Paper & Forest Products - 0.5% | |||
Louisiana-Pacific Corp. | 90,300 | 5,284 | |
TOTAL MATERIALS | 58,654 | ||
REAL ESTATE - 3.0% | |||
Equity Real Estate Investment Trusts (REITs) - 3.0% | |||
American Tower Corp. | 28,500 | 5,257 | |
Crown Castle International Corp. | 52,600 | 5,955 | |
Digital Realty Trust, Inc. | 14,900 | 1,527 | |
Four Corners Property Trust, Inc. | 151,300 | 3,888 | |
National Retail Properties, Inc. | 119,600 | 5,088 | |
Public Storage | 10,000 | 2,833 | |
Simon Property Group, Inc. | 14,300 | 1,504 | |
Welltower, Inc. | 68,400 | 5,103 | |
31,155 | |||
UTILITIES - 6.7% | |||
Electric Utilities - 4.1% | |||
Constellation Energy Corp. | 88,833 | 7,464 | |
Edison International | 155,600 | 10,506 | |
Exelon Corp. | 174,300 | 6,911 | |
FirstEnergy Corp. | 246,800 | 9,228 | |
PG&E Corp. (b) | 81,066 | 1,373 | |
Southern Co. | 121,500 | 8,475 | |
43,957 | |||
Gas Utilities - 0.5% | |||
Brookfield Infrastructure Corp. A Shares | 114,600 | 5,283 | |
Independent Power and Renewable Electricity Producers - 1.7% | |||
NextEra Energy Partners LP | 86,500 | 5,183 | |
The AES Corp. | 273,600 | 5,401 | |
Vistra Corp. | 299,300 | 7,174 | |
17,758 | |||
Multi-Utilities - 0.4% | |||
Dominion Energy, Inc. | 83,100 | 4,178 | |
TOTAL UTILITIES | 71,176 | ||
TOTAL COMMON STOCKS (Cost $927,328) | 1,051,156 | ||
Money Market Funds - 2.2% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.14% (d) | 6,569,536 | 6,571 | |
Fidelity Securities Lending Cash Central Fund 5.14% (d)(e) | 16,567,393 | 16,569 | |
TOTAL MONEY MARKET FUNDS (Cost $23,140) | 23,140 | ||
TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $950,468) | 1,074,296 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (15,303) |
NET ASSETS - 100.0% | 1,058,993 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,539,000 or 1.0% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 43,415 | 203,289 | 240,133 | 565 | - | - | 6,571 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 26,109 | 93,429 | 102,969 | 55 | - | - | 16,569 | 0.1% |
Total | 69,524 | 296,718 | 343,102 | 620 | - | - | 23,140 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 53,003 | 53,003 | - | - |
Consumer Discretionary | 47,775 | 46,199 | 1,576 | - |
Consumer Staples | 81,653 | 81,653 | - | - |
Energy | 85,878 | 85,878 | - | - |
Financials | 134,838 | 134,838 | - | - |
Health Care | 145,879 | 142,194 | 3,685 | - |
Industrials | 133,626 | 129,122 | 4,504 | - |
Information Technology | 207,519 | 204,915 | 2,604 | - |
Materials | 58,654 | 49,086 | 9,568 | - |
Real Estate | 31,155 | 31,155 | - | - |
Utilities | 71,176 | 71,176 | - | - |
Money Market Funds | 23,140 | 23,140 | - | - |
Total Investments in Securities: | 1,074,296 | 1,052,359 | 21,937 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $16,245) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $927,328) | $ | 1,051,156 | ||
Fidelity Central Funds (cost $23,140) | 23,140 | |||
Total Investment in Securities (cost $950,468) | $ | 1,074,296 | ||
Foreign currency held at value (cost $46) | 46 | |||
Receivable for investments sold | 15,622 | |||
Receivable for fund shares sold | 348 | |||
Dividends receivable | 2,063 | |||
Distributions receivable from Fidelity Central Funds | 31 | |||
Other receivables | 78 | |||
Total assets | 1,092,484 | |||
Liabilities | ||||
Payable for investments purchased | $ | 15,521 | ||
Payable for fund shares redeemed | 469 | |||
Accrued management fee | 445 | |||
Distribution and service plan fees payable | 260 | |||
Other affiliated payables | 187 | |||
Other payables and accrued expenses | 40 | |||
Collateral on securities loaned | 16,569 | |||
Total Liabilities | 33,491 | |||
Net Assets | $ | 1,058,993 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 932,417 | ||
Total accumulated earnings (loss) | 126,576 | |||
Net Assets | $ | 1,058,993 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($431,227 ÷ 26,142 shares) (a) | $ | 16.50 | ||
Maximum offering price per share (100/94.25 of $16.50) | $ | 17.51 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($320,647 ÷ 19,520 shares) (a) | $ | 16.43 | ||
Maximum offering price per share (100/96.50 of $16.43) | $ | 17.03 | ||
Class C : | ||||
Net Asset Value and offering price per share ($40,132 ÷ 2,613 shares) (a) | $ | 15.36 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($236,859 ÷ 13,313 shares) | $ | 17.79 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($30,128 ÷ 1,659 shares) | $ | 18.16 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 11,232 | ||
Income from Fidelity Central Funds (including $55 from security lending) | 620 | |||
Total Income | 11,852 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 2,930 | ||
Performance adjustment | (527) | |||
Transfer agent fees | 985 | |||
Distribution and service plan fees | 1,578 | |||
Accounting fees | 162 | |||
Custodian fees and expenses | 22 | |||
Independent trustees' fees and expenses | 4 | |||
Registration fees | 41 | |||
Audit | 31 | |||
Legal | 2 | |||
Interest | 5 | |||
Miscellaneous | 4 | |||
Total expenses before reductions | 5,237 | |||
Expense reductions | (28) | |||
Total expenses after reductions | 5,209 | |||
Net Investment income (loss) | 6,643 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 2,553 | |||
Foreign currency transactions | 16 | |||
Total net realized gain (loss) | 2,569 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (35,699) | |||
Assets and liabilities in foreign currencies | 2 | |||
Total change in net unrealized appreciation (depreciation) | (35,697) | |||
Net gain (loss) | (33,128) | |||
Net increase (decrease) in net assets resulting from operations | $ | (26,485) |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 6,643 | $ | 12,545 |
Net realized gain (loss) | 2,569 | 89,216 | ||
Change in net unrealized appreciation (depreciation) | (35,697) | (141,333) | ||
Net increase (decrease) in net assets resulting from operations | (26,485) | (39,572) | ||
Distributions to shareholders | (86,051) | (73,614) | ||
Share transactions - net increase (decrease) | 41,021 | 41,161 | ||
Total increase (decrease) in net assets | (71,515) | (72,025) | ||
Net Assets | ||||
Beginning of period | 1,130,508 | 1,202,533 | ||
End of period | $ | 1,058,993 | $ | 1,130,508 |
Fidelity Advisor® Dividend Growth Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 18.40 | $ | 20.29 | $ | 16.20 | $ | 17.06 | $ | 17.97 | $ | 20.01 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .10 | .21 | .14 | .27 | .24 C | .28 | ||||||
Net realized and unrealized gain (loss) | (.57) | (.83) | 4.19 | (.35) | 1.39 | .58 | ||||||
Total from investment operations | (.47) | (.62) | 4.33 | (.08) | 1.63 | .86 | ||||||
Distributions from net investment income | (.12) | (.28) | (.24) | (.25) | (.27) | (.26) | ||||||
Distributions from net realized gain | (1.31) | (.99) | - | (.54) | (2.27) | (2.65) | ||||||
Total distributions | (1.43) | (1.27) | (.24) | (.78) D | (2.54) | (2.90) D | ||||||
Net asset value, end of period | $ | 16.50 | $ | 18.40 | $ | 20.29 | $ | 16.20 | $ | 17.06 | $ | 17.97 |
Total Return E,F,G | (2.46)% | (3.46)% | 27.06% | (.60)% | 12.84% | 4.69% | ||||||
Ratios to Average Net Assets A,H,I | ||||||||||||
Expenses before reductions | .91% J | .82% | .83% | .81% | .82% | .84% | ||||||
Expenses net of fee waivers, if any | .91% J | .81% | .83% | .81% | .82% | .84% | ||||||
Expenses net of all reductions | .91% J | .81% | .83% | .80% | .81% | .83% | ||||||
Net investment income (loss) | 1.22% J | 1.16% | .73% | 1.84% | 1.53% C | 1.58% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 431 | $ | 452 | $ | 477 | $ | 374 | $ | 421 | $ | 353 |
Portfolio turnover rate K | 78% J | 57% | 54% | 113% | 75% | 110% |
Fidelity Advisor® Dividend Growth Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 18.29 | $ | 20.14 | $ | 16.08 | $ | 16.94 | $ | 17.85 | $ | 19.90 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .08 | .17 | .09 | .23 | .20 C | .24 | ||||||
Net realized and unrealized gain (loss) | (.57) | (.83) | 4.17 | (.35) | 1.39 | .57 | ||||||
Total from investment operations | (.49) | (.66) | 4.26 | (.12) | 1.59 | .81 | ||||||
Distributions from net investment income | (.07) | (.20) | (.20) | (.21) | (.23) | (.21) | ||||||
Distributions from net realized gain | (1.31) | (.99) | - | (.54) | (2.27) | (2.65) | ||||||
Total distributions | (1.37) D | (1.19) | (.20) | (.74) D | (2.50) | (2.86) | ||||||
Net asset value, end of period | $ | 16.43 | $ | 18.29 | $ | 20.14 | $ | 16.08 | $ | 16.94 | $ | 17.85 |
Total Return E,F,G | (2.58)% | (3.70)% | 26.77% | (.85)% | 12.59% | 4.38% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.15% J | 1.06% | 1.07% | 1.05% | 1.07% | 1.09% | ||||||
Expenses net of fee waivers, if any | 1.15% J | 1.06% | 1.07% | 1.05% | 1.07% | 1.09% | ||||||
Expenses net of all reductions | 1.15% J | 1.06% | 1.07% | 1.04% | 1.06% | 1.08% | ||||||
Net investment income (loss) | .98% J | .92% | .49% | 1.59% | 1.28% C | 1.33% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 321 | $ | 341 | $ | 368 | $ | 316 | $ | 376 | $ | 363 |
Portfolio turnover rate K | 78% J | 57% | 54% | 113% | 75% | 110% |
Fidelity Advisor® Dividend Growth Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 17.17 | $ | 18.89 | $ | 15.10 | $ | 15.92 | $ | 16.92 | $ | 19.00 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .03 | .06 | (.01) | .14 | .11 C | .14 | ||||||
Net realized and unrealized gain (loss) | (.53) | (.77) | 3.92 | (.34) | 1.29 | .54 | ||||||
Total from investment operations | (.50) | (.71) | 3.91 | (.20) | 1.40 | .68 | ||||||
Distributions from net investment income | - D | (.05) | (.12) | (.08) | (.14) | (.12) | ||||||
Distributions from net realized gain | (1.31) | (.96) | - | (.54) | (2.27) | (2.65) | ||||||
Total distributions | (1.31) | (1.01) | (.12) | (.62) | (2.40) E | (2.76) E | ||||||
Net asset value, end of period | $ | 15.36 | $ | 17.17 | $ | 18.89 | $ | 15.10 | $ | 15.92 | $ | 16.92 |
Total Return F,G,H | (2.84)% | (4.18)% | 26.03% | (1.41)% | 11.98% | 3.86% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.70% K | 1.60% | 1.62% | 1.61% | 1.62% | 1.61% | ||||||
Expenses net of fee waivers, if any | 1.69% K | 1.60% | 1.62% | 1.61% | 1.61% | 1.61% | ||||||
Expenses net of all reductions | 1.69% K | 1.60% | 1.62% | 1.60% | 1.61% | 1.60% | ||||||
Net investment income (loss) | .43% K | .38% | (.06)% | 1.04% | .73% C | .81% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 40 | $ | 45 | $ | 53 | $ | 56 | $ | 71 | $ | 137 |
Portfolio turnover rate L | 78% K | 57% | 54% | 113% | 75% | 110% |
Fidelity Advisor® Dividend Growth Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.76 | $ | 21.72 | $ | 17.32 | $ | 18.18 | $ | 18.97 | $ | 20.97 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .13 | .27 | .20 | .32 | .29 C | .34 | ||||||
Net realized and unrealized gain (loss) | (.62) | (.89) | 4.48 | (.36) | 1.50 | .61 | ||||||
Total from investment operations | (.49) | (.62) | 4.68 | (.04) | 1.79 | .95 | ||||||
Distributions from net investment income | (.17) | (.35) | (.28) | (.28) | (.31) | (.30) | ||||||
Distributions from net realized gain | (1.31) | (.99) | - | (.54) | (2.27) | (2.65) | ||||||
Total distributions | (1.48) | (1.34) | (.28) | (.82) | (2.58) | (2.95) | ||||||
Net asset value, end of period | $ | 17.79 | $ | 19.76 | $ | 21.72 | $ | 17.32 | $ | 18.18 | $ | 18.97 |
Total Return D,E | (2.40)% | (3.23)% | 27.37% | (.36)% | 13.13% | 4.93% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .68% H | .59% | .60% | .57% | .58% | .60% | ||||||
Expenses net of fee waivers, if any | .68% H | .58% | .60% | .57% | .58% | .60% | ||||||
Expenses net of all reductions | .68% H | .58% | .60% | .56% | .57% | .59% | ||||||
Net investment income (loss) | 1.45% H | 1.39% | .96% | 2.08% | 1.77% C | 1.82% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 237 | $ | 239 | $ | 245 | $ | 180 | $ | 173 | $ | 166 |
Portfolio turnover rate I | 78% H | 57% | 54% | 113% | 75% | 110% |
Fidelity Advisor® Dividend Growth Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 20.15 | $ | 22.15 | $ | 17.65 | $ | 18.51 | $ | 19.28 | $ | 21.27 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .15 | .31 | .23 | .35 | .32 C | .38 | ||||||
Net realized and unrealized gain (loss) | (.63) | (.91) | 4.57 | (.37) | 1.52 | .62 | ||||||
Total from investment operations | (.48) | (.60) | 4.80 | (.02) | 1.84 | 1.00 | ||||||
Distributions from net investment income | (.20) | (.41) | (.30) | (.31) | (.34) | (.34) | ||||||
Distributions from net realized gain | (1.31) | (.99) | - | (.54) | (2.27) | (2.65) | ||||||
Total distributions | (1.51) | (1.40) | (.30) | (.84) D | (2.61) | (2.99) | ||||||
Net asset value, end of period | $ | 18.16 | $ | 20.15 | $ | 22.15 | $ | 17.65 | $ | 18.51 | $ | 19.28 |
Total Return E,F | (2.27)% | (3.10)% | 27.61% | (.22)% | 13.25% | 5.10% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .52% I | .43% | .45% | .41% | .43% | .45% | ||||||
Expenses net of fee waivers, if any | .52% I | .43% | .44% | .41% | .43% | .45% | ||||||
Expenses net of all reductions | .52% I | .43% | .44% | .40% | .42% | .44% | ||||||
Net investment income (loss) | 1.61% I | 1.55% | 1.12% | 2.23% | 1.92% C | 1.98% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 30 | $ | 53 | $ | 60 | $ | 55 | $ | 13 | $ | 10 |
Portfolio turnover rate J | 78% I | 57% | 54% | 113% | 75% | 110% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $175,041 |
Gross unrealized depreciation | (55,146) |
Net unrealized appreciation (depreciation) | $119,895 |
Tax cost | $954,401 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Dividend Growth Fund | 423,058 | 421,376 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $547 | $9 |
Class M | .25% | .25% | 819 | 7 |
Class C | .75% | .25% | 212 | 21 |
$1,578 | $37 |
Retained by FDC | |
Class A | $146 |
Class M | 5 |
Class C A | 7 |
$158 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $396 | .18 |
Class M | 283 | .17 |
Class C | 46 | .22 |
Class I | 247 | .20 |
Class Z | 13 | .04 |
$985 |
% of Average Net Assets | |
Fidelity Advisor Dividend Growth Fund | .03 |
Amount | |
Fidelity Advisor Dividend Growth Fund | $8 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Dividend Growth Fund | Borrower | $16,256 | 5.07% | $5 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Dividend Growth Fund | 34,434 | 22,140 | (908) |
Amount | |
Fidelity Advisor Dividend Growth Fund | $1 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Dividend Growth Fund | $6 | $- | $- |
Expense reduction | |
Class M | $2 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Dividend Growth Fund | ||
Distributions to shareholders | ||
Class A | $35,333 | $30,177 |
Class M | 25,458 | 21,723 |
Class C | 3,428 | 2,797 |
Class I | 17,847 | 15,231 |
Class Z | 3,985 | 3,686 |
Total | $86,051 | $73,614 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Dividend Growth Fund | ||||
Class A | ||||
Shares sold | 1,427 | 2,949 | $23,969 | $54,415 |
Reinvestment of distributions | 2,043 | 1,428 | 33,335 | 28,351 |
Shares redeemed | (1,906) | (3,325) | (31,705) | (60,441) |
Net increase (decrease) | 1,564 | 1,052 | $25,599 | $22,325 |
Class M | ||||
Shares sold | 1,035 | 2,522 | $17,198 | $46,215 |
Reinvestment of distributions | 1,546 | 1,082 | 25,135 | 21,418 |
Shares redeemed | (1,729) | (3,192) | (28,764) | (57,906) |
Net increase (decrease) | 852 | 412 | $13,569 | $9,727 |
Class C | ||||
Shares sold | 233 | 549 | $3,657 | $9,531 |
Reinvestment of distributions | 224 | 148 | 3,401 | 2,774 |
Shares redeemed | (454) | (877) | (7,039) | (14,974) |
Net increase (decrease) | 3 | (180) | $19 | $(2,669) |
Class I | ||||
Shares sold | 3,303 | 3,084 | $57,894 | $60,164 |
Reinvestment of distributions | 992 | 699 | 17,449 | 14,853 |
Shares redeemed | (3,062) | (2,971) | (54,787) | (59,219) |
Net increase (decrease) | 1,233 | 812 | $20,556 | $15,798 |
Class Z | ||||
Shares sold | 2,419 | 2,158 | $43,570 | $42,043 |
Reinvestment of distributions | 201 | 157 | 3,613 | 3,397 |
Shares redeemed | (3,611) | (2,387) | (65,905) | (49,460) |
Net increase (decrease) | (991) | (72) | $(18,722) | $(4,020) |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Dividend Growth Fund | ||||||||||
Class A | .91% | |||||||||
Actual | $ 1,000 | $ 975.40 | $ 4.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.39 | $ 4.58 | |||||||
Class M | 1.15% | |||||||||
Actual | $ 1,000 | $ 974.20 | $ 5.66 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.20 | $ 5.79 | |||||||
Class C | 1.69% | |||||||||
Actual | $ 1,000 | $ 971.60 | $ 8.31 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.50 | $ 8.50 | |||||||
Class I | .68% | |||||||||
Actual | $ 1,000 | $ 976.00 | $ 3.35 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.54 | $ 3.43 | |||||||
Class Z | .52% | |||||||||
Actual | $ 1,000 | $ 977.30 | $ 2.56 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.34 | $ 2.62 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Bond Issuers (% of Fund's net assets) | ||
(with maturities greater than one year) | ||
BX Trust | 9.2 | |
BANK | 5.4 | |
Morgan Stanley Capital I Trust | 4.9 | |
Benchmark Mortgage Trust | 4.8 | |
BX Commercial Mortgage Trust | 4.4 | |
GS Mortgage Securities Trust | 4.4 | |
JPMorgan Chase Commercial Mortgage Securities Trust | 3.3 | |
Morgan Stanley BAML Trust | 3.2 | |
COMM Mortgage Trust | 3.0 | |
BBCMS Mortgage Trust | 2.7 | |
45.3 | ||
Top REIT Sectors (% of Fund's net assets) | ||
Diversified Financial Services | 2.5 | |
Homebuilders/Real Estate | 1.5 | |
Hotels | 1.0 | |
Quality Diversification (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Nonconvertible Bonds - 1.8% | |||
Principal Amount (a) | Value ($) | ||
Homebuilders/Real Estate - 0.8% | |||
American Tower Corp.: | |||
4.05% 3/15/32 | 1,785,000 | 1,627,040 | |
5.65% 3/15/33 | 2,000,000 | 2,032,189 | |
Uniti Group LP / Uniti Group Finance, Inc. 10.5% 2/15/28 (b) | 1,635,000 | 1,586,315 | |
TOTAL HOMEBUILDERS/REAL ESTATE | 5,245,544 | ||
Hotels - 1.0% | |||
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (b) | 3,200,000 | 2,716,014 | |
Marriott Ownership Resorts, Inc. 4.75% 1/15/28 | 2,250,000 | 2,008,567 | |
Times Square Hotel Trust 8.528% 8/1/26 (b) | 1,369,365 | 1,355,785 | |
TOTAL HOTELS | 6,080,366 | ||
TOTAL NONCONVERTIBLE BONDS (Cost $11,367,638) | 11,325,910 | ||
Asset-Backed Securities - 3.0% | |||
Principal Amount (a) | Value ($) | ||
American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (b)(c)(d)(e) | 2,527,941 | 25 | |
Capital Trust RE CDO Ltd. Series 2005-1A: | |||
Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (b)(c)(e)(f) | 750,000 | 0 | |
Class E, 1 month U.S. LIBOR + 2.100% 3.9464% 3/20/50 (b)(c)(e)(f) | 2,670,000 | 0 | |
Crest Ltd. Series 2004-1A Class H1, 3 month U.S. LIBOR + 3.690% 8.4924% 1/28/40 (b)(c)(e)(f)(g) | 3,078,262 | 0 | |
DataBank Issuer, LLC Series 2021-1A Class C, 4.43% 2/27/51 (b) | 1,500,000 | 1,299,894 | |
FirstKey Homes Trust Series 2021-SFR1 Class F1, 3.238% 8/17/38 (b) | 1,068,000 | 910,281 | |
Home Partners of America Trust: | |||
Series 2019-2 Class F, 3.866% 10/19/39 (b) | 2,033,805 | 1,713,682 | |
Series 2021-1 Class F, 3.325% 9/17/41 (b) | 902,095 | 711,774 | |
Series 2021-2 Class G, 4.505% 12/17/26 (b) | 5,345,779 | 4,380,208 | |
Series 2021-3 Class F, 4.242% 1/17/41 (b) | 1,229,025 | 1,015,394 | |
Merit Securities Corp. Series 13 Class M1, 7.88% 12/28/33 (c) | 495,636 | 490,923 | |
Progress Residential Series 2023-SFR1: | |||
Class E1, 6.15% 3/17/40 (b) | 648,000 | 610,855 | |
Class E2, 6.6% 3/17/40 (b) | 687,000 | 654,680 | |
Progress Residential Trust: | |||
Series 2019-SFR3: | |||
Class F, 3.867% 9/17/36 (b) | 1,228,000 | 1,171,756 | |
Class G, 4.116% 9/17/36 (b) | 998,000 | 944,246 | |
Series 2020-SFR1: | |||
Class G, 4.028% 4/17/37 (b) | 1,638,000 | 1,526,935 | |
Class H, 5.268% 4/17/37 (b) | 462,000 | 430,645 | |
Series 2020-SFR3 Class H, 6.234% 10/17/27 (b) | 966,000 | 894,915 | |
Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 3 month U.S. LIBOR + 4.500% 9.8263% 12/5/36 (b)(c)(e)(f) | 6,126,542 | 1 | |
Tricon American Homes: | |||
Series 2017-SFR2 Class F, 5.104% 1/17/36 (b) | 664,000 | 651,482 | |
Series 2020-SFR1 Class F, 4.882% 7/17/38 (b) | 574,000 | 539,864 | |
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (b) | 672,000 | 590,824 | |
TOTAL ASSET-BACKED SECURITIES (Cost $28,343,029) | 18,538,384 | ||
Collateralized Mortgage Obligations - 0.0% | |||
Principal Amount (a) | Value ($) | ||
Private Sponsor - 0.0% | |||
Countrywide Home Loans, Inc. Series 2003-R1 Class 2B4, 3.3614% 2/25/43 (b)(c) | 26,101 | 2,784 | |
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.5997% 2/25/42 (b)(c)(e) | 23,695 | 7,513 | |
Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 4.0197% 1/25/42 (b)(c)(e) | 19,612 | 1,687 | |
Series 2003-W10 subordinate REMIC pass thru certificates: | |||
Class 2B4, 3.573% 6/25/43 (c)(e)(h) | 81,912 | 31,084 | |
Class 2B5, 3.573% 6/25/43 (c)(e)(h) | 8,627 | 99 | |
TOTAL U.S. GOVERNMENT AGENCY | 40,383 | ||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $41,111) | 43,167 | ||
Commercial Mortgage Securities - 87.6% | |||
Principal Amount (a) | Value ($) | ||
BAMLL Commercial Mortgage Securities Trust: | |||
floater Series 2019-RLJ Class D, 1 month U.S. LIBOR + 1.950% 7.057% 4/15/36 (b)(c)(f) | 4,028,000 | 3,915,195 | |
Series 2015-200P Class F, 3.5958% 4/14/33 (b)(c) | 2,588,000 | 2,197,817 | |
BANK: | |||
sequential payer: | |||
Series 2021-BN33 Class A5, 2.556% 5/15/64 | 1,584,000 | 1,318,225 | |
Series 2021-BN35 Class A5, 2.285% 6/15/64 | 2,650,000 | 2,150,886 | |
Series 2022-BNK39 Class A4, 2.928% 2/15/55 | 1,895,000 | 1,601,161 | |
Series 2022-BNK40, Class A4, 3.3935% 3/15/64 (c) | 742,000 | 652,165 | |
Series 2022-BNK42: | |||
Class D, 2.5% 6/15/55 (b) | 1,664,000 | 822,564 | |
Class E, 2.5% 6/15/55 (b) | 1,302,000 | 531,535 | |
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (c) | 2,326,000 | 2,216,827 | |
Series 2023-BNK45 Class C, 6.2795% 2/15/56 (c) | 990,000 | 857,841 | |
Series 2017-BNK4 Class D, 3.357% 5/15/50 (b) | 4,416,000 | 3,002,854 | |
Series 2017-BNK8: | |||
Class D, 2.6% 11/15/50 (b) | 4,653,000 | 2,661,519 | |
Class E, 2.8% 11/15/50 (b)(e) | 2,625,000 | 1,009,433 | |
Series 2018-BN10: | |||
Class B, 4.078% 2/15/61 (c) | 625,000 | 540,334 | |
Class C, 4.163% 2/15/61 (c) | 2,785,000 | 2,263,314 | |
Series 2018-BN12 Class D, 3% 5/15/61 (b) | 2,082,000 | 1,264,238 | |
Series 2019-BN18 Class D, 3% 5/15/62 (b) | 4,284,000 | 1,797,850 | |
Series 2019-BN22 Class D, 2.5% 11/15/62 (b) | 2,465,000 | 1,415,827 | |
Series 2020-BN27 Class D, 2.5% 4/15/63 (b) | 921,000 | 511,378 | |
Series 2020-BN28 Class E, 2.5% 3/15/63 (b) | 903,000 | 415,049 | |
Series 2020-BN30: | |||
Class E, 2.5% 12/15/53 (b) | 735,000 | 334,916 | |
Class MCDG, 2.9182% 12/15/53 (c)(e) | 3,921,000 | 1,919,403 | |
Series 2022-BNK43 Class D, 3% 8/15/55 (b) | 2,614,000 | 1,319,878 | |
Series 2022-BNK44 Class C, 5.7458% 11/15/55 (c) | 5,014,000 | 4,143,267 | |
Bank of America Commercial Mortgage Securities Trust Series 2017-BNK3 Class D, 3.25% 2/15/50 (b) | 2,201,000 | 1,510,151 | |
Bank of America Commercial Mortgage Trust Series 2016-UB10 Class D, 3% 7/15/49 (b) | 726,000 | 527,172 | |
Barclays Commercial Mortgage Securities LLC Series 2019-C5 Class D, 2.5% 11/15/52 (b) | 726,000 | 440,790 | |
BBCMS Series 2022-C15, Class A5, 3.662% 4/15/55 | 3,015,000 | 2,703,754 | |
BBCMS Mortgage Trust: | |||
sequential payer: | |||
Series 2020-C8 Class E, 2.25% 10/15/53 (b)(e) | 3,013,000 | 1,350,293 | |
Series 2022-C14 Class A5, 2.946% 2/15/55 | 3,302,000 | 2,799,788 | |
Series 2022-C17 Class D, 2.5% 9/15/55 (b) | 1,200,000 | 581,770 | |
Series 2023-C19 Class A5, 5.451% 4/15/56 | 1,036,000 | 1,062,003 | |
Series 2016-ETC Class D, 3.6089% 8/14/36 (b)(c) | 1,749,000 | 1,349,174 | |
Series 2020-C7 Class D, 3.603% 4/15/53 (b)(c) | 840,000 | 470,497 | |
Series 2022-C16 Class A5, 4.6% 6/15/55 | 4,573,000 | 4,402,978 | |
Series 2022-C17 Class B, 4.889% 9/15/55 | 1,491,000 | 1,294,745 | |
Series 2022-C18, Class B, 6.1484% 12/15/55 (c) | 1,890,000 | 1,828,556 | |
Series 2023 C19 Class B, 6.3333% 4/15/56 (c) | 1,080,000 | 1,058,460 | |
Benchmark Mortgage Trust: | |||
sequential payer: | |||
Series 2019-B14: | |||
Class 225D, 3.2943% 12/15/62 (b)(c) | 1,680,000 | 1,031,517 | |
Class 225E, 3.2943% 12/15/62 (b)(c)(e) | 1,132,000 | 633,706 | |
Series 2020-B22, Class A5, 1.973% 1/15/54 | 1,484,000 | 1,176,718 | |
Series 2021-B29, Class A5, 2.3879% 9/15/54 | 2,055,000 | 1,667,016 | |
Series 2022-B33 Class A5, 3.4582% 3/15/55 | 2,477,000 | 2,184,993 | |
Series 2022-B34 Class A5, 3.786% 4/15/55 | 1,341,000 | 1,180,955 | |
Series 2023-B38 Class A4, 5.5246% 4/15/56 | 1,264,000 | 1,298,588 | |
Series 2018-B6 Class D, 3.1042% 10/10/51 (b)(c)(e) | 1,877,000 | 1,166,904 | |
Series 2018-B7 Class D, 3% 5/15/53 (b)(c) | 833,000 | 530,638 | |
Series 2019-B12 Class B, 3.5702% 8/15/52 | 1,186,000 | 977,340 | |
Series 2020-B18: | |||
Class AGNG, 4.3885% 7/15/53 (b)(c) | 4,074,000 | 3,431,143 | |
Class D, 2.25% 7/15/53 (b) | 1,500,000 | 786,370 | |
Series 2020-B21 Class D, 2% 12/17/53 (b) | 1,638,000 | 822,178 | |
Series 2020-IG3 Class 825E, 3.0763% 9/15/48 (b)(c) | 3,049,000 | 2,009,681 | |
Series 2021-B25: | |||
Class 300D, 2.9942% 4/15/54 (b)(c) | 6,055,000 | 3,430,765 | |
Class 300E, 2.9942% 4/15/54 (b)(c) | 1,113,000 | 652,206 | |
Series 2022 B37 Class B, 5.7512% 11/15/55 (c) | 980,000 | 919,281 | |
Series 2022-B35 Class D, 2.5% 5/15/55 (b) | 3,003,000 | 1,479,216 | |
Series 2022-B36 Class D, 2.5% 7/15/55 (b) | 1,872,000 | 859,861 | |
Series 2022-B37 Class C, 5.7512% 11/15/55 (c) | 2,090,000 | 1,799,237 | |
Series 2023 B38 Class B, 6.2447% 4/15/56 | 1,351,000 | 1,307,973 | |
BHP Trust floater Series 2019-BXHP Class F, 1 month U.S. LIBOR + 2.930% 8.045% 8/15/36 (b)(c)(f) | 1,165,500 | 1,086,743 | |
Bmo 2023-C4 Mtg Trust Series 2023-C4: | |||
Class B, 5.3964% 2/15/56 (c) | 1,186,000 | 1,108,868 | |
Class C, 5.8635% 2/15/56 (c) | 1,147,000 | 997,261 | |
BMO Mortgage Trust Series 2022-C1: | |||
Class 360D, 3.9387% 2/17/55 (b)(c)(e) | 1,638,000 | 878,014 | |
Class 360E, 3.9387% 2/17/55 (b)(c) | 1,970,000 | 1,166,197 | |
Bx 2021-Xl2 floater Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 8.997% 10/15/38 (b)(c)(f) | 642,214 | 590,071 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2019-CALM Class E, CME Term SOFR 1 Month Index + 2.110% 7.1735% 11/15/32 (b)(c)(f) | 310,100 | 302,016 | |
Series 2021-MC Class G, 1 month U.S. LIBOR + 3.080% 8.1938% 4/15/34 (b)(c)(f) | 1,572,000 | 1,327,560 | |
Series 2021-PAC Class G, 1 month U.S. LIBOR + 2.940% 8.0541% 10/15/36 (b)(c)(f) | 3,192,000 | 2,966,381 | |
Series 2021-VINO: | |||
Class F, 1 month U.S. LIBOR + 2.800% 7.9093% 5/15/38 (b)(c)(f) | 3,427,000 | 3,169,674 | |
Class G, 1 month U.S. LIBOR + 3.950% 9.0593% 5/15/38 (b)(c)(f) | 4,994,000 | 4,679,997 | |
Series 2020-VIVA: | |||
Class D, 3.5488% 3/11/44 (b)(c) | 9,422,000 | 7,581,820 | |
Class E, 3.5488% 3/11/44 (b)(c) | 8,563,000 | 6,697,228 | |
Bx Commercial Mortgage Trust 2 floater Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 8.707% 4/15/34 (b)(c)(f) | 3,255,000 | 3,127,167 | |
BX Trust: | |||
floater: | |||
Series 2017-APPL Class F, 1 month U.S. LIBOR + 4.250% 9.482% 7/15/34 (b)(c)(f) | 1,530,940 | 1,513,471 | |
Series 2019-XL Class J, CME Term SOFR 1 Month Index + 2.760% 7.8238% 10/15/36 (b)(c)(f) | 17,517,650 | 16,886,770 | |
Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 8.403% 11/15/38 (b)(c)(f) | 2,541,000 | 2,381,358 | |
Series 2021-BXMF Class G, 1 month U.S. LIBOR + 3.340% 8.4565% 10/15/26 (b)(c)(f) | 4,374,000 | 3,990,443 | |
Series 2021-LBA: | |||
Class FJV, CME Term SOFR 1 Month Index + 2.510% 7.5745% 2/15/36 (b)(c)(f) | 458,000 | 415,998 | |
Class GJV, CME Term SOFR 1 Month Index + 3.110% 8.1745% 2/15/36 (b)(c)(f) | 1,033,000 | 934,069 | |
Series 2021-MFM1: | |||
Class F, CME Term SOFR 1 Month Index + 3.110% 8.1735% 1/15/34 (b)(c)(f) | 754,141 | 714,140 | |
Class G, CME Term SOFR 1 Month Index + 4.010% 9.0735% 1/15/34 (b)(c)(f) | 377,070 | 352,859 | |
Series 2021-SOAR: | |||
Class G, 1 month U.S. LIBOR + 2.800% 7.908% 6/15/38 (b)(c)(f) | 3,083,446 | 2,881,926 | |
Class J, 1 month U.S. LIBOR + 3.750% 8.858% 6/15/38 (b)(c)(f) | 2,907,997 | 2,698,852 | |
Series 2021-VOLT Class G, 1 month U.S. LIBOR + 2.850% 7.9574% 9/15/36 (b)(c)(f) | 2,448,000 | 2,252,573 | |
Series 2022-LBA6: | |||
Class F, CME Term SOFR 1 Month Index + 3.350% 8.4093% 1/15/39 (b)(c)(f) | 4,315,000 | 4,078,163 | |
Class G, CME Term SOFR 1 Month Index + 4.200% 9.2593% 1/15/39 (b)(c)(f) | 1,381,000 | 1,306,184 | |
sequential payer Series 2019-OC11 Class A, 3.202% 12/9/41 (b) | 4,453,000 | 3,877,726 | |
Series 2019-OC11 Class E, 3.944% 12/9/41 (b)(c) | 14,678,000 | 12,148,185 | |
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/44 (b)(c) | 709,000 | 381,709 | |
BXSC Commercial Mortgage Trust floater Series 2022-WSS Class F, 10.389% 3/15/35 (b)(c) | 2,283,000 | 2,214,331 | |
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 8.357% 12/15/37 (b)(c)(f) | 11,968,000 | 11,513,694 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (b) | 4,073,000 | 1,574,432 | |
Citigroup Commercial Mortgage Series 2023-SMRT Class D, 6.0475% 6/10/28 (b)(c) | 2,611,000 | 2,490,019 | |
Citigroup Commercial Mortgage Trust: | |||
Series 2013-GC15 Class D, 5.154% 9/10/46 (b)(c) | 7,323,000 | 6,813,409 | |
Series 2019-GC41 Class D, 3% 8/10/56 (b) | 2,273,000 | 1,351,280 | |
Series 2020-420K Class E, 3.3118% 11/10/42 (b)(c) | 2,081,000 | 1,470,342 | |
Series 2020-GC46 Class E, 2.6% 2/15/53 (b) | 329,000 | 150,714 | |
Series 2022-GC48 Class D, 2.5% 6/15/55 (b) | 3,129,000 | 1,510,313 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV Class G, 1 month U.S. LIBOR + 5.150% 10.2633% 9/15/33 (b)(c)(f) | 1,487,000 | 691,599 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (b) | 2,840,000 | 2,286,173 | |
Series 2012-CR1: | |||
Class D, 5.3182% 5/15/45 (b)(c) | 7,226,000 | 4,990,010 | |
Class G, 2.462% 5/15/45 (b)(e) | 2,322,000 | 690,887 | |
Series 2013-CR10 Class D, 4.8201% 8/10/46 (b)(c) | 3,673,000 | 3,322,705 | |
Series 2014-CR17 Class E, 4.8445% 5/10/47 (b)(c) | 589,000 | 428,294 | |
Series 2015-3BP Class F, 3.2384% 2/10/35 (b)(c) | 4,405,000 | 3,697,907 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (b) | 2,000,070 | 1,340,048 | |
Series 2019-CD4 Class C, 4.3497% 5/10/50 (c) | 1,920,000 | 1,461,949 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (b) | 1,146,000 | 775,252 | |
Commercial Mortgage Trust Series 2016-CD2 Class D, 2.7292% 11/10/49 (c) | 1,680,000 | 855,323 | |
Commercial Mortgage Trust pass-thru certificates: | |||
Series 2012-CR2: | |||
Class D, 4.8451% 8/15/45 (b)(c) | 234,087 | 213,815 | |
Class E, 4.8451% 8/15/45 (b)(c) | 5,385,400 | 4,576,194 | |
Class F, 4.25% 8/15/45 (b)(e) | 7,162,000 | 5,005,248 | |
Series 2014-CR2 Class G, 4.25% 8/15/45 (b)(e) | 1,556,000 | 744,303 | |
Core Industrial Trust floater Series 2019-CORE Class E, 1 month U.S. LIBOR + 1.900% 7.007% 12/15/31 (b)(c)(f) | 2,385,600 | 2,230,463 | |
CPT Mortgage Trust sequential payer Series 2019-CPT: | |||
Class E, 2.9968% 11/13/39 (b)(c) | 1,785,000 | 1,131,667 | |
Class F, 2.9968% 11/13/39 (b)(c) | 2,772,000 | 1,661,445 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 9.3243% 6/15/34 (b)(f) | 2,561,600 | 2,178,490 | |
Credit Suisse Mortgage Trust: | |||
floater Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 9.0265% 11/15/23 (b)(c)(f) | 7,098,000 | 6,927,918 | |
Series 2019-UVIL Class E, 3.2833% 12/15/41 (b)(c) | 2,289,000 | 1,514,071 | |
Series 2020-NET Class F, 3.7042% 8/15/37 (b)(c) | 918,000 | 757,604 | |
Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.6327% 5/15/26 (b)(c)(f) | 3,269,728 | 3,072,401 | |
DBGS Mortgage Trust: | |||
Series 2018-C1 Class C, 4.6294% 10/15/51 (c) | 777,000 | 606,805 | |
Series 2019-1735 Class F, 4.1946% 4/10/37 (b)(c) | 1,000,000 | 610,487 | |
DC Office Trust Series 2019-MTC Class E, 3.072% 9/15/45 (b)(c) | 1,029,000 | 639,219 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, 1 month U.S. LIBOR + 3.610% 8.7229% 11/15/38 (b)(c)(f) | 4,570,000 | 4,191,509 | |
Extended Stay America Trust floater Series 2021-ESH Class F, 1 month U.S. LIBOR + 3.700% 8.808% 7/15/38 (b)(c)(f) | 5,887,413 | 5,591,451 | |
GS Mortgage Securities Corp. II Series 2010-C1 Class B, 5.148% 8/10/43 (b) | 156,155 | 155,615 | |
GS Mortgage Securities Corp. Trust floater Series 2019-70P Class F, 1 month U.S. LIBOR + 2.650% 7.757% 10/15/36 (b)(c)(f) | 2,550,000 | 2,292,110 | |
GS Mortgage Securities Trust: | |||
sequential payer: | |||
Series 2019-GSA1 Class A4, 3.0479% 11/10/52 | 2,965,000 | 2,583,061 | |
Series 2020-GC45 Class A5, 2.9106% 2/13/53 | 2,586,000 | 2,246,099 | |
Series 2011-GC5: | |||
Class D, 5.1526% 8/10/44 (b)(c) | 1,929,752 | 601,815 | |
Class E, 5.1526% 8/10/44 (b)(c)(e) | 2,432,000 | 220,905 | |
Class F, 4.5% 8/10/44 (b)(e) | 4,308,000 | 15,110 | |
Series 2012-GCJ9 Class D, 4.6131% 11/10/45 (b)(c) | 3,696,941 | 3,402,868 | |
Series 2013-GC16: | |||
Class D, 5.3239% 11/10/46 (b)(c) | 3,923,000 | 3,453,125 | |
Class F, 3.5% 11/10/46 (b) | 2,530,000 | 2,000,343 | |
Series 2016-GS2 Class D, 2.753% 5/10/49 (b) | 2,058,050 | 1,565,832 | |
Series 2017-GS6 Class D, 3.243% 5/10/50 (b) | 1,745,000 | 1,068,026 | |
Series 2019-GC38 Class D, 3% 2/10/52 (b) | 1,162,000 | 744,254 | |
Series 2019-GC39 Class D, 3% 5/10/52 (b) | 2,830,000 | 1,720,831 | |
Series 2019-GC42: | |||
Class C, 3.6924% 9/10/52 (c) | 831,000 | 637,025 | |
Class D, 2.8% 9/10/52 (b) | 4,807,000 | 2,720,066 | |
Series 2019-GS5 Class C, 4.299% 3/10/50 (c) | 2,499,000 | 1,784,144 | |
Series 2020-GC45 Class SWD, 3.2185% 12/13/39 (b)(c) | 1,764,000 | 1,150,781 | |
Series 2020-GC47 Class D, 3.4541% 5/12/53 (b)(c) | 756,000 | 459,446 | |
Hilton U.S.A. Trust Series 2016-HHV: | |||
Class E, 4.1935% 11/5/38 (b)(c) | 5,078,000 | 4,598,671 | |
Class F, 4.1935% 11/5/38 (b)(c) | 5,977,000 | 5,330,491 | |
Home Partners of America Trust Series 2019-1: | |||
Class E, 3.604% 9/17/39 (b) | 1,296,252 | 1,150,490 | |
Class F, 4.101% 9/17/39 (b) | 210,333 | 188,012 | |
Hudson Yards Mortgage Trust: | |||
Series 2019-30HY Class E, 3.4431% 7/10/39 (b)(c) | 1,947,000 | 1,488,420 | |
Series 2019-55HY Class F, 2.9428% 12/10/41 (b)(c) | 1,617,000 | 1,073,917 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (b) | 2,083,000 | 1,873,594 | |
Intown Mortgage Trust floater Series 2022-STAY Class E, CME Term SOFR 1 Month Index + 5.030% 10.0904% 8/15/39 (b)(c)(f) | 1,623,000 | 1,610,797 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (b) | 604,000 | 456,657 | |
Series 2015-C32 Class C, 4.6545% 11/15/48 (c) | 1,500,000 | 1,014,306 | |
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.3822% 12/15/49 (b)(c) | 2,418,000 | 1,549,067 | |
JPMDB Commercial Mortgage Securities Trust: | |||
Series 2017-C7 Class D, 3% 10/15/50 (b) | 1,355,000 | 766,988 | |
Series 2018-C8 Class D, 3.3104% 6/15/51 (b)(c) | 1,171,000 | 690,794 | |
Series 2019-COR6 Class D, 2.5% 11/13/52 (b) | 1,354,000 | 730,029 | |
Series 2020-COR7 Class D, 1.75% 5/13/53 (b) | 1,535,000 | 796,857 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
floater: | |||
Series 2019-MFP Class F, 1 month U.S. LIBOR + 3.000% 8.107% 7/15/36 (b)(c)(f) | 777,000 | 736,855 | |
Series 2021-MHC Class E, 1 month U.S. LIBOR + 2.450% 7.557% 4/15/38 (b)(c)(f) | 3,060,000 | 2,921,690 | |
Series 2011-C3: | |||
Class E, 5.5257% 2/15/46 (b)(c) | 3,008,000 | 1,227,393 | |
Class G, 4.409% 2/15/46 (b)(c) | 1,082,000 | 112,456 | |
Class H, 4.409% 2/15/46 (b)(c)(e) | 2,622,000 | 200,539 | |
Series 2012-CBX: | |||
Class E, 4.6897% 6/15/45 (b)(c) | 2,587,032 | 2,222,103 | |
Class F, 4% 6/15/45 (b)(e) | 3,743,000 | 1,441,055 | |
Class G 4% 6/15/45 (b)(e) | 4,129,000 | 1,135,475 | |
Series 2013-LC11: | |||
Class D, 4.1392% 4/15/46 (c) | 3,677,000 | 2,356,957 | |
Class E, 3.25% 4/15/46 (b)(c) | 104,000 | 46,284 | |
Class F, 3.25% 4/15/46 (b)(c)(e) | 5,894,000 | 664,236 | |
Series 2014-DSTY: | |||
Class D, 3.8046% 6/10/27 (b)(c)(e) | 3,213,000 | 8,038 | |
Class E, 3.8046% 6/10/27 (b)(c)(e) | 4,232,000 | 10,312 | |
Series 2018-AON Class F, 4.6132% 7/5/31 (b)(c) | 2,150,000 | 552,550 | |
Series 2019-OSB Class E, 3.7828% 6/5/39 (b)(c) | 2,350,000 | 1,848,094 | |
Series 2020-NNN: | |||
Class EFX, 3.972% 1/16/37 (b) | 2,771,000 | 2,271,542 | |
Class FFX, 4.6254% 1/16/37 (b) | 2,388,000 | 1,893,013 | |
Class GFX, 4.8445% 1/16/37 (b)(c) | 942,000 | 710,980 | |
KNDL Mortgage Trust floater Series 2019-KNSQ Class F, 1 month U.S. LIBOR + 2.000% 7.257% 5/15/36 (b)(c)(f) | 5,600,000 | 5,437,679 | |
KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.1235% 8/15/38 (b)(c)(f) | 4,439,911 | 3,959,479 | |
Liberty Street Trust Series 2016-225L Class E, 4.6485% 2/10/36 (b)(c) | 2,063,000 | 1,672,473 | |
LIFE Mortgage Trust floater Series 2021-BMR Class G, CME Term SOFR 1 Month Index + 3.060% 8.1235% 3/15/38 (b)(c)(f) | 11,211,758 | 10,550,435 | |
Market Mortgage Trust Series 2020-525M Class F, 2.9406% 2/12/40 (b)(c) | 1,976,000 | 1,051,620 | |
Merit floater Series 2021-STOR: | |||
Class E, 1 month U.S. LIBOR + 1.750% 6.857% 7/15/38 (b)(c)(f) | 716,000 | 676,402 | |
Class G, 1 month U.S. LIBOR + 2.750% 7.857% 7/15/38 (b)(c)(f) | 735,000 | 688,842 | |
Class J, 1 month U.S. LIBOR + 3.950% 9.057% 7/15/38 (b)(c)(f) | 1,847,000 | 1,726,526 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, CME Term SOFR 1 Month Index + 3.310% 8.3744% 4/15/38 (b)(c)(f) | 14,000,000 | 13,240,151 | |
MHC Trust floater Series 2021-MHC2 Class F, CME Term SOFR 1 Month Index + 2.510% 7.507% 5/15/38 (b)(c)(f) | 3,850,000 | 3,637,078 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL Class G, CME Term SOFR 1 Month Index + 3.950% 9.0168% 1/15/27 (b)(c)(f) | 2,285,341 | 2,147,842 | |
MOFT Trust Series 2020-ABC: | |||
Class D, 3.4767% 2/10/42 (b)(c) | 1,144,000 | 711,864 | |
Class E, 3.4767% 2/10/42 (b)(c) | 841,000 | 491,990 | |
Morgan Stanley BAML Trust: | |||
sequential payer Series 2014-C18 Class 300E, 4.6896% 8/15/31 (e) | 1,666,000 | 927,049 | |
Series 2012-C5 Class E, 4.6146% 8/15/45 (b)(c) | 889,000 | 800,785 | |
Series 2012-C6 Class D, 4.5222% 11/15/45 (b)(c) | 3,633,000 | 3,051,608 | |
Series 2012-C6, Class F, 4.5222% 11/15/45 (b)(c)(e) | 1,575,000 | 976,497 | |
Series 2013-C13: | |||
Class D, 4.8895% 11/15/46 (b)(c) | 5,150,000 | 4,798,522 | |
Class E, 4.8895% 11/15/46 (b)(c) | 1,666,000 | 1,481,724 | |
Series 2013-C8 Class D, 4.1128% 12/15/48 (b)(c) | 123,933 | 118,034 | |
Series 2013-C9: | |||
Class D, 3.9034% 5/15/46 (b)(c) | 4,440,000 | 3,423,591 | |
Class E, 3.9034% 5/15/46 (b)(c) | 1,594,370 | 1,148,471 | |
Series 2016-C30 Class D, 3% 9/15/49 (b) | 798,000 | 422,940 | |
Series 2017-C33 Class D, 3.356% 5/15/50 (b) | 2,932,000 | 1,973,403 | |
Morgan Stanley Capital I Trust: | |||
Series 1998-CF1 Class G, 7.35% 7/15/32 (b)(c) | 704 | 700 | |
Series 2011-C2: | |||
Class D, 5.2113% 6/15/44 (b)(c) | 3,616,253 | 3,307,378 | |
Class F, 5.2113% 6/15/44 (b)(c)(e) | 3,015,000 | 1,376,095 | |
Series 2011-C3: | |||
Class C, 5.0856% 7/15/49 (b)(c) | 230,399 | 229,436 | |
Class D, 5.0856% 7/15/49 (b)(c) | 8,074,000 | 8,014,525 | |
Class E, 5.0856% 7/15/49 (b)(c)(e) | 2,610,000 | 2,272,683 | |
Class F, 5.0856% 7/15/49 (b)(c) | 984,000 | 560,024 | |
Class G, 5.0856% 7/15/49 (b)(c)(e) | 3,536,800 | 1,820,008 | |
Series 2012-C4 Class D, 5.1638% 3/15/45 (b)(c) | 787,462 | 736,212 | |
Series 2015-MS1 Class D, 4.024% 5/15/48 (b)(c) | 4,300,000 | 3,325,380 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (b) | 4,506,000 | 2,915,103 | |
Series 2017-H1 Class D, 2.546% 6/15/50 (b) | 5,262,000 | 3,209,095 | |
Series 2017-HR2 Class D, 2.73% 12/15/50 | 586,000 | 360,124 | |
Series 2018-MP Class E, 4.276% 7/11/40 (b)(c) | 3,059,000 | 1,944,017 | |
Series 2020-CNP Class D, 2.4276% 4/5/42 (b)(c) | 1,043,000 | 658,384 | |
MSCCG Trust floater sequential payer Series 2018-SELF Class F, 1 month U.S. LIBOR + 3.050% 8.158% 10/15/37 (b)(c)(f) | 935,805 | 894,587 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (b)(c) | 1,014,000 | 664,824 | |
MSWF Commercial Mortgage Trust sequential payer Series 2023-1: | |||
Class A5, 5.752% 5/15/33 | 1,899,000 | 1,967,363 | |
Class C, 6.9055% 5/15/33 | 1,266,000 | 1,173,716 | |
Natixis Commercial Mortgage Securities Trust: | |||
floater Series 2018-FL1 Class WAN2, 1 month U.S. LIBOR + 3.750% 8.8574% 6/15/35 (b)(c)(e)(f) | 222,000 | 36,214 | |
Series 2018-TECH: | |||
Class E, 1 month U.S. LIBOR + 2.400% 7.507% 11/15/34 (b)(c)(f) | 638,000 | 598,689 | |
Class F, 1 month U.S. LIBOR + 3.150% 8.257% 11/15/34 (b)(c)(f) | 96,000 | 90,088 | |
Class G, 1 month U.S. LIBOR + 4.150% 9.257% 11/15/34 (b)(c)(f) | 572,000 | 534,104 | |
Series 2019-10K: | |||
Class E, 4.1346% 5/15/39 (b)(c) | 2,293,000 | 1,734,686 | |
Class F, 4.1346% 5/15/39 (b)(c) | 3,014,000 | 2,171,093 | |
Series 2020-2PAC: | |||
Class AMZ2, 3.5% 1/15/37 (b)(c) | 1,754,950 | 1,525,924 | |
Class AMZ3, 3.5% 1/15/37 (b)(c) | 822,675 | 700,122 | |
OPG Trust floater Series 2021-PORT: | |||
Class G, 1 month U.S. LIBOR + 2.390% 7.505% 10/15/36 (b)(c)(f) | 886,902 | 824,490 | |
Class J, 1 month U.S. LIBOR + 3.340% 8.453% 10/15/36 (b)(c)(f) | 1,473,510 | 1,369,824 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF: | |||
Class F, 1 month U.S. LIBOR + 3.350% 8.458% 7/15/38 (b)(c)(f) | 2,225,000 | 2,051,953 | |
Class NR, 1 month U.S. LIBOR + 6.000% 11.108% 7/15/38 (b)(c)(f) | 631,000 | 567,505 | |
Prima Capital Ltd. floater Series 2021-9A Class C, 1 month U.S. LIBOR + 2.350% 7.4984% 12/15/37 (b)(c)(f) | 1,000,000 | 938,004 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (b) | 1,480,867 | 1,505,674 | |
SG Commercial Mortgage Securities Trust: | |||
Series 2019-PREZ Class F, 3.4771% 9/15/39 (b)(c) | 3,206,000 | 2,366,013 | |
Series 2020-COVE: | |||
Class F, 3.7276% 3/15/37 (b)(c) | 3,855,000 | 3,367,725 | |
Class G, 3.7276% 3/15/37 (b)(c) | 1,782,000 | 1,525,331 | |
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 8.41% 1/15/39 (b)(c)(f) | 3,360,000 | 3,149,805 | |
SOHO Trust Series 2021-SOHO Class D, 2.6966% 8/10/38 (b)(c) | 2,499,000 | 1,513,224 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 8.3728% 10/15/38 (b)(c)(f) | 3,339,000 | 3,055,414 | |
Series 2021-MFP: | |||
Class E, 1 month U.S. LIBOR + 2.020% 7.1342% 11/15/38 (b)(c)(f) | 3,297,000 | 3,139,552 | |
Class F, 1 month U.S. LIBOR + 2.620% 7.7323% 11/15/38 (b)(c)(f) | 1,405,000 | 1,324,226 | |
Series 2021-MFP2: | |||
Class G, 1 month U.S. LIBOR + 2.960% 8.0745% 11/15/36 (b)(c)(f) | 3,024,000 | 2,823,322 | |
Class J, 1 month U.S. LIBOR + 3.910% 9.0225% 11/15/36 (b)(c)(f) | 1,803,000 | 1,701,257 | |
STWD Trust floater sequential payer Series 2021-LIH: | |||
Class F, 1 month U.S. LIBOR + 3.550% 8.658% 11/15/36 (b)(c)(f) | 3,319,000 | 3,051,672 | |
Class G, 1 month U.S. LIBOR + 4.200% 9.307% 11/15/36 (b)(c)(f) | 1,134,000 | 1,042,051 | |
TPGI Trust floater Series 2021-DGWD Class G, 1 month U.S. LIBOR + 3.850% 8.96% 6/15/26 (b)(c)(f) | 1,008,000 | 944,660 | |
UBS Commercial Mortgage Trust: | |||
Series 2012-C1: | |||
Class E, 5% 5/10/45 (b)(c)(e) | 1,477,846 | 990,157 | |
Class F, 5% 5/10/45 (b)(c)(e) | 2,484,000 | 118,902 | |
Series 2018-C8 Class C, 4.685% 2/15/51 (c) | 756,000 | 621,654 | |
UBS-BAMLL Trust: | |||
Series 12-WRM Class D, 4.238% 6/10/30 (b)(c) | 2,090,000 | 1,694,784 | |
Series 2012-WRM Class C, 4.238% 6/10/30 (b)(c) | 890,000 | 758,068 | |
VASA Trust: | |||
floater Series 2021-VASA Class G, 1 month U.S. LIBOR + 5.000% 10.107% 7/15/39 (b)(c)(f) | 693,000 | 483,046 | |
floater sequential payer Series 2021-VASA Class F, 1 month U.S. LIBOR + 3.900% 9.007% 7/15/39 (b)(c)(f) | 3,009,000 | 2,177,635 | |
VMC Finance Ltd. floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 9.6113% 1/18/37 (b)(c)(f) | 4,664,500 | 4,351,064 | |
Wells Fargo Commercial Mortgage Trust: | |||
floater Series 2021-SAVE Class E, 1 month U.S. LIBOR + 3.650% 8.757% 2/15/40 (b)(c)(f) | 511,779 | 440,884 | |
sequential payer: | |||
Series 2020-C57 Class D, 2.5% 8/15/53 (b) | 2,108,000 | 1,171,240 | |
Series 2020-C58 Class A4, 2.092% 7/15/53 | 2,745,000 | 2,199,131 | |
Series 20XX-C60 Class A4, 2.342% 8/15/54 | 2,703,000 | 2,192,184 | |
Series 2015-NXS4 Class D, 3.6853% 12/15/48 (c) | 1,834,000 | 1,510,151 | |
Series 2016-BNK1 Class D, 3% 8/15/49 (b) | 1,526,000 | 828,514 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (b) | 1,250,000 | 876,675 | |
Series 2017-RB1 Class D, 3.401% 3/15/50 (b) | 1,824,000 | 785,868 | |
Series 2018-C44 Class D, 3% 5/15/51 (b) | 3,949,000 | 2,368,541 | |
Series 2019-C49: | |||
Class B, 4.546% 3/15/52 | 450,000 | 388,524 | |
Class C, 4.866% 3/15/52 (c) | 3,713,000 | 3,124,920 | |
Wells Fargo Commercial Mtg Trust 3.514% 10/15/52 | 1,459,000 | 1,152,065 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (c)(e) | 1,252,600 | 59,082 | |
Series 2011-C3 Class D, 5.8545% 3/15/44 (b)(c) | 1,284,756 | 250,527 | |
Series 2011-C4: | |||
Class D, 4.8463% 6/15/44 (b)(c) | 1,616,000 | 1,376,164 | |
Class E, 4.8463% 6/15/44 (b)(c) | 1,274,000 | 877,858 | |
Series 2011-C5: | |||
Class E, 5.4542% 11/15/44 (b)(c) | 1,001,884 | 941,184 | |
Class F, 5.25% 11/15/44 (b)(c) | 3,930,000 | 3,491,547 | |
Class G, 5.25% 11/15/44 (b)(c) | 1,255,150 | 1,059,604 | |
Series 2013-C11 Class E, 3.9765% 3/15/45 (b)(c) | 4,999,000 | 2,249,429 | |
Series 2013-C13 Class D, 4.0816% 5/15/45 (b)(c) | 1,499,000 | 1,350,556 | |
Series 2013-C16 Class D, 4.9834% 9/15/46 (b)(c) | 668,000 | 574,622 | |
WFCM: | |||
Series 2022-C62 Class D, 2.5% 4/15/55 (b) | 2,352,000 | 1,101,300 | |
Series 2022-C62, Class A4, 4% 4/15/55 | 2,074,000 | 1,886,510 | |
Worldwide Plaza Trust Series 2017-WWP Class F, 3.5955% 11/10/36 (b)(c) | 1,695,000 | 498,692 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.516% 6/5/35 (b)(c) | 1,638,000 | 1,298,054 | |
Class PR2, 3.516% 6/5/35 (b)(c) | 4,354,000 | 3,285,613 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $647,161,557) | 538,597,235 | ||
Common Stocks - 0.0% | |||
Shares | Value ($) | ||
Diversified Financial Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (i) (Cost $919,192) | 92,200 | 14,936 | |
Preferred Stocks - 0.7% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.2% | |||
Homebuilders/Real Estate - 0.2% | |||
RLJ Lodging Trust Series A, 1.95% | 45,550 | 1,068,148 | |
Nonconvertible Preferred Stocks - 0.5% | |||
Homebuilders/Real Estate - 0.5% | |||
Arbor Realty Trust, Inc. Series F, 6.25% (c) | 57,000 | 1,064,190 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 43,529 | 892,345 | |
Series I, 7.15% | 41,600 | 841,984 | |
Dynex Capital, Inc. Series C 6.90% (c) | 17,707 | 385,127 | |
3,183,646 | |||
TOTAL PREFERRED STOCKS (Cost $4,989,618) | 4,251,794 | ||
Bank Loan Obligations - 2.5% | |||
Principal Amount (a) | Value ($) | ||
Diversified Financial Services - 2.5% | |||
Agellan Portfolio 9% 8/7/25 (e)(j) | 908,000 | 908,000 | |
Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.0593% 1/9/24 (c)(e)(f)(j) | 4,858,250 | 4,469,590 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.5577% 1/21/27 (c)(e)(f)(j) | 2,792,918 | 2,792,918 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 0.000% 0% 11/15/23 (e)(f)(g)(j) | 11,130,675 | 7,457,552 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $19,686,619) | 15,628,060 | ||
Preferred Securities - 0.0% | |||
Principal Amount (a) | Value ($) | ||
Homebuilders/Real Estate - 0.0% | |||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (b)(e) | 3,000,000 | 0 | |
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (b)(e) | 3,100,000 | 31 | |
TOTAL PREFERRED SECURITIES (Cost $6,004,704) | 31 | ||
Money Market Funds - 3.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (k) (Cost $21,790,318) | 21,785,961 | 21,790,318 | |
TOTAL INVESTMENT IN SECURITIES - 99.2% (Cost $740,303,786) | 610,189,835 |
NET OTHER ASSETS (LIABILITIES) - 0.8% | 4,748,828 |
NET ASSETS - 100.0% | 614,938,663 |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $483,774,746 or 78.7% of net assets. |
(c) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(e) | Level 3 security |
(f) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(g) | Non-income producing - Security is in default. |
(h) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $31,183 or 0.0% of net assets. |
(i) | Non-income producing |
(j) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B4, 3.573% 6/25/43 | 9/29/03 | 33,264 |
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B5, 3.573% 6/25/43 | 9/29/03 | 1,178 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 51,234,326 | 122,224,351 | 151,668,359 | 754,101 | - | - | 21,790,318 | 0.1% |
Total | 51,234,326 | 122,224,351 | 151,668,359 | 754,101 | - | - | 21,790,318 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Financials | 1,449,317 | 1,449,317 | - | - |
Information Technology | 14,936 | 14,936 | - | - |
Real Estate | 2,802,477 | 1,734,329 | 1,068,148 | - |
Corporate Bonds | 11,325,910 | - | 11,325,910 | - |
Asset-Backed Securities | 18,538,384 | - | 18,538,358 | 26 |
Collateralized Mortgage Obligations | 43,167 | - | 2,784 | 40,383 |
Commercial Mortgage Securities | 538,597,235 | - | 512,926,687 | 25,670,548 |
Bank Loan Obligations | 15,628,060 | - | - | 15,628,060 |
Preferred Securities | 31 | - | - | 31 |
Money Market Funds | 21,790,318 | 21,790,318 | - | - |
Total Investments in Securities: | 610,189,835 | 24,988,900 | 543,861,887 | 41,339,048 |
Investments in Securities: | |||
Commercial Mortgage Securities | |||
Beginning Balance | $ | 18,789,614 | |
Net Realized Gain (Loss) on Investment Securities | (3,004,386) | ||
Net Unrealized Gain (Loss) on Investment Securities | (264,845) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (890,975) | ||
Amortization/Accretion | (322,615) | ||
Transfers into Level 3 | 18,096,131 | ||
Transfers out of Level 3 | (6,732,376) | ||
Ending Balance | $ | 25,670,548 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2023 | $ | (3,386,281) | |
Bank Loan Obligations | |||
Beginning Balance | $ | 19,001,704 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (3,374,010) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | 366 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 15,628,060 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2023 | $ | (3,374,010) | |
Other Investments in Securities | |||
Beginning Balance | $ | 72,334 | |
Net Realized Gain (Loss) on Investment Securities | 7,397 | ||
Net Unrealized Gain (Loss) on Investment Securities | (187,192) | ||
Cost of Purchases | 269,973 | ||
Proceeds of Sales | (39,040) | ||
Amortization/Accretion | (114,360) | ||
Transfers into Level 3 | 34,944 | ||
Transfers out of Level 3 | (3,616) | ||
Ending Balance | $ | 40,440 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2023 | $ | (187,192) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
May 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $718,513,468) | $ | 588,399,517 | ||
Fidelity Central Funds (cost $21,790,318) | 21,790,318 | |||
Total Investment in Securities (cost $740,303,786) | $ | 610,189,835 | ||
Receivable for investments sold | 2,665,099 | |||
Interest receivable | 2,878,192 | |||
Distributions receivable from Fidelity Central Funds | 146,746 | |||
Prepaid expenses | 152 | |||
Other receivables | 149 | |||
Total assets | 615,880,173 | |||
Liabilities | ||||
Payable to custodian bank | $ | 1,866 | ||
Distributions payable | 455,484 | |||
Accrued management fee | 364,202 | |||
Other affiliated payables | 28,319 | |||
Audit fee payable | 89,336 | |||
Other payables and accrued expenses | 2,303 | |||
Total Liabilities | 941,510 | |||
Net Assets | $ | 614,938,663 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 810,442,800 | ||
Total accumulated earnings (loss) | (195,504,137) | |||
Net Assets | $ | 614,938,663 | ||
Net Asset Value , offering price and redemption price per share ($614,938,663 ÷ 89,772,149 shares) | $ | 6.85 |
Statement of Operations | ||||
Six months ended May 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 650,352 | ||
Interest | 19,917,647 | |||
Income from Fidelity Central Funds | 754,101 | |||
Total Income | 21,322,100 | |||
Expenses | ||||
Management fee | $ | 2,375,229 | ||
Transfer agent fees | 51,090 | |||
Accounting fees and expenses | 131,020 | |||
Custodian fees and expenses | 3,261 | |||
Independent trustees' fees and expenses | 2,361 | |||
Audit | 91,690 | |||
Legal | 358 | |||
Miscellaneous | 3,843 | |||
Total expenses before reductions | 2,658,852 | |||
Expense reductions | (10,759) | |||
Total expenses after reductions | 2,648,093 | |||
Net Investment income (loss) | 18,674,007 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (31,575,025) | |||
Total net realized gain (loss) | (31,575,025) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 165,016 | |||
Net gain (loss) | (31,410,009) | |||
Net increase (decrease) in net assets resulting from operations | $ | (12,736,002) |
Statement of Changes in Net Assets | ||||
Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 18,674,007 | $ | 37,432,420 |
Net realized gain (loss) | (31,575,025) | (18,182,556) | ||
Change in net unrealized appreciation (depreciation) | 165,016 | (98,119,750) | ||
Net increase (decrease) in net assets resulting from operations | (12,736,002) | (78,869,886) | ||
Distributions to shareholders | (17,820,668) | (35,148,510) | ||
Distributions to shareholders from tax return of capital | - | (3,443,243) | ||
Total Distributions | (17,820,668) | (38,591,753) | ||
Share transactions | ||||
Proceeds from sales of shares | 14,500 | 1,542,700 | ||
Reinvestment of distributions | 15,388,359 | 34,056,356 | ||
Cost of shares redeemed | (92,120,522) | (141,867,241) | ||
Net increase (decrease) in net assets resulting from share transactions | (76,717,663) | (106,268,185) | ||
Total increase (decrease) in net assets | (107,274,333) | (223,729,824) | ||
Net Assets | ||||
Beginning of period | 722,212,996 | 945,942,820 | ||
End of period | $ | 614,938,663 | $ | 722,212,996 |
Other Information | ||||
Shares | ||||
Sold | 2,098 | 206,697 | ||
Issued in reinvestment of distributions | 2,187,455 | 4,453,015 | ||
Redeemed | (13,101,072) | (18,754,870) | ||
Net increase (decrease) | (10,911,519) | (14,095,158) | ||
Fidelity® Real Estate High Income Fund |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 7.17 | $ | 8.24 | $ | 7.80 | $ | 8.77 | $ | 8.44 | $ | 8.60 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .194 | .345 | .305 | .341 | .418 | .417 | ||||||
Net realized and unrealized gain (loss) | (.298) | (1.059) | .469 | (.972) | .338 | (.148) | ||||||
Total from investment operations | (.104) | (.714) | .774 | (.631) | .756 | .269 | ||||||
Distributions from net investment income | (.216) | (.324) | (.334) | (.339) | (.426) | (.429) | ||||||
Tax return of capital | - | (.032) | - | - | - | - | ||||||
Total distributions | (.216) | (.356) | (.334) | (.339) | (.426) | (.429) | ||||||
Net asset value, end of period | $ | 6.85 | $ | 7.17 | $ | 8.24 | $ | 7.80 | $ | 8.77 | $ | 8.44 |
Total Return C,D | (1.92)% | (8.84)% | 10.07% | (7.06)% | 9.15% | 3.23% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .78% G | .78% | .78% | .79% | .80% | .80% | ||||||
Expenses net of fee waivers, if any | .78% G | .78% | .78% | .79% | .80% | .80% | ||||||
Expenses net of all reductions | .78% G | .78% | .78% | .79% | .79% | .80% | ||||||
Net investment income (loss) | 5.50% G | 4.48% | 3.74% | 4.41% | 4.83% | 4.91% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 614,939 | $ | 722,213 | $ | 945,943 | $ | 757,024 | $ | 821,523 | $ | 732,992 |
Portfolio turnover rate H | 30% G | 16% | 22% | 27% | 26% | 13% I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Preferred Securities | $31 | Recovery value | Recovery value | $0.00 | Increase |
Bank Loan Obligations | $15,628,060 | Discounted cash flow | Yield | 8.2% - 20.1% / 15.1% | Decrease |
Asset-Backed Securities | $26 | Recovery value | Recovery value | $0.00 | Increase |
Indicative market price | Evaluated bid | $0.00 | Increase | ||
Commercial Mortgage Securities | $25,670,548 | Indicative market price | Evaluated bid | $0.24 - $87.08 / $54.01 | Increase |
Collateralized Mortgage Obligations | $40,383 | Indicative market price | Evaluated bid | $1.15 - $37.95 / $35.47 | Increase |
Gross unrealized appreciation | $3,544,890 |
Gross unrealized depreciation | (133,660,066) |
Net unrealized appreciation (depreciation) | $(130,115,176) |
Tax cost | $740,305,011 |
Short-term | $(10,443,799) |
Long-term | (20,993,830) |
Total capital loss carryforward | $(31,437,629) |
Purchases ($) | Sales ($) | |
Fidelity Real Estate High Income Fund | 96,742,622 | 144,748,295 |
% of Average Net Assets | |
Fidelity Real Estate High Income Fund | .04 |
Amount | |
Fidelity Real Estate High Income Fund | $405 |
Amount | |
Fidelity Real Estate High Income Fund | $702 |
Fund | Number of Unaffiliated Shareholders | Unaffiliated Shareholders % |
Fidelity Real Estate High Income Fund | 3 | 67% |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity® Real Estate High Income Fund | .78% | |||||||||
Actual | $ 1,000 | $ 980.80 | $ 3.85 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.04 | $ 3.93 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Valvoline, Inc. | 1.7 | |
Eagle Materials, Inc. | 1.6 | |
Insight Enterprises, Inc. | 1.6 | |
KBR, Inc. | 1.5 | |
Extreme Networks, Inc. | 1.4 | |
Chemed Corp. | 1.4 | |
Churchill Downs, Inc. | 1.4 | |
Fabrinet | 1.4 | |
Constellium NV | 1.4 | |
Brookfield Infrastructure Corp. A Shares | 1.4 | |
14.8 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 19.8 | |
Health Care | 14.6 | |
Information Technology | 14.4 | |
Financials | 14.2 | |
Consumer Discretionary | 13.2 | |
Materials | 5.7 | |
Energy | 4.0 | |
Real Estate | 3.8 | |
Consumer Staples | 3.6 | |
Communication Services | 2.8 | |
Utilities | 1.8 | |
Investment Companies | 0.9 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 97.9% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.8% | |||
Entertainment - 0.2% | |||
Vivid Seats, Inc. Class A (a) | 106,498 | 778,500 | |
Interactive Media & Services - 1.5% | |||
Cars.com, Inc. (a) | 205,900 | 3,634,135 | |
Ziff Davis, Inc. (a) | 34,284 | 2,024,127 | |
5,658,262 | |||
Media - 0.5% | |||
TechTarget, Inc. (a) | 59,800 | 2,077,452 | |
Wireless Telecommunication Services - 0.6% | |||
Gogo, Inc. (a) | 161,600 | 2,432,080 | |
TOTAL COMMUNICATION SERVICES | 10,946,294 | ||
CONSUMER DISCRETIONARY - 13.2% | |||
Automobile Components - 3.0% | |||
Adient PLC (a) | 115,500 | 3,891,195 | |
Fox Factory Holding Corp. (a) | 34,200 | 3,041,064 | |
Patrick Industries, Inc. | 73,481 | 4,815,210 | |
11,747,469 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
Brinker International, Inc. (a) | 59,900 | 2,191,142 | |
Churchill Downs, Inc. | 41,000 | 5,568,620 | |
Lindblad Expeditions Holdings (a) | 117,800 | 1,116,744 | |
8,876,506 | |||
Household Durables - 1.8% | |||
Skyline Champion Corp. (a) | 57,691 | 3,353,578 | |
Tempur Sealy International, Inc. | 102,500 | 3,653,100 | |
7,006,678 | |||
Leisure Products - 0.3% | |||
Clarus Corp. (b) | 162,190 | 1,341,311 | |
Specialty Retail - 4.7% | |||
Academy Sports & Outdoors, Inc. | 36,250 | 1,774,800 | |
Aritzia, Inc. (a) | 32,800 | 840,115 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 6,300 | 1,469,664 | |
Murphy U.S.A., Inc. | 15,200 | 4,201,584 | |
Musti Group OYJ | 175,431 | 3,579,722 | |
Valvoline, Inc. | 174,700 | 6,725,948 | |
18,591,833 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Crocs, Inc. (a) | 36,682 | 4,118,655 | |
TOTAL CONSUMER DISCRETIONARY | 51,682,452 | ||
CONSUMER STAPLES - 3.6% | |||
Consumer Staples Distribution & Retail - 2.6% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 40,120 | 2,513,518 | |
Performance Food Group Co. (a) | 86,900 | 4,804,701 | |
Sprouts Farmers Market LLC (a) | 79,000 | 2,730,240 | |
10,048,459 | |||
Food Products - 1.0% | |||
Nomad Foods Ltd. (a) | 234,700 | 4,001,635 | |
TOTAL CONSUMER STAPLES | 14,050,094 | ||
ENERGY - 4.0% | |||
Energy Equipment & Services - 0.7% | |||
TechnipFMC PLC (a) | 220,800 | 2,901,312 | |
Oil, Gas & Consumable Fuels - 3.3% | |||
Antero Resources Corp. (a) | 175,100 | 3,573,791 | |
Denbury, Inc. (a) | 55,300 | 4,986,401 | |
Hess Midstream LP | 70,799 | 1,974,584 | |
Magnolia Oil & Gas Corp. Class A | 119,600 | 2,311,868 | |
12,846,644 | |||
TOTAL ENERGY | 15,747,956 | ||
FINANCIALS - 14.2% | |||
Banks - 4.5% | |||
ConnectOne Bancorp, Inc. | 194,376 | 2,639,626 | |
First Interstate Bancsystem, Inc. | 141,900 | 3,128,895 | |
Independent Bank Group, Inc. | 76,034 | 2,537,255 | |
Metropolitan Bank Holding Corp. (a) | 51,200 | 1,448,960 | |
Pinnacle Financial Partners, Inc. | 60,900 | 2,962,785 | |
ServisFirst Bancshares, Inc. | 57,100 | 2,301,130 | |
Trico Bancshares | 77,300 | 2,516,888 | |
17,535,539 | |||
Capital Markets - 3.3% | |||
Houlihan Lokey | 38,300 | 3,343,973 | |
Lazard Ltd. Class A | 72,300 | 2,074,287 | |
LPL Financial | 15,400 | 2,999,612 | |
Morningstar, Inc. | 8,864 | 1,814,461 | |
Patria Investments Ltd. | 189,600 | 2,796,600 | |
13,028,933 | |||
Consumer Finance - 1.1% | |||
PROG Holdings, Inc. (a) | 133,508 | 4,356,366 | |
Financial Services - 1.9% | |||
Essent Group Ltd. | 121,500 | 5,366,655 | |
Walker & Dunlop, Inc. | 28,100 | 2,056,639 | |
7,423,294 | |||
Insurance - 3.4% | |||
Old Republic International Corp. | 153,800 | 3,766,562 | |
Primerica, Inc. | 28,800 | 5,242,176 | |
Selective Insurance Group, Inc. | 46,427 | 4,490,884 | |
13,499,622 | |||
TOTAL FINANCIALS | 55,843,754 | ||
HEALTH CARE - 14.6% | |||
Biotechnology - 4.4% | |||
Avid Bioservices, Inc. (a) | 62,215 | 961,222 | |
Blueprint Medicines Corp. (a) | 25,600 | 1,446,912 | |
Celldex Therapeutics, Inc. (a) | 16,700 | 531,060 | |
Cerevel Therapeutics Holdings (a) | 45,700 | 1,489,820 | |
Cytokinetics, Inc. (a) | 45,500 | 1,714,895 | |
Day One Biopharmaceuticals, Inc. (a) | 28,100 | 373,730 | |
Exelixis, Inc. (a) | 51,900 | 1,000,632 | |
Janux Therapeutics, Inc. (a)(b) | 41,400 | 481,068 | |
Keros Therapeutics, Inc. (a) | 13,800 | 660,468 | |
Legend Biotech Corp. ADR (a) | 17,800 | 1,142,226 | |
PepGen, Inc. | 28,100 | 420,938 | |
Prelude Therapeutics, Inc. (a) | 59,465 | 331,815 | |
PTC Therapeutics, Inc. (a) | 32,500 | 1,364,025 | |
Relay Therapeutics, Inc. (a)(b) | 43,200 | 481,248 | |
Vaxcyte, Inc. (a) | 30,900 | 1,530,168 | |
Verve Therapeutics, Inc. (a)(b) | 49,500 | 766,260 | |
Viking Therapeutics, Inc. (a) | 34,200 | 751,032 | |
Xenon Pharmaceuticals, Inc. (a) | 45,100 | 1,737,703 | |
Zentalis Pharmaceuticals, Inc. (a) | 9,130 | 237,745 | |
17,422,967 | |||
Health Care Equipment & Supplies - 4.1% | |||
Envista Holdings Corp. (a) | 104,600 | 3,335,694 | |
Heska Corp. (a) | 11,268 | 1,349,118 | |
Inspire Medical Systems, Inc. (a) | 9,300 | 2,720,157 | |
Merit Medical Systems, Inc. (a) | 39,100 | 3,221,840 | |
Neogen Corp. (a) | 119,400 | 2,088,306 | |
Tandem Diabetes Care, Inc. (a) | 49,800 | 1,294,302 | |
TransMedics Group, Inc. (a) | 29,000 | 2,107,140 | |
16,116,557 | |||
Health Care Providers & Services - 3.9% | |||
Acadia Healthcare Co., Inc. (a) | 53,700 | 3,792,831 | |
Chemed Corp. | 10,500 | 5,604,585 | |
Option Care Health, Inc. (a) | 46,966 | 1,293,913 | |
The Ensign Group, Inc. | 52,700 | 4,669,747 | |
15,361,076 | |||
Life Sciences Tools & Services - 0.7% | |||
BioLife Solutions, Inc. (a) | 53,500 | 1,249,225 | |
Olink Holding AB ADR (a) | 47,528 | 925,845 | |
Quanterix Corp. (a) | 18,203 | 356,961 | |
2,532,031 | |||
Pharmaceuticals - 1.5% | |||
Arvinas Holding Co. LLC (a) | 30,000 | 654,900 | |
DICE Therapeutics, Inc. (a) | 31,200 | 986,232 | |
Edgewise Therapeutics, Inc. (a) | 59,600 | 603,152 | |
Intra-Cellular Therapies, Inc. (a) | 29,300 | 1,739,834 | |
Ventyx Biosciences, Inc. (a) | 25,400 | 875,538 | |
Verona Pharma PLC ADR (a) | 38,800 | 834,976 | |
5,694,632 | |||
TOTAL HEALTH CARE | 57,127,263 | ||
INDUSTRIALS - 19.8% | |||
Aerospace & Defense - 0.7% | |||
V2X, Inc. (a) | 68,000 | 2,805,000 | |
Building Products - 2.1% | |||
CSW Industrials, Inc. | 19,885 | 2,818,102 | |
Masonite International Corp. (a) | 61,900 | 5,451,533 | |
8,269,635 | |||
Commercial Services & Supplies - 0.6% | |||
Tetra Tech, Inc. | 18,500 | 2,543,195 | |
Construction & Engineering - 1.8% | |||
EMCOR Group, Inc. | 31,000 | 5,110,040 | |
Granite Construction, Inc. | 49,400 | 1,787,786 | |
6,897,826 | |||
Electrical Equipment - 1.5% | |||
Array Technologies, Inc. (a) | 160,288 | 3,553,585 | |
Atkore, Inc. (a) | 21,600 | 2,522,232 | |
6,075,817 | |||
Ground Transportation - 0.8% | |||
TFI International, Inc. | 30,600 | 3,221,568 | |
Machinery - 2.1% | |||
ITT, Inc. | 39,500 | 3,008,320 | |
Luxfer Holdings PLC sponsored | 147,200 | 2,113,792 | |
Terex Corp. | 66,400 | 3,078,968 | |
8,201,080 | |||
Professional Services - 6.1% | |||
ASGN, Inc. (a) | 42,400 | 2,774,232 | |
Concentrix Corp. | 39,313 | 3,447,750 | |
FTI Consulting, Inc. (a) | 18,900 | 3,553,389 | |
KBR, Inc. | 99,400 | 5,866,588 | |
NV5 Global, Inc. (a) | 37,468 | 3,395,350 | |
TriNet Group, Inc. (a)(b) | 53,600 | 4,763,432 | |
23,800,741 | |||
Trading Companies & Distributors - 4.1% | |||
Applied Industrial Technologies, Inc. | 28,300 | 3,479,768 | |
Beacon Roofing Supply, Inc. (a) | 42,600 | 2,723,844 | |
Custom Truck One Source, Inc. Class A (a) | 211,502 | 1,362,073 | |
GMS, Inc. (a) | 68,200 | 4,319,106 | |
Rush Enterprises, Inc. Class A | 80,432 | 4,204,181 | |
16,088,972 | |||
TOTAL INDUSTRIALS | 77,903,834 | ||
INFORMATION TECHNOLOGY - 14.4% | |||
Communications Equipment - 1.4% | |||
Extreme Networks, Inc. (a) | 274,800 | 5,660,880 | |
Electronic Equipment, Instruments & Components - 5.7% | |||
Advanced Energy Industries, Inc. | 40,800 | 4,004,520 | |
Fabrinet (a) | 49,100 | 5,559,102 | |
Insight Enterprises, Inc. (a) | 46,598 | 6,300,982 | |
Napco Security Technologies, Inc. | 58,782 | 2,186,103 | |
TD SYNNEX Corp. | 47,013 | 4,202,022 | |
22,252,729 | |||
IT Services - 1.1% | |||
Endava PLC ADR (a) | 32,801 | 1,600,689 | |
Perficient, Inc. (a) | 34,600 | 2,645,862 | |
4,246,551 | |||
Semiconductors & Semiconductor Equipment - 3.0% | |||
AEHR Test Systems (a)(b) | 77,200 | 2,549,144 | |
Allegro MicroSystems LLC (a) | 38,900 | 1,529,937 | |
Axcelis Technologies, Inc. (a) | 13,900 | 2,189,945 | |
MACOM Technology Solutions Holdings, Inc. (a) | 55,500 | 3,320,565 | |
Synaptics, Inc. (a) | 24,858 | 2,138,782 | |
11,728,373 | |||
Software - 2.7% | |||
Five9, Inc. (a) | 23,100 | 1,527,141 | |
Intapp, Inc. (a) | 97,819 | 4,134,809 | |
Rapid7, Inc. (a) | 32,800 | 1,565,216 | |
Tenable Holdings, Inc. (a) | 79,100 | 3,242,309 | |
10,469,475 | |||
Technology Hardware, Storage & Peripherals - 0.5% | |||
Avid Technology, Inc. (a) | 89,700 | 2,152,800 | |
TOTAL INFORMATION TECHNOLOGY | 56,510,808 | ||
MATERIALS - 5.7% | |||
Chemicals - 1.3% | |||
Element Solutions, Inc. | 208,800 | 3,743,784 | |
Tronox Holdings PLC | 132,800 | 1,412,992 | |
5,156,776 | |||
Construction Materials - 1.6% | |||
Eagle Materials, Inc. | 39,300 | 6,403,149 | |
Metals & Mining - 2.8% | |||
Commercial Metals Co. | 122,700 | 5,245,425 | |
Constellium NV (a) | 371,800 | 5,539,820 | |
10,785,245 | |||
TOTAL MATERIALS | 22,345,170 | ||
REAL ESTATE - 3.8% | |||
Equity Real Estate Investment Trusts (REITs) - 3.2% | |||
Essential Properties Realty Trust, Inc. | 211,092 | 5,051,432 | |
Lamar Advertising Co. Class A | 56,800 | 5,105,184 | |
Urban Edge Properties | 189,100 | 2,520,703 | |
12,677,319 | |||
Real Estate Management & Development - 0.6% | |||
Cushman & Wakefield PLC (a) | 267,933 | 2,124,709 | |
TOTAL REAL ESTATE | 14,802,028 | ||
UTILITIES - 1.8% | |||
Gas Utilities - 1.4% | |||
Brookfield Infrastructure Corp. A Shares | 119,957 | 5,530,018 | |
Multi-Utilities - 0.4% | |||
Telecom Plus PLC | 78,058 | 1,475,924 | |
TOTAL UTILITIES | 7,005,942 | ||
TOTAL COMMON STOCKS (Cost $331,740,937) | 383,965,595 | ||
Money Market Funds - 3.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (c) | 3,679,595 | 3,680,331 | |
Fidelity Securities Lending Cash Central Fund 5.14% (c)(d) | 10,366,973 | 10,368,010 | |
TOTAL MONEY MARKET FUNDS (Cost $14,048,341) | 14,048,341 | ||
Equity Funds - 0.9% | |||
Shares | Value ($) | ||
Small Blend Funds - 0.9% | |||
iShares Russell 2000 Index ETF (b) (Cost $3,598,090) | 20,500 | 3,562,285 | |
TOTAL INVESTMENT IN SECURITIES - 102.4% (Cost $349,387,368) | 401,576,221 |
NET OTHER ASSETS (LIABILITIES) - (2.4)% | (9,267,516) |
NET ASSETS - 100.0% | 392,308,705 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 3,753,464 | 71,508,886 | 71,582,019 | 100,322 | - | - | 3,680,331 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 7,058,236 | 36,518,941 | 33,209,167 | 36,788 | - | - | 10,368,010 | 0.0% |
Total | 10,811,700 | 108,027,827 | 104,791,186 | 137,110 | - | - | 14,048,341 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 10,946,294 | 10,946,294 | - | - |
Consumer Discretionary | 51,682,452 | 51,682,452 | - | - |
Consumer Staples | 14,050,094 | 14,050,094 | - | - |
Energy | 15,747,956 | 15,747,956 | - | - |
Financials | 55,843,754 | 55,843,754 | - | - |
Health Care | 57,127,263 | 57,127,263 | - | - |
Industrials | 77,903,834 | 77,903,834 | - | - |
Information Technology | 56,510,808 | 56,510,808 | - | - |
Materials | 22,345,170 | 22,345,170 | - | - |
Real Estate | 14,802,028 | 14,802,028 | - | - |
Utilities | 7,005,942 | 7,005,942 | - | - |
Money Market Funds | 14,048,341 | 14,048,341 | - | - |
Equity Funds | 3,562,285 | 3,562,285 | - | - |
Total Investments in Securities: | 401,576,221 | 401,576,221 | - | - |
Statement of Assets and Liabilities | ||||
May 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $10,026,399) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $335,339,027) | $ | 387,527,880 | ||
Fidelity Central Funds (cost $14,048,341) | 14,048,341 | |||
Total Investment in Securities (cost $349,387,368) | $ | 401,576,221 | ||
Cash | 8,480 | |||
Foreign currency held at value (cost $379,886) | 379,691 | |||
Receivable for investments sold | 200,997 | |||
Receivable for fund shares sold | 957,846 | |||
Dividends receivable | 313,724 | |||
Distributions receivable from Fidelity Central Funds | 44,823 | |||
Receivable from investment adviser for expense reductions | 3,734 | |||
Other receivables | 4,663 | |||
Total assets | 403,490,179 | |||
Liabilities | ||||
Payable for investments purchased | $ | 151,935 | ||
Payable for fund shares redeemed | 654,119 | |||
Other payables and accrued expenses | 7,920 | |||
Collateral on securities loaned | 10,367,500 | |||
Total Liabilities | 11,181,474 | |||
Net Assets | $ | 392,308,705 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 336,770,293 | ||
Total accumulated earnings (loss) | 55,538,412 | |||
Net Assets | $ | 392,308,705 | ||
Net Asset Value , offering price and redemption price per share ($392,308,705 ÷ 37,079,345 shares) | $ | 10.58 |
Statement of Operations | ||||
Six months ended May 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,315,171 | ||
Income from Fidelity Central Funds (including $36,788 from security lending) | 137,110 | |||
Total Income | 1,452,281 | |||
Expenses | ||||
Custodian fees and expenses | $ | 14,770 | ||
Independent trustees' fees and expenses | 1,300 | |||
Interest | 2,430 | |||
Total expenses before reductions | 18,500 | |||
Expense reductions | (8,868) | |||
Total expenses after reductions | 9,632 | |||
Net Investment income (loss) | 1,442,649 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 5,430,653 | |||
Foreign currency transactions | 314 | |||
Total net realized gain (loss) | 5,430,967 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (24,250,122) | |||
Assets and liabilities in foreign currencies | 276 | |||
Total change in net unrealized appreciation (depreciation) | (24,249,846) | |||
Net gain (loss) | (18,818,879) | |||
Net increase (decrease) in net assets resulting from operations | $ | (17,376,230) |
Statement of Changes in Net Assets | ||||
Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,442,649 | $ | 4,070,375 |
Net realized gain (loss) | 5,430,967 | 36,754,089 | ||
Change in net unrealized appreciation (depreciation) | (24,249,846) | (107,069,322) | ||
Net increase (decrease) in net assets resulting from operations | (17,376,230) | (66,244,858) | ||
Distributions to shareholders | (34,872,065) | (92,151,608) | ||
Share transactions | ||||
Proceeds from sales of shares | 51,194,147 | 93,304,376 | ||
Reinvestment of distributions | 34,872,065 | 92,151,608 | ||
Cost of shares redeemed | (48,391,324) | (128,622,536) | ||
Net increase (decrease) in net assets resulting from share transactions | 37,674,888 | 56,833,448 | ||
Total increase (decrease) in net assets | (14,573,407) | (101,563,018) | ||
Net Assets | ||||
Beginning of period | 406,882,112 | 508,445,130 | ||
End of period | $ | 392,308,705 | $ | 406,882,112 |
Other Information | ||||
Shares | ||||
Sold | 4,628,615 | 7,557,448 | ||
Issued in reinvestment of distributions | 3,216,980 | 6,549,510 | ||
Redeemed | (4,238,945) | (10,479,350) | ||
Net increase (decrease) | 3,606,650 | 3,627,608 | ||
Fidelity Advisor® Series Small Cap Fund |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 12.16 | $ | 17.04 | $ | 12.88 | $ | 11.72 | $ | 11.41 | $ | 12.72 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .04 | .11 | .11 | .09 | .09 | .10 | ||||||
Net realized and unrealized gain (loss) | (.57) | (1.91) | 4.49 | 1.42 | 1.32 | (.58) | ||||||
Total from investment operations | (.53) | (1.80) | 4.60 | 1.51 | 1.41 | (.48) | ||||||
Distributions from net investment income | (.11) | (.12) | (.12) | (.07) | (.11) C | (.07) | ||||||
Distributions from net realized gain | (.94) | (2.97) | (.32) | (.28) | (.99) C | (.76) | ||||||
Total distributions | (1.05) | (3.08) D | (.44) | (.35) | (1.10) | (.83) | ||||||
Net asset value, end of period | $ | 10.58 | $ | 12.16 | $ | 17.04 | $ | 12.88 | $ | 11.72 | $ | 11.41 |
Total Return E,F | (4.57)% | (13.01)% | 36.69% | 13.21% | 15.27% | (4.02)% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .01% I | .01% | .01% | .01% | .01% | .01% | ||||||
Expenses net of fee waivers, if any | -% I,J | -% J | -% J | .01% | .01% | .01% | ||||||
Expenses net of all reductions | -% I,J | -% J | -% J | .01% | .01% | -% J | ||||||
Net investment income (loss) | .73% I | .92% | .68% | .85% | .89% | .83% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 392,309 | $ | 406,882 | $ | 508,445 | $ | 467,212 | $ | 469,471 | $ | 441,154 |
Portfolio turnover rate K | 32% I | 57% | 51% | 58% | 76% | 82% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $89,678,066 |
Gross unrealized depreciation | (39,414,867) |
Net unrealized appreciation (depreciation) | $50,263,199 |
Tax cost | $351,313,022 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Small Cap Fund | 67,975,893 | 62,541,983 |
Amount | |
Fidelity Advisor Series Small Cap Fund | $1,712 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Series Small Cap Fund | Borrower | $3,052,000 | 4.78% | $2,430 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Series Small Cap Fund | 3,215,454 | 5,007,682 | (480,717) |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Series Small Cap Fund | $3,967 | $- | $- |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Series Small Cap Fund | -%- D | |||||||||
Actual | $ 1,000 | $ 954.30 | $- E | |||||||
Hypothetical- B | $ 1,000 | $ 1,024.93 | $- E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 12.4 | |
NVIDIA Corp. | 6.9 | |
Alphabet, Inc. Class A | 5.3 | |
Apple, Inc. | 4.1 | |
Uber Technologies, Inc. | 3.2 | |
Amazon.com, Inc. | 3.2 | |
UnitedHealth Group, Inc. | 2.4 | |
Vertex Pharmaceuticals, Inc. | 2.2 | |
Eli Lilly & Co. | 2.0 | |
CME Group, Inc. | 1.9 | |
43.6 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 37.1 | |
Health Care | 16.8 | |
Industrials | 12.6 | |
Consumer Discretionary | 10.9 | |
Communication Services | 9.5 | |
Financials | 6.2 | |
Energy | 3.9 | |
Consumer Staples | 1.3 | |
Materials | 0.4 | |
Utilities | 0.0 | |
Real Estate | 0.0 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.5% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 9.5% | |||
Entertainment - 4.0% | |||
Netflix, Inc. (a) | 228,721 | 90,397 | |
Universal Music Group NV (b) | 5,072,145 | 100,616 | |
Universal Music Group NV rights (a) | 4,998,494 | 1,443 | |
Warner Music Group Corp. Class A | 2,482,213 | 60,690 | |
253,146 | |||
Interactive Media & Services - 5.5% | |||
Alphabet, Inc. Class A (a) | 2,769,553 | 340,295 | |
Bumble, Inc. (a) | 462,310 | 7,073 | |
Epic Games, Inc. (a)(c)(d) | 3,289 | 2,315 | |
349,683 | |||
Media - 0.0% | |||
Innovid Corp. (a) | 242,614 | 301 | |
TOTAL COMMUNICATION SERVICES | 603,130 | ||
CONSUMER DISCRETIONARY - 10.9% | |||
Automobile Components - 0.0% | |||
Mobileye Global, Inc. (e) | 39,900 | 1,778 | |
Automobiles - 1.1% | |||
BYD Co. Ltd. (H Shares) | 910,925 | 27,508 | |
Ferrari NV | 153,177 | 43,911 | |
XPeng, Inc. ADR (a)(e) | 19,500 | 154 | |
71,573 | |||
Broadline Retail - 4.2% | |||
Amazon.com, Inc. (a) | 1,680,572 | 202,643 | |
Dollarama, Inc. | 56,000 | 3,407 | |
MercadoLibre, Inc. (a) | 48,710 | 60,352 | |
266,402 | |||
Diversified Consumer Services - 0.2% | |||
Laureate Education, Inc. Class A | 1,317,928 | 15,947 | |
Hotels, Restaurants & Leisure - 2.3% | |||
Airbnb, Inc. Class A (a) | 387,786 | 42,567 | |
Booking Holdings, Inc. (a) | 13,301 | 33,369 | |
Flutter Entertainment PLC (a) | 319,713 | 62,579 | |
Kura Sushi U.S.A., Inc. Class A (a) | 107,500 | 8,760 | |
147,275 | |||
Household Durables - 0.0% | |||
Blu Investments LLC (a)(c)(d) | 12,123,162 | 4 | |
Specialty Retail - 1.9% | |||
Five Below, Inc. (a)(e) | 261,578 | 45,127 | |
RH (a) | 41,702 | 10,216 | |
TJX Companies, Inc. | 835,237 | 64,138 | |
119,481 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Compagnie Financiere Richemont SA Series A | 10,550 | 1,680 | |
LVMH Moet Hennessy Louis Vuitton SE | 48,638 | 42,526 | |
On Holding AG (a) | 11,400 | 313 | |
Samsonite International SA (a)(f) | 11,675,075 | 29,641 | |
74,160 | |||
TOTAL CONSUMER DISCRETIONARY | 696,620 | ||
CONSUMER STAPLES - 1.3% | |||
Beverages - 1.3% | |||
Boston Beer Co., Inc. Class A (a) | 52,768 | 17,809 | |
Monster Beverage Corp. | 1,110,879 | 65,120 | |
82,929 | |||
ENERGY - 3.9% | |||
Energy Equipment & Services - 0.4% | |||
Baker Hughes Co. Class A | 1,031,160 | 28,099 | |
Oil, Gas & Consumable Fuels - 3.5% | |||
Cheniere Energy, Inc. | 630,400 | 88,111 | |
Denbury, Inc. (a) | 96,800 | 8,728 | |
New Fortress Energy, Inc. | 458,132 | 12,035 | |
Range Resources Corp. | 1,019,237 | 27,897 | |
Reliance Industries Ltd. | 2,883,932 | 86,141 | |
222,912 | |||
TOTAL ENERGY | 251,011 | ||
FINANCIALS - 6.2% | |||
Banks - 0.0% | |||
HDFC Bank Ltd. | 160,292 | 3,114 | |
Capital Markets - 1.9% | |||
CME Group, Inc. | 661,117 | 118,175 | |
Financial Services - 2.5% | |||
Block, Inc. Class A (a) | 538,275 | 32,506 | |
MasterCard, Inc. Class A | 313,610 | 114,474 | |
One97 Communications Ltd. (a) | 562,300 | 4,742 | |
Rocket Companies, Inc. (a)(e) | 902,400 | 7,237 | |
158,959 | |||
Insurance - 1.8% | |||
American Financial Group, Inc. | 233,925 | 26,263 | |
Arthur J. Gallagher & Co. | 254,433 | 50,971 | |
BRP Group, Inc. (a) | 487,293 | 9,775 | |
Marsh & McLennan Companies, Inc. | 155,600 | 26,947 | |
113,956 | |||
TOTAL FINANCIALS | 394,204 | ||
HEALTH CARE - 16.8% | |||
Biotechnology - 6.6% | |||
2seventy bio, Inc. (a) | 57,100 | 680 | |
Adamas Pharmaceuticals, Inc.: | |||
rights (a)(d) | 1,000,100 | 250 | |
rights (a)(d) | 1,000,100 | 110 | |
Affimed NV (a) | 337,485 | 297 | |
Alnylam Pharmaceuticals, Inc. (a) | 194,747 | 36,030 | |
Applied Therapeutics, Inc. (a) | 56,090 | 72 | |
Arcellx, Inc. (a) | 42,000 | 1,854 | |
Beam Therapeutics, Inc. (a) | 45,900 | 1,464 | |
Biogen, Inc. (a) | 127,255 | 37,720 | |
Cytokinetics, Inc. (a) | 138,100 | 5,205 | |
Evelo Biosciences, Inc. (a) | 268,200 | 37 | |
Galapagos NV sponsored ADR (a) | 387,060 | 16,009 | |
Gamida Cell Ltd. (a)(e) | 1,895,116 | 3,980 | |
Gamida Cell Ltd. warrants 4/21/28 (a) | 354,200 | 443 | |
Genmab A/S (a) | 29,000 | 11,343 | |
Hookipa Pharma, Inc. (a) | 669,700 | 877 | |
Immunocore Holdings PLC ADR (a) | 133,988 | 7,393 | |
Insmed, Inc. (a)(e) | 637,949 | 12,140 | |
Legend Biotech Corp. ADR (a) | 158,800 | 10,190 | |
Prelude Therapeutics, Inc. (a) | 17,000 | 95 | |
Regeneron Pharmaceuticals, Inc. (a) | 73,229 | 53,864 | |
Repligen Corp. (a) | 86,600 | 14,542 | |
Rubius Therapeutics, Inc. (a)(e) | 80,596 | 1 | |
Seagen, Inc. (a) | 296,368 | 57,999 | |
Seres Therapeutics, Inc. (a) | 235,000 | 1,163 | |
Synlogic, Inc. (a) | 647,800 | 340 | |
Vertex Pharmaceuticals, Inc. (a) | 431,715 | 139,690 | |
Vor Biopharma, Inc. (a) | 474,939 | 2,232 | |
XOMA Corp. (a) | 291,100 | 4,949 | |
420,969 | |||
Health Care Equipment & Supplies - 1.6% | |||
Boston Scientific Corp. (a) | 1,635,647 | 84,203 | |
Insulet Corp. (a) | 5,000 | 1,371 | |
Penumbra, Inc. (a) | 46,516 | 14,296 | |
99,870 | |||
Health Care Providers & Services - 3.2% | |||
HealthEquity, Inc. (a) | 970,468 | 53,182 | |
Option Care Health, Inc. (a) | 46,500 | 1,281 | |
UnitedHealth Group, Inc. | 306,840 | 149,505 | |
203,968 | |||
Health Care Technology - 0.4% | |||
Certara, Inc. (a)(e) | 545,958 | 11,345 | |
Evolent Health, Inc. (c) | 304,700 | 8,435 | |
Simulations Plus, Inc. (e) | 94,400 | 4,172 | |
23,952 | |||
Life Sciences Tools & Services - 2.2% | |||
Bio-Techne Corp. | 190,311 | 15,566 | |
Bruker Corp. | 446,671 | 30,865 | |
Charles River Laboratories International, Inc. (a) | 108,838 | 21,047 | |
Codexis, Inc. (a) | 365,704 | 808 | |
Danaher Corp. | 130,901 | 30,057 | |
Nanostring Technologies, Inc. (a) | 62,300 | 367 | |
Sartorius Stedim Biotech | 50,800 | 13,336 | |
Thermo Fisher Scientific, Inc. | 58,560 | 29,775 | |
141,821 | |||
Pharmaceuticals - 2.8% | |||
Aclaris Therapeutics, Inc. (a) | 156,900 | 1,310 | |
AstraZeneca PLC sponsored ADR | 550,376 | 40,221 | |
Eli Lilly & Co. | 290,945 | 124,949 | |
Nuvation Bio, Inc. (a) | 186,501 | 302 | |
Revance Therapeutics, Inc. (a) | 509,024 | 15,556 | |
182,338 | |||
TOTAL HEALTH CARE | 1,072,918 | ||
INDUSTRIALS - 12.6% | |||
Aerospace & Defense - 1.5% | |||
Axon Enterprise, Inc. (a) | 87,853 | 16,948 | |
Spirit AeroSystems Holdings, Inc. Class A (e) | 1,000,788 | 26,611 | |
The Boeing Co. (a) | 253,919 | 52,231 | |
95,790 | |||
Electrical Equipment - 1.7% | |||
AMETEK, Inc. | 142,941 | 20,736 | |
Bloom Energy Corp. Class A (a)(e) | 87,000 | 1,194 | |
Eaton Corp. PLC | 96,100 | 16,904 | |
Hubbell, Inc. Class B | 54,178 | 15,303 | |
Rockwell Automation, Inc. | 185,767 | 51,755 | |
105,892 | |||
Ground Transportation - 3.2% | |||
Uber Technologies, Inc. (a) | 5,440,722 | 206,367 | |
Industrial Conglomerates - 1.4% | |||
General Electric Co. | 901,945 | 91,574 | |
Machinery - 1.7% | |||
Energy Recovery, Inc. (a) | 194,300 | 4,626 | |
Ingersoll Rand, Inc. | 1,042,010 | 59,040 | |
Parker Hannifin Corp. | 91,954 | 29,466 | |
Westinghouse Air Brake Tech Co. | 166,110 | 15,387 | |
108,519 | |||
Passenger Airlines - 0.5% | |||
Ryanair Holdings PLC sponsored ADR (a) | 326,754 | 34,335 | |
Professional Services - 1.7% | |||
Equifax, Inc. | 103,286 | 21,548 | |
KBR, Inc. | 1,233,480 | 72,800 | |
TransUnion Holding Co., Inc. | 209,400 | 15,073 | |
109,421 | |||
Trading Companies & Distributors - 0.9% | |||
Ferguson PLC | 377,413 | 54,812 | |
TOTAL INDUSTRIALS | 806,710 | ||
INFORMATION TECHNOLOGY - 37.1% | |||
Electronic Equipment, Instruments & Components - 1.1% | |||
Flex Ltd. (a) | 1,509,981 | 38,338 | |
Jabil, Inc. | 334,251 | 29,922 | |
68,260 | |||
IT Services - 1.7% | |||
Cloudflare, Inc. (a) | 194,331 | 13,440 | |
Gartner, Inc. (a) | 39,600 | 13,577 | |
MongoDB, Inc. Class A (a) | 197,381 | 57,989 | |
Shopify, Inc. Class A (a) | 429,056 | 24,538 | |
109,544 | |||
Semiconductors & Semiconductor Equipment - 13.4% | |||
Aixtron AG | 663,516 | 20,575 | |
Allegro MicroSystems LLC (a) | 248,336 | 9,767 | |
ASML Holding NV (depository receipt) | 51,586 | 37,293 | |
BE Semiconductor Industries NV | 328,142 | 36,145 | |
eMemory Technology, Inc. | 36,000 | 2,156 | |
Enphase Energy, Inc. (a) | 124,596 | 21,665 | |
KLA Corp. | 83,462 | 36,973 | |
Marvell Technology, Inc. | 258,600 | 15,126 | |
Monolithic Power Systems, Inc. | 41,095 | 20,133 | |
NVIDIA Corp. | 1,163,280 | 440,115 | |
NXP Semiconductors NV | 254,066 | 45,503 | |
Silicon Laboratories, Inc. (a) | 7,020 | 988 | |
SiTime Corp. (a) | 268,151 | 26,593 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 1,120,583 | 110,478 | |
Universal Display Corp. | 243,652 | 35,897 | |
859,407 | |||
Software - 16.8% | |||
Confluent, Inc. (a) | 1,139,527 | 36,169 | |
Elastic NV (a) | 3,012 | 219 | |
HashiCorp, Inc. (a) | 484,458 | 16,636 | |
HubSpot, Inc. (a) | 94,874 | 49,144 | |
Manhattan Associates, Inc. (a) | 232,480 | 42,177 | |
Microsoft Corp. | 2,422,119 | 795,402 | |
NICE Ltd. sponsored ADR (a) | 50,300 | 10,359 | |
Oracle Corp. | 930,474 | 98,574 | |
Palo Alto Networks, Inc. (a) | 5,820 | 1,242 | |
ServiceNow, Inc. (a) | 37,700 | 20,538 | |
Volue A/S (a) | 1,207,600 | 1,760 | |
1,072,220 | |||
Technology Hardware, Storage & Peripherals - 4.1% | |||
Apple, Inc. | 1,476,199 | 261,656 | |
TOTAL INFORMATION TECHNOLOGY | 2,371,087 | ||
MATERIALS - 0.2% | |||
Chemicals - 0.1% | |||
Aspen Aerogels, Inc. (a) | 510,800 | 3,356 | |
Metals & Mining - 0.1% | |||
MP Materials Corp. (a)(e) | 396,197 | 8,209 | |
TOTAL MATERIALS | 11,565 | ||
REAL ESTATE - 0.0% | |||
Real Estate Management & Development - 0.0% | |||
Doma Holdings, Inc. (a)(c) | 487,314 | 145 | |
WeWork, Inc. (a)(e) | 3,567,400 | 611 | |
756 | |||
UTILITIES - 0.0% | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Brookfield Renewable Partners LP | 82,400 | 2,498 | |
TOTAL COMMON STOCKS (Cost $4,475,317) | 6,293,428 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) (000s) | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
ElevateBio LLC Series C (a)(c)(d) | 111,100 | 467 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
ASAPP, Inc. Series C (a)(c)(d) | 367,427 | 1,367 | |
MATERIALS - 0.2% | |||
Metals & Mining - 0.2% | |||
Illuminated Holdings, Inc.: | |||
Series C2 (a)(c)(d) | 76,285 | 3,359 | |
Series C3 (a)(c)(d) | 95,356 | 4,199 | |
Series C4 (a)(c)(d) | 27,230 | 1,199 | |
Series C5 (a)(c)(d) | 53,844 | 2,371 | |
11,128 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,964) | 12,962 | ||
Money Market Funds - 2.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.14% (g) | 83,011,301 | 83,028 | |
Fidelity Securities Lending Cash Central Fund 5.14% (g)(h) | 42,625,176 | 42,629 | |
TOTAL MONEY MARKET FUNDS (Cost $125,657) | 125,657 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $4,611,938) | 6,432,047 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (44,010) |
NET ASSETS - 100.0% | 6,388,037 |
(a) | Non-income producing |
(b) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,861,000 or 0.4% of net assets. |
(d) | Level 3 security |
(e) | Security or a portion of the security is on loan at period end. |
(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 $29,641,000 or 0.5% of net assets. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
ASAPP, Inc. Series C | 4/30/21 | 2,424 |
Blu Investments LLC | 5/21/20 | 21 |
Doma Holdings, Inc. | 3/02/21 | 4,873 |
ElevateBio LLC Series C | 3/09/21 | 466 |
Epic Games, Inc. | 3/29/21 | 2,911 |
Evolent Health, Inc. | 3/28/23 | 8,836 |
Illuminated Holdings, Inc. Series C2 | 7/07/20 | 1,907 |
Illuminated Holdings, Inc. Series C3 | 7/07/20 | 2,861 |
Illuminated Holdings, Inc. Series C4 | 1/08/21 | 980 |
Illuminated Holdings, Inc. Series C5 | 6/16/21 | 2,326 |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 121,727 | 1,220,369 | 1,259,068 | 2,804 | - | - | 83,028 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.14% | 30,152 | 242,446 | 229,969 | 414 | - | - | 42,629 | 0.1% |
Total | 151,879 | 1,462,815 | 1,489,037 | 3,218 | - | - | 125,657 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 603,130 | 498,756 | 102,059 | 2,315 |
Consumer Discretionary | 696,620 | 624,902 | 71,714 | 4 |
Consumer Staples | 82,929 | 82,929 | - | - |
Energy | 251,011 | 251,011 | - | - |
Financials | 394,204 | 391,090 | 3,114 | - |
Health Care | 1,073,385 | 1,063,680 | 8,878 | 827 |
Industrials | 806,710 | 806,710 | - | - |
Information Technology | 2,372,454 | 2,371,087 | - | 1,367 |
Materials | 22,693 | 11,565 | - | 11,128 |
Real Estate | 756 | 756 | - | - |
Utilities | 2,498 | 2,498 | - | - |
Money Market Funds | 125,657 | 125,657 | - | - |
Total Investments in Securities: | 6,432,047 | 6,230,641 | 185,765 | 15,641 |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | May 31, 2023 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $37,945) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,486,281) | $ | 6,306,390 | ||
Fidelity Central Funds (cost $125,657) | 125,657 | |||
Total Investment in Securities (cost $4,611,938) | $ | 6,432,047 | ||
Foreign currency held at value (cost $958) | 964 | |||
Receivable for investments sold | 33,178 | |||
Receivable for fund shares sold | 14,445 | |||
Dividends receivable | 5,010 | |||
Distributions receivable from Fidelity Central Funds | 810 | |||
Prepaid expenses | 1 | |||
Other receivables | 84 | |||
Total assets | 6,486,539 | |||
Liabilities | ||||
Payable for investments purchased | ||||
Regular delivery | $ | 41,720 | ||
Delayed delivery | 1,443 | |||
Payable for fund shares redeemed | 4,571 | |||
Accrued management fee | 2,690 | |||
Distribution and service plan fees payable | 1,024 | |||
Other affiliated payables | 788 | |||
Other payables and accrued expenses | 3,642 | |||
Collateral on securities loaned | 42,624 | |||
Total Liabilities | 98,502 | |||
Net Assets | $ | 6,388,037 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,586,153 | ||
Total accumulated earnings (loss) | 1,801,884 | |||
Net Assets | $ | 6,388,037 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($1,569,182 ÷ 107,338 shares) (a) | $ | 14.62 | ||
Maximum offering price per share (100/94.25 of $14.62) | $ | 15.51 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($1,503,288 ÷ 106,667 shares) (a) | $ | 14.09 | ||
Maximum offering price per share (100/96.50 of $14.09) | $ | 14.60 | ||
Class C : | ||||
Net Asset Value and offering price per share ($114,049 ÷ 10,367 shares) (a) | $ | 11.00 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($2,022,479 ÷ 119,565 shares) | $ | 16.92 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($1,179,039 ÷ 68,731 shares) | $ | 17.15 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Amounts in thousands | Six months ended May 31, 2023 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 24,822 | ||
Income from Fidelity Central Funds (including $414 from security lending) | 3,218 | |||
Total Income | 28,040 | |||
Expenses | ||||
Management fee | $ | 14,443 | ||
Transfer agent fees | 4,007 | |||
Distribution and service plan fees | 5,842 | |||
Accounting fees | 489 | |||
Custodian fees and expenses | 59 | |||
Independent trustees' fees and expenses | 16 | |||
Registration fees | 106 | |||
Audit | 40 | |||
Legal | 4 | |||
Miscellaneous | 336 | |||
Total expenses before reductions | 25,342 | |||
Expense reductions | (125) | |||
Total expenses after reductions | 25,217 | |||
Net Investment income (loss) | 2,823 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 8,894 | |||
Foreign currency transactions | 143 | |||
Total net realized gain (loss) | 9,037 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,012) | 466,475 | |||
Assets and liabilities in foreign currencies | (50) | |||
Total change in net unrealized appreciation (depreciation) | 466,425 | |||
Net gain (loss) | 475,462 | |||
Net increase (decrease) in net assets resulting from operations | $ | 478,285 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,823 | $ | (5,924) |
Net realized gain (loss) | 9,037 | 101,764 | ||
Change in net unrealized appreciation (depreciation) | 466,425 | (1,034,185) | ||
Net increase (decrease) in net assets resulting from operations | 478,285 | (938,345) | ||
Distributions to shareholders | (103,218) | (584,982) | ||
Share transactions - net increase (decrease) | 1,127,156 | 1,234,456 | ||
Total increase (decrease) in net assets | 1,502,223 | (288,871) | ||
Net Assets | ||||
Beginning of period | 4,885,814 | 5,174,685 | ||
End of period | $ | 6,388,037 | $ | 4,885,814 |
Fidelity Advisor® Equity Growth Fund Class A |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.85 | $ | 19.23 | $ | 17.06 | $ | 13.07 | $ | 11.84 | $ | 12.26 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | - D | (.02) | - E | (.05) | (.02) | (.01) | ||||||
Net realized and unrealized gain (loss) | 1.06 | (3.14) | 4.08 | 5.22 | 1.97 | .93 | ||||||
Total from investment operations | 1.06 | (3.16) | 4.08 | 5.17 | 1.95 | .92 | ||||||
Distributions from net realized gain | (.29) | (2.22) | (1.91) | (1.18) | (.72) | (1.34) | ||||||
Total distributions | (.29) | (2.22) | (1.91) | (1.18) | (.72) | (1.34) | ||||||
Net asset value, end of period | $ | 14.62 | $ | 13.85 | $ | 19.23 | $ | 17.06 | $ | 13.07 | $ | 11.84 |
Total Return F,G,H | 7.96% | (18.79)% | 26.35% | 42.92% | 18.34% | 8.38% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .97% K,L | .97% | .97% | .99% | 1.01% | 1.02% | ||||||
Expenses net of fee waivers, if any | .97% K,L | .97% | .97% | .99% | 1.01% | 1.01% | ||||||
Expenses net of all reductions | .97% K,L | .97% | .97% | .99% | 1.01% | 1.01% | ||||||
Net investment income (loss) | .05% K,L | (.11)% | (.02)% E | (.33)% | (.16)% | (.09)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 1,569 | $ | 1,422 | $ | 1,752 | $ | 1,477 | $ | 1,049 | $ | 865 |
Portfolio turnover rate M | 59% K | 40% | 44% | 52% | 49% N | 37% |
Fidelity Advisor® Equity Growth Fund Class M |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.38 | $ | 18.64 | $ | 16.60 | $ | 12.78 | $ | 11.61 | $ | 12.05 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | (.01) | (.05) | (.04) D | (.08) | (.05) | (.04) | ||||||
Net realized and unrealized gain (loss) | 1.01 | (3.04) | 3.95 | 5.08 | 1.94 | .91 | ||||||
Total from investment operations | 1.00 | (3.09) | 3.91 | 5.00 | 1.89 | .87 | ||||||
Distributions from net realized gain | (.29) | (2.17) | (1.87) | (1.18) | (.72) | (1.31) | ||||||
Total distributions | (.29) | (2.17) | (1.87) | (1.18) | (.72) | (1.31) | ||||||
Net asset value, end of period | $ | 14.09 | $ | 13.38 | $ | 18.64 | $ | 16.60 | $ | 12.78 | $ | 11.61 |
Total Return E,F,G | 7.79% | (18.95)% | 25.99% | 42.54% | 18.18% | 8.07% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | 1.22% J,K | 1.21% | 1.21% | 1.23% | 1.25% | 1.25% | ||||||
Expenses net of fee waivers, if any | 1.21% J,K | 1.21% | 1.21% | 1.23% | 1.25% | 1.25% | ||||||
Expenses net of all reductions | 1.21% J,K | 1.21% | 1.21% | 1.23% | 1.24% | 1.24% | ||||||
Net investment income (loss) | (.19)% J,K | (.36)% | (.26)% D | (.57)% | (.40)% | (.32)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 1,503 | $ | 1,437 | $ | 1,938 | $ | 1,747 | $ | 1,417 | $ | 1,332 |
Portfolio turnover rate L | 59% J | 40% | 44% | 52% | 49% M | 37% |
Fidelity Advisor® Equity Growth Fund Class C |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 10.54 | $ | 15.14 | $ | 13.84 | $ | 10.90 | $ | 10.07 | $ | 10.63 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | (.04) | (.10) | (.11) D | (.13) | (.09) | (.09) | ||||||
Net realized and unrealized gain (loss) | .79 | (2.39) | 3.24 | 4.25 | 1.64 | .80 | ||||||
Total from investment operations | .75 | (2.49) | 3.13 | 4.12 | 1.55 | .71 | ||||||
Distributions from net realized gain | (.29) | (2.11) | (1.83) | (1.18) | (.72) | (1.27) | ||||||
Total distributions | (.29) | (2.11) | (1.83) | (1.18) | (.72) | (1.27) | ||||||
Net asset value, end of period | $ | 11.00 | $ | 10.54 | $ | 15.14 | $ | 13.84 | $ | 10.90 | $ | 10.07 |
Total Return E,F,G | 7.50% | (19.38)% | 25.36% | 41.73% | 17.53% | 7.50% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | 1.76% J,K | 1.75% | 1.74% | 1.78% | 1.80% | 1.78% | ||||||
Expenses net of fee waivers, if any | 1.75% J,K | 1.75% | 1.74% | 1.77% | 1.80% | 1.78% | ||||||
Expenses net of all reductions | 1.75% J,K | 1.75% | 1.74% | 1.77% | 1.79% | 1.77% | ||||||
Net investment income (loss) | (.73)% J,K | (.89)% | (.79)% D | (1.12)% | (.95)% | (.85)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 114 | $ | 98 | $ | 134 | $ | 131 | $ | 101 | $ | 196 |
Portfolio turnover rate L | 59% J | 40% | 44% | 52% | 49% M | 37% |
Fidelity Advisor® Equity Growth Fund Class I |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 15.95 | $ | 21.82 | $ | 19.10 | $ | 14.46 | $ | 12.98 | $ | 13.32 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .02 | .02 | .05 D | (.01) | .01 | .02 | ||||||
Net realized and unrealized gain (loss) | 1.24 | (3.63) | 4.61 | 5.83 | 2.19 | 1.01 | ||||||
Total from investment operations | 1.26 | (3.61) | 4.66 | 5.82 | 2.20 | 1.03 | ||||||
Distributions from net realized gain | (.29) | (2.26) | (1.94) | (1.18) | (.72) | (1.37) | ||||||
Total distributions | (.29) | (2.26) | (1.94) | (1.18) | (.72) | (1.37) | ||||||
Net asset value, end of period | $ | 16.92 | $ | 15.95 | $ | 21.82 | $ | 19.10 | $ | 14.46 | $ | 12.98 |
Total Return E,F | 8.17% | (18.62)% | 26.65% | 43.32% | 18.68% | 8.65% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .72% I,J | .72% | .71% | .74% | .75% | .75% | ||||||
Expenses net of fee waivers, if any | .72% I,J | .71% | .71% | .73% | .75% | .75% | ||||||
Expenses net of all reductions | .72% I,J | .71% | .71% | .73% | .75% | .75% | ||||||
Net investment income (loss) | .30% I,J | .14% | .24% D | (.07)% | .10% | .17% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 2,022 | $ | 1,285 | $ | 1,067 | $ | 770 | $ | 548 | $ | 679 |
Portfolio turnover rate K | 59% J | 40% | 44% | 52% | 49% L | 37% |
Fidelity Advisor® Equity Growth Fund Class Z |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.17 | $ | 22.07 | $ | 19.30 | $ | 14.59 | $ | 13.07 | $ | 13.40 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .03 | .04 | .07 D | .01 | .03 | .04 | ||||||
Net realized and unrealized gain (loss) | 1.24 | (3.66) | 4.66 | 5.88 | 2.21 | 1.02 | ||||||
Total from investment operations | 1.27 | (3.62) | 4.73 | 5.89 | 2.24 | 1.06 | ||||||
Distributions from net realized gain | (.29) | (2.28) | (1.96) | (1.18) | (.72) | (1.39) | ||||||
Total distributions | (.29) | (2.28) | (1.96) | (1.18) | (.72) | (1.39) | ||||||
Net asset value, end of period | $ | 17.15 | $ | 16.17 | $ | 22.07 | $ | 19.30 | $ | 14.59 | $ | 13.07 |
Total Return E,F | 8.12% | (18.46)% | 26.77% | 43.43% | 18.87% | 8.80% | ||||||
Ratios to Average Net Assets C,G,H | ||||||||||||
Expenses before reductions | .60% I,J | .60% | .60% | .61% | .62% | .62% | ||||||
Expenses net of fee waivers, if any | .60% I,J | .60% | .60% | .61% | .62% | .62% | ||||||
Expenses net of all reductions | .60% I,J | .60% | .60% | .61% | .62% | .62% | ||||||
Net investment income (loss) | .42% I,J | .26% | .35% D | .05% | .23% | .30% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 1,179 | $ | 645 | $ | 285 | $ | 180 | $ | 112 | $ | 87 |
Portfolio turnover rate K | 59% I | 40% | 44% | 52% | 49% L | 37% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Fidelity Advisor Equity Growth Fund | $24 |
Gross unrealized appreciation | $2,043,427 |
Gross unrealized depreciation | (229,026) |
Net unrealized appreciation (depreciation) | $1,814,401 |
Tax cost | $4,617,646 |
Purchases ($) | Sales ($) | |
Fidelity Advisor Equity Growth Fund | 2,612,340 | 1,606,666 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $1,802 | $39 |
Class M | .25% | .25% | 3,530 | 33 |
Class C | .75% | .25% | 510 | 87 |
$5,842 | $159 |
Retained by FDC | |
Class A | $715 |
Class M | 27 |
Class C A | 63 |
$805 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $1,204 | .17 |
Class M | 1,122 | .16 |
Class C | 101 | .20 |
Class I | 1,401 | .17 |
Class Z | 179 | .04 |
$4,007 |
% of Average Net Assets | |
Fidelity Advisor Equity Growth Fund | .02 |
Amount | |
Fidelity Advisor Equity Growth Fund | $ 30 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Equity Growth Fund | 128,756 | 83,854 | (7,478) |
Amount | |
Fidelity Advisor Equity Growth Fund | $5 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Equity Growth Fund | $45 | $19 | $776 |
Expense reduction | |
Class A | $1 |
Class M | 2 |
$3 |
Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Equity Growth Fund | ||
Distributions to shareholders | ||
Class A | $ 29,592 | $201,902 |
Class M | 30,631 | 224,409 |
Class C | 2,701 | 18,487 |
Class I | 27,944 | 110,672 |
Class Z | 12,350 | 29,512 |
Total | $103,218 | $584,982 |
Shares | Shares | Dollars | Dollars | |
Six months ended May 31, 2023 | Year ended November 30, 2022 | Six months ended May 31, 2023 | Year ended November 30, 2022 | |
Fidelity Advisor Equity Growth Fund | ||||
Class A | ||||
Shares sold | 9,508 | 16,685 | $128,214 | $238,232 |
Reinvestment of distributions | 2,171 | 10,895 | 27,414 | 189,362 |
Shares redeemed | (7,023) | (16,000) | (94,971) | (233,550) |
Net increase (decrease) | 4,656 | 11,580 | $60,657 | $194,044 |
Class M | ||||
Shares sold | 3,848 | 8,496 | $50,244 | $121,186 |
Reinvestment of distributions | 2,457 | 13,013 | 29,946 | 218,886 |
Shares redeemed | (7,040) | (18,044) | (92,085) | (258,376) |
Net increase (decrease) | (735) | 3,465 | $(11,895) | $81,696 |
Class C | ||||
Shares sold | 2,174 | 2,281 | $22,095 | $25,246 |
Reinvestment of distributions | 276 | 1,360 | 2,629 | 18,111 |
Shares redeemed | (1,349) | (3,196) | (13,684) | (36,259) |
Net increase (decrease) | 1,101 | 445 | $11,040 | $7,098 |
Class I | ||||
Shares sold | 50,659 | 45,700 | $789,522 | $738,514 |
Reinvestment of distributions | 1,802 | 5,203 | 26,307 | 103,900 |
Shares redeemed | (13,427) | (19,286) | (210,595) | (320,943) |
Net increase (decrease) | 39,034 | 31,617 | $605,234 | $521,471 |
Class Z | ||||
Shares sold | 34,911 | 29,802 | $558,640 | $472,459 |
Reinvestment of distributions | 773 | 1,400 | 11,444 | 28,312 |
Shares redeemed | (6,847) | (4,204) | (107,964) | (70,624) |
Net increase (decrease) | 28,837 | 26,998 | $462,120 | $430,147 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Equity Growth Fund | ||||||||||
Class A | .97% | |||||||||
Actual | $ 1,000 | $ 1,079.60 | $ 5.03 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.09 | $ 4.89 | |||||||
Class M | 1.21% | |||||||||
Actual | $ 1,000 | $ 1,077.90 | $ 6.27 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.90 | $ 6.09 | |||||||
Class C | 1.75% | |||||||||
Actual | $ 1,000 | $ 1,075.00 | $ 9.05 | |||||||
Hypothetical- B | $ 1,000 | $ 1,016.21 | $ 8.80 | |||||||
Class I | .72% | |||||||||
Actual | $ 1,000 | $ 1,081.70 | $ 3.74 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.34 | $ 3.63 | |||||||
Class Z | .60% | |||||||||
Actual | $ 1,000 | $ 1,081.20 | $ 3.11 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.94 | $ 3.02 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 9.8 | |
NVIDIA Corp. | 7.2 | |
Alphabet, Inc. Class C | 5.0 | |
Amazon.com, Inc. | 4.5 | |
T-Mobile U.S., Inc. | 3.2 | |
Uber Technologies, Inc. | 2.9 | |
Meta Platforms, Inc. Class A | 2.8 | |
Apple, Inc. | 2.3 | |
Advanced Micro Devices, Inc. | 2.2 | |
Flex Ltd. | 2.2 | |
42.1 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 43.5 | |
Communication Services | 17.1 | |
Health Care | 9.8 | |
Financials | 9.6 | |
Consumer Discretionary | 8.4 | |
Industrials | 5.4 | |
Energy | 3.1 | |
Utilities | 2.3 | |
Consumer Staples | 0.3 | |
Investment Companies | 0.2 | |
Materials | 0.1 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 97.2% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 16.9% | |||
Entertainment - 2.2% | |||
Netflix, Inc. (a) | 7,700 | 3,043,271 | |
Roku, Inc. Class A (a) | 140,496 | 8,176,867 | |
Sea Ltd. ADR (a) | 73,340 | 4,210,449 | |
15,430,587 | |||
Interactive Media & Services - 10.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 106,900 | 13,134,803 | |
Class C (a) | 280,960 | 34,662,035 | |
Epic Games, Inc. (a)(b)(c) | 2,200 | 1,548,712 | |
Meta Platforms, Inc. Class A (a) | 71,889 | 19,030,456 | |
Snap, Inc. Class A (a) | 203,500 | 2,075,700 | |
Zoominfo Technologies, Inc. (a) | 150,784 | 3,728,888 | |
74,180,594 | |||
Media - 0.7% | |||
Innovid Corp. (a) | 35,509 | 44,031 | |
Magnite, Inc. (a) | 264,602 | 3,143,472 | |
TechTarget, Inc. (a) | 43,000 | 1,493,820 | |
The Trade Desk, Inc. (a) | 4,655 | 326,222 | |
5,007,545 | |||
Wireless Telecommunication Services - 3.2% | |||
T-Mobile U.S., Inc. (a) | 161,324 | 22,141,719 | |
TOTAL COMMUNICATION SERVICES | 116,760,445 | ||
CONSUMER DISCRETIONARY - 8.3% | |||
Automobile Components - 0.1% | |||
Aptiv PLC (a) | 7,500 | 660,600 | |
Automobiles - 0.5% | |||
Neutron Holdings, Inc. (a)(b)(c) | 77,208 | 1,977 | |
Rad Power Bikes, Inc. (a)(b)(c) | 13,874 | 29,135 | |
Rivian Automotive, Inc. (a) | 57,300 | 844,029 | |
Tesla, Inc. (a) | 12,560 | 2,561,361 | |
3,436,502 | |||
Broadline Retail - 4.5% | |||
Amazon.com, Inc. (a) | 259,480 | 31,288,098 | |
Hotels, Restaurants & Leisure - 0.4% | |||
Domino's Pizza, Inc. | 200 | 57,970 | |
Doordash, Inc. (a)(d) | 39,772 | 2,596,714 | |
Sonder Holdings, Inc.: | |||
rights (a)(c) | 1,133 | 79 | |
rights (a)(c) | 1,132 | 57 | |
rights (a)(c) | 1,132 | 45 | |
rights (a)(c) | 1,132 | 34 | |
rights (a)(c) | 1,132 | 23 | |
rights (a)(c) | 1,132 | 23 | |
2,654,945 | |||
Household Durables - 0.1% | |||
D.R. Horton, Inc. | 600 | 64,104 | |
Lennar Corp. Class A | 800 | 85,696 | |
Tempur Sealy International, Inc. | 8,700 | 310,068 | |
459,868 | |||
Leisure Products - 0.0% | |||
Peloton Interactive, Inc. Class A (a) | 26,600 | 193,648 | |
Specialty Retail - 1.9% | |||
Auto1 Group SE (a)(e) | 381,568 | 3,272,653 | |
Carvana Co. Class A (a)(d) | 94,900 | 1,226,108 | |
Cazoo Group Ltd. Class A (a)(d) | 25,917 | 34,210 | |
Floor & Decor Holdings, Inc. Class A (a)(d) | 53,900 | 4,921,609 | |
Lowe's Companies, Inc. | 14,900 | 2,996,837 | |
Wayfair LLC Class A (a) | 21,586 | 870,348 | |
13,321,765 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Bombas LLC (a)(b)(c) | 174,908 | 526,473 | |
Compagnie Financiere Richemont SA Series A | 5,770 | 918,673 | |
lululemon athletica, Inc. (a) | 12,101 | 4,016,685 | |
5,461,831 | |||
TOTAL CONSUMER DISCRETIONARY | 57,477,257 | ||
CONSUMER STAPLES - 0.1% | |||
Beverages - 0.1% | |||
Boston Beer Co., Inc. Class A (a) | 2,800 | 945,000 | |
Celsius Holdings, Inc. (a) | 700 | 87,871 | |
1,032,871 | |||
Food Products - 0.0% | |||
Local Bounti Corp. (a)(d) | 187,297 | 82,411 | |
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(b)(c) | 709 | 6,700 | |
TOTAL CONSUMER STAPLES | 1,121,982 | ||
ENERGY - 3.1% | |||
Oil, Gas & Consumable Fuels - 3.1% | |||
Antero Resources Corp. (a) | 254,500 | 5,194,345 | |
Canadian Natural Resources Ltd. | 51,300 | 2,763,587 | |
Cenovus Energy, Inc. (Canada) | 87,600 | 1,399,664 | |
Cheniere Energy, Inc. | 3,600 | 503,172 | |
Denbury, Inc. (a) | 2,400 | 216,408 | |
Exxon Mobil Corp. | 15,200 | 1,553,136 | |
Hess Corp. | 24,300 | 3,078,081 | |
Occidental Petroleum Corp. | 2,300 | 132,618 | |
Ovintiv, Inc. | 97,000 | 3,207,790 | |
Tourmaline Oil Corp. (d) | 74,600 | 3,118,637 | |
21,167,438 | |||
FINANCIALS - 9.4% | |||
Banks - 0.7% | |||
NatWest Group PLC | 757,500 | 2,454,439 | |
Starling Bank Ltd. Series D (a)(b)(c) | 244,400 | 918,145 | |
UniCredit SpA | 84,700 | 1,633,209 | |
5,005,793 | |||
Capital Markets - 0.7% | |||
Coinbase Global, Inc. (a)(d) | 5,800 | 360,760 | |
LPL Financial | 23,000 | 4,479,940 | |
4,840,700 | |||
Financial Services - 8.0% | |||
Adyen BV (a)(e) | 800 | 1,310,274 | |
Apollo Global Management, Inc. | 9,700 | 648,445 | |
Block, Inc. Class A (a) | 200,979 | 12,137,122 | |
Dlocal Ltd. (a)(d) | 289,856 | 3,373,924 | |
Fiserv, Inc. (a) | 37,500 | 4,207,125 | |
FleetCor Technologies, Inc. (a) | 600 | 135,930 | |
Global Payments, Inc. | 37,000 | 3,614,530 | |
Marqeta, Inc. Class A (a) | 834,188 | 3,995,761 | |
MasterCard, Inc. Class A | 13,601 | 4,964,637 | |
Nuvei Corp. (Canada) (a)(e) | 221,280 | 6,942,405 | |
Payoneer Global, Inc. (a)(b) | 15,500 | 64,325 | |
Repay Holdings Corp. (a) | 263,230 | 1,666,246 | |
Shift4 Payments, Inc. (a) | 36,700 | 2,301,824 | |
Visa, Inc. Class A | 42,926 | 9,487,934 | |
54,850,482 | |||
TOTAL FINANCIALS | 64,696,975 | ||
HEALTH CARE - 9.6% | |||
Biotechnology - 2.1% | |||
Alnylam Pharmaceuticals, Inc. (a) | 6,663 | 1,232,722 | |
ALX Oncology Holdings, Inc. (a) | 25,200 | 168,084 | |
Arcutis Biotherapeutics, Inc. (a) | 7,700 | 57,827 | |
Argenx SE ADR (a) | 6,890 | 2,678,143 | |
Ascendis Pharma A/S sponsored ADR (a) | 8,116 | 705,849 | |
Blueprint Medicines Corp. (a) | 4,400 | 248,688 | |
Celldex Therapeutics, Inc. (a) | 29,200 | 928,560 | |
Cytokinetics, Inc. (a) | 43,941 | 1,656,136 | |
Gilead Sciences, Inc. | 1,600 | 123,104 | |
Icosavax, Inc. (a) | 75,090 | 753,904 | |
Keros Therapeutics, Inc. (a) | 12,000 | 574,320 | |
Moderna, Inc. (a) | 400 | 51,084 | |
Morphic Holding, Inc. (a) | 17,000 | 977,500 | |
Nuvalent, Inc. Class A (a) | 16,700 | 703,070 | |
PTC Therapeutics, Inc. (a) | 2,900 | 121,713 | |
Vaxcyte, Inc. (a) | 52,702 | 2,609,803 | |
Verve Therapeutics, Inc. (a)(d) | 9,800 | 151,704 | |
Zentalis Pharmaceuticals, Inc. (a) | 33,300 | 867,132 | |
14,609,343 | |||
Health Care Equipment & Supplies - 2.0% | |||
Blink Health LLC Series A1 (a)(b)(c) | 1,597 | 76,480 | |
Boston Scientific Corp. (a) | 126,901 | 6,532,863 | |
Insulet Corp. (a) | 4,945 | 1,356,166 | |
Penumbra, Inc. (a) | 9,495 | 2,918,193 | |
TransMedics Group, Inc. (a) | 42,107 | 3,059,495 | |
13,943,197 | |||
Health Care Providers & Services - 4.5% | |||
agilon health, Inc. (a)(d) | 333,683 | 6,633,618 | |
Alignment Healthcare, Inc. (a) | 40,903 | 240,101 | |
Centene Corp. (a) | 110,287 | 6,883,012 | |
Humana, Inc. | 13,119 | 6,584,033 | |
P3 Health Partners, Inc. Class A (a) | 47,156 | 190,982 | |
The Oncology Institute, Inc. (a) | 16,268 | 6,955 | |
UnitedHealth Group, Inc. | 21,191 | 10,325,103 | |
30,863,804 | |||
Life Sciences Tools & Services - 0.6% | |||
Danaher Corp. | 9,697 | 2,226,625 | |
Thermo Fisher Scientific, Inc. | 3,400 | 1,728,764 | |
3,955,389 | |||
Pharmaceuticals - 0.4% | |||
Eli Lilly & Co. | 6,600 | 2,834,436 | |
TOTAL HEALTH CARE | 66,206,169 | ||
INDUSTRIALS - 4.5% | |||
Aerospace & Defense - 0.8% | |||
Lockheed Martin Corp. | 5,400 | 2,397,654 | |
Space Exploration Technologies Corp. Class A (a)(b)(c) | 3,000 | 231,000 | |
The Boeing Co. (a) | 15,300 | 3,147,210 | |
5,775,864 | |||
Commercial Services & Supplies - 0.3% | |||
ACV Auctions, Inc. Class A (a) | 122,800 | 2,092,512 | |
Electrical Equipment - 0.1% | |||
Bloom Energy Corp. Class A (a)(d) | 25,500 | 349,860 | |
Eaton Corp. PLC | 400 | 70,360 | |
Nextracker, Inc. Class A (d) | 2,900 | 110,925 | |
Sunrun, Inc. (a) | 4,300 | 75,852 | |
606,997 | |||
Ground Transportation - 3.2% | |||
Bird Global, Inc.: | |||
Stage 1 rights (a)(c) | 3,816 | 0 | |
Stage 2 rights (a)(c) | 3,816 | 0 | |
Stage 3 rights (a)(c) | 3,815 | 0 | |
Lyft, Inc. (a) | 277,072 | 2,499,189 | |
Uber Technologies, Inc. (a) | 521,976 | 19,798,550 | |
22,297,739 | |||
Professional Services - 0.1% | |||
FTI Consulting, Inc. (a) | 800 | 150,408 | |
Paycom Software, Inc. | 900 | 252,117 | |
402,525 | |||
TOTAL INDUSTRIALS | 31,175,637 | ||
INFORMATION TECHNOLOGY - 43.0% | |||
Communications Equipment - 0.2% | |||
Lumentum Holdings, Inc. (a) | 22,100 | 1,169,090 | |
Electronic Equipment, Instruments & Components - 2.9% | |||
Coherent Corp. (a)(d) | 24,100 | 890,736 | |
Flex Ltd. (a) | 592,290 | 15,038,243 | |
Jabil, Inc. | 47,700 | 4,270,104 | |
20,199,083 | |||
IT Services - 2.9% | |||
Cloudflare, Inc. (a) | 39,500 | 2,731,820 | |
EPAM Systems, Inc. (a) | 28,200 | 7,236,684 | |
Globant SA (a) | 6,100 | 1,121,241 | |
MongoDB, Inc. Class A (a) | 17,100 | 5,023,809 | |
Okta, Inc. (a) | 5,400 | 490,860 | |
Shopify, Inc. Class A (a) | 5,800 | 331,702 | |
Snowflake, Inc. (a) | 2,200 | 363,792 | |
Twilio, Inc. Class A (a) | 37,800 | 2,631,636 | |
19,931,544 | |||
Semiconductors & Semiconductor Equipment - 17.7% | |||
Advanced Micro Devices, Inc. (a) | 129,000 | 15,249,090 | |
Applied Materials, Inc. | 40,166 | 5,354,128 | |
Enphase Energy, Inc. (a) | 2,100 | 365,148 | |
GlobalFoundries, Inc. (a) | 51,900 | 3,027,327 | |
Impinj, Inc. (a) | 3,400 | 347,956 | |
Lam Research Corp. | 4,919 | 3,033,547 | |
Lattice Semiconductor Corp. (a) | 3,500 | 284,585 | |
Marvell Technology, Inc. | 195,951 | 11,461,174 | |
Monolithic Power Systems, Inc. | 300 | 146,973 | |
NVIDIA Corp. | 130,676 | 49,439,958 | |
NXP Semiconductors NV | 72,528 | 12,989,765 | |
onsemi (a) | 169,942 | 14,207,151 | |
Rambus, Inc. (a) | 23,200 | 1,483,872 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 49,300 | 4,860,487 | |
122,251,161 | |||
Software - 16.9% | |||
Adobe, Inc. (a) | 1,500 | 626,685 | |
Bill Holdings, Inc. (a) | 27,900 | 2,889,882 | |
Confluent, Inc. (a) | 75,200 | 2,386,848 | |
Convoy, Inc. warrants (a)(b)(c) | 6,152 | 15,318 | |
Datadog, Inc. Class A (a) | 37,200 | 3,530,652 | |
DoubleVerify Holdings, Inc. (a) | 73,540 | 2,564,340 | |
Dynatrace, Inc. (a) | 122,147 | 6,228,276 | |
Elastic NV (a) | 37,913 | 2,760,825 | |
Five9, Inc. (a) | 32,600 | 2,155,186 | |
HubSpot, Inc. (a) | 8,074 | 4,182,251 | |
Intapp, Inc. (a) | 63,879 | 2,700,165 | |
Intuit, Inc. | 7,513 | 3,148,849 | |
Microsoft Corp. | 206,783 | 67,905,465 | |
Oracle Corp. | 49,000 | 5,191,060 | |
Palo Alto Networks, Inc. (a) | 2,800 | 597,492 | |
Salesforce, Inc. (a) | 16,279 | 3,636,403 | |
SentinelOne, Inc. (a) | 12,327 | 263,551 | |
ServiceNow, Inc. (a) | 9,168 | 4,994,543 | |
Stripe, Inc. Class B (a)(b)(c) | 2,500 | 50,325 | |
Viant Technology, Inc. (a) | 51,542 | 237,093 | |
Zscaler, Inc. (a) | 2,000 | 270,960 | |
116,336,169 | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Apple, Inc. | 89,413 | 15,848,454 | |
Pure Storage, Inc. Class A (a) | 34,900 | 1,004,771 | |
16,853,225 | |||
TOTAL INFORMATION TECHNOLOGY | 296,740,272 | ||
UTILITIES - 2.3% | |||
Electric Utilities - 1.7% | |||
Constellation Energy Corp. | 20,633 | 1,733,585 | |
ORSTED A/S (e) | 32,326 | 2,830,465 | |
PG&E Corp. (a) | 405,600 | 6,870,864 | |
11,434,914 | |||
Independent Power and Renewable Electricity Producers - 0.6% | |||
NextEra Energy Partners LP | 70,790 | 4,241,737 | |
TOTAL UTILITIES | 15,676,651 | ||
TOTAL COMMON STOCKS (Cost $427,380,948) | 671,022,826 | ||
Preferred Stocks - 2.2% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 2.0% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 4,644 | 985,410 | |
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 1,809 | 3,799 | |
Series C(a)(b)(c) | 7,117 | 14,946 | |
Series D(a)(b)(c) | 12,697 | 26,664 | |
45,409 | |||
CONSUMER STAPLES - 0.2% | |||
Consumer Staples Distribution & Retail - 0.1% | |||
GoBrands, Inc. Series G (a)(b)(c) | 2,400 | 206,592 | |
Instacart, Inc.: | |||
Series H(a)(b)(c) | 10,566 | 432,678 | |
Series I(a)(b)(c) | 3,119 | 127,723 | |
766,993 | |||
Food Products - 0.0% | |||
Bowery Farming, Inc. Series C1 (a)(b)(c) | 13,745 | 128,103 | |
Tobacco - 0.1% | |||
JUUL Labs, Inc.: | |||
Series C(a)(b)(c) | 70,175 | 663,154 | |
Series D(a)(b)(c) | 938 | 8,864 | |
672,018 | |||
TOTAL CONSUMER STAPLES | 1,567,114 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (b)(c) | 5,401 | 132,379 | |
HEALTH CARE - 0.2% | |||
Health Care Equipment & Supplies - 0.1% | |||
Blink Health LLC Series C (a)(b)(c) | 15,631 | 748,569 | |
Health Care Technology - 0.1% | |||
Aledade, Inc. Series E1 (b)(c) | 5,837 | 292,550 | |
TOTAL HEALTH CARE | 1,041,119 | ||
INDUSTRIALS - 0.9% | |||
Aerospace & Defense - 0.7% | |||
Relativity Space, Inc. Series E (a)(b)(c) | 36,263 | 622,636 | |
Space Exploration Technologies Corp.: | |||
Series I(a)(b)(c) | 3,290 | 2,533,300 | |
Series N(a)(b)(c) | 2,559 | 1,970,430 | |
5,126,366 | |||
Construction & Engineering - 0.2% | |||
Beta Technologies, Inc. Series A (a)(b)(c) | 15,188 | 1,246,024 | |
TOTAL INDUSTRIALS | 6,372,390 | ||
INFORMATION TECHNOLOGY - 0.4% | |||
Electronic Equipment, Instruments & Components - 0.1% | |||
CelLink Corp. Series D (a)(b)(c) | 12,100 | 158,026 | |
Enevate Corp. Series E (a)(b)(c) | 285,844 | 165,790 | |
323,816 | |||
IT Services - 0.0% | |||
Yanka Industries, Inc.: | |||
Series E(a)(b)(c) | 19,716 | 147,081 | |
Series F(a)(b)(c) | 13,160 | 98,174 | |
245,255 | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc.: | |||
Series F1(a)(b)(c) | 10,622 | 118,223 | |
Series F2(a)(b)(c) | 5,609 | 62,428 | |
SiMa.ai: | |||
Series B(a)(b)(c) | 40,700 | 243,793 | |
Series B1(a)(b)(c) | 5,810 | 41,077 | |
Xsight Labs Ltd. Series D (a)(b)(c) | 17,400 | 122,148 | |
587,669 | |||
Software - 0.2% | |||
Convoy, Inc. Series D (a)(b)(c) | 93,888 | 529,528 | |
Databricks, Inc. Series G (a)(b)(c) | 6,600 | 318,582 | |
Mountain Digital, Inc. Series D (a)(b)(c) | 28,106 | 392,360 | |
Stripe, Inc. Series H (a)(b)(c) | 5,729 | 115,325 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 1,200 | 67,728 | |
1,423,523 | |||
TOTAL INFORMATION TECHNOLOGY | 2,580,263 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(b)(c) | 23,194 | 822,691 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 13,546,775 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (a)(b)(c) | 1,387,600 | 35,523 | |
Waymo LLC Series A2 (a)(b)(c) | 2,896 | 133,506 | |
169,029 | |||
FINANCIALS - 0.2% | |||
Financial Services - 0.2% | |||
Circle Internet Financial Ltd. Series E (a)(b)(c) | 53,240 | 1,304,912 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (a)(b)(c) | 17,900 | 256,328 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 1,730,269 | ||
TOTAL PREFERRED STOCKS (Cost $14,121,562) | 15,277,044 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (f) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (b)(c) | 47,700 | 49,121 | |
4% 6/12/27 (b)(c) | 13,100 | 13,490 | |
4.5% 10/27/25 (b)(c)(g) | 404,059 | 399,089 | |
461,700 | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (b)(c) | 40,971 | 41,913 | |
TOTAL CONVERTIBLE BONDS (Cost $505,830) | 503,613 | ||
Preferred Securities - 0.1% | |||
Principal Amount (f) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.1% | |||
Semiconductors & Semiconductor Equipment - 0.1% | |||
GaN Systems, Inc. 0% (b)(c)(h) | 248,956 | 307,286 | |
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(h) | 63,300 | 60,072 | |
TOTAL PREFERRED SECURITIES (Cost $312,256) | 367,358 | ||
Money Market Funds - 3.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.14% (i) | 2,113,452 | 2,113,874 | |
Fidelity Securities Lending Cash Central Fund 5.14% (i)(j) | 20,061,462 | 20,063,468 | |
TOTAL MONEY MARKET FUNDS (Cost $22,177,342) | 22,177,342 | ||
Equity Funds - 0.2% | |||
Shares | Value ($) | ||
Domestic Equity Funds - 0.2% | |||
iShares Russell 1000 Growth Index ETF (Cost $1,659,473) | 6,400 | 1,653,760 | |
TOTAL INVESTMENT IN SECURITIES - 103.0% (Cost $466,157,411) | 711,001,943 |
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (20,629,651) |
NET ASSETS - 100.0% | 690,372,292 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $19,616,605 or 2.8% of net assets. |
(c) | Level 3 security |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,355,797 or 2.1% of net assets. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(h) | Security is perpetual in nature with no stated maturity date. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aledade, Inc. Series E1 | 5/20/22 | 290,767 |
Beta Technologies, Inc. Series A | 4/09/21 | 1,112,825 |
Blink Health LLC Series A1 | 12/30/20 | 43,263 |
Blink Health LLC Series C | 11/07/19 - 7/14/21 | 596,729 |
Bombas LLC | 2/16/21 - 11/12/21 | 830,401 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 828,127 |
ByteDance Ltd. Series E1 | 11/18/20 | 508,862 |
CelLink Corp. Series D | 1/20/22 | 251,969 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 864,100 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 227,598 |
Convoy, Inc. Series D | 10/30/19 | 1,271,244 |
Convoy, Inc. warrants | 3/24/23 | 0 |
Convoy, Inc. 15% 9/30/26 | 3/24/23 | 40,971 |
Databricks, Inc. Series G | 2/01/21 | 390,209 |
Diamond Foundry, Inc. Series C | 3/15/21 | 556,656 |
Enevate Corp. Series E | 1/29/21 | 316,911 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | 1,730,000 |
GaN Systems, Inc. Series F1 | 11/30/21 | 90,075 |
GaN Systems, Inc. Series F2 | 11/30/21 | 47,564 |
GaN Systems, Inc. 0% | 11/30/21 | 248,956 |
GoBrands, Inc. Series G | 3/02/21 | 599,322 |
Gupshup, Inc. | 6/08/21 | 409,287 |
Instacart, Inc. Series H | 11/13/20 | 633,960 |
Instacart, Inc. Series I | 2/26/21 | 389,875 |
JUUL Labs, Inc. Class B | 11/21/17 | 0 |
JUUL Labs, Inc. Series C | 5/22/15 | 0 |
JUUL Labs, Inc. Series D | 6/25/18 | 0 |
Mountain Digital, Inc. Series D | 11/05/21 | 645,463 |
Neutron Holdings, Inc. | 2/04/21 | 772 |
Neutron Holdings, Inc. Series 1C | 7/03/18 | 253,709 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 47,700 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 13,100 |
Neutron Holdings, Inc. 4.5% 10/27/25 | 10/29/21 - 4/27/23 | 404,059 |
Payoneer Global, Inc. | 2/03/21 | 155,000 |
Rad Power Bikes, Inc. | 1/21/21 | 66,926 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 8,726 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 34,331 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 121,686 |
Relativity Space, Inc. Series E | 5/27/21 | 828,069 |
SiMa.ai Series B | 5/10/21 | 208,685 |
SiMa.ai Series B1 | 4/25/22 - 10/17/22 | 41,198 |
Space Exploration Technologies Corp. Class A | 2/16/21 | 125,997 |
Space Exploration Technologies Corp. Series I | 4/05/18 | 556,010 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 690,930 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 468,193 |
Stripe, Inc. Class B | 5/18/21 | 100,321 |
Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 229,877 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 71,345 |
Tenstorrent, Inc. 0% | 4/23/21 | 63,300 |
Waymo LLC Series A2 | 5/08/20 | 248,671 |
Xsight Labs Ltd. Series D | 2/16/21 | 139,130 |
Yanka Industries, Inc. Series E | 5/15/20 | 238,154 |
Yanka Industries, Inc. Series F | 4/08/21 | 419,499 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.14% | 2,314,371 | 152,248,847 | 152,449,344 | 86,203 | - | - | 2,113,874 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.14% | 6,708,138 | 87,060,141 | 73,704,811 | 78,497 | - | - | 20,063,468 | 0.1% |
Total | 9,022,509 | 239,308,988 | 226,154,155 | 164,700 | - | - | 22,177,342 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 117,745,855 | 115,211,733 | - | 2,534,122 |
Consumer Discretionary | 57,691,695 | 56,000,738 | 918,673 | 772,284 |
Consumer Staples | 2,689,096 | 1,115,282 | - | 1,573,814 |
Energy | 21,167,438 | 21,167,438 | - | - |
Financials | 66,134,266 | 58,380,908 | 5,397,922 | 2,355,436 |
Health Care | 67,247,288 | 66,129,689 | - | 1,117,599 |
Industrials | 37,548,027 | 30,944,637 | - | 6,603,390 |
Information Technology | 299,576,863 | 296,674,629 | - | 2,902,234 |
Materials | 822,691 | - | - | 822,691 |
Utilities | 15,676,651 | 15,676,651 | - | - |
Corporate Bonds | 503,613 | - | - | 503,613 |
Preferred Securities | 367,358 | - | - | 367,358 |
Money Market Funds | 22,177,342 | 22,177,342 | - | - |
Equity Funds | 1,653,760 | 1,653,760 | - | - |
Total Investments in Securities: | 711,001,943 | 685,132,807 | 6,316,595 | 19,552,541 |
Investments in Securities: | |||
Beginning Balance | $ | 18,099,372 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (1,555,933) | ||
Cost of Purchases | 249,869 | ||
Proceeds of Sales | (121,700) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 2,880,933 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 19,552,541 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2023 | $ | (1,563,116) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
Statement of Assets and Liabilities | ||||
May 31, 2023 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $18,974,872) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $443,980,069) | $ | 688,824,601 | ||
Fidelity Central Funds (cost $22,177,342) | 22,177,342 | |||
Total Investment in Securities (cost $466,157,411) | $ | 711,001,943 | ||
Foreign currency held at value (cost $136) | 136 | |||
Receivable for investments sold | 74,031,177 | |||
Receivable for fund shares sold | 4,614 | |||
Dividends receivable | 349,268 | |||
Interest receivable | 10,172 | |||
Distributions receivable from Fidelity Central Funds | 18,639 | |||
Receivable from investment adviser for expense reductions | 206 | |||
Other receivables | 24,531 | |||
Total assets | 785,440,686 | |||
Liabilities | ||||
Payable for investments purchased | $ | 2,944,744 | ||
Payable for fund shares redeemed | 72,047,330 | |||
Other payables and accrued expenses | 11,800 | |||
Collateral on securities loaned | 20,064,520 | |||
Total Liabilities | 95,068,394 | |||
Net Assets | $ | 690,372,292 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 497,683,811 | ||
Total accumulated earnings (loss) | 192,688,481 | |||
Net Assets | $ | 690,372,292 | ||
Net Asset Value , offering price and redemption price per share ($690,372,292 ÷ 63,925,242 shares) | $ | 10.80 |
Statement of Operations | ||||
Six months ended May 31, 2023 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,875,167 | ||
Interest | 18,095 | |||
Income from Fidelity Central Funds (including $78,497 from security lending) | 164,700 | |||
Income before foreign taxes withheld | $ | 2,057,962 | ||
Less foreign taxes withheld | (116,280) | |||
Total Income | 1,941,682 | |||
Expenses | ||||
Custodian fees and expenses | $ | 26,159 | ||
Independent trustees' fees and expenses | 2,157 | |||
Interest | 7,449 | |||
Miscellaneous | 756 | |||
Total expenses before reductions | 36,521 | |||
Expense reductions | (16,408) | |||
Total expenses after reductions | 20,113 | |||
Net Investment income (loss) | 1,921,569 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $144,260) | (3,225,553) | |||
Foreign currency transactions | 9,827 | |||
Total net realized gain (loss) | (3,215,726) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $144,127) | 91,778,357 | |||
Unfunded commitments | 38,467 | |||
Assets and liabilities in foreign currencies | (12,944) | |||
Total change in net unrealized appreciation (depreciation) | 91,803,880 | |||
Net gain (loss) | 88,588,154 | |||
Net increase (decrease) in net assets resulting from operations | $ | 90,509,723 |
Statement of Changes in Net Assets | ||||
Six months ended May 31, 2023 (Unaudited) | Year ended November 30, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 1,921,569 | $ | 3,908,240 |
Net realized gain (loss) | (3,215,726) | (46,081,967) | ||
Change in net unrealized appreciation (depreciation) | 91,803,880 | (225,541,561) | ||
Net increase (decrease) in net assets resulting from operations | 90,509,723 | (267,715,288) | ||
Distributions to shareholders | (3,392,612) | (182,406,087) | ||
Share transactions | ||||
Proceeds from sales of shares | 66,608,138 | 362,824,993 | ||
Reinvestment of distributions | 3,392,612 | 182,406,087 | ||
Cost of shares redeemed | (170,422,385) | (167,505,935) | ||
Net increase (decrease) in net assets resulting from share transactions | (100,421,635) | 377,725,145 | ||
Total increase (decrease) in net assets | (13,304,524) | (72,396,230) | ||
Net Assets | ||||
Beginning of period | 703,676,816 | 776,073,046 | ||
End of period | $ | 690,372,292 | $ | 703,676,816 |
Other Information | ||||
Shares | ||||
Sold | 7,275,478 | 33,624,140 | ||
Issued in reinvestment of distributions | 364,014 | 13,132,188 | ||
Redeemed | (16,806,471) | (15,229,553) | ||
Net increase (decrease) | (9,166,979) | 31,526,775 | ||
Fidelity Advisor® Series Growth Opportunities Fund |
Six months ended (Unaudited) May 31, 2023 | Years ended November 30, 2022 | 2021 | 2020 | 2019 | 2018 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 9.63 | $ | 18.67 | $ | 20.55 | $ | 16.27 | $ | 15.46 | $ | 13.86 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .03 | .06 | .06 | .08 | .11 C | .10 | ||||||
Net realized and unrealized gain (loss) | 1.19 | (4.79) | 3.39 | 7.91 | 3.56 | 2.83 | ||||||
Total from investment operations | 1.22 | (4.73) | 3.45 | 7.99 | 3.67 | 2.93 | ||||||
Distributions from net investment income | (.05) | (.06) | (.11) | (.13) | (.11) | (.11) | ||||||
Distributions from net realized gain | - | (4.25) | (5.22) | (3.59) | (2.75) | (1.22) | ||||||
Total distributions | (.05) | (4.31) | (5.33) | (3.71) D | (2.86) | (1.33) | ||||||
Net asset value, end of period | $ | 10.80 | $ | 9.63 | $ | 18.67 | $ | 20.55 | $ | 16.27 | $ | 15.46 |
Total Return E,F | 12.72% | (32.42)% | 21.11% | 63.04% | 32.07% | 23.13% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .01% I | .01% | .01% | .01% | .01% | .01% | ||||||
Expenses net of fee waivers, if any | .01% I | -% J | -% J | .01% | .01% | .01% | ||||||
Expenses net of all reductions | .01% I | -% J | -% J | .01% | .01% | .01% | ||||||
Net investment income (loss) | .55% I | .57% | .35% | .54% | .77% C | .69% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 690,372 | $ | 703,677 | $ | 776,073 | $ | 713,285 | $ | 647,544 | $ | 636,343 |
Portfolio turnover rate K | 68% I | 97% | 84% | 78% | 78% L | 47% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
Equities | $ 18,681,570 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 13.8 - 15.8 / 15.3 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.3 - 25.0 / 5.9 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 15.0 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.0 | Increase | |||
Probability rate | 25.0% - 75.0% / 50.0% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.31 / $0.06 | Increase | ||
Market approach | Transaction price | $1.11 - $91.72 / $25.13 | Increase | ||
Discount rate | 15.0% - 52.5% / 40.6% | Decrease | |||
Discounted cash flow | Weighted average cost of capital (WACC) | 29.0% | Decrease | ||
Exit multiple | 1.8 | Increase | |||
Black scholes | Discount rate | 3.5% - 4.3% / 4.0% | Increase | ||
Volatility | 50.0% - 100.0% / 70.7% | Increase | |||
Term | 2.0 - 5.0 / 3.5 | Increase | |||
Corporate Bonds | $ 503,613 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.3 - 2.5 / 2.4 | Increase |
Discount rate | 29.2% | Decrease | |||
Probability rate | 10.0% - 50.0% / 33.3% | Increase | |||
Black scholes | Discount rate | 4.3% | Increase | ||
Volatility | 60.0% - 75.0% / 73.6% | Increase | |||
Term | 0.6 - 2.0 / 0.7 | Increase | |||
Preferred Securities | $ 367,358 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 5.0 | Increase |
Market approach | Transaction price | $59.45 | Increase | ||
Discounted cash flow | Discount rate | 20.0% | Decrease | ||
Black scholes | Discount rate | 4.2% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 2.0 | Increase | |||
Gross unrealized appreciation | $285,695,657 |
Gross unrealized depreciation | (45,683,378) |
Net unrealized appreciation (depreciation) | $240,012,279 |
Tax cost | $470,989,664 |
Short-term | $(39,249,621) |
Purchases ($) | Sales ($) | |
Fidelity Advisor Series Growth Opportunities Fund | 237,584,416 | 338,724,739 |
Amount | |
Fidelity Advisor Series Growth Opportunities Fund | $6,265 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Advisor Series Growth Opportunities Fund | Borrower | $ 7,307,125 | 4.59% | $7,449 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Advisor Series Growth Opportunities Fund | 9,959,211 | 26,375,330 | (2,901,402) |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Advisor Series Growth Opportunities Fund | $8,502 | $11,632 | $1,978,800 |
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, 2022 to May 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value December 1, 2022 | Ending Account Value May 31, 2023 | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 | |||||||
Fidelity Advisor® Series Growth Opportunities Fund | .01% | |||||||||
Actual | $ 1,000 | $ 1,127.20 | $ .05 | |||||||
Hypothetical- B | $ 1,000 | $ 1,024.88 | $ .05 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
A special meeting of shareholders was held on April 19, 2023. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | ||
Proposal 1 | ||
To reclassify the diversification status of the fund from diversified to non-diversified by eliminating the following fundamental policy: The fund may not with respect to 75% of fund's total assets, purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities, or securities of other investment companies) if, as a result, (a) more than 5% of fund's total assets would be invested in the securities of that issuer, or (b) the fund would hold more than 10% of outstanding voting securities of issuer. | ||
# of Votes | % of Votes | |
Affirmative | 703,275,700.060 | 100.000 |
Against | 0.000 | 0.000 |
Abstain | 0.000 | 0.000 |
TOTAL | 703,275,700.060 | 100.000 |
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 Advisor Series I’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 Advisor Series I’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Advisor Series I
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 20, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | July 20, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | July 20, 2023 |