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 811-04118
Fidelity Securities Fund
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | July 31 |
Date of reporting period: | July 31, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl.5.75% sales charge) | 1.01% | 7.08% | 8.30% |
Class M (incl.3.50% sales charge) | 3.21% | 7.33% | 8.29% |
Class C (incl. contingent deferred sales charge) | 5.38% | 7.53% | 8.28% |
Fidelity® Small Cap Value Fund | 7.44% | 8.65% | 9.23% |
Class I | 7.44% | 8.65% | 9.23% |
Class Z | 7.60% | 8.78% | 9.30% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Value Fund, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Brookfield Infrastructure Corp. A Shares | 2.8 | |
Light & Wonder, Inc. Class A | 2.2 | |
Eastern Bankshares, Inc. | 2.1 | |
U.S. Foods Holding Corp. | 2.0 | |
Sitio Royalties Corp. | 2.0 | |
Beacon Roofing Supply, Inc. | 1.9 | |
TechnipFMC PLC | 1.9 | |
Primerica, Inc. | 1.9 | |
FirstCash Holdings, Inc. | 1.8 | |
Cadence Bank | 1.8 | |
20.4 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 29.1 | |
Industrials | 15.9 | |
Consumer Discretionary | 12.0 | |
Energy | 7.6 | |
Real Estate | 7.0 | |
Information Technology | 6.7 | |
Health Care | 6.6 | |
Materials | 4.8 | |
Consumer Staples | 3.6 | |
Utilities | 2.8 | |
Communication Services | 1.6 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 97.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.6% | |||
Media - 1.6% | |||
Nexstar Broadcasting Group, Inc. Class A (a) | 426,800 | 79,692,096 | |
CONSUMER DISCRETIONARY - 12.0% | |||
Automobile Components - 1.8% | |||
Adient PLC (b) | 2,045,300 | 87,047,968 | |
Hotels, Restaurants & Leisure - 4.9% | |||
Brinker International, Inc. (b) | 1,860,036 | 73,062,214 | |
Churchill Downs, Inc. | 154,688 | 17,920,605 | |
Light & Wonder, Inc. Class A (b) | 1,535,200 | 107,924,560 | |
Red Rock Resorts, Inc. (a) | 825,000 | 40,012,500 | |
238,919,879 | |||
Household Durables - 1.5% | |||
Tempur Sealy International, Inc. | 1,000,020 | 44,630,893 | |
Traeger, Inc. (a)(b)(c) | 6,605,000 | 29,458,300 | |
74,089,193 | |||
Specialty Retail - 3.2% | |||
Lithia Motors, Inc. Class A (sub. vtg.) (a) | 110,000 | 34,158,300 | |
Upbound Group, Inc. (a) | 2,205,100 | 76,362,613 | |
Williams-Sonoma, Inc. (a) | 355,736 | 49,319,239 | |
159,840,152 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Wolverine World Wide, Inc. | 2,319,606 | 29,389,408 | |
TOTAL CONSUMER DISCRETIONARY | 589,286,600 | ||
CONSUMER STAPLES - 3.6% | |||
Consumer Staples Distribution & Retail - 2.8% | |||
BJ's Wholesale Club Holdings, Inc. (b) | 570,000 | 37,796,700 | |
U.S. Foods Holding Corp. (b) | 2,376,000 | 101,526,480 | |
139,323,180 | |||
Food Products - 0.8% | |||
The Simply Good Foods Co. (b) | 975,000 | 37,742,250 | |
TOTAL CONSUMER STAPLES | 177,065,430 | ||
ENERGY - 7.6% | |||
Energy Equipment & Services - 3.5% | |||
Championx Corp. | 800,000 | 28,480,000 | |
Noble Corp. PLC (a) | 925,000 | 48,349,750 | |
TechnipFMC PLC (a) | 5,150,000 | 94,451,000 | |
171,280,750 | |||
Oil, Gas & Consumable Fuels - 4.1% | |||
Antero Resources Corp. (b) | 1,654,742 | 44,264,349 | |
Parkland Corp. | 2,215,000 | 60,487,734 | |
Sitio Royalties Corp. | 3,546,403 | 96,958,658 | |
201,710,741 | |||
TOTAL ENERGY | 372,991,491 | ||
FINANCIALS - 29.1% | |||
Banks - 14.3% | |||
BOK Financial Corp. | 320,000 | 28,505,600 | |
Cadence Bank | 3,570,000 | 89,428,500 | |
Cullen/Frost Bankers, Inc. | 250,000 | 27,145,000 | |
Eastern Bankshares, Inc. | 7,410,100 | 104,630,612 | |
First Foundation, Inc. | 2,281,375 | 16,676,851 | |
First Interstate Bancsystem, Inc. | 2,613,200 | 75,077,236 | |
Independent Bank Group, Inc. | 1,608,469 | 72,172,004 | |
Pinnacle Financial Partners, Inc. | 900,000 | 68,310,000 | |
Synovus Financial Corp. | 1,731,700 | 58,704,630 | |
The Bank of NT Butterfield & Son Ltd. | 1,760,000 | 56,548,800 | |
Trico Bancshares | 1,309,000 | 48,930,420 | |
Webster Financial Corp. | 1,173,829 | 55,545,588 | |
701,675,241 | |||
Capital Markets - 1.6% | |||
AllianceBernstein Holding LP | 1,238,200 | 39,857,658 | |
Lazard Ltd. Class A (a) | 1,029,300 | 36,128,430 | |
75,986,088 | |||
Consumer Finance - 3.2% | |||
Encore Capital Group, Inc. (a)(b)(c) | 1,250,200 | 66,885,700 | |
FirstCash Holdings, Inc. | 942,300 | 89,782,344 | |
156,668,044 | |||
Financial Services - 0.4% | |||
ECN Capital Corp. (a) | 10,243,751 | 20,353,109 | |
Insurance - 9.6% | |||
Assurant, Inc. | 616,800 | 82,965,768 | |
Enstar Group Ltd. (b) | 296,049 | 75,753,018 | |
First American Financial Corp. | 1,341,080 | 84,997,650 | |
Old Republic International Corp. (a) | 3,025,100 | 83,402,007 | |
Primerica, Inc. (a) | 442,424 | 94,103,585 | |
Selective Insurance Group, Inc. | 490,000 | 50,563,100 | |
471,785,128 | |||
TOTAL FINANCIALS | 1,426,467,610 | ||
HEALTH CARE - 6.6% | |||
Biotechnology - 2.0% | |||
ALX Oncology Holdings, Inc. (b) | 970,000 | 5,926,700 | |
Arcellx, Inc. (b) | 350,000 | 11,987,500 | |
Arcutis Biotherapeutics, Inc. (b) | 833,367 | 9,092,034 | |
Blueprint Medicines Corp. (b) | 210,000 | 13,860,000 | |
Celldex Therapeutics, Inc. (b) | 200,000 | 7,072,000 | |
Cytokinetics, Inc. (b) | 330,000 | 11,005,500 | |
Karuna Therapeutics, Inc. (b) | 22,400 | 4,474,848 | |
Keros Therapeutics, Inc. (b) | 305,000 | 12,773,400 | |
PTC Therapeutics, Inc. (b) | 265,000 | 10,690,100 | |
Vaxcyte, Inc. (b) | 257,096 | 12,356,034 | |
99,238,116 | |||
Health Care Equipment & Supplies - 1.5% | |||
Envista Holdings Corp. (a)(b) | 2,085,000 | 71,744,850 | |
Health Care Providers & Services - 1.2% | |||
Owens & Minor, Inc. (b) | 3,097,946 | 59,604,481 | |
Pharmaceuticals - 1.9% | |||
Axsome Therapeutics, Inc. (b) | 142,000 | 11,142,740 | |
Enliven Therapeutics, Inc. (a)(b) | 455,000 | 8,617,700 | |
Prestige Brands Holdings, Inc. (b) | 710,000 | 46,299,100 | |
Terns Pharmaceuticals, Inc. (b) | 575,000 | 4,151,500 | |
Ventyx Biosciences, Inc. (b) | 330,000 | 12,226,500 | |
Verona Pharma PLC ADR (b) | 450,000 | 9,940,500 | |
92,378,040 | |||
TOTAL HEALTH CARE | 322,965,487 | ||
INDUSTRIALS - 15.9% | |||
Aerospace & Defense - 1.6% | |||
Curtiss-Wright Corp. | 407,000 | 77,883,520 | |
Building Products - 1.7% | |||
Hayward Holdings, Inc. (a)(b) | 6,098,460 | 81,475,426 | |
Ground Transportation - 2.0% | |||
TFI International, Inc. | 215,000 | 27,595,250 | |
XPO, Inc. (a)(b) | 1,028,600 | 71,220,264 | |
98,815,514 | |||
Machinery - 1.0% | |||
EnPro Industries, Inc. (a) | 267,000 | 37,054,260 | |
ITT, Inc. | 130,000 | 12,948,000 | |
50,002,260 | |||
Professional Services - 7.7% | |||
ASGN, Inc. (b) | 550,000 | 41,976,000 | |
CACI International, Inc. Class A (b) | 145,000 | 50,813,800 | |
Concentrix Corp. | 1,051,800 | 87,551,832 | |
First Advantage Corp. (a)(b) | 2,430,000 | 36,450,000 | |
Genpact Ltd. (a) | 1,250,000 | 45,112,500 | |
KBR, Inc. | 1,160,000 | 71,328,400 | |
Science Applications International Corp. | 350,000 | 42,469,000 | |
375,701,532 | |||
Trading Companies & Distributors - 1.9% | |||
Beacon Roofing Supply, Inc. (b) | 1,111,000 | 95,179,370 | |
TOTAL INDUSTRIALS | 779,057,622 | ||
INFORMATION TECHNOLOGY - 6.7% | |||
Communications Equipment - 1.6% | |||
Lumentum Holdings, Inc. (a)(b) | 1,500,000 | 78,540,000 | |
Electronic Equipment, Instruments & Components - 5.1% | |||
Coherent Corp. (b) | 940,000 | 44,518,400 | |
Insight Enterprises, Inc. (b) | 588,000 | 86,253,720 | |
TD SYNNEX Corp. | 865,000 | 85,384,150 | |
Vontier Corp. | 1,100,000 | 34,023,000 | |
250,179,270 | |||
TOTAL INFORMATION TECHNOLOGY | 328,719,270 | ||
MATERIALS - 4.8% | |||
Chemicals - 1.6% | |||
Ecovyst, Inc. (b) | 4,300,000 | 52,847,000 | |
Tronox Holdings PLC | 2,125,000 | 28,241,250 | |
81,088,250 | |||
Construction Materials - 1.4% | |||
Summit Materials, Inc. | 1,932,300 | 69,910,614 | |
Containers & Packaging - 1.8% | |||
O-I Glass, Inc. (b) | 3,800,000 | 87,248,000 | |
TOTAL MATERIALS | 238,246,864 | ||
REAL ESTATE - 7.0% | |||
Equity Real Estate Investment Trusts (REITs) - 3.9% | |||
Corporate Office Properties Trust (SBI) | 1,320,000 | 34,320,000 | |
Douglas Emmett, Inc. (a) | 3,653,000 | 53,699,100 | |
LXP Industrial Trust (REIT) | 5,850,000 | 58,909,500 | |
National Storage Affiliates Trust | 1,300,000 | 43,927,000 | |
190,855,600 | |||
Real Estate Management & Development - 3.1% | |||
Cushman & Wakefield PLC (b) | 6,256,679 | 61,503,155 | |
DIC Asset AG | 563,496 | 2,772,548 | |
Jones Lang LaSalle, Inc. (b) | 525,000 | 87,438,750 | |
151,714,453 | |||
TOTAL REAL ESTATE | 342,570,053 | ||
UTILITIES - 2.8% | |||
Gas Utilities - 2.8% | |||
Brookfield Infrastructure Corp. A Shares (a) | 2,967,850 | 138,657,951 | |
TOTAL COMMON STOCKS (Cost $4,359,116,695) | 4,795,720,474 | ||
Money Market Funds - 9.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (d) | 120,783,378 | 120,807,535 | |
Fidelity Securities Lending Cash Central Fund 5.32% (d)(e) | 323,688,923 | 323,721,292 | |
TOTAL MONEY MARKET FUNDS (Cost $444,528,827) | 444,528,827 | ||
TOTAL INVESTMENT IN SECURITIES - 106.8% (Cost $4,803,645,522) | 5,240,249,301 |
NET OTHER ASSETS (LIABILITIES) - (6.8)% | (331,964,876) |
NET ASSETS - 100.0% | 4,908,284,425 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated company |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 55,623,648 | 1,393,543,606 | 1,328,359,719 | 2,615,285 | - | - | 120,807,535 | 0.3% |
Fidelity Securities Lending Cash Central Fund 5.32% | 261,350,857 | 1,380,049,558 | 1,317,679,123 | 529,593 | - | - | 323,721,292 | 1.1% |
Total | 316,974,505 | 2,773,593,164 | 2,646,038,842 | 3,144,878 | - | - | 444,528,827 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Brigham Minerals, Inc. Class A | 83,104,155 | - | 52,421,693 | 4,945,558 | - | (30,682,462) | - |
Encore Capital Group, Inc. | 90,551,986 | - | - | - | - | (23,666,286) | 66,885,700 |
Traeger, Inc. | 16,132,850 | 4,825,050 | - | - | - | 8,500,400 | 29,458,300 |
Upbound Group, Inc. | 78,943,150 | - | 35,009,919 | 4,358,902 | (15,694,343) | 48,123,725 | - |
Total | 268,732,141 | 4,825,050 | 87,431,612 | 9,304,460 | (15,694,343) | 2,275,377 | 96,344,000 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 79,692,096 | 79,692,096 | - | - |
Consumer Discretionary | 589,286,600 | 589,286,600 | - | - |
Consumer Staples | 177,065,430 | 177,065,430 | - | - |
Energy | 372,991,491 | 372,991,491 | - | - |
Financials | 1,426,467,610 | 1,426,467,610 | - | - |
Health Care | 322,965,487 | 322,965,487 | - | - |
Industrials | 779,057,622 | 779,057,622 | - | - |
Information Technology | 328,719,270 | 328,719,270 | - | - |
Materials | 238,246,864 | 238,246,864 | - | - |
Real Estate | 342,570,053 | 342,570,053 | - | - |
Utilities | 138,657,951 | 138,657,951 | - | - |
Money Market Funds | 444,528,827 | 444,528,827 | - | - |
Total Investments in Securities: | 5,240,249,301 | 5,240,249,301 | - | - |
Statement of Assets and Liabilities | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $315,191,867) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,274,807,997) | $ | 4,699,376,474 | ||
Fidelity Central Funds (cost $444,528,827) | 444,528,827 | |||
Other affiliated issuers (cost $84,308,698) | 96,344,000 | |||
Total Investment in Securities (cost $4,803,645,522) | $ | 5,240,249,301 | ||
Foreign currency held at value (cost $391,113) | 388,180 | |||
Receivable for investments sold | 1,915,630 | |||
Receivable for fund shares sold | 5,360,318 | |||
Dividends receivable | 1,548,513 | |||
Distributions receivable from Fidelity Central Funds | 310,969 | |||
Prepaid expenses | 8,563 | |||
Total assets | 5,249,781,474 | |||
Liabilities | ||||
Payable for investments purchased | $ | 6,089,010 | ||
Payable for fund shares redeemed | 7,454,026 | |||
Accrued management fee | 3,367,594 | |||
Distribution and service plan fees payable | 123,905 | |||
Other affiliated payables | 685,621 | |||
Other payables and accrued expenses | 61,183 | |||
Collateral on securities loaned | 323,715,710 | |||
Total Liabilities | 341,497,049 | |||
Net Assets | $ | 4,908,284,425 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,285,079,654 | ||
Total accumulated earnings (loss) | 623,204,771 | |||
Net Assets | $ | 4,908,284,425 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($270,455,082 ÷ 13,974,990 shares)(a) | $ | 19.35 | ||
Maximum offering price per share (100/94.25 of $19.35) | $ | 20.53 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($94,204,723 ÷ 5,078,491 shares)(a) | $ | 18.55 | ||
Maximum offering price per share (100/96.50 of $18.55) | $ | 19.22 | ||
Class C : | ||||
Net Asset Value and offering price per share ($38,077,366 ÷ 2,338,649 shares)(a) | $ | 16.28 | ||
Small Cap Value : | ||||
Net Asset Value, offering price and redemption price per share ($2,696,315,658 ÷ 134,795,934 shares) | $ | 20.00 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($1,169,580,033 ÷ 58,472,838 shares) | $ | 20.00 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($639,651,563 ÷ 31,930,575 shares) | $ | 20.03 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends (including $9,304,460 earned from affiliated issuers) | $ | 81,996,563 | ||
Income from Fidelity Central Funds (including $529,593 from security lending) | 3,144,878 | |||
Total Income | 85,141,441 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 32,061,773 | ||
Performance adjustment | 7,411,298 | |||
Transfer agent fees | 7,494,096 | |||
Distribution and service plan fees | 1,419,797 | |||
Accounting fees | 947,977 | |||
Custodian fees and expenses | 44,248 | |||
Independent trustees' fees and expenses | 24,398 | |||
Registration fees | 224,978 | |||
Audit | 61,979 | |||
Legal | 4,491 | |||
Interest | 12,746 | |||
Miscellaneous | 27,529 | |||
Total expenses before reductions | 49,735,310 | |||
Expense reductions | (234,856) | |||
Total expenses after reductions | 49,500,454 | |||
Net Investment income (loss) | 35,640,987 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 226,171,051 | |||
Affiliated issuers | (15,694,343) | |||
Foreign currency transactions | 90,006 | |||
Total net realized gain (loss) | 210,566,714 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 70,230,669 | |||
Affiliated issuers | 2,275,377 | |||
Assets and liabilities in foreign currencies | 28,308 | |||
Total change in net unrealized appreciation (depreciation) | 72,534,354 | |||
Net gain (loss) | 283,101,068 | |||
Net increase (decrease) in net assets resulting from operations | $ | 318,742,055 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 35,640,987 | $ | 55,544,775 |
Net realized gain (loss) | 210,566,714 | 374,457,965 | ||
Change in net unrealized appreciation (depreciation) | 72,534,354 | (540,117,107) | ||
Net increase (decrease) in net assets resulting from operations | 318,742,055 | (110,114,367) | ||
Distributions to shareholders | (265,224,207) | (359,250,603) | ||
Share transactions - net increase (decrease) | (84,780,976) | 1,138,061,901 | ||
Total increase (decrease) in net assets | (31,263,128) | 668,696,931 | ||
Net Assets | ||||
Beginning of period | 4,939,547,553 | 4,270,850,622 | ||
End of period | $ | 4,908,284,425 | $ | 4,939,547,553 |
Fidelity Advisor® Small Cap Value Fund Class A |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.13 | $ | 21.03 | $ | 12.33 | $ | 14.68 | $ | 20.33 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .09 | .18 C | .09 D | .11 | .14 E | |||||
Net realized and unrealized gain (loss) | 1.18 | (.41) | 8.66 | (1.96) | (.98) | |||||
Total from investment operations | 1.27 | (.23) | 8.75 | (1.85) | (.84) | |||||
Distributions from net investment income | - | (.39) | (.05) | (.09) | (.10) | |||||
Distributions from net realized gain | (1.05) | (1.28) | - | (.41) | (4.71) | |||||
Total distributions | (1.05) | (1.67) | (.05) | (.50) | (4.81) | |||||
Net asset value, end of period | $ | 19.35 | $ | 19.13 | $ | 21.03 | $ | 12.33 | $ | 14.68 |
Total Return F,G | 7.17% | (1.50)% | 71.07% | (13.09)% | (4.85)% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.30% | 1.26% | 1.24% | 1.22% | .92% | |||||
Expenses net of fee waivers, if any | 1.29% | 1.25% | 1.24% | 1.22% | .92% | |||||
Expenses net of all reductions | 1.29% | 1.25% | 1.23% | 1.20% | .91% | |||||
Net investment income (loss) | .51% | .90% C | .50% D | .84% | .91% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 270,455 | $ | 267,854 | $ | 232,920 | $ | 101,675 | $ | 129,115 |
Portfolio turnover rate J | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class M |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.42 | $ | 20.31 | $ | 11.93 | $ | 14.22 | $ | 19.84 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .04 | .13 C | .05 D | .08 | .10 E | |||||
Net realized and unrealized gain (loss) | 1.14 | (.40) | 8.37 | (1.91) | (.96) | |||||
Total from investment operations | 1.18 | (.27) | 8.42 | (1.83) | (.86) | |||||
Distributions from net investment income | - | (.35) | (.04) | (.05) | (.05) | |||||
Distributions from net realized gain | (1.05) | (1.28) | - | (.41) | (4.71) | |||||
Total distributions | (1.05) | (1.62) F | (.04) | (.46) | (4.76) | |||||
Net asset value, end of period | $ | 18.55 | $ | 18.42 | $ | 20.31 | $ | 11.93 | $ | 14.22 |
Total Return G,H | 6.95% | (1.74)% | 70.63% | (13.29)% | (5.08)% | |||||
Ratios to Average Net Assets B,I,J | ||||||||||
Expenses before reductions | 1.54% | 1.50% | 1.48% | 1.46% | 1.17% | |||||
Expenses net of fee waivers, if any | 1.54% | 1.49% | 1.48% | 1.46% | 1.17% | |||||
Expenses net of all reductions | 1.54% | 1.49% | 1.47% | 1.44% | 1.16% | |||||
Net investment income (loss) | .26% | .66% C | .26% D | .59% | .66% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 94,205 | $ | 81,790 | $ | 80,182 | $ | 38,049 | $ | 53,612 |
Portfolio turnover rate K | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class C |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 16.38 | $ | 18.25 | $ | 10.76 | $ | 12.91 | $ | 18.50 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.04) | .03 C | (.04) D | .01 | .02 E | |||||
Net realized and unrealized gain (loss) | .99 | (.36) | 7.55 | (1.72) | (.89) | |||||
Total from investment operations | .95 | (.33) | 7.51 | (1.71) | (.87) | |||||
Distributions from net investment income | - | (.31) | (.02) | (.03) | (.02) | |||||
Distributions from net realized gain | (1.05) | (1.24) | - | (.41) | (4.71) | |||||
Total distributions | (1.05) | (1.54) F | (.02) | (.44) | (4.72) F | |||||
Net asset value, end of period | $ | 16.28 | $ | 16.38 | $ | 18.25 | $ | 10.76 | $ | 12.91 |
Total Return G,H | 6.38% | (2.27)% | 69.84% | (13.74)% | (5.63)% | |||||
Ratios to Average Net Assets B,I,J | ||||||||||
Expenses before reductions | 2.06% | 2.02% | 2.01% | 2.00% | 1.68% | |||||
Expenses net of fee waivers, if any | 2.05% | 2.01% | 2.01% | 1.99% | 1.68% | |||||
Expenses net of all reductions | 2.05% | 2.01% | 2.00% | 1.97% | 1.67% | |||||
Net investment income (loss) | (.26)% | .14% C | (.26)% D | .06% | .15% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 38,077 | $ | 38,832 | $ | 32,469 | $ | 13,748 | $ | 22,187 |
Portfolio turnover rate K | 29% | 40% | 54% | 109% | 79% |
Fidelity® Small Cap Value Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.69 | $ | 21.59 | $ | 12.64 | $ | 15.04 | $ | 20.71 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .14 | .24 C | .14 D | .15 | .18 E | |||||
Net realized and unrealized gain (loss) | 1.22 | (.42) | 8.89 | (2.01) | (1.00) | |||||
Total from investment operations | 1.36 | (.18) | 9.03 | (1.86) | (.82) | |||||
Distributions from net investment income | - | (.44) | (.08) | (.12) | (.15) | |||||
Distributions from net realized gain | (1.05) | (1.28) | - | (.41) | (4.71) | |||||
Total distributions | (1.05) | (1.72) | (.08) | (.54) F | (4.85) F | |||||
Net asset value, end of period | $ | 20.00 | $ | 19.69 | $ | 21.59 | $ | 12.64 | $ | 15.04 |
Total Return G | 7.44% | (1.23)% | 71.64% | (12.88)% | (4.58)% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.04% | .99% | .97% | .96% | .66% | |||||
Expenses net of fee waivers, if any | 1.03% | .98% | .97% | .96% | .66% | |||||
Expenses net of all reductions | 1.03% | .98% | .96% | .94% | .64% | |||||
Net investment income (loss) | .77% | 1.17% C | .77% D | 1.10% | 1.17% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,696,316 | $ | 2,691,063 | $ | 2,715,703 | $ | 1,231,427 | $ | 1,611,032 |
Portfolio turnover rate J | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class I |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.04 | $ | 20.72 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .14 | .24 C | .15 D | .15 | .18 E | |||||
Net realized and unrealized gain (loss) | 1.22 | (.42) | 8.87 | (2.01) | (1.01) | |||||
Total from investment operations | 1.36 | (.18) | 9.02 | (1.86) | (.83) | |||||
Distributions from net investment income | - | (.44) | (.08) | (.12) | (.15) | |||||
Distributions from net realized gain | (1.05) | (1.28) | - | (.41) | (4.71) | |||||
Total distributions | (1.05) | (1.72) | (.08) | (.53) | (4.85) F | |||||
Net asset value, end of period | $ | 20.00 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.04 |
Total Return G | 7.44% | (1.22)% | 71.55% | (12.82)% | (4.63)% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | 1.03% | .99% | .97% | .95% | .66% | |||||
Expenses net of fee waivers, if any | 1.03% | .99% | .97% | .95% | .66% | |||||
Expenses net of all reductions | 1.03% | .99% | .96% | .93% | .65% | |||||
Net investment income (loss) | .77% | 1.17% C | .77% D | 1.10% | 1.17% E | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,169,580 | $ | 1,319,154 | $ | 845,012 | $ | 214,538 | $ | 243,571 |
Portfolio turnover rate J | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class Z |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.05 | $ | 16.90 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .16 | .27 D | .17 E | .17 | (.08) F | |||||
Net realized and unrealized gain (loss) | 1.23 | (.43) | 8.87 | (2.01) | (.66) | |||||
Total from investment operations | 1.39 | (.16) | 9.04 | (1.84) | (.74) | |||||
Distributions from net investment income | - | (.47) | (.10) | (.15) | (.09) | |||||
Distributions from net realized gain | (1.05) | (1.28) | - | (.41) | (1.02) | |||||
Total distributions | (1.05) | (1.74) G | (.10) | (.56) | (1.11) | |||||
Net asset value, end of period | $ | 20.03 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.05 |
Total Return H,I | 7.60% | (1.11)% | 71.75% | (12.73)% | (3.75)% | |||||
Ratios to Average Net Assets C,J,K | ||||||||||
Expenses before reductions | .90% | .86% | .84% | .81% | .52% L | |||||
Expenses net of fee waivers, if any | .90% | .86% | .84% | .81% | .52% L | |||||
Expenses net of all reductions | .90% | .86% | .83% | .79% | .51% L | |||||
Net investment income (loss) | .90% | 1.30% D | .90% E | 1.25% | (.63)% F,L | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 639,652 | $ | 540,854 | $ | 364,564 | $ | 93,849 | $ | 26,006 |
Portfolio turnover rate M | 29% | 40% | 54% | 109% | 79% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $933,538,437 |
Gross unrealized depreciation | (497,619,729) |
Net unrealized appreciation (depreciation) | $435,918,708 |
Tax Cost | $4,804,330,593 |
Undistributed ordinary income | $4,221,983 |
Undistributed long-term capital gain | $183,106,308 |
Net unrealized appreciation (depreciation) on securities and other investments | $435,876,481 |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $- | $ 237,962,097 |
Long-term Capital Gains | 265,224,207 | 121,288,506 |
Total | $265,224,207 | $ 359,250,603 |
Purchases ($) | Sales ($) | |
Fidelity Small Cap Value Fund | 1,380,385,376 | 1,721,265,320 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $642,538 | $28,237 |
Class M | .25% | .25% | 405,376 | 1,340 |
Class C | .75% | .25% | 371,883 | 97,856 |
$1,419,797 | $127,433 |
Retained by FDC | |
Class A | $172,205 |
Class M | 4,870 |
Class CA | 22,572 |
$199,647 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $472,228 | .18 |
Class M | 144,681 | .18 |
Class C | 73,520 | .20 |
Small Cap Value | 4,457,135 | .17 |
Class I | 2,099,439 | .17 |
Class Z | 247,093 | .04 |
$7,494,096 |
% of Average Net Assets | |
Fidelity Small Cap Value Fund | .02 |
Amount | |
Fidelity Small Cap Value Fund | $43,930 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Small Cap Value Fund | Borrower | $ 4,964,176 | 5.32% | $12,459 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Small Cap Value Fund | 88,627,878 | 111,407,778 | 7,465,332 |
Amount | |
Fidelity Small Cap Value Fund | $10,982 |
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 Small Cap Value Fund | $56,639 | $924 | $68,238 |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Small Cap Value Fund | $1,849,000 | 5.58% | $287 |
Expense reduction | |
Class M | $177 |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Small Cap Value Fund | ||
Distributions to shareholders | ||
Class A | $ 14,784,350 | $19,708,729 |
Class M | 4,753,937 | 6,431,794 |
Class C | 2,573,021 | 2,894,329 |
Small Cap Value | 143,553,970 | 219,284,330 |
Class I | 70,449,681 | 78,004,957 |
Class Z | 29,109,248 | 32,926,464 |
Total | $ 265,224,207 | $ 359,250,603 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Small Cap Value Fund | ||||
Class A | ||||
Shares sold | 2,796,646 | 5,298,721 | $49,740,328 | $108,496,696 |
Reinvestment of distributions | 821,348 | 931,850 | 14,511,162 | 19,175,840 |
Shares redeemed | (3,644,484) | (3,305,265) | (64,094,019) | (66,717,629) |
Net increase (decrease) | (26,490) | 2,925,306 | $157,471 | $60,954,907 |
Class M | ||||
Shares sold | 1,323,567 | 1,378,126 | $22,813,537 | $27,066,436 |
Reinvestment of distributions | 277,763 | 320,905 | 4,713,039 | 6,377,160 |
Shares redeemed | (962,174) | (1,207,147) | (16,264,726) | (23,647,044) |
Net increase (decrease) | 639,156 | 491,884 | $11,261,850 | $9,796,552 |
Class C | ||||
Shares sold | 610,972 | 1,199,095 | $9,222,163 | $21,139,005 |
Reinvestment of distributions | 162,722 | 159,909 | 2,435,733 | 2,839,061 |
Shares redeemed | (805,375) | (768,069) | (11,893,135) | (13,253,131) |
Net increase (decrease) | (31,681) | 590,935 | $(235,239) | $10,724,935 |
Small Cap Value | ||||
Shares sold | 30,005,506 | 47,561,130 | $553,458,025 | $1,004,315,420 |
Reinvestment of distributions | 7,490,939 | 9,867,950 | 136,467,165 | 208,631,722 |
Shares redeemed | (39,383,960) | (46,550,420) | (716,479,073) | (975,621,735) |
Net increase (decrease) | (1,887,515) | 10,878,660 | $(26,553,883) | $237,325,407 |
Class I | ||||
Shares sold | 29,686,434 | 50,555,646 | $543,972,298 | $1,058,311,814 |
Reinvestment of distributions | 3,613,120 | 3,478,382 | 65,821,608 | 73,471,142 |
Shares redeemed | (41,832,427) | (26,168,822) | (756,480,294) | (534,982,261) |
Net increase (decrease) | (8,532,873) | 27,865,206 | $(146,686,388) | $596,800,695 |
Class Z | ||||
Shares sold | 16,185,746 | 17,011,053 | $291,398,386 | $355,253,994 |
Reinvestment of distributions | 1,366,081 | 1,279,957 | 24,883,951 | 27,023,961 |
Shares redeemed | (13,088,293) | (7,709,768) | (239,007,124) | (159,818,550) |
Net increase (decrease) | 4,463,534 | 10,581,242 | $77,275,213 | $222,459,405 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Small Cap Value Fund | ||||||||||
Class A | 1.30% | |||||||||
Actual | $ 1,000 | $ 1,021.60 | $ 6.52 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.35 | $ 6.51 | |||||||
Class M | 1.54% | |||||||||
Actual | $ 1,000 | $ 1,020.40 | $ 7.71 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.16 | $ 7.70 | |||||||
Class C | 2.06% | |||||||||
Actual | $ 1,000 | $ 1,017.50 | $ 10.30 | |||||||
Hypothetical-B | $ 1,000 | $ 1,014.58 | $ 10.29 | |||||||
Fidelity® Small Cap Value Fund | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,023.00 | $ 5.22 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.64 | $ 5.21 | |||||||
Class I | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,023.00 | $ 5.22 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.64 | $ 5.21 | |||||||
Class Z | .90% | |||||||||
Actual | $ 1,000 | $ 1,023.50 | $ 4.52 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.33 | $ 4.51 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Dividend Growth Fund | 9.39% | 8.38% | 9.48% |
Class K | 9.51% | 8.50% | 9.60% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Dividend Growth Fund, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 8.4 | |
UnitedHealth Group, Inc. | 2.7 | |
NVIDIA Corp. | 2.5 | |
Visa, Inc. Class A | 2.3 | |
Cigna Group | 2.0 | |
Exxon Mobil Corp. | 1.9 | |
The Boeing Co. | 1.8 | |
Wells Fargo & Co. | 1.7 | |
Allison Transmission Holdings, Inc. | 1.6 | |
Marvell Technology, Inc. | 1.5 | |
26.4 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 21.6 | |
Health Care | 13.6 | |
Industrials | 12.7 | |
Financials | 12.0 | |
Energy | 10.3 | |
Consumer Staples | 6.8 | |
Utilities | 6.1 | |
Materials | 5.4 | |
Communication Services | 4.2 | |
Consumer Discretionary | 3.5 | |
Real Estate | 2.2 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.4% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 4.2% | |||
Diversified Telecommunication Services - 0.7% | |||
Cellnex Telecom SA (a) | 671,800 | 27,433 | |
Verizon Communications, Inc. | 530,900 | 18,093 | |
45,526 | |||
Entertainment - 0.4% | |||
Activision Blizzard, Inc. | 236,700 | 21,956 | |
Interactive Media & Services - 2.0% | |||
Alphabet, Inc. Class A (b) | 445,300 | 59,100 | |
Meta Platforms, Inc. Class A (b) | 208,800 | 66,524 | |
125,624 | |||
Media - 1.1% | |||
Comcast Corp. Class A | 1,482,892 | 67,116 | |
TOTAL COMMUNICATION SERVICES | 260,222 | ||
CONSUMER DISCRETIONARY - 3.5% | |||
Diversified Consumer Services - 0.7% | |||
H&R Block, Inc. | 1,278,800 | 42,980 | |
Hotels, Restaurants & Leisure - 1.5% | |||
Churchill Downs, Inc. | 104,600 | 12,118 | |
Domino's Pizza, Inc. | 118,200 | 46,895 | |
Hilton Worldwide Holdings, Inc. | 87,600 | 13,621 | |
Restaurant Brands International, Inc. (c) | 306,500 | 23,466 | |
Starbucks Corp. | 800 | 81 | |
96,181 | |||
Household Durables - 1.0% | |||
D.R. Horton, Inc. | 159,400 | 20,247 | |
JM AB (B Shares) | 224,908 | 3,534 | |
Lennar Corp. Class A | 191,800 | 24,326 | |
Sony Group Corp. | 155,400 | 14,556 | |
62,663 | |||
Specialty Retail - 0.3% | |||
Valvoline, Inc. | 439,400 | 16,684 | |
TOTAL CONSUMER DISCRETIONARY | 218,508 | ||
CONSUMER STAPLES - 6.8% | |||
Beverages - 2.1% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 118,200 | 32,245 | |
Keurig Dr. Pepper, Inc. | 2,160,800 | 73,489 | |
The Coca-Cola Co. | 399,500 | 24,741 | |
130,475 | |||
Consumer Staples Distribution & Retail - 1.6% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 767,500 | 38,857 | |
Dollar General Corp. | 122,400 | 20,668 | |
Walmart, Inc. | 256,300 | 40,972 | |
100,497 | |||
Food Products - 0.4% | |||
The J.M. Smucker Co. | 157,000 | 23,652 | |
Household Products - 0.7% | |||
Reynolds Consumer Products, Inc. | 1,626,557 | 45,023 | |
Personal Care Products - 0.3% | |||
Estee Lauder Companies, Inc. Class A | 103,700 | 18,666 | |
Tobacco - 1.7% | |||
Altria Group, Inc. | 794,814 | 36,100 | |
Philip Morris International, Inc. | 720,000 | 71,798 | |
107,898 | |||
TOTAL CONSUMER STAPLES | 426,211 | ||
ENERGY - 10.3% | |||
Energy Equipment & Services - 2.2% | |||
Baker Hughes Co. Class A | 714,400 | 25,568 | |
Borr Drilling Ltd. (b) | 1,969,300 | 17,290 | |
Schlumberger Ltd. | 517,700 | 30,203 | |
Seadrill Ltd. (b) | 754,500 | 36,903 | |
Tidewater, Inc. (b) | 364,800 | 23,023 | |
132,987 | |||
Oil, Gas & Consumable Fuels - 8.1% | |||
ARC Resources Ltd. (c) | 2,120,800 | 32,038 | |
Arch Resources, Inc. (c) | 344,600 | 44,260 | |
Canadian Natural Resources Ltd. | 582,700 | 35,428 | |
Cheniere Energy, Inc. | 165,800 | 26,836 | |
Cool Co. Ltd. | 1,556,100 | 21,188 | |
Energy Transfer LP | 5,379,700 | 71,496 | |
Enterprise Products Partners LP | 2,127,300 | 56,395 | |
Exxon Mobil Corp. | 1,097,397 | 117,685 | |
Golar LNG Ltd. | 686,100 | 16,549 | |
Reliance Industries Ltd. GDR (a)(c) | 753,700 | 47,106 | |
Sitio Royalties Corp. (c) | 699,700 | 19,130 | |
Viper Energy Partners LP | 623,322 | 16,904 | |
505,015 | |||
TOTAL ENERGY | 638,002 | ||
FINANCIALS - 12.0% | |||
Banks - 3.1% | |||
Bank of America Corp. | 2,752,300 | 88,074 | |
Wells Fargo & Co. | 2,245,893 | 103,670 | |
191,744 | |||
Capital Markets - 1.8% | |||
B. Riley Financial, Inc. (c) | 221,800 | 12,317 | |
Brookfield Corp. Class A (c) | 393,800 | 13,744 | |
Intercontinental Exchange, Inc. | 532,300 | 61,108 | |
S&P Global, Inc. | 68,468 | 27,011 | |
114,180 | |||
Financial Services - 5.2% | |||
Apollo Global Management, Inc. | 478,600 | 39,106 | |
Fidelity National Information Services, Inc. | 465,300 | 28,095 | |
Global Payments, Inc. | 305,100 | 33,637 | |
MasterCard, Inc. Class A | 199,600 | 78,698 | |
Visa, Inc. Class A | 615,000 | 146,204 | |
325,740 | |||
Insurance - 1.9% | |||
Arthur J. Gallagher & Co. | 211,200 | 45,366 | |
Brookfield Asset Management Reinsurance Partners Ltd. (c) | 2,825 | 98 | |
Chubb Ltd. | 71,400 | 14,595 | |
Marsh & McLennan Companies, Inc. | 186,400 | 35,121 | |
The Travelers Companies, Inc. | 132,200 | 22,819 | |
117,999 | |||
TOTAL FINANCIALS | 749,663 | ||
HEALTH CARE - 13.6% | |||
Biotechnology - 1.1% | |||
AbbVie, Inc. | 109,400 | 16,364 | |
Gilead Sciences, Inc. | 649,400 | 49,445 | |
65,809 | |||
Health Care Equipment & Supplies - 0.3% | |||
Baxter International, Inc. | 436,500 | 19,743 | |
Health Care Providers & Services - 7.1% | |||
Cigna Group | 416,900 | 123,027 | |
CVS Health Corp. | 370,300 | 27,658 | |
Elevance Health, Inc. | 89,800 | 42,352 | |
HCA Holdings, Inc. | 129,900 | 35,438 | |
Humana, Inc. | 90,100 | 41,160 | |
UnitedHealth Group, Inc. | 335,206 | 169,738 | |
439,373 | |||
Life Sciences Tools & Services - 1.8% | |||
Danaher Corp. | 243,500 | 62,107 | |
Thermo Fisher Scientific, Inc. | 93,600 | 51,355 | |
113,462 | |||
Pharmaceuticals - 3.3% | |||
Bristol-Myers Squibb Co. | 842,600 | 52,401 | |
Eli Lilly & Co. | 134,200 | 61,001 | |
Novo Nordisk A/S Series B sponsored ADR | 152,800 | 24,616 | |
Perrigo Co. PLC | 711,000 | 26,051 | |
Roche Holding AG (participation certificate) | 64,850 | 20,107 | |
Royalty Pharma PLC | 698,100 | 21,906 | |
206,082 | |||
TOTAL HEALTH CARE | 844,469 | ||
INDUSTRIALS - 12.7% | |||
Aerospace & Defense - 4.6% | |||
Airbus Group NV | 175,300 | 25,822 | |
Howmet Aerospace, Inc. | 682,400 | 34,898 | |
L3Harris Technologies, Inc. | 79,100 | 14,989 | |
Lockheed Martin Corp. | 37,100 | 16,560 | |
Northrop Grumman Corp. | 54,000 | 24,030 | |
Spirit AeroSystems Holdings, Inc. Class A | 628,700 | 20,005 | |
Textron, Inc. | 500,300 | 38,908 | |
The Boeing Co. (b) | 463,400 | 110,683 | |
285,895 | |||
Commercial Services & Supplies - 0.8% | |||
GFL Environmental, Inc. | 1,208,000 | 41,251 | |
The Brink's Co. | 135,600 | 9,893 | |
51,144 | |||
Electrical Equipment - 0.6% | |||
Vertiv Holdings Co. | 1,439,800 | 37,449 | |
Industrial Conglomerates - 1.6% | |||
General Electric Co. | 566,150 | 64,677 | |
Hitachi Ltd. | 515,100 | 33,665 | |
98,342 | |||
Machinery - 1.6% | |||
Allison Transmission Holdings, Inc. (c) | 1,710,602 | 100,395 | |
Marine Transportation - 0.4% | |||
2020 Bulkers Ltd. (d) | 1,265,600 | 13,037 | |
Himalaya Shipping Ltd. (c) | 1,240,700 | 7,481 | |
20,518 | |||
Professional Services - 2.3% | |||
Equifax, Inc. | 97,600 | 19,918 | |
Genpact Ltd. | 497,800 | 17,966 | |
Leidos Holdings, Inc. | 151,100 | 14,132 | |
Paycom Software, Inc. | 72,800 | 26,846 | |
SS&C Technologies Holdings, Inc. | 1,116,700 | 65,048 | |
143,910 | |||
Trading Companies & Distributors - 0.8% | |||
United Rentals, Inc. | 42,300 | 19,656 | |
Watsco, Inc. (c) | 82,200 | 31,087 | |
50,743 | |||
TOTAL INDUSTRIALS | 788,396 | ||
INFORMATION TECHNOLOGY - 21.6% | |||
Communications Equipment - 0.5% | |||
Cisco Systems, Inc. | 588,800 | 30,641 | |
Electronic Equipment, Instruments & Components - 0.4% | |||
Jabil, Inc. | 219,100 | 24,248 | |
Vontier Corp. | 6,702 | 207 | |
24,455 | |||
IT Services - 0.8% | |||
Amdocs Ltd. | 509,500 | 47,710 | |
Semiconductors & Semiconductor Equipment - 8.7% | |||
ASML Holding NV (Netherlands) | 20,700 | 14,827 | |
BE Semiconductor Industries NV | 262,400 | 31,346 | |
Broadcom, Inc. | 84,500 | 75,936 | |
Marvell Technology, Inc. | 1,459,605 | 95,064 | |
Monolithic Power Systems, Inc. | 39,600 | 22,156 | |
NVIDIA Corp. | 326,600 | 152,617 | |
NXP Semiconductors NV | 205,900 | 45,912 | |
Skyworks Solutions, Inc. | 157,500 | 18,013 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 738,100 | 73,183 | |
Universal Display Corp. | 95,350 | 13,910 | |
542,964 | |||
Software - 9.8% | |||
Intuit, Inc. | 164,700 | 84,277 | |
Microsoft Corp. | 1,560,700 | 524,277 | |
608,554 | |||
Technology Hardware, Storage & Peripherals - 1.4% | |||
Apple, Inc. | 179,072 | 35,179 | |
Samsung Electronics Co. Ltd. | 959,480 | 52,415 | |
87,594 | |||
TOTAL INFORMATION TECHNOLOGY | 1,341,918 | ||
MATERIALS - 5.4% | |||
Chemicals - 1.0% | |||
CF Industries Holdings, Inc. | 196,000 | 16,088 | |
International Flavors & Fragrances, Inc. (c) | 184,200 | 15,585 | |
Shin-Etsu Chemical Co. Ltd. | 819,900 | 27,011 | |
58,684 | |||
Metals & Mining - 3.9% | |||
Agnico Eagle Mines Ltd. (Canada) | 522,700 | 27,402 | |
Barrick Gold Corp. | 1,639,347 | 28,344 | |
First Quantum Minerals Ltd. | 269,600 | 7,996 | |
Freeport-McMoRan, Inc. | 732,500 | 32,706 | |
Glencore PLC | 6,158,500 | 37,453 | |
Newmont Corp. (c) | 1,234,700 | 52,993 | |
Wheaton Precious Metals Corp. | 1,263,600 | 56,661 | |
243,555 | |||
Paper & Forest Products - 0.5% | |||
Louisiana-Pacific Corp. | 427,300 | 32,530 | |
TOTAL MATERIALS | 334,769 | ||
REAL ESTATE - 2.2% | |||
Equity Real Estate Investment Trusts (REITs) - 2.2% | |||
American Tower Corp. | 143,200 | 27,252 | |
Crown Castle International Corp. | 255,300 | 27,646 | |
Digital Realty Trust, Inc. | 131,200 | 16,350 | |
Four Corners Property Trust, Inc. | 810,100 | 21,306 | |
NNN (REIT), Inc. | 606,900 | 25,902 | |
Public Storage | 58,300 | 16,426 | |
134,882 | |||
UTILITIES - 6.1% | |||
Electric Utilities - 3.7% | |||
Constellation Energy Corp. | 415,076 | 40,117 | |
Edison International | 778,900 | 56,050 | |
Exelon Corp. | 797,430 | 33,380 | |
FirstEnergy Corp. | 1,284,200 | 50,585 | |
PG&E Corp. (b) | 419,924 | 7,395 | |
Southern Co. | 564,200 | 40,814 | |
228,341 | |||
Gas Utilities - 0.4% | |||
Brookfield Infrastructure Corp. A Shares | 552,600 | 25,817 | |
Independent Power and Renewable Electricity Producers - 1.6% | |||
NextEra Energy Partners LP | 436,400 | 23,762 | |
The AES Corp. | 1,275,600 | 27,591 | |
Vistra Corp. | 1,810,850 | 50,812 | |
102,165 | |||
Multi-Utilities - 0.4% | |||
Dominion Energy, Inc. | 448,600 | 24,023 | |
TOTAL UTILITIES | 380,346 | ||
TOTAL COMMON STOCKS (Cost $4,981,511) | 6,117,386 | ||
Money Market Funds - 4.7% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.32% (e) | 140,269,686 | 140,298 | |
Fidelity Securities Lending Cash Central Fund 5.32% (e)(f) | 153,707,585 | 153,723 | |
TOTAL MONEY MARKET FUNDS (Cost $294,021) | 294,021 | ||
TOTAL INVESTMENT IN SECURITIES - 103.1% (Cost $5,275,532) | 6,411,407 |
NET OTHER ASSETS (LIABILITIES) - (3.1)% | (190,899) |
NET ASSETS - 100.0% | 6,220,508 |
(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 $74,539,000 or 1.2% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated company |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 5.32% | 176,927 | 2,067,695 | 2,104,324 | 5,922 | - | - | 140,298 | 0.3% |
Fidelity Securities Lending Cash Central Fund 5.32% | 114,743 | 1,540,112 | 1,501,132 | 661 | - | - | 153,723 | 0.5% |
Total | 291,670 | 3,607,807 | 3,605,456 | 6,583 | - | - | 294,021 | |
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 ($) |
2020 Bulkers Ltd. | 13,190 | 1,332 | - | 933 | - | (1,485) | 13,037 |
Total | 13,190 | 1,332 | - | 933 | - | (1,485) | 13,037 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 260,222 | 260,222 | - | - |
Consumer Discretionary | 218,508 | 203,952 | 14,556 | - |
Consumer Staples | 426,211 | 426,211 | - | - |
Energy | 638,002 | 638,002 | - | - |
Financials | 749,663 | 749,663 | - | - |
Health Care | 844,469 | 824,362 | 20,107 | - |
Industrials | 788,396 | 762,574 | 25,822 | - |
Information Technology | 1,341,918 | 1,327,091 | 14,827 | - |
Materials | 334,769 | 270,305 | 64,464 | - |
Real Estate | 134,882 | 134,882 | - | - |
Utilities | 380,346 | 380,346 | - | - |
Money Market Funds | 294,021 | 294,021 | - | - |
Total Investments in Securities: | 6,411,407 | 6,271,631 | 139,776 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | July 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $149,240) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,966,768) | $ | 6,104,349 | ||
Fidelity Central Funds (cost $294,021) | 294,021 | |||
Other affiliated issuers (cost $14,743) | 13,037 | |||
Total Investment in Securities (cost $5,275,532) | $ | 6,411,407 | ||
Foreign currency held at value (cost $49) | 51 | |||
Receivable for investments sold | 3,724 | |||
Receivable for fund shares sold | 1,174 | |||
Dividends receivable | 5,582 | |||
Distributions receivable from Fidelity Central Funds | 355 | |||
Prepaid expenses | 12 | |||
Other receivables | 371 | |||
Total assets | 6,422,676 | |||
Liabilities | ||||
Payable to custodian bank | $ | 229 | ||
Payable for investments purchased | 40,987 | |||
Payable for fund shares redeemed | 2,824 | |||
Accrued management fee | 3,229 | |||
Other affiliated payables | 729 | |||
Other payables and accrued expenses | 452 | |||
Collateral on securities loaned | 153,718 | |||
Total Liabilities | 202,168 | |||
Net Assets | $ | 6,220,508 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,995,683 | ||
Total accumulated earnings (loss) | 1,224,825 | |||
Net Assets | $ | 6,220,508 | ||
Net Asset Value and Maximum Offering Price | ||||
Dividend Growth : | ||||
Net Asset Value, offering price and redemption price per share ($5,711,207 ÷ 177,266 shares) | $ | 32.22 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($509,301 ÷ 15,833 shares) | $ | 32.17 |
Statement of Operations | ||||
Amounts in thousands | Year ended July 31, 2023 | |||
Investment Income | ||||
Dividends (including $933 earned from affiliated issuers) | $ | 127,114 | ||
Income from Fidelity Central Funds (including $661 from security lending) | 6,583 | |||
Total Income | 133,697 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 32,713 | ||
Performance adjustment | (6,287) | |||
Transfer agent fees | 7,761 | |||
Accounting fees | 1,009 | |||
Custodian fees and expenses | 79 | |||
Independent trustees' fees and expenses | 32 | |||
Registration fees | 99 | |||
Audit | 76 | |||
Legal | 10 | |||
Interest | 33 | |||
Miscellaneous | 36 | |||
Total expenses before reductions | 35,561 | |||
Expense reductions | (317) | |||
Total expenses after reductions | 35,244 | |||
Net Investment income (loss) | 98,453 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 121,514 | |||
Redemptions in-kind | 72,578 | |||
Foreign currency transactions | 2,914 | |||
Total net realized gain (loss) | 197,006 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 260,403 | |||
Affiliated issuers | (1,485) | |||
Assets and liabilities in foreign currencies | 141 | |||
Total change in net unrealized appreciation (depreciation) | 259,059 | |||
Net gain (loss) | 456,065 | |||
Net increase (decrease) in net assets resulting from operations | $ | 554,518 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended July 31, 2023 | Year ended July 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 98,453 | $ | 83,538 |
Net realized gain (loss) | 197,006 | 673,133 | ||
Change in net unrealized appreciation (depreciation) | 259,059 | (940,202) | ||
Net increase (decrease) in net assets resulting from operations | 554,518 | (183,531) | ||
Distributions to shareholders | (658,335) | (571,295) | ||
Share transactions - net increase (decrease) | 120,909 | 37,007 | ||
Total increase (decrease) in net assets | 17,092 | (717,819) | ||
Net Assets | ||||
Beginning of period | 6,203,416 | 6,921,235 | ||
End of period | $ | 6,220,508 | $ | 6,203,416 |
Fidelity® Dividend Growth Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 32.82 | $ | 36.80 | $ | 26.38 | $ | 29.59 | $ | 33.79 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .47 | .44 | .42 | .58 | .59 | |||||
Net realized and unrealized gain (loss) | 2.26 | (1.37) | 10.59 | (2.29) | 1.01 C | |||||
Total from investment operations | 2.73 | (.93) | 11.01 | (1.71) | 1.60 | |||||
Distributions from net investment income | (.47) | (.55) | (.59) | (.49) | (.60) | |||||
Distributions from net realized gain | (2.85) | (2.50) | - | (1.01) | (5.20) | |||||
Total distributions | (3.33) D | (3.05) | (.59) | (1.50) | (5.80) | |||||
Net asset value, end of period | $ | 32.22 | $ | 32.82 | $ | 36.80 | $ | 26.38 | $ | 29.59 |
Total Return E | 9.39% | (2.83)% | 42.42% | (6.24)% | 5.38% C | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .58% | .48% | .49% | .49% | .50% | |||||
Expenses net of fee waivers, if any | .58% | .47% | .49% | .49% | .50% | |||||
Expenses net of all reductions | .58% | .47% | .48% | .48% | .49% | |||||
Net investment income (loss) | 1.57% | 1.27% | 1.31% | 2.11% | 2.05% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 5,711 | $ | 5,661 | $ | 6,114 | $ | 4,685 | $ | 5,728 |
Portfolio turnover rate H | 66% I | 52% | 93% | 69% | 101% |
Fidelity® Dividend Growth Fund Class K |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 32.77 | $ | 36.76 | $ | 26.36 | $ | 29.56 | $ | 33.76 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .50 | .47 | .44 | .61 | .63 | |||||
Net realized and unrealized gain (loss) | 2.26 | (1.37) | 10.57 | (2.28) | 1.01 C | |||||
Total from investment operations | 2.76 | (.90) | 11.01 | (1.67) | 1.64 | |||||
Distributions from net investment income | (.50) | (.59) | (.61) | (.52) | (.63) | |||||
Distributions from net realized gain | (2.85) | (2.50) | - | (1.01) | (5.20) | |||||
Total distributions | (3.36) D | (3.09) | (.61) | (1.53) | (5.84) D | |||||
Net asset value, end of period | $ | 32.17 | $ | 32.77 | $ | 36.76 | $ | 26.36 | $ | 29.56 |
Total Return E | 9.51% | (2.75)% | 42.53% | (6.11)% | 5.50% C | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .49% | .38% | .39% | .39% | .40% | |||||
Expenses net of fee waivers, if any | .48% | .38% | .39% | .39% | .39% | |||||
Expenses net of all reductions | .48% | .38% | .38% | .38% | .38% | |||||
Net investment income (loss) | 1.67% | 1.36% | 1.41% | 2.22% | 2.16% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 509 | $ | 542 | $ | 807 | $ | 1,228 | $ | 1,480 |
Portfolio turnover rate H | 66% I | 52% | 93% | 69% | 101% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Fidelity Dividend Growth Fund | $371 |
Gross unrealized appreciation | $1,299,921 |
Gross unrealized depreciation | (176,867) |
Net unrealized appreciation (depreciation) | $1,123,054 |
Tax Cost | $5,288,353 |
Undistributed tax-exempt income | - |
Undistributed ordinary income | $17,644 |
Undistributed long-term capital gain | $96,418 |
Net unrealized appreciation (depreciation) on securities and other investments | $1,110,763 |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $100,435 | $319,003 |
Long-term Capital Gains | 557,900 | 252,292 |
Total | $658,335 | $571,295 |
Purchases ($) | Sales ($) | |
Fidelity Dividend Growth Fund | 3,992,270 | 4,143,443 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Dividend Growth Fund | 5,897 | 72,578 | 188,231 | Dividend Growth |
Amount | % of Class-Level Average Net Assets | |
Dividend Growth | $7,421 | .14 |
Class K | 340 | .04 |
$7,761 |
% of Average Net Assets | |
Fidelity Dividend Growth Fund | .02 |
Amount | |
Fidelity Dividend Growth Fund | $85 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Dividend Growth Fund | Borrower | $20,765 | 5.22% | $33 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Dividend Growth Fund | 293,710 | 247,937 | (280) |
Amount | |
Fidelity Dividend Growth 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 Dividend Growth Fund | $70 | $ -A | $- |
A In the amount of less than five hundred dollars. |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Dividend Growth Fund | ||
Distributions to shareholders | ||
Dividend Growth | $576,918 | $510,637 |
Class K | 81,417 | 60,658 |
Total | $658,335 | $571,295 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Dividend Growth Fund | ||||
Dividend Growth | ||||
Shares sold | 11,761 | 9,180 | $365,822 | $317,840 |
Reinvestment of distributions | 18,481 | 14,043 | 548,214 | 487,723 |
Shares redeemed | (25,467) | (16,893) | (772,029) | (581,352) |
Net increase (decrease) | 4,775 | 6,330 | $142,007 | $224,211 |
Class K | ||||
Shares sold | 18,841 | 3,443 | $581,956 | $117,316 |
Reinvestment of distributions | 2,752 | 1,749 | 81,417 | 60,658 |
Shares redeemed | (22,314) | (10,595) | (684,471) | (365,178) |
Net increase (decrease) | (721) | (5,403) | $(21,098) | $(187,204) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Dividend Growth Fund | ||||||||||
Fidelity® Dividend Growth Fund | .67% | |||||||||
Actual | $ 1,000 | $ 1,069.30 | $ 3.44 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.47 | $ 3.36 | |||||||
Class K | .56% | |||||||||
Actual | $ 1,000 | $ 1,069.90 | $ 2.87 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.02 | $ 2.81 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Blue Chip Growth Fund | 24.43% | 16.30% | 16.69% |
Class K | 24.55% | 16.41% | 16.81% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth Fund, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 10.0 | |
Apple, Inc. | 9.6 | |
Microsoft Corp. | 8.6 | |
Amazon.com, Inc. | 7.4 | |
Alphabet, Inc. Class A | 5.7 | |
Meta Platforms, Inc. Class A | 4.4 | |
Marvell Technology, Inc. | 3.6 | |
Uber Technologies, Inc. | 2.4 | |
Tesla, Inc. | 2.1 | |
Netflix, Inc. | 2.0 | |
55.8 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 40.9 | |
Consumer Discretionary | 22.1 | |
Communication Services | 14.4 | |
Health Care | 8.4 | |
Industrials | 5.4 | |
Energy | 2.8 | |
Consumer Staples | 2.5 | |
Financials | 2.4 | |
Materials | 0.9 | |
Real Estate | 0.2 | |
Utilities | 0.0 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 98.0% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 14.2% | |||
Entertainment - 2.3% | |||
Netflix, Inc. (a) | 2,222,178 | 975,469 | |
Sea Ltd. ADR (a) | 1,879,017 | 124,992 | |
Take-Two Interactive Software, Inc. (a) | 108,775 | 16,636 | |
Universal Music Group NV | 1,972,028 | 50,582 | |
1,167,679 | |||
Interactive Media & Services - 11.8% | |||
Alphabet, Inc. Class A (a) | 21,537,460 | 2,858,452 | |
Baidu, Inc. sponsored ADR (a) | 99,100 | 15,459 | |
Epic Games, Inc. (a)(b)(c) | 6,131 | 4,281 | |
Meta Platforms, Inc. Class A (a) | 6,838,961 | 2,178,893 | |
Snap, Inc. Class A (a)(d) | 72,580,345 | 824,513 | |
5,881,598 | |||
Wireless Telecommunication Services - 0.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 77,588 | 3,397 | |
T-Mobile U.S., Inc. (a) | 233,651 | 32,190 | |
35,587 | |||
TOTAL COMMUNICATION SERVICES | 7,084,864 | ||
CONSUMER DISCRETIONARY - 21.8% | |||
Automobile Components - 0.1% | |||
Aptiv PLC (a) | 297,145 | 32,534 | |
Automobiles - 2.5% | |||
Li Auto, Inc. ADR (a) | 284,700 | 12,185 | |
Neutron Holdings, Inc. (a)(b)(c) | 7,152,433 | 183 | |
Rad Power Bikes, Inc. (a)(b)(c) | 928,091 | 798 | |
Rivian Automotive, Inc. (a)(d) | 7,531,371 | 208,167 | |
Tesla, Inc. (a) | 3,861,619 | 1,032,713 | |
1,254,046 | |||
Broadline Retail - 7.9% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,655,005 | 169,075 | |
Amazon.com, Inc. (a) | 27,452,900 | 3,669,904 | |
Dollarama, Inc. | 176,000 | 11,593 | |
MercadoLibre, Inc. (a) | 11,187 | 13,850 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 701,909 | 51,155 | |
PDD Holdings, Inc. ADR (a) | 393,700 | 35,362 | |
3,950,939 | |||
Diversified Consumer Services - 0.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 714,724 | 40,117 | |
Hotels, Restaurants & Leisure - 3.2% | |||
Airbnb, Inc. Class A (a) | 2,903,295 | 441,852 | |
Booking Holdings, Inc. (a) | 1,700 | 5,050 | |
Caesars Entertainment, Inc. (a) | 3,902,128 | 230,304 | |
Chipotle Mexican Grill, Inc. (a) | 22,878 | 44,893 | |
Deliveroo PLC Class A (a)(e) | 11,635,110 | 19,621 | |
Draftkings Holdings, Inc. (a)(d) | 587,010 | 18,655 | |
Flutter Entertainment PLC (a) | 174,558 | 34,745 | |
Hilton Worldwide Holdings, Inc. | 619,746 | 96,364 | |
Light & Wonder, Inc. Class A (a) | 127,500 | 8,963 | |
Marriott International, Inc. Class A | 1,080,536 | 218,063 | |
McDonald's Corp. | 139,383 | 40,867 | |
Penn Entertainment, Inc. (a) | 4,121,936 | 108,366 | |
Restaurant Brands International, Inc. | 306,719 | 23,481 | |
Sonder Holdings, Inc.: | |||
Stage 1 rights (a)(c) | 16,222 | 0 | |
Stage 2 rights (a)(c) | 16,221 | 0 | |
Stage 3 rights (a)(c) | 16,222 | 0 | |
Stage 4 rights (a)(c) | 16,221 | 0 | |
Stage 5: | |||
rights (a)(c) | 16,221 | 0 | |
rights (a)(c) | 16,221 | 0 | |
Starbucks Corp. | 1,079,719 | 109,667 | |
Sweetgreen, Inc. Class A (a)(d) | 6,977,717 | 105,154 | |
Trip.com Group Ltd. ADR (a) | 833,433 | 34,204 | |
Yum China Holdings, Inc. | 323,310 | 19,728 | |
Yum! Brands, Inc. | 98,887 | 13,614 | |
1,573,591 | |||
Household Durables - 0.0% | |||
Sony Group Corp. sponsored ADR | 86,231 | 8,071 | |
Leisure Products - 0.0% | |||
Peloton Interactive, Inc. Class A (a)(d) | 1,987,640 | 19,300 | |
Specialty Retail - 4.4% | |||
Abercrombie & Fitch Co. Class A (a) | 1,145,200 | 45,361 | |
American Eagle Outfitters, Inc. (f) | 11,827,717 | 166,179 | |
Aritzia, Inc. (a) | 674,900 | 12,841 | |
Bath & Body Works, Inc. | 538,818 | 19,969 | |
Fanatics, Inc. Class A (a)(b)(c) | 1,938,909 | 151,972 | |
Fast Retailing Co. Ltd. | 18,821 | 4,704 | |
Five Below, Inc. (a) | 830,385 | 173,002 | |
Floor & Decor Holdings, Inc. Class A (a) | 40,961 | 4,704 | |
Foot Locker, Inc. | 791,509 | 21,268 | |
FSN E-Commerce Ventures Private Ltd. | 16,730,280 | 29,274 | |
Lowe's Companies, Inc. | 3,329,071 | 779,901 | |
Overstock.com, Inc. (a) | 320,900 | 11,703 | |
RH (a)(d) | 763,437 | 296,343 | |
TJX Companies, Inc. | 2,943,940 | 254,739 | |
Victoria's Secret & Co. (a) | 801,676 | 16,426 | |
Warby Parker, Inc. (a)(d)(f) | 5,571,031 | 83,231 | |
Wayfair LLC Class A (a) | 1,241,421 | 96,669 | |
Williams-Sonoma, Inc. | 204,186 | 28,308 | |
2,196,594 | |||
Textiles, Apparel & Luxury Goods - 3.6% | |||
Compagnie Financiere Richemont SA Series A | 192,271 | 30,962 | |
Crocs, Inc. (a) | 843,220 | 91,363 | |
Deckers Outdoor Corp. (a) | 734,655 | 399,425 | |
Hermes International SCA | 21,520 | 47,713 | |
lululemon athletica, Inc. (a) | 1,399,823 | 529,875 | |
LVMH Moet Hennessy Louis Vuitton SE | 144,353 | 134,070 | |
NIKE, Inc. Class B | 3,369,653 | 371,976 | |
On Holding AG (a) | 2,282,625 | 82,175 | |
PVH Corp. | 391,600 | 35,103 | |
Ralph Lauren Corp. | 126,100 | 16,561 | |
Tory Burch LLC (a)(b)(c)(g) | 293,611 | 8,940 | |
VF Corp. | 1,334,407 | 26,435 | |
1,774,598 | |||
TOTAL CONSUMER DISCRETIONARY | 10,849,790 | ||
CONSUMER STAPLES - 2.4% | |||
Beverages - 1.2% | |||
Boston Beer Co., Inc. Class A (a) | 187,498 | 69,644 | |
Celsius Holdings, Inc. (a)(d) | 3,287,212 | 475,660 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 57,229 | 15,612 | |
PepsiCo, Inc. | 237,497 | 44,521 | |
605,437 | |||
Consumer Staples Distribution & Retail - 1.0% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 152,342 | 10,102 | |
Costco Wholesale Corp. | 7,509 | 4,210 | |
Dollar Tree, Inc. (a) | 2,159,124 | 333,218 | |
Target Corp. | 370,636 | 50,581 | |
Walmart, Inc. | 637,197 | 101,862 | |
499,973 | |||
Food Products - 0.0% | |||
Patanjali Foods Ltd. | 1,079,012 | 17,463 | |
Sovos Brands, Inc. (a) | 61,341 | 1,092 | |
The Real Good Food Co. LLC: | |||
Class B (a)(c)(f) | 1,262,073 | 0 | |
Class B unit (a)(e)(f) | 1,262,073 | 5,301 | |
The Real Good Food Co., Inc. (a) | 44,743 | 188 | |
24,044 | |||
Household Products - 0.1% | |||
Procter & Gamble Co. | 227,270 | 35,522 | |
Personal Care Products - 0.1% | |||
Estee Lauder Companies, Inc. Class A | 43,161 | 7,769 | |
Oddity Tech Ltd. (d) | 73,400 | 3,911 | |
Oddity Tech Ltd. | 360,543 | 17,292 | |
28,972 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc.: | |||
Class A (a)(b)(c) | 21,148 | 154 | |
Class B (a)(b)(c) | 6,625 | 48 | |
202 | |||
TOTAL CONSUMER STAPLES | 1,194,150 | ||
ENERGY - 2.8% | |||
Oil, Gas & Consumable Fuels - 2.8% | |||
Antero Resources Corp. (a) | 915,684 | 24,495 | |
Cenovus Energy, Inc. (Canada) | 202,400 | 3,850 | |
Cheniere Energy, Inc. | 202,658 | 32,802 | |
Denbury, Inc. (a) | 687,621 | 60,449 | |
Diamondback Energy, Inc. | 1,010,388 | 148,850 | |
EOG Resources, Inc. (d) | 1,530,139 | 202,789 | |
Exxon Mobil Corp. | 1,169,872 | 125,457 | |
Hess Corp. | 1,934,286 | 293,489 | |
Northern Oil & Gas, Inc. | 436,041 | 17,167 | |
Occidental Petroleum Corp. | 1,749,361 | 110,437 | |
Pioneer Natural Resources Co. | 585,081 | 132,035 | |
Reliance Industries Ltd. | 6,689,593 | 207,362 | |
Reliance Industries Ltd. GDR (d)(e) | 220,516 | 13,782 | |
1,372,964 | |||
FINANCIALS - 2.3% | |||
Banks - 0.1% | |||
HDFC Bank Ltd. | 1,172,172 | 23,535 | |
Capital Markets - 0.0% | |||
Coinbase Global, Inc. (a) | 97,900 | 9,654 | |
Consumer Finance - 0.4% | |||
American Express Co. | 1,193,842 | 201,616 | |
Financial Services - 1.8% | |||
Adyen BV (a)(e) | 5,461 | 10,136 | |
Ant International Co. Ltd. Class C (a)(b)(c) | 6,428,801 | 12,086 | |
Berkshire Hathaway, Inc. Class B (a) | 41,219 | 14,507 | |
Block, Inc. Class A (a) | 1,912,241 | 153,993 | |
Jio Financial Services Ltd. (c) | 6,689,593 | 21,299 | |
MasterCard, Inc. Class A | 1,402,265 | 552,885 | |
Rapyd Financial Network 2016 Ltd. (a)(b)(c) | 204,327 | 15,776 | |
Visa, Inc. Class A | 535,463 | 127,296 | |
907,978 | |||
TOTAL FINANCIALS | 1,142,783 | ||
HEALTH CARE - 8.4% | |||
Biotechnology - 1.2% | |||
Alnylam Pharmaceuticals, Inc. (a) | 653,268 | 127,649 | |
Apogee Therapeutics, Inc. (d) | 278,500 | 5,960 | |
Argenx SE ADR (a) | 117,429 | 59,241 | |
Ascendis Pharma A/S sponsored ADR (a) | 420,710 | 37,927 | |
Cibus, Inc. (a) | 476,498 | 9,530 | |
CytomX Therapeutics, Inc. (a)(e) | 378,621 | 659 | |
Exact Sciences Corp. (a) | 199,600 | 19,469 | |
Generation Bio Co. (a) | 777,977 | 3,952 | |
Karuna Therapeutics, Inc. (a) | 187,551 | 37,467 | |
Moderna, Inc. (a) | 17,777 | 2,092 | |
Moonlake Immunotherapeutics (a)(d) | 397,203 | 24,154 | |
Regeneron Pharmaceuticals, Inc. (a) | 205,645 | 152,570 | |
Sagimet Biosciences, Inc. | 278,500 | 4,442 | |
Vertex Pharmaceuticals, Inc. (a) | 311,635 | 109,801 | |
Viking Therapeutics, Inc. (a) | 484,377 | 7,023 | |
601,936 | |||
Health Care Equipment & Supplies - 1.5% | |||
Axonics Modulation Technologies, Inc. (a) | 572,873 | 34,584 | |
Blink Health LLC Series A1 (a)(b)(c) | 51,117 | 2,444 | |
Boston Scientific Corp. (a) | 2,184,646 | 113,274 | |
DexCom, Inc. (a) | 2,288,914 | 285,107 | |
Insulet Corp. (a) | 310,546 | 85,944 | |
Intuitive Surgical, Inc. (a) | 41,487 | 13,458 | |
Penumbra, Inc. (a) | 14,986 | 4,546 | |
Shockwave Medical, Inc. (a) | 400,877 | 104,469 | |
Stryker Corp. | 311,703 | 88,340 | |
TransMedics Group, Inc. (a) | 105,746 | 9,853 | |
Zimmer Biomet Holdings, Inc. | 35,000 | 4,835 | |
746,854 | |||
Health Care Providers & Services - 2.2% | |||
agilon health, Inc. (a) | 362,993 | 6,951 | |
Alignment Healthcare, Inc. (a) | 886,234 | 5,504 | |
Guardant Health, Inc. (a) | 2,044,920 | 79,793 | |
Humana, Inc. | 282,374 | 128,997 | |
Surgery Partners, Inc. (a) | 562,383 | 21,725 | |
UnitedHealth Group, Inc. | 1,712,978 | 867,401 | |
1,110,371 | |||
Health Care Technology - 0.0% | |||
Certara, Inc. (a)(d) | 371,586 | 7,235 | |
MultiPlan Corp. warrants (a)(b) | 138,859 | 2 | |
7,237 | |||
Life Sciences Tools & Services - 0.6% | |||
Danaher Corp. | 578,477 | 147,546 | |
ICON PLC (a) | 47,520 | 11,947 | |
Olink Holding AB ADR (a) | 574,100 | 10,908 | |
Thermo Fisher Scientific, Inc. | 187,684 | 102,975 | |
Veterinary Emergency Group LLC Class A (a)(b)(c)(g) | 524,494 | 26,482 | |
299,858 | |||
Pharmaceuticals - 2.9% | |||
Eli Lilly & Co. | 1,864,531 | 847,523 | |
Novo Nordisk A/S: | |||
Series B | 137,007 | 22,093 | |
Series B sponsored ADR | 1,112,850 | 179,280 | |
Roche Holding AG (participation certificate) | 44,764 | 13,879 | |
Ventyx Biosciences, Inc. (a) | 179,925 | 6,666 | |
Zoetis, Inc. Class A | 1,829,346 | 344,082 | |
1,413,523 | |||
TOTAL HEALTH CARE | 4,179,779 | ||
INDUSTRIALS - 4.9% | |||
Aerospace & Defense - 1.2% | |||
Airbus Group NV | 211,455 | 31,147 | |
Howmet Aerospace, Inc. | 1,088,826 | 55,683 | |
L3Harris Technologies, Inc. | 133,938 | 25,380 | |
Lockheed Martin Corp. | 70,929 | 31,661 | |
Northrop Grumman Corp. | 51,937 | 23,112 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 2,961,836 | 239,909 | |
Class C (a)(b)(c) | 27,830 | 2,254 | |
The Boeing Co. (a) | 788,956 | 188,442 | |
TransDigm Group, Inc. | 21,018 | 18,910 | |
616,498 | |||
Air Freight & Logistics - 0.0% | |||
Delhivery Private Ltd. (a) | 2,469,600 | 11,986 | |
Commercial Services & Supplies - 0.1% | |||
ACV Auctions, Inc. Class A (a) | 2,256,900 | 39,473 | |
Electrical Equipment - 0.1% | |||
Eaton Corp. PLC | 155,554 | 31,938 | |
Vertiv Holdings Co. | 67,300 | 1,750 | |
33,688 | |||
Ground Transportation - 3.1% | |||
Avis Budget Group, Inc. (a) | 246,483 | 54,298 | |
Bird Global, Inc. (a)(b) | 72,846 | 181 | |
Bird Global, Inc.: | |||
Class A (a)(d) | 737,714 | 1,830 | |
Stage 1 rights (a)(c) | 10,516 | 0 | |
Stage 2 rights (a)(c) | 10,516 | 0 | |
Stage 3 rights (a)(c) | 10,516 | 0 | |
Hertz Global Holdings, Inc. (a)(d) | 886,414 | 14,936 | |
Lyft, Inc. (a)(d) | 21,770,343 | 276,701 | |
Uber Technologies, Inc. (a) | 24,235,272 | 1,198,677 | |
1,546,623 | |||
Passenger Airlines - 0.2% | |||
Delta Air Lines, Inc. | 747,991 | 34,602 | |
United Airlines Holdings, Inc. (a) | 844,608 | 45,871 | |
80,473 | |||
Professional Services - 0.1% | |||
Paycom Software, Inc. | 217,581 | 80,235 | |
Trading Companies & Distributors - 0.1% | |||
FTAI Aviation Ltd. | 1,503,970 | 48,443 | |
TOTAL INDUSTRIALS | 2,457,419 | ||
INFORMATION TECHNOLOGY - 40.3% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 150,017 | 23,266 | |
Electronic Equipment, Instruments & Components - 0.0% | |||
Flex Ltd. (a) | 345,970 | 9,466 | |
IT Services - 0.5% | |||
Digitalocean Holdings, Inc. (a) | 120,900 | 5,987 | |
MongoDB, Inc. Class A (a) | 203,822 | 86,298 | |
Okta, Inc. (a) | 1,413,913 | 108,673 | |
Shopify, Inc. Class A (a) | 233,477 | 15,772 | |
Snowflake, Inc. (a) | 224,757 | 39,942 | |
X Holdings Corp. Class A (c) | 196,600 | 8,222 | |
264,894 | |||
Semiconductors & Semiconductor Equipment - 18.6% | |||
Advanced Micro Devices, Inc. (a) | 2,393,265 | 273,790 | |
AEHR Test Systems (a) | 94,400 | 4,924 | |
ASML Holding NV (depository receipt) | 85,884 | 61,528 | |
First Solar, Inc. (a) | 21,180 | 4,393 | |
GlobalFoundries, Inc. (a) | 4,885,337 | 311,147 | |
Impinj, Inc. (a) | 256,576 | 17,093 | |
Lattice Semiconductor Corp. (a) | 104,400 | 9,494 | |
Marvell Technology, Inc. | 27,488,451 | 1,790,323 | |
Monolithic Power Systems, Inc. | 222,527 | 124,502 | |
NVIDIA Corp. | 10,686,013 | 4,993,472 | |
NXP Semiconductors NV | 3,741,629 | 834,308 | |
ON Semiconductor Corp. (a) | 3,892,029 | 419,366 | |
Skyworks Solutions, Inc. | 170,889 | 19,545 | |
SolarEdge Technologies, Inc. (a) | 85,874 | 20,735 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2,329,030 | 230,923 | |
Teradyne, Inc. | 1,377,903 | 155,620 | |
9,271,163 | |||
Software - 11.5% | |||
Adobe, Inc. (a) | 105,400 | 57,566 | |
Atom Tickets LLC (a)(b)(c)(g) | 1,204,239 | 0 | |
Bill Holdings, Inc. (a)(d) | 809,222 | 101,428 | |
Confluent, Inc. (a) | 345,423 | 11,931 | |
Datadog, Inc. Class A (a)(d) | 614,969 | 71,779 | |
HubSpot, Inc. (a) | 408,293 | 237,035 | |
Intuit, Inc. | 328,126 | 167,902 | |
Microsoft Corp. | 12,774,239 | 4,291,122 | |
Oracle Corp. | 278,138 | 32,606 | |
Palantir Technologies, Inc. (a)(d) | 1,211,700 | 24,040 | |
Palo Alto Networks, Inc. (a) | 19,500 | 4,874 | |
Pine Labs Private Ltd. (a)(b)(c) | 9,912 | 5,296 | |
Salesforce, Inc. (a) | 2,005,603 | 451,281 | |
ServiceNow, Inc. (a) | 168,409 | 98,182 | |
Splunk, Inc. (a) | 511,469 | 55,407 | |
Stripe, Inc. Class B (a)(b)(c) | 173,600 | 3,495 | |
Tanium, Inc. Class B (a)(b)(c) | 554,900 | 4,273 | |
Workday, Inc. Class A (a) | 84,113 | 19,946 | |
Zoom Video Communications, Inc. Class A (a) | 951,249 | 69,774 | |
5,707,937 | |||
Technology Hardware, Storage & Peripherals - 9.6% | |||
Apple, Inc. | 24,348,675 | 4,783,297 | |
TOTAL INFORMATION TECHNOLOGY | 20,060,023 | ||
MATERIALS - 0.7% | |||
Chemicals - 0.1% | |||
Linde PLC | 65,983 | 25,778 | |
Metals & Mining - 0.6% | |||
ATI, Inc. (a) | 597,363 | 28,482 | |
Carpenter Technology Corp. | 496,869 | 29,743 | |
Freeport-McMoRan, Inc. | 5,309,028 | 237,048 | |
295,273 | |||
TOTAL MATERIALS | 321,051 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Equinix, Inc. | 21,200 | 17,170 | |
Welltower, Inc. | 321,897 | 26,444 | |
43,614 | |||
Real Estate Management & Development - 0.1% | |||
Zillow Group, Inc. Class C (a) | 787,800 | 42,667 | |
TOTAL REAL ESTATE | 86,281 | ||
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
NextEra Energy, Inc. | 157,632 | 11,554 | |
TOTAL COMMON STOCKS (Cost $22,183,940) | 48,760,658 | ||
Preferred Stocks - 1.9% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 1.7% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 293,038 | 70,256 | |
Reddit, Inc.: | |||
Series B(a)(b)(c) | 524,232 | 18,595 | |
Series E(a)(b)(c) | 43,813 | 1,554 | |
Series F(a)(b)(c) | 457,142 | 16,215 | |
106,620 | |||
CONSUMER DISCRETIONARY - 0.2% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 120,997 | 104 | |
Series C(a)(b)(c) | 476,111 | 962 | |
Series D(a)(b)(c) | 867,000 | 2,757 | |
3,823 | |||
Broadline Retail - 0.1% | |||
Meesho Series F (a)(b)(c) | 546,589 | 43,241 | |
Hotels, Restaurants & Leisure - 0.1% | |||
Discord, Inc. Series I (a)(b)(c) | 6,100 | 1,974 | |
MOD Super Fast Pizza Holdings LLC: | |||
Series 3(a)(b)(c)(g) | 68,723 | 20,697 | |
Series 4(a)(b)(c)(g) | 6,272 | 1,815 | |
Series 5(a)(b)(c)(g) | 25,187 | 6,900 | |
31,386 | |||
TOTAL CONSUMER DISCRETIONARY | 78,450 | ||
CONSUMER STAPLES - 0.1% | |||
Consumer Staples Distribution & Retail - 0.1% | |||
GoBrands, Inc.: | |||
Series G(a)(b)(c) | 166,200 | 16,572 | |
Series H(a)(b)(c) | 104,029 | 10,373 | |
Instacart, Inc.: | |||
Series H(a)(b)(c) | 245,379 | 11,067 | |
Series I(a)(b)(c) | 118,846 | 5,360 | |
43,372 | |||
Food Products - 0.0% | |||
AgBiome LLC Series C (a)(b)(c) | 1,091,300 | 5,522 | |
Bowery Farming, Inc. Series C1 (a)(b)(c) | 161,262 | 1,271 | |
6,793 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc.: | |||
Series C(a)(b)(c) | 2,570,575 | 18,714 | |
Series D(a)(b)(c) | 13,822 | 101 | |
Series E(a)(b)(c) | 14,959 | 109 | |
18,924 | |||
TOTAL CONSUMER STAPLES | 69,089 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Castle Creek Biosciences, Inc. Series D2 (a)(b)(c) | 5,347 | 1,005 | |
Health Care Equipment & Supplies - 0.0% | |||
Blink Health LLC Series C (a)(b)(c) | 170,685 | 8,162 | |
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(b)(c) | 3,301 | 650 | |
TOTAL HEALTH CARE | 9,817 | ||
INDUSTRIALS - 0.5% | |||
Aerospace & Defense - 0.5% | |||
ABL Space Systems: | |||
Series B(a)(b)(c) | 270,130 | 8,903 | |
Series B2(a)(b)(c) | 141,569 | 4,550 | |
Relativity Space, Inc. Series E (a)(b)(c) | 2,480,614 | 44,825 | |
Space Exploration Technologies Corp.: | |||
Series G(a)(b)(c) | 97,277 | 78,794 | |
Series H(a)(b)(c) | 25,767 | 20,871 | |
Series N(a)(b)(c) | 79,406 | 64,319 | |
222,262 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (a)(b)(c) | 101,010 | 12,715 | |
TOTAL INDUSTRIALS | 234,977 | ||
INFORMATION TECHNOLOGY - 0.5% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
CelLink Corp. Series D (a)(b)(c) | 771,513 | 10,076 | |
Enevate Corp. Series E (a)(b)(c) | 12,084,432 | 7,372 | |
Menlo Micro, Inc. Series C (a)(b)(c) | 4,680,700 | 4,962 | |
22,410 | |||
IT Services - 0.0% | |||
Yanka Industries, Inc. Series F (a)(b)(c) | 508,854 | 3,796 | |
Semiconductors & Semiconductor Equipment - 0.2% | |||
Alif Semiconductor Series C (a)(b)(c) | 391,847 | 7,880 | |
Astera Labs, Inc.: | |||
Series A(a)(b)(c) | 672,992 | 6,784 | |
Series B(a)(b)(c) | 114,587 | 1,155 | |
Series C(a)(b)(c) | 1,572,300 | 15,849 | |
Series D(a)(b)(c) | 2,623,426 | 26,444 | |
GaN Systems, Inc.: | |||
Series F1(a)(b)(c) | 661,660 | 7,364 | |
Series F2(a)(b)(c) | 349,385 | 3,889 | |
Retym, Inc. Series C (b)(c) | 810,037 | 6,302 | |
SiMa.ai: | |||
Series B(a)(b)(c) | 2,821,200 | 17,407 | |
Series B1(a)(b)(c) | 188,978 | 1,363 | |
Xsight Labs Ltd. Series D (a)(b)(c) | 1,192,000 | 6,854 | |
101,291 | |||
Software - 0.3% | |||
Algolia, Inc. Series D (a)(b)(c) | 276,495 | 4,416 | |
Bolt Technology OU Series E (a)(b)(c) | 170,267 | 22,289 | |
Databricks, Inc.: | |||
Series G(a)(b)(c) | 437,958 | 22,292 | |
Series H(a)(b)(c) | 273,924 | 13,943 | |
Dataminr, Inc. Series D (a)(b)(c) | 277,250 | 4,123 | |
Delphix Corp. Series D (a)(b)(c) | 675,445 | 2,810 | |
Moloco, Inc. Series A (b)(c) | 103,822 | 6,229 | |
Mountain Digital, Inc. Series D (a)(b)(c) | 524,265 | 8,844 | |
Skyryse, Inc. Series B (a)(b)(c) | 560,000 | 12,958 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 73,100 | 1,472 | |
Series I(b)(c) | 1,129,819 | 22,743 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 77,800 | 4,803 | |
126,922 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc. Series C (b)(c) | 372,617 | 6,103 | |
TOTAL INFORMATION TECHNOLOGY | 260,522 | ||
MATERIALS - 0.2% | |||
Metals & Mining - 0.2% | |||
Diamond Foundry, Inc. Series C (a)(b)(c) | 2,271,329 | 75,499 | |
UTILITIES - 0.0% | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Redwood Materials: | |||
Series C(a)(b)(c) | 341,408 | 16,299 | |
Series D(b)(c) | 97,832 | 4,670 | |
20,969 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 855,943 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
Series 1C(a)(b)(c) | 50,654,200 | 1,297 | |
Series 1D(a)(b)(c) | 85,315,542 | 2,184 | |
Waymo LLC Series A2 (a)(b)(c) | 81,316 | 4,398 | |
7,879 | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (a)(b)(c) | 1,244,183 | 28,007 | |
HEALTH CARE - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(b)(c) | 29,758 | 6,080 | |
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (a)(b)(c) | 709,497 | 8,081 | |
Software - 0.1% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(b)(c) | 23,689 | 12,656 | |
Series A(a)(b)(c) | 5,920 | 3,163 | |
Series B(a)(b)(c) | 6,440 | 3,441 | |
Series B2(a)(b)(c) | 5,209 | 2,783 | |
Series C(a)(b)(c) | 9,690 | 5,177 | |
Series C1(a)(b)(c) | 2,041 | 1,090 | |
Series D(a)(b)(c) | 2,183 | 1,166 | |
29,476 | |||
TOTAL INFORMATION TECHNOLOGY | 37,557 | ||
REAL ESTATE - 0.0% | |||
Real Estate Management & Development - 0.0% | |||
ZKH Group Ltd. Series F (c) | 21,325,985 | 8,744 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 88,267 | ||
TOTAL PREFERRED STOCKS (Cost $903,407) | 944,210 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (h) (000s) | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (b)(c) | 2,433 | 2,511 | |
4% 6/12/27 (b)(c) | 647 | 668 | |
4.5% 10/27/25 (b)(c)(i) | 21,263 | 20,806 | |
(Cost $24,343) | 23,985 | ||
Preferred Securities - 0.0% | |||
Principal Amount (h) (000s) | Value ($) (000s) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Semiconductors & Semiconductor Equipment - 0.0% | |||
GaN Systems, Inc. 0% (b)(c)(j) | 15,508 | 19,168 | |
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(j) | 4,320 | 4,484 | |
TOTAL PREFERRED SECURITIES (Cost $19,828) | 23,652 | ||
Money Market Funds - 1.6% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.32% (k) | 35,299,091 | 35,306 | |
Fidelity Securities Lending Cash Central Fund 5.32% (k)(l) | 735,363,886 | 735,437 | |
TOTAL MONEY MARKET FUNDS (Cost $770,743) | 770,743 | ||
TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $23,902,261) | 50,523,248 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (778,356) |
NET ASSETS - 100.0% | 49,744,892 |
(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 $1,461,677,000 or 2.9% 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 $49,499,000 or 0.1% of net assets. |
(f) | Affiliated company |
(g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(h) | Amount is stated in United States dollars unless otherwise noted. |
(i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(j) | Security is perpetual in nature with no stated maturity date. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(l) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
ABL Space Systems Series B | 3/24/21 | 12,165 |
ABL Space Systems Series B2 | 10/22/21 | 9,626 |
AgBiome LLC Series C | 6/29/18 | 6,912 |
Algolia, Inc. Series D | 7/23/21 | 8,086 |
Alif Semiconductor Series C | 3/08/22 | 7,954 |
Ant International Co. Ltd. Class C | 5/16/18 | 24,503 |
Astera Labs, Inc. Series A | 5/17/22 | 6,844 |
Astera Labs, Inc. Series B | 5/17/22 | 1,165 |
Astera Labs, Inc. Series C | 8/24/21 | 5,286 |
Astera Labs, Inc. Series D | 5/17/22 - 5/27/22 | 26,679 |
Atom Tickets LLC | 8/15/17 | 7,000 |
Beta Technologies, Inc. Series A | 4/09/21 | 7,401 |
Bird Global, Inc. | 5/11/21 | 18,211 |
Blink Health LLC Series A1 | 12/30/20 | 1,385 |
Blink Health LLC Series C | 11/07/19 - 7/14/21 | 6,515 |
Bolt Technology OU Series E | 1/03/22 | 44,235 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 9,716 |
ByteDance Ltd. Series E1 | 11/18/20 | 32,109 |
Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 917 |
Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | 9,831 |
Castle Creek Pharmaceutical Holdings, Inc. Series B | 10/09/18 | 1,360 |
CelLink Corp. Series D | 1/20/22 | 16,066 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 20,193 |
Databricks, Inc. Series G | 2/01/21 | 25,893 |
Databricks, Inc. Series H | 8/31/21 | 20,129 |
Dataminr, Inc. Series D | 3/06/15 | 3,535 |
Delphix Corp. Series D | 7/10/15 | 6,079 |
Diamond Foundry, Inc. Series C | 3/15/21 | 54,512 |
Discord, Inc. Series I | 9/15/21 | 3,359 |
Enevate Corp. Series E | 1/29/21 | 13,398 |
Epic Games, Inc. | 7/30/20 | 3,525 |
Fanatics, Inc. Class A | 8/13/20 - 10/24/22 | 78,990 |
GaN Systems, Inc. Series F1 | 11/30/21 | 5,611 |
GaN Systems, Inc. Series F2 | 11/30/21 | 2,963 |
GaN Systems, Inc. 0% | 11/30/21 | 15,508 |
GoBrands, Inc. Series G | 3/02/21 | 41,503 |
GoBrands, Inc. Series H | 7/22/21 | 40,414 |
Gupshup, Inc. | 6/08/21 | 16,223 |
Instacart, Inc. Series H | 11/13/20 | 14,723 |
Instacart, Inc. Series I | 2/26/21 | 14,856 |
JUUL Labs, Inc. Class A | 12/20/17 | 453 |
JUUL Labs, Inc. Class B | 11/21/17 | 0 |
JUUL Labs, Inc. Series C | 5/22/15 - 7/06/18 | 0 |
JUUL Labs, Inc. Series D | 6/25/18 - 7/06/18 | 0 |
JUUL Labs, Inc. Series E | 12/20/17 | 321 |
Lightmatter, Inc. Series C | 5/19/23 | 6,132 |
Meesho Series F | 9/21/21 | 41,908 |
Menlo Micro, Inc. Series C | 2/09/22 | 6,204 |
MOD Super Fast Pizza Holdings LLC Series 3 | 11/03/16 | 9,415 |
MOD Super Fast Pizza Holdings LLC Series 4 | 12/14/17 | 878 |
MOD Super Fast Pizza Holdings LLC Series 5 | 5/15/19 | 3,590 |
Moloco, Inc. Series A | 6/26/23 | 6,229 |
Mountain Digital, Inc. Series D | 11/05/21 | 12,040 |
MultiPlan Corp. warrants | 10/08/20 | 0 |
Neutron Holdings, Inc. | 2/04/21 | 72 |
Neutron Holdings, Inc. Series 1C | 7/03/18 | 9,262 |
Neutron Holdings, Inc. Series 1D | 1/25/19 | 20,689 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 2,433 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 647 |
Neutron Holdings, Inc. 4.5% 10/27/25 | 10/29/21 - 4/27/23 | 21,264 |
Pine Labs Private Ltd. | 6/30/21 | 3,696 |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 8,833 |
Pine Labs Private Ltd. Series A | 6/30/21 | 2,207 |
Pine Labs Private Ltd. Series B | 6/30/21 | 2,401 |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 1,942 |
Pine Labs Private Ltd. Series C | 6/30/21 | 3,613 |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 761 |
Pine Labs Private Ltd. Series D | 6/30/21 | 814 |
Rad Power Bikes, Inc. | 1/21/21 | 4,477 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 584 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 2,297 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 8,309 |
Rapyd Financial Network 2016 Ltd. | 3/30/21 | 15,000 |
Reddit, Inc. Series B | 7/26/17 | 7,442 |
Reddit, Inc. Series E | 5/18/21 | 1,861 |
Reddit, Inc. Series F | 8/11/21 | 28,249 |
Redwood Materials Series C | 5/28/21 | 16,184 |
Redwood Materials Series D | 6/02/23 | 4,670 |
Relativity Space, Inc. Series E | 5/27/21 | 56,645 |
Retym, Inc. Series C | 5/17/23 - 6/20/23 | 6,303 |
SiMa.ai Series B | 5/10/21 | 14,465 |
SiMa.ai Series B1 | 4/25/22 | 1,340 |
Skyryse, Inc. Series B | 10/21/21 | 13,821 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 5/24/22 | 55,406 |
Space Exploration Technologies Corp. Class C | 9/11/17 | 376 |
Space Exploration Technologies Corp. Series G | 1/20/15 | 7,535 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 3,479 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 21,440 |
Stripe, Inc. Class B | 5/18/21 | 6,966 |
Stripe, Inc. Series H | 3/15/21 | 2,933 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 22,748 |
Tanium, Inc. Class B | 4/21/17 | 2,755 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 4,626 |
Tenstorrent, Inc. 0% | 4/23/21 | 4,320 |
Tory Burch LLC | 5/14/15 | 20,890 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 21,636 |
Waymo LLC Series A2 | 5/08/20 | 6,982 |
Xsight Labs Ltd. Series D | 2/16/21 | 9,531 |
Yanka Industries, Inc. Series F | 4/08/21 | 16,221 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | - | 1,783,106 | 1,747,800 | 1,565 | - | - | 35,306 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.32% | 776,449 | 2,954,644 | 2,995,656 | 2,210 | - | - | 735,437 | 2.5% |
Total | 776,449 | 4,737,750 | 4,743,456 | 3,775 | - | - | 770,743 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
American Eagle Outfitters, Inc. | 116,007 | 28,093 | 3,621 | 2,362 | 543 | 25,157 | 166,179 |
The Real Good Food Co. LLC Class B | - | - | - | - | - | - | - |
The Real Good Food Co. LLC Class B unit | 8,203 | - | - | - | - | (2,902) | 5,301 |
The Real Good Food Co., Inc. | 314 | - | 14 | - | (28) | (84) | - |
Warby Parker, Inc. | 48,727 | 20,925 | 1,376 | - | 53 | 14,902 | 83,231 |
Total | 173,251 | 49,018 | 5,011 | 2,362 | 568 | 37,073 | 254,711 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 7,191,484 | 7,030,001 | 50,582 | 110,901 |
Consumer Discretionary | 10,936,119 | 10,522,865 | 165,032 | 248,222 |
Consumer Staples | 1,263,239 | 1,176,656 | 17,292 | 69,291 |
Energy | 1,372,964 | 1,372,964 | - | - |
Financials | 1,170,790 | 1,059,951 | 33,671 | 77,168 |
Health Care | 4,195,676 | 4,114,879 | 35,974 | 44,823 |
Industrials | 2,692,396 | 2,184,109 | 31,147 | 477,140 |
Information Technology | 20,358,102 | 20,038,737 | - | 319,365 |
Materials | 396,550 | 321,051 | - | 75,499 |
Real Estate | 95,025 | 86,281 | - | 8,744 |
Utilities | 32,523 | 11,554 | - | 20,969 |
Corporate Bonds | 23,985 | - | - | 23,985 |
Preferred Securities | 23,652 | - | - | 23,652 |
Money Market Funds | 770,743 | 770,743 | - | - |
Total Investments in Securities: | 50,523,248 | 48,689,791 | 333,698 | 1,499,759 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Beginning Balance | $ | 1,405,103 | |
Net Realized Gain (Loss) on Investment Securities | (1,154) | ||
Net Unrealized Gain (Loss) on Investment Securities | (17,076) | ||
Cost of Purchases | 94,462 | ||
Proceeds of Sales | (25,028) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 72,469 | ||
Transfers out of Level 3 | (29,017) | ||
Ending Balance | $ | 1,499,759 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (7,776) | |
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) | July 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $724,378) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $22,747,311) | $ | 49,497,794 | ||
Fidelity Central Funds (cost $770,743) | 770,743 | |||
Other affiliated issuers (cost $384,207) | 254,711 | |||
Total Investment in Securities (cost $23,902,261) | $ | 50,523,248 | ||
Cash | 405 | |||
Restricted cash | 187 | |||
Foreign currency held at value (cost $527) | 525 | |||
Receivable for investments sold | 47,565 | |||
Receivable for fund shares sold | 43,522 | |||
Dividends receivable | 9,133 | |||
Interest receivable | 639 | |||
Distributions receivable from Fidelity Central Funds | 242 | |||
Prepaid expenses | 87 | |||
Other receivables | 2,002 | |||
Total assets | 50,627,555 | |||
Liabilities | ||||
Payable for investments purchased | $ | 70,176 | ||
Payable for fund shares redeemed | 30,690 | |||
Accrued management fee | 19,727 | |||
Other affiliated payables | 4,935 | |||
Other payables and accrued expenses | 21,735 | |||
Collateral on securities loaned | 735,400 | |||
Total Liabilities | 882,663 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 49,744,892 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 22,947,610 | ||
Total accumulated earnings (loss) | 26,797,282 | |||
Net Assets | $ | 49,744,892 | ||
Net Asset Value and Maximum Offering Price | ||||
Blue Chip Growth : | ||||
Net Asset Value, offering price and redemption price per share ($45,272,122 ÷ 275,002 shares) | $ | 164.62 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($4,472,770 ÷ 27,033 shares)(a) | $ | 165.45 | ||
(a)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
Statement of Operations | ||||
Amounts in thousands | Year ended July 31, 2023 | |||
Investment Income | ||||
Dividends (including $2,362 earned from affiliated issuers) | $ | 226,172 | ||
Interest | 1,150 | |||
Income from Fidelity Central Funds (including $2,210 from security lending) | 3,775 | |||
Total Income | 231,097 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 209,813 | ||
Performance adjustment | 4,778 | |||
Transfer agent fees | 51,251 | |||
Accounting fees | 2,062 | |||
Custodian fees and expenses | 538 | |||
Independent trustees' fees and expenses | 206 | |||
Registration fees | 343 | |||
Audit | 145 | |||
Legal | 47 | |||
Interest | 302 | |||
Miscellaneous | 803 | |||
Total expenses before reductions | 270,288 | |||
Expense reductions | (2,026) | |||
Total expenses after reductions | 268,262 | |||
Net Investment income (loss) | (37,165) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $2,598) | 526,843 | |||
Redemptions in-kind | 290,079 | |||
Affiliated issuers | 568 | |||
Foreign currency transactions | (54) | |||
Total net realized gain (loss) | 817,436 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of decrease in deferred foreign taxes of $4,061) | 8,839,483 | |||
Affiliated issuers | 37,073 | |||
Unfunded commitments | 2,642 | |||
Assets and liabilities in foreign currencies | 101 | |||
Total change in net unrealized appreciation (depreciation) | 8,879,299 | |||
Net gain (loss) | 9,696,735 | |||
Net increase (decrease) in net assets resulting from operations | $ | 9,659,570 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended July 31, 2023 | Year ended July 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (37,165) | $ | (156,441) |
Net realized gain (loss) | 817,436 | 1,694,904 | ||
Change in net unrealized appreciation (depreciation) | 8,879,299 | (14,698,589) | ||
Net increase (decrease) in net assets resulting from operations | 9,659,570 | (13,160,126) | ||
Distributions to shareholders | (195,822) | (4,919,350) | ||
Share transactions - net increase (decrease) | (825,802) | 2,233,155 | ||
Total increase (decrease) in net assets | 8,637,946 | (15,846,321) | ||
Net Assets | ||||
Beginning of period | 41,106,946 | 56,953,267 | ||
End of period | $ | 49,744,892 | $ | 41,106,946 |
Fidelity® Blue Chip Growth Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 132.94 | $ | 187.79 | $ | 138.12 | $ | 103.05 | $ | 99.75 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.13) | (.50) | (.73) | (.17) | (.04) | |||||
Net realized and unrealized gain (loss) | 32.45 | (38.32) | 60.84 | 39.23 | 8.65 | |||||
Total from investment operations | 32.32 | (38.82) | 60.11 | 39.06 | 8.61 | |||||
Distributions from net investment income | - | - | - | - | (.11) | |||||
Distributions from net realized gain | (.64) | (16.03) | (10.44) | (3.99) | (5.20) | |||||
Total distributions | (.64) | (16.03) | (10.44) | (3.99) | (5.31) | |||||
Net asset value, end of period | $ | 164.62 | $ | 132.94 | $ | 187.79 | $ | 138.12 | $ | 103.05 |
Total Return C | 24.43% | (22.85)% | 45.70% | 39.45% | 9.09% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .69% | .76% | .79% | .79% | .80% | |||||
Expenses net of fee waivers, if any | .68% | .76% | .79% | .79% | .80% | |||||
Expenses net of all reductions | .68% | .76% | .78% | .78% | .80% | |||||
Net investment income (loss) | (.10)% | (.31)% | (.44)% | (.16)% | (.04)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 45,272 | $ | 36,726 | $ | 48,318 | $ | 31,023 | $ | 23,023 |
Portfolio turnover rate F | 19% G | 34% G | 41% G | 49% G | 45% G |
Fidelity® Blue Chip Growth Fund Class K |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 133.48 | $ | 188.45 | $ | 138.50 | $ | 103.24 | $ | 99.92 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.01) | (.37) | (.60) | (.08) | .05 | |||||
Net realized and unrealized gain (loss) | 32.62 | (38.45) | 61.04 | 39.33 | 8.66 | |||||
Total from investment operations | 32.61 | (38.82) | 60.44 | 39.25 | 8.71 | |||||
Distributions from net investment income | - | - | - | - | (.19) | |||||
Distributions from net realized gain | (.64) | (16.15) | (10.49) | (3.99) | (5.20) | |||||
Total distributions | (.64) | (16.15) | (10.49) | (3.99) | (5.39) | |||||
Net asset value, end of period | $ | 165.45 | $ | 133.48 | $ | 188.45 | $ | 138.50 | $ | 103.24 |
Total Return C | 24.55% | (22.78)% | 45.83% | 39.57% | 9.20% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions | .59% | .68% | .71% | .70% | .70% | |||||
Expenses net of fee waivers, if any | .59% | .68% | .71% | .69% | .70% | |||||
Expenses net of all reductions | .59% | .68% | .70% | .69% | .70% | |||||
Net investment income (loss) | (.01)% | (.23)% | (.36)% | (.07)% | .05% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 4,473 | $ | 4,380 | $ | 8,635 | $ | 6,625 | $ | 5,316 |
Portfolio turnover rate F | 19% G | 34% G | 41% G | 49% G | 45% G |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $1,452,122 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 15.7 / 10.4 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.6 - 25.0 / 7.1 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.8 | Increase | |||
Probability rate | 25.0% - 75.0% / 50.0% | Increase | |||
Liquidity preference | $273.94 - $301.16 / $288.17 | Increase | |||
Recovery value | Recovery value | $0.00 - $0.31 / $0.09 | Increase | ||
Market approach | Transaction price | $1.11 - $215.03 / $43.25 | Increase | ||
Discount rate | 20.0% - 45.0% / 35.9% | Decrease | |||
Parity price | 3.18 | Increase | |||
Premium rate | 5.0% - 20.0% / 10.7% | Increase | |||
Book value | Book value multiple | 1.7 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 21.5% - 29.0% / 26.7% | Decrease | ||
Exit multiple | 1.8 - 7.3 / 3.4 | Increase | |||
Black scholes | Discount rate | 4.1% - 5.5% / 4.4% | Increase | ||
Volatility | 50.0% - 100.0% / 69.4% | Increase | |||
Term | 0.5 - 5.0 / 3.7 | Increase | |||
Corporate Bonds | $23,985 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.5 | Increase |
Discount rate | 29.2% | Decrease | |||
Probability rate | 10.0% - 70.0% / 33.3% | Increase | |||
Black scholes | Volatility | 75.0% | Increase | ||
Term | 1.2 | Increase | |||
Preferred Securities | $23,652 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 5.0 | Increase |
Market approach | Transaction price | 59.45 | Increase | ||
Premium rate | 20.0% | Increase | |||
Discounted cash flow | Discount rate | 20.0% | Decrease | ||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 2.0 | Increase |
Fidelity Blue Chip Growth Fund | $853 |
Gross unrealized appreciation | $28,730,585 |
Gross unrealized depreciation | (2,201,345) |
Net unrealized appreciation (depreciation) | $26,529,240 |
Tax Cost | $23,994,008 |
Undistributed long-term capital gain | $321,297 |
Net unrealized appreciation (depreciation) on securities and other investments | $26,529,190 |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $- | $ 408,457 |
Long-term Capital Gains | 195,822 | 4,510,893 |
Total | $195,822 | $4,919,350 |
Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) | |
Fidelity Blue Chip Growth Fund | Space Exploration Technologies Corp. | $5,000 | $ - |
$ Amount | % of Net Assets | |
Fidelity Blue Chip Growth Fund | 65,021 | .13 |
Purchases ($) | Sales ($) | |
Fidelity Blue Chip Growth Fund | 7,700,491 | 8,146,984 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Blue Chip Growth Fund | 4,731 | 290,079 | 606,525 | Blue Chip Growth, Class K |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Blue Chip Growth Fund | 10,273 | 673,294 | 1,424,375 | Blue Chip Growth, Class K |
Amount | % of Class-Level Average Net Assets | |
Blue Chip Growth | $49,629 | .14 |
Class K | 1,622 | .04 |
$51,251 |
% of Average Net Assets | |
Fidelity Blue Chip Growth Fund | .01 |
Amount | |
Fidelity Blue Chip Growth Fund | $ 208 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Blue Chip Growth Fund | Borrower | $12,929 | 4.12% | $288 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Blue Chip Growth Fund | 754,170 | 274,180 | (4,530) |
Amount ($) | |
Fidelity Blue Chip Growth Fund | 56 |
Amount | |
Fidelity Blue Chip Growth Fund | $91 |
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 Blue Chip Growth Fund | $228 | $80 | $6,289 |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Blue Chip Growth Fund | $8,383 | 3.94% | $14 |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Blue Chip Growth Fund | ||
Distributions to shareholders | ||
Blue Chip Growth | $175,348 | $4,200,150 |
Class K | 20,474 | 719,200 |
Total | $195,822 | $4,919,350 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Blue Chip Growth Fund | ||||
Blue Chip Growth | ||||
Shares sold | 43,972 | 59,594 | $5,714,869 | $9,796,348 |
Reinvestment of distributions | 1,237 | 21,851 | 162,230 | 3,946,089 |
Shares redeemed | (46,469) | (62,488) | (5,985,882) | (9,722,466) |
Net increase (decrease) | (1,260) | 18,957 | $(108,783) | $4,019,971 |
Class K | ||||
Shares sold | 5,674 | 6,939 | $755,595 | $1,053,095 |
Reinvestment of distributions | 155 | 3,969 | 20,474 | 719,197 |
Shares redeemed | (11,614) | (23,912) | (1,493,088) | (3,559,108) |
Net increase (decrease) | (5,785) | (13,004) | $(717,019) | $(1,786,816) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Blue Chip Growth Fund | ||||||||||
Fidelity® Blue Chip Growth Fund | .65% | |||||||||
Actual | $ 1,000 | $ 1,298.30 | $ 3.70 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.57 | $ 3.26 | |||||||
Class K | .56% | |||||||||
Actual | $ 1,000 | $ 1,298.80 | $ 3.19 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.02 | $ 2.81 | |||||||
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 | 18,080,195,985.210 | 84.850 |
Against | 2,342,509,252.130 | 10.990 |
Abstain | 887,187,711.340 | 4.160 |
TOTAL | 21,309,892,948.680 | 100.000 |
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Growth & Income Portfolio | 14.77% | 10.94% | 10.93% |
Class K | 14.89% | 11.04% | 11.05% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Growth & Income Portfolio, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 7.6 | |
Exxon Mobil Corp. | 7.0 | |
Wells Fargo & Co. | 5.6 | |
General Electric Co. | 4.2 | |
Apple, Inc. | 3.4 | |
Bank of America Corp. | 2.5 | |
Comcast Corp. Class A | 2.0 | |
UnitedHealth Group, Inc. | 2.0 | |
Visa, Inc. Class A | 1.9 | |
The Boeing Co. | 1.8 | |
38.0 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 18.0 | |
Information Technology | 18.0 | |
Industrials | 16.5 | |
Health Care | 12.4 | |
Energy | 10.5 | |
Consumer Staples | 5.7 | |
Communication Services | 4.6 | |
Consumer Discretionary | 3.2 | |
Materials | 3.0 | |
Utilities | 1.6 | |
Real Estate | 1.3 | |
Asset Allocation (% of Fund's net assets) |
Written options - (0.0)% |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 94.7% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 4.5% | |||
Diversified Telecommunication Services - 0.7% | |||
Cellnex Telecom SA (a) | 735,500 | 30,034 | |
Elisa Corp. (A Shares) | 113,800 | 5,936 | |
Verizon Communications, Inc. | 780,074 | 26,585 | |
62,555 | |||
Entertainment - 1.2% | |||
Activision Blizzard, Inc. | 131,350 | 12,184 | |
The Walt Disney Co. (b) | 442,290 | 39,315 | |
Universal Music Group NV | 2,016,300 | 51,718 | |
Warner Music Group Corp. Class A | 479,200 | 15,119 | |
118,336 | |||
Media - 2.6% | |||
Comcast Corp. Class A | 4,114,512 | 186,223 | |
Interpublic Group of Companies, Inc. | 1,624,931 | 55,621 | |
241,844 | |||
TOTAL COMMUNICATION SERVICES | 422,735 | ||
CONSUMER DISCRETIONARY - 3.2% | |||
Automobile Components - 0.4% | |||
BorgWarner, Inc. | 637,852 | 29,660 | |
Phinia, Inc. | 127,570 | 3,619 | |
33,279 | |||
Hotels, Restaurants & Leisure - 1.4% | |||
Amadeus IT Holding SA Class A | 611,800 | 43,872 | |
Churchill Downs, Inc. | 232,200 | 26,900 | |
Domino's Pizza, Inc. | 55,000 | 21,821 | |
Marriott International, Inc. Class A | 122,623 | 24,747 | |
Starbucks Corp. | 181,860 | 18,472 | |
135,812 | |||
Household Durables - 0.2% | |||
Sony Group Corp. sponsored ADR | 138,214 | 12,937 | |
Whirlpool Corp. | 31,894 | 4,601 | |
17,538 | |||
Specialty Retail - 0.9% | |||
Lowe's Companies, Inc. | 343,114 | 80,381 | |
TJX Companies, Inc. | 24,500 | 2,120 | |
Williams-Sonoma, Inc. | 11,200 | 1,553 | |
84,054 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
NIKE, Inc. Class B | 121,600 | 13,423 | |
Puma AG | 185,454 | 12,533 | |
Tapestry, Inc. | 3,700 | 160 | |
Wolverine World Wide, Inc. | 193,500 | 2,452 | |
28,568 | |||
TOTAL CONSUMER DISCRETIONARY | 299,251 | ||
CONSUMER STAPLES - 5.7% | |||
Beverages - 2.3% | |||
Diageo PLC sponsored ADR (c) | 243,211 | 42,791 | |
Keurig Dr. Pepper, Inc. | 1,888,100 | 64,214 | |
Pernod Ricard SA | 66,200 | 14,601 | |
Remy Cointreau SA | 41,547 | 7,133 | |
The Coca-Cola Co. | 1,472,010 | 91,162 | |
219,901 | |||
Consumer Staples Distribution & Retail - 1.4% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 44,400 | 2,248 | |
Sysco Corp. | 737,336 | 56,266 | |
Target Corp. | 196,800 | 26,857 | |
Walmart, Inc. | 277,100 | 44,297 | |
129,668 | |||
Household Products - 0.2% | |||
Colgate-Palmolive Co. | 62,300 | 4,751 | |
Kimberly-Clark Corp. | 12,500 | 1,614 | |
Procter & Gamble Co. | 88,000 | 13,754 | |
20,119 | |||
Personal Care Products - 0.8% | |||
Estee Lauder Companies, Inc. Class A | 89,600 | 16,128 | |
Haleon PLC ADR | 4,342,711 | 38,259 | |
Kenvue, Inc. (c) | 980,900 | 23,228 | |
77,615 | |||
Tobacco - 1.0% | |||
Altria Group, Inc. | 1,679,967 | 76,304 | |
Philip Morris International, Inc. | 128,300 | 12,794 | |
89,098 | |||
TOTAL CONSUMER STAPLES | 536,401 | ||
ENERGY - 10.5% | |||
Energy Equipment & Services - 0.0% | |||
Baker Hughes Co. Class A | 59,500 | 2,130 | |
Oil, Gas & Consumable Fuels - 10.5% | |||
Canadian Natural Resources Ltd. | 203,115 | 12,352 | |
Cenovus Energy, Inc. (Canada) | 2,221,973 | 42,261 | |
Energy Transfer LP | 423,900 | 5,634 | |
Enterprise Products Partners LP | 254,500 | 6,747 | |
Exxon Mobil Corp. | 6,147,099 | 659,215 | |
Hess Corp. | 1,059,264 | 160,722 | |
Imperial Oil Ltd. | 1,236,226 | 66,600 | |
Kosmos Energy Ltd. (b) | 3,356,955 | 23,834 | |
977,365 | |||
TOTAL ENERGY | 979,495 | ||
FINANCIALS - 18.0% | |||
Banks - 11.7% | |||
Bank of America Corp. | 7,278,036 | 232,897 | |
JPMorgan Chase & Co. | 603,275 | 95,293 | |
M&T Bank Corp. | 217,494 | 30,419 | |
PNC Financial Services Group, Inc. | 675,701 | 92,497 | |
Truist Financial Corp. | 1,466,032 | 48,702 | |
U.S. Bancorp | 1,884,237 | 74,767 | |
Wells Fargo & Co. | 11,328,170 | 522,908 | |
1,097,483 | |||
Capital Markets - 2.2% | |||
Brookfield Asset Management Ltd. Class A | 75,747 | 2,554 | |
Brookfield Corp. Class A | 324,202 | 11,315 | |
Charles Schwab Corp. | 28,500 | 1,884 | |
CME Group, Inc. | 4,500 | 895 | |
Intercontinental Exchange, Inc. | 12,600 | 1,446 | |
KKR & Co. LP | 575,852 | 34,194 | |
Morgan Stanley | 338,451 | 30,989 | |
Northern Trust Corp. | 846,553 | 67,826 | |
Raymond James Financial, Inc. | 385,470 | 42,429 | |
S&P Global, Inc. | 1,100 | 434 | |
State Street Corp. | 87,991 | 6,374 | |
200,340 | |||
Financial Services - 3.2% | |||
Edenred SA | 610,100 | 39,631 | |
Essent Group Ltd. | 199,023 | 9,872 | |
Fidelity National Information Services, Inc. | 488,632 | 29,504 | |
Global Payments, Inc. | 170,500 | 18,798 | |
MasterCard, Inc. Class A | 63,067 | 24,866 | |
Visa, Inc. Class A | 739,575 | 175,819 | |
298,490 | |||
Insurance - 0.9% | |||
American Financial Group, Inc. | 40,800 | 4,962 | |
Arthur J. Gallagher & Co. | 34,200 | 7,346 | |
Brookfield Asset Management Reinsurance Partners Ltd. | 2,086 | 73 | |
Chubb Ltd. | 114,356 | 23,376 | |
Marsh & McLennan Companies, Inc. | 168,770 | 31,800 | |
Old Republic International Corp. | 213,800 | 5,894 | |
The Travelers Companies, Inc. | 77,627 | 13,399 | |
86,850 | |||
TOTAL FINANCIALS | 1,683,163 | ||
HEALTH CARE - 12.4% | |||
Health Care Equipment & Supplies - 2.1% | |||
Abbott Laboratories | 101,700 | 11,322 | |
Becton, Dickinson & Co. | 137,011 | 38,174 | |
Boston Scientific Corp. (b) | 1,549,122 | 80,322 | |
GE Healthcare Holding LLC (d) | 543,536 | 42,396 | |
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) | 1,025,702 | 21,242 | |
Sonova Holding AG | 24,692 | 6,866 | |
200,322 | |||
Health Care Providers & Services - 5.5% | |||
Cardinal Health, Inc. (d) | 512,811 | 46,907 | |
Cigna Group | 391,454 | 115,518 | |
CVS Health Corp. | 758,312 | 56,638 | |
Humana, Inc. | 38,800 | 17,725 | |
McKesson Corp. (d) | 235,834 | 94,900 | |
UnitedHealth Group, Inc. | 358,587 | 181,578 | |
513,266 | |||
Life Sciences Tools & Services - 0.6% | |||
Danaher Corp. | 204,003 | 52,033 | |
Pharmaceuticals - 4.2% | |||
Bristol-Myers Squibb Co. | 2,064,236 | 128,375 | |
Eli Lilly & Co. | 139,048 | 63,204 | |
GSK PLC sponsored ADR | 1,665,128 | 59,229 | |
Johnson & Johnson | 627,689 | 105,157 | |
Sanofi SA sponsored ADR | 217,097 | 11,586 | |
UCB SA | 258,900 | 22,921 | |
Viatris, Inc. | 86,400 | 910 | |
Zoetis, Inc. Class A | 13,900 | 2,614 | |
393,996 | |||
TOTAL HEALTH CARE | 1,159,617 | ||
INDUSTRIALS - 16.5% | |||
Aerospace & Defense - 3.7% | |||
Airbus Group NV | 371,100 | 54,663 | |
General Dynamics Corp. | 144,161 | 32,232 | |
Huntington Ingalls Industries, Inc. | 111,584 | 25,627 | |
MTU Aero Engines AG | 58,800 | 13,725 | |
Raytheon Technologies Corp. | 208,625 | 18,344 | |
Safran SA | 134,600 | 22,345 | |
Textron, Inc. | 162,200 | 12,614 | |
The Boeing Co. (b) | 708,720 | 169,278 | |
348,828 | |||
Air Freight & Logistics - 1.8% | |||
DSV A/S | 48,200 | 9,651 | |
Expeditors International of Washington, Inc. | 8,400 | 1,069 | |
FedEx Corp. | 115,974 | 31,307 | |
United Parcel Service, Inc. Class B | 653,399 | 122,271 | |
164,298 | |||
Building Products - 0.5% | |||
A.O. Smith Corp. | 190,700 | 13,851 | |
Johnson Controls International PLC | 419,611 | 29,184 | |
43,035 | |||
Commercial Services & Supplies - 0.6% | |||
GFL Environmental, Inc. | 1,475,400 | 50,383 | |
RB Global, Inc. | 15,600 | 1,007 | |
51,390 | |||
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 133,615 | 22,079 | |
AMETEK, Inc. | 30,500 | 4,837 | |
Hubbell, Inc. Class B | 126,972 | 39,615 | |
Regal Rexnord Corp. | 146,800 | 22,927 | |
Rockwell Automation, Inc. | 19,318 | 6,496 | |
95,954 | |||
Ground Transportation - 0.5% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 725,309 | 44,063 | |
Industrial Conglomerates - 4.3% | |||
3M Co. | 103,466 | 11,536 | |
General Electric Co. (d) | 3,444,811 | 393,535 | |
405,071 | |||
Machinery - 2.0% | |||
Allison Transmission Holdings, Inc. | 385,800 | 22,643 | |
Caterpillar, Inc. | 27,723 | 7,351 | |
Cummins, Inc. | 57,976 | 15,120 | |
Donaldson Co., Inc. | 643,912 | 40,457 | |
Epiroc AB (A Shares) | 32,700 | 653 | |
Flowserve Corp. (d) | 173,878 | 6,566 | |
Fortive Corp. | 292,388 | 22,909 | |
Kardex AG | 6,600 | 1,646 | |
Nordson Corp. | 145,927 | 36,717 | |
Otis Worldwide Corp. | 87,573 | 7,966 | |
Stanley Black & Decker, Inc. | 113,518 | 11,269 | |
Westinghouse Air Brake Tech Co. | 120,647 | 14,289 | |
187,586 | |||
Passenger Airlines - 0.0% | |||
Copa Holdings SA Class A | 30,400 | 3,588 | |
Professional Services - 0.9% | |||
Equifax, Inc. | 93,923 | 19,168 | |
Genpact Ltd. | 614,371 | 22,173 | |
Paycom Software, Inc. | 14,700 | 5,421 | |
RELX PLC (London Stock Exchange) | 897,501 | 30,207 | |
Robert Half, Inc. | 9,500 | 704 | |
TransUnion Holding Co., Inc. | 56,700 | 4,518 | |
82,191 | |||
Trading Companies & Distributors - 1.1% | |||
Brenntag SE | 74,700 | 5,789 | |
Fastenal Co. | 126,376 | 7,407 | |
MSC Industrial Direct Co., Inc. Class A | 16,600 | 1,675 | |
Watsco, Inc. (c) | 208,991 | 79,038 | |
WESCO International, Inc. | 46,900 | 8,234 | |
102,143 | |||
Transportation Infrastructure - 0.1% | |||
Aena SME SA (a) | 84,400 | 13,493 | |
TOTAL INDUSTRIALS | 1,541,640 | ||
INFORMATION TECHNOLOGY - 18.0% | |||
Electronic Equipment, Instruments & Components - 0.3% | |||
CDW Corp. | 116,364 | 21,768 | |
IT Services - 0.4% | |||
Amdocs Ltd. | 140,100 | 13,119 | |
IBM Corp. | 184,842 | 26,651 | |
39,770 | |||
Semiconductors & Semiconductor Equipment - 4.4% | |||
Analog Devices, Inc. | 171,208 | 34,161 | |
Applied Materials, Inc. | 191,700 | 29,060 | |
BE Semiconductor Industries NV | 74,400 | 8,888 | |
Broadcom, Inc. | 13,600 | 12,222 | |
Lam Research Corp. | 40,130 | 28,833 | |
Marvell Technology, Inc. | 1,230,531 | 80,144 | |
Microchip Technology, Inc. | 23,700 | 2,226 | |
NVIDIA Corp. | 124,405 | 58,133 | |
NXP Semiconductors NV | 216,826 | 48,348 | |
Qualcomm, Inc. (d) | 555,772 | 73,456 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 299,800 | 29,725 | |
Teradyne, Inc. | 78,000 | 8,809 | |
414,005 | |||
Software - 9.4% | |||
Intuit, Inc. | 139,700 | 71,484 | |
Microsoft Corp. | 2,123,182 | 713,217 | |
Open Text Corp. | 165,128 | 7,093 | |
Sage Group PLC | 459,800 | 5,527 | |
SAP SE sponsored ADR | 593,245 | 80,889 | |
878,210 | |||
Technology Hardware, Storage & Peripherals - 3.5% | |||
Apple, Inc. (d) | 1,594,902 | 313,318 | |
FUJIFILM Holdings Corp. | 62,600 | 3,629 | |
Samsung Electronics Co. Ltd. | 162,180 | 8,860 | |
325,807 | |||
TOTAL INFORMATION TECHNOLOGY | 1,679,560 | ||
MATERIALS - 3.0% | |||
Chemicals - 0.9% | |||
DuPont de Nemours, Inc. | 632,998 | 49,140 | |
International Flavors & Fragrances, Inc. | 35,300 | 2,987 | |
LyondellBasell Industries NV Class A | 212,000 | 20,958 | |
PPG Industries, Inc. | 54,322 | 7,817 | |
Sherwin-Williams Co. | 14,400 | 3,982 | |
84,884 | |||
Metals & Mining - 2.1% | |||
First Quantum Minerals Ltd. | 2,953,500 | 87,598 | |
Freeport-McMoRan, Inc. | 2,099,612 | 93,748 | |
Glencore PLC | 2,263,800 | 13,767 | |
195,113 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 28,300 | 2,154 | |
TOTAL MATERIALS | 282,151 | ||
REAL ESTATE - 1.3% | |||
Equity Real Estate Investment Trusts (REITs) - 1.3% | |||
American Tower Corp. | 234,678 | 44,662 | |
Crown Castle International Corp. | 253,600 | 27,462 | |
Equinix, Inc. | 1,100 | 891 | |
Public Storage | 2,400 | 676 | |
Simon Property Group, Inc. | 419,460 | 52,265 | |
125,956 | |||
UTILITIES - 1.6% | |||
Electric Utilities - 1.5% | |||
Constellation Energy Corp. | 47,813 | 4,621 | |
Duke Energy Corp. | 125,221 | 11,723 | |
Entergy Corp. | 142,463 | 14,631 | |
Exelon Corp. | 155,840 | 6,523 | |
PG&E Corp. (b) | 944,900 | 16,640 | |
Southern Co. | 1,207,266 | 87,334 | |
141,472 | |||
Multi-Utilities - 0.1% | |||
Sempra Energy | 74,096 | 11,042 | |
TOTAL UTILITIES | 152,514 | ||
TOTAL COMMON STOCKS (Cost $5,630,914) | 8,862,483 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (e) (000s) | Value ($) (000s) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Snap, Inc. 0.125% 3/1/28 (Cost $7,791) | 10,669 | 7,660 | |
Money Market Funds - 6.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.32% (f) | 498,289,505 | 498,389 | |
Fidelity Securities Lending Cash Central Fund 5.32% (f)(g) | 99,526,440 | 99,536 | |
TOTAL MONEY MARKET FUNDS (Cost $597,925) | 597,925 | ||
TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $6,236,630) | 9,468,068 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (111,016) |
NET ASSETS - 100.0% | 9,357,052 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) | |
Call Options | ||||||
Apple, Inc. | Chicago Board Options Exchange | 1,634 | 32,100 | 195.00 | 08/18/23 | (882) |
Cardinal Health, Inc. | Chicago Board Options Exchange | 595 | 5,442 | 100.00 | 09/15/23 | (25) |
Flowserve Corp. | Chicago Board Options Exchange | 1,564 | 5,906 | 35.00 | 08/18/23 | (516) |
GE HealthCare Technologies, Inc. | Chicago Board Options Exchange | 2,731 | 21,302 | 90.00 | 10/20/23 | (102) |
General Electric Co. | Chicago Board Options Exchange | 3,565 | 40,727 | 120.00 | 09/15/23 | (508) |
McKesson Corp. | Chicago Board Options Exchange | 520 | 20,925 | 430.00 | 08/18/23 | (113) |
Qualcomm, Inc. | Chicago Board Options Exchange | 1,186 | 15,675 | 125.00 | 08/18/23 | (1,103) |
TOTAL WRITTEN OPTIONS | (3,249) |
(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 $43,527,000 or 0.5% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $142,077,000. |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 5.32% | 214,836 | 1,253,786 | 970,233 | 13,739 | - | - | 498,389 | 1.2% |
Fidelity Securities Lending Cash Central Fund 5.32% | - | 731,855 | 632,319 | 333 | - | - | 99,536 | 0.3% |
Total | 214,836 | 1,985,641 | 1,602,552 | 14,072 | - | - | 597,925 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 422,735 | 371,017 | 51,718 | - |
Consumer Discretionary | 299,251 | 286,718 | 12,533 | - |
Consumer Staples | 536,401 | 536,401 | - | - |
Energy | 979,495 | 979,495 | - | - |
Financials | 1,683,163 | 1,683,163 | - | - |
Health Care | 1,159,617 | 1,159,617 | - | - |
Industrials | 1,541,640 | 1,433,772 | 107,868 | - |
Information Technology | 1,679,560 | 1,679,560 | - | - |
Materials | 282,151 | 268,384 | 13,767 | - |
Real Estate | 125,956 | 125,956 | - | - |
Utilities | 152,514 | 152,514 | - | - |
Corporate Bonds | 7,660 | - | 7,660 | - |
Money Market Funds | 597,925 | 597,925 | - | - |
Total Investments in Securities: | 9,468,068 | 9,274,522 | 193,546 | - |
Derivative Instruments: | ||||
Liabilities | ||||
Written Options | (3,249) | (3,249) | - | - |
Total Liabilities | (3,249) | (3,249) | - | - |
Total Derivative Instruments: | (3,249) | (3,249) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Written Options (a) | 0 | (3,249) |
Total Equity Risk | 0 | (3,249) |
Total Value of Derivatives | 0 | (3,249) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | July 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $97,758) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $5,638,705) | $ | 8,870,143 | ||
Fidelity Central Funds (cost $597,925) | 597,925 | |||
Total Investment in Securities (cost $6,236,630) | $ | 9,468,068 | ||
Cash | 16 | |||
Receivable for investments sold | 2,818 | |||
Receivable for fund shares sold | 3,119 | |||
Dividends receivable | 6,808 | |||
Interest receivable | 6 | |||
Distributions receivable from Fidelity Central Funds | 1,338 | |||
Prepaid expenses | 16 | |||
Other receivables | 382 | |||
Total assets | 9,482,571 | |||
Liabilities | ||||
Payable for investments purchased | $ | 14,435 | ||
Payable for fund shares redeemed | 3,687 | |||
Accrued management fee | 3,147 | |||
Written options, at value (premium received $2,995) | 3,249 | |||
Other affiliated payables | 991 | |||
Other payables and accrued expenses | 474 | |||
Collateral on securities loaned | 99,536 | |||
Total Liabilities | 125,519 | |||
Net Assets | $ | 9,357,052 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,030,380 | ||
Total accumulated earnings (loss) | 3,326,672 | |||
Net Assets | $ | 9,357,052 | ||
Net Asset Value and Maximum Offering Price | ||||
Growth and Income : | ||||
Net Asset Value, offering price and redemption price per share ($8,277,107 ÷ 152,724 shares) | $ | 54.20 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($1,079,945 ÷ 19,947 shares) | $ | 54.14 |
Statement of Operations | ||||
Amounts in thousands | Year ended July 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 167,846 | ||
Interest | 464 | |||
Income from Fidelity Central Funds (including $333 from security lending) | 14,072 | |||
Total Income | 182,382 | |||
Expenses | ||||
Management fee | $ | 34,058 | ||
Transfer agent fees | 10,239 | |||
Accounting fees | 1,081 | |||
Custodian fees and expenses | 175 | |||
Independent trustees' fees and expenses | 40 | |||
Registration fees | 176 | |||
Audit | 108 | |||
Legal | 10 | |||
Miscellaneous | 44 | |||
Total expenses before reductions | 45,931 | |||
Expense reductions | (401) | |||
Total expenses after reductions | 45,530 | |||
Net Investment income (loss) | 136,852 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 107,176 | |||
Foreign currency transactions | 1,486 | |||
Written options | 6,139 | |||
Total net realized gain (loss) | 114,801 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 907,094 | |||
Assets and liabilities in foreign currencies | 123 | |||
Written options | (1,124) | |||
Total change in net unrealized appreciation (depreciation) | 906,093 | |||
Net gain (loss) | 1,020,894 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,157,746 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended July 31, 2023 | Year ended July 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 136,852 | $ | 119,515 |
Net realized gain (loss) | 114,801 | 276,478 | ||
Change in net unrealized appreciation (depreciation) | 906,093 | (392,829) | ||
Net increase (decrease) in net assets resulting from operations | 1,157,746 | 3,164 | ||
Distributions to shareholders | (270,534) | (483,440) | ||
Share transactions - net increase (decrease) | 786,109 | 94,863 | ||
Total increase (decrease) in net assets | 1,673,321 | (385,413) | ||
Net Assets | ||||
Beginning of period | 7,683,731 | 8,069,144 | ||
End of period | $ | 9,357,052 | $ | 7,683,731 |
Fidelity® Growth & Income Portfolio |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 48.92 | $ | 51.87 | $ | 38.15 | $ | 38.98 | $ | 39.34 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .84 | .76 | .78 | .83 | .87 | |||||
Net realized and unrealized gain (loss) | 6.13 | (.61) | 14.49 | (.37) | (.05) C | |||||
Total from investment operations | 6.97 | .15 | 15.27 | .46 | .82 | |||||
Distributions from net investment income | (.86) | (1.06) | (.79) | (.84) | (.77) | |||||
Distributions from net realized gain | (.83) | (2.05) | (.75) | (.46) | (.42) | |||||
Total distributions | (1.69) | (3.10) D | (1.55) D | (1.29) D | (1.18) D | |||||
Net asset value, end of period | $ | 54.20 | $ | 48.92 | $ | 51.87 | $ | 38.15 | $ | 38.98 |
Total Return E | 14.77% | .26% | 41.01% | 1.27% | 2.26% C | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .58% | .57% | .58% | .60% | .61% | |||||
Expenses net of fee waivers, if any | .58% | .57% | .58% | .60% | .61% | |||||
Expenses net of all reductions | .58% | .57% | .58% | .60% | .61% | |||||
Net investment income (loss) | 1.71% | 1.51% | 1.71% | 2.18% | 2.31% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 8,277 | $ | 7,360 | $ | 7,219 | $ | 5,451 | $ | 5,927 |
Portfolio turnover rate H | 13% | 12% | 16% | 32% | 36% |
Fidelity® Growth & Income Portfolio Class K |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 48.86 | $ | 51.82 | $ | 38.11 | $ | 38.94 | $ | 39.31 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .89 | .81 | .81 | .86 | .91 | |||||
Net realized and unrealized gain (loss) | 6.13 | (.62) | 14.48 | (.35) | (.06) C | |||||
Total from investment operations | 7.02 | .19 | 15.29 | .51 | .85 | |||||
Distributions from net investment income | (.91) | (1.10) | (.83) | (.88) | (.81) | |||||
Distributions from net realized gain | (.83) | (2.05) | (.75) | (.46) | (.42) | |||||
Total distributions | (1.74) | (3.15) | (1.58) | (1.34) | (1.22) D | |||||
Net asset value, end of period | $ | 54.14 | $ | 48.86 | $ | 51.82 | $ | 38.11 | $ | 38.94 |
Total Return E | 14.89% | .33% | 41.15% | 1.39% | 2.35% C | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .49% | .49% | .49% | .50% | .51% | |||||
Expenses net of fee waivers, if any | .48% | .48% | .49% | .50% | .51% | |||||
Expenses net of all reductions | .48% | .48% | .49% | .50% | .50% | |||||
Net investment income (loss) | 1.80% | 1.60% | 1.80% | 2.28% | 2.41% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 1,080 | $ | 323 | $ | 850 | $ | 1,020 | $ | 497 |
Portfolio turnover rate H | 13% | 12% | 16% | 32% | 36% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Fidelity Growth & Income Portfolio | $381 |
Gross unrealized appreciation | $3,371,937 |
Gross unrealized depreciation | (169,329) |
Net unrealized appreciation (depreciation) | $3,202,608 |
Tax Cost | $6,262,211 |
Undistributed ordinary income | $19,242 |
Undistributed long-term capital gain | $105,382 |
Net unrealized appreciation (depreciation) on securities and other investments | $3,202,221 |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $140,027 | $207,211 |
Long-term Capital Gains | 130,507 | 276,229 |
Total | $270,534 | $483,440 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Growth & Income Portfolio | 1,442,066 | 1,033,014 |
Amount | % of Class-Level Average Net Assets | |
Growth and Income | $10,035 | .13 |
Class K | 204 | .04 |
$10,239 |
% of Average Net Assets | |
Fidelity Growth & Income Portfolio | .01 |
Amount | |
Fidelity Growth & Income Portfolio | $17 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Growth & Income Portfolio | 351,793 | 32,501 | 6,082 |
Amount | |
Fidelity Growth & Income Portfolio | $18 |
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 Growth & Income Portfolio | $36 | $- | $- |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Growth & Income Portfolio | ||
Distributions to shareholders | ||
Growth and Income | $256,486 | $441,736 |
Class K | 14,048 | 41,704 |
Total | $270,534 | $483,440 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Growth & Income Portfolio | ||||
Growth and Income | ||||
Shares sold | 13,611 | 18,506 | $672,097 | $948,009 |
Reinvestment of distributions | 4,987 | 8,279 | 238,237 | 415,917 |
Shares redeemed | (16,347) | (15,495) | (803,035) | (779,035) |
Net increase (decrease) | 2,251 | 11,290 | $107,299 | $584,891 |
Class K | ||||
Shares sold | 14,938 | 1,472 | $758,212 | $75,794 |
Reinvestment of distributions | 291 | 827 | 14,048 | 41,704 |
Shares redeemed | (1,898) | (12,089) | (93,450) | (607,526) |
Net increase (decrease) | 13,331 | (9,790) | $678,810 | $(490,028) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Growth & Income Portfolio | ||||||||||
Fidelity® Growth & Income Portfolio | .57% | |||||||||
Actual | $ 1,000 | $ 1,073.20 | $ 2.93 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.97 | $ 2.86 | |||||||
Class K | .48% | |||||||||
Actual | $ 1,000 | $ 1,073.80 | $ 2.47 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.41 | $ 2.41 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Leveraged Company Stock Fund | 12.01% | 10.51% | 9.16% |
Class K | 12.11% | 10.62% | 9.28% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Leveraged Company Stock Fund, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 3.2 | |
Boyd Gaming Corp. | 2.9 | |
Meta Platforms, Inc. Class A | 2.9 | |
UnitedHealth Group, Inc. | 2.8 | |
IQVIA Holdings, Inc. | 2.7 | |
ON Semiconductor Corp. | 2.7 | |
Caesars Entertainment, Inc. | 2.5 | |
PG&E Corp. | 2.5 | |
Cheniere Energy, Inc. | 2.3 | |
The Chemours Co. LLC | 2.1 | |
26.6 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 23.2 | |
Consumer Discretionary | 17.0 | |
Financials | 10.8 | |
Industrials | 10.3 | |
Health Care | 9.0 | |
Communication Services | 8.1 | |
Materials | 6.9 | |
Energy | 5.5 | |
Utilities | 3.8 | |
Consumer Staples | 3.7 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 98.3% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 8.1% | |||
Entertainment - 1.5% | |||
Netflix, Inc. (a) | 58,600 | 25,724 | |
Warner Bros Discovery, Inc. (a) | 423,900 | 5,540 | |
31,264 | |||
Interactive Media & Services - 5.3% | |||
Alphabet, Inc. Class A (a) | 285,800 | 37,931 | |
Cars.com, Inc. (a) | 482,700 | 11,010 | |
Meta Platforms, Inc. Class A (a) | 188,600 | 60,088 | |
109,029 | |||
Media - 0.9% | |||
Nexstar Broadcasting Group, Inc. Class A | 101,043 | 18,867 | |
Wireless Telecommunication Services - 0.4% | |||
T-Mobile U.S., Inc. (a) | 59,400 | 8,184 | |
TOTAL COMMUNICATION SERVICES | 167,344 | ||
CONSUMER DISCRETIONARY - 17.0% | |||
Automobiles - 1.7% | |||
Tesla, Inc. (a) | 128,900 | 34,472 | |
Hotels, Restaurants & Leisure - 8.1% | |||
Airbnb, Inc. Class A (a) | 46,100 | 7,016 | |
Booking Holdings, Inc. (a) | 3,900 | 11,586 | |
Boyd Gaming Corp. | 886,822 | 60,588 | |
Caesars Entertainment, Inc. (a) | 881,480 | 52,025 | |
Domino's Pizza, Inc. | 13,300 | 5,277 | |
Draftkings Holdings, Inc. (a) | 196,800 | 6,254 | |
Flutter Entertainment PLC (a) | 29,200 | 5,812 | |
Red Rock Resorts, Inc. | 216,000 | 10,476 | |
Studio City International Holdings Ltd.: | |||
ADR (a)(b) | 631,958 | 4,487 | |
(NYSE) ADR (a) | 692,929 | 4,920 | |
168,441 | |||
Household Durables - 1.8% | |||
D.R. Horton, Inc. | 42,600 | 5,411 | |
PulteGroup, Inc. | 70,300 | 5,933 | |
Tempur Sealy International, Inc. | 473,832 | 21,147 | |
TopBuild Corp. (a) | 18,800 | 5,150 | |
37,641 | |||
Specialty Retail - 4.1% | |||
Bath & Body Works, Inc. | 126,500 | 4,688 | |
Dick's Sporting Goods, Inc. | 172,400 | 24,308 | |
Lowe's Companies, Inc. | 150,100 | 35,164 | |
Ulta Beauty, Inc. (a) | 27,000 | 12,010 | |
Williams-Sonoma, Inc. (c) | 67,200 | 9,317 | |
85,487 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
LVMH Moet Hennessy Louis Vuitton SE | 9,600 | 8,916 | |
Tapestry, Inc. | 421,500 | 18,188 | |
27,104 | |||
TOTAL CONSUMER DISCRETIONARY | 353,145 | ||
CONSUMER STAPLES - 3.7% | |||
Beverages - 0.6% | |||
Celsius Holdings, Inc. (a) | 79,100 | 11,446 | |
Consumer Staples Distribution & Retail - 1.1% | |||
Albertsons Companies, Inc. | 281,100 | 6,108 | |
BJ's Wholesale Club Holdings, Inc. (a) | 187,100 | 12,407 | |
Performance Food Group Co. (a) | 77,000 | 4,602 | |
23,117 | |||
Food Products - 2.0% | |||
JBS SA | 10,694,400 | 42,472 | |
TOTAL CONSUMER STAPLES | 77,035 | ||
ENERGY - 5.5% | |||
Energy Equipment & Services - 0.3% | |||
Halliburton Co. | 142,400 | 5,565 | |
Oil, Gas & Consumable Fuels - 5.2% | |||
Antero Resources Corp. (a) | 582,800 | 15,590 | |
Canadian Natural Resources Ltd. | 94,500 | 5,747 | |
Cheniere Energy, Inc. | 297,022 | 48,076 | |
Chesapeake Energy Corp. | 223,800 | 18,875 | |
Denbury, Inc. (a) | 101,500 | 8,923 | |
Diamondback Energy, Inc. | 76,500 | 11,270 | |
108,481 | |||
TOTAL ENERGY | 114,046 | ||
FINANCIALS - 10.8% | |||
Banks - 1.2% | |||
JPMorgan Chase & Co. | 105,600 | 16,681 | |
Wells Fargo & Co. | 183,600 | 8,475 | |
25,156 | |||
Capital Markets - 0.3% | |||
Moody's Corp. | 14,300 | 5,044 | |
Consumer Finance - 1.6% | |||
OneMain Holdings, Inc. | 729,900 | 33,196 | |
Financial Services - 6.0% | |||
Apollo Global Management, Inc. | 282,100 | 23,050 | |
Block, Inc. Class A (a) | 85,600 | 6,893 | |
Fiserv, Inc. (a) | 282,500 | 35,654 | |
Global Payments, Inc. | 87,900 | 9,691 | |
MasterCard, Inc. Class A | 43,000 | 16,954 | |
Visa, Inc. Class A | 137,400 | 32,664 | |
124,906 | |||
Insurance - 1.7% | |||
Arthur J. Gallagher & Co. | 164,200 | 35,270 | |
TOTAL FINANCIALS | 223,572 | ||
HEALTH CARE - 9.0% | |||
Health Care Providers & Services - 4.6% | |||
Humana, Inc. | 58,400 | 26,679 | |
Tenet Healthcare Corp. (a) | 138,009 | 10,313 | |
UnitedHealth Group, Inc. | 116,200 | 58,840 | |
95,832 | |||
Life Sciences Tools & Services - 3.9% | |||
Charles River Laboratories International, Inc. (a) | 24,800 | 5,197 | |
IQVIA Holdings, Inc. (a) | 254,600 | 56,969 | |
Thermo Fisher Scientific, Inc. | 35,700 | 19,587 | |
81,753 | |||
Pharmaceuticals - 0.5% | |||
AstraZeneca PLC sponsored ADR | 136,200 | 9,766 | |
TOTAL HEALTH CARE | 187,351 | ||
INDUSTRIALS - 10.3% | |||
Aerospace & Defense - 1.0% | |||
Lockheed Martin Corp. | 18,100 | 8,079 | |
TransDigm Group, Inc. | 12,900 | 11,606 | |
19,685 | |||
Building Products - 1.8% | |||
Builders FirstSource, Inc. (a) | 97,500 | 14,082 | |
Carrier Global Corp. | 382,062 | 22,752 | |
36,834 | |||
Construction & Engineering - 0.7% | |||
Willscot Mobile Mini Holdings (a) | 319,900 | 15,339 | |
Electrical Equipment - 2.7% | |||
AMETEK, Inc. | 63,800 | 10,119 | |
Eaton Corp. PLC | 29,800 | 6,119 | |
Generac Holdings, Inc. (a) | 49,800 | 7,654 | |
Regal Rexnord Corp. | 203,900 | 31,845 | |
55,737 | |||
Ground Transportation - 0.6% | |||
Uber Technologies, Inc. (a) | 262,800 | 12,998 | |
Machinery - 0.9% | |||
Parker Hannifin Corp. | 44,700 | 18,327 | |
Marine Transportation - 0.0% | |||
Genco Shipping & Trading Ltd. | 831 | 12 | |
Passenger Airlines - 0.6% | |||
Air Canada (a) | 327,200 | 6,030 | |
Delta Air Lines, Inc. | 126,100 | 5,833 | |
11,863 | |||
Professional Services - 0.4% | |||
ASGN, Inc. (a) | 116,534 | 8,894 | |
Trading Companies & Distributors - 1.6% | |||
United Rentals, Inc. | 48,800 | 22,676 | |
WESCO International, Inc. | 61,723 | 10,837 | |
33,513 | |||
TOTAL INDUSTRIALS | 213,202 | ||
INFORMATION TECHNOLOGY - 23.2% | |||
Communications Equipment - 1.0% | |||
Arista Networks, Inc. (a) | 133,300 | 20,673 | |
Electronic Equipment, Instruments & Components - 1.1% | |||
CDW Corp. | 119,500 | 22,355 | |
Semiconductors & Semiconductor Equipment - 11.1% | |||
Advanced Micro Devices, Inc. (a) | 73,100 | 8,363 | |
ASML Holding NV (depository receipt) | 19,600 | 14,042 | |
Broadcom, Inc. | 21,900 | 19,680 | |
Enphase Energy, Inc. (a) | 27,400 | 4,160 | |
Marvell Technology, Inc. | 382,400 | 24,906 | |
Microchip Technology, Inc. | 326,300 | 30,653 | |
NVIDIA Corp. | 90,500 | 42,290 | |
NXP Semiconductors NV | 138,600 | 30,905 | |
ON Semiconductor Corp. (a) | 522,359 | 56,284 | |
231,283 | |||
Software - 10.0% | |||
Adobe, Inc. (a) | 50,400 | 27,527 | |
Dynatrace, Inc. (a) | 194,100 | 10,615 | |
Gen Digital, Inc. | 265,700 | 5,168 | |
Microsoft Corp. | 198,400 | 66,646 | |
Oracle Corp. | 192,800 | 22,602 | |
Palo Alto Networks, Inc. (a) | 166,100 | 41,518 | |
Salesforce, Inc. (a) | 45,400 | 10,215 | |
Splunk, Inc. (a) | 98,700 | 10,692 | |
Synopsys, Inc. (a) | 27,200 | 12,289 | |
207,272 | |||
TOTAL INFORMATION TECHNOLOGY | 481,583 | ||
MATERIALS - 6.9% | |||
Chemicals - 4.1% | |||
Celanese Corp. Class A | 68,800 | 8,627 | |
CF Industries Holdings, Inc. | 109,500 | 8,988 | |
Olin Corp. | 167,600 | 9,667 | |
The Chemours Co. LLC | 1,199,110 | 44,343 | |
Westlake Corp. | 97,200 | 13,365 | |
84,990 | |||
Containers & Packaging - 0.8% | |||
Graphic Packaging Holding Co. | 668,800 | 16,185 | |
Metals & Mining - 2.0% | |||
ATI, Inc. (a) | 295,900 | 14,109 | |
First Quantum Minerals Ltd. | 572,100 | 16,968 | |
Freeport-McMoRan, Inc. | 218,400 | 9,752 | |
40,829 | |||
TOTAL MATERIALS | 142,004 | ||
UTILITIES - 3.8% | |||
Electric Utilities - 2.5% | |||
PG&E Corp. (a) | 2,945,202 | 51,865 | |
Independent Power and Renewable Electricity Producers - 1.3% | |||
Vistra Corp. | 927,700 | 26,031 | |
TOTAL UTILITIES | 77,896 | ||
TOTAL COMMON STOCKS (Cost $1,305,592) | 2,037,178 | ||
Money Market Funds - 1.7% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.32% (d) | 29,139,099 | 29,145 | |
Fidelity Securities Lending Cash Central Fund 5.32% (d)(e) | 5,567,243 | 5,568 | |
TOTAL MONEY MARKET FUNDS (Cost $34,710) | 34,713 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $1,340,302) | 2,071,891 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 80 |
NET ASSETS - 100.0% | 2,071,971 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,487,000 or 0.2% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 5.32% | 129,463 | 654,101 | 754,419 | 2,333 | - | - | 29,145 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.32% | 39,227 | 532,440 | 566,099 | 38 | - | - | 5,568 | 0.0% |
Total | 168,690 | 1,186,541 | 1,320,518 | 2,371 | - | - | 34,713 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 167,344 | 167,344 | - | - |
Consumer Discretionary | 353,145 | 344,229 | 8,916 | - |
Consumer Staples | 77,035 | 77,035 | - | - |
Energy | 114,046 | 114,046 | - | - |
Financials | 223,572 | 223,572 | - | - |
Health Care | 187,351 | 187,351 | - | - |
Industrials | 213,202 | 213,202 | - | - |
Information Technology | 481,583 | 481,583 | - | - |
Materials | 142,004 | 142,004 | - | - |
Utilities | 77,896 | 77,896 | - | - |
Money Market Funds | 34,713 | 34,713 | - | - |
Total Investments in Securities: | 2,071,891 | 2,062,975 | 8,916 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | July 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,379) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,305,592) | $ | 2,037,178 | ||
Fidelity Central Funds (cost $34,710) | 34,713 | |||
Total Investment in Securities (cost $1,340,302) | $ | 2,071,891 | ||
Receivable for investments sold | 27,902 | |||
Receivable for fund shares sold | 243 | |||
Dividends receivable | 487 | |||
Distributions receivable from Fidelity Central Funds | 140 | |||
Prepaid expenses | 4 | |||
Total assets | 2,100,667 | |||
Liabilities | ||||
Payable for investments purchased | $ | 20,917 | ||
Payable for fund shares redeemed | 926 | |||
Accrued management fee | 973 | |||
Other affiliated payables | 256 | |||
Other payables and accrued expenses | 56 | |||
Collateral on securities loaned | 5,568 | |||
Total Liabilities | 28,696 | |||
Net Assets | $ | 2,071,971 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,180,238 | ||
Total accumulated earnings (loss) | 891,733 | |||
Net Assets | $ | 2,071,971 | ||
Net Asset Value and Maximum Offering Price | ||||
Leveraged Company Stock : | ||||
Net Asset Value, offering price and redemption price per share ($1,933,517 ÷ 51,059 shares) | $ | 37.87 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($138,454 ÷ 3,636 shares) | $ | 38.08 |
Statement of Operations | ||||
Amounts in thousands | Year ended July 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 29,132 | ||
Interest | 1 | |||
Income from Fidelity Central Funds (including $38 from security lending) | 2,371 | |||
Total Income | 31,504 | |||
Expenses | ||||
Management fee | $ | 11,242 | ||
Transfer agent fees | 2,550 | |||
Accounting fees | 525 | |||
Custodian fees and expenses | 40 | |||
Independent trustees' fees and expenses | 10 | |||
Registration fees | 44 | |||
Audit | 62 | |||
Legal | 4 | |||
Miscellaneous | 14 | |||
Total expenses before reductions | 14,491 | |||
Expense reductions | (97) | |||
Total expenses after reductions | 14,394 | |||
Net Investment income (loss) | 17,110 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 264,915 | |||
Foreign currency transactions | 6 | |||
Total net realized gain (loss) | 264,921 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (80,149) | |||
Assets and liabilities in foreign currencies | 3 | |||
Total change in net unrealized appreciation (depreciation) | (80,146) | |||
Net gain (loss) | 184,775 | |||
Net increase (decrease) in net assets resulting from operations | $ | 201,885 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended July 31, 2023 | Year ended July 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 17,110 | $ | 10,222 |
Net realized gain (loss) | 264,921 | 320,112 | ||
Change in net unrealized appreciation (depreciation) | (80,146) | (607,754) | ||
Net increase (decrease) in net assets resulting from operations | 201,885 | (277,420) | ||
Distributions to shareholders | (321,039) | (239,412) | ||
Share transactions - net increase (decrease) | (19,247) | (168,539) | ||
Total increase (decrease) in net assets | (138,401) | (685,371) | ||
Net Assets | ||||
Beginning of period | 2,210,372 | 2,895,743 | ||
End of period | $ | 2,071,971 | $ | 2,210,372 |
Fidelity® Leveraged Company Stock Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 39.65 | $ | 48.37 | $ | 30.88 | $ | 29.94 | $ | 34.31 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .30 | .17 | .03 C | .08 D | (.02) | |||||
Net realized and unrealized gain (loss) | 3.69 E | (4.89) | 17.50 | .89 | .42 | |||||
Total from investment operations | 3.99 | (4.72) | 17.53 | .97 | .40 | |||||
Distributions from net investment income | (.25) | (.12) | (.04) | (.03) | - | |||||
Distributions from net realized gain | (5.52) | (3.89) | - | - | (4.77) | |||||
Total distributions | (5.77) | (4.00) F | (.04) | (.03) | (4.77) | |||||
Net asset value, end of period | $ | 37.87 | $ | 39.65 | $ | 48.37 | $ | 30.88 | $ | 29.94 |
Total Return G | 12.01% E | (10.85)% | 56.84% | 3.24% | 1.93% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | .75% | .74% | .75% | .78% | .78% | |||||
Expenses net of fee waivers, if any | .74% | .74% | .75% | .78% | .78% | |||||
Expenses net of all reductions | .74% | .74% | .75% | .77% | .78% | |||||
Net investment income (loss) | .87% | .38% | .06% C | .27% D | (.06)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 1,934 | $ | 1,937 | $ | 2,534 | $ | 1,631 | $ | 1,945 |
Portfolio turnover rate J | 58% | 26% | 15% | 31% | 53% |
Fidelity® Leveraged Company Stock Fund Class K |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 39.84 | $ | 48.58 | $ | 31.01 | $ | 30.04 | $ | 34.40 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .33 | .21 | .06 C | .11 D | .01 | |||||
Net realized and unrealized gain (loss) | 3.72 E | (4.91) | 17.59 | .91 | .42 | |||||
Total from investment operations | 4.05 | (4.70) | 17.65 | 1.02 | .43 | |||||
Distributions from net investment income | (.28) | (.16) | (.08) | (.05) | - | |||||
Distributions from net realized gain | (5.52) | (3.89) | - | - | (4.79) | |||||
Total distributions | (5.81) F | (4.04) F | (.08) | (.05) | (4.79) | |||||
Net asset value, end of period | $ | 38.08 | $ | 39.84 | $ | 48.58 | $ | 31.01 | $ | 30.04 |
Total Return G | 12.11% E | (10.77)% | 57.00% | 3.38% | 2.03% | |||||
Ratios to Average Net Assets B,H,I | ||||||||||
Expenses before reductions | .65% | .65% | .66% | .67% | .67% | |||||
Expenses net of fee waivers, if any | .65% | .65% | .66% | .67% | .67% | |||||
Expenses net of all reductions | .65% | .65% | .66% | .66% | .67% | |||||
Net investment income (loss) | .96% | .47% | .15% C | .38% D | .05% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 138 | $ | 274 | $ | 362 | $ | 285 | $ | 347 |
Portfolio turnover rate J | 58% | 26% | 15% | 31% | 53% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | 746,779 |
Gross unrealized depreciation | (20,303) |
Net unrealized appreciation (depreciation) | $726,476 |
Tax Cost | $1,345,415 |
Undistributed ordinary income | $6,892 |
Undistributed long-term capital gain | $158,367 |
Net unrealized appreciation (depreciation) on securities and other investments | $726,473 |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $14,220 | $10,485 |
Long-term Capital Gains | 306,819 | 228,927 |
Total | $321,039 | $239,412 |
Purchases ($) | Sales ($) | |
Fidelity Leveraged Company Stock Fund | 1,101,740 | 1,329,835 |
Amount | % of Class-Level Average Net Assets | |
Leveraged Company Stock | $2,484 | .14 |
Class K | 66 | .04 |
$2,550 |
% of Average Net Assets | |
Fidelity Leveraged Company Stock Fund | .03 |
Amount | |
Fidelity Leveraged Company Stock Fund | $17 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Leveraged Company Stock Fund | 40,367 | 54,979 | 965 |
Amount ($) | |
Fidelity Leveraged Company Stock Fund | 21 |
Amount | |
Fidelity Leveraged Company Stock 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 Leveraged Company Stock Fund | $4 | - | - |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Leveraged Company Stock Fund | ||
Distributions to shareholders | ||
Leveraged Company Stock | $284,888 | $209,842 |
Class K | 36,151 | 29,570 |
Total | $321,039 | $239,412 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Leveraged Company Stock Fund | ||||
Leveraged Company Stock | ||||
Shares sold | 1,200 | 1,890 | $42,108 | $85,159 |
Reinvestment of distributions | 7,834 | 4,268 | 268,740 | 199,167 |
Shares redeemed | (6,815) | (9,699) | (231,649) | (427,361) |
Net increase (decrease) | 2,219 | (3,541) | $79,199 | $(143,035) |
Class K | ||||
Shares sold | 273 | 517 | $9,384 | $23,487 |
Reinvestment of distributions | 1,038 | 631 | 36,151 | 29,570 |
Shares redeemed | (4,546) | (1,729) | (143,981) | (78,561) |
Net increase (decrease) | (3,235) | (581) | $(98,446) | $(25,504) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Leveraged Company Stock Fund | ||||||||||
Fidelity® Leveraged Company Stock Fund | .74% | |||||||||
Actual | $ 1,000 | $ 1,114.50 | $ 3.88 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.12 | $ 3.71 | |||||||
Class K | .65% | |||||||||
Actual | $ 1,000 | $ 1,115.10 | $ 3.41 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.57 | $ 3.26 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 4.00% sales charge) | -6.61% | 2.92% | 4.59% |
Class M (incl. 4.00% sales charge) | -6.64% | 2.90% | 4.56% |
Class C (incl. contingent deferred sales charge) | -4.37% | 2.99% | 4.39% |
Fidelity® Real Estate Income Fund | -2.42% | 4.05% | 5.28% |
Class I | -2.52% | 4.03% | 5.29% |
Class Z | -2.36% | 4.16% | 5.36% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Real Estate Income Fund, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Equity Lifestyle Properties, Inc. | 2.2 | |
American Tower Corp. | 2.2 | |
Prologis (REIT), Inc. | 2.0 | |
Crown Castle International Corp. | 1.4 | |
Welltower, Inc. | 1.3 | |
Equinix, Inc. | 1.1 | |
Ventas, Inc. | 1.0 | |
Public Storage | 1.0 | |
Mid-America Apartment Communities, Inc. | 0.9 | |
Annaly Capital Management, Inc. Series F, 3 month U.S. LIBOR + 4.990% 6.95% | 0.9 | |
14.0 | ||
Top REIT Sectors (% of Fund's net assets) | ||
REITs - Diversified | 15.0 | |
REITs - Mortgage | 9.3 | |
REITs - Apartments | 5.5 | |
REITs - Health Care | 4.9 | |
REITs - Management/Investment | 4.8 | |
Quality Diversification (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 23.8% | |||
Shares | Value ($) | ||
FINANCIALS - 0.6% | |||
Mortgage Real Estate Investment Trusts - 0.6% | |||
Great Ajax Corp. (a) | 1,663,364 | 11,477,212 | |
MFA Financial, Inc. | 1,231,885 | 13,871,025 | |
Rithm Capital Corp. | 385,699 | 3,887,846 | |
29,236,083 | |||
INDUSTRIALS - 0.2% | |||
Construction & Engineering - 0.2% | |||
Willscot Mobile Mini Holdings (b) | 178,000 | 8,535,100 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (b)(c) | 740,700 | 41,553 | |
REAL ESTATE - 23.0% | |||
Equity Real Estate Investment Trusts (REITs) - 22.8% | |||
Acadia Realty Trust (SBI) | 510,426 | 8,018,792 | |
American Homes 4 Rent Class A | 633,100 | 23,728,588 | |
American Tower Corp. | 524,200 | 99,760,502 | |
AvalonBay Communities, Inc. | 126,700 | 23,901,955 | |
Crown Castle International Corp. | 606,610 | 65,689,797 | |
CubeSmart | 367,800 | 15,947,808 | |
Digital Realty Trust, Inc. | 103,500 | 12,898,170 | |
Douglas Emmett, Inc. | 103,300 | 1,518,510 | |
Easterly Government Properties, Inc. (c) | 998,900 | 14,743,764 | |
EastGroup Properties, Inc. | 63,100 | 11,180,058 | |
Elme Communities (SBI) | 755,647 | 12,279,264 | |
Equinix, Inc. | 65,000 | 52,644,800 | |
Equity Lifestyle Properties, Inc. | 1,429,596 | 101,758,648 | |
Equity Residential (SBI) | 103,700 | 6,837,978 | |
Essex Property Trust, Inc. | 163,700 | 39,869,135 | |
Extra Space Storage, Inc. | 192,949 | 26,929,892 | |
Gaming & Leisure Properties | 313,946 | 14,899,877 | |
Healthcare Trust of America, Inc. | 186,360 | 3,639,611 | |
Invitation Homes, Inc. | 570,000 | 20,235,000 | |
Lamar Advertising Co. Class A | 201,900 | 19,927,530 | |
LXP Industrial Trust (REIT) | 3,644,474 | 36,699,853 | |
Mid-America Apartment Communities, Inc. | 290,006 | 43,402,298 | |
NNN (REIT), Inc. | 52,100 | 2,223,628 | |
Postal Realty Trust, Inc. | 878,500 | 13,238,995 | |
Prologis (REIT), Inc. | 737,730 | 92,031,818 | |
Public Storage | 159,500 | 44,939,125 | |
Retail Value, Inc. (b)(d) | 274,131 | 27,687 | |
Rexford Industrial Realty, Inc. | 67,700 | 3,729,593 | |
RLJ Lodging Trust | 607,000 | 6,252,100 | |
Sabra Health Care REIT, Inc. | 604,175 | 7,848,233 | |
SITE Centers Corp. | 1,379,438 | 19,381,104 | |
Spirit Realty Capital, Inc. | 583,900 | 23,548,687 | |
Sunstone Hotel Investors, Inc. | 372,700 | 3,797,813 | |
Terreno Realty Corp. | 286,228 | 16,984,770 | |
UDR, Inc. | 392,200 | 16,033,136 | |
UMH Properties, Inc. | 335,723 | 5,589,788 | |
Ventas, Inc. | 939,186 | 45,569,305 | |
VICI Properties, Inc. | 783,600 | 24,667,728 | |
Welltower, Inc. | 719,100 | 59,074,065 | |
Weyerhaeuser Co. | 147,500 | 5,023,850 | |
1,046,473,255 | |||
Real Estate Management & Development - 0.2% | |||
Cushman & Wakefield PLC (b) | 201,400 | 1,979,762 | |
Digitalbridge Group, Inc. | 361,288 | 5,787,834 | |
7,767,596 | |||
TOTAL REAL ESTATE | 1,054,240,851 | ||
TOTAL COMMON STOCKS (Cost $836,708,796) | 1,092,053,587 | ||
Preferred Stocks - 20.0% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.8% | |||
FINANCIALS - 0.3% | |||
Mortgage Real Estate Investment Trusts - 0.3% | |||
Great Ajax Corp. 7.25% (a) | 611,442 | 14,943,642 | |
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
LXP Industrial Trust (REIT) Series C, 6.50% | 440,102 | 20,682,532 | |
RLJ Lodging Trust Series A, 1.95% | 31,585 | 767,516 | |
21,450,048 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 36,393,690 | ||
Nonconvertible Preferred Stocks - 19.2% | |||
ENERGY - 0.9% | |||
Oil, Gas & Consumable Fuels - 0.9% | |||
DCP Midstream Partners LP 7.95% (e) | 328,262 | 8,232,811 | |
Enbridge, Inc.: | |||
Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(e)(f) | 498,275 | 10,483,706 | |
Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(e)(f) | 111,400 | 2,105,460 | |
Energy Transfer LP 7.60% (e) | 525,651 | 12,999,349 | |
Global Partners LP: | |||
9.75%(e) | 161,507 | 4,228,269 | |
Series B, 9.50% | 67,800 | 1,739,070 | |
39,788,665 | |||
FINANCIALS - 9.1% | |||
Mortgage Real Estate Investment Trusts - 9.1% | |||
AG Mortgage Investment Trust, Inc.: | |||
8.00% | 67,118 | 1,114,159 | |
Series C, 8.00%(e) | 308,938 | 5,987,218 | |
AGNC Investment Corp.: | |||
6.125%(e) | 930,100 | 19,718,120 | |
6.875%(e) | 673,972 | 15,494,616 | |
Series C, 3 month U.S. LIBOR + 5.110% 7.00%(e)(f) | 653,202 | 16,741,567 | |
Series E, 6.50%(e) | 1,399,834 | 32,434,154 | |
Series G, 7.75%(e) | 320,000 | 7,200,000 | |
Annaly Capital Management, Inc.: | |||
6.75%(e) | 192,992 | 4,477,414 | |
Series F, 3 month U.S. LIBOR + 4.990% 6.95%(e)(f) | 1,599,843 | 40,795,997 | |
Series G, 3 month U.S. LIBOR + 4.170% 6.50%(e)(f) | 1,069,599 | 26,846,935 | |
Arbor Realty Trust, Inc.: | |||
Series D, 6.375% | 126,100 | 2,402,205 | |
Series F, 6.25%(e) | 447,536 | 9,098,407 | |
Cherry Hill Mortgage Investment Corp.: | |||
8.25%(e) | 33,261 | 700,144 | |
Series A, 8.20% | 63,650 | 1,379,296 | |
Chimera Investment Corp.: | |||
8.00%(e) | 453,517 | 9,709,799 | |
Series B, 8.00%(e) | 1,262,180 | 27,528,146 | |
Series C, 7.75%(e) | 1,782,886 | 35,853,837 | |
Dynex Capital, Inc. Series C 6.90% (e) | 298,683 | 6,750,236 | |
Ellington Financial LLC 6.75% (e) | 212,370 | 4,710,367 | |
Franklin BSP Realty Trust, Inc. 7.50% | 57,733 | 1,173,135 | |
KKR Real Estate Finance Trust, Inc. 6.50% | 188,372 | 3,808,882 | |
MFA Financial, Inc.: | |||
6.50%(e) | 1,074,351 | 21,110,997 | |
Series B, 7.50% | 426,732 | 8,765,075 | |
PennyMac Mortgage Investment Trust: | |||
6.75% | 217,700 | 4,147,185 | |
8.125%(e) | 388,754 | 9,326,208 | |
Series B, 8.00%(e) | 597,708 | 13,932,573 | |
Ready Capital Corp. Series C, 6.20% | 189,250 | 4,470,085 | |
Rithm Capital Corp.: | |||
7.125%(e) | 1,073,942 | 24,249,610 | |
Series A, 7.50%(e) | 505,904 | 11,443,548 | |
Series C, 6.375%(e) | 1,074,554 | 21,351,388 | |
Series D, 7.00%(e) | 151,200 | 3,228,120 | |
Two Harbors Investment Corp.: | |||
Series A, 8.125%(e) | 363,526 | 7,852,198 | |
Series B, 7.625%(e) | 776,859 | 16,034,370 | |
419,835,991 | |||
REAL ESTATE - 9.2% | |||
Equity Real Estate Investment Trusts (REITs) - 7.4% | |||
Agree Realty Corp. 4.375% | 259,800 | 4,659,565 | |
American Homes 4 Rent: | |||
6.25% | 98,905 | 2,342,070 | |
Series G, 5.875% | 224,550 | 5,172,509 | |
Armada Hoffler Properties, Inc. 6.75% | 255,050 | 5,863,600 | |
Ashford Hospitality Trust, Inc.: | |||
Series D, 8.45% | 190,073 | 3,145,917 | |
Series F, 7.375% | 111,000 | 1,570,650 | |
Series G, 7.375% | 63,168 | 963,312 | |
Series H, 7.50% | 226,738 | 3,287,701 | |
Series I, 7.50% | 135,658 | 1,972,467 | |
Braemar Hotels & Resorts, Inc. Series D, 8.25% | 173,050 | 3,928,235 | |
Cedar Realty Trust, Inc.: | |||
7.25% | 126,972 | 2,134,399 | |
Series C, 6.50% | 291,600 | 4,312,764 | |
Centerspace Series C, 6.625% | 317,300 | 7,567,605 | |
City Office REIT, Inc. Series A, 6.625% | 83,975 | 1,429,255 | |
CTO Realty Growth, Inc. 6.375% | 120,000 | 2,370,000 | |
DiamondRock Hospitality Co. 8.25% | 448,231 | 11,524,019 | |
Digital Realty Trust, Inc.: | |||
5.25% | 32,900 | 726,432 | |
Series L, 5.20% | 33,700 | 735,334 | |
Gladstone Commercial Corp.: | |||
6.625% | 157,675 | 2,973,735 | |
Series G, 6.00% | 516,000 | 9,107,400 | |
Gladstone Land Corp. Series D, 5.00% | 30,000 | 706,503 | |
Global Medical REIT, Inc. Series A, 7.50% | 150,848 | 3,736,505 | |
Global Net Lease, Inc.: | |||
Series A, 7.25% | 531,595 | 11,657,878 | |
Series B 6.875% | 294,000 | 6,015,240 | |
Healthcare Trust, Inc.: | |||
7.125% | 190,000 | 3,659,400 | |
Series A 7.375% | 364,800 | 6,562,752 | |
Hersha Hospitality Trust: | |||
Series C, 6.875% | 49,450 | 981,583 | |
Series D, 6.50% | 197,750 | 3,844,260 | |
Hudson Pacific Properties, Inc. Series C, 4.75% | 780,500 | 9,225,510 | |
Kimco Realty Corp.: | |||
5.125% | 49,000 | 1,135,330 | |
Series M, 5.25% | 58,100 | 1,388,009 | |
National Storage Affiliates Trust Series A, 6.00% | 101,375 | 2,401,574 | |
Necessity Retail (REIT), Inc./The: | |||
7.50% | 853,587 | 17,592,428 | |
Series C 7.375% | 379,839 | 7,976,619 | |
Pebblebrook Hotel Trust: | |||
6.30% | 281,697 | 5,535,346 | |
6.375% | 666,800 | 13,042,608 | |
6.375% | 372,994 | 7,444,960 | |
Series H, 5.70% | 717,200 | 12,730,300 | |
Pennsylvania (REIT): | |||
Series B, 7.375%(b) | 99,385 | 106,342 | |
Series C, 7.20%(b) | 50,325 | 54,351 | |
Series D, 6.875%(b) | 150,100 | 195,130 | |
Plymouth Industrial REIT, Inc. Series A, 7.50% | 171,625 | 4,311,992 | |
Prologis (REIT), Inc. Series Q, 8.54% | 93,396 | 5,393,619 | |
Public Storage: | |||
4.00% | 47,800 | 904,376 | |
4.00% | 342,600 | 6,372,360 | |
Series F, 5.15% | 25,800 | 634,422 | |
Series G, 5.05% | 43,800 | 1,073,976 | |
Series I, 4.875% | 75,000 | 1,748,250 | |
Series J, 4.70% | 1,089,700 | 24,322,104 | |
Series K, 4.75% | 921,000 | 20,317,260 | |
Series L, 4.625% | 335,900 | 7,406,595 | |
Series M, 4.125% | 53,000 | 1,042,945 | |
Series S, 4.10% | 200,000 | 3,861,800 | |
Rexford Industrial Realty, Inc.: | |||
Series B, 5.875% | 98,400 | 2,282,880 | |
Series C, 5.625% | 78,225 | 1,732,684 | |
Saul Centers, Inc.: | |||
Series D, 6.125% | 82,775 | 1,858,299 | |
Series E, 6.00% | 76,841 | 1,749,677 | |
SITE Centers Corp. 6.375% | 124,200 | 2,993,220 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00% | 67,250 | 1,627,450 | |
Series C, 7.875% | 107,000 | 2,562,650 | |
Spirit Realty Capital, Inc. Series A, 6.00% | 121,125 | 2,739,848 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 457,602 | 9,083,400 | |
Series F, 5.875% | 377,000 | 7,027,280 | |
Sunstone Hotel Investors, Inc.: | |||
Series H, 6.125% | 180,000 | 3,898,800 | |
Series I, 5.70% | 240,000 | 4,869,600 | |
UMH Properties, Inc. Series D, 6.375% | 694,525 | 14,987,850 | |
Urstadt Biddle Properties, Inc.: | |||
Series H, 6.25% | 281,325 | 6,568,939 | |
Series K 5.875% | 69,225 | 1,550,640 | |
Vornado Realty Trust: | |||
Series L, 5.40% | 30,100 | 471,366 | |
Series M, 5.25% | 2,000 | 29,840 | |
Series N, 5.25% | 50,700 | 756,444 | |
Series O, 4.45% | 283,000 | 3,845,970 | |
339,806,133 | |||
Real Estate Management & Development - 1.8% | |||
Brookfield Properties Corp. Series EE, Canadian Government Bond 5 Year Note Index + 3.960% 5.10% (e)(f) | 478,259 | 4,500,962 | |
Brookfield Property Partners LP: | |||
5.75% | 43,000 | 582,650 | |
6.50% | 34,125 | 525,866 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 965,305 | 20,628,568 | |
Series I, 7.15% | 1,074,492 | 22,736,251 | |
Series J, 7.15% | 1,387,346 | 29,453,356 | |
Seritage Growth Properties Series A, 7.00% | 91,986 | 2,193,866 | |
80,621,519 | |||
TOTAL REAL ESTATE | 420,427,652 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 880,052,308 | ||
TOTAL PREFERRED STOCKS (Cost $1,037,043,111) | 916,445,998 | ||
Corporate Bonds - 19.4% | |||
Principal Amount (g) | Value ($) | ||
Convertible Bonds - 0.7% | |||
FINANCIALS - 0.7% | |||
Mortgage Real Estate Investment Trusts - 0.7% | |||
MFA Financial, Inc. 6.25% 6/15/24 | 9,700,000 | 9,577,931 | |
PennyMac Corp. 5.5% 11/1/24 | 13,601,000 | 13,016,157 | |
Redwood Trust, Inc. 5.625% 7/15/24 | 3,631,000 | 3,522,295 | |
Two Harbors Investment Corp. 6.25% 1/15/26 | 4,896,000 | 4,381,920 | |
30,498,303 | |||
Nonconvertible Bonds - 18.7% | |||
CONSUMER DISCRETIONARY - 3.3% | |||
Hotels, Restaurants & Leisure - 1.7% | |||
Caesars Entertainment, Inc. 8.125% 7/1/27 (h) | 17,465,000 | 17,913,379 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32(h) | 13,965,000 | 11,718,780 | |
4% 5/1/31(h) | 6,000,000 | 5,233,550 | |
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (h) | 18,265,000 | 15,613,276 | |
Hyatt Hotels Corp. 5.75% 1/30/27 | 5,000,000 | 5,021,173 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (h) | 15,960,000 | 13,835,405 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (h) | 8,000,000 | 7,680,000 | |
Times Square Hotel Trust 8.528% 8/1/26 (h) | 2,974,582 | 2,939,342 | |
79,954,905 | |||
Household Durables - 1.6% | |||
Adams Homes, Inc. 7.5% 2/15/25 (h) | 7,530,000 | 7,396,883 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.625% 1/15/28 (h) | 7,925,000 | 7,604,241 | |
Century Communities, Inc.: | |||
3.875% 8/15/29(h) | 13,005,000 | 11,310,253 | |
6.75% 6/1/27 | 4,670,000 | 4,688,073 | |
LGI Homes, Inc. 4% 7/15/29 (h) | 13,310,000 | 11,181,761 | |
M/I Homes, Inc. 3.95% 2/15/30 | 17,070,000 | 14,765,550 | |
New Home Co., Inc. 8.25% 10/15/27 (d)(h)(i) | 4,680,000 | 4,463,550 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 11,458,000 | 11,071,293 | |
72,481,604 | |||
TOTAL CONSUMER DISCRETIONARY | 152,436,509 | ||
ENERGY - 0.0% | |||
Oil, Gas & Consumable Fuels - 0.0% | |||
EG Global Finance PLC 8.5% 10/30/25 (h) | 1,557,000 | 1,541,757 | |
FINANCIALS - 0.2% | |||
Financial Services - 0.2% | |||
Brixmor Operating Partnership LP 4.05% 7/1/30 | 4,000,000 | 3,638,291 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.25% 5/15/27 | 5,000,000 | 4,400,000 | |
Rexford Industrial Realty LP 2.15% 9/1/31 | 3,000,000 | 2,329,888 | |
10,368,179 | |||
HEALTH CARE - 0.4% | |||
Health Care Providers & Services - 0.4% | |||
Sabra Health Care LP: | |||
3.9% 10/15/29 | 989,000 | 818,574 | |
5.125% 8/15/26 | 20,264,000 | 19,521,675 | |
20,340,249 | |||
INDUSTRIALS - 0.1% | |||
Trading Companies & Distributors - 0.1% | |||
Williams Scotsman International, Inc. 6.125% 6/15/25 (h) | 3,240,000 | 3,219,117 | |
REAL ESTATE - 14.7% | |||
Equity Real Estate Investment Trusts (REITs) - 12.0% | |||
American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (h) | 23,405,000 | 18,138,875 | |
American Homes 4 Rent LP: | |||
2.375% 7/15/31 | 7,000,000 | 5,588,939 | |
3.625% 4/15/32 | 22,000,000 | 19,099,211 | |
4.9% 2/15/29 | 13,000,000 | 12,621,823 | |
American Tower Corp.: | |||
2.7% 4/15/31 | 2,000,000 | 1,653,245 | |
3.8% 8/15/29 | 23,000,000 | 21,071,437 | |
4.05% 3/15/32 | 27,000,000 | 24,396,398 | |
5.55% 7/15/33 | 18,000,000 | 18,005,420 | |
5.65% 3/15/33 | 15,000,000 | 15,142,850 | |
Boston Properties, Inc.: | |||
3.25% 1/30/31 | 8,000,000 | 6,594,143 | |
6.75% 12/1/27 | 37,000 | 37,839 | |
CBL & Associates LP: | |||
4.6%(d)(j) | 18,229,000 | 2 | |
5.25%(d)(j) | 11,371,000 | 1 | |
5.95%(d)(j) | 10,317,000 | 1 | |
Crown Castle International Corp.: | |||
2.25% 1/15/31 | 5,000,000 | 4,065,639 | |
2.5% 7/15/31 | 10,000,000 | 8,154,832 | |
3.8% 2/15/28 | 2,000,000 | 1,868,943 | |
5.1% 5/1/33 | 9,000,000 | 8,767,323 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (h) | 26,490,000 | 23,546,431 | |
EPR Properties: | |||
3.6% 11/15/31 | 2,000,000 | 1,562,101 | |
4.95% 4/15/28 | 8,000,000 | 7,189,241 | |
Equinix, Inc.: | |||
3.2% 11/18/29 | 10,000,000 | 8,812,744 | |
3.9% 4/15/32 | 22,000,000 | 19,793,062 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (h) | 5,075,000 | 4,049,840 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
4% 1/15/31 | 2,000,000 | 1,729,061 | |
5.3% 1/15/29 | 19,193,000 | 18,313,408 | |
5.375% 4/15/26 | 3,000,000 | 2,944,084 | |
Hudson Pacific Properties LP 4.65% 4/1/29 | 6,000,000 | 4,697,335 | |
Invitation Homes Operating Partnership LP: | |||
4.15% 4/15/32 | 35,000,000 | 31,624,661 | |
5.95% 8/15/33 | 20,000,000 | 19,728,400 | |
LXP Industrial Trust (REIT) 2.375% 10/1/31 | 3,000,000 | 2,275,772 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 6,000,000 | 4,321,682 | |
4.625% 8/1/29 | 19,835,000 | 15,755,155 | |
5% 10/15/27 | 5,000,000 | 4,380,105 | |
Omega Healthcare Investors, Inc.: | |||
3.25% 4/15/33 | 6,000,000 | 4,548,935 | |
3.375% 2/1/31 | 2,000,000 | 1,606,754 | |
4.5% 4/1/27 | 2,434,000 | 2,301,893 | |
4.95% 4/1/24 | 2,866,000 | 2,834,760 | |
Park Intermediate Holdings LLC 4.875% 5/15/29 (h) | 12,000,000 | 10,485,000 | |
Public Storage: | |||
5.1% 8/1/33 | 10,000,000 | 10,008,354 | |
5.35% 8/1/53 | 5,000,000 | 4,996,606 | |
Realty Income Corp. 4.875% 6/1/26 | 436,000 | 431,383 | |
RLJ Lodging Trust LP: | |||
3.75% 7/1/26(h) | 4,000,000 | 3,685,000 | |
4% 9/15/29(h) | 16,550,000 | 13,872,210 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 21,000,000 | 17,705,060 | |
3.875% 2/15/27 | 3,000,000 | 2,763,813 | |
Spirit Realty LP 4% 7/15/29 | 1,000,000 | 894,134 | |
Sun Communities Operating LP: | |||
4.2% 4/15/32 | 11,439,000 | 10,067,319 | |
5.7% 1/15/33 | 12,750,000 | 12,532,014 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
6.5% 2/15/29(h) | 27,505,000 | 19,133,446 | |
10.5% 2/15/28(h) | 7,000,000 | 6,958,141 | |
Uniti Group, Inc. 6% 1/15/30 (h) | 18,035,000 | 11,925,644 | |
Ventas Realty LP 4.4% 1/15/29 | 3,000,000 | 2,813,920 | |
VICI Properties LP 5.125% 5/15/32 | 34,931,000 | 32,870,389 | |
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (h) | 17,000,000 | 15,534,260 | |
Vornado Realty LP 3.4% 6/1/31 | 6,000,000 | 4,448,012 | |
Welltower OP LLC: | |||
4% 6/1/25 | 5,000,000 | 4,842,857 | |
4.125% 3/15/29 | 3,000,000 | 2,798,486 | |
XHR LP: | |||
4.875% 6/1/29(h) | 10,000,000 | 8,699,013 | |
6.375% 8/15/25(h) | 4,250,000 | 4,178,432 | |
548,865,838 | |||
Real Estate Management & Development - 2.7% | |||
Digital Realty Trust LP: | |||
3.6% 7/1/29 | 5,000,000 | 4,518,257 | |
3.7% 8/15/27 | 5,000,000 | 4,674,708 | |
5.55% 1/15/28 | 5,000,000 | 4,983,022 | |
DTZ U.S. Borrower LLC 6.75% 5/15/28 (h) | 11,165,000 | 10,234,286 | |
Forestar Group, Inc.: | |||
3.85% 5/15/26(h) | 8,000,000 | 7,426,048 | |
5% 3/1/28(h) | 5,000,000 | 4,636,624 | |
Greystar Real Estate Partners 5.75% 12/1/25 (h) | 6,885,000 | 6,769,716 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29(h) | 14,960,000 | 12,641,350 | |
4.375% 2/1/31(h) | 22,625,000 | 18,615,433 | |
5.375% 8/1/28(h) | 11,900,000 | 10,918,250 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 17,075,000 | 13,916,125 | |
4.75% 2/1/30 | 22,245,000 | 17,356,216 | |
5% 3/1/31 | 6,960,000 | 5,394,000 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (h) | 1,798,000 | 1,769,894 | |
123,853,929 | |||
TOTAL REAL ESTATE | 672,719,767 | ||
TOTAL NONCONVERTIBLE BONDS | 860,625,578 | ||
TOTAL CORPORATE BONDS (Cost $962,017,596) | 891,123,881 | ||
Asset-Backed Securities - 1.6% | |||
Principal Amount (g) | Value ($) | ||
American Homes 4 Rent: | |||
Series 2015-SFR1 Class F, 5.885% 4/17/52 (h) | 2,000,000 | 1,955,032 | |
Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (h) | 8,259,000 | 8,144,573 | |
Class XS, 0% 10/17/52 (d)(e)(h)(k) | 4,484,675 | 45 | |
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (d)(e)(f)(h) | 2,250,000 | 0 | |
Home Partners of America Trust: | |||
Series 2019-2 Class F, 3.866% 10/19/39 (h) | 2,767,082 | 2,347,230 | |
Series 2021-1 Class F, 3.325% 9/17/41 (h) | 6,690,974 | 5,348,531 | |
Series 2021-2 Class G, 4.505% 12/17/26 (h) | 27,767,593 | 23,328,566 | |
Series 2021-3 Class F, 4.242% 1/17/41 (h) | 9,986,229 | 8,294,287 | |
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (h) | 2,900,000 | 2,479,384 | |
Tricon American Homes: | |||
Series 2017-SFR2 Class F, 5.104% 1/17/36 (h) | 3,785,000 | 3,734,838 | |
Series 2018-SFR1 Class F, 4.96% 5/17/37 (h) | 8,282,000 | 7,994,800 | |
Tricon Residential 2023-Sfr1 T Series 2023-SFR1: | |||
Class D, 5.1% 7/17/40 (h) | 5,000,000 | 4,682,387 | |
Class E, 7.977% 7/17/40 (h) | 2,000,000 | 1,992,906 | |
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (h) | 3,000,000 | 2,624,345 | |
TOTAL ASSET-BACKED SECURITIES (Cost $83,239,967) | 72,926,924 | ||
Collateralized Mortgage Obligations - 0.0% | |||
Principal Amount (g) | Value ($) | ||
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.605% 2/25/42 (d)(e)(h) | 23,202 | 8,741 | |
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.5731% 6/25/43 (d)(e)(h) | 39,531 | 27,594 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $43,337) | 36,335 | ||
Commercial Mortgage Securities - 23.1% | |||
Principal Amount (g) | Value ($) | ||
BANK sequential payer: | |||
Series 2021-BN33 Class A5, 2.556% 5/15/64 | 14,931,000 | 12,324,888 | |
Series 2021-BN35 Class A5, 2.285% 6/15/64 | 7,366,000 | 5,931,913 | |
Bank sequential payer Series 2021-BN36 Class A5, 2.47% 9/15/64 | 25,000,000 | 20,360,913 | |
BANK: | |||
sequential payer: | |||
Series 2022-BNK39 Class A4, 2.928% 2/15/55 | 13,750,000 | 11,553,391 | |
Series 2022-BNK42 Class D, 2.5% 6/15/55 (h) | 2,000,000 | 982,268 | |
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (e) | 20,000,000 | 18,875,102 | |
Series 2022-BNK43 Class A5, 4.399% 8/15/55 | 10,485,000 | 9,836,274 | |
Series 2022-BNK44, Class A5, 5.7457% 11/15/55 (e) | 15,900,000 | 16,371,363 | |
Series 2017-BNK8 Class E, 2.8% 11/15/50 (d)(h) | 11,374,393 | 4,418,858 | |
Series 2020-BN30 Class MCDG, 2.9182% 12/15/53 (e) | 2,000,000 | 885,481 | |
Series 2021-BN38 Class C, 3.2172% 12/15/64 (e) | 3,505,000 | 2,250,382 | |
Series 2022-BNK41, Class C, 3.7901% 4/15/65 (e) | 4,433,000 | 3,116,023 | |
Series 2022-BNK42 Class C, 4.722% 6/15/55 (e) | 6,500,000 | 4,911,743 | |
Series 2022-BNK43 Class D, 3% 8/15/55 (h) | 5,344,000 | 2,688,821 | |
Series 2022-BNK44 Class A/S, 5.7457% 11/15/55 | 5,000,000 | 4,849,216 | |
Bank of America Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8255% 7/15/49 (e) | 3,030,000 | 2,618,588 | |
Barclays Commercial Mortgage Securities sequential payer Series 2021-C12 Class A5, 2.689% 11/15/54 | 25,000,000 | 20,577,555 | |
BBCMS Series 2022-C15, Class A5, 3.662% 4/15/55 | 9,822,000 | 8,721,200 | |
BBCMS Mortgage Trust: | |||
sequential payer Series 2022-C17: | |||
Class C, 5.45% 9/15/55 | 2,000,000 | 1,590,970 | |
Class D, 2.5% 9/15/55 (d)(h) | 2,000,000 | 963,282 | |
Series 2020-C6 Class C, 3.045% 2/15/53 | 1,129,000 | 802,335 | |
Series 2020-C7 Class C, 3.6028% 4/15/53 (e) | 2,067,000 | 1,313,591 | |
Series 2022-C16 Class C, 4.6% 6/15/55 (e) | 5,250,000 | 3,890,676 | |
Benchmark 2023-B39 C Mtg Trust Series 2023-B39 Class B, 6.192% 7/15/56 (h) | 5,000,000 | 4,944,430 | |
Benchmark 2023-V3 Mtg Trust Series 2023-V3 Class A/S, 7.0967% 7/15/56 | 5,000,000 | 5,150,000 | |
Benchmark Mortgage Trust: | |||
sequential payer: | |||
Series 2019-B13 Class A4, 2.952% 8/15/57 | 19,715,000 | 17,182,468 | |
Series 2019-B14: | |||
Class 225D, 3.2943% 12/15/62 (d)(e)(h) | 3,427,000 | 1,648,006 | |
Class 225E, 3.2943% 12/15/62 (d)(e)(h) | 5,141,000 | 1,832,848 | |
Series 2021-B28 Class A5, 2.2237% 8/15/54 | 10,000,000 | 7,945,317 | |
Series 2021-B29, Class A5, 2.3879% 9/15/54 | 15,000,000 | 12,098,654 | |
Series 2022-B34 Class A5, 3.786% 4/15/55 | 22,168,402 | 19,203,214 | |
Series 2022-B35 Class A5, 4.4448% 5/15/55 (e) | 27,302,000 | 25,116,232 | |
Series 2022-B36 Class A5, 4.4699% 7/15/55 | 4,900,000 | 4,591,446 | |
Series 2019-B13 Class D, 2.5% 8/15/57 (h) | 1,000,000 | 551,446 | |
Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (e)(h) | 11,379,000 | 9,667,994 | |
Series 2022-B32 Class A5, 3.0019% 1/15/55 | 26,618,000 | 21,632,313 | |
Series 2022-B35: | |||
Class C, 4.4448% 5/15/55 (e) | 7,000,000 | 5,080,030 | |
Class D, 2.5% 5/15/55 (h) | 3,500,000 | 1,712,989 | |
Series 2022-B36: | |||
Class C, 5.1189% 7/15/55 (e) | 2,000,000 | 1,435,470 | |
Class D, 2.5% 7/15/55 (d)(h) | 3,828,000 | 1,748,389 | |
Series 2023-C5 Class B, 6.4767% 6/15/56 (e) | 4,750,000 | 4,861,065 | |
Bmo 2023-5C1 Mtg Trust Series 2023-5C1 Class A/S, 7.255% 8/15/56 (e) | 3,500,000 | 3,594,539 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 8.5555% 12/15/38 (e)(f)(h) | 7,790,000 | 7,437,757 | |
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.2826% 10/15/36 (e)(f)(h) | 17,232,000 | 16,195,864 | |
Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.2888% 5/15/38 (e)(f)(h) | 12,077,382 | 11,431,980 | |
Series 2020-VIVA Class E, 3.5488% 3/11/44 (e)(h) | 20,898,990 | 15,982,774 | |
Bx Commercial Mortgage Trust 2 floater Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.710% 8.9365% 4/15/34 (e)(f)(h) | 5,181,000 | 5,029,733 | |
BX Trust: | |||
floater: | |||
Series 2019-XL: | |||
Class G, CME Term SOFR 1 Month Index + 2.410% 7.6361% 10/15/36 (e)(f)(h) | 13,391,750 | 13,155,872 | |
Class J, CME Term SOFR 1 Month Index + 2.760% 7.9861% 10/15/36 (e)(f)(h) | 15,217,550 | 14,732,022 | |
Series 2021-ACNT Class G, CME Term SOFR 1 Month Index + 3.400% 8.6315% 11/15/38 (e)(f)(h) | 15,581,000 | 14,868,144 | |
Series 2021-BXMF Class G, CME Term SOFR 1 Month Index + 3.460% 8.686% 10/15/26 (e)(f)(h) | 2,574,000 | 2,380,186 | |
Series 2021-SOAR Class J, CME Term SOFR 1 Month Index + 3.860% 9.0865% 6/15/38 (e)(f)(h) | 17,644,334 | 16,610,832 | |
Series 2021-VOLT Class G, CME Term SOFR 1 Month Index + 2.960% 8.1861% 9/15/36 (e)(f)(h) | 5,000,000 | 4,611,645 | |
Series 2022-LBA6: | |||
Class F, CME Term SOFR 1 Month Index + 3.350% 8.5716% 1/15/39 (e)(f)(h) | 6,200,000 | 5,952,002 | |
Class G, CME Term SOFR 1 Month Index + 4.200% 9.4216% 1/15/39 (e)(f)(h) | 11,340,000 | 10,891,631 | |
Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 8.5206% 1/15/39 (e)(f)(h) | 4,367,000 | 4,075,182 | |
Series 2019-OC11 Class E, 3.944% 12/9/41 (e)(h) | 22,521,000 | 18,046,649 | |
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/44 (e)(h) | 5,754,000 | 3,106,411 | |
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, CME Term SOFR 1 Month Index + 3.360% 8.5865% 12/15/37 (e)(f)(h) | 14,973,000 | 14,498,666 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d)(h) | 3,353,000 | 1,290,805 | |
Citigroup Commercial Mortgage Series 2023-SMRT Class C, 5.8524% 6/10/28 (e)(h) | 9,750,000 | 9,362,482 | |
Citigroup Commercial Mortgage Trust: | |||
sequential payer: | |||
Series 2019-C7 Class A4, 3.102% 12/15/72 | 14,820,000 | 12,876,527 | |
Series 2023-V2 Class A3, 5.8524% 6/10/28 (e)(h) | 5,000,000 | 4,886,488 | |
Series 2022-GC48: | |||
Class D, 2.5% 6/15/55 (h) | 4,000,000 | 1,918,768 | |
Class E, 2.5% 6/15/55 (h) | 2,000,000 | 867,688 | |
Citigroup Commercial Mtg Trust 2023-Prm Series 2023-PRM3: | |||
Class B, 6.3597% 7/10/28 (e)(h) | 5,000,000 | 4,964,839 | |
Class C, 6.3597% 7/10/28 (h) | 5,500,000 | 5,317,621 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, CME Term SOFR 1 Month Index + 3.190% 8.418% 9/15/33 (e)(f)(h) | 4,265,000 | 2,225,692 | |
Class G, CME Term SOFR 1 Month Index + 5.200% 10.4243% 9/15/33 (e)(f)(h) | 4,265,000 | 1,799,242 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (h) | 4,741,000 | 3,793,022 | |
Series 2012-CR1: | |||
Class D, 5.3011% 5/15/45 (e)(h) | 2,002,000 | 1,331,330 | |
Class G, 2.462% 5/15/45 (h) | 6,346,000 | 1,858,948 | |
Series 2014-UBS2 Class D, 4.9802% 3/10/47 (e)(h) | 3,713,000 | 3,166,268 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (h) | 2,769,000 | 1,832,952 | |
Series 2019-CD4 Class C, 4.3497% 5/10/50 (e) | 3,000,000 | 2,235,770 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (h) | 2,769,000 | 1,798,402 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | |||
Class D, 4.8738% 8/15/45 (e)(h) | 1,270,440 | 1,206,986 | |
Class E, 4.8738% 8/15/45 (e)(h) | 8,000,000 | 7,120,306 | |
Class F, 4.25% 8/15/45 (h) | 2,000,000 | 1,410,008 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.553% 6/15/34 (f)(h) | 7,120,000 | 5,001,274 | |
Credit Suisse Mortgage Trust: | |||
floater: | |||
Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 9.1885% 11/15/23 (e)(f)(h) | 906,000 | 874,333 | |
Series 2021-BPNY Class A, CME Term SOFR 1 Month Index + 3.820% 9.0514% 8/15/23 (e)(f)(h) | 18,000,000 | 16,519,208 | |
Series 2020-NET: | |||
Class E, 3.7042% 8/15/37 (e)(h) | 9,400,000 | 7,985,589 | |
Class F, 3.7042% 8/15/37 (e)(h) | 7,050,000 | 5,792,641 | |
Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.7957% 5/15/26 (e)(f)(h) | 8,146,318 | 7,692,309 | |
CSAIL Commercial Mortgage Trust: | |||
sequential payer Series 2019-C15 Class A4, 4.0529% 3/15/52 | 9,425,000 | 8,650,808 | |
Series 2017-C8 Class D, 4.4343% 6/15/50 (e)(h) | 4,297,000 | 2,791,022 | |
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.3592% 8/10/44 (e)(h) | 2,874,476 | 2,476,548 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, CME Term SOFR 1 Month Index + 3.720% 8.9514% 11/15/38 (e)(f)(h) | 15,448,000 | 14,360,204 | |
GS Mortgage Securities Corp. Trust floater Series 2019-70P Class E, CME Term SOFR 1 Month Index + 2.310% 7.393% 10/15/36 (e)(f)(h) | 7,437,000 | 6,594,259 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.600% 8.119% 7/15/35 (e)(f)(h) | 3,808,000 | 430,290 | |
sequential payer: | |||
Series 2019-GSA1 Class A4, 3.0479% 11/10/52 | 25,860,000 | 22,249,747 | |
Series 2021-GSA3 Class A5, 2.6183% 12/15/54 | 12,657,000 | 10,283,828 | |
Series 2011-GC5: | |||
Class C, 5.152% 8/10/44 (e)(h) | 8,899,000 | 6,184,924 | |
Class D, 5.152% 8/10/44 (e)(h) | 2,733,635 | 799,728 | |
Class E, 5.152% 8/10/44 (d)(e)(h) | 8,138,000 | 758,847 | |
Class F, 4.5% 8/10/44 (d)(h) | 7,897,000 | 27,699 | |
Series 2012-GCJ9: | |||
Class D, 4.614% 11/10/45 (e)(h) | 4,768,093 | 4,365,296 | |
Class E, 4.614% 11/10/45 (e)(h) | 1,908,000 | 1,615,475 | |
Series 2013-GC16: | |||
Class D, 5.3258% 11/10/46 (e)(h) | 3,708,000 | 3,475,548 | |
Class F, 3.5% 11/10/46 (h) | 7,221,000 | 5,919,852 | |
Series 2021-RENT Class G, CME Term SOFR 1 Month Index + 5.810% 11.0781% 11/21/35 (d)(e)(f)(h) | 6,938,114 | 5,204,044 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (e)(h) | 20,270,000 | 17,882,265 | |
IMT Trust Series 2017-APTS Class EFX, 3.4966% 6/15/34 (e)(h) | 9,213,000 | 8,713,169 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (h) | 2,896,000 | 2,606,976 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (h) | 8,640,000 | 6,508,885 | |
Series 2014-C26 Class D, 3.8707% 1/15/48 (e)(h) | 2,398,000 | 1,831,943 | |
JPMDB Commercial Mortgage Securities Trust: | |||
sequential payer Series 2019-COR6 Class A4, 3.0565% 11/13/52 | 13,000,000 | 10,908,465 | |
Series 2018-C8 Class D, 3.2691% 6/15/51 (d)(e)(h) | 1,698,000 | 1,002,862 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (e)(h) | 9,552,000 | 5,224,727 | |
Series 2011-C3: | |||
Class E, 5.5258% 2/15/46 (e)(h) | 13,774,000 | 5,745,820 | |
Class G, 4.409% 2/15/46 (e)(h) | 4,671,000 | 527,142 | |
Class H, 4.409% 2/15/46 (d)(e)(h) | 7,077,000 | 541,273 | |
Series 2012-CBX: | |||
Class E, 4.6896% 6/15/45 (d)(e)(h) | 4,668,779 | 4,010,196 | |
Class F, 4% 6/15/45 (d)(h) | 8,192,000 | 3,153,920 | |
Class G 4% 6/15/45 (d)(h) | 4,044,000 | 1,112,100 | |
Series 2013-LC11: | |||
Class D, 4.1682% 4/15/46 (e) | 7,722,000 | 4,797,293 | |
Class E, 3.25% 4/15/46 (e)(h) | 472,000 | 198,712 | |
Class F, 3.25% 4/15/46 (d)(e)(h) | 2,518,000 | 272,176 | |
Series 2014-DSTY Class E, 3.8046% 6/10/27 (d)(e)(h) | 8,161,000 | 19,912 | |
Series 2018-AON Class F, 4.6132% 7/5/31 (e)(h) | 5,039,000 | 1,244,633 | |
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (h) | 2,000,000 | 1,468,136 | |
KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.2865% 8/15/38 (e)(f)(h) | 7,103,659 | 6,484,938 | |
Merit floater Series 2021-STOR Class J, CME Term SOFR 1 Month Index + 4.060% 9.2865% 7/15/38 (e)(f)(h) | 3,476,000 | 3,296,520 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, CME Term SOFR 1 Month Index + 3.310% 8.5374% 4/15/38 (e)(f)(h) | 15,601,000 | 14,911,603 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL: | |||
Class F, CME Term SOFR 1 Month Index + 3.250% 8.4808% 1/15/27 (e)(f)(h) | 4,182,990 | 3,928,205 | |
Class G, CME Term SOFR 1 Month Index + 3.950% 9.1791% 1/15/27 (e)(f)(h) | 14,015,203 | 13,299,167 | |
Mira Trust 2023-Mile sequential payer Series 2023-MILE Class B, 7.2026% 6/10/38 (h) | 4,200,000 | 4,135,179 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C6 Class D, 4.5221% 11/15/45 (e)(h) | 2,000,000 | 1,670,831 | |
Series 2012-C6, Class F, 4.5221% 11/15/45 (d)(e)(h) | 2,500,000 | 1,541,306 | |
Series 2013-C12 Class D, 4.9127% 10/15/46 (e)(h) | 5,670,988 | 4,700,656 | |
Series 2013-C13: | |||
Class D, 4.8843% 11/15/46 (e)(h) | 6,218,000 | 5,819,322 | |
Class E, 4.8843% 11/15/46 (e)(h) | 3,341,000 | 2,985,760 | |
Series 2013-C9: | |||
Class C, 3.757% 5/15/46 (e) | 3,302,000 | 2,707,682 | |
Class D, 3.845% 5/15/46 (e)(h) | 5,137,000 | 4,006,974 | |
Series 2016-C30 Class D, 3% 9/15/49 (h) | 2,726,000 | 1,236,810 | |
Morgan Stanley Capital I Trust: | |||
Series 2011-C2: | |||
Class D, 5.2113% 6/15/44 (e)(h) | 3,103,728 | 2,814,346 | |
Class F, 5.2113% 6/15/44 (d)(e)(h) | 4,440,000 | 1,695,029 | |
Class XB, 0.4518% 6/15/44 (e)(h)(k) | 28,416,234 | 94,839 | |
Series 2011-C3: | |||
Class E, 4.9447% 7/15/49 (e)(h) | 1,267,196 | 1,186,889 | |
Class F, 4.9447% 7/15/49 (e)(h) | 5,624,050 | 4,799,185 | |
Class G, 4.9447% 7/15/49 (d)(e)(h) | 5,049,500 | 3,564,359 | |
Series 2015-MS1 Class D, 4.024% 5/15/48 (e)(h) | 10,833,000 | 8,481,717 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (h) | 2,966,000 | 1,937,518 | |
Series 2017-H1 Class C, 4.281% 6/15/50 | 2,470,594 | 1,952,288 | |
Series 2018-H4 Class A4, 4.31% 12/15/51 | 14,240,929 | 13,321,147 | |
Series 2020-L4, Class C, 3.536% 2/15/53 | 2,765,000 | 1,875,725 | |
MSC sequential payer Series 2021-L7 Class A5, 2.574% 10/15/54 | 10,055,000 | 8,172,533 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (e)(h) | 1,500,000 | 972,844 | |
MSWF Commercial Mortgage Trust sequential payer Series 2023-1: | |||
Class A5, 5.752% 5/15/56 | 4,000,000 | 4,111,886 | |
Class B, 6.6828% 5/15/56 (e) | 3,750,000 | 3,785,922 | |
Natixis Commercial Mortgage Securities Trust: | |||
floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.860% 9.0861% 6/15/35 (e)(f)(h) | 651,000 | 111,426 | |
Series 2020-2PAC Class AMZ3, 3.5% 1/15/37 (d)(e)(h) | 2,502,675 | 1,692,405 | |
OPG Trust floater Series 2021-PORT: | |||
Class G, CME Term SOFR 1 Month Index + 2.510% 7.7345% 10/15/36 (e)(f)(h) | 4,640,257 | 4,361,240 | |
Class J, CME Term SOFR 1 Month Index + 3.460% 8.6825% 10/15/36 (e)(f)(h) | 8,311,048 | 7,864,254 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF: | |||
Class E, CME Term SOFR 1 Month Index + 2.710% 7.794% 7/15/38 (e)(f)(h) | 500,000 | 398,978 | |
Class G, CME Term SOFR 1 Month Index + 4.460% 9.6865% 7/15/38 (d)(e)(f)(h) | 5,944,000 | 4,502,901 | |
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (h) | 9,277,000 | 6,710,360 | |
Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.7191% 12/15/37 (e)(f)(h) | 5,000,000 | 4,725,142 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h) | 2,801,559 | 2,821,727 | |
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/37 (e)(h) | 5,000,000 | 4,310,394 | |
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 8.572% 1/15/39 (e)(f)(h) | 19,615,000 | 18,141,039 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.6023% 10/15/38 (e)(f)(h) | 12,754,000 | 11,925,355 | |
Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.3099% 11/15/38 (e)(f)(h) | 3,874,000 | 3,676,256 | |
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.252% 11/15/36 (e)(f)(h) | 10,872,000 | 10,360,310 | |
STWD Trust floater sequential payer Series 2021-LIH: | |||
Class E, CME Term SOFR 1 Month Index + 2.950% 8.172% 11/15/36 (e)(f)(h) | 4,985,000 | 4,724,301 | |
Class F, CME Term SOFR 1 Month Index + 3.590% 8.82% 11/15/36 (e)(f)(h) | 15,282,000 | 14,296,898 | |
Class G, CME Term SOFR 1 Month Index + 4.240% 9.469% 11/15/36 (e)(f)(h) | 9,177,000 | 8,542,399 | |
SUMIT Mortgage Trust Series 2022-BVUE: | |||
Class D, 2.8925% 2/12/41 (e)(h) | 6,000,000 | 4,121,315 | |
Class F, 2.8925% 2/12/41 (e)(h) | 3,211,000 | 1,911,313 | |
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.1845% 6/15/26 (e)(f)(h) | 6,131,271 | 5,887,020 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class E, 5% 5/10/45 (d)(e)(h) | 4,847,273 | 3,223,436 | |
Class F, 5% 5/10/45 (d)(e)(h) | 2,221,350 | 106,329 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (e)(h) | 2,143,000 | 1,734,138 | |
VASA Trust: | |||
floater Series 2021-VASA Class G, CME Term SOFR 1 Month Index + 5.110% 10.3365% 7/15/39 (e)(f)(h) | 800,000 | 345,233 | |
floater sequential payer Series 2021-VASA Class F, CME Term SOFR 1 Month Index + 4.010% 9.2365% 7/15/39 (e)(f)(h) | 6,685,000 | 3,550,057 | |
Wells Fargo Commercial Mortgage Trust: | |||
Series 2016-BNK1 Class D, 3% 8/15/49 (h) | 6,979,000 | 3,357,630 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (h) | 5,037,000 | 3,553,225 | |
Series 2019-C52 Class C, 3.561% 8/15/52 | 883,000 | 656,624 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d)(e) | 3,955,000 | 155,706 | |
Series 2011-C3 Class D, 5.8545% 3/15/44 (e)(h) | 503,530 | 156,724 | |
Series 2013-C11 Class E, 4.0614% 3/15/45 (d)(e)(h) | 4,727,000 | 2,492,941 | |
Series 2013-C13 Class D, 4.0438% 5/15/45 (d)(e)(h) | 3,955,000 | 3,282,650 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.516% 6/5/35 (e)(h) | 6,725,000 | 5,360,886 | |
Class PR2, 3.516% 6/5/35 (e)(h) | 2,541,000 | 1,925,710 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,249,840,318) | 1,058,404,757 | ||
Bank Loan Obligations - 1.7% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.2% | |||
Hotels, Restaurants & Leisure - 0.2% | |||
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 10.4155% 9/9/26 (e)(f)(l) | 8,116,120 | 8,055,249 | |
FINANCIALS - 1.4% | |||
Financial Services - 1.4% | |||
Agellan Portfolio 9% 8/7/25 (d)(l) | 6,611,000 | 6,611,000 | |
Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.2216% 1/9/24 (d)(e)(f)(l) | 24,679,910 | 22,922,700 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.6775% 1/21/27 (d)(e)(f)(l) | 18,837,337 | 18,837,337 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 0.000% 0% (d)(f)(j)(l) | 29,336,049 | 16,428,188 | |
64,799,225 | |||
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
DTZ U.S. Borrower LLC Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 2.750% 8.1831% 8/21/25 (e)(f)(l) | 2,091,232 | 2,084,436 | |
CME Term SOFR 1 Month Index + 3.250% 8.6686% 1/31/30 (e)(f)(l) | 2,637,788 | 2,545,465 | |
4,629,901 | |||
TOTAL BANK LOAN OBLIGATIONS (Cost $92,213,050) | 77,484,375 | ||
Preferred Securities - 0.1% | |||
Principal Amount (g) | Value ($) | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Energy Transfer LP 7.125% (e)(m) | 6,000,000 | 5,360,418 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (d)(h) | 500,000 | 0 | |
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (d)(h) | 1,220,000 | 12 | |
12 | |||
TOTAL PREFERRED SECURITIES (Cost $7,297,768) | 5,360,430 | ||
Money Market Funds - 11.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (n) | 506,178,262 | 506,279,498 | |
Fidelity Securities Lending Cash Central Fund 5.32% (n)(o) | 573,343 | 573,400 | |
TOTAL MONEY MARKET FUNDS (Cost $506,805,879) | 506,852,898 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $4,775,209,822) | 4,620,689,185 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (31,963,228) |
NET ASSETS - 100.0% | 4,588,725,957 |
(a) | Affiliated company |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Level 3 security |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(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) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,078,822,912 or 23.5% of net assets. |
(i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(j) | Non-income producing - Security is in default. |
(k) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(l) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(m) | Security is perpetual in nature with no stated maturity date. |
(n) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(o) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.32% | 750,712,446 | 1,120,224,855 | 1,364,657,803 | 19,862,164 | - | - | 506,279,498 | 1.2% |
Fidelity Securities Lending Cash Central Fund 5.32% | - | 35,066,801 | 34,493,401 | 6,536 | - | - | 573,400 | 0.0% |
Total | 750,712,446 | 1,155,291,656 | 1,399,151,204 | 19,868,700 | - | - | 506,852,898 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Great Ajax Corp. | 18,330,271 | - | - | 1,449,375 | 197,355 | (6,853,060) | 11,477,212 |
Great Ajax Corp. 7.25% | 15,139,304 | - | - | 1,108,239 | - | (195,661) | 14,943,642 |
Total | 33,469,575 | - | - | 2,557,614 | 197,355 | (7,048,721) | 26,420,854 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 39,788,665 | 39,788,665 | - | - |
Financials | 464,015,716 | 449,072,074 | 14,943,642 | - |
Industrials | 8,535,100 | 8,535,100 | - | - |
Information Technology | 41,553 | 41,553 | - | - |
Real Estate | 1,496,118,551 | 1,474,640,816 | 21,450,048 | 27,687 |
Corporate Bonds | 891,123,881 | - | 886,660,327 | 4,463,554 |
Asset-Backed Securities | 72,926,924 | - | 72,926,879 | 45 |
Collateralized Mortgage Obligations | 36,335 | - | - | 36,335 |
Commercial Mortgage Securities | 1,058,404,757 | - | 1,008,142,478 | 50,262,279 |
Bank Loan Obligations | 77,484,375 | - | 12,685,150 | 64,799,225 |
Preferred Securities | 5,360,430 | - | 5,360,418 | 12 |
Money Market Funds | 506,852,898 | 506,852,898 | - | - |
Total Investments in Securities: | 4,620,689,185 | 2,478,931,106 | 2,022,168,942 | 119,589,137 |
Investments in Securities: | |||
Commercial Mortgage Securities | |||
Beginning Balance | $ | 43,384,637 | |
Net Realized Gain (Loss) on Investment Securities | (4,809,787) | ||
Net Unrealized Gain (Loss) on Investment Securities | (6,447,487) | ||
Cost of Purchases | 3,902,922 | ||
Proceeds of Sales | (6,568,063) | ||
Amortization/Accretion | (907,361) | ||
Transfers into Level 3 | 42,146,195 | ||
Transfers out of Level 3 | (20,438,777) | ||
Ending Balance | $ | 50,262,279 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (11,288,191) | |
Bank Loan Obligations | |||
Beginning Balance | $ | 78,982,346 | |
Net Realized Gain (Loss) on Investment Securities | 38 | ||
Net Unrealized Gain (Loss) on Investment Securities | (13,467,974) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (720,128) | ||
Amortization/Accretion | 4,943 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 64,799,225 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (13,467,974) | |
Other Investments in Securities | |||
Beginning Balance | $ | 45,124 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 161,433 | ||
Cost of Purchases | 12,345,488 | ||
Proceeds of Sales | (8,072,461) | ||
Amortization/Accretion | 3,262 | ||
Transfers into Level 3 | 44,787 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 4,527,633 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | 161,433 | |
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 | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $103,152) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,232,365,326) | $ | 4,087,415,433 | ||
Fidelity Central Funds (cost $506,805,879) | 506,852,898 | |||
Other affiliated issuers (cost $36,038,617) | 26,420,854 | |||
Total Investment in Securities (cost $4,775,209,822) | $ | 4,620,689,185 | ||
Foreign currency held at value (cost $68) | 69 | |||
Receivable for investments sold | 2,104,273 | |||
Receivable for fund shares sold | 3,064,207 | |||
Dividends receivable | 2,429,049 | |||
Interest receivable | 18,025,643 | |||
Distributions receivable from Fidelity Central Funds | 2,229,739 | |||
Prepaid expenses | 8,122 | |||
Total assets | 4,648,550,287 | |||
Liabilities | ||||
Payable to custodian bank | $ | 385,365 | ||
Payable for investments purchased | 52,335,601 | |||
Payable for fund shares redeemed | 3,699,717 | |||
Accrued management fee | 2,004,544 | |||
Distribution and service plan fees payable | 120,562 | |||
Other affiliated payables | 597,264 | |||
Other payables and accrued expenses | 107,877 | |||
Collateral on securities loaned | 573,400 | |||
Total Liabilities | 59,824,330 | |||
Net Assets | $ | 4,588,725,957 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,818,340,568 | ||
Total accumulated earnings (loss) | (229,614,611) | |||
Net Assets | $ | 4,588,725,957 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($304,754,415 ÷ 26,827,904 shares)(a) | $ | 11.36 | ||
Maximum offering price per share (100/96.00 of $11.36) | $ | 11.83 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($42,829,213 ÷ 3,768,889 shares)(a) | $ | 11.36 | ||
Maximum offering price per share (100/96.00 of $11.36) | $ | 11.83 | ||
Class C : | ||||
Net Asset Value and offering price per share ($56,795,419 ÷ 5,088,636 shares)(a) | $ | 11.16 | ||
Real Estate Income : | ||||
Net Asset Value, offering price and redemption price per share ($1,288,147,168 ÷ 112,523,677 shares) | $ | 11.45 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($1,379,614,266 ÷ 121,073,158 shares) | $ | 11.39 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($1,516,585,476 ÷ 133,152,152 shares) | $ | 11.39 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends (including $2,557,614 earned from affiliated issuers) | $ | 111,456,617 | ||
Interest | 142,037,839 | |||
Income from Fidelity Central Funds (including $6,536 from security lending) | 19,868,700 | |||
Total Income | 273,363,156 | |||
Expenses | ||||
Management fee | $ | 25,687,757 | ||
Transfer agent fees | 6,404,098 | |||
Distribution and service plan fees | 1,610,369 | |||
Accounting fees | 1,291,728 | |||
Custodian fees and expenses | 28,610 | |||
Independent trustees' fees and expenses | 26,952 | |||
Registration fees | 157,681 | |||
Audit | 102,093 | |||
Legal | 5,452 | |||
Miscellaneous | 59,249 | |||
Total expenses before reductions | 35,373,989 | |||
Expense reductions | (254,858) | |||
Total expenses after reductions | 35,119,131 | |||
Net Investment income (loss) | 238,244,025 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (93,576,853) | |||
Affiliated issuers | 197,355 | |||
Foreign currency transactions | 423 | |||
Total net realized gain (loss) | (93,379,075) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (317,713,863) | |||
Affiliated issuers | (7,048,721) | |||
Assets and liabilities in foreign currencies | (85) | |||
Total change in net unrealized appreciation (depreciation) | (324,762,669) | |||
Net gain (loss) | (418,141,744) | |||
Net increase (decrease) in net assets resulting from operations | $ | (179,897,719) |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 238,244,025 | $ | 227,811,336 |
Net realized gain (loss) | (93,379,075) | 117,976,313 | ||
Change in net unrealized appreciation (depreciation) | (324,762,669) | (691,088,380) | ||
Net increase (decrease) in net assets resulting from operations | (179,897,719) | (345,300,731) | ||
Distributions to shareholders | (351,750,740) | (182,301,772) | ||
Share transactions - net increase (decrease) | (838,782,559) | (582,517,493) | ||
Total increase (decrease) in net assets | (1,370,431,018) | (1,110,119,996) | ||
Net Assets | ||||
Beginning of period | 5,959,156,975 | 7,069,276,971 | ||
End of period | $ | 4,588,725,957 | $ | 5,959,156,975 |
Fidelity Advisor® Real Estate Income Fund Class A |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .53 | .39 | .33 | .45 | .51 | |||||
Net realized and unrealized gain (loss) | (.88) | (1.03) | 2.53 | (1.25) | .65 | |||||
Total from investment operations | (.35) | (.64) | 2.86 | (.80) | 1.16 | |||||
Distributions from net investment income | (.56) | (.28) | (.42) C | (.44) | (.51) | |||||
Distributions from net realized gain | (.22) | (.02) | (.03) C | (.16) | (.21) | |||||
Total distributions | (.78) | (.30) | (.45) | (.61) D | (.72) | |||||
Net asset value, end of period | $ | 11.36 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 |
Total Return E,F | (2.72)% | (4.83)% | 26.64% | (6.88)% | 10.15% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | .99% | .98% | .99% | 1.01% | 1.01% | |||||
Expenses net of fee waivers, if any | .98% | .98% | .99% | 1.01% | 1.01% | |||||
Expenses net of all reductions | .98% | .98% | .99% | 1.00% | 1.01% | |||||
Net investment income (loss) | 4.61% | 2.97% | 2.75% | 3.85% | 4.29% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 304,754 | $ | 364,443 | $ | 384,382 | $ | 324,031 | $ | 325,296 |
Portfolio turnover rate I | 17% | 42% | 26% | 32% J | 17% |
Fidelity Advisor® Real Estate Income Fund Class M |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .52 | .39 | .33 | .45 | .51 | |||||
Net realized and unrealized gain (loss) | (.87) | (1.03) | 2.53 | (1.26) | .65 | |||||
Total from investment operations | (.35) | (.64) | 2.86 | (.81) | 1.16 | |||||
Distributions from net investment income | (.56) | (.28) | (.42) C | (.44) | (.51) | |||||
Distributions from net realized gain | (.22) | (.02) | (.03) C | (.16) | (.21) | |||||
Total distributions | (.78) | (.30) | (.45) | (.60) | (.72) | |||||
Net asset value, end of period | $ | 11.36 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 |
Total Return D,E | (2.75)% | (4.85)% | 26.62% | (6.89)% | 10.12% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.01% | .99% | 1.01% | 1.03% | 1.04% | |||||
Expenses net of fee waivers, if any | 1.00% | .99% | 1.01% | 1.03% | 1.04% | |||||
Expenses net of all reductions | 1.00% | .99% | 1.01% | 1.03% | 1.04% | |||||
Net investment income (loss) | 4.59% | 2.97% | 2.73% | 3.82% | 4.26% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 42,829 | $ | 52,919 | $ | 57,338 | $ | 49,387 | $ | 60,540 |
Portfolio turnover rate H | 17% | 42% | 26% | 32% I | 17% |
Fidelity Advisor® Real Estate Income Fund Class C |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.27 | $ | 13.21 | $ | 10.88 | $ | 12.28 | $ | 11.85 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .43 | .29 | .24 | .36 | .42 | |||||
Net realized and unrealized gain (loss) | (.86) | (1.01) | 2.48 | (1.23) | .64 | |||||
Total from investment operations | (.43) | (.72) | 2.72 | (.87) | 1.06 | |||||
Distributions from net investment income | (.46) | (.20) | (.36) C | (.36) | (.42) | |||||
Distributions from net realized gain | (.22) | (.02) | (.03) C | (.16) | (.21) | |||||
Total distributions | (.68) | (.22) | (.39) | (.53) D | (.63) | |||||
Net asset value, end of period | $ | 11.16 | $ | 12.27 | $ | 13.21 | $ | 10.88 | $ | 12.28 |
Total Return E,F | (3.46)% | (5.54)% | 25.64% | (7.50)% | 9.34% | |||||
Ratios to Average Net Assets A,G,H | ||||||||||
Expenses before reductions | 1.74% | 1.72% | 1.74% | 1.76% | 1.76% | |||||
Expenses net of fee waivers, if any | 1.73% | 1.72% | 1.74% | 1.76% | 1.76% | |||||
Expenses net of all reductions | 1.73% | 1.72% | 1.74% | 1.76% | 1.76% | |||||
Net investment income (loss) | 3.86% | 2.23% | 2.00% | 3.09% | 3.54% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 56,795 | $ | 89,135 | $ | 120,072 | $ | 150,653 | $ | 210,156 |
Portfolio turnover rate I | 17% | 42% | 26% | 32% J | 17% |
Fidelity® Real Estate Income Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.58 | $ | 13.52 | $ | 11.09 | $ | 12.50 | $ | 12.05 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .56 | .43 | .37 | .48 | .54 | |||||
Net realized and unrealized gain (loss) | (.88) | (1.03) | 2.53 | (1.25) | .66 | |||||
Total from investment operations | (.32) | (.60) | 2.90 | (.77) | 1.20 | |||||
Distributions from net investment income | (.60) | (.32) | (.44) C | (.48) | (.54) | |||||
Distributions from net realized gain | (.22) | (.02) | (.03) C | (.16) | (.21) | |||||
Total distributions | (.81) D | (.34) | (.47) | (.64) | (.75) | |||||
Net asset value, end of period | $ | 11.45 | $ | 12.58 | $ | 13.52 | $ | 11.09 | $ | 12.50 |
Total Return E | (2.42)% | (4.56)% | 26.88% | (6.58)% | 10.47% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .73% | .71% | .72% | .73% | .75% | |||||
Expenses net of fee waivers, if any | .72% | .71% | .72% | .73% | .75% | |||||
Expenses net of all reductions | .72% | .71% | .72% | .73% | .75% | |||||
Net investment income (loss) | 4.87% | 3.24% | 3.02% | 4.12% | 4.55% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,288,147 | $ | 1,898,345 | $ | 2,777,243 | $ | 2,205,319 | $ | 2,691,820 |
Portfolio turnover rate H | 17% | 42% | 26% | 32% I | 17% |
Fidelity Advisor® Real Estate Income Fund Class I |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 | $ | 12.01 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .56 | .43 | .37 | .48 | .54 | |||||
Net realized and unrealized gain (loss) | (.89) | (1.03) | 2.53 | (1.25) | .65 | |||||
Total from investment operations | (.33) | (.60) | 2.90 | (.77) | 1.19 | |||||
Distributions from net investment income | (.60) | (.32) | (.44) C | (.47) | (.54) | |||||
Distributions from net realized gain | (.22) | (.02) | (.03) C | (.16) | (.21) | |||||
Total distributions | (.81) D | (.34) | (.47) | (.64) D | (.75) | |||||
Net asset value, end of period | $ | 11.39 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 |
Total Return E | (2.52)% | (4.57)% | 27.03% | (6.62)% | 10.43% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .73% | .71% | .71% | .74% | .75% | |||||
Expenses net of fee waivers, if any | .72% | .71% | .71% | .74% | .74% | |||||
Expenses net of all reductions | .72% | .71% | .71% | .74% | .74% | |||||
Net investment income (loss) | 4.87% | 3.24% | 3.03% | 4.11% | 4.55% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,379,614 | $ | 1,946,852 | $ | 2,810,475 | $ | 1,782,594 | $ | 2,386,308 |
Portfolio turnover rate H | 17% | 42% | 26% | 32% I | 17% |
Fidelity Advisor® Real Estate Income Fund Class Z |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 | $ | 11.74 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .57 | .44 | .38 | .49 | .47 | |||||
Net realized and unrealized gain (loss) | (.88) | (1.02) | 2.53 | (1.25) | .67 | |||||
Total from investment operations | (.31) | (.58) | 2.91 | (.76) | 1.14 | |||||
Distributions from net investment income | (.61) | (.34) | (.45) D | (.49) | (.42) | |||||
Distributions from net realized gain | (.22) | (.02) | (.03) D | (.16) | (.02) | |||||
Total distributions | (.83) | (.36) | (.48) | (.65) | (.43) E | |||||
Net asset value, end of period | $ | 11.39 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 |
Total Return F,G | (2.36)% | (4.44)% | 27.15% | (6.50)% | 10.00% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .60% | .59% | .60% | .62% | .62% J | |||||
Expenses net of fee waivers, if any | .60% | .59% | .60% | .62% | .62% J | |||||
Expenses net of all reductions | .60% | .59% | .60% | .61% | .62% J | |||||
Net investment income (loss) | 4.99% | 3.36% | 3.14% | 4.24% | 4.71% J | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,516,585 | $ | 1,607,463 | $ | 919,766 | $ | 793,220 | $ | 467,324 |
Portfolio turnover rate K | 17% | 42% | 26% | 32% L | 17% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $27,687 | Recovery value | Recovery value | $0.10 | Increase |
Corporate Bonds | $4,463,554 | Recovery value | Recovery value | $0.00 | Increase |
Indicative market price | Evaluated bid | $95.38 | Increase | ||
Asset-Backed Securities | $45 | Recovery value | Recovery value | $0.00 | Increase |
Indicative market price | Evaluated bid | $0.00 | Increase | ||
Commercial Mortgage Securities | $50,262,279 | Indicative market price | Evaluated bid | $0.24 - $85.89 / $58.47 | Increase |
Collateralized Mortgage Obligations | $36,335 | Indicative market price | Evaluated bid | $37.68 - $69.80 / $62.07 | Increase |
Preferred Securities | $12 | Recovery value | Recovery value | $0.00 | Increase |
Bank Loan Obligations | $64,799,225 | Discounted cash flow | Yield | 8.4% - 21.0% / 12.9% | Decrease |
Gross unrealized appreciation | $314,331,258 |
Gross unrealized depreciation | (475,773,664) |
Net unrealized appreciation (depreciation) | $(161,442,406) |
Tax Cost | $4,782,131,591 |
Undistributed ordinary income | $22,222,116 |
Capital loss carryforward | $(90,282,610) |
Net unrealized appreciation (depreciation) on securities and other investments | $(161,442,491) |
Short-term | $(27,960,936) |
Long-term | (62,321,674) |
Total capital loss carryforward | $(90,282,610) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $252,925,681 | $ 171,594,973 |
Long-term Capital Gains | 98,825,059 | 10,706,799 |
Total | $351,750,740 | $ 182,301,772 |
Purchases ($) | Sales ($) | |
Fidelity Real Estate Income Fund | 750,456,874 | 1,363,961,376 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $802,152 | $11,715 |
Class M | - % | .25% | 113,962 | 254 |
Class C | .75% | .25% | 694,255 | 36,587 |
$1,610,369 | $48,556 |
Retained by FDC | |
Class A | $47,436 |
Class M | 7,929 |
Class C A | 4,211 |
$59,576 |
Amount | % of Class-Level Average Net Assets | |
Class A | $568,765 | .18 |
Class M | 89,712 | .20 |
Class C | 125,658 | .18 |
Real Estate Income | 2,382,893 | .17 |
Class I | 2,638,603 | .17 |
Class Z | 598,467 | .04 |
$6,404,098 |
% of Average Net Assets | |
Fidelity Real Estate Income Fund | .03 |
Amount | |
Fidelity Real Estate Income Fund | $7,545 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Real Estate Income Fund | 8,427,505 | 12,433,416 | 3,121,136 |
Amount | |
Fidelity Real Estate Income Fund | $12,114 |
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 Real Estate Income Fund | $944 | $163 | $- |
Expense reduction | |
Class M | $216 |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Real Estate Income Fund | ||
Distributions to shareholders | ||
Class A | $21,930,158 | $8,818,580 |
Class M | 3,110,455 | 1,275,531 |
Class C | 4,348,277 | 1,818,918 |
Real Estate Income | 103,579,841 | 67,601,059 |
Class I | 115,278,699 | 55,434,062 |
Class Z | 103,503,310 | 47,353,622 |
Total | $351,750,740 | $182,301,772 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Real Estate Income Fund | ||||
Class A | ||||
Shares sold | 4,529,438 | 5,531,610 | $51,823,043 | $72,570,914 |
Reinvestment of distributions | 1,431,595 | 513,437 | 16,449,419 | 6,723,485 |
Shares redeemed | (8,310,972) | (5,497,840) | (94,422,132) | (71,617,823) |
Net increase (decrease) | (2,349,939) | 547,207 | $(26,149,670) | $7,676,576 |
Class M | ||||
Shares sold | 182,092 | 573,436 | $2,081,875 | $7,485,522 |
Reinvestment of distributions | 262,127 | 95,811 | 3,012,477 | 1,255,521 |
Shares redeemed | (910,889) | (703,618) | (10,351,315) | (9,213,383) |
Net increase (decrease) | (466,670) | (34,371) | $(5,256,963) | $(472,340) |
Class C | ||||
Shares sold | 229,563 | 795,990 | $2,595,406 | $10,421,747 |
Reinvestment of distributions | 375,961 | 137,493 | 4,260,263 | 1,780,331 |
Shares redeemed | (2,780,448) | (2,761,921) | (31,102,886) | (35,374,652) |
Net increase (decrease) | (2,174,924) | (1,828,438) | $(24,247,217) | $(23,172,574) |
Real Estate Income | ||||
Shares sold | 14,381,485 | 45,578,678 | $165,460,169 | $609,828,801 |
Reinvestment of distributions | 7,887,949 | 4,627,906 | 91,324,900 | 61,214,036 |
Shares redeemed | (60,597,988) | (104,743,578) | (708,964,361) | (1,345,838,761) |
Net increase (decrease) | (38,328,554) | (54,536,994) | $(452,179,292) | $(674,795,924) |
Class I | ||||
Shares sold | 30,191,122 | 51,885,027 | $345,734,833 | $688,287,283 |
Reinvestment of distributions | 9,257,182 | 3,827,145 | 106,675,182 | 50,268,241 |
Shares redeemed | (73,751,513) | (109,053,815) | (837,783,994) | (1,441,761,631) |
Net increase (decrease) | (34,303,209) | (53,341,643) | $(385,373,979) | $(703,206,107) |
Class Z | ||||
Shares sold | 30,444,095 | 110,101,188 | $349,094,163 | $1,472,830,240 |
Reinvestment of distributions | 8,001,421 | 3,202,845 | 91,968,427 | 42,119,423 |
Shares redeemed | (33,595,613) | (53,304,114) | (386,638,028) | (703,496,787) |
Net increase (decrease) | 4,849,903 | 59,999,919 | $54,424,562 | $811,452,876 |
Strategic Advisers Fidelity Core Income Fund | |
Fidelity Real Estate Income Fund | 22% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Real Estate Income Fund | ||||||||||
Class A | .98% | |||||||||
Actual | $ 1,000 | $ 989.40 | $ 4.83 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.93 | $ 4.91 | |||||||
Class M | 1.00% | |||||||||
Actual | $ 1,000 | $ 989.30 | $ 4.93 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.84 | $ 5.01 | |||||||
Class C | 1.74% | |||||||||
Actual | $ 1,000 | $ 985.40 | $ 8.57 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.17 | $ 8.70 | |||||||
Fidelity® Real Estate Income Fund | .72% | |||||||||
Actual | $ 1,000 | $ 990.70 | $ 3.55 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.22 | $ 3.61 | |||||||
Class I | .72% | |||||||||
Actual | $ 1,000 | $ 990.60 | $ 3.55 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.22 | $ 3.61 | |||||||
Class Z | .60% | |||||||||
Actual | $ 1,000 | $ 991.40 | $ 2.96 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.82 | $ 3.01 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® OTC Portfolio | 21.63% | 14.73% | 16.72% |
Class K | 21.71% | 14.84% | 16.85% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® OTC Portfolio, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Apple, Inc. | 13.6 | |
Microsoft Corp. | 11.6 | |
Amazon.com, Inc. | 7.7 | |
Alphabet, Inc. Class A | 6.4 | |
Meta Platforms, Inc. Class A | 4.5 | |
NVIDIA Corp. | 4.5 | |
Alphabet, Inc. Class C | 3.2 | |
Marvell Technology, Inc. | 2.6 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2.4 | |
Comcast Corp. Class A | 1.9 | |
58.4 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 43.6 | |
Communication Services | 20.7 | |
Consumer Discretionary | 14.1 | |
Health Care | 5.7 | |
Energy | 5.4 | |
Consumer Staples | 3.9 | |
Financials | 3.7 | |
Industrials | 2.7 | |
Real Estate | 0.0 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.2% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 20.0% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry Group Holdings, Inc. Class A (a)(b) | 331,308 | 0 | |
Entertainment - 1.8% | |||
Activision Blizzard, Inc. | 641,363 | 59,493 | |
Electronic Arts, Inc. | 2,318 | 316 | |
NetEase, Inc. ADR | 14,571 | 1,584 | |
Netflix, Inc. (a) | 917,871 | 402,918 | |
Take-Two Interactive Software, Inc. (a) | 11,474 | 1,755 | |
466,066 | |||
Interactive Media & Services - 14.8% | |||
Alphabet, Inc.: | |||
Class A (a) | 12,288,014 | 1,630,865 | |
Class C (a) | 6,181,601 | 822,833 | |
Epic Games, Inc. (a)(c)(d) | 77,600 | 54,190 | |
Match Group, Inc. (a) | 230,565 | 10,724 | |
Meta Platforms, Inc. Class A (a) | 3,616,509 | 1,152,220 | |
Snap, Inc. Class A (a) | 1,212,300 | 13,772 | |
Tencent Holdings Ltd. sponsored ADR | 893,226 | 41,035 | |
Vimeo, Inc. (a) | 280,690 | 1,156 | |
Yandex NV Series A (a)(d) | 2,813,567 | 33,763 | |
3,760,558 | |||
Media - 3.4% | |||
Charter Communications, Inc. Class A (a) | 947,639 | 383,974 | |
Comcast Corp. Class A | 10,391,439 | 470,317 | |
854,291 | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. (a) | 90,500 | 12,468 | |
TOTAL COMMUNICATION SERVICES | 5,093,383 | ||
CONSUMER DISCRETIONARY - 14.0% | |||
Automobiles - 0.1% | |||
Rivian Automotive, Inc. (a) | 12,976 | 359 | |
Tesla, Inc. (a) | 90,325 | 24,156 | |
24,515 | |||
Broadline Retail - 7.8% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 6,312 | 645 | |
Amazon.com, Inc. (a) | 14,691,383 | 1,963,944 | |
ContextLogic, Inc. (a)(b) | 4,887 | 46 | |
Etsy, Inc. (a) | 136,437 | 13,869 | |
Global-e Online Ltd. (a) | 248,592 | 11,199 | |
JD.com, Inc. Class A | 8,560 | 177 | |
1,989,880 | |||
Hotels, Restaurants & Leisure - 0.9% | |||
Airbnb, Inc. Class A (a) | 18,969 | 2,887 | |
Churchill Downs, Inc. | 1,338,096 | 155,018 | |
Domino's Pizza, Inc. | 28,529 | 11,319 | |
Hilton Worldwide Holdings, Inc. | 76,465 | 11,890 | |
Marriott International, Inc. Class A | 42,424 | 8,562 | |
Meituan Class B (a)(e) | 756,723 | 14,446 | |
Vail Resorts, Inc. | 19,810 | 4,665 | |
Wynn Resorts Ltd. | 121,571 | 13,249 | |
Zomato Ltd. (a) | 7,745,200 | 7,920 | |
229,956 | |||
Specialty Retail - 2.7% | |||
Five Below, Inc. (a) | 904,331 | 188,408 | |
Lowe's Companies, Inc. | 920,517 | 215,650 | |
Ross Stores, Inc. | 2,295,108 | 263,111 | |
thredUP, Inc. (a) | 86,404 | 304 | |
TJX Companies, Inc. | 195,054 | 16,878 | |
684,351 | |||
Textiles, Apparel & Luxury Goods - 2.5% | |||
Figs, Inc. Class A (a) | 44,994 | 331 | |
Kontoor Brands, Inc. | 5,808 | 246 | |
lululemon athletica, Inc. (a) | 968,765 | 366,707 | |
LVMH Moet Hennessy Louis Vuitton SE | 258,490 | 240,077 | |
NIKE, Inc. Class B | 162,478 | 17,936 | |
625,297 | |||
TOTAL CONSUMER DISCRETIONARY | 3,553,999 | ||
CONSUMER STAPLES - 3.9% | |||
Beverages - 2.5% | |||
Diageo PLC | 2,675,855 | 116,780 | |
Keurig Dr. Pepper, Inc. | 6,933,076 | 235,794 | |
Monster Beverage Corp. | 4,732,923 | 272,096 | |
624,670 | |||
Consumer Staples Distribution & Retail - 0.4% | |||
Costco Wholesale Corp. | 120,545 | 67,586 | |
Dollar Tree, Inc. (a) | 286,874 | 44,273 | |
111,859 | |||
Food Products - 1.0% | |||
Mondelez International, Inc. | 3,357,555 | 248,896 | |
Personal Care Products - 0.0% | |||
The Honest Co., Inc. (a) | 157,592 | 238 | |
TOTAL CONSUMER STAPLES | 985,663 | ||
ENERGY - 5.4% | |||
Energy Equipment & Services - 1.6% | |||
Halliburton Co. | 3,004,989 | 117,435 | |
Schlumberger Ltd. | 4,407,894 | 257,157 | |
TGS ASA ADR | 2,320,262 | 30,929 | |
405,521 | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Cenovus Energy, Inc. (Canada) | 164,955 | 3,137 | |
Diamondback Energy, Inc. | 1,011,618 | 149,032 | |
EOG Resources, Inc. | 13,680 | 1,813 | |
Exxon Mobil Corp. | 1,351,949 | 144,983 | |
Hess Corp. | 1,053,469 | 159,843 | |
Reliance Industries Ltd. | 12,375,617 | 383,616 | |
Reliance Industries Ltd. GDR (e) | 1,775,932 | 110,996 | |
953,420 | |||
TOTAL ENERGY | 1,358,941 | ||
FINANCIALS - 3.3% | |||
Banks - 1.7% | |||
Bank of America Corp. | 1,937,630 | 62,004 | |
Fifth Third Bancorp | 2,938,105 | 85,499 | |
Huntington Bancshares, Inc. | 12,866,893 | 157,491 | |
M&T Bank Corp. | 94,200 | 13,175 | |
U.S. Bancorp | 913,245 | 36,238 | |
Wells Fargo & Co. | 1,542,088 | 71,183 | |
Wintrust Financial Corp. | 43,763 | 3,692 | |
429,282 | |||
Capital Markets - 0.0% | |||
S&P Global, Inc. | 679 | 268 | |
Financial Services - 1.6% | |||
Ant International Co. Ltd. Class C (a)(c)(d) | 10,036,067 | 18,868 | |
Jio Financial Services Ltd. (d) | 12,375,617 | 39,404 | |
MasterCard, Inc. Class A | 843,390 | 332,532 | |
PayPal Holdings, Inc. (a) | 170,153 | 12,901 | |
403,705 | |||
TOTAL FINANCIALS | 833,255 | ||
HEALTH CARE - 5.7% | |||
Biotechnology - 2.3% | |||
Alnylam Pharmaceuticals, Inc. (a) | 1,134,921 | 221,764 | |
Amgen, Inc. | 495,067 | 115,920 | |
Arcutis Biotherapeutics, Inc. (a) | 832,188 | 9,079 | |
Ascendis Pharma A/S sponsored ADR (a) | 271,220 | 24,450 | |
GenSight Biologics SA (a)(b) | 211,791 | 160 | |
Ionis Pharmaceuticals, Inc. (a) | 31,614 | 1,310 | |
Regeneron Pharmaceuticals, Inc. (a) | 95,059 | 70,525 | |
Trevena, Inc. (a)(b) | 17,806 | 18 | |
Vertex Pharmaceuticals, Inc. (a) | 392,620 | 138,336 | |
581,562 | |||
Health Care Equipment & Supplies - 1.1% | |||
DexCom, Inc. (a) | 598,063 | 74,495 | |
Insulet Corp. (a) | 736,469 | 203,818 | |
Neuronetics, Inc. (a) | 38,510 | 76 | |
Outset Medical, Inc. (a) | 39,921 | 822 | |
Pulmonx Corp. (a) | 26,049 | 365 | |
Tandem Diabetes Care, Inc. (a) | 191,234 | 6,678 | |
286,254 | |||
Health Care Providers & Services - 0.9% | |||
agilon health, Inc. (a) | 433,071 | 8,293 | |
Cigna Group | 74,834 | 22,084 | |
Guardant Health, Inc. (a) | 2,082,122 | 81,244 | |
Humana, Inc. | 250,854 | 114,598 | |
226,219 | |||
Health Care Technology - 0.0% | |||
Certara, Inc. (a) | 222,626 | 4,335 | |
Life Sciences Tools & Services - 0.9% | |||
10X Genomics, Inc. (a) | 285,175 | 17,960 | |
Bruker Corp. | 2,427,419 | 166,812 | |
Danaher Corp. | 47,700 | 12,166 | |
Illumina, Inc. (a) | 38,780 | 7,452 | |
Olink Holding AB ADR (a) | 1,009,360 | 19,178 | |
Seer, Inc. (a) | 587,199 | 2,971 | |
Thermo Fisher Scientific, Inc. | 21,900 | 12,016 | |
238,555 | |||
Pharmaceuticals - 0.5% | |||
AstraZeneca PLC sponsored ADR | 1,678,023 | 120,314 | |
Elanco Animal Health, Inc. (a) | 88,545 | 1,069 | |
TherapeuticsMD, Inc. (a)(b) | 6,826 | 28 | |
121,411 | |||
TOTAL HEALTH CARE | 1,458,336 | ||
INDUSTRIALS - 2.3% | |||
Aerospace & Defense - 0.7% | |||
Space Exploration Technologies Corp.: | |||
Class A (a)(c)(d) | 2,034,880 | 164,825 | |
Class C (a)(c)(d) | 70,920 | 5,745 | |
170,570 | |||
Electrical Equipment - 0.2% | |||
Vertiv Holdings Co. | 2,269,000 | 59,017 | |
Ground Transportation - 0.3% | |||
Canadian Pacific Kansas City Ltd. | 148,928 | 12,255 | |
CSX Corp. | 285,633 | 9,517 | |
Uber Technologies, Inc. (a) | 1,333,100 | 65,935 | |
87,707 | |||
Passenger Airlines - 0.0% | |||
Wheels Up Experience, Inc.: | |||
Class A (a)(b) | 80,274 | 190 | |
rights (a)(d) | 11,102 | 0 | |
rights (a)(d) | 11,102 | 0 | |
rights (a)(d) | 11,103 | 0 | |
190 | |||
Professional Services - 1.1% | |||
Verisk Analytics, Inc. | 1,193,756 | 273,298 | |
TOTAL INDUSTRIALS | 590,782 | ||
INFORMATION TECHNOLOGY - 43.6% | |||
Communications Equipment - 0.4% | |||
Cisco Systems, Inc. | 1,759,896 | 91,585 | |
IT Services - 0.8% | |||
EPAM Systems, Inc. (a) | 36,037 | 8,534 | |
Gartner, Inc. (a) | 366,482 | 129,584 | |
MongoDB, Inc. Class A (a) | 95,812 | 40,567 | |
Twilio, Inc. Class A (a) | 916 | 60 | |
X Holdings Corp. Class A (d) | 709,150 | 29,657 | |
208,402 | |||
Semiconductors & Semiconductor Equipment - 13.7% | |||
Advanced Micro Devices, Inc. (a) | 177,989 | 20,362 | |
Analog Devices, Inc. | 219,098 | 43,717 | |
Applied Materials, Inc. | 1,457,816 | 220,990 | |
ASML Holding NV (depository receipt) | 534,869 | 383,186 | |
Lam Research Corp. | 285,278 | 204,969 | |
Marvell Technology, Inc. | 10,286,519 | 669,961 | |
NVIDIA Corp. | 2,438,545 | 1,139,508 | |
NXP Semiconductors NV | 592,496 | 132,115 | |
Skyworks Solutions, Inc. | 93,002 | 10,637 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 6,242,092 | 618,903 | |
Texas Instruments, Inc. | 143,837 | 25,891 | |
3,470,239 | |||
Software - 14.3% | |||
Adobe, Inc. (a) | 134,344 | 73,375 | |
ANSYS, Inc. (a) | 53,106 | 18,168 | |
Atom Tickets LLC (a)(c)(d)(f) | 516,103 | 0 | |
Autodesk, Inc. (a) | 237,148 | 50,273 | |
Cadence Design Systems, Inc. (a) | 925,540 | 216,586 | |
Dropbox, Inc. Class A (a) | 191,949 | 5,173 | |
Dynatrace, Inc. (a) | 9,118 | 499 | |
Elastic NV (a) | 514,207 | 34,169 | |
Intuit, Inc. | 303,357 | 155,228 | |
Microsoft Corp. | 8,769,636 | 2,945,896 | |
Roper Technologies, Inc. | 105,500 | 52,017 | |
Salesforce, Inc. (a) | 8,549 | 1,924 | |
Stripe, Inc. Class B (a)(c)(d) | 91,800 | 1,848 | |
Synopsys, Inc. (a) | 169,195 | 76,442 | |
Workday, Inc. Class A (a) | 70,108 | 16,625 | |
3,648,223 | |||
Technology Hardware, Storage & Peripherals - 14.4% | |||
Apple, Inc. | 17,537,680 | 3,445,266 | |
Samsung Electronics Co. Ltd. | 3,727,410 | 203,623 | |
Western Digital Corp. (a) | 284,421 | 12,105 | |
3,660,994 | |||
TOTAL INFORMATION TECHNOLOGY | 11,079,443 | ||
REAL ESTATE - 0.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Equinix, Inc. | 8,060 | 6,528 | |
TOTAL COMMON STOCKS (Cost $11,278,210) | 24,960,330 | ||
Preferred Stocks - 1.3% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 1.1% | |||
COMMUNICATION SERVICES - 0.7% | |||
Interactive Media & Services - 0.7% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 130,752 | 31,348 | |
Reddit, Inc.: | |||
Series B(a)(c)(d) | 1,337,584 | 47,444 | |
Series C(a)(c)(d) | 300,673 | 10,665 | |
Series D(a)(c)(d) | 929,200 | 32,959 | |
Series E(a)(c)(d) | 33,800 | 1,199 | |
Series F(a)(c)(d) | 1,250,100 | 44,341 | |
167,956 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(c)(d) | 3,300 | 1,068 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (a)(c)(d) | 391,560 | 8,814 | |
INDUSTRIALS - 0.4% | |||
Aerospace & Defense - 0.4% | |||
Space Exploration Technologies Corp.: | |||
Series G(a)(c)(d) | 62,037 | 50,250 | |
Series H(a)(c)(d) | 65,670 | 53,193 | |
103,443 | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Stripe, Inc. Series H (a)(c)(d) | 315,830 | 6,358 | |
Tenstorrent, Inc. Series C1 (a)(c)(d) | 41,000 | 2,531 | |
8,889 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 290,170 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Waymo LLC: | |||
Series A2(a)(c)(d) | 103,940 | 5,622 | |
Series B2(a)(c)(d) | 178,470 | 10,060 | |
15,682 | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (a)(c)(d) | 1,272,556 | 28,645 | |
HEALTH CARE - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(c)(d) | 30,303 | 6,191 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 50,518 | ||
TOTAL PREFERRED STOCKS (Cost $239,953) | 340,688 | ||
Convertible Bonds - 0.3% | |||
Principal Amount (g) (000s) | Value ($) (000s) | ||
FINANCIALS - 0.3% | |||
Capital Markets - 0.3% | |||
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $66,052) | 88,901 | 68,046 | |
Preferred Securities - 0.0% | |||
Principal Amount (g) (000s) | Value ($) (000s) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Tenstorrent, Inc. 0% (c)(d)(h) (Cost $2,280) | 2,280 | 2,367 | |
Money Market Funds - 0.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.32% (i) | 95,630,208 | 95,649 | |
Fidelity Securities Lending Cash Central Fund 5.32% (i)(j) | 410,678 | 411 | |
TOTAL MONEY MARKET FUNDS (Cost $96,060) | 96,060 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% (Cost $11,682,555) | 25,467,491 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (40,749) |
NET ASSETS - 100.0% | 25,426,742 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $588,531,000 or 2.3% of net assets. |
(d) | Level 3 security |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $125,442,000 or 0.5% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Security is perpetual in nature with no stated maturity date. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
Ant International Co. Ltd. Class C | 5/16/18 | 38,251 |
Atom Tickets LLC | 8/15/17 | 3,000 |
ByteDance Ltd. Series E1 | 11/18/20 | 14,327 |
Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | 10,011 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 20,654 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 16,500 |
Discord, Inc. Series I | 9/15/21 | 1,817 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | 61,546 |
Reddit, Inc. Series B | 7/26/17 | 18,989 |
Reddit, Inc. Series C | 7/24/17 | 4,743 |
Reddit, Inc. Series D | 2/04/19 | 20,151 |
Reddit, Inc. Series E | 5/18/21 | 1,436 |
Reddit, Inc. Series F | 8/11/21 | 77,249 |
Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | 21,156 |
Space Exploration Technologies Corp. Class C | 9/11/17 | 957 |
Space Exploration Technologies Corp. Series G | 1/20/15 | 4,805 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 8,865 |
Stripe, Inc. Class B | 5/18/21 | 3,684 |
Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 12,673 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 2,438 |
Tenstorrent, Inc. 0% | 4/23/21 | 2,280 |
Waymo LLC Series A2 | 5/08/20 | 8,925 |
Waymo LLC Series B2 | 6/11/21 | 16,370 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 214,599 | 1,546,351 | 1,665,301 | 2,563 | - | - | 95,649 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.32% | 148,107 | 1,163,993 | 1,311,689 | 1,996 | - | - | 411 | 0.0% |
Total | 362,706 | 2,710,344 | 2,976,990 | 4,559 | - | - | 96,060 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Nanostring Technologies, Inc. | 31,085 | - | 22,083 | - | (76,619) | 67,617 | - |
Total | 31,085 | - | 22,083 | - | (76,619) | 67,617 | - |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 5,261,339 | 5,005,430 | - | 255,909 |
Consumer Discretionary | 3,570,749 | 3,299,299 | 254,700 | 16,750 |
Consumer Staples | 985,663 | 868,883 | 116,780 | - |
Energy | 1,358,941 | 1,358,941 | - | - |
Financials | 870,714 | 774,983 | - | 95,731 |
Health Care | 1,464,527 | 1,458,336 | - | 6,191 |
Industrials | 694,225 | 420,212 | - | 274,013 |
Information Technology | 11,088,332 | 11,047,938 | - | 40,394 |
Real Estate | 6,528 | 6,528 | - | - |
Corporate Bonds | 68,046 | - | 68,046 | - |
Preferred Securities | 2,367 | - | - | 2,367 |
Money Market Funds | 96,060 | 96,060 | - | - |
Total Investments in Securities: | 25,467,491 | 24,336,610 | 439,526 | 691,355 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Communication Services | |||
Beginning Balance | $ | 161,163 | |
Net Realized Gain (Loss) on Investment Securities | 2,165 | ||
Net Unrealized Gain (Loss) on Investment Securities | 99,521 | ||
Cost of Purchases | - | ||
Proceeds of Sales | (6,940) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 255,909 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | 2,329 | |
Industrials | |||
Beginning Balance | $ | 236,816 | |
Net Realized Gain (Loss) on Investment Securities | (6) | ||
Net Unrealized Gain (Loss) on Investment Securities | 37,236 | ||
Cost of Purchases | - | ||
Proceeds of Sales | (33) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 274,013 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | 37,166 | |
Other Investments in Securities | |||
Beginning Balance | $ | 150,405 | |
Net Realized Gain (Loss) on Investment Securities | 149 | ||
Net Unrealized Gain (Loss) on Investment Securities | (169,344) | ||
Cost of Purchases | 29,323 | ||
Proceeds of Sales | (149) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 151,049 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 161,433 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (72,082) | |
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) | July 31, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $336) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $11,586,495) | $ | 25,371,431 | ||
Fidelity Central Funds (cost $96,060) | 96,060 | |||
Total Investment in Securities (cost $11,682,555) | $ | 25,467,491 | ||
Cash | 18 | |||
Receivable for investments sold | 39,089 | |||
Receivable for fund shares sold | 13,584 | |||
Dividends receivable | 2,933 | |||
Interest receivable | 74 | |||
Distributions receivable from Fidelity Central Funds | 638 | |||
Prepaid expenses | 45 | |||
Other receivables | 469 | |||
Total assets | 25,524,341 | |||
Liabilities | ||||
Payable for investments purchased | $ | 48,752 | ||
Payable for fund shares redeemed | 10,424 | |||
Accrued management fee | 12,386 | |||
Other affiliated payables | 2,328 | |||
Deferred taxes | 22,732 | |||
Other payables and accrued expenses | 590 | |||
Collateral on securities loaned | 387 | |||
Total Liabilities | 97,599 | |||
Net Assets | $ | 25,426,742 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 12,056,719 | ||
Total accumulated earnings (loss) | 13,370,023 | |||
Net Assets | $ | 25,426,742 | ||
Net Asset Value and Maximum Offering Price | ||||
OTC : | ||||
Net Asset Value, offering price and redemption price per share ($18,890,289 ÷ 1,092,471 shares) | $ | 17.29 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($6,536,453 ÷ 369,517 shares) | $ | 17.69 |
Statement of Operations | ||||
Amounts in thousands | Year ended July 31, 2023 | |||
Investment Income | ||||
Dividends | $ | 164,544 | ||
Interest | 6,964 | |||
Income from Fidelity Central Funds (including $1,996 from security lending) | 4,559 | |||
Total Income | 176,067 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 124,802 | ||
Performance adjustment | 14,371 | |||
Transfer agent fees | 24,214 | |||
Accounting fees | 1,642 | |||
Custodian fees and expenses | 300 | |||
Independent trustees' fees and expenses | 112 | |||
Registration fees | 135 | |||
Audit | 116 | |||
Legal | 27 | |||
Interest | 144 | |||
Miscellaneous | 130 | |||
Total expenses before reductions | 165,993 | |||
Expense reductions | (1,132) | |||
Total expenses after reductions | 164,861 | |||
Net Investment income (loss) | 11,206 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $1,065) | (86,563) | |||
Redemptions in-kind | 80,520 | |||
Affiliated issuers | (76,619) | |||
Foreign currency transactions | (285) | |||
Total net realized gain (loss) | (82,947) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $4,153) | 4,477,257 | |||
Affiliated issuers | 67,617 | |||
Unfunded commitments | 2,381 | |||
Assets and liabilities in foreign currencies | 28 | |||
Total change in net unrealized appreciation (depreciation) | 4,547,283 | |||
Net gain (loss) | 4,464,336 | |||
Net increase (decrease) in net assets resulting from operations | $ | 4,475,542 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended July 31, 2023 | Year ended July 31, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 11,206 | $ | (96,304) |
Net realized gain (loss) | (82,947) | 1,601,620 | ||
Change in net unrealized appreciation (depreciation) | 4,547,283 | (7,437,027) | ||
Net increase (decrease) in net assets resulting from operations | 4,475,542 | (5,931,711) | ||
Distributions to shareholders | (782,062) | (3,357,390) | ||
Share transactions - net increase (decrease) | (600,071) | 1,278,068 | ||
Total increase (decrease) in net assets | 3,093,409 | (8,011,033) | ||
Net Assets | ||||
Beginning of period | 22,333,333 | 30,344,366 | ||
End of period | $ | 25,426,742 | $ | 22,333,333 |
Fidelity® OTC Portfolio |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 14.74 | $ | 20.67 | $ | 15.61 | $ | 12.45 | $ | 12.50 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | - C | (.07) | (.06) | (.01) | (.01) | |||||
Net realized and unrealized gain (loss) | 3.07 | (3.60) | 6.21 | 4.14 | .75 | |||||
Total from investment operations | 3.07 | (3.67) | 6.15 | 4.13 | .74 | |||||
Distributions from net investment income | - | - | (.01) | - | - | |||||
Distributions from net realized gain | (.52) | (2.26) | (1.08) | (.97) | (.79) | |||||
Total distributions | (.52) | (2.26) | (1.09) | (.97) | (.79) | |||||
Net asset value, end of period | $ | 17.29 | $ | 14.74 | $ | 20.67 | $ | 15.61 | $ | 12.45 |
Total Return D | 21.63% | (20.30)% | 41.90% | 35.79% | 6.43% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .79% | .81% | .80% | .87% | .88% | |||||
Expenses net of fee waivers, if any | .79% | .81% | .80% | .87% | .88% | |||||
Expenses net of all reductions | .78% | .81% | .80% | .87% | .88% | |||||
Net investment income (loss) | .03% | (.37)% | (.33)% | (.07)% | (.10)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 18,890 | $ | 16,626 | $ | 22,273 | $ | 16,817 | $ | 13,166 |
Portfolio turnover rate G,H | 15% | 32% | 28% | 48% | 34% |
Fidelity® OTC Portfolio Class K |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.06 | $ | 21.06 | $ | 15.88 | $ | 12.64 | $ | 12.67 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .02 | (.05) | (.05) | - C | - C | |||||
Net realized and unrealized gain (loss) | 3.13 | (3.68) | 6.33 | 4.21 | .76 | |||||
Total from investment operations | 3.15 | (3.73) | 6.28 | 4.21 | .76 | |||||
Distributions from net investment income | - | - | (.01) | - C | - | |||||
Distributions from net realized gain | (.52) | (2.27) | (1.09) | (.97) | (.79) | |||||
Total distributions | (.52) | (2.27) | (1.10) | (.97) | (.79) | |||||
Net asset value, end of period | $ | 17.69 | $ | 15.06 | $ | 21.06 | $ | 15.88 | $ | 12.64 |
Total Return D | 21.71% | (20.21)% | 42.05% | 35.94% | 6.50% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .70% | .73% | .72% | .78% | .79% | |||||
Expenses net of fee waivers, if any | .69% | .73% | .71% | .78% | .79% | |||||
Expenses net of all reductions | .69% | .73% | .71% | .78% | .78% | |||||
Net investment income (loss) | .12% | (.29)% | (.25)% | .03% | (.01)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 6,536 | $ | 5,707 | $ | 8,072 | $ | 7,074 | $ | 6,752 |
Portfolio turnover rate G,H | 15% | 32% | 28% | 48% | 34% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $688,988 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 13.4 - 13.8 / 13.5 | Increase |
Enterprise value/Revenue multiple (EV/R) | 3.2 - 20.0 / 7.0 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $59.45 - $215.03 / $119.66 | Increase | ||
Discount rate | 20.0% - 40.0% / 26.3% | Decrease | |||
Parity price | $3.18 | Increase | |||
Premium rate | 20.0% | Increase | |||
Book value | Book value multiple | 1.7 | Increase | ||
Black scholes | Discount rate | 4.1% - 4.7% / 4.3% | Increase | ||
Volatility | 70.0% - 85.0% / 80.2% | Increase | |||
Term | 2.0 - 5.0 / 4.2 | Increase | |||
Preferred Securities | $2,367 | Market approach | Transaction price | $59.45 | Increase |
Premium rate | 20.0% | Increase | |||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 2.0 | Increase |
Fidelity OTC Portfolio | $446 |
Gross unrealized appreciation | $14,329,006 |
Gross unrealized depreciation | (664,805) |
Net unrealized appreciation (depreciation) | $13,664,201 |
Tax Cost | $11,803,290 |
Capital loss carryforward | $(271,114) |
Net unrealized appreciation (depreciation) on securities and other investments | $13,664,192 |
Short-term | $(150,119) |
Long-term | (120,995) |
Total capital loss carryforward | $(271,114) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $- | $ 1,171,743 |
Long-term Capital Gains | 782,062 | 2,185,647 |
Total | $782,062 | $ 3,357,390 |
$ Amount | % of Net Assets | |
Fidelity OTC Portfolio | -A | -B |
Purchases ($) | Sales ($) | |
Fidelity OTC Portfolio | 3,309,046 | 4,519,185 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity OTC Portfolio | 8,690 | 80,520 | 126,282 | Class K |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity OTC Portfolio | 8,242 | 94,841 | 144,799 | Class K |
Amount | % of Class-Level Average Net Assets | |
OTC | $21,869 | .14 |
Class K | 2,345 | .04 |
$24,214 |
% of Average Net Assets | |
Fidelity OTC Portfolio | .01 |
Amount | |
Fidelity OTC Portfolio | $71 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity OTC Portfolio | Borrower | $12,310 | 4.09% | $138 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity OTC Portfolio | 291,328 | 226,527 | (24,302) |
Amount | |
Fidelity OTC Portfolio | $50 |
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 OTC Portfolio | $213 | $3 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity OTC Portfolio | $7,282 | 3.57% | $6 |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity OTC Portfolio | ||
Distributions to shareholders | ||
OTC | $584,667 | $2,483,169 |
Class K | 197,395 | 874,221 |
Total | $782,062 | $3,357,390 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity OTC Portfolio | ||||
OTC | ||||
Shares sold | 80,927 | 125,949 | $1,192,342 | $2,274,041 |
Reinvestment of distributions | 38,691 | 119,609 | 545,928 | 2,344,237 |
Shares redeemed | (154,879) | (195,138) | (2,208,386) | (3,377,430) |
Net increase (decrease) | (35,261) | 50,420 | $(470,116) | $1,240,848 |
Class K | ||||
Shares sold | 22,556 | 23,252 | $339,915 | $425,759 |
Reinvestment of distributions | 13,689 | 43,712 | 197,395 | 874,221 |
Shares redeemed | (45,781) | (71,161) | (667,265) | (1,262,760) |
Net increase (decrease) | (9,536) | (4,197) | $(129,955) | $37,220 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® OTC Portfolio | ||||||||||
Fidelity® OTC Portfolio | .78% | |||||||||
Actual | $ 1,000 | $ 1,234.10 | $ 4.32 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.93 | $ 3.91 | |||||||
Class K | .69% | |||||||||
Actual | $ 1,000 | $ 1,234.50 | $ 3.82 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.46 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | 3.30% | 6.30% | 10.72% |
Class M (incl. 3.50% sales charge) | 5.52% | 6.52% | 10.68% |
Class C (incl. contingent deferred sales charge) | 7.78% | 6.75% | 10.68% |
Fidelity® Small Cap Growth Fund | 9.92% | 7.86% | 11.68% |
Class I | 9.88% | 7.85% | 11.67% |
Class Z | 10.06% | 7.99% | 11.78% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Growth Fund, a class of the fund, on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Growth Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
CACI International, Inc. Class A | 1.3 | |
KBR, Inc. | 1.0 | |
EMCOR Group, Inc. | 1.1 | |
Fanatics, Inc. Class A | 1.0 | |
Applied Industrial Technologies, Inc. | 1.0 | |
Haemonetics Corp. | 1.0 | |
Axcelis Technologies, Inc. | 1.0 | |
Dynatrace, Inc. | 1.0 | |
TransMedics Group, Inc. | 1.0 | |
Mueller Industries, Inc. | 0.9 | |
10.3 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 25.0 | |
Industrials | 22.8 | |
Information Technology | 19.3 | |
Consumer Discretionary | 12.5 | |
Materials | 5.1 | |
Consumer Staples | 4.7 | |
Energy | 4.4 | |
Financials | 4.3 | |
Communication Services | 1.7 | |
Real Estate | 0.6 | |
Asset Allocation (% of Fund's net assets) |
Short-Term Investments and Net Other Assets (Liabilities) - (0.4)% |
Common Stocks - 98.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.5% | |||
Interactive Media & Services - 0.6% | |||
Cars.com, Inc. (a) | 1,502,129 | 34,263,562 | |
Media - 0.5% | |||
Integral Ad Science Holding Corp. (a) | 846,755 | 17,654,842 | |
TechTarget, Inc. (a) | 262,771 | 8,534,802 | |
26,189,644 | |||
Wireless Telecommunication Services - 0.4% | |||
Gogo, Inc. (a) | 1,637,551 | 24,677,894 | |
TOTAL COMMUNICATION SERVICES | 85,131,100 | ||
CONSUMER DISCRETIONARY - 12.5% | |||
Automobile Components - 0.6% | |||
Autoliv, Inc. | 262,336 | 26,477,572 | |
Gentherm, Inc. (a) | 106,938 | 6,391,684 | |
32,869,256 | |||
Diversified Consumer Services - 1.8% | |||
Duolingo, Inc. (a) | 202,106 | 31,364,830 | |
Grand Canyon Education, Inc. (a) | 140,566 | 15,258,439 | |
H&R Block, Inc. | 607,729 | 20,425,772 | |
OneSpaWorld Holdings Ltd. (a) | 1,062,828 | 13,652,026 | |
Rover Group, Inc. Class A (a)(b) | 3,627,734 | 19,879,982 | |
100,581,049 | |||
Hotels, Restaurants & Leisure - 2.5% | |||
Brinker International, Inc. (a) | 904,258 | 35,519,254 | |
GEN Restaurant Group, Inc. | 40,270 | 802,581 | |
Kura Sushi U.S.A., Inc. Class A (a)(c) | 261,335 | 26,005,446 | |
Lindblad Expeditions Holdings (a) | 1,196,875 | 14,147,063 | |
Red Rock Resorts, Inc. | 401,407 | 19,468,240 | |
SeaWorld Entertainment, Inc. (a) | 554,800 | 30,719,276 | |
Sportradar Holding AG (a) | 657,500 | 9,684,975 | |
136,346,835 | |||
Household Durables - 2.3% | |||
Helen of Troy Ltd. (a)(c) | 251,688 | 35,563,514 | |
KB Home | 493,673 | 26,643,532 | |
LGI Homes, Inc. (a) | 215,225 | 29,862,469 | |
Lovesac (a)(b)(c) | 1,099,171 | 32,183,727 | |
124,253,242 | |||
Leisure Products - 0.2% | |||
YETI Holdings, Inc. (a)(c) | 253,206 | 10,786,576 | |
Specialty Retail - 4.1% | |||
Aritzia, Inc. (a) | 532,533 | 10,132,524 | |
BARK, Inc. warrants 8/29/25 (a) | 565,369 | 73,498 | |
Boot Barn Holdings, Inc. (a) | 307,276 | 28,853,216 | |
Dick's Sporting Goods, Inc. | 177,496 | 25,026,936 | |
Fanatics, Inc. Class A (a)(d)(e) | 726,062 | 56,908,740 | |
Floor & Decor Holdings, Inc. Class A (a)(c) | 184,989 | 21,245,987 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 31,430 | 9,759,958 | |
Murphy U.S.A., Inc. | 125,836 | 38,635,427 | |
Musti Group OYJ | 476,560 | 9,347,763 | |
thredUP, Inc. (a)(c) | 2,058,032 | 7,244,273 | |
Valvoline, Inc. (c) | 513,971 | 19,515,479 | |
226,743,801 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
Crocs, Inc. (a) | 241,852 | 26,204,664 | |
Kontoor Brands, Inc. | 604,336 | 25,599,673 | |
51,804,337 | |||
TOTAL CONSUMER DISCRETIONARY | 683,385,096 | ||
CONSUMER STAPLES - 4.7% | |||
Beverages - 0.8% | |||
Boston Beer Co., Inc. Class A (a) | 77,135 | 28,651,024 | |
The Vita Coco Co., Inc. (a) | 660,491 | 17,450,172 | |
46,101,196 | |||
Consumer Staples Distribution & Retail - 2.7% | |||
Casey's General Stores, Inc. | 73,844 | 18,657,425 | |
Performance Food Group Co. (a) | 794,990 | 47,508,602 | |
Sprouts Farmers Market LLC (a) | 975,913 | 38,304,585 | |
U.S. Foods Holding Corp. (a) | 996,091 | 42,562,968 | |
147,033,580 | |||
Food Products - 0.6% | |||
Nomad Foods Ltd. (a) | 1,061,136 | 18,866,998 | |
Sovos Brands, Inc. (a) | 759,269 | 13,514,988 | |
The Real Good Food Co. LLC: | |||
Class B (a)(e) | 248,558 | 2 | |
Class B unit (a)(f) | 248,558 | 1,043,944 | |
The Real Good Food Co., Inc. (a) | 400 | 1,680 | |
33,427,612 | |||
Personal Care Products - 0.6% | |||
BellRing Brands, Inc. (a) | 931,599 | 33,490,984 | |
TOTAL CONSUMER STAPLES | 260,053,372 | ||
ENERGY - 4.4% | |||
Energy Equipment & Services - 2.5% | |||
Cactus, Inc. | 124,700 | 6,332,266 | |
Championx Corp. | 524,128 | 18,658,957 | |
Expro Group Holdings NV (a) | 134,327 | 2,980,716 | |
Liberty Oilfield Services, Inc. Class A | 1,569,990 | 25,857,735 | |
Nextier Oilfield Solutions, Inc. (a) | 1,748,976 | 20,847,794 | |
TechnipFMC PLC | 2,229,545 | 40,889,855 | |
Weatherford International PLC (a) | 215,646 | 17,920,183 | |
133,487,506 | |||
Oil, Gas & Consumable Fuels - 1.9% | |||
Antero Resources Corp. (a) | 778,933 | 20,836,458 | |
Civitas Resources, Inc. | 143,357 | 10,731,705 | |
Genesis Energy LP | 681,198 | 6,668,928 | |
Northern Oil & Gas, Inc. (c) | 1,197,573 | 47,148,449 | |
Range Resources Corp. | 648,473 | 20,381,506 | |
105,767,046 | |||
TOTAL ENERGY | 239,254,552 | ||
FINANCIALS - 4.3% | |||
Banks - 0.6% | |||
First Interstate Bancsystem, Inc. | 268,679 | 7,719,148 | |
Pinnacle Financial Partners, Inc. | 197,945 | 15,024,026 | |
Starling Bank Ltd. Series D (a)(d)(e) | 1,942,800 | 8,701,590 | |
31,444,764 | |||
Capital Markets - 1.0% | |||
Lazard Ltd. Class A | 371,302 | 13,032,700 | |
Perella Weinberg Partners (d) | 2,039,500 | 20,150,260 | |
StepStone Group, Inc. Class A | 724,574 | 20,338,792 | |
53,521,752 | |||
Consumer Finance - 0.8% | |||
NerdWallet, Inc. (a) | 550,700 | 6,173,347 | |
OneMain Holdings, Inc. | 338,025 | 15,373,377 | |
PROG Holdings, Inc. (a) | 575,919 | 23,370,793 | |
44,917,517 | |||
Financial Services - 1.3% | |||
Flywire Corp. (a) | 465,798 | 15,902,344 | |
Remitly Global, Inc. (a) | 1,741,747 | 33,580,882 | |
Walker & Dunlop, Inc. | 248,074 | 22,569,773 | |
72,052,999 | |||
Insurance - 0.6% | |||
BRP Group, Inc. (a) | 1,102,825 | 27,471,371 | |
Selective Insurance Group, Inc. | 50,055 | 5,165,175 | |
32,636,546 | |||
TOTAL FINANCIALS | 234,573,578 | ||
HEALTH CARE - 24.4% | |||
Biotechnology - 7.7% | |||
Absci Corp. (a)(c) | 810,335 | 1,782,737 | |
Alkermes PLC (a) | 308,300 | 9,027,024 | |
Allogene Therapeutics, Inc. (a) | 1,580,500 | 7,839,280 | |
ALX Oncology Holdings, Inc. (a) | 780,654 | 4,769,796 | |
Arcellx, Inc. (a) | 384,250 | 13,160,563 | |
Arrowhead Pharmaceuticals, Inc. (a) | 233,800 | 8,070,776 | |
Ascendis Pharma A/S sponsored ADR (a) | 221,856 | 20,000,318 | |
Blueprint Medicines Corp. (a) | 418,314 | 27,608,724 | |
Celldex Therapeutics, Inc. (a) | 532,021 | 18,812,263 | |
Cyteir Therapeutics, Inc. (a)(c) | 625,858 | 1,708,592 | |
Cytokinetics, Inc. (a) | 781,020 | 26,047,017 | |
Day One Biopharmaceuticals, Inc. (a)(c) | 674,829 | 8,934,736 | |
Immunocore Holdings PLC ADR (a)(c) | 313,384 | 20,677,076 | |
ImmunoGen, Inc. (a) | 282,200 | 5,028,804 | |
Insmed, Inc. (a) | 267,200 | 5,902,448 | |
Janux Therapeutics, Inc. (a) | 654,416 | 9,161,824 | |
Karuna Therapeutics, Inc. (a) | 23,931 | 4,780,696 | |
Keros Therapeutics, Inc. (a) | 298,532 | 12,502,520 | |
Krystal Biotech, Inc. (a) | 111,179 | 14,353,209 | |
Mineralys Therapeutics, Inc. | 328,100 | 4,636,053 | |
Monte Rosa Therapeutics, Inc. (a) | 626,338 | 4,428,210 | |
Moonlake Immunotherapeutics (a)(c) | 96,500 | 5,868,165 | |
Morphic Holding, Inc. (a) | 360,043 | 20,425,239 | |
Nuvalent, Inc. Class A (a)(c) | 549,942 | 27,414,609 | |
PepGen, Inc. (a) | 342,892 | 2,053,923 | |
Prelude Therapeutics, Inc. (a) | 731,491 | 2,860,130 | |
PTC Therapeutics, Inc. (a) | 561,819 | 22,663,778 | |
Tango Therapeutics, Inc. (a) | 1,263,679 | 4,271,235 | |
Tenaya Therapeutics, Inc. (a) | 792,705 | 3,836,692 | |
Turnstone Biologics Corp. | 367,000 | 4,752,650 | |
Tyra Biosciences, Inc. (a)(c) | 670,668 | 9,939,300 | |
Vaxcyte, Inc. (a) | 593,316 | 28,514,767 | |
Vera Therapeutics, Inc. (a) | 405,400 | 7,609,358 | |
Vericel Corp. (a) | 290,122 | 10,421,182 | |
Verve Therapeutics, Inc. (a)(c) | 535,962 | 10,981,861 | |
Viking Therapeutics, Inc. (a) | 688,012 | 9,976,174 | |
Xenon Pharmaceuticals, Inc. (a) | 339,743 | 12,543,312 | |
Zentalis Pharmaceuticals, Inc. (a) | 429,881 | 11,482,122 | |
424,847,163 | |||
Health Care Equipment & Supplies - 5.8% | |||
Axonics Modulation Technologies, Inc. (a) | 87,460 | 5,279,960 | |
CONMED Corp. (c) | 176,899 | 21,413,624 | |
Envista Holdings Corp. (a) | 282,069 | 9,705,994 | |
Glaukos Corp. (a) | 91,500 | 7,058,310 | |
Haemonetics Corp. (a) | 586,253 | 54,075,977 | |
ICU Medical, Inc. (a) | 142,488 | 25,388,512 | |
Inspire Medical Systems, Inc. (a) | 83,577 | 24,054,296 | |
Insulet Corp. (a) | 75,674 | 20,942,780 | |
Integer Holdings Corp. (a) | 277,838 | 25,694,458 | |
Lantheus Holdings, Inc. (a) | 234,300 | 20,264,607 | |
Merit Medical Systems, Inc. (a) | 132,916 | 9,924,838 | |
Neogen Corp. (a) | 400,500 | 9,287,595 | |
NeuroPace, Inc. (a)(c) | 927,539 | 3,849,287 | |
Nyxoah SA (a)(c) | 102,970 | 844,354 | |
PROCEPT BioRobotics Corp. (a)(c) | 484,883 | 16,699,371 | |
Pulmonx Corp. (a) | 702,607 | 9,836,498 | |
TransMedics Group, Inc. (a) | 562,087 | 52,375,267 | |
316,695,728 | |||
Health Care Providers & Services - 5.1% | |||
Acadia Healthcare Co., Inc. (a) | 568,654 | 44,940,726 | |
agilon health, Inc. (a) | 2,076,735 | 39,769,475 | |
Chemed Corp. | 28,418 | 14,808,336 | |
HealthEquity, Inc. (a) | 441,200 | 29,975,128 | |
Molina Healthcare, Inc. (a) | 92,080 | 28,037,439 | |
Option Care Health, Inc. (a) | 646,100 | 21,825,258 | |
Privia Health Group, Inc. (a) | 789,319 | 22,037,786 | |
R1 RCM, Inc. (a)(c) | 1,482,920 | 25,624,858 | |
Surgery Partners, Inc. (a) | 914,653 | 35,333,045 | |
The Ensign Group, Inc. | 159,539 | 15,454,543 | |
277,806,594 | |||
Health Care Technology - 1.5% | |||
Evolent Health, Inc. (a) | 1,045,899 | 31,784,871 | |
Phreesia, Inc. (a) | 975,356 | 30,938,292 | |
Schrodinger, Inc. (a)(c) | 340,496 | 17,811,346 | |
80,534,509 | |||
Life Sciences Tools & Services - 1.5% | |||
10X Genomics, Inc. (a) | 106,329 | 6,696,600 | |
Medpace Holdings, Inc. (a) | 177,004 | 44,812,103 | |
Olink Holding AB ADR (a) | 806,318 | 15,320,042 | |
Pacific Biosciences of California, Inc. (a) | 593,186 | 7,835,987 | |
Veterinary Emergency Group LLC Class A (a)(d)(e)(g) | 190,561 | 9,621,425 | |
84,286,157 | |||
Pharmaceuticals - 2.8% | |||
Arvinas Holding Co. LLC (a) | 396,921 | 9,811,887 | |
Axsome Therapeutics, Inc. (a)(c) | 303,664 | 23,828,514 | |
Edgewise Therapeutics, Inc. (a) | 1,345,899 | 9,811,604 | |
Enliven Therapeutics, Inc. (a)(c) | 608,609 | 11,527,054 | |
Ikena Oncology, Inc. (a) | 1,070,475 | 5,512,946 | |
Intra-Cellular Therapies, Inc. (a) | 542,859 | 33,570,401 | |
Pharvaris BV (a) | 681,117 | 11,578,989 | |
Terns Pharmaceuticals, Inc. (a) | 1,983,129 | 14,318,191 | |
Ventyx Biosciences, Inc. (a) | 508,418 | 18,836,887 | |
Verona Pharma PLC ADR (a) | 663,790 | 14,663,121 | |
153,459,594 | |||
TOTAL HEALTH CARE | 1,337,629,745 | ||
INDUSTRIALS - 21.9% | |||
Aerospace & Defense - 1.1% | |||
AeroVironment, Inc. (a) | 63,680 | 6,066,157 | |
BWX Technologies, Inc. | 237,117 | 16,361,073 | |
V2X, Inc. (a) | 711,288 | 36,602,880 | |
59,030,110 | |||
Building Products - 2.1% | |||
Simpson Manufacturing Co. Ltd. | 94,600 | 14,946,800 | |
Tecnoglass, Inc. (c) | 558,837 | 26,310,046 | |
The AZEK Co., Inc. (a) | 820,522 | 25,600,286 | |
UFP Industries, Inc. | 452,323 | 46,480,711 | |
113,337,843 | |||
Commercial Services & Supplies - 0.4% | |||
ACV Auctions, Inc. Class A (a) | 426,757 | 7,463,980 | |
Driven Brands Holdings, Inc. (a) | 481,715 | 12,461,967 | |
19,925,947 | |||
Construction & Engineering - 2.0% | |||
Bowman Consulting Group Ltd. (a) | 354,551 | 12,285,192 | |
EMCOR Group, Inc. | 266,837 | 57,380,628 | |
Sterling Construction Co., Inc. (a) | 187,121 | 11,225,389 | |
Willscot Mobile Mini Holdings (a) | 602,927 | 28,910,350 | |
109,801,559 | |||
Electrical Equipment - 3.7% | |||
Acuity Brands, Inc. | 96,483 | 15,942,851 | |
Array Technologies, Inc. (a) | 1,116,407 | 21,267,553 | |
Atkore, Inc. (a) | 245,548 | 38,961,101 | |
Generac Holdings, Inc. (a) | 151,562 | 23,295,079 | |
nVent Electric PLC | 657,415 | 34,764,105 | |
Regal Rexnord Corp. | 256,117 | 40,000,353 | |
Vertiv Holdings Co. | 1,147,133 | 29,836,929 | |
204,067,971 | |||
Machinery - 4.7% | |||
Chart Industries, Inc. (a)(c) | 154,913 | 28,218,952 | |
Crane Co. | 233,243 | 21,852,537 | |
Crane Nxt Co. | 230,207 | 13,616,744 | |
ESAB Corp. | 237,257 | 16,299,556 | |
Federal Signal Corp. | 551,792 | 33,708,973 | |
ITT, Inc. | 291,418 | 29,025,233 | |
Mueller Industries, Inc. (c) | 642,839 | 52,108,529 | |
SPX Technologies, Inc. (a) | 195,100 | 16,507,411 | |
Terex Corp. | 337,685 | 19,798,472 | |
Timken Co. | 324,111 | 30,096,947 | |
261,233,354 | |||
Marine Transportation - 0.3% | |||
Kirby Corp. (a) | 217,755 | 17,742,677 | |
Professional Services - 5.8% | |||
CACI International, Inc. Class A (a) | 201,602 | 70,649,407 | |
CBIZ, Inc. (a) | 295,240 | 15,615,244 | |
ExlService Holdings, Inc. (a) | 289,884 | 40,859,150 | |
FTI Consulting, Inc. (a) | 99,831 | 17,486,398 | |
ICF International, Inc. | 150,033 | 17,642,380 | |
Insperity, Inc. | 217,214 | 25,555,227 | |
KBR, Inc. | 933,416 | 57,395,750 | |
LegalZoom.com, Inc. (a) | 596,300 | 9,111,464 | |
Maximus, Inc. | 526,389 | 44,090,343 | |
Science Applications International Corp. | 28,186 | 3,420,089 | |
WNS Holdings Ltd. sponsored ADR (a) | 240,306 | 16,607,548 | |
318,433,000 | |||
Trading Companies & Distributors - 1.8% | |||
Alligo AB (B Shares) | 893,900 | 9,663,876 | |
Applied Industrial Technologies, Inc. | 386,705 | 56,068,358 | |
Custom Truck One Source, Inc. Class A (a) | 1,639,478 | 11,345,188 | |
FTAI Aviation Ltd. | 280,105 | 9,022,182 | |
WESCO International, Inc. (c) | 77,165 | 13,547,859 | |
99,647,463 | |||
TOTAL INDUSTRIALS | 1,203,219,924 | ||
INFORMATION TECHNOLOGY - 18.6% | |||
Communications Equipment - 0.9% | |||
Extreme Networks, Inc. (a) | 663,554 | 17,643,901 | |
Harmonic, Inc. (a) | 1,200,073 | 17,905,089 | |
Lumentum Holdings, Inc. (a) | 245,911 | 12,875,900 | |
48,424,890 | |||
Electronic Equipment, Instruments & Components - 3.6% | |||
Advanced Energy Industries, Inc. | 372,355 | 46,611,399 | |
Badger Meter, Inc. | 69,000 | 11,360,160 | |
Fabrinet (a) | 324,281 | 40,094,103 | |
Insight Enterprises, Inc. (a) | 299,794 | 43,976,782 | |
IPG Photonics Corp. (a) | 89,300 | 11,738,485 | |
TD SYNNEX Corp. | 140,801 | 13,898,467 | |
Vontier Corp. | 952,209 | 29,451,824 | |
197,131,220 | |||
IT Services - 1.0% | |||
Digitalocean Holdings, Inc. (a)(c) | 587,952 | 29,115,383 | |
Perficient, Inc. (a) | 368,389 | 23,499,534 | |
Wix.com Ltd. (a) | 66,501 | 6,272,374 | |
58,887,291 | |||
Semiconductors & Semiconductor Equipment - 4.7% | |||
AEHR Test Systems (a)(c) | 330,429 | 17,235,177 | |
Allegro MicroSystems LLC (a) | 669,815 | 34,569,152 | |
Axcelis Technologies, Inc. (a) | 266,061 | 53,339,909 | |
Cirrus Logic, Inc. (a) | 296,430 | 23,951,544 | |
Impinj, Inc. (a) | 34,499 | 2,298,323 | |
Lattice Semiconductor Corp. (a) | 448,987 | 40,830,878 | |
MACOM Technology Solutions Holdings, Inc. (a) | 498,473 | 34,853,232 | |
Nova Ltd. (a) | 208,767 | 25,874,582 | |
Onto Innovation, Inc. (a) | 88,400 | 10,989,888 | |
Rambus, Inc. (a) | 213,800 | 13,386,018 | |
257,328,703 | |||
Software - 6.9% | |||
Algolia, Inc. (a)(d)(e) | 234,640 | 3,747,201 | |
Alkami Technology, Inc. (a) | 869,140 | 14,671,083 | |
Braze, Inc. (a)(c) | 190,303 | 8,651,174 | |
CommVault Systems, Inc. (a) | 76,664 | 5,974,426 | |
Confluent, Inc. (a)(c) | 748,360 | 25,848,354 | |
Convoy, Inc. warrants (a)(d)(e) | 59,855 | 172,981 | |
CyberArk Software Ltd. (a) | 114,100 | 18,941,741 | |
DoubleVerify Holdings, Inc. (a) | 483,630 | 20,360,823 | |
Dynatrace, Inc. (a) | 967,879 | 52,933,303 | |
Elastic NV (a) | 225,832 | 15,006,536 | |
Intapp, Inc. (a) | 842,307 | 34,585,125 | |
JFrog Ltd. (a) | 476,828 | 14,671,998 | |
Lightspeed Commerce, Inc. (a)(c) | 753,397 | 13,244,719 | |
MicroStrategy, Inc. Class A (a)(c) | 54,400 | 23,820,672 | |
Sprout Social, Inc. (a)(c) | 766,352 | 43,789,353 | |
SPS Commerce, Inc. (a) | 75,800 | 13,673,562 | |
TECSYS, Inc. | 688,785 | 14,223,346 | |
Tenable Holdings, Inc. (a) | 988,459 | 48,098,415 | |
WalkMe Ltd. (a)(c) | 839,573 | 7,547,761 | |
379,962,573 | |||
Technology Hardware, Storage & Peripherals - 1.5% | |||
Avid Technology, Inc. (a) | 1,140,214 | 27,182,702 | |
IonQ, Inc. (a)(c) | 207,700 | 3,998,225 | |
Super Micro Computer, Inc. (a) | 150,700 | 49,771,689 | |
80,952,616 | |||
TOTAL INFORMATION TECHNOLOGY | 1,022,687,293 | ||
MATERIALS - 5.1% | |||
Chemicals - 2.9% | |||
Avient Corp. | 326,756 | 13,243,421 | |
Axalta Coating Systems Ltd. (a) | 582,176 | 18,629,632 | |
Cabot Corp. | 456,974 | 32,445,154 | |
Element Solutions, Inc. | 858,466 | 17,993,447 | |
Orion SA | 1,050,539 | 23,027,815 | |
The Chemours Co. LLC | 1,395,613 | 51,609,769 | |
156,949,238 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 187,842 | 34,632,430 | |
Summit Materials, Inc. | 288,100 | 10,423,458 | |
45,055,888 | |||
Containers & Packaging - 1.1% | |||
Ardagh Metal Packaging SA (d) | 1,634,000 | 6,176,520 | |
O-I Glass, Inc. (a) | 1,752,426 | 40,235,701 | |
Silgan Holdings, Inc. | 256,836 | 11,262,259 | |
57,674,480 | |||
Paper & Forest Products - 0.3% | |||
Louisiana-Pacific Corp. | 238,112 | 18,127,467 | |
TOTAL MATERIALS | 277,807,073 | ||
REAL ESTATE - 0.6% | |||
Equity Real Estate Investment Trusts (REITs) - 0.6% | |||
Ryman Hospitality Properties, Inc. | 368,546 | 35,118,748 | |
TOTAL COMMON STOCKS (Cost $4,569,821,826) | 5,378,860,481 | ||
Convertible Preferred Stocks - 2.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
Reddit, Inc. Series F (a)(d)(e) | 253,500 | 8,991,645 | |
HEALTH CARE - 0.6% | |||
Biotechnology - 0.5% | |||
Bright Peak Therapeutics AG Series B (a)(d)(e) | 1,079,522 | 2,990,276 | |
Caris Life Sciences, Inc. Series D (a)(d)(e) | 780,603 | 4,371,377 | |
LifeMine Therapeutics, Inc. Series C (a)(d)(e) | 2,048,403 | 3,769,062 | |
Sonoma Biotherapeutics, Inc.: | |||
Series B (a)(d)(e) | 2,370,360 | 6,139,232 | |
Series B1 (a)(d)(e) | 1,264,171 | 3,741,946 | |
T-Knife Therapeutics, Inc. Series B (a)(d)(e) | 1,097,257 | 4,323,193 | |
Treeline Biosciences Series A (a)(d)(e) | 115,000 | 897,000 | |
26,232,086 | |||
Health Care Providers & Services - 0.1% | |||
Boundless Bio, Inc.: | |||
Series B (a)(d)(e) | 3,017,761 | 2,595,274 | |
Series C (d)(e) | 2,110,183 | 1,477,128 | |
4,072,402 | |||
Health Care Technology - 0.0% | |||
Wugen, Inc. Series B (a)(d)(e) | 326,496 | 1,629,215 | |
TOTAL HEALTH CARE | 31,933,703 | ||
INDUSTRIALS - 0.9% | |||
Construction & Engineering - 0.9% | |||
Beta Technologies, Inc.: | |||
Series A (a)(d)(e) | 278,129 | 35,010,879 | |
Series B, 6.00% (a)(d)(e) | 85,106 | 11,532,714 | |
46,543,593 | |||
INFORMATION TECHNOLOGY - 0.7% | |||
Communications Equipment - 0.2% | |||
Astranis Space Technologies Corp.: | |||
Series C (a)(d)(e) | 557,717 | 10,920,099 | |
Series C Prime (d)(e) | 87,241 | 1,708,179 | |
12,628,278 | |||
IT Services - 0.1% | |||
Yanka Industries, Inc.: | |||
Series E (a)(d)(e) | 869,641 | 6,487,522 | |
Series F (a)(d)(e) | 127,716 | 952,761 | |
7,440,283 | |||
Software - 0.4% | |||
Algolia, Inc. Series D (a)(d)(e) | 53,800 | 859,186 | |
Convoy, Inc. Series D (a)(d)(e) | 913,444 | 5,645,084 | |
Mountain Digital, Inc. Series D (a)(d)(e) | 729,676 | 12,309,634 | |
Skyryse, Inc. Series B (a)(d)(e) | 62,100 | 1,436,994 | |
20,250,898 | |||
TOTAL INFORMATION TECHNOLOGY | 40,319,459 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $144,225,371) | 127,788,400 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (h) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (d)(e) (Cost $398,614) | 398,614 | 427,314 | |
Money Market Funds - 6.3% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (i) | 21 | 21 | |
Fidelity Securities Lending Cash Central Fund 5.32% (i)(j) | 346,992,594 | 347,027,293 | |
TOTAL MONEY MARKET FUNDS (Cost $347,027,314) | 347,027,314 | ||
TOTAL INVESTMENT IN SECURITIES - 106.7% (Cost $5,061,473,125) | 5,854,103,509 |
NET OTHER ASSETS (LIABILITIES) - (6.7)% | (365,858,825) |
NET ASSETS - 100.0% | 5,488,244,684 |
(a) | Non-income producing |
(b) | Affiliated company |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $233,694,431 or 4.3% of net assets. |
(e) | Level 3 security |
(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 $1,043,944 or 0.0% of net assets. |
(g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(h) | Amount is stated in United States dollars unless otherwise noted. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Algolia, Inc. | 10/27/21 | 6,862,059 |
Algolia, Inc. Series D | 7/23/21 | 1,573,384 |
Ardagh Metal Packaging SA | 2/22/21 | 16,340,000 |
Astranis Space Technologies Corp. Series C | 3/19/21 | 12,225,675 |
Astranis Space Technologies Corp. Series C Prime | 4/05/23 | 1,912,404 |
Beta Technologies, Inc. Series A | 4/09/21 | 20,378,512 |
Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 8,780,386 |
Boundless Bio, Inc. Series B | 4/23/21 | 4,073,977 |
Boundless Bio, Inc. Series C | 4/05/23 | 1,477,128 |
Bright Peak Therapeutics AG Series B | 5/14/21 | 4,216,613 |
Caris Life Sciences, Inc. Series D | 5/11/21 | 6,322,884 |
Convoy, Inc. Series D | 10/30/19 | 12,368,032 |
Convoy, Inc. warrants | 3/24/23 | 0 |
Convoy, Inc. 15% 9/30/26 | 3/24/23 | 398,614 |
Fanatics, Inc. Class A | 8/13/20 - 3/22/21 | 12,874,623 |
LifeMine Therapeutics, Inc. Series C | 2/15/22 | 4,171,757 |
Mountain Digital, Inc. Series D | 11/05/21 | 16,757,228 |
Perella Weinberg Partners | 12/29/20 | 20,395,000 |
Reddit, Inc. Series F | 8/11/21 | 15,664,880 |
Skyryse, Inc. Series B | 10/21/21 | 1,532,626 |
Sonoma Biotherapeutics, Inc. Series B | 7/26/21 | 4,684,542 |
Sonoma Biotherapeutics, Inc. Series B1 | 7/26/21 | 3,747,635 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 3,728,430 |
T-Knife Therapeutics, Inc. Series B | 6/30/21 | 6,329,856 |
Treeline Biosciences Series A | 7/30/21 | 900,163 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 9,331,366 |
Wugen, Inc. Series B | 7/09/21 | 2,531,944 |
Yanka Industries, Inc. Series E | 5/15/20 | 10,504,568 |
Yanka Industries, Inc. Series F | 4/08/21 | 4,071,177 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 52,799,304 | 1,321,912,945 | 1,374,712,228 | 1,302,781 | - | - | 21 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.32% | 400,159,025 | 1,349,648,047 | 1,402,779,779 | 2,525,627 | - | - | 347,027,293 | 1.2% |
Total | 452,958,329 | 2,671,560,992 | 2,777,492,007 | 3,828,408 | - | - | 347,027,314 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Avid Technology, Inc. | 65,716,436 | 8,564,425 | 38,875,195 | - | (10,929,183) | 2,706,219 | - |
BARK, Inc. | 3,021,230 | - | 5,925,292 | - | (27,712,366) | 18,664,428 | - |
BARK, Inc. | 1,709,136 | - | - | - | - | 10,242,864 | - |
BARK, Inc. warrants 8/29/25 | 92,317 | - | 2,696 | - | (28,866) | 12,743 | - |
Enliven Therapeutics, Inc. | - | 7,944,334 | - | - | - | - | - |
Lindblad Expeditions Holdings | 25,014,078 | 9,158,369 | 29,499,440 | - | (2,418,398) | 11,892,454 | - |
Lovesac | - | 15,535,822 | 3,242,569 | - | (5,820,653) | 4,277,503 | 32,183,727 |
Rover Group, Inc. Class A | 10,653,724 | 6,035,101 | 333,463 | - | 21,056 | 3,503,564 | 19,879,982 |
Total | 106,206,921 | 47,238,051 | 77,878,655 | - | (46,888,410) | 51,299,775 | 52,063,709 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 94,122,745 | 85,131,100 | - | 8,991,645 |
Consumer Discretionary | 683,385,096 | 626,476,356 | - | 56,908,740 |
Consumer Staples | 260,053,372 | 260,053,370 | - | 2 |
Energy | 239,254,552 | 239,254,552 | - | - |
Financials | 234,573,578 | 225,871,988 | - | 8,701,590 |
Health Care | 1,369,563,448 | 1,328,008,320 | - | 41,555,128 |
Industrials | 1,249,763,517 | 1,203,219,924 | - | 46,543,593 |
Information Technology | 1,063,006,752 | 1,018,767,111 | - | 44,239,641 |
Materials | 277,807,073 | 277,807,073 | - | - |
Real Estate | 35,118,748 | 35,118,748 | - | - |
Corporate Bonds | 427,314 | - | - | 427,314 |
Money Market Funds | 347,027,314 | 347,027,314 | - | - |
Total Investments in Securities: | 5,854,103,509 | 5,646,735,856 | - | 207,367,653 |
Investments in Securities: | |||
Beginning Balance | $ | 199,676,909 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 3,887,921 | ||
Cost of Purchases | 3,802,823 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 207,367,653 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | 3,887,921 | |
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 | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $344,914,854) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,645,353,786) | $ | 5,455,012,486 | ||
Fidelity Central Funds (cost $347,027,314) | 347,027,314 | |||
Other affiliated issuers (cost $69,092,025) | 52,063,709 | |||
Total Investment in Securities (cost $5,061,473,125) | $ | 5,854,103,509 | ||
Cash | 347,748 | |||
Receivable for investments sold | 53,756,862 | |||
Receivable for fund shares sold | 3,762,475 | |||
Dividends receivable | 374,984 | |||
Interest receivable | 21,303 | |||
Distributions receivable from Fidelity Central Funds | 177,341 | |||
Prepaid expenses | 9,755 | |||
Other receivables | 5,185 | |||
Total assets | 5,912,559,162 | |||
Liabilities | ||||
Payable to custodian bank | $ | 635 | ||
Payable for investments purchased | 55,844,836 | |||
Payable for fund shares redeemed | 6,725,829 | |||
Accrued management fee | 3,565,335 | |||
Distribution and service plan fees payable | 134,271 | |||
Notes payable to affiliates | 10,289,000 | |||
Other affiliated payables | 663,497 | |||
Other payables and accrued expenses | 74,731 | |||
Collateral on securities loaned | 347,016,344 | |||
Total Liabilities | 424,314,478 | |||
Net Assets | $ | 5,488,244,684 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,099,165,502 | ||
Total accumulated earnings (loss) | 389,079,182 | |||
Net Assets | $ | 5,488,244,684 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($295,800,754 ÷ 11,672,562 shares)(a) | $ | 25.34 | ||
Maximum offering price per share (100/94.25 of $25.34) | $ | 26.89 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($76,283,096 ÷ 3,195,594 shares)(a) | $ | 23.87 | ||
Maximum offering price per share (100/96.50 of $23.87) | $ | 24.74 | ||
Class C : | ||||
Net Asset Value and offering price per share ($51,890,674 ÷ 2,523,328 shares)(a) | $ | 20.56 | ||
Small Cap Growth : | ||||
Net Asset Value, offering price and redemption price per share ($2,766,170,508 ÷ 101,425,918 shares) | $ | 27.27 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($660,166,321 ÷ 24,129,213 shares) | $ | 27.36 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($1,637,933,331 ÷ 59,429,388 shares) | $ | 27.56 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 27,000,162 | ||
Interest | 21,360 | |||
Income from Fidelity Central Funds (including $2,525,627 from security lending) | 3,828,408 | |||
Total Income | 30,849,930 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 34,493,437 | ||
Performance adjustment | 9,152,417 | |||
Transfer agent fees | 6,969,868 | |||
Distribution and service plan fees | 1,573,024 | |||
Accounting fees | 962,735 | |||
Custodian fees and expenses | 81,908 | |||
Independent trustees' fees and expenses | 26,318 | |||
Registration fees | 149,387 | |||
Audit | 82,121 | |||
Legal | 9,546 | |||
Interest | 76,855 | |||
Miscellaneous | 30,489 | |||
Total expenses before reductions | 53,608,105 | |||
Expense reductions | (262,540) | |||
Total expenses after reductions | 53,345,565 | |||
Net Investment income (loss) | (22,495,635) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (65,393,200) | |||
Redemptions in-kind | 23,556,784 | |||
Affiliated issuers | (46,888,410) | |||
Foreign currency transactions | (65,431) | |||
Total net realized gain (loss) | (88,790,257) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 550,116,150 | |||
Affiliated issuers | 51,299,775 | |||
Assets and liabilities in foreign currencies | (2,375) | |||
Total change in net unrealized appreciation (depreciation) | 601,413,550 | |||
Net gain (loss) | 512,623,293 | |||
Net increase (decrease) in net assets resulting from operations | $ | 490,127,658 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (22,495,635) | $ | (20,508,198) |
Net realized gain (loss) | (88,790,257) | (11,495,189) | ||
Change in net unrealized appreciation (depreciation) | 601,413,550 | (1,319,578,419) | ||
Net increase (decrease) in net assets resulting from operations | 490,127,658 | (1,351,581,806) | ||
Distributions to shareholders | - | (1,068,881,678) | ||
Share transactions - net increase (decrease) | (238,473,369) | 1,399,956,604 | ||
Total increase (decrease) in net assets | 251,654,289 | (1,020,506,880) | ||
Net Assets | ||||
Beginning of period | 5,236,590,395 | 6,257,097,275 | ||
End of period | $ | 5,488,244,684 | $ | 5,236,590,395 |
Fidelity Advisor® Small Cap Growth Fund Class A |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.12 | $ | 34.89 | $ | 26.64 | $ | 26.03 | $ | 27.45 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.17) | (.17) | (.26) C | (.20) | (.21) | |||||
Net realized and unrealized gain (loss) | 2.39 | (5.58) | 11.27 | 2.26 | 1.79 | |||||
Total from investment operations | 2.22 | (5.75) | 11.01 | 2.06 | 1.58 | |||||
Distributions from net realized gain | - | (6.02) | (2.76) | (1.45) | (3.00) | |||||
Total distributions | - | (6.02) | (2.76) | (1.45) | (3.00) | |||||
Net asset value, end of period | $ | 25.34 | $ | 23.12 | $ | 34.89 | $ | 26.64 | $ | 26.03 |
Total Return D,E | 9.60% | (20.62)% | 44.21% | 8.39% | 5.88% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.32% | 1.29% | 1.29% | 1.37% | 1.33% | |||||
Expenses net of fee waivers, if any | 1.32% | 1.29% | 1.29% | 1.37% | 1.33% | |||||
Expenses net of all reductions | 1.32% | 1.29% | 1.28% | 1.36% | 1.32% | |||||
Net investment income (loss) | (.71)% | (.61)% | (.82)% C | (.80)% | (.85)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 295,801 | $ | 287,905 | $ | 387,793 | $ | 268,448 | $ | 285,554 |
Portfolio turnover rate H | 75% I | 79% I | 107% | 126% I | 91% I |
Fidelity Advisor® Small Cap Growth Fund Class M |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 21.83 | $ | 33.27 | $ | 25.56 | $ | 25.09 | $ | 26.59 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.21) | (.22) | (.33) C | (.25) | (.26) | |||||
Net realized and unrealized gain (loss) | 2.25 | (5.28) | 10.77 | 2.17 | 1.72 | |||||
Total from investment operations | 2.04 | (5.50) | 10.44 | 1.92 | 1.46 | |||||
Distributions from net realized gain | - | (5.94) | (2.73) | (1.45) | (2.96) | |||||
Total distributions | - | (5.94) | (2.73) | (1.45) | (2.96) | |||||
Net asset value, end of period | $ | 23.87 | $ | 21.83 | $ | 33.27 | $ | 25.56 | $ | 25.09 |
Total Return D,E | 9.34% | (20.85)% | 43.82% | 8.14% | 5.60% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.58% | 1.54% | 1.55% | 1.63% | 1.60% | |||||
Expenses net of fee waivers, if any | 1.57% | 1.54% | 1.55% | 1.63% | 1.60% | |||||
Expenses net of all reductions | 1.57% | 1.54% | 1.53% | 1.62% | 1.59% | |||||
Net investment income (loss) | (.97)% | (.86)% | (1.08)% C | (1.06)% | (1.12)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 76,283 | $ | 70,182 | $ | 98,005 | $ | 70,605 | $ | 75,030 |
Portfolio turnover rate H | 75% I | 79% I | 107% | 126% I | 91% I |
Fidelity Advisor® Small Cap Growth Fund Class C |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 18.90 | $ | 29.58 | $ | 23.07 | $ | 22.89 | $ | 24.56 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.28) | (.31) | (.43) C | (.34) | (.35) | |||||
Net realized and unrealized gain (loss) | 1.94 | (4.54) | 9.62 | 1.97 | 1.58 | |||||
Total from investment operations | 1.66 | (4.85) | 9.19 | 1.63 | 1.23 | |||||
Distributions from net realized gain | - | (5.83) | (2.68) | (1.45) | (2.90) | |||||
Total distributions | - | (5.83) | (2.68) | (1.45) | (2.90) | |||||
Net asset value, end of period | $ | 20.56 | $ | 18.90 | $ | 29.58 | $ | 23.07 | $ | 22.89 |
Total Return D,E | 8.78% | (21.24)% | 43.07% | 7.62% | 5.06% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 2.08% | 2.05% | 2.06% | 2.13% | 2.09% | |||||
Expenses net of fee waivers, if any | 2.08% | 2.05% | 2.06% | 2.13% | 2.09% | |||||
Expenses net of all reductions | 2.08% | 2.05% | 2.05% | 2.12% | 2.08% | |||||
Net investment income (loss) | (1.48)% | (1.37)% | (1.59)% C | (1.56)% | (1.61)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 51,891 | $ | 59,768 | $ | 88,239 | $ | 77,850 | $ | 96,449 |
Portfolio turnover rate H | 75% I | 79% I | 107% | 126% I | 91% I |
Fidelity® Small Cap Growth Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 24.81 | $ | 37.02 | $ | 28.07 | $ | 27.27 | $ | 28.59 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.11) | (.10) | (.18) C | (.13) | (.15) | |||||
Net realized and unrealized gain (loss) | 2.57 | (6.00) | 11.92 | 2.38 | 1.87 | |||||
Total from investment operations | 2.46 | (6.10) | 11.74 | 2.25 | 1.72 | |||||
Distributions from net realized gain | - | (6.11) | (2.79) | (1.45) | (3.04) | |||||
Total distributions | - | (6.11) | (2.79) | (1.45) | (3.04) | |||||
Net asset value, end of period | $ | 27.27 | $ | 24.81 | $ | 37.02 | $ | 28.07 | $ | 27.27 |
Total Return D | 9.92% | (20.42)% | 44.60% | 8.72% | 6.17% | |||||
Ratios to Average Net Assets A,E,F | ||||||||||
Expenses before reductions | 1.05% | 1.02% | 1.00% | 1.08% | 1.05% | |||||
Expenses net of fee waivers, if any | 1.05% | 1.01% | 1.00% | 1.08% | 1.05% | |||||
Expenses net of all reductions | 1.05% | 1.01% | .99% | 1.07% | 1.04% | |||||
Net investment income (loss) | (.44)% | (.33)% | (.53)% C | (.52)% | (.57)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,766,171 | $ | 2,747,002 | $ | 4,540,695 | $ | 2,839,506 | $ | 2,888,038 |
Portfolio turnover rate G | 75% H | 79% H | 107% | 126% H | 91% H |
Fidelity Advisor® Small Cap Growth Fund Class I |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 24.90 | $ | 37.13 | $ | 28.15 | $ | 27.35 | $ | 28.66 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.11) | (.10) | (.19) C | (.14) | (.15) | |||||
Net realized and unrealized gain (loss) | 2.57 | (6.03) | 11.96 | 2.39 | 1.88 | |||||
Total from investment operations | 2.46 | (6.13) | 11.77 | 2.25 | 1.73 | |||||
Distributions from net realized gain | - | (6.10) | (2.79) | (1.45) | (3.04) | |||||
Total distributions | - | (6.10) | (2.79) | (1.45) | (3.04) | |||||
Net asset value, end of period | $ | 27.36 | $ | 24.90 | $ | 37.13 | $ | 28.15 | $ | 27.35 |
Total Return D | 9.88% | (20.42)% | 44.57% | 8.70% | 6.18% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | 1.07% | 1.04% | 1.04% | 1.11% | 1.06% | |||||
Expenses net of fee waivers, if any | 1.06% | 1.03% | 1.04% | 1.11% | 1.06% | |||||
Expenses net of all reductions | 1.06% | 1.03% | 1.03% | 1.10% | 1.06% | |||||
Net investment income (loss) | (.46)% | (.35)% | (.57)% C | (.54)% | (.58)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 660,166 | $ | 606,422 | $ | 775,746 | $ | 540,553 | $ | 590,311 |
Portfolio turnover rate G | 75% H | 79% H | 107% | 126% H | 91% H |
Fidelity Advisor® Small Cap Growth Fund Class Z |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 25.04 | $ | 37.32 | $ | 28.26 | $ | 27.41 | $ | 28.71 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | (.08) | (.06) | (.15) C | (.10) | (.11) | |||||
Net realized and unrealized gain (loss) | 2.60 | (6.06) | 12.01 | 2.40 | 1.87 | |||||
Total from investment operations | 2.52 | (6.12) | 11.86 | 2.30 | 1.76 | |||||
Distributions from net realized gain | - | (6.16) | (2.80) | (1.45) | (3.06) | |||||
Total distributions | - | (6.16) | (2.80) | (1.45) | (3.06) | |||||
Net asset value, end of period | $ | 27.56 | $ | 25.04 | $ | 37.32 | $ | 28.26 | $ | 27.41 |
Total Return D,E | 10.06% | (20.33)% | 44.75% | 8.87% | 6.29% | |||||
Ratios to Average Net Assets A,F,G | ||||||||||
Expenses before reductions | .93% | .90% | .90% | .97% | .92% | |||||
Expenses net of fee waivers, if any | .92% | .90% | .90% | .96% | .92% | |||||
Expenses net of all reductions | .92% | .90% | .89% | .95% | .92% | |||||
Net investment income (loss) | (.32)% | (.22)% | (.43)% C | (.40)% | (.44)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,637,933 | $ | 1,465,312 | $ | 366,620 | $ | 197,764 | $ | 183,552 |
Portfolio turnover rate H | 75% I | 79% I | 107% | 126% I | 91% I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $206,940,339 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 6.1 / 6.1 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.5 - 10.0 / 7.2 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 10.5 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $0.70 - $8.61 / $3.51 | Increase | ||
Discount rate | 5.0% - 40.0% / 26.7% | Decrease | |||
Black scholes | Discount rate | 4.3% - 4.8% / 4.5% | Increase | ||
Volatility | 50.0% - 100.0% / 79.6% | Increase | |||
Term | 2.0 - 3.0 / 2.8 | Increase | |||
Corporate Bonds | $427,314 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Black scholes | Discount rate | 4.8% | Increase | ||
Volatility | 60.0% | Increase | |||
Term | 2.0 | Increase |
Gross unrealized appreciation | $1,185,781,254 |
Gross unrealized depreciation | (402,531,354) |
Net unrealized appreciation (depreciation) | $783,249,900 |
Tax Cost | $5,070,853,609 |
Capital loss carryforward | $(362,913,920) |
Net unrealized appreciation (depreciation) on securities and other investments | $765,050,388 |
Short-term | $(362,913,920) |
Total capital loss carryforward | $(362,913,920) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $- | $ 417,614,718 |
Long-term Capital Gains | - | 651,266,960 |
Total | $- | $1,068,881,678 |
$ Amount | % of Net Assets | |
Fidelity Small Cap Growth Fund | 9,621,425 | .18 |
Purchases ($) | Sales ($) | |
Fidelity Small Cap Growth Fund | 3,820,410,323 | 3,899,895,601 |
Shares | Total net realized gain or loss($) | Total Proceeds($) | Participating classes | |
Fidelity Small Cap Growth Fund | 4,832,654 | 23,556,784 | 120,866,697 | Fidelity Small Cap Growth and Class Z |
Shares | Total net realized gain or loss($) | Total Proceeds($) | Participating classes | |
Fidelity Small Cap Growth Fund | 1,267,055 | 6,413,331 | 32,229,577 | Fidelity Small Cap Growth and Class I |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | -% | .25% | $688,675 | $27,317 |
Class M | .25% | .25% | 348,198 | 2,092 |
Class C | .75% | .25% | 536,151 | 54,211 |
$1,573,024 | $83,620 |
Retained by FDC | |
Class A | $208,363 |
Class M | 7,805 |
Class CA | 15,550 |
$231,718 |
Amount | % of Class-Level Average Net Assets | |
Class A | $525,092 | .19 |
Class M | 135,079 | .19 |
Class C | 108,426 | .20 |
Small Cap Growth | 4,491,295 | .17 |
Class I | 1,092,069 | .18 |
Class Z | 617,907 | .04 |
$6,969,868 |
% of Average Net Assets | |
Fidelity Small Cap Growth Fund | .02 |
Amount | |
Fidelity Small Cap Growth Fund | $94,149 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Small Cap Growth Fund | Borrower | $ 12,905,956 | 4.76% | $76,855 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Small Cap Growth Fund | 185,379,709 | 262,640,097 | 227,341 |
Amount | |
Fidelity Small Cap Growth Fund | $11,735 |
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 Small Cap Growth Fund | $258,425 | $86,500 | $3,751,977 |
Expense reduction | |
Class M | $1,195 |
Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Small Cap Growth Fund | ||
Distributions to shareholders | ||
Class A | $- | $67,979,799 |
Class M | - | 17,907,670 |
Class C | - | 17,539,783 |
Small Cap Growth | - | 638,250,356 |
Class I | - | 130,451,281 |
Class Z | - | 196,752,789 |
Total | $- | $1,068,881,678 |
Shares | Shares | Dollars | Dollars | |
Year ended July 31, 2023 | Year ended July 31, 2022 | Year ended July 31, 2023 | Year ended July 31, 2022 | |
Fidelity Small Cap Growth Fund | ||||
Class A | ||||
Shares sold | 1,985,652 | 2,718,612 | $46,092,120 | $74,995,450 |
Reinvestment of distributions | - | 2,151,573 | - | 67,245,012 |
Shares redeemed | (2,766,565) | (3,530,802) | (63,764,686) | (96,163,790) |
Net increase (decrease) | (780,913) | 1,339,383 | $(17,672,566) | $46,076,672 |
Class M | ||||
Shares sold | 434,136 | 431,115 | $9,560,256 | $11,263,605 |
Reinvestment of distributions | - | 597,527 | - | 17,701,076 |
Shares redeemed | (453,165) | (760,045) | (9,876,371) | (19,559,813) |
Net increase (decrease) | (19,029) | 268,597 | $(316,115) | $9,404,868 |
Class C | ||||
Shares sold | 290,539 | 571,841 | $5,509,177 | $13,494,292 |
Reinvestment of distributions | - | 673,112 | - | 17,397,814 |
Shares redeemed | (928,922) | (1,065,945) | (17,591,633) | (24,414,238) |
Net increase (decrease) | (638,383) | 179,008 | $(12,082,456) | $6,477,868 |
Small Cap Growth | ||||
Shares sold | 14,584,621 | 20,198,332 | $365,567,725 | $601,187,332 |
Reinvestment of distributions | - | 18,119,358 | - | 605,852,496 |
Shares redeemed | (23,866,509) | (50,251,214) | (592,542,907) | (1,631,982,649) |
Net increase (decrease) | (9,281,888) | (11,933,524) | $(226,975,182) | $(424,942,821) |
Class I | ||||
Shares sold | 7,314,970 | 9,200,827 | $183,764,516 | $260,264,783 |
Reinvestment of distributions | - | 3,793,722 | - | 127,231,880 |
Shares redeemed | (7,544,771) | (9,529,628) | (187,661,628) | (270,197,792) |
Net increase (decrease) | (229,801) | 3,464,921 | $(3,897,112) | $117,298,871 |
Class Z | ||||
Shares sold | 8,164,174 | 47,704,858 | $204,704,877 | $1,587,489,270 |
Reinvestment of distributions | - | 5,572,104 | - | 186,739,643 |
Shares redeemed | (7,246,491) | (4,588,101) | (182,234,815) | (128,587,767) |
Net increase (decrease) | 917,683 | 48,688,861 | $22,470,062 | $1,645,641,146 |
Strategic Advisers Fidelity U.S. Total Stock Fund | |
Fidelity Small Cap Growth Fund | 14% |
Fund | % of shares held |
Fidelity Small Cap Growth Fund | 23% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Small Cap Growth Fund | ||||||||||
Class A | 1.31% | |||||||||
Actual | $ 1,000 | $ 1,052.30 | $ 6.67 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.30 | $ 6.56 | |||||||
Class M | 1.56% | |||||||||
Actual | $ 1,000 | $ 1,051.10 | $ 7.93 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.06 | $ 7.80 | |||||||
Class C | 2.07% | |||||||||
Actual | $ 1,000 | $ 1,048.40 | $ 10.51 | |||||||
Hypothetical-B | $ 1,000 | $ 1,014.53 | $ 10.34 | |||||||
Fidelity® Small Cap Growth Fund | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,053.70 | $ 5.30 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.64 | $ 5.21 | |||||||
Class I | 1.05% | |||||||||
Actual | $ 1,000 | $ 1,053.90 | $ 5.35 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.59 | $ 5.26 | |||||||
Class Z | .91% | |||||||||
Actual | $ 1,000 | $ 1,054.70 | $ 4.64 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.28 | $ 4.56 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Blue Chip Value Fund | 8.61% | 6.69% | 8.18% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Value Fund on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Berkshire Hathaway, Inc. Class B | 5.9 | |
Activision Blizzard, Inc. | 5.3 | |
Comcast Corp. Class A | 5.2 | |
Cigna Group | 4.8 | |
JPMorgan Chase & Co. | 4.5 | |
Exxon Mobil Corp. | 4.5 | |
Centene Corp. | 3.9 | |
PG&E Corp. | 3.7 | |
Bank of America Corp. | 3.6 | |
Samsung Electronics Co. Ltd. | 3.3 | |
44.7 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 22.5 | |
Health Care | 19.6 | |
Energy | 11.7 | |
Communication Services | 10.5 | |
Utilities | 10.3 | |
Consumer Staples | 6.4 | |
Information Technology | 6.3 | |
Industrials | 5.5 | |
Consumer Discretionary | 2.8 | |
Materials | 2.1 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 94.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 10.5% | |||
Entertainment - 5.3% | |||
Activision Blizzard, Inc. | 425,100 | 39,432,276 | |
Media - 5.2% | |||
Comcast Corp. Class A | 869,900 | 39,371,674 | |
TOTAL COMMUNICATION SERVICES | 78,803,950 | ||
CONSUMER DISCRETIONARY - 2.8% | |||
Diversified Consumer Services - 2.8% | |||
H&R Block, Inc. | 627,920 | 21,104,391 | |
CONSUMER STAPLES - 6.4% | |||
Consumer Staples Distribution & Retail - 0.8% | |||
Dollar General Corp. | 35,600 | 6,011,416 | |
Food Products - 3.7% | |||
Mondelez International, Inc. | 227,700 | 16,879,401 | |
Tyson Foods, Inc. Class A | 191,900 | 10,692,668 | |
27,572,069 | |||
Household Products - 1.7% | |||
Reckitt Benckiser Group PLC | 175,800 | 13,169,555 | |
Personal Care Products - 0.2% | |||
Kenvue, Inc. (a) | 49,600 | 1,174,528 | |
TOTAL CONSUMER STAPLES | 47,927,568 | ||
ENERGY - 11.7% | |||
Oil, Gas & Consumable Fuels - 11.7% | |||
ConocoPhillips Co. | 200,800 | 23,638,176 | |
Exxon Mobil Corp. | 314,100 | 33,684,084 | |
Ovintiv, Inc. | 166,000 | 7,650,940 | |
Parex Resources, Inc. (a) | 1,054,600 | 23,360,912 | |
88,334,112 | |||
FINANCIALS - 22.5% | |||
Banks - 13.1% | |||
Bank of America Corp. | 836,000 | 26,752,000 | |
JPMorgan Chase & Co. | 214,700 | 33,914,012 | |
PNC Financial Services Group, Inc. | 93,500 | 12,799,215 | |
U.S. Bancorp | 306,800 | 12,173,824 | |
Wells Fargo & Co. | 281,000 | 12,970,960 | |
98,610,011 | |||
Financial Services - 5.9% | |||
Berkshire Hathaway, Inc. Class B (b) | 125,800 | 44,276,568 | |
Insurance - 3.5% | |||
Chubb Ltd. | 72,700 | 14,860,607 | |
The Travelers Companies, Inc. | 68,100 | 11,754,741 | |
26,615,348 | |||
TOTAL FINANCIALS | 169,501,927 | ||
HEALTH CARE - 19.6% | |||
Health Care Providers & Services - 14.8% | |||
Centene Corp. (b) | 426,300 | 29,026,767 | |
Cigna Group | 121,900 | 35,972,690 | |
Elevance Health, Inc. | 33,600 | 15,846,768 | |
Humana, Inc. | 26,700 | 12,197,361 | |
UnitedHealth Group, Inc. | 35,600 | 18,026,772 | |
111,070,358 | |||
Pharmaceuticals - 4.8% | |||
AstraZeneca PLC sponsored ADR | 183,367 | 13,147,414 | |
Roche Holding AG (participation certificate) | 29,570 | 9,168,222 | |
Sanofi SA sponsored ADR | 262,600 | 14,014,962 | |
36,330,598 | |||
TOTAL HEALTH CARE | 147,400,956 | ||
INDUSTRIALS - 5.5% | |||
Aerospace & Defense - 1.7% | |||
Northrop Grumman Corp. | 29,000 | 12,905,000 | |
Electrical Equipment - 2.0% | |||
Regal Rexnord Corp. | 95,100 | 14,852,718 | |
Industrial Conglomerates - 1.8% | |||
Siemens AG | 79,300 | 13,516,068 | |
TOTAL INDUSTRIALS | 41,273,786 | ||
INFORMATION TECHNOLOGY - 3.0% | |||
IT Services - 1.6% | |||
Amdocs Ltd. | 127,300 | 11,920,372 | |
Software - 1.4% | |||
Gen Digital, Inc. | 570,300 | 11,092,335 | |
TOTAL INFORMATION TECHNOLOGY | 23,012,707 | ||
MATERIALS - 2.1% | |||
Chemicals - 1.6% | |||
DuPont de Nemours, Inc. | 155,000 | 12,032,650 | |
Metals & Mining - 0.5% | |||
Lundin Mining Corp. | 446,900 | 3,995,716 | |
TOTAL MATERIALS | 16,028,366 | ||
UTILITIES - 10.3% | |||
Electric Utilities - 8.2% | |||
Constellation Energy Corp. | 129,233 | 12,490,369 | |
NextEra Energy, Inc. | 91,000 | 6,670,300 | |
PG&E Corp. (b) | 1,601,000 | 28,193,610 | |
Southern Co. | 197,700 | 14,301,618 | |
61,655,897 | |||
Independent Power and Renewable Electricity Producers - 2.1% | |||
The AES Corp. | 724,500 | 15,670,935 | |
TOTAL UTILITIES | 77,326,832 | ||
TOTAL COMMON STOCKS (Cost $568,297,311) | 710,714,595 | ||
Nonconvertible Preferred Stocks - 3.3% | |||
Shares | Value ($) | ||
INFORMATION TECHNOLOGY - 3.3% | |||
Technology Hardware, Storage & Peripherals - 3.3% | |||
Samsung Electronics Co. Ltd. (Cost $24,030,682) | 549,950 | 24,705,828 | |
Money Market Funds - 3.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (c) | 14,452,773 | 14,455,664 | |
Fidelity Securities Lending Cash Central Fund 5.32% (c)(d) | 11,309,619 | 11,310,750 | |
TOTAL MONEY MARKET FUNDS (Cost $25,766,414) | 25,766,414 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $618,094,407) | 761,186,837 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (8,630,442) |
NET ASSETS - 100.0% | 752,556,395 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 27,866,227 | 245,078,179 | 258,488,742 | 978,262 | - | - | 14,455,664 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.32% | - | 139,076,343 | 127,765,593 | 8,349 | - | - | 11,310,750 | 0.0% |
Total | 27,866,227 | 384,154,522 | 386,254,335 | 986,611 | - | - | 25,766,414 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 78,803,950 | 78,803,950 | - | - |
Consumer Discretionary | 21,104,391 | 21,104,391 | - | - |
Consumer Staples | 47,927,568 | 34,758,013 | 13,169,555 | - |
Energy | 88,334,112 | 88,334,112 | - | - |
Financials | 169,501,927 | 169,501,927 | - | - |
Health Care | 147,400,956 | 138,232,734 | 9,168,222 | - |
Industrials | 41,273,786 | 27,757,718 | 13,516,068 | - |
Information Technology | 47,718,535 | 47,718,535 | - | - |
Materials | 16,028,366 | 16,028,366 | - | - |
Utilities | 77,326,832 | 77,326,832 | - | - |
Money Market Funds | 25,766,414 | 25,766,414 | - | - |
Total Investments in Securities: | 761,186,837 | 725,332,992 | 35,853,845 | - |
Statement of Assets and Liabilities | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $11,107,444) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $592,327,993) | $ | 735,420,423 | ||
Fidelity Central Funds (cost $25,766,414) | 25,766,414 | |||
Total Investment in Securities (cost $618,094,407) | $ | 761,186,837 | ||
Receivable for investments sold | 3,260,647 | |||
Receivable for fund shares sold | 391,254 | |||
Dividends receivable | 454,599 | |||
Reclaims receivable | 485,152 | |||
Distributions receivable from Fidelity Central Funds | 56,220 | |||
Prepaid expenses | 1,380 | |||
Other receivables | 5 | |||
Total assets | 765,836,094 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 1,401,625 | ||
Accrued management fee | 389,867 | |||
Other affiliated payables | 126,145 | |||
Other payables and accrued expenses | 51,312 | |||
Collateral on securities loaned | 11,310,750 | |||
Total Liabilities | 13,279,699 | |||
Net Assets | $ | 752,556,395 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 598,844,129 | ||
Total accumulated earnings (loss) | 153,712,266 | |||
Net Assets | $ | 752,556,395 | ||
Net Asset Value, offering price and redemption price per share ($752,556,395 ÷ 29,899,781 shares) | $ | 25.17 |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 14,952,423 | ||
Income from Fidelity Central Funds (including $8,349 from security lending) | 986,611 | |||
Total Income | 15,939,034 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 3,985,076 | ||
Performance adjustment | 348,787 | |||
Transfer agent fees | 1,287,122 | |||
Accounting fees | 238,851 | |||
Custodian fees and expenses | 20,324 | |||
Independent trustees' fees and expenses | 3,767 | |||
Registration fees | 68,000 | |||
Audit | 62,386 | |||
Legal | 5,981 | |||
Miscellaneous | 4,192 | |||
Total expenses before reductions | 6,024,486 | |||
Expense reductions | (38,241) | |||
Total expenses after reductions | 5,986,245 | |||
Net Investment income (loss) | 9,952,789 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 5,823,589 | |||
Foreign currency transactions | 7,206 | |||
Total net realized gain (loss) | 5,830,795 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 42,716,464 | |||
Assets and liabilities in foreign currencies | 27,166 | |||
Total change in net unrealized appreciation (depreciation) | 42,743,630 | |||
Net gain (loss) | 48,574,425 | |||
Net increase (decrease) in net assets resulting from operations | $ | 58,527,214 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 9,952,789 | $ | 8,269,156 |
Net realized gain (loss) | 5,830,795 | 43,550,463 | ||
Change in net unrealized appreciation (depreciation) | 42,743,630 | (27,921,066) | ||
Net increase (decrease) in net assets resulting from operations | 58,527,214 | 23,898,553 | ||
Distributions to shareholders | (19,890,909) | (7,053,848) | ||
Share transactions | ||||
Proceeds from sales of shares | 338,713,904 | 365,164,911 | ||
Reinvestment of distributions | 12,947,154 | 5,127,250 | ||
Cost of shares redeemed | (378,726,174) | (171,960,863) | ||
Net increase (decrease) in net assets resulting from share transactions | (27,065,116) | 198,331,298 | ||
Total increase (decrease) in net assets | 11,571,189 | 215,176,003 | ||
Net Assets | ||||
Beginning of period | 740,985,206 | 525,809,203 | ||
End of period | $ | 752,556,395 | $ | 740,985,206 |
Other Information | ||||
Shares | ||||
Sold | 14,601,230 | 15,508,949 | ||
Issued in reinvestment of distributions | 548,797 | 216,360 | ||
Redeemed | (16,401,327) | (7,331,297) | ||
Net increase (decrease) | (1,251,300) | 8,394,012 | ||
Fidelity® Blue Chip Value Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 23.79 | $ | 23.11 | $ | 17.02 | $ | 19.71 | $ | 19.90 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .31 | .33 | .27 | .31 | .32 | |||||
Net realized and unrealized gain (loss) | 1.69 | .66 | 6.03 | (2.63) | (.14) C | |||||
Total from investment operations | 2.00 | .99 | 6.30 | (2.32) | .18 | |||||
Distributions from net investment income | (.26) | (.31) | (.21) | (.31) | (.29) | |||||
Distributions from net realized gain | (.37) | - | - | (.06) | (.09) | |||||
Total distributions | (.62) D | (.31) | (.21) | (.37) | (.37) D | |||||
Net asset value, end of period | $ | 25.17 | $ | 23.79 | $ | 23.11 | $ | 17.02 | $ | 19.71 |
Total Return E | 8.61% | 4.28% | 37.36% | (12.03)% | .99% C | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .80% | .63% | .58% | .63% | .65% | |||||
Expenses net of fee waivers, if any | .79% | .63% | .58% | .63% | .65% | |||||
Expenses net of all reductions | .79% | .63% | .58% | .61% | .65% | |||||
Net investment income (loss) | 1.32% | 1.38% | 1.35% | 1.71% | 1.67% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 752,556 | $ | 740,985 | $ | 525,809 | $ | 375,786 | $ | 477,706 |
Portfolio turnover rate H | 32% | 41% | 52% | 119% | 44% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $157,563,080 |
Gross unrealized depreciation | (15,355,803) |
Net unrealized appreciation (depreciation) | $142,207,277 |
Tax Cost | $618,979,560 |
Undistributed ordinary income | $9,292,736 |
Undistributed long-term capital gain | $2,188,814 |
Net unrealized appreciation (depreciation) on securities and other investments | $142,230,716 |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $8,258,374 | $7,053,848 |
Long-term Capital Gains | 11,632,535 | - |
Total | $19,890,909 | $7,053,848 |
Purchases ($) | Sales ($) | |
Fidelity Blue Chip Value Fund | 230,907,120 | 255,134,915 |
% of Average Net Assets | |
Fidelity Blue Chip Value Fund | .03 |
Amount | |
Fidelity Blue Chip Value Fund | $2,400 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Blue Chip Value Fund | 13,589,053 | 11,161,692 | 500,724 |
Amount | |
Fidelity Blue Chip Value Fund | $1,690 |
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 Blue Chip Value Fund | $1,134 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Blue Chip Value Fund | .81% | |||||||||
Actual | $ 1,000 | $ 1,017.80 | $ 4.05 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.78 | $ 4.06 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series Small Cap Opportunities Fund | 12.51% | 8.36% | 9.07% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Small Cap Opportunities Fund on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Academy Sports & Outdoors, Inc. | 1.6 | |
Commercial Metals Co. | 1.5 | |
Northern Oil & Gas, Inc. | 1.3 | |
Advanced Energy Industries, Inc. | 1.3 | |
Championx Corp. | 1.3 | |
Atkore, Inc. | 1.2 | |
Axcelis Technologies, Inc. | 1.2 | |
Primerica, Inc. | 1.2 | |
Brookfield Infrastructure Corp. A Shares | 1.2 | |
Insight Enterprises, Inc. | 1.2 | |
13.0 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 17.9 | |
Health Care | 15.7 | |
Financials | 14.7 | |
Information Technology | 13.8 | |
Consumer Discretionary | 11.7 | |
Energy | 7.2 | |
Materials | 6.6 | |
Real Estate | 4.3 | |
Consumer Staples | 3.4 | |
Utilities | 2.0 | |
Communication Services | 1.5 | |
Asset Allocation (% of Fund's net assets) |
Futures - 0.5% |
Common Stocks - 98.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.5% | |||
Entertainment - 0.3% | |||
Vivid Seats, Inc. Class A (a)(b) | 1,949,816 | 16,241,967 | |
Interactive Media & Services - 0.3% | |||
Ziff Davis, Inc. (a) | 177,400 | 12,865,048 | |
Media - 0.8% | |||
Nexstar Broadcasting Group, Inc. Class A | 97,600 | 18,223,872 | |
TechTarget, Inc. (a) | 184,548 | 5,994,119 | |
Thryv Holdings, Inc. (a) | 697,500 | 16,530,750 | |
40,748,741 | |||
Wireless Telecommunication Services - 0.1% | |||
Gogo, Inc. (a) | 388,400 | 5,853,188 | |
TOTAL COMMUNICATION SERVICES | 75,708,944 | ||
CONSUMER DISCRETIONARY - 11.7% | |||
Automobile Components - 2.5% | |||
Adient PLC (a) | 879,000 | 37,410,240 | |
Fox Factory Holding Corp. (a) | 325,234 | 36,393,685 | |
LCI Industries (b) | 198,000 | 26,981,460 | |
Patrick Industries, Inc. | 293,500 | 25,402,425 | |
126,187,810 | |||
Diversified Consumer Services - 0.3% | |||
Laureate Education, Inc. Class A | 1,141,020 | 14,627,876 | |
Hotels, Restaurants & Leisure - 1.4% | |||
Brinker International, Inc. (a) | 567,725 | 22,300,238 | |
Churchill Downs, Inc. | 172,800 | 20,018,880 | |
Everi Holdings, Inc. (a) | 700,600 | 10,396,904 | |
Hilton Grand Vacations, Inc. (a) | 372,100 | 17,302,650 | |
70,018,672 | |||
Household Durables - 2.1% | |||
Green Brick Partners, Inc. (a) | 447,047 | 25,267,096 | |
M.D.C. Holdings, Inc. | 340,650 | 17,468,532 | |
Skyline Champion Corp. (a) | 543,498 | 37,860,071 | |
Tempur Sealy International, Inc. | 494,000 | 22,047,220 | |
102,642,919 | |||
Leisure Products - 0.5% | |||
Acushnet Holdings Corp. (b) | 217,300 | 12,957,599 | |
Clarus Corp. (b) | 1,311,984 | 11,676,658 | |
24,634,257 | |||
Specialty Retail - 3.3% | |||
Academy Sports & Outdoors, Inc. | 1,342,172 | 80,248,460 | |
Dick's Sporting Goods, Inc. | 135,650 | 19,126,650 | |
Murphy U.S.A., Inc. | 166,191 | 51,025,623 | |
Upbound Group, Inc. | 342,052 | 11,845,261 | |
162,245,994 | |||
Textiles, Apparel & Luxury Goods - 1.6% | |||
Crocs, Inc. (a) | 281,800 | 30,533,030 | |
Deckers Outdoor Corp. (a) | 43,200 | 23,487,408 | |
Kontoor Brands, Inc. | 573,700 | 24,301,932 | |
78,322,370 | |||
TOTAL CONSUMER DISCRETIONARY | 578,679,898 | ||
CONSUMER STAPLES - 3.4% | |||
Beverages - 0.5% | |||
Primo Water Corp. | 1,647,500 | 23,345,075 | |
Consumer Staples Distribution & Retail - 1.2% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 347,450 | 23,039,410 | |
Performance Food Group Co. (a) | 345,800 | 20,665,008 | |
Sprouts Farmers Market LLC (a) | 430,100 | 16,881,425 | |
60,585,843 | |||
Food Products - 1.3% | |||
Flowers Foods, Inc. | 365,300 | 9,026,563 | |
Nomad Foods Ltd. (a) | 2,163,978 | 38,475,529 | |
The Simply Good Foods Co. (a) | 458,100 | 17,733,051 | |
65,235,143 | |||
Personal Care Products - 0.4% | |||
BellRing Brands, Inc. (a) | 467,033 | 16,789,836 | |
TOTAL CONSUMER STAPLES | 165,955,897 | ||
ENERGY - 7.2% | |||
Energy Equipment & Services - 3.7% | |||
Championx Corp. (b) | 1,733,100 | 61,698,360 | |
Liberty Oilfield Services, Inc. Class A | 2,818,354 | 46,418,290 | |
TechnipFMC PLC | 3,006,800 | 55,144,712 | |
Valaris Ltd. (a) | 271,000 | 20,812,800 | |
184,074,162 | |||
Oil, Gas & Consumable Fuels - 3.5% | |||
Antero Resources Corp. (a) | 1,138,726 | 30,460,921 | |
Denbury, Inc. (a) | 509,800 | 44,816,518 | |
HF Sinclair Corp. | 167,240 | 8,711,532 | |
Magnolia Oil & Gas Corp. Class A | 1,052,200 | 23,306,230 | |
Northern Oil & Gas, Inc. (b) | 1,679,745 | 66,131,561 | |
173,426,762 | |||
TOTAL ENERGY | 357,500,924 | ||
FINANCIALS - 14.7% | |||
Banks - 7.4% | |||
ConnectOne Bancorp, Inc. | 533,918 | 10,929,301 | |
East West Bancorp, Inc. | 288,200 | 17,928,922 | |
First Bancorp, Puerto Rico | 2,873,500 | 42,671,475 | |
First Interstate Bancsystem, Inc. | 397,500 | 11,420,175 | |
Glacier Bancorp, Inc. (b) | 446,950 | 14,615,265 | |
Independent Bank Group, Inc. | 504,400 | 22,632,428 | |
Metropolitan Bank Holding Corp. (a) | 272,495 | 12,341,299 | |
Pathward Financial, Inc. | 603,702 | 31,368,356 | |
Pinnacle Financial Partners, Inc. | 310,200 | 23,544,180 | |
Preferred Bank, Los Angeles | 21,544 | 1,423,628 | |
Synovus Financial Corp. | 1,651,195 | 55,975,511 | |
Trico Bancshares | 794,080 | 29,682,710 | |
United Community Bank, Inc. | 1,665,800 | 48,424,806 | |
Webster Financial Corp. | 462,571 | 21,888,860 | |
Western Alliance Bancorp. | 342,050 | 17,769,498 | |
362,616,414 | |||
Capital Markets - 2.7% | |||
Houlihan Lokey | 421,079 | 42,044,738 | |
Lazard Ltd. Class A | 937,440 | 32,904,144 | |
LPL Financial | 46,250 | 10,607,900 | |
TMX Group Ltd. | 2,101,920 | 46,704,020 | |
132,260,802 | |||
Consumer Finance - 0.6% | |||
FirstCash Holdings, Inc. | 327,524 | 31,206,487 | |
Financial Services - 1.5% | |||
Essent Group Ltd. | 1,122,800 | 55,690,880 | |
Walker & Dunlop, Inc. | 222,700 | 20,261,246 | |
75,952,126 | |||
Insurance - 2.5% | |||
First American Financial Corp. | 334,900 | 21,225,962 | |
Genworth Financial, Inc. Class A (a) | 2,358,900 | 13,823,154 | |
Primerica, Inc. | 276,580 | 58,828,566 | |
Selective Insurance Group, Inc. | 287,457 | 29,662,688 | |
123,540,370 | |||
TOTAL FINANCIALS | 725,576,199 | ||
HEALTH CARE - 15.4% | |||
Biotechnology - 7.4% | |||
Acelyrin, Inc. | 514,400 | 12,777,696 | |
Acelyrin, Inc. | 274,424 | 6,135,023 | |
Acelyrin, Inc. rights (a)(c) | 33,346 | 708,209 | |
Allogene Therapeutics, Inc. (a) | 1,500,200 | 7,440,992 | |
ALX Oncology Holdings, Inc. (a) | 337,600 | 2,062,736 | |
Arcellx, Inc. (a) | 393,200 | 13,467,100 | |
Arcutis Biotherapeutics, Inc. (a)(b) | 1,078,810 | 11,769,817 | |
Argenx SE ADR (a) | 42,800 | 21,591,744 | |
Arrowhead Pharmaceuticals, Inc. (a) | 462,100 | 15,951,692 | |
Ascendis Pharma A/S sponsored ADR (a) | 96,248 | 8,676,757 | |
Astria Therapeutics, Inc. (a) | 746,701 | 6,690,441 | |
Blueprint Medicines Corp. (a) | 310,500 | 20,493,000 | |
Celldex Therapeutics, Inc. (a) | 337,200 | 11,923,392 | |
Cerevel Therapeutics Holdings (a) | 450,200 | 13,771,618 | |
Cytokinetics, Inc. (a) | 573,045 | 19,111,051 | |
Icosavax, Inc. (a) | 1,211,756 | 10,699,805 | |
Janux Therapeutics, Inc. (a)(b) | 704,426 | 9,861,964 | |
Karuna Therapeutics, Inc. (a) | 40,474 | 8,085,491 | |
Keros Therapeutics, Inc. (a) | 354,900 | 14,863,212 | |
Moonlake Immunotherapeutics (a)(b) | 252,941 | 15,381,342 | |
Morphic Holding, Inc. (a) | 334,362 | 18,968,356 | |
PepGen, Inc. (a) | 670,937 | 4,018,913 | |
Prothena Corp. PLC (a) | 62,371 | 4,295,491 | |
PTC Therapeutics, Inc. (a) | 355,493 | 14,340,588 | |
Scholar Rock Holding Corp. warrants 12/31/25 (a)(d) | 18,825 | 43,999 | |
Tango Therapeutics, Inc. (a) | 1,419,976 | 4,799,519 | |
Tyra Biosciences, Inc. (a) | 778,669 | 11,539,875 | |
Vaxcyte, Inc. (a) | 338,340 | 16,260,620 | |
Verve Therapeutics, Inc. (a)(b) | 549,370 | 11,256,591 | |
Viking Therapeutics, Inc. (a) | 696,200 | 10,094,900 | |
Xenon Pharmaceuticals, Inc. (a) | 457,630 | 16,895,700 | |
Zentalis Pharmaceuticals, Inc. (a) | 728,496 | 19,458,128 | |
363,435,762 | |||
Health Care Equipment & Supplies - 2.9% | |||
CONMED Corp. (b) | 115,700 | 14,005,485 | |
Envista Holdings Corp. (a) | 347,397 | 11,953,931 | |
Haemonetics Corp. (a) | 335,436 | 30,940,617 | |
Inspire Medical Systems, Inc. (a) | 47,215 | 13,588,949 | |
Integer Holdings Corp. (a) | 260,300 | 24,072,544 | |
Shockwave Medical, Inc. (a) | 55,800 | 14,541,480 | |
TransMedics Group, Inc. (a) | 394,247 | 36,735,935 | |
145,838,941 | |||
Health Care Providers & Services - 2.8% | |||
Acadia Healthcare Co., Inc. (a) | 307,949 | 24,337,209 | |
agilon health, Inc. (a) | 1,108,699 | 21,231,586 | |
Molina Healthcare, Inc. (a) | 54,251 | 16,518,887 | |
Privia Health Group, Inc. (a) | 558,900 | 15,604,488 | |
R1 RCM, Inc. (a) | 962,843 | 16,637,927 | |
Surgery Partners, Inc. (a) | 663,892 | 25,646,148 | |
Tenet Healthcare Corp. (a) | 228,840 | 17,101,213 | |
137,077,458 | |||
Health Care Technology - 0.5% | |||
Evolent Health, Inc. (a) | 855,170 | 25,988,616 | |
Life Sciences Tools & Services - 0.3% | |||
10X Genomics, Inc. (a) | 96,272 | 6,063,211 | |
Olink Holding AB ADR (a) | 556,495 | 10,573,405 | |
16,636,616 | |||
Pharmaceuticals - 1.5% | |||
Axsome Therapeutics, Inc. (a)(b) | 212,248 | 16,655,101 | |
Edgewise Therapeutics, Inc. (a) | 1,274,155 | 9,288,590 | |
Enliven Therapeutics, Inc. (a) | 385,007 | 7,292,033 | |
Ikena Oncology, Inc. (a) | 583,820 | 3,006,673 | |
Terns Pharmaceuticals, Inc. (a) | 898,700 | 6,488,614 | |
Ventyx Biosciences, Inc. (a) | 559,840 | 20,742,072 | |
Verona Pharma PLC ADR (a) | 489,455 | 10,812,061 | |
74,285,144 | |||
TOTAL HEALTH CARE | 763,262,537 | ||
INDUSTRIALS - 17.9% | |||
Building Products - 1.7% | |||
Builders FirstSource, Inc. (a) | 75,599 | 10,918,764 | |
Masonite International Corp. (a) | 167,234 | 17,484,315 | |
Simpson Manufacturing Co. Ltd. | 346,299 | 54,715,242 | |
83,118,321 | |||
Commercial Services & Supplies - 0.7% | |||
Casella Waste Systems, Inc. Class A (a) | 228,932 | 18,472,523 | |
The Brink's Co. | 228,100 | 16,642,176 | |
35,114,699 | |||
Construction & Engineering - 4.1% | |||
Comfort Systems U.S.A., Inc. | 230,222 | 40,051,721 | |
Construction Partners, Inc. Class A (a) | 368,555 | 10,835,517 | |
Dycom Industries, Inc. (a) | 174,910 | 17,417,538 | |
EMCOR Group, Inc. | 243,660 | 52,396,646 | |
Granite Construction, Inc. | 869,600 | 35,592,728 | |
IES Holdings, Inc. (a) | 526,918 | 30,202,940 | |
Sterling Construction Co., Inc. (a) | 228,200 | 13,689,718 | |
200,186,808 | |||
Electrical Equipment - 1.8% | |||
Atkore, Inc. (a) | 385,924 | 61,234,561 | |
Fluence Energy, Inc. (a)(b) | 258,500 | 7,558,540 | |
Thermon Group Holdings, Inc. (a) | 783,746 | 21,639,227 | |
90,432,328 | |||
Machinery - 4.0% | |||
Federal Signal Corp. | 778,528 | 47,560,276 | |
ITT, Inc. | 131,600 | 13,107,360 | |
Kadant, Inc. | 93,356 | 20,804,385 | |
SPX Technologies, Inc. (a) | 648,744 | 54,890,230 | |
Terex Corp. | 762,200 | 44,687,786 | |
Timken Co. | 174,800 | 16,231,928 | |
197,281,965 | |||
Professional Services - 3.3% | |||
ASGN, Inc. (a) | 218,150 | 16,649,208 | |
CACI International, Inc. Class A (a) | 60,700 | 21,271,708 | |
CRA International, Inc. | 152,274 | 15,241,105 | |
ExlService Holdings, Inc. (a) | 229,376 | 32,330,547 | |
FTI Consulting, Inc. (a) | 50,346 | 8,818,605 | |
KBR, Inc. | 327,900 | 20,162,571 | |
NV5 Global, Inc. (a) | 192,195 | 21,054,962 | |
WNS Holdings Ltd. sponsored ADR (a) | 409,690 | 28,313,676 | |
163,842,382 | |||
Trading Companies & Distributors - 2.3% | |||
Beacon Roofing Supply, Inc. (a) | 285,857 | 24,489,369 | |
Finning International, Inc. | 587,350 | 20,230,870 | |
GMS, Inc. (a) | 244,000 | 17,980,360 | |
Rush Enterprises, Inc. Class A | 776,301 | 50,211,149 | |
112,911,748 | |||
TOTAL INDUSTRIALS | 882,888,251 | ||
INFORMATION TECHNOLOGY - 13.8% | |||
Communications Equipment - 0.4% | |||
Extreme Networks, Inc. (a) | 786,400 | 20,910,376 | |
Electronic Equipment, Instruments & Components - 4.6% | |||
Advanced Energy Industries, Inc. | 506,599 | 63,416,063 | |
Fabrinet (a) | 394,156 | 48,733,448 | |
Insight Enterprises, Inc. (a) | 393,207 | 57,679,535 | |
Napco Security Technologies, Inc. | 271,900 | 10,190,812 | |
Sanmina Corp. (a) | 195,100 | 11,990,846 | |
TD SYNNEX Corp. | 378,800 | 37,391,348 | |
229,402,052 | |||
IT Services - 1.0% | |||
Endava PLC ADR (a) | 443,103 | 23,245,183 | |
Fastly, Inc. Class A (a) | 621,600 | 11,418,792 | |
Perficient, Inc. (a) | 267,352 | 17,054,384 | |
51,718,359 | |||
Semiconductors & Semiconductor Equipment - 3.7% | |||
Allegro MicroSystems LLC (a) | 239,600 | 12,365,756 | |
Axcelis Technologies, Inc. (a) | 296,000 | 59,342,080 | |
Diodes, Inc. (a) | 149,200 | 14,097,908 | |
MACOM Technology Solutions Holdings, Inc. (a) | 635,600 | 44,441,152 | |
Onto Innovation, Inc. (a) | 287,092 | 35,691,277 | |
Synaptics, Inc. (a) | 172,800 | 15,605,568 | |
181,543,741 | |||
Software - 3.8% | |||
Five9, Inc. (a) | 117,200 | 10,284,300 | |
Intapp, Inc. (a) | 299,318 | 12,289,997 | |
Manhattan Associates, Inc. (a) | 70,800 | 13,495,896 | |
PROS Holdings, Inc. (a) | 842,752 | 32,024,576 | |
Qualys, Inc. (a) | 137,100 | 19,029,480 | |
Rapid7, Inc. (a) | 178,200 | 8,181,162 | |
SPS Commerce, Inc. (a) | 243,350 | 43,897,907 | |
Tenable Holdings, Inc. (a) | 1,007,900 | 49,044,414 | |
188,247,732 | |||
Technology Hardware, Storage & Peripherals - 0.3% | |||
Avid Technology, Inc. (a) | 518,448 | 12,359,800 | |
TOTAL INFORMATION TECHNOLOGY | 684,182,060 | ||
MATERIALS - 6.6% | |||
Chemicals - 1.2% | |||
Element Solutions, Inc. | 1,332,017 | 27,919,076 | |
The Chemours Co. LLC | 443,400 | 16,396,932 | |
Tronox Holdings PLC | 999,647 | 13,285,309 | |
57,601,317 | |||
Construction Materials - 1.0% | |||
Eagle Materials, Inc. | 274,100 | 50,535,817 | |
Containers & Packaging - 0.5% | |||
O-I Glass, Inc. (a) | 1,015,500 | 23,315,880 | |
Metals & Mining - 3.1% | |||
Commercial Metals Co. | 1,308,930 | 74,896,975 | |
Constellium NV (a) | 2,821,645 | 53,865,203 | |
Lundin Mining Corp. | 2,972,300 | 26,575,222 | |
155,337,400 | |||
Paper & Forest Products - 0.8% | |||
Louisiana-Pacific Corp. | 277,200 | 21,103,236 | |
Sylvamo Corp. | 339,500 | 16,659,265 | |
37,762,501 | |||
TOTAL MATERIALS | 324,552,915 | ||
REAL ESTATE - 4.3% | |||
Equity Real Estate Investment Trusts (REITs) - 3.3% | |||
EastGroup Properties, Inc. | 154,900 | 27,445,182 | |
Elme Communities (SBI) | 1,559,100 | 25,335,375 | |
Equity Commonwealth | 244,200 | 4,783,878 | |
Essential Properties Realty Trust, Inc. | 1,795,400 | 44,077,070 | |
Lamar Advertising Co. Class A | 252,500 | 24,921,750 | |
LXP Industrial Trust (REIT) | 2,233,399 | 22,490,328 | |
Terreno Realty Corp. | 223,096 | 13,238,517 | |
162,292,100 | |||
Real Estate Management & Development - 1.0% | |||
Colliers International Group, Inc. | 103,200 | 10,448,741 | |
Jones Lang LaSalle, Inc. (a) | 174,200 | 29,013,010 | |
Marcus & Millichap, Inc. | 279,743 | 10,260,973 | |
49,722,724 | |||
TOTAL REAL ESTATE | 212,014,824 | ||
UTILITIES - 2.0% | |||
Electric Utilities - 0.4% | |||
IDACORP, Inc. | 195,600 | 20,111,592 | |
Gas Utilities - 1.6% | |||
Brookfield Infrastructure Corp. A Shares | 1,248,166 | 58,314,316 | |
ONE Gas, Inc. (b) | 270,800 | 21,428,404 | |
79,742,720 | |||
TOTAL UTILITIES | 99,854,312 | ||
TOTAL COMMON STOCKS (Cost $3,634,296,150) | 4,870,176,761 | ||
Convertible Preferred Stocks - 0.3% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.3% | |||
Biotechnology - 0.1% | |||
Dianthus Therapeutics, Inc. Series A (a)(c)(d) | 1,102,127 | 4,915,486 | |
Health Care Providers & Services - 0.1% | |||
Boundless Bio, Inc. Series C (c)(d) | 4,913,490 | 3,439,443 | |
Pharmaceuticals - 0.1% | |||
Aristea Therapeutics, Inc. Series B (a)(c)(d) | 733,075 | 4,039,243 | |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $12,271,794) | 12,394,172 | ||
Money Market Funds - 4.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (e) | 83,525,432 | 83,542,137 | |
Fidelity Securities Lending Cash Central Fund 5.32% (e)(f) | 139,474,889 | 139,488,836 | |
TOTAL MONEY MARKET FUNDS (Cost $223,030,973) | 223,030,973 | ||
TOTAL INVESTMENT IN SECURITIES - 103.3% (Cost $3,869,598,917) | 5,105,601,906 |
NET OTHER ASSETS (LIABILITIES) - (3.3)% | (163,130,112) |
NET ASSETS - 100.0% | 4,942,471,794 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 224 | Sep 2023 | 22,552,320 | 822,173 | 822,173 |
The notional amount of futures purchased as a percentage of Net Assets is 0.5% |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Level 3 security |
(d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $12,438,171 or 0.3% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Aristea Therapeutics, Inc. Series B | 10/06/20 - 7/27/21 | 4,041,955 |
Boundless Bio, Inc. Series C | 4/05/23 | 3,439,443 |
Dianthus Therapeutics, Inc. Series A | 4/06/22 | 4,790,395 |
Scholar Rock Holding Corp. warrants 12/31/25 | 6/17/22 | 0 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 56,163,679 | 1,561,752,024 | 1,534,373,566 | 2,309,681 | - | - | 83,542,137 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.32% | 83,308,212 | 1,659,659,329 | 1,603,478,704 | 593,056 | - | (1) | 139,488,836 | 0.5% |
Total | 139,471,891 | 3,221,411,353 | 3,137,852,270 | 2,902,737 | - | (1) | 223,030,973 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 75,708,944 | 75,708,944 | - | - |
Consumer Discretionary | 578,679,898 | 578,679,898 | - | - |
Consumer Staples | 165,955,897 | 165,955,897 | - | - |
Energy | 357,500,924 | 357,500,924 | - | - |
Financials | 725,576,199 | 725,576,199 | - | - |
Health Care | 775,656,709 | 756,375,306 | 6,179,022 | 13,102,381 |
Industrials | 882,888,251 | 882,888,251 | - | - |
Information Technology | 684,182,060 | 684,182,060 | - | - |
Materials | 324,552,915 | 324,552,915 | - | - |
Real Estate | 212,014,824 | 212,014,824 | - | - |
Utilities | 99,854,312 | 99,854,312 | - | - |
Money Market Funds | 223,030,973 | 223,030,973 | - | - |
Total Investments in Securities: | 5,105,601,906 | 5,086,320,503 | 6,179,022 | 13,102,381 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 822,173 | 822,173 | - | - |
Total Assets | 822,173 | 822,173 | - | - |
Total Derivative Instruments: | 822,173 | 822,173 | - | - |
Net Unrealized Depreciation on Unfunded Commitments | (280,277) | - | - | (280,277) |
Total | (280,277) | - | - | (280,277) |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 822,173 | 0 |
Total Equity Risk | 822,173 | 0 |
Total Value of Derivatives | 822,173 | 0 |
Statement of Assets and Liabilities | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $138,053,042) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,646,567,944) | $ | 4,882,570,933 | ||
Fidelity Central Funds (cost $223,030,973) | 223,030,973 | |||
Total Investment in Securities (cost $3,869,598,917) | $ | 5,105,601,906 | ||
Segregated cash with brokers for derivative instruments | 781,200 | |||
Cash | 1,158,070 | |||
Receivable for investments sold | 20,377,841 | |||
Receivable for fund shares sold | 2,074,594 | |||
Dividends receivable | 209,987 | |||
Distributions receivable from Fidelity Central Funds | 342,694 | |||
Receivable for daily variation margin on futures contracts | 165,323 | |||
Other receivables | 50,270 | |||
Total assets | 5,130,761,885 | |||
Liabilities | ||||
Payable for investments purchased | $ | 12,359,125 | ||
Unrealized depreciation on unfunded commitments | 280,277 | |||
Payable for fund shares redeemed | 36,124,306 | |||
Other payables and accrued expenses | 47,983 | |||
Collateral on securities loaned | 139,478,400 | |||
Total Liabilities | 188,290,091 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 4,942,471,794 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,850,798,457 | ||
Total accumulated earnings (loss) | 1,091,673,337 | |||
Net Assets | $ | 4,942,471,794 | ||
Net Asset Value, offering price and redemption price per share ($4,942,471,794 ÷ 366,801,986 shares) | $ | 13.47 |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 49,892,423 | ||
Interest | 56,102 | |||
Income from Fidelity Central Funds (including $593,056 from security lending) | 2,902,737 | |||
Total Income | 52,851,262 | |||
Expenses | ||||
Custodian fees and expenses | $ | 84,128 | ||
Independent trustees' fees and expenses | 24,617 | |||
Interest | 54,040 | |||
Total Expenses | 162,785 | |||
Net Investment income (loss) | 52,688,477 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 19,818,357 | |||
Foreign currency transactions | (660) | |||
Futures contracts | (625,361) | |||
Total net realized gain (loss) | 19,192,336 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 505,276,886 | |||
Fidelity Central Funds | (1) | |||
Unfunded commitments | (280,277) | |||
Assets and liabilities in foreign currencies | (915) | |||
Futures contracts | (342,396) | |||
Total change in net unrealized appreciation (depreciation) | 504,653,297 | |||
Net gain (loss) | 523,845,633 | |||
Net increase (decrease) in net assets resulting from operations | $ | 576,534,110 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 52,688,477 | $ | 48,514,660 |
Net realized gain (loss) | 19,192,336 | 123,754,493 | ||
Change in net unrealized appreciation (depreciation) | 504,653,297 | (570,952,732) | ||
Net increase (decrease) in net assets resulting from operations | 576,534,110 | (398,683,579) | ||
Distributions to shareholders | (230,929,095) | (1,511,145,723) | ||
Share transactions | ||||
Proceeds from sales of shares | 674,296,906 | 772,983,933 | ||
Reinvestment of distributions | 230,929,095 | 1,511,145,723 | ||
Cost of shares redeemed | (1,348,316,619) | (1,346,757,031) | ||
Net increase (decrease) in net assets resulting from share transactions | (443,090,618) | 937,372,625 | ||
Total increase (decrease) in net assets | (97,485,603) | (972,456,677) | ||
Net Assets | ||||
Beginning of period | 5,039,957,397 | 6,012,414,074 | ||
End of period | $ | 4,942,471,794 | $ | 5,039,957,397 |
Other Information | ||||
Shares | ||||
Sold | 55,711,299 | 57,044,933 | ||
Issued in reinvestment of distributions | 19,053,605 | 106,014,574 | ||
Redeemed | (108,966,202) | (94,592,767) | ||
Net increase (decrease) | (34,201,298) | 68,466,740 | ||
Fidelity® Series Small Cap Opportunities Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 12.57 | $ | 18.08 | $ | 12.66 | $ | 14.04 | $ | 15.46 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .14 | .12 | .12 | .15 | .15 | |||||
Net realized and unrealized gain (loss) | 1.36 | (1.03) | 5.62 | (.60) | .12 | |||||
Total from investment operations | 1.50 | (.91) | 5.74 | (.45) | .27 | |||||
Distributions from net investment income | (.14) | (.12) | (.14) | (.16) | (.14) | |||||
Distributions from net realized gain | (.47) | (4.48) | (.19) | (.77) | (1.55) | |||||
Total distributions | (.60) C | (4.60) | (.32) C | (.93) | (1.69) | |||||
Net asset value, end of period | $ | 13.47 | $ | 12.57 | $ | 18.08 | $ | 12.66 | $ | 14.04 |
Total Return D | 12.51% | (7.62)% | 45.98% | (3.44)% | 1.98% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions G | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any G | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions G | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 1.11% | .86% | .77% | 1.17% | 1.13% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 4,942,472 | $ | 5,039,957 | $ | 6,012,414 | $ | 4,931,192 | $ | 5,667,458 |
Portfolio turnover rate H | 34% | 39% | 96% | 61% I | 59% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $1,454,253,185 |
Gross unrealized depreciation | (235,992,650) |
Net unrealized appreciation (depreciation) | $1,218,260,535 |
Tax Cost | $3,887,061,094 |
Undistributed ordinary income | $22,209,517 |
Capital loss carryforward | $(148,779,330) |
Net unrealized appreciation (depreciation) on securities and other investments | $1,218,243,149 |
Short-term | $(148,779,330) |
Total capital loss carryforward | $(148,779,330) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $52,416,681 | $605,253,396 |
Long-term Capital Gains | 178,512,414 | 905,892,327 |
Total | $230,929,095 | $1,511,145,723 |
Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) | |
Fidelity Series Small Cap Opportunities Fund | Dianthus Therapeutics, Inc. | $2,196,628 | $(280,277) |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Series Small Cap Opportunities Fund | 1,567,090,028 | 2,213,646,700 |
Amount | |
Fidelity Series Small Cap Opportunities Fund | $58,410 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Small Cap Opportunities Fund | Borrower | $ 80,612,400 | 4.83% | $54,040 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Small Cap Opportunities Fund | 65,586,262 | 200,473,100 | 6,966,927 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series Small Cap Opportunities Fund | $62,909 | $28,538 | $2,128,350 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Series Small Cap Opportunities Fund | .01% | |||||||||
Actual | $ 1,000 | $ 1,054.80 | $ .05 | |||||||
Hypothetical-B | $ 1,000 | $ 1,024.74 | $ .05 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Life of Fund A |
Fidelity® OTC K6 Portfolio | 22.03% | 18.20% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® OTC K6 Portfolio, on June 13, 2019, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Apple, Inc. | 13.6 | |
Microsoft Corp. | 11.7 | |
Amazon.com, Inc. | 7.9 | |
Alphabet, Inc. Class A | 6.5 | |
Meta Platforms, Inc. Class A | 4.6 | |
NVIDIA Corp. | 4.6 | |
Alphabet, Inc. Class C | 3.3 | |
Marvell Technology, Inc. | 2.6 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2.5 | |
Comcast Corp. Class A | 1.9 | |
59.2 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 44.0 | |
Communication Services | 20.7 | |
Consumer Discretionary | 14.1 | |
Health Care | 5.8 | |
Energy | 5.4 | |
Consumer Staples | 4.0 | |
Financials | 3.7 | |
Industrials | 1.7 | |
Real Estate | 0.0 | |
Asset Allocation (% of Fund's net assets) |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 20.4% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry Group Holdings, Inc. Class A (a)(b) | 1,498 | 0 | |
Entertainment - 1.9% | |||
Activision Blizzard, Inc. | 53,247 | 4,939,192 | |
Electronic Arts, Inc. | 176 | 23,998 | |
NetEase, Inc. ADR | 1,159 | 126,030 | |
Netflix, Inc. (a) | 77,616 | 34,071,096 | |
Take-Two Interactive Software, Inc. (a) | 1,611 | 246,386 | |
39,406,702 | |||
Interactive Media & Services - 15.0% | |||
Alphabet, Inc.: | |||
Class A (a) | 1,040,595 | 138,107,768 | |
Class C (a) | 522,958 | 69,610,939 | |
Epic Games, Inc. (a)(c)(d) | 5,200 | 3,631,316 | |
Match Group, Inc. (a) | 20,138 | 936,618 | |
Meta Platforms, Inc. Class A (a) | 305,549 | 97,347,911 | |
Snap, Inc. Class A (a) | 100,600 | 1,142,816 | |
Tencent Holdings Ltd. sponsored ADR (b) | 76,507 | 3,514,732 | |
Vimeo, Inc. (a) | 24,964 | 102,852 | |
Yandex NV Series A (a)(b)(d) | 253,404 | 3,040,848 | |
317,435,800 | |||
Media - 3.4% | |||
Charter Communications, Inc. Class A (a) | 80,134 | 32,469,495 | |
Comcast Corp. Class A | 879,044 | 39,785,531 | |
72,255,026 | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. (a) | 7,500 | 1,033,275 | |
TOTAL COMMUNICATION SERVICES | 430,130,803 | ||
CONSUMER DISCRETIONARY - 14.0% | |||
Automobiles - 0.1% | |||
Rivian Automotive, Inc. (a) | 1,247 | 34,467 | |
Tesla, Inc. (a) | 7,667 | 2,050,386 | |
2,084,853 | |||
Broadline Retail - 8.0% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 522 | 53,328 | |
Amazon.com, Inc. (a) | 1,241,959 | 166,025,079 | |
ContextLogic, Inc. (a)(b) | 565 | 5,368 | |
Etsy, Inc. (a) | 11,427 | 1,161,555 | |
Global-e Online Ltd. (a) | 20,061 | 903,748 | |
JD.com, Inc. Class A | 739 | 15,300 | |
168,164,378 | |||
Hotels, Restaurants & Leisure - 0.9% | |||
Airbnb, Inc. Class A (a) | 1,530 | 232,851 | |
Churchill Downs, Inc. | 111,846 | 12,957,359 | |
Domino's Pizza, Inc. | 2,321 | 920,834 | |
Hilton Worldwide Holdings, Inc. | 6,300 | 979,587 | |
Marriott International, Inc. Class A | 4,094 | 826,210 | |
Meituan Class B (a)(e) | 66,013 | 1,260,196 | |
Vail Resorts, Inc. | 1,653 | 389,265 | |
Wynn Resorts Ltd. | 9,478 | 1,032,912 | |
Zomato Ltd. (a) | 368,500 | 376,834 | |
18,976,048 | |||
Specialty Retail - 2.7% | |||
Five Below, Inc. (a) | 76,086 | 15,851,757 | |
Lowe's Companies, Inc. | 78,359 | 18,357,163 | |
Ross Stores, Inc. | 194,272 | 22,271,342 | |
thredUP, Inc. (a) | 7,523 | 26,481 | |
TJX Companies, Inc. | 16,251 | 1,406,199 | |
57,912,942 | |||
Textiles, Apparel & Luxury Goods - 2.3% | |||
Figs, Inc. Class A (a) | 3,944 | 29,028 | |
Kontoor Brands, Inc. | 476 | 20,163 | |
lululemon athletica, Inc. (a) | 71,996 | 27,252,646 | |
LVMH Moet Hennessy Louis Vuitton SE | 22,043 | 20,472,832 | |
NIKE, Inc. Class B | 13,406 | 1,479,888 | |
49,254,557 | |||
TOTAL CONSUMER DISCRETIONARY | 296,392,778 | ||
CONSUMER STAPLES - 4.0% | |||
Beverages - 2.5% | |||
Diageo PLC | 225,520 | 9,842,210 | |
Keurig Dr. Pepper, Inc. | 587,557 | 19,982,814 | |
Monster Beverage Corp. | 400,422 | 23,020,261 | |
52,845,285 | |||
Consumer Staples Distribution & Retail - 0.5% | |||
Costco Wholesale Corp. | 10,292 | 5,770,416 | |
Dollar Tree, Inc. (a) | 23,767 | 3,667,961 | |
9,438,377 | |||
Food Products - 1.0% | |||
Mondelez International, Inc. | 284,664 | 21,102,142 | |
Personal Care Products - 0.0% | |||
The Honest Co., Inc. (a) | 1,176 | 1,776 | |
TOTAL CONSUMER STAPLES | 83,387,580 | ||
ENERGY - 5.4% | |||
Energy Equipment & Services - 1.6% | |||
Halliburton Co. | 255,506 | 9,985,174 | |
Schlumberger Ltd. | 372,880 | 21,753,819 | |
TGS ASA ADR | 196,736 | 2,622,487 | |
34,361,480 | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Cenovus Energy, Inc. (Canada) | 12,509 | 237,914 | |
Diamondback Energy, Inc. | 85,554 | 12,603,815 | |
EOG Resources, Inc. | 1,000 | 132,530 | |
Exxon Mobil Corp. | 115,100 | 12,343,324 | |
Hess Corp. | 89,122 | 13,522,481 | |
Reliance Industries Ltd. | 1,048,713 | 32,507,680 | |
Reliance Industries Ltd. GDR (e) | 149,324 | 9,332,750 | |
80,680,494 | |||
TOTAL ENERGY | 115,041,974 | ||
FINANCIALS - 3.3% | |||
Banks - 1.7% | |||
Bank of America Corp. | 161,501 | 5,168,032 | |
Fifth Third Bancorp | 248,058 | 7,218,488 | |
Huntington Bancshares, Inc. | 1,098,722 | 13,448,357 | |
M&T Bank Corp. | 7,700 | 1,076,922 | |
U.S. Bancorp | 75,600 | 2,999,808 | |
Wells Fargo & Co. | 128,942 | 5,951,963 | |
Wintrust Financial Corp. | 3,087 | 260,419 | |
36,123,989 | |||
Capital Markets - 0.0% | |||
S&P Global, Inc. | 149 | 58,782 | |
Financial Services - 1.6% | |||
Jio Financial Services Ltd. (d) | 1,048,713 | 3,339,075 | |
MasterCard, Inc. Class A | 71,353 | 28,133,061 | |
PayPal Holdings, Inc. (a) | 13,683 | 1,037,445 | |
32,509,581 | |||
TOTAL FINANCIALS | 68,692,352 | ||
HEALTH CARE - 5.8% | |||
Biotechnology - 2.3% | |||
Alnylam Pharmaceuticals, Inc. (a) | 96,286 | 18,814,284 | |
Amgen, Inc. | 41,974 | 9,828,212 | |
Arcutis Biotherapeutics, Inc. (a) | 71,603 | 781,189 | |
Ascendis Pharma A/S sponsored ADR (a) | 22,142 | 1,996,101 | |
GenSight Biologics SA (a) | 16,039 | 12,080 | |
Ionis Pharmaceuticals, Inc. (a) | 2,430 | 100,675 | |
Regeneron Pharmaceuticals, Inc. (a) | 8,021 | 5,950,860 | |
Trevena, Inc. (a)(b) | 1,349 | 1,336 | |
Vertex Pharmaceuticals, Inc. (a) | 33,289 | 11,729,046 | |
49,213,783 | |||
Health Care Equipment & Supplies - 1.1% | |||
DexCom, Inc. (a) | 49,979 | 6,225,384 | |
Insulet Corp. (a) | 62,373 | 17,261,728 | |
Neuronetics, Inc. (a) | 2,922 | 5,756 | |
Outset Medical, Inc. (a) | 3,171 | 65,259 | |
Pulmonx Corp. (a) | 2,888 | 40,432 | |
Tandem Diabetes Care, Inc. (a) | 15,281 | 533,613 | |
24,132,172 | |||
Health Care Providers & Services - 0.9% | |||
agilon health, Inc. (a) | 37,745 | 722,817 | |
Cigna Group | 6,363 | 1,877,721 | |
Guardant Health, Inc. (a) | 174,989 | 6,828,071 | |
Humana, Inc. | 21,408 | 9,779,817 | |
19,208,426 | |||
Health Care Technology - 0.0% | |||
Certara, Inc. (a) | 21,121 | 411,226 | |
Life Sciences Tools & Services - 1.0% | |||
10X Genomics, Inc. (a) | 25,281 | 1,592,197 | |
Bruker Corp. | 206,708 | 14,204,974 | |
Danaher Corp. | 4,000 | 1,020,240 | |
Illumina, Inc. (a) | 3,166 | 608,347 | |
Olink Holding AB ADR (a) | 89,287 | 1,696,453 | |
Seer, Inc. (a) | 38,113 | 192,852 | |
Thermo Fisher Scientific, Inc. | 1,800 | 987,588 | |
20,302,651 | |||
Pharmaceuticals - 0.5% | |||
AstraZeneca PLC sponsored ADR | 141,232 | 10,126,334 | |
Elanco Animal Health, Inc. (a) | 6,694 | 80,797 | |
TherapeuticsMD, Inc. (a)(b) | 519 | 2,107 | |
10,209,238 | |||
TOTAL HEALTH CARE | 123,477,496 | ||
INDUSTRIALS - 1.7% | |||
Electrical Equipment - 0.2% | |||
Vertiv Holdings Co. | 188,300 | 4,897,683 | |
Ground Transportation - 0.4% | |||
Canadian Pacific Kansas City Ltd. | 11,831 | 973,573 | |
CSX Corp. | 26,687 | 889,211 | |
Uber Technologies, Inc. (a) | 110,500 | 5,465,330 | |
7,328,114 | |||
Passenger Airlines - 0.0% | |||
Wheels Up Experience, Inc. Class A (a)(b) | 7,082 | 16,784 | |
Professional Services - 1.1% | |||
Verisk Analytics, Inc. | 100,953 | 23,112,180 | |
TOTAL INDUSTRIALS | 35,354,761 | ||
INFORMATION TECHNOLOGY - 44.0% | |||
Communications Equipment - 0.4% | |||
Cisco Systems, Inc. | 147,143 | 7,657,322 | |
IT Services - 0.8% | |||
EPAM Systems, Inc. (a) | 3,000 | 710,430 | |
Gartner, Inc. (a) | 31,423 | 11,110,859 | |
MongoDB, Inc. Class A (a) | 8,252 | 3,493,897 | |
Twilio, Inc. Class A (a) | 133 | 8,782 | |
X Holdings Corp. Class A (d) | 57,830 | 2,418,451 | |
17,742,419 | |||
Semiconductors & Semiconductor Equipment - 13.8% | |||
Advanced Micro Devices, Inc. (a) | 15,045 | 1,721,148 | |
Analog Devices, Inc. | 18,273 | 3,646,012 | |
Applied Materials, Inc. | 122,523 | 18,573,262 | |
ASML Holding NV (depository receipt) | 45,296 | 32,450,507 | |
Lam Research Corp. | 24,086 | 17,305,550 | |
Marvell Technology, Inc. | 852,419 | 55,518,049 | |
NVIDIA Corp. | 205,463 | 96,010,805 | |
NXP Semiconductors NV | 50,032 | 11,156,135 | |
Skyworks Solutions, Inc. | 8,215 | 939,550 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 528,043 | 52,355,463 | |
Texas Instruments, Inc. | 12,058 | 2,170,440 | |
291,846,921 | |||
Software - 14.5% | |||
Adobe, Inc. (a) | 11,379 | 6,214,868 | |
ANSYS, Inc. (a) | 4,642 | 1,588,028 | |
Autodesk, Inc. (a) | 20,286 | 4,300,429 | |
Cadence Design Systems, Inc. (a) | 78,616 | 18,396,930 | |
Dropbox, Inc. Class A (a) | 19,130 | 515,554 | |
Dynatrace, Inc. (a) | 3,034 | 165,929 | |
Elastic NV (a) | 43,594 | 2,896,821 | |
Intuit, Inc. | 25,715 | 13,158,366 | |
Microsoft Corp. | 733,086 | 246,258,249 | |
Roper Technologies, Inc. | 8,700 | 4,289,535 | |
Salesforce, Inc. (a) | 645 | 145,131 | |
Stripe, Inc. Class B (a)(c)(d) | 7,800 | 157,014 | |
Synopsys, Inc. (a) | 14,462 | 6,533,932 | |
Workday, Inc. Class A (a) | 6,345 | 1,504,590 | |
306,125,376 | |||
Technology Hardware, Storage & Peripherals - 14.5% | |||
Apple, Inc. | 1,466,100 | 288,015,345 | |
Samsung Electronics Co. Ltd. | 314,170 | 17,162,654 | |
Western Digital Corp. (a) | 22,977 | 977,901 | |
306,155,900 | |||
TOTAL INFORMATION TECHNOLOGY | 929,527,938 | ||
REAL ESTATE - 0.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Equinix, Inc. | 783 | 634,167 | |
TOTAL COMMON STOCKS (Cost $1,495,780,091) | 2,082,639,849 | ||
Preferred Stocks - 0.5% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.3% | |||
COMMUNICATION SERVICES - 0.3% | |||
Interactive Media & Services - 0.3% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 6,135 | 1,470,866 | |
Reddit, Inc.: | |||
Series E(a)(c)(d) | 2,900 | 102,863 | |
Series F(a)(c)(d) | 108,712 | 3,856,015 | |
5,429,744 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(c)(d) | 300 | 97,083 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (a)(c)(d) | 33,481 | 753,657 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Stripe, Inc. Series H (a)(c)(d) | 24,206 | 487,267 | |
Tenstorrent, Inc. Series C1 (a)(c)(d) | 3,400 | 209,882 | |
697,149 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 6,977,633 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Waymo LLC: | |||
Series A2(a)(c)(d) | 2,467 | 133,440 | |
Series B2(a)(c)(d) | 15,200 | 856,824 | |
990,264 | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (a)(c)(d) | 108,317 | 2,438,216 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 3,428,480 | ||
TOTAL PREFERRED STOCKS (Cost $13,626,701) | 10,406,113 | ||
Convertible Bonds - 0.3% | |||
Principal Amount (f) | Value ($) | ||
FINANCIALS - 0.3% | |||
Capital Markets - 0.3% | |||
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $5,757,603) | 7,665,938 | 5,867,631 | |
Preferred Securities - 0.0% | |||
Principal Amount (f) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Tenstorrent, Inc. 0% (c)(d)(g) (Cost $190,000) | 190,000 | 197,220 | |
Money Market Funds - 0.9% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (h) | 13,188,092 | 13,190,730 | |
Fidelity Securities Lending Cash Central Fund 5.32% (h)(i) | 6,208,148 | 6,208,769 | |
TOTAL MONEY MARKET FUNDS (Cost $19,399,499) | 19,399,499 | ||
TOTAL INVESTMENT IN SECURITIES - 100.3% (Cost $1,534,753,894) | 2,118,510,312 |
NET OTHER ASSETS (LIABILITIES) - (0.3)% | (7,338,425) |
NET ASSETS - 100.0% | 2,111,171,887 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,391,663 or 0.7% of net assets. |
(d) | Level 3 security |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,592,946 or 0.5% of net assets. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security is perpetual in nature with no stated maturity date. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ByteDance Ltd. Series E1 | 11/18/20 | 672,238 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 1,758,000 |
Circle Internet Financial Ltd. Series F | 5/09/22 | 1,410,889 |
Discord, Inc. Series I | 9/15/21 | 165,187 |
Epic Games, Inc. | 7/13/20 - 3/29/21 | 4,292,000 |
Reddit, Inc. Series E | 5/18/21 | 123,175 |
Reddit, Inc. Series F | 8/11/21 | 6,717,793 |
Stripe, Inc. Class B | 5/18/21 | 313,001 |
Stripe, Inc. Series H | 3/15/21 - 5/25/23 | 971,266 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 202,145 |
Tenstorrent, Inc. 0% | 4/23/21 | 190,000 |
Waymo LLC Series A2 | 5/08/20 | 211,834 |
Waymo LLC Series B2 | 6/11/21 | 1,394,174 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 25,867,719 | 236,294,834 | 248,971,823 | 437,664 | - | - | 13,190,730 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.32% | 24,755,878 | 148,333,746 | 166,880,855 | 393,519 | - | - | 6,208,769 | 0.0% |
Total | 50,623,597 | 384,628,580 | 415,852,678 | 831,183 | - | - | 19,399,499 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 435,560,547 | 423,458,639 | - | 12,101,908 |
Consumer Discretionary | 297,480,125 | 274,644,450 | 21,748,328 | 1,087,347 |
Consumer Staples | 83,387,580 | 73,545,370 | 9,842,210 | - |
Energy | 115,041,974 | 115,041,974 | - | - |
Financials | 71,884,225 | 65,353,277 | - | 6,530,948 |
Health Care | 123,477,496 | 123,477,496 | - | - |
Industrials | 35,354,761 | 35,354,761 | - | - |
Information Technology | 930,225,087 | 926,952,473 | - | 3,272,614 |
Real Estate | 634,167 | 634,167 | - | - |
Corporate Bonds | 5,867,631 | - | 5,867,631 | - |
Preferred Securities | 197,220 | - | - | 197,220 |
Money Market Funds | 19,399,499 | 19,399,499 | - | - |
Total Investments in Securities: | 2,118,510,312 | 2,057,862,106 | 37,458,169 | 23,190,037 |
Investments in Securities: | |||
Beginning Balance | $ | 13,213,584 | |
Net Realized Gain (Loss) on Investment Securities | 101,575 | ||
Net Unrealized Gain (Loss) on Investment Securities | (5,399,055) | ||
Cost of Purchases | 2,985,622 | ||
Proceeds of Sales | (325,654) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 12,613,965 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 23,190,037 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (5,399,055) | |
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 | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,231,563) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,515,354,395) | $ | 2,099,110,813 | ||
Fidelity Central Funds (cost $19,399,499) | 19,399,499 | |||
Total Investment in Securities (cost $1,534,753,894) | $ | 2,118,510,312 | ||
Cash | 1,450 | |||
Receivable for investments sold | 3,293,411 | |||
Receivable for fund shares sold | 1,728,928 | |||
Dividends receivable | 243,496 | |||
Interest receivable | 6,389 | |||
Distributions receivable from Fidelity Central Funds | 96,711 | |||
Total assets | 2,123,880,697 | |||
Liabilities | ||||
Payable for investments purchased | $ | 4,046,474 | ||
Payable for fund shares redeemed | 787,279 | |||
Accrued management fee | 859,173 | |||
Deferred taxes | 806,834 | |||
Collateral on securities loaned | 6,209,050 | |||
Total Liabilities | 12,708,810 | |||
Net Assets | $ | 2,111,171,887 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,687,555,373 | ||
Total accumulated earnings (loss) | 423,616,514 | |||
Net Assets | $ | 2,111,171,887 | ||
Net Asset Value, offering price and redemption price per share ($2,111,171,887 ÷ 110,742,248 shares) | $ | 19.06 |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 13,258,241 | ||
Interest | 546,688 | |||
Income from Fidelity Central Funds (including $393,519 from security lending) | 831,183 | |||
Total Income | 14,636,112 | |||
Expenses | ||||
Management fee | $ | 8,651,891 | ||
Independent trustees' fees and expenses | 9,039 | |||
Interest | 6,323 | |||
Total expenses before reductions | 8,667,253 | |||
Expense reductions | (2,620) | |||
Total expenses after reductions | 8,664,633 | |||
Net Investment income (loss) | 5,971,479 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $554,707) | (72,972,427) | |||
Redemptions in-kind | 71,430,269 | |||
Foreign currency transactions | 90,161 | |||
Total net realized gain (loss) | (1,451,997) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $366,487) | 373,907,375 | |||
Unfunded commitments | 182,425 | |||
Assets and liabilities in foreign currencies | (97,176) | |||
Total change in net unrealized appreciation (depreciation) | 373,992,624 | |||
Net gain (loss) | 372,540,627 | |||
Net increase (decrease) in net assets resulting from operations | $ | 378,512,106 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,971,479 | $ | (1,238,319) |
Net realized gain (loss) | (1,451,997) | (64,095,382) | ||
Change in net unrealized appreciation (depreciation) | 373,992,624 | (428,382,919) | ||
Net increase (decrease) in net assets resulting from operations | 378,512,106 | (493,716,620) | ||
Distributions to shareholders | (1,170,775) | (102,430,536) | ||
Share transactions | ||||
Proceeds from sales of shares | 352,174,249 | 603,778,476 | ||
Reinvestment of distributions | 1,170,775 | 102,430,536 | ||
Cost of shares redeemed | (543,863,297) | (816,272,268) | ||
Net increase (decrease) in net assets resulting from share transactions | (190,518,273) | (110,063,256) | ||
Total increase (decrease) in net assets | 186,823,058 | (706,210,412) | ||
Net Assets | ||||
Beginning of period | 1,924,348,829 | 2,630,559,241 | ||
End of period | $ | 2,111,171,887 | $ | 1,924,348,829 |
Other Information | ||||
Shares | ||||
Sold | 22,429,283 | 33,021,590 | ||
Issued in reinvestment of distributions | 76,322 | 4,958,146 | ||
Redeemed | (34,918,758) | (44,040,760) | ||
Net increase (decrease) | (12,413,153) | (6,061,024) | ||
Fidelity® OTC K6 Portfolio |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 A | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 15.63 | $ | 20.36 | $ | 14.29 | $ | 10.50 | $ | 10.00 |
Income from Investment Operations | ||||||||||
Net investment income (loss) B,C | .05 | (.01) | (.01) | .02 | - D | |||||
Net realized and unrealized gain (loss) | 3.39 | (3.93) | 6.15 | 3.81 | .50 | |||||
Total from investment operations | 3.44 | (3.94) | 6.14 | 3.83 | .50 | |||||
Distributions from net investment income | (.01) | - | (.01) | (.01) | - | |||||
Distributions from net realized gain | - | (.79) | (.06) | (.02) | - | |||||
Total distributions | (.01) | (.79) | (.07) | (.04) E | - | |||||
Net asset value, end of period | $ | 19.06 | $ | 15.63 | $ | 20.36 | $ | 14.29 | $ | 10.50 |
Total Return F,G | 22.03% | (20.27)% | 43.11% | 36.54% | 5.00% | |||||
Ratios to Average Net Assets C,H,I | ||||||||||
Expenses before reductions | .50% | .50% | .50% | .50% | .50% J | |||||
Expenses net of fee waivers, if any | .50% | .50% | .50% | .50% | .50% J | |||||
Expenses net of all reductions | .50% | .50% | .50% | .49% | .50% J | |||||
Net investment income (loss) | .34% | (.05)% | (.05)% | .16% | .08% J | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 2,111,172 | $ | 1,924,349 | $ | 2,630,559 | $ | 1,026,111 | $ | 1,050 |
Portfolio turnover rate K | 20% L | 39% L | 36% L | 102% L | 5% M |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $22,992,817 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 13.8 | Increase |
Enterprise value/Revenue multiple (EV/R) | 3.2 - 20.0 / 6.6 | Increase | |||
Market approach | Transaction price | $59.45 - $91.72 / $86.08 | Increase | ||
Discount rate | 20.0% - 40.0% / 24.9% | Decrease | |||
Parity price | $3.18 | Increase | |||
Premium rate | 20.0% | Increase | |||
Black scholes | Discount rate | 4.1% - 4.7% / 4.2% | Increase | ||
Volatility | 70.0% - 80.0% / 78.3% | Increase | |||
Term | 2.0 - 5.0 / 4.5 | Increase | |||
Preferred Securities | $197,220 | Market approach | Transaction price | $59.45 | Increase |
Premium rate | 20.0% | Increase | |||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 2.0 | Increase |
Gross unrealized appreciation | $632,367,052 |
Gross unrealized depreciation | (68,438,932) |
Net unrealized appreciation (depreciation) | $563,928,120 |
Tax Cost | $1,554,582,192 |
Undistributed tax-exempt income | $- |
Undistributed ordinary income | $3,674,066 |
Capital loss carryforward | $(143,181,674) |
Net unrealized appreciation (depreciation) on securities and other investments | $563,930,955 |
Short-term | $(134,247,833) |
Long-term | (8,933,841) |
Total capital loss carryforward | $(143,181,674) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $1,170,775 | $ 38,446,292 |
Long-term Capital Gains | - | 63,984,244 |
Total | $1,170,775 | $ 102,430,536 |
Purchases ($) | Sales ($) | |
Fidelity OTC K6 Portfolio | 344,337,384 | 404,954,616 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity OTC K6 Portfolio | 13,676,855 | 71,430,269 | 211,033,879 |
Shares | Total Proceeds ($) | |
Fidelity OTC K6 Portfolio | 5,832,617 | 89,538,335 |
Shares | Total Proceeds ($) | |
Fidelity OTC K6 Portfolio | 8,003,342 | 144,799,277 |
Amount | |
Fidelity OTC K6 Portfolio | $6,142 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity OTC K6 Portfolio | Borrower | $5,633,111 | 4.44% | $6,259 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity OTC K6 Portfolio | 23,862,545 | 22,903,965 | (3,405,887) |
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 OTC K6 Portfolio | $42,365 | $18 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity OTC K6 Portfolio | $646,000 | 3.58% | $64 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® OTC K6 Portfolio | .50% | |||||||||
Actual | $ 1,000 | $ 1,238.50 | $ 2.78 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.32 | $ 2.51 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Life of Fund A |
Fidelity® Series Blue Chip Growth Fund | 26.84% | 17.57% | 17.11% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Blue Chip Growth Fund, on November 7, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 10.0 | |
Apple, Inc. | 9.6 | |
Microsoft Corp. | 8.7 | |
Amazon.com, Inc. | 7.6 | |
Alphabet, Inc. Class A | 5.8 | |
Meta Platforms, Inc. Class A | 4.5 | |
Marvell Technology, Inc. | 4.0 | |
lululemon athletica, Inc. | 2.4 | |
Uber Technologies, Inc. | 2.4 | |
Tesla, Inc. | 2.1 | |
57.1 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 41.1 | |
Consumer Discretionary | 22.7 | |
Communication Services | 14.6 | |
Health Care | 8.3 | |
Industrials | 5.2 | |
Energy | 2.6 | |
Consumer Staples | 2.4 | |
Financials | 2.2 | |
Materials | 0.6 | |
Real Estate | 0.2 | |
Utilities | 0.0 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 98.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 14.4% | |||
Entertainment - 2.3% | |||
Netflix, Inc. (a) | 393,024 | 172,525,745 | |
Sea Ltd. ADR (a) | 328,575 | 21,856,809 | |
Take-Two Interactive Software, Inc. (a) | 23,100 | 3,532,914 | |
Universal Music Group NV | 348,176 | 8,930,680 | |
206,846,148 | |||
Interactive Media & Services - 12.0% | |||
Alphabet, Inc. Class A (a) | 3,840,460 | 509,705,851 | |
Baidu, Inc. sponsored ADR (a) | 18,500 | 2,885,815 | |
Epic Games, Inc. (a)(b)(c) | 1,076 | 751,403 | |
Meta Platforms, Inc. Class A (a) | 1,243,810 | 396,277,866 | |
Snap, Inc. Class A (a) | 13,441,466 | 152,695,054 | |
1,062,315,989 | |||
Wireless Telecommunication Services - 0.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 17,500 | 766,276 | |
T-Mobile U.S., Inc. (a) | 38,300 | 5,276,591 | |
6,042,867 | |||
TOTAL COMMUNICATION SERVICES | 1,275,205,004 | ||
CONSUMER DISCRETIONARY - 22.6% | |||
Automobile Components - 0.1% | |||
Aptiv PLC (a) | 49,100 | 5,375,959 | |
Automobiles - 2.4% | |||
Li Auto, Inc. ADR (a) | 51,900 | 2,221,320 | |
Neutron Holdings, Inc. (a)(b)(c) | 691,699 | 17,707 | |
Rad Power Bikes, Inc. (a)(b)(c) | 110,210 | 94,781 | |
Rivian Automotive, Inc. (a)(d) | 1,072,395 | 29,640,998 | |
Tesla, Inc. (a) | 685,305 | 183,271,116 | |
215,245,922 | |||
Broadline Retail - 8.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 273,300 | 27,920,328 | |
Amazon.com, Inc. (a) | 5,014,700 | 670,365,096 | |
Dollarama, Inc. | 32,700 | 2,153,962 | |
MercadoLibre, Inc. (a) | 2,200 | 2,723,710 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 120,500 | 8,782,040 | |
PDD Holdings, Inc. ADR (a) | 74,000 | 6,646,680 | |
718,591,816 | |||
Diversified Consumer Services - 0.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 134,622 | 7,556,333 | |
Hotels, Restaurants & Leisure - 3.1% | |||
Airbnb, Inc. Class A (a) | 509,300 | 77,510,367 | |
Booking Holdings, Inc. (a) | 300 | 891,240 | |
Caesars Entertainment, Inc. (a) | 660,347 | 38,973,680 | |
Chipotle Mexican Grill, Inc. (a) | 3,142 | 6,165,484 | |
Deliveroo PLC Class A (a)(e) | 400,600 | 675,541 | |
Draftkings Holdings, Inc. (a) | 122,000 | 3,877,160 | |
Flutter Entertainment PLC (a) | 34,400 | 6,847,237 | |
Hilton Worldwide Holdings, Inc. | 114,000 | 17,725,860 | |
Light & Wonder, Inc. Class A (a) | 23,400 | 1,645,020 | |
Marriott International, Inc. Class A | 194,700 | 39,292,407 | |
McDonald's Corp. | 25,400 | 7,447,280 | |
Penn Entertainment, Inc. (a) | 714,243 | 18,777,448 | |
Restaurant Brands International, Inc. | 62,300 | 4,769,412 | |
Starbucks Corp. | 187,900 | 19,085,003 | |
Sweetgreen, Inc. Class A (a) | 1,168,526 | 17,609,687 | |
Trip.com Group Ltd. ADR (a) | 149,300 | 6,127,272 | |
Yum China Holdings, Inc. | 61,200 | 3,734,424 | |
Yum! Brands, Inc. | 20,700 | 2,849,769 | |
274,004,291 | |||
Household Durables - 0.0% | |||
Sony Group Corp. sponsored ADR | 18,600 | 1,740,960 | |
Leisure Products - 0.0% | |||
Peloton Interactive, Inc. Class A (a) | 420,600 | 4,084,026 | |
Specialty Retail - 4.2% | |||
Abercrombie & Fitch Co. Class A (a) | 209,600 | 8,302,256 | |
American Eagle Outfitters, Inc. | 1,884,686 | 26,479,838 | |
Aritzia, Inc. (a) | 124,900 | 2,376,477 | |
Bath & Body Works, Inc. | 106,700 | 3,954,302 | |
Fanatics, Inc. Class A (a)(b)(c) | 159,285 | 12,484,758 | |
Fast Retailing Co. Ltd. | 4,200 | 1,049,815 | |
Five Below, Inc. (a) | 139,484 | 29,060,097 | |
Floor & Decor Holdings, Inc. Class A (a)(d) | 8,500 | 976,225 | |
Foot Locker, Inc. | 148,400 | 3,987,508 | |
FSN E-Commerce Ventures Private Ltd. | 774,160 | 1,354,592 | |
Lowe's Companies, Inc. | 593,606 | 139,064,078 | |
Overstock.com, Inc. (a) | 58,500 | 2,133,495 | |
RH (a) | 129,104 | 50,114,300 | |
TJX Companies, Inc. | 500,300 | 43,290,959 | |
Victoria's Secret & Co. (a) | 135,627 | 2,778,997 | |
Warby Parker, Inc. (a) | 937,179 | 14,001,454 | |
Wayfair LLC Class A (a) | 259,820 | 20,232,183 | |
Williams-Sonoma, Inc. | 42,200 | 5,850,608 | |
367,491,942 | |||
Textiles, Apparel & Luxury Goods - 4.6% | |||
Compagnie Financiere Richemont SA Series A | 35,830 | 5,769,809 | |
Crocs, Inc. (a) | 138,284 | 14,983,071 | |
Deckers Outdoor Corp. (a) | 91,816 | 49,919,441 | |
Hermes International SCA | 4,101 | 9,092,498 | |
lululemon athletica, Inc. (a) | 561,774 | 212,648,312 | |
LVMH Moet Hennessy Louis Vuitton SE | 25,061 | 23,275,853 | |
NIKE, Inc. Class B | 600,213 | 66,257,513 | |
On Holding AG (a) | 288,600 | 10,389,600 | |
PVH Corp. | 72,900 | 6,534,756 | |
Ralph Lauren Corp. | 23,700 | 3,112,521 | |
Tory Burch LLC (a)(b)(c)(f) | 106,817 | 3,252,578 | |
VF Corp. | 272,000 | 5,388,320 | |
410,624,272 | |||
TOTAL CONSUMER DISCRETIONARY | 2,004,715,521 | ||
CONSUMER STAPLES - 2.3% | |||
Beverages - 1.2% | |||
Boston Beer Co., Inc. Class A (a) | 26,100 | 9,694,584 | |
Celsius Holdings, Inc. (a)(d) | 585,515 | 84,724,021 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 14,200 | 3,873,760 | |
PepsiCo, Inc. | 44,300 | 8,304,478 | |
106,596,843 | |||
Consumer Staples Distribution & Retail - 1.0% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 29,700 | 1,969,407 | |
Costco Wholesale Corp. | 1,300 | 728,871 | |
Dollar Tree, Inc. (a) | 368,500 | 56,870,605 | |
Target Corp. | 83,100 | 11,340,657 | |
Walmart, Inc. | 113,300 | 18,112,138 | |
89,021,678 | |||
Food Products - 0.0% | |||
Patanjali Foods Ltd. | 198,700 | 3,215,828 | |
Sovos Brands, Inc. (a) | 10,900 | 194,020 | |
The Real Good Food Co., Inc. (a) | 5,400 | 22,680 | |
3,432,528 | |||
Household Products - 0.1% | |||
Procter & Gamble Co. | 34,700 | 5,423,610 | |
Personal Care Products - 0.0% | |||
Estee Lauder Companies, Inc. Class A | 8,300 | 1,494,000 | |
Oddity Tech Ltd. | 13,500 | 719,415 | |
2,213,415 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(b)(c) | 2,450 | 17,836 | |
TOTAL CONSUMER STAPLES | 206,705,910 | ||
ENERGY - 2.6% | |||
Oil, Gas & Consumable Fuels - 2.6% | |||
Antero Resources Corp. (a) | 227,800 | 6,093,650 | |
Cenovus Energy, Inc. (Canada) | 26,000 | 494,506 | |
Cheniere Energy, Inc. | 46,400 | 7,510,304 | |
Denbury, Inc. (a) | 130,700 | 11,489,837 | |
Diamondback Energy, Inc. | 167,600 | 24,690,832 | |
EOG Resources, Inc. | 273,600 | 36,260,208 | |
Exxon Mobil Corp. | 194,600 | 20,868,904 | |
Hess Corp. | 335,900 | 50,966,107 | |
Northern Oil & Gas, Inc. | 65,300 | 2,570,861 | |
Occidental Petroleum Corp. | 302,500 | 19,096,825 | |
Pioneer Natural Resources Co. | 97,600 | 22,025,392 | |
Reliance Industries Ltd. | 698,049 | 21,637,906 | |
Reliance Industries Ltd. GDR (e) | 24,800 | 1,550,000 | |
225,255,332 | |||
FINANCIALS - 2.2% | |||
Capital Markets - 0.0% | |||
Coinbase Global, Inc. (a) | 18,000 | 1,774,980 | |
Consumer Finance - 0.4% | |||
American Express Co. | 201,400 | 34,012,432 | |
Financial Services - 1.8% | |||
Adyen BV (a)(e) | 1,100 | 2,041,617 | |
Ant International Co. Ltd. Class C (a)(b)(c) | 1,568,556 | 2,948,885 | |
Berkshire Hathaway, Inc. Class B (a) | 5,300 | 1,865,388 | |
Block, Inc. Class A (a) | 332,800 | 26,800,384 | |
Jio Financial Services Ltd. (c) | 726,649 | 2,313,631 | |
MasterCard, Inc. Class A | 253,500 | 99,949,980 | |
Visa, Inc. Class A | 90,100 | 21,419,473 | |
157,339,358 | |||
TOTAL FINANCIALS | 193,126,770 | ||
HEALTH CARE - 8.3% | |||
Biotechnology - 1.3% | |||
Alnylam Pharmaceuticals, Inc. (a) | 107,981 | 21,099,487 | |
Apogee Therapeutics, Inc. | 51,300 | 1,097,820 | |
Argenx SE ADR (a) | 17,037 | 8,594,826 | |
Ascendis Pharma A/S sponsored ADR (a) | 145,496 | 13,116,464 | |
Cibus, Inc. (a) | 95,599 | 1,911,980 | |
CytomX Therapeutics, Inc. (a)(e) | 137,854 | 239,866 | |
Exact Sciences Corp. (a) | 37,300 | 3,638,242 | |
Generation Bio Co. (a) | 163,122 | 828,660 | |
Karuna Therapeutics, Inc. (a) | 44,400 | 8,869,788 | |
Moderna, Inc. (a) | 3,700 | 435,342 | |
Moonlake Immunotherapeutics (a)(d) | 81,300 | 4,943,853 | |
Regeneron Pharmaceuticals, Inc. (a) | 34,200 | 25,373,322 | |
Sagimet Biosciences, Inc. (d) | 51,300 | 818,235 | |
Vertex Pharmaceuticals, Inc. (a) | 54,300 | 19,132,062 | |
Viking Therapeutics, Inc. (a) | 103,000 | 1,493,500 | |
111,593,447 | |||
Health Care Equipment & Supplies - 1.4% | |||
Axonics Modulation Technologies, Inc. (a) | 101,120 | 6,104,614 | |
Blink Health LLC Series A1 (a)(b)(c) | 6,283 | 300,453 | |
Boston Scientific Corp. (a) | 385,500 | 19,988,175 | |
DexCom, Inc. (a) | 374,560 | 46,655,194 | |
Insulet Corp. (a) | 72,798 | 20,146,847 | |
Intuitive Surgical, Inc. (a) | 8,000 | 2,595,200 | |
Penumbra, Inc. (a) | 3,100 | 940,416 | |
Shockwave Medical, Inc. (a) | 34,533 | 8,999,300 | |
Stryker Corp. | 53,700 | 15,219,117 | |
TransMedics Group, Inc. (a) | 18,800 | 1,751,784 | |
Zimmer Biomet Holdings, Inc. | 6,400 | 884,160 | |
123,585,260 | |||
Health Care Providers & Services - 2.3% | |||
agilon health, Inc. (a) | 47,000 | 900,050 | |
Alignment Healthcare, Inc. (a) | 145,747 | 905,089 | |
Guardant Health, Inc. (a) | 311,809 | 12,166,787 | |
Humana, Inc. | 45,800 | 20,922,814 | |
Surgery Partners, Inc. (a) | 54,700 | 2,113,061 | |
UnitedHealth Group, Inc. | 330,100 | 167,152,737 | |
204,160,538 | |||
Health Care Technology - 0.0% | |||
Certara, Inc. (a) | 50,700 | 987,129 | |
MultiPlan Corp. warrants (a)(b) | 24,206 | 363 | |
987,492 | |||
Life Sciences Tools & Services - 0.5% | |||
Danaher Corp. | 95,100 | 24,256,206 | |
ICON PLC (a) | 18,600 | 4,676,226 | |
Olink Holding AB ADR (a) | 72,800 | 1,383,200 | |
Thermo Fisher Scientific, Inc. | 32,400 | 17,776,584 | |
48,092,216 | |||
Pharmaceuticals - 2.8% | |||
Eli Lilly & Co. | 331,979 | 150,901,054 | |
Novo Nordisk A/S: | |||
Series B | 28,700 | 4,627,939 | |
Series B sponsored ADR | 178,400 | 28,740,240 | |
Roche Holding AG (participation certificate) | 10,650 | 3,302,048 | |
Ventyx Biosciences, Inc. (a) | 38,600 | 1,430,130 | |
Zoetis, Inc. Class A | 319,479 | 60,090,805 | |
249,092,216 | |||
TOTAL HEALTH CARE | 737,511,169 | ||
INDUSTRIALS - 4.6% | |||
Aerospace & Defense - 0.9% | |||
Airbus Group NV | 24,100 | 3,549,930 | |
Howmet Aerospace, Inc. | 197,500 | 10,100,150 | |
L3Harris Technologies, Inc. | 26,700 | 5,059,383 | |
Lockheed Martin Corp. | 13,600 | 6,070,632 | |
Northrop Grumman Corp. | 9,600 | 4,272,000 | |
Space Exploration Technologies Corp.: | |||
��Class A (a)(b)(c) | 227,030 | 18,389,430 | |
Class C (a)(b)(c) | 6,860 | 555,660 | |
The Boeing Co. (a) | 132,700 | 31,695,395 | |
TransDigm Group, Inc. | 4,500 | 4,048,740 | |
83,741,320 | |||
Air Freight & Logistics - 0.0% | |||
Delhivery Private Ltd. (a) | 294,700 | 1,430,320 | |
Commercial Services & Supplies - 0.1% | |||
ACV Auctions, Inc. Class A (a) | 386,900 | 6,766,881 | |
Electrical Equipment - 0.1% | |||
Eaton Corp. PLC | 30,200 | 6,200,664 | |
Vertiv Holdings Co. | 14,100 | 366,741 | |
6,567,405 | |||
Ground Transportation - 3.0% | |||
Avis Budget Group, Inc. (a) | 25,300 | 5,573,337 | |
Bird Global, Inc.: | |||
Class A (a)(d) | 98,470 | 244,206 | |
Stage 1 rights (a)(c) | 549 | 5 | |
Stage 2 rights (a)(c) | 549 | 0 | |
Stage 3 rights (a)(c) | 549 | 0 | |
Hertz Global Holdings, Inc. (a) | 11,300 | 190,405 | |
Lyft, Inc. (a) | 4,004,389 | 50,895,784 | |
Uber Technologies, Inc. (a) | 4,289,475 | 212,157,434 | |
269,061,171 | |||
Passenger Airlines - 0.2% | |||
Delta Air Lines, Inc. | 138,400 | 6,402,384 | |
United Airlines Holdings, Inc. (a) | 154,300 | 8,380,033 | |
14,782,417 | |||
Professional Services - 0.2% | |||
Paycom Software, Inc. | 37,600 | 13,865,376 | |
Trading Companies & Distributors - 0.1% | |||
FTAI Aviation Ltd. | 298,400 | 9,611,464 | |
TOTAL INDUSTRIALS | 405,826,354 | ||
INFORMATION TECHNOLOGY - 40.9% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 26,500 | 4,109,885 | |
Electronic Equipment, Instruments & Components - 0.0% | |||
Flex Ltd. (a) | 72,200 | 1,975,392 | |
IT Services - 0.5% | |||
Digitalocean Holdings, Inc. (a) | 22,000 | 1,089,440 | |
MongoDB, Inc. Class A (a) | 35,480 | 15,022,232 | |
Okta, Inc. (a) | 248,400 | 19,092,024 | |
Shopify, Inc. Class A (a) | 48,400 | 3,269,611 | |
Snowflake, Inc. (a) | 25,900 | 4,602,689 | |
43,075,996 | |||
Semiconductors & Semiconductor Equipment - 19.1% | |||
Advanced Micro Devices, Inc. (a) | 419,519 | 47,992,974 | |
AEHR Test Systems (a) | 17,400 | 907,584 | |
ASML Holding NV (depository receipt) | 15,900 | 11,390,919 | |
First Solar, Inc. (a) | 4,400 | 912,560 | |
GlobalFoundries, Inc. (a) | 853,560 | 54,363,236 | |
Impinj, Inc. (a) | 44,200 | 2,944,604 | |
Lattice Semiconductor Corp. (a) | 21,800 | 1,982,492 | |
Marvell Technology, Inc. | 5,364,095 | 349,363,507 | |
Monolithic Power Systems, Inc. | 38,800 | 21,708,212 | |
NVIDIA Corp. | 1,887,196 | 881,867,819 | |
NXP Semiconductors NV | 754,835 | 168,313,108 | |
ON Semiconductor Corp. (a) | 690,900 | 74,444,475 | |
Skyworks Solutions, Inc. | 36,700 | 4,197,379 | |
SolarEdge Technologies, Inc. (a) | 16,000 | 3,863,360 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 394,800 | 39,144,420 | |
Teradyne, Inc. | 263,200 | 29,725,808 | |
1,693,122,457 | |||
Software - 11.6% | |||
Adobe, Inc. (a) | 19,700 | 10,759,549 | |
Atom Tickets LLC (a)(b)(c)(f) | 344,068 | 3 | |
Bill Holdings, Inc. (a)(d) | 137,800 | 17,271,852 | |
Confluent, Inc. (a) | 77,100 | 2,663,034 | |
Datadog, Inc. Class A (a) | 106,800 | 12,465,696 | |
HubSpot, Inc. (a) | 70,292 | 40,808,021 | |
Intuit, Inc. | 54,300 | 27,785,310 | |
Microsoft Corp. | 2,303,600 | 773,825,312 | |
Oracle Corp. | 49,400 | 5,791,162 | |
Palantir Technologies, Inc. (a) | 228,800 | 4,539,392 | |
Palo Alto Networks, Inc. (a) | 3,700 | 924,852 | |
Salesforce, Inc. (a) | 359,270 | 80,839,343 | |
ServiceNow, Inc. (a) | 31,823 | 18,552,809 | |
Splunk, Inc. (a) | 82,800 | 8,969,724 | |
Stripe, Inc. Class B (a)(b)(c) | 19,900 | 400,587 | |
Tanium, Inc. Class B (a)(b)(c) | 151,000 | 1,162,700 | |
Workday, Inc. Class A (a) | 17,400 | 4,126,062 | |
Zoom Video Communications, Inc. Class A (a) | 160,300 | 11,758,005 | |
1,022,643,413 | |||
Technology Hardware, Storage & Peripherals - 9.6% | |||
Apple, Inc. | 4,348,136 | 854,191,317 | |
TOTAL INFORMATION TECHNOLOGY | 3,619,118,460 | ||
MATERIALS - 0.6% | |||
Chemicals - 0.1% | |||
Linde PLC | 12,900 | 5,039,643 | |
Metals & Mining - 0.5% | |||
ATI, Inc. (a) | 122,000 | 5,816,960 | |
Carpenter Technology Corp. | 100,500 | 6,015,930 | |
Freeport-McMoRan, Inc. | 838,100 | 37,421,165 | |
49,254,055 | |||
TOTAL MATERIALS | 54,293,698 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Equinix, Inc. | 3,900 | 3,158,688 | |
Welltower, Inc. | 61,600 | 5,060,440 | |
8,219,128 | |||
Real Estate Management & Development - 0.1% | |||
Zillow Group, Inc. Class C (a) | 147,300 | 7,977,768 | |
TOTAL REAL ESTATE | 16,196,896 | ||
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
NextEra Energy, Inc. | 35,300 | 2,587,490 | |
TOTAL COMMON STOCKS (Cost $4,362,879,504) | 8,740,542,604 | ||
Preferred Stocks - 1.2% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.2% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 37,119 | 8,899,280 | |
Reddit, Inc.: | |||
Series B(a)(b)(c) | 129,280 | 4,585,562 | |
Series E(a)(b)(c) | 5,005 | 177,527 | |
13,662,369 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 14,368 | 12,356 | |
Series C(a)(b)(c) | 56,537 | 114,205 | |
126,561 | |||
Hotels, Restaurants & Leisure - 0.1% | |||
MOD Super Fast Pizza Holdings LLC: | |||
Series 3(a)(b)(c)(f) | 22,518 | 6,781,526 | |
Series 4(a)(b)(c)(f) | 2,055 | 594,738 | |
Series 5(a)(b)(c)(f) | 8,253 | 2,260,827 | |
9,637,091 | |||
TOTAL CONSUMER DISCRETIONARY | 9,763,652 | ||
CONSUMER STAPLES - 0.1% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
GoBrands, Inc. Series G (a)(b)(c) | 19,600 | 1,954,316 | |
Instacart, Inc.: | |||
Series H(a)(b)(c) | 31,105 | 1,402,836 | |
Series I(a)(b)(c) | 13,960 | 629,596 | |
3,986,748 | |||
Food Products - 0.0% | |||
AgBiome LLC Series C (a)(b)(c) | 266,499 | 1,348,485 | |
Tobacco - 0.1% | |||
JUUL Labs, Inc.: | |||
Series C(a)(b)(c) | 660,029 | 4,805,011 | |
Series D(a)(b)(c) | 5,110 | 37,201 | |
4,842,212 | |||
TOTAL CONSUMER STAPLES | 10,177,445 | ||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Castle Creek Biosciences, Inc. Series D2 (a)(b)(c) | 642 | 120,690 | |
Health Care Equipment & Supplies - 0.0% | |||
Blink Health LLC Series C (a)(b)(c) | 27,197 | 1,300,561 | |
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(b)(c) | 1,069 | 210,465 | |
TOTAL HEALTH CARE | 1,631,716 | ||
INDUSTRIALS - 0.6% | |||
Aerospace & Defense - 0.6% | |||
Space Exploration Technologies Corp.: | |||
Series G(a)(b)(c) | 42,650 | 34,546,500 | |
Series H(a)(b)(c) | 6,348 | 5,141,880 | |
Series N(a)(b)(c) | 12,799 | 10,367,190 | |
50,055,570 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (a)(b)(c) | 12,033 | 1,514,714 | |
TOTAL INDUSTRIALS | 51,570,284 | ||
INFORMATION TECHNOLOGY - 0.2% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
Enevate Corp. Series E (a)(b)(c) | 1,441,706 | 879,441 | |
Semiconductors & Semiconductor Equipment - 0.0% | |||
Retym, Inc. Series C (b)(c) | 168,905 | 1,314,081 | |
Xsight Labs Ltd. Series D (a)(b)(c) | 140,500 | 807,875 | |
2,121,956 | |||
Software - 0.2% | |||
Bolt Technology OU Series E (a)(b)(c) | 18,160 | 2,377,262 | |
Databricks, Inc. Series G (a)(b)(c) | 51,900 | 2,641,710 | |
Dataminr, Inc. Series D (a)(b)(c) | 115,901 | 1,723,448 | |
Delphix Corp. Series D (a)(b)(c) | 242,876 | 1,010,364 | |
Moloco, Inc. Series A (b)(c) | 19,537 | 1,172,220 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 8,700 | 175,131 | |
Series I(b)(c) | 135,124 | 2,720,046 | |
11,820,181 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc. Series C (b)(c) | 77,697 | 1,272,677 | |
TOTAL INFORMATION TECHNOLOGY | 16,094,255 | ||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
Diamond Foundry, Inc. Series C (a)(b)(c) | 125,000 | 4,155,000 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 107,054,721 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (a)(b)(c) | 12,405,800 | 317,588 | |
Waymo LLC Series A2 (a)(b)(c) | 15,200 | 822,168 | |
1,139,756 | |||
HEALTH CARE - 0.0% | |||
Pharmaceuticals - 0.0% | |||
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(b)(c) | 9,636 | 1,968,731 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 3,108,487 | ||
TOTAL PREFERRED STOCKS (Cost $62,213,724) | 110,163,208 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (b)(c) | 433,800 | 447,725 | |
4% 6/12/27 (b)(c) | 115,200 | 118,898 | |
(Cost $549,000) | 566,623 | ||
Money Market Funds - 1.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (h) | 5,675,042 | 5,676,177 | |
Fidelity Securities Lending Cash Central Fund 5.32% (h)(i) | 97,194,095 | 97,203,814 | |
TOTAL MONEY MARKET FUNDS (Cost $102,879,991) | 102,879,991 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $4,528,522,219) | 8,954,152,426 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (93,733,339) |
NET ASSETS - 100.0% | 8,860,419,087 |
(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 $151,106,975 or 1.7% 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 $4,507,024 or 0.1% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
AgBiome LLC Series C | 6/29/18 | 1,687,925 |
Ant International Co. Ltd. Class C | 5/16/18 | 5,978,358 |
Atom Tickets LLC | 8/15/17 | 1,999,998 |
Beta Technologies, Inc. Series A | 4/09/21 | 881,658 |
Blink Health LLC Series A1 | 12/30/20 | 170,206 |
Blink Health LLC Series C | 11/07/19 - 1/21/21 | 1,038,273 |
Bolt Technology OU Series E | 1/03/22 | 4,717,904 |
ByteDance Ltd. Series E1 | 11/18/20 | 4,067,284 |
Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 110,200 |
Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | 3,185,523 |
Castle Creek Pharmaceutical Holdings, Inc. Series B | 10/09/18 | 440,268 |
Databricks, Inc. Series G | 2/01/21 | 3,068,465 |
Dataminr, Inc. Series D | 3/06/15 | 1,477,738 |
Delphix Corp. Series D | 7/10/15 | 2,185,884 |
Diamond Foundry, Inc. Series C | 3/15/21 | 3,000,000 |
Enevate Corp. Series E | 1/29/21 | 1,598,398 |
Epic Games, Inc. | 7/30/20 | 618,700 |
Fanatics, Inc. Class A | 8/13/20 | 2,754,038 |
GoBrands, Inc. Series G | 3/02/21 | 4,894,459 |
Instacart, Inc. Series H | 11/13/20 | 1,866,300 |
Instacart, Inc. Series I | 2/26/21 | 1,745,000 |
JUUL Labs, Inc. Class B | 11/21/17 | 0 |
JUUL Labs, Inc. Series C | 5/22/15 - 7/06/18 | 0 |
JUUL Labs, Inc. Series D | 6/25/18 - 7/06/18 | 0 |
Lightmatter, Inc. Series C | 5/19/23 | 1,278,644 |
MOD Super Fast Pizza Holdings LLC Series 3 | 11/03/16 | 3,084,966 |
MOD Super Fast Pizza Holdings LLC Series 4 | 12/14/17 | 287,556 |
MOD Super Fast Pizza Holdings LLC Series 5 | 5/15/19 | 1,176,218 |
Moloco, Inc. Series A | 6/26/23 | 1,172,220 |
MultiPlan Corp. warrants | 10/08/20 | 0 |
Neutron Holdings, Inc. | 2/04/21 | 6,918 |
Neutron Holdings, Inc. Series 1C | 7/03/18 | 2,268,276 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 433,800 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 115,200 |
Rad Power Bikes, Inc. | 1/21/21 | 531,635 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 69,309 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 272,725 |
Reddit, Inc. Series B | 7/26/17 | 1,835,324 |
Reddit, Inc. Series E | 5/18/21 | 212,583 |
Retym, Inc. Series C | 5/17/23 - 6/20/23 | 1,314,384 |
Space Exploration Technologies Corp. Class A | 4/06/17 - 9/11/17 | 2,534,625 |
Space Exploration Technologies Corp. Class C | 9/11/17 | 92,610 |
Space Exploration Technologies Corp. Series G | 1/20/15 | 3,303,669 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 856,980 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 3,455,730 |
Stripe, Inc. Class B | 5/18/21 | 798,555 |
Stripe, Inc. Series H | 3/15/21 | 349,088 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 2,720,605 |
Tanium, Inc. Class B | 4/21/17 | 749,609 |
Tory Burch LLC | 5/14/15 | 7,600,030 |
Waymo LLC Series A2 | 5/08/20 | 1,305,181 |
Xsight Labs Ltd. Series D | 2/16/21 | 1,123,438 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 371,709,138 | 2,062,012,484 | 2,428,045,445 | 4,503,739 | - | - | 5,676,177 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.32% | 80,554,541 | 824,473,966 | 807,824,693 | 269,376 | - | - | 97,203,814 | 0.3% |
Total | 452,263,679 | 2,886,486,450 | 3,235,870,138 | 4,773,115 | - | - | 102,879,991 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,288,867,373 | 1,265,522,921 | 8,930,680 | 14,413,772 |
Consumer Discretionary | 2,015,618,929 | 1,959,820,035 | 29,045,662 | 26,753,232 |
Consumer Staples | 216,883,355 | 206,688,074 | - | 10,195,281 |
Energy | 225,255,332 | 225,255,332 | - | - |
Financials | 193,126,770 | 185,822,637 | 2,041,617 | 5,262,516 |
Health Care | 741,111,616 | 729,280,366 | 7,930,350 | 3,900,900 |
Industrials | 457,396,638 | 383,331,329 | 3,549,930 | 70,515,379 |
Information Technology | 3,635,212,715 | 3,617,555,170 | - | 17,657,545 |
Materials | 58,448,698 | 54,293,698 | - | 4,155,000 |
Real Estate | 16,196,896 | 16,196,896 | - | - |
Utilities | 2,587,490 | 2,587,490 | - | - |
Corporate Bonds | 566,623 | - | - | 566,623 |
Money Market Funds | 102,879,991 | 102,879,991 | - | - |
Total Investments in Securities: | 8,954,152,426 | 8,749,233,939 | 51,498,239 | 153,420,248 |
Investments in Securities: | |||
Beginning Balance | $ | 148,073,446 | |
Net Realized Gain (Loss) on Investment Securities | (357,318) | ||
Net Unrealized Gain (Loss) on Investment Securities | 5,460,591 | ||
Cost of Purchases | 7,317,378 | ||
Proceeds of Sales | (3,673,494) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (3,400,355) | ||
Ending Balance | $ | 153,420,248 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | 8,360,517 | |
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 | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $93,896,420) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,425,642,228) | $ | 8,851,272,435 | ||
Fidelity Central Funds (cost $102,879,991) | 102,879,991 | |||
Total Investment in Securities (cost $4,528,522,219) | $ | 8,954,152,426 | ||
Restricted cash | 68,014 | |||
Foreign currency held at value (cost $1,964) | 2,056 | |||
Receivable for investments sold | 209,370,092 | |||
Receivable for fund shares sold | 235,406 | |||
Dividends receivable | 1,483,354 | |||
Interest receivable | 69,297 | |||
Distributions receivable from Fidelity Central Funds | 43,727 | |||
Other receivables | 248,815 | |||
Total assets | 9,165,673,187 | |||
Liabilities | ||||
Payable for investments purchased | $ | 12,697,939 | ||
Payable for fund shares redeemed | 193,690,993 | |||
Other payables and accrued expenses | 1,672,793 | |||
Collateral on securities loaned | 97,192,375 | |||
Total Liabilities | 305,254,100 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 8,860,419,087 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,674,671,221 | ||
Total accumulated earnings (loss) | 4,185,747,866 | |||
Net Assets | $ | 8,860,419,087 | ||
Net Asset Value, offering price and redemption price per share ($8,860,419,087 ÷ 603,191,395 shares) | $ | 14.69 |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 45,654,744 | ||
Interest | 472,111 | |||
Income from Fidelity Central Funds (including $269,376 from security lending) | 4,773,115 | |||
Total Income | 50,899,970 | |||
Expenses | ||||
Custodian fees and expenses | $ | 146,775 | ||
Independent trustees' fees and expenses | 38,018 | |||
Interest | 182,011 | |||
Miscellaneous | 812 | |||
Total expenses before reductions | 367,616 | |||
Expense reductions | (3,024) | |||
Total expenses after reductions | 364,592 | |||
Net Investment income (loss) | 50,535,378 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $1,386,302) | (25,093,267) | |||
Foreign currency transactions | 307,086 | |||
Futures contracts | 4,492,981 | |||
Total net realized gain (loss) | (20,293,200) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of decrease in deferred foreign taxes of $1,417,365) | 2,180,162,694 | |||
Unfunded commitments | 315,970 | |||
Assets and liabilities in foreign currencies | (289,872) | |||
Futures contracts | (4,839,166) | |||
Total change in net unrealized appreciation (depreciation) | 2,175,349,626 | |||
Net gain (loss) | 2,155,056,426 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,205,591,804 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 50,535,378 | $ | 27,984,322 |
Net realized gain (loss) | (20,293,200) | 229,153,951 | ||
Change in net unrealized appreciation (depreciation) | 2,175,349,626 | (1,572,176,010) | ||
Net increase (decrease) in net assets resulting from operations | 2,205,591,804 | (1,315,037,737) | ||
Distributions to shareholders | (244,959,359) | (1,312,935,433) | ||
Share transactions | ||||
Proceeds from sales of shares | 2,616,003,821 | 3,773,203,170 | ||
Reinvestment of distributions | 244,959,359 | 1,312,935,433 | ||
Cost of shares redeemed | (3,086,112,083) | (1,613,105,018) | ||
Net increase (decrease) in net assets resulting from share transactions | (225,148,903) | 3,473,033,585 | ||
Total increase (decrease) in net assets | 1,735,483,542 | 845,060,415 | ||
Net Assets | ||||
Beginning of period | 7,124,935,545 | 6,279,875,130 | ||
End of period | $ | 8,860,419,087 | $ | 7,124,935,545 |
Other Information | ||||
Shares | ||||
Sold | 241,750,189 | 297,595,283 | ||
Issued in reinvestment of distributions | 21,469,993 | 78,714,050 | ||
Redeemed | (254,587,125) | (106,486,525) | ||
Net increase (decrease) | 8,633,057 | 269,822,808 | ||
Fidelity® Series Blue Chip Growth Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 11.98 | $ | 19.34 | $ | 19.25 | $ | 15.57 | $ | 15.90 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .07 | .07 | .06 | .09 | .10 | |||||
Net realized and unrealized gain (loss) | 3.03 | (3.37) | 6.76 | 5.30 | 1.58 | |||||
Total from investment operations | 3.10 | (3.30) | 6.82 | 5.39 | 1.68 | |||||
Distributions from net investment income | (.06) | (.05) | (.10) | (.11) | (.12) | |||||
Distributions from net realized gain | (.33) | (4.00) | (6.63) | (1.60) | (1.89) | |||||
Total distributions | (.39) | (4.06) C | (6.73) | (1.71) | (2.01) | |||||
Net asset value, end of period | $ | 14.69 | $ | 11.98 | $ | 19.34 | $ | 19.25 | $ | 15.57 |
Total Return D | 26.84% | (22.51)% | 46.98% | 39.00% | 11.85% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | -% G | -% G | -% G | -% G | -% G | |||||
Expenses net of fee waivers, if any | -% G | -% G | -% G | -% G | -% G | |||||
Expenses net of all reductions | -% G | -% G | -% G | -% G | -% G | |||||
Net investment income (loss) | .64% | .45% | .31% | .59% | .71% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 8,860,419 | $ | 7,124,936 | $ | 6,279,875 | $ | 5,789,434 | $ | 5,846,965 |
Portfolio turnover rate H | 38% | 48% | 53% | 52% I | 53% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $152,853,625 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 15.7 / 11.4 | Increase |
Enterprise value/Revenue multiple (EV/R) | 2.0 - 25.0 / 6.1 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.8 | Increase | |||
Probability rate | 25.0% - 75.0% / 50.0% | Increase | |||
Liquidity preference | $273.94 - $301.16 / $288.17 | Increase | |||
Recovery value | Recovery value | $0.00 - $0.31 / $0.05 | Increase | ||
Market approach | Transaction price | $1.11 - $215.03 / $120.06 | Increase | ||
Discount rate | 35.0% - 45.0% / 40.1% | Decrease | |||
Parity price | $3.18 | Increase | |||
Book value | Book value multiple | 1.7 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 21.5% | Decrease | ||
Exit multiple | 2.0 | Increase | |||
Black scholes | Discount rate | 4.1% - 5.5% / 4.4% | Increase | ||
Volatility | 55.0% - 100.0% / 74.5% | Increase | |||
Term | 0.5 - 5.0 / 3.5 | Increase | |||
Corporate Bonds | $566,623 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.5 | Increase |
Gross unrealized appreciation | $4,586,285,688 |
Gross unrealized depreciation | (220,027,259) |
Net unrealized appreciation (depreciation) | $4,366,258,429 |
Tax Cost | $4,587,893,997 |
Undistributed ordinary income | $26,653,822 |
Capital loss carryforward | $(205,565,600) |
Net unrealized appreciation (depreciation) on securities and other investments | $4,366,291,744 |
Short-term | $(205,565,600) |
Long-term | (-) |
Total capital loss carryforward | $(205,565,600) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $42,071,482 | $ 226,283,391 |
Long-term Capital Gains | 202,887,877 | 1,086,652,042 |
Total | $244,959,359 | $1,312,935,433 |
Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) | |
Fidelity Series Blue Chip Growth Fund | Space Exploration Technologies Corp. | $4,139,100 | $ - |
$ Amount | % of Net Assets | |
Fidelity Series Blue Chip Growth Fund | 12,957,686 | .15 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Series Blue Chip Growth Fund | 2,905,627,999 | 3,226,350,329 |
Amount | |
Fidelity Series Blue Chip Growth Fund | $ 64,718 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Blue Chip Growth Fund | Borrower | $ 42,550,233 | 5.10% | $180,686 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Blue Chip Growth Fund | 362,837,523 | 107,477,476 | (4,148,239) |
Amount ($) | |
Fidelity Series Blue Chip Growth Fund | 20,520 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series Blue Chip Growth Fund | $28,529 | $ 4,554 | $2,383,752 |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Blue Chip Growth Fund | $2,855,000 | 5.57% | $1,325 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Series Blue Chip Growth Fund | .01% | |||||||||
Actual | $ 1,000 | $ 1,309.30 | $ .06 | |||||||
Hypothetical-B | $ 1,000 | $ 1,024.74 | $ .05 | |||||||
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 | 8,010,525,819.050 | 100.000 |
Against | 0.000 | 0.000 |
Abstain | 0.000 | 0.000 |
TOTAL | 8,010,525,819.050 | 100.000 |
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Life of Fund A |
Fidelity® Blue Chip Growth K6 Fund | 25.55% | 16.67% | 17.89% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth K6 Fund, on May 25, 2017, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 9.4 | |
Apple, Inc. | 8.7 | |
Microsoft Corp. | 6.7 | |
Amazon.com, Inc. | 6.2 | |
Alphabet, Inc. Class A | 5.4 | |
Meta Platforms, Inc. Class A | 4.7 | |
Marvell Technology, Inc. | 3.6 | |
Uber Technologies, Inc. | 2.4 | |
Tesla, Inc. | 2.1 | |
Netflix, Inc. | 2.0 | |
51.2 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 37.1 | |
Consumer Discretionary | 20.2 | |
Communication Services | 14.3 | |
Health Care | 8.5 | |
Industrials | 4.7 | |
Energy | 2.6 | |
Consumer Staples | 2.5 | |
Financials | 2.2 | |
Materials | 0.7 | |
Real Estate | 0.2 | |
Utilities | 0.0 | |
Asset Allocation (% of Fund's net assets) |
Futures - 4.5% |
Common Stocks - 92.1% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 14.2% | |||
Entertainment - 2.4% | |||
Netflix, Inc. (a) | 441,481 | 193,796,915 | |
Sea Ltd. ADR (a) | 463,652 | 30,842,131 | |
Take-Two Interactive Software, Inc. (a) | 20,080 | 3,071,035 | |
Universal Music Group NV | 369,403 | 9,475,150 | |
237,185,231 | |||
Interactive Media & Services - 11.7% | |||
Alphabet, Inc. Class A (a) | 4,038,456 | 535,983,880 | |
Baidu, Inc. sponsored ADR (a) | 19,500 | 3,041,805 | |
Epic Games, Inc. (a)(b)(c) | 607 | 423,886 | |
Meta Platforms, Inc. Class A (a) | 1,443,610 | 459,934,146 | |
Snap, Inc. Class A (a) | 13,970,962 | 158,710,128 | |
1,158,093,845 | |||
Wireless Telecommunication Services - 0.1% | |||
Rogers Communications, Inc. Class B (non-vtg.) | 14,555 | 637,323 | |
T-Mobile U.S., Inc. (a) | 46,166 | 6,360,290 | |
6,997,613 | |||
TOTAL COMMUNICATION SERVICES | 1,402,276,689 | ||
CONSUMER DISCRETIONARY - 20.1% | |||
Automobile Components - 0.1% | |||
Aptiv PLC (a) | 55,000 | 6,021,950 | |
Automobiles - 2.5% | |||
Li Auto, Inc. ADR (a) | 56,500 | 2,418,200 | |
Neutron Holdings, Inc. (a)(b)(c) | 491,550 | 12,584 | |
Rad Power Bikes, Inc. (a)(b)(c) | 101,681 | 87,446 | |
Rivian Automotive, Inc. (a)(d) | 1,360,024 | 37,591,063 | |
Tesla, Inc. (a) | 767,074 | 205,138,600 | |
245,247,893 | |||
Broadline Retail - 6.7% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 314,043 | 32,082,633 | |
Amazon.com, Inc. (a) | 4,571,640 | 611,136,835 | |
Dollarama, Inc. | 34,500 | 2,272,529 | |
MercadoLibre, Inc. (a) | 2,091 | 2,588,763 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 142,016 | 10,350,126 | |
PDD Holdings, Inc. ADR (a) | 76,700 | 6,889,194 | |
665,320,080 | |||
Diversified Consumer Services - 0.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 134,754 | 7,563,742 | |
Hotels, Restaurants & Leisure - 3.1% | |||
Airbnb, Inc. Class A (a) | 554,936 | 84,455,710 | |
Booking Holdings, Inc. (a) | 300 | 891,240 | |
Caesars Entertainment, Inc. (a) | 755,206 | 44,572,258 | |
Chipotle Mexican Grill, Inc. (a) | 4,434 | 8,700,750 | |
Deliveroo PLC Class A (a)(e) | 1,288,303 | 2,172,494 | |
Draftkings Holdings, Inc. (a) | 109,191 | 3,470,090 | |
Flutter Entertainment PLC (a) | 32,983 | 6,565,186 | |
Hilton Worldwide Holdings, Inc. | 127,562 | 19,834,615 | |
Light & Wonder, Inc. Class A (a) | 25,300 | 1,778,590 | |
Marriott International, Inc. Class A | 223,671 | 45,139,045 | |
McDonald's Corp. | 26,232 | 7,691,222 | |
Penn Entertainment, Inc. (a) | 819,284 | 21,538,976 | |
Restaurant Brands International, Inc. | 56,679 | 4,339,093 | |
Sonder Holdings, Inc.: | |||
Stage 1 rights (a)(c) | 1,448 | 43 | |
Stage 2 rights (a)(c) | 1,447 | 29 | |
Stage 3 rights (a)(c) | 1,447 | 14 | |
Stage 4 rights (a)(c) | 1,447 | 14 | |
Stage 5: | |||
rights (a)(c) | 1,447 | 14 | |
rights (a)(c) | 1,447 | 14 | |
Starbucks Corp. | 201,849 | 20,501,803 | |
Sweetgreen, Inc. Class A (a) | 1,122,438 | 16,915,141 | |
Trip.com Group Ltd. ADR (a) | 154,339 | 6,334,073 | |
Yum China Holdings, Inc. | 59,477 | 3,629,287 | |
Yum! Brands, Inc. | 18,310 | 2,520,738 | |
301,050,439 | |||
Household Durables - 0.0% | |||
Sony Group Corp. sponsored ADR | 16,248 | 1,520,813 | |
Leisure Products - 0.0% | |||
Peloton Interactive, Inc. Class A (a)(d) | 374,633 | 3,637,686 | |
Specialty Retail - 4.2% | |||
Abercrombie & Fitch Co. Class A (a) | 227,400 | 9,007,314 | |
American Eagle Outfitters, Inc. | 2,202,919 | 30,951,012 | |
Aritzia, Inc. (a) | 133,200 | 2,534,401 | |
Bath & Body Works, Inc. | 99,098 | 3,672,572 | |
Fanatics, Inc. Class A (a)(b)(c) | 225,366 | 17,664,187 | |
Fast Retailing Co. Ltd. | 3,543 | 885,594 | |
Five Below, Inc. (a) | 160,716 | 33,483,571 | |
Floor & Decor Holdings, Inc. Class A (a) | 7,677 | 881,703 | |
Foot Locker, Inc. | 140,329 | 3,770,640 | |
FSN E-Commerce Ventures Private Ltd. | 232,400 | 406,643 | |
Lowe's Companies, Inc. | 667,508 | 156,377,099 | |
Overstock.com, Inc. (a) | 63,900 | 2,330,433 | |
RH (a)(d) | 152,733 | 59,286,369 | |
TJX Companies, Inc. | 579,751 | 50,165,854 | |
Victoria's Secret & Co. (a) | 189,319 | 3,879,146 | |
Warby Parker, Inc. (a)(d) | 1,065,510 | 15,918,719 | |
Wayfair LLC Class A (a) | 239,029 | 18,613,188 | |
Williams-Sonoma, Inc. | 38,002 | 5,268,597 | |
415,097,042 | |||
Textiles, Apparel & Luxury Goods - 3.4% | |||
Compagnie Financiere Richemont SA Series A | 35,810 | 5,766,588 | |
Crocs, Inc. (a) | 160,414 | 17,380,857 | |
Deckers Outdoor Corp. (a) | 140,910 | 76,611,358 | |
Hermes International SCA | 4,092 | 9,072,544 | |
lululemon athletica, Inc. (a) | 262,434 | 99,339,142 | |
LVMH Moet Hennessy Louis Vuitton SE | 26,994 | 25,071,162 | |
NIKE, Inc. Class B | 661,499 | 73,022,875 | |
On Holding AG (a) | 461,551 | 16,615,836 | |
PVH Corp. | 76,400 | 6,848,496 | |
Ralph Lauren Corp. | 24,600 | 3,230,718 | |
VF Corp. | 253,360 | 5,019,062 | |
337,978,638 | |||
TOTAL CONSUMER DISCRETIONARY | 1,983,438,283 | ||
CONSUMER STAPLES - 2.4% | |||
Beverages - 1.2% | |||
Boston Beer Co., Inc. Class A (a) | 35,811 | 13,301,638 | |
Celsius Holdings, Inc. (a)(d) | 650,890 | 94,183,783 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 10,093 | 2,753,370 | |
PepsiCo, Inc. | 44,660 | 8,371,964 | |
118,610,755 | |||
Consumer Staples Distribution & Retail - 1.0% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 29,315 | 1,943,878 | |
Costco Wholesale Corp. | 1,377 | 772,043 | |
Dollar Tree, Inc. (a) | 431,774 | 66,635,681 | |
Target Corp. | 88,778 | 12,115,534 | |
Walmart, Inc. | 122,446 | 19,574,218 | |
101,041,354 | |||
Food Products - 0.0% | |||
Patanjali Foods Ltd. | 213,500 | 3,455,356 | |
Sovos Brands, Inc. (a) | 11,137 | 198,239 | |
The Real Good Food Co. LLC: | |||
Class B (a)(c) | 139,521 | 1 | |
Class B unit (a)(e) | 139,521 | 585,988 | |
The Real Good Food Co., Inc. (a) | 8,838 | 37,120 | |
4,276,704 | |||
Household Products - 0.1% | |||
Procter & Gamble Co. | 48,773 | 7,623,220 | |
Personal Care Products - 0.1% | |||
Estee Lauder Companies, Inc. Class A | 8,241 | 1,483,380 | |
Oddity Tech Ltd. | 14,500 | 772,705 | |
Oddity Tech Ltd. | 42,893 | 2,057,191 | |
4,313,276 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class A (a)(b)(c) | 23,134 | 168,416 | |
TOTAL CONSUMER STAPLES | 236,033,725 | ||
ENERGY - 2.6% | |||
Oil, Gas & Consumable Fuels - 2.6% | |||
Antero Resources Corp. (a) | 197,268 | 5,276,919 | |
Cenovus Energy, Inc. (Canada) | 32,984 | 627,338 | |
Cheniere Energy, Inc. | 47,243 | 7,646,752 | |
Denbury, Inc. (a) | 132,290 | 11,629,614 | |
Diamondback Energy, Inc. | 211,158 | 31,107,797 | |
EOG Resources, Inc. | 314,762 | 41,715,408 | |
Exxon Mobil Corp. | 225,304 | 24,161,601 | |
Hess Corp. | 380,910 | 57,795,474 | |
Northern Oil & Gas, Inc. | 77,647 | 3,056,962 | |
Occidental Petroleum Corp. | 327,606 | 20,681,767 | |
Pioneer Natural Resources Co. | 121,110 | 27,330,894 | |
Reliance Industries Ltd. | 747,491 | 23,170,494 | |
Reliance Industries Ltd. GDR (e) | 40,304 | 2,519,000 | |
256,720,020 | |||
FINANCIALS - 2.2% | |||
Banks - 0.0% | |||
HDFC Bank Ltd. | 109,468 | 2,197,923 | |
Capital Markets - 0.0% | |||
Coinbase Global, Inc. (a) | 19,400 | 1,913,034 | |
Consumer Finance - 0.4% | |||
American Express Co. | 227,879 | 38,484,206 | |
Financial Services - 1.8% | |||
Adyen BV (a)(e) | 1,054 | 1,956,240 | |
Ant International Co. Ltd. Class C (a)(b)(c) | 403,977 | 759,477 | |
Berkshire Hathaway, Inc. Class B (a) | 8,074 | 2,841,725 | |
Block, Inc. Class A (a) | 360,963 | 29,068,350 | |
Jio Financial Services Ltd. (c) | 747,491 | 2,379,992 | |
MasterCard, Inc. Class A | 301,550 | 118,895,134 | |
Visa, Inc. Class A | 101,545 | 24,140,293 | |
180,041,211 | |||
Insurance - 0.0% | |||
The Travelers Companies, Inc. | 2 | 345 | |
TOTAL FINANCIALS | 222,636,719 | ||
HEALTH CARE - 8.5% | |||
Biotechnology - 1.1% | |||
Alnylam Pharmaceuticals, Inc. (a) | 120,102 | 23,467,931 | |
Apogee Therapeutics, Inc. | 55,100 | 1,179,140 | |
Argenx SE ADR (a) | 21,149 | 10,669,248 | |
Ascendis Pharma A/S sponsored ADR (a) | 72,884 | 6,570,493 | |
Cibus, Inc. (a) | 34,767 | 695,340 | |
Exact Sciences Corp. (a) | 39,100 | 3,813,814 | |
Generation Bio Co. (a) | 123,117 | 625,434 | |
Karuna Therapeutics, Inc. (a) | 32,306 | 6,453,770 | |
Moderna, Inc. (a) | 3,336 | 392,514 | |
Moonlake Immunotherapeutics (a)(d) | 75,259 | 4,576,500 | |
Regeneron Pharmaceuticals, Inc. (a) | 39,367 | 29,206,771 | |
Sagimet Biosciences, Inc. | 55,100 | 878,845 | |
Vertex Pharmaceuticals, Inc. (a) | 59,098 | 20,822,589 | |
Viking Therapeutics, Inc. (a) | 89,568 | 1,298,736 | |
110,651,125 | |||
Health Care Equipment & Supplies - 1.4% | |||
Axonics Modulation Technologies, Inc. (a) | 98,727 | 5,960,149 | |
Blink Health LLC Series A1 (a)(b)(c) | 5,757 | 275,300 | |
Boston Scientific Corp. (a) | 405,531 | 21,026,782 | |
DexCom, Inc. (a) | 465,851 | 58,026,401 | |
Insulet Corp. (a) | 51,182 | 14,164,619 | |
Intuitive Surgical, Inc. (a) | 7,961 | 2,582,548 | |
Penumbra, Inc. (a) | 2,756 | 836,060 | |
Shockwave Medical, Inc. (a) | 73,052 | 19,037,351 | |
Stryker Corp. | 58,231 | 16,503,248 | |
TransMedics Group, Inc. (a) | 19,343 | 1,802,381 | |
Zimmer Biomet Holdings, Inc. | 6,900 | 953,235 | |
141,168,074 | |||
Health Care Providers & Services - 2.4% | |||
agilon health, Inc. (a) | 65,900 | 1,261,985 | |
Alignment Healthcare, Inc. (a) | 157,453 | 977,783 | |
Guardant Health, Inc. (a) | 389,860 | 15,212,337 | |
Humana, Inc. | 52,079 | 23,791,250 | |
Surgery Partners, Inc. (a) | 105,963 | 4,093,351 | |
UnitedHealth Group, Inc. | 382,395 | 193,633,356 | |
238,970,062 | |||
Health Care Technology - 0.0% | |||
Certara, Inc. (a) | 70,031 | 1,363,504 | |
MultiPlan Corp. warrants (a)(b) | 13,856 | 208 | |
1,363,712 | |||
Life Sciences Tools & Services - 0.6% | |||
Danaher Corp. | 116,297 | 29,662,713 | |
ICON PLC (a) | 15,031 | 3,778,944 | |
Olink Holding AB ADR (a) | 107,810 | 2,048,390 | |
Thermo Fisher Scientific, Inc. | 34,128 | 18,724,668 | |
Veterinary Emergency Group LLC Class A (a)(b)(c)(f) | 62,379 | 3,149,516 | |
57,364,231 | |||
Pharmaceuticals - 3.0% | |||
Eli Lilly & Co. | 398,319 | 181,055,901 | |
Novo Nordisk A/S: | |||
Series B | 25,361 | 4,089,518 | |
Series B sponsored ADR | 206,560 | 33,276,816 | |
Roche Holding AG (participation certificate) | 8,789 | 2,725,042 | |
Ventyx Biosciences, Inc. (a) | 34,075 | 1,262,479 | |
Zoetis, Inc. Class A | 367,257 | 69,077,369 | |
291,487,125 | |||
TOTAL HEALTH CARE | 841,004,329 | ||
INDUSTRIALS - 4.6% | |||
Aerospace & Defense - 0.9% | |||
Airbus Group NV | 49,374 | 7,272,791 | |
Howmet Aerospace, Inc. | 204,609 | 10,463,704 | |
L3Harris Technologies, Inc. | 23,879 | 4,524,832 | |
Lockheed Martin Corp. | 12,881 | 5,749,692 | |
Northrop Grumman Corp. | 9,975 | 4,438,875 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 201,490 | 16,320,690 | |
Class C (a)(b)(c) | 70,540 | 5,713,740 | |
The Boeing Co. (a) | 148,215 | 35,401,153 | |
TransDigm Group, Inc. | 3,931 | 3,536,799 | |
93,422,276 | |||
Air Freight & Logistics - 0.0% | |||
Delhivery Private Ltd. (a) | 271,900 | 1,319,661 | |
Commercial Services & Supplies - 0.1% | |||
ACV Auctions, Inc. Class A (a) | 416,892 | 7,291,441 | |
Electrical Equipment - 0.1% | |||
Eaton Corp. PLC | 29,907 | 6,140,505 | |
Vertiv Holdings Co. | 12,535 | 326,035 | |
6,466,540 | |||
Ground Transportation - 3.1% | |||
Avis Budget Group, Inc. (a) | 47,126 | 10,381,387 | |
Bird Global, Inc. (a)(b) | 8,054 | 19,974 | |
Bird Global, Inc.: | |||
Class A (a)(d) | 135,925 | 337,094 | |
Stage 1 rights (a)(c) | 1,029 | 10 | |
Stage 2 rights (a)(c) | 1,029 | 0 | |
Stage 3 rights (a)(c) | 1,029 | 0 | |
Hertz Global Holdings, Inc. (a)(d) | 209,739 | 3,534,102 | |
Lyft, Inc. (a) | 4,217,184 | 53,600,409 | |
Uber Technologies, Inc. (a) | 4,832,055 | 238,993,440 | |
306,866,416 | |||
Passenger Airlines - 0.2% | |||
Delta Air Lines, Inc. | 161,060 | 7,450,636 | |
United Airlines Holdings, Inc. (a) | 190,904 | 10,367,996 | |
17,818,632 | |||
Professional Services - 0.1% | |||
Paycom Software, Inc. | 39,292 | 14,489,318 | |
Trading Companies & Distributors - 0.1% | |||
FTAI Aviation Ltd. | 289,036 | 9,309,850 | |
TOTAL INDUSTRIALS | 456,984,134 | ||
INFORMATION TECHNOLOGY - 36.7% | |||
Communications Equipment - 0.0% | |||
Arista Networks, Inc. (a) | 27,756 | 4,304,678 | |
Electronic Equipment, Instruments & Components - 0.0% | |||
Flex Ltd. (a) | 64,957 | 1,777,224 | |
IT Services - 0.5% | |||
Digitalocean Holdings, Inc. (a) | 24,100 | 1,193,432 | |
MongoDB, Inc. Class A (a) | 44,047 | 18,649,500 | |
Okta, Inc. (a) | 261,376 | 20,089,359 | |
Shopify, Inc. Class A (a) | 43,503 | 2,938,799 | |
Snowflake, Inc. (a) | 44,818 | 7,964,607 | |
X Holdings Corp. Class A (c) | 24,710 | 1,033,372 | |
51,869,069 | |||
Semiconductors & Semiconductor Equipment - 17.9% | |||
Advanced Micro Devices, Inc. (a) | 493,706 | 56,479,966 | |
AEHR Test Systems (a) | 18,700 | 975,392 | |
ASML Holding NV (depository receipt) | 16,741 | 11,993,420 | |
First Solar, Inc. (a) | 3,937 | 816,534 | |
GlobalFoundries, Inc. (a) | 955,912 | 60,882,035 | |
Impinj, Inc. (a) | 48,194 | 3,210,684 | |
Lattice Semiconductor Corp. (a) | 19,586 | 1,781,151 | |
Marvell Technology, Inc. | 5,412,057 | 352,487,272 | |
Monolithic Power Systems, Inc. | 39,165 | 21,912,426 | |
NVIDIA Corp. | 1,991,720 | 930,710,835 | |
NXP Semiconductors NV | 740,065 | 165,019,694 | |
ON Semiconductor Corp. (a) | 757,605 | 81,631,939 | |
Skyworks Solutions, Inc. | 32,376 | 3,702,843 | |
SolarEdge Technologies, Inc. (a) | 15,509 | 3,744,803 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 441,372 | 43,762,034 | |
Teradyne, Inc. | 287,343 | 32,452,518 | |
1,771,563,546 | |||
Software - 9.6% | |||
Adobe, Inc. (a) | 20,700 | 11,305,719 | |
Bill Holdings, Inc. (a) | 154,448 | 19,358,512 | |
Confluent, Inc. (a) | 64,765 | 2,236,983 | |
Datadog, Inc. Class A (a) | 116,204 | 13,563,331 | |
HubSpot, Inc. (a) | 80,145 | 46,528,180 | |
Intuit, Inc. | 69,970 | 35,803,649 | |
Microsoft Corp. | 1,966,308 | 660,522,183 | |
Oracle Corp. | 52,053 | 6,102,173 | |
Palantir Technologies, Inc. (a) | 236,100 | 4,684,224 | |
Palo Alto Networks, Inc. (a) | 3,800 | 949,848 | |
Pine Labs Private Ltd. (a)(b)(c) | 1,109 | 592,494 | |
Salesforce, Inc. (a) | 388,021 | 87,308,605 | |
ServiceNow, Inc. (a) | 43,945 | 25,619,935 | |
Splunk, Inc. (a) | 94,431 | 10,229,710 | |
Stripe, Inc. Class B (a)(b)(c) | 19,200 | 386,496 | |
Workday, Inc. Class A (a) | 15,931 | 3,777,718 | |
Zoom Video Communications, Inc. Class A (a) | 204,019 | 14,964,794 | |
943,934,554 | |||
Technology Hardware, Storage & Peripherals - 8.7% | |||
Apple, Inc. | 4,353,465 | 855,238,199 | |
TOTAL INFORMATION TECHNOLOGY | 3,628,687,270 | ||
MATERIALS - 0.6% | |||
Chemicals - 0.0% | |||
Linde PLC | 12,115 | 4,732,967 | |
Metals & Mining - 0.6% | |||
ATI, Inc. (a) | 113,120 | 5,393,562 | |
Carpenter Technology Corp. | 94,654 | 5,665,988 | |
Freeport-McMoRan, Inc. | 1,044,378 | 46,631,478 | |
57,691,028 | |||
TOTAL MATERIALS | 62,423,995 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Equinix, Inc. | 4,200 | 3,401,664 | |
Welltower, Inc. | 62,226 | 5,111,866 | |
8,513,530 | |||
Real Estate Management & Development - 0.1% | |||
Zillow Group, Inc. Class C (a) | 154,100 | 8,346,056 | |
TOTAL REAL ESTATE | 16,859,586 | ||
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
NextEra Energy, Inc. | 29,634 | 2,172,172 | |
TOTAL COMMON STOCKS (Cost $5,771,323,657) | 9,109,236,922 | ||
Preferred Stocks - 0.9% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.8% | |||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 31,950 | 7,660,013 | |
Reddit, Inc.: | |||
Series E(a)(b)(c) | 4,835 | 171,497 | |
Series F(a)(b)(c) | 51,156 | 1,814,503 | |
9,646,013 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(b)(c) | 13,256 | 11,400 | |
Series C(a)(b)(c) | 52,162 | 105,367 | |
Series D(a)(b)(c) | 102,800 | 326,904 | |
443,671 | |||
Broadline Retail - 0.1% | |||
Meesho Series F (a)(b)(c) | 63,600 | 5,031,396 | |
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 700 | 226,527 | |
TOTAL CONSUMER DISCRETIONARY | 5,701,594 | ||
CONSUMER STAPLES - 0.1% | |||
Consumer Staples Distribution & Retail - 0.1% | |||
GoBrands, Inc.: | |||
Series G(a)(b)(c) | 18,300 | 1,824,693 | |
Series H(a)(b)(c) | 11,467 | 1,143,375 | |
Instacart, Inc.: | |||
Series H(a)(b)(c) | 27,205 | 1,226,946 | |
Series I(a)(b)(c) | 13,064 | 589,186 | |
4,784,200 | |||
Food Products - 0.0% | |||
AgBiome LLC Series C (a)(b)(c) | 68,700 | 347,622 | |
Bowery Farming, Inc. Series C1 (a)(b)(c) | 17,874 | 140,847 | |
488,469 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Series E (a)(b)(c) | 12,508 | 91,058 | |
TOTAL CONSUMER STAPLES | 5,363,727 | ||
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
Blink Health LLC Series C (a)(b)(c) | 16,970 | 811,505 | |
INDUSTRIALS - 0.1% | |||
Aerospace & Defense - 0.1% | |||
ABL Space Systems: | |||
Series B(a)(b)(c) | 29,724 | 979,703 | |
Series B2(a)(b)(c) | 17,155 | 551,362 | |
Relativity Space, Inc. Series E (a)(b)(c) | 276,014 | 4,987,573 | |
Space Exploration Technologies Corp. Series N (a)(b)(c) | 8,141 | 6,594,210 | |
13,112,848 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (a)(b)(c) | 11,104 | 1,397,772 | |
TOTAL INDUSTRIALS | 14,510,620 | ||
INFORMATION TECHNOLOGY - 0.3% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
CelLink Corp. Series D (a)(b)(c) | 92,760 | 1,211,446 | |
Enevate Corp. Series E (a)(b)(c) | 1,325,513 | 808,563 | |
Menlo Micro, Inc. Series C (a)(b)(c) | 560,500 | 594,130 | |
2,614,139 | |||
IT Services - 0.0% | |||
Yanka Industries, Inc. Series F (a)(b)(c) | 55,991 | 417,693 | |
Semiconductors & Semiconductor Equipment - 0.1% | |||
Alif Semiconductor Series C (a)(b)(c) | 47,598 | 957,196 | |
Astera Labs, Inc.: | |||
Series A(a)(b)(c) | 84,721 | 853,988 | |
Series B(a)(b)(c) | 14,425 | 145,404 | |
Series C(a)(b)(c) | 180,900 | 1,823,472 | |
Series D(a)(b)(c) | 330,609 | 3,332,539 | |
GaN Systems, Inc.: | |||
Series F1(a)(b)(c) | 78,477 | 873,449 | |
Series F2(a)(b)(c) | 41,439 | 461,216 | |
Retym, Inc. Series C (b)(c) | 154,149 | 1,199,279 | |
SiMa.ai: | |||
Series B(a)(b)(c) | 313,000 | 1,931,210 | |
Series B1(a)(b)(c) | 20,966 | 151,165 | |
Xsight Labs Ltd. Series D (a)(b)(c) | 130,900 | 752,675 | |
12,481,593 | |||
Software - 0.2% | |||
Algolia, Inc. Series D (a)(b)(c) | 30,436 | 486,063 | |
Bolt Technology OU Series E (a)(b)(c) | 20,165 | 2,639,729 | |
Databricks, Inc.: | |||
Series G(a)(b)(c) | 48,000 | 2,443,200 | |
Series H(a)(b)(c) | 31,572 | 1,607,015 | |
Moloco, Inc. Series A (b)(c) | 20,180 | 1,210,800 | |
Mountain Digital, Inc. Series D (a)(b)(c) | 62,139 | 1,048,285 | |
Skyryse, Inc. Series B (a)(b)(c) | 67,400 | 1,559,636 | |
Stripe, Inc.: | |||
Series H(a)(b)(c) | 8,086 | 162,771 | |
Series I(b)(c) | 124,536 | 2,506,910 | |
Tenstorrent, Inc. Series C1 (a)(b)(c) | 8,600 | 530,878 | |
14,195,287 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc. Series C (b)(c) | 70,909 | 1,161,489 | |
TOTAL INFORMATION TECHNOLOGY | 30,870,201 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(b)(c) | 249,802 | 8,303,418 | |
UTILITIES - 0.0% | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Redwood Materials: | |||
Series C(a)(b)(c) | 37,990 | 1,813,643 | |
Series D(b)(c) | 10,886 | 519,698 | |
2,333,341 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 77,540,419 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
Series 1C(a)(b)(c) | 3,178,083 | 81,359 | |
Series 1D(a)(b)(c) | 5,904,173 | 151,147 | |
Waymo LLC Series A2 (a)(b)(c) | 7,817 | 422,822 | |
655,328 | |||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series E (a)(b)(c) | 137,547 | 3,096,183 | |
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (a)(b)(c) | 78,911 | 898,796 | |
Software - 0.1% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(b)(c) | 2,652 | 1,416,858 | |
Series A(a)(b)(c) | 663 | 354,214 | |
Series B(a)(b)(c) | 721 | 385,201 | |
Series B2(a)(b)(c) | 583 | 311,474 | |
Series C(a)(b)(c) | 1,085 | 579,672 | |
Series C1(a)(b)(c) | 228 | 121,811 | |
Series D(a)(b)(c) | 244 | 130,359 | |
3,299,589 | |||
TOTAL INFORMATION TECHNOLOGY | 4,198,385 | ||
REAL ESTATE - 0.0% | |||
Real Estate Management & Development - 0.0% | |||
ZKH Group Ltd. Series F (c) | 2,521,782 | 1,033,931 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 8,983,827 | ||
TOTAL PREFERRED STOCKS (Cost $95,797,257) | 86,524,246 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27 (b)(c) | 237,400 | 245,021 | |
4% 6/12/27 (b)(c) | 64,200 | 66,261 | |
4.5% 10/27/25 (b)(c)(h) | 2,578,062 | 2,522,634 | |
(Cost $2,879,662) | 2,833,916 | ||
Preferred Securities - 0.0% | |||
Principal Amount (g) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Semiconductors & Semiconductor Equipment - 0.0% | |||
GaN Systems, Inc. 0% (b)(c)(i) | 1,839,388 | 2,273,484 | |
Software - 0.0% | |||
Tenstorrent, Inc. 0% (b)(c)(i) | 480,000 | 498,240 | |
TOTAL PREFERRED SECURITIES (Cost $2,319,388) | 2,771,724 | ||
Money Market Funds - 8.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (j) | 665,527,839 | 665,660,945 | |
Fidelity Securities Lending Cash Central Fund 5.32% (j)(k) | 161,510,961 | 161,527,112 | |
TOTAL MONEY MARKET FUNDS (Cost $827,188,057) | 827,188,057 | ||
TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $6,699,508,021) | 10,028,554,865 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (139,642,824) |
NET ASSETS - 100.0% | 9,888,912,041 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini NASDAQ 100 Index Contracts (United States) | 912 | Sep 2023 | 289,240,800 | 11,980,081 | 11,980,081 |
CME E-mini S&P 500 Index Contracts (United States) | 670 | Sep 2023 | 154,585,750 | 5,209,599 | 5,209,599 |
TOTAL FUTURES CONTRACTS | 17,189,680 | ||||
The notional amount of futures purchased as a percentage of Net Assets is 4.5% |
(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 $136,670,369 or 1.4% 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 $7,233,722 or 0.1% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(i) | Security is perpetual in nature with no stated maturity date. |
(j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ABL Space Systems Series B | 3/24/21 | 1,338,638 |
ABL Space Systems Series B2 | 10/22/21 | 1,166,473 |
AgBiome LLC Series C | 6/29/18 | 435,125 |
Algolia, Inc. Series D | 7/23/21 | 890,102 |
Alif Semiconductor Series C | 3/08/22 | 966,170 |
Ant International Co. Ltd. Class C | 5/16/18 | 1,539,709 |
Astera Labs, Inc. Series A | 5/17/22 | 861,570 |
Astera Labs, Inc. Series B | 5/17/22 | 146,695 |
Astera Labs, Inc. Series C | 8/24/21 | 608,150 |
Astera Labs, Inc. Series D | 5/17/22 - 5/27/22 | 3,362,128 |
Beta Technologies, Inc. Series A | 4/09/21 | 813,590 |
Bird Global, Inc. | 5/11/21 | 2,013,670 |
Blink Health LLC Series A1 | 12/30/20 | 155,957 |
Blink Health LLC Series C | 11/07/19 - 7/14/21 | 647,847 |
Bolt Technology OU Series E | 1/03/22 | 5,238,796 |
Bowery Farming, Inc. Series C1 | 5/18/21 | 1,076,896 |
ByteDance Ltd. Series E1 | 11/18/20 | 3,500,895 |
CelLink Corp. Series D | 1/20/22 | 1,931,625 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 2,232,400 |
Databricks, Inc. Series G | 2/01/21 | 2,837,886 |
Databricks, Inc. Series H | 8/31/21 | 2,320,041 |
Diamond Foundry, Inc. Series C | 3/15/21 | 5,995,248 |
Discord, Inc. Series I | 9/15/21 | 385,437 |
Enevate Corp. Series E | 1/29/21 | 1,469,576 |
Epic Games, Inc. | 7/30/20 | 349,025 |
Fanatics, Inc. Class A | 8/13/20 - 10/24/22 | 10,009,624 |
GaN Systems, Inc. Series F1 | 11/30/21 | 665,485 |
GaN Systems, Inc. Series F2 | 11/30/21 | 351,403 |
GaN Systems, Inc. 0% | 11/30/21 | 1,839,388 |
GoBrands, Inc. Series G | 3/02/21 | 4,569,827 |
GoBrands, Inc. Series H | 7/22/21 | 4,454,821 |
Gupshup, Inc. | 6/08/21 | 1,804,316 |
Instacart, Inc. Series H | 11/13/20 | 1,632,300 |
Instacart, Inc. Series I | 2/26/21 | 1,633,000 |
JUUL Labs, Inc. Class A | 12/20/17 - 7/06/18 | 645,585 |
JUUL Labs, Inc. Series E | 12/20/17 - 7/06/18 | 342,963 |
Lightmatter, Inc. Series C | 5/19/23 | 1,166,935 |
Meesho Series F | 9/21/21 | 4,876,358 |
Menlo Micro, Inc. Series C | 2/09/22 | 742,943 |
Moloco, Inc. Series A | 6/26/23 | 1,210,800 |
Mountain Digital, Inc. Series D | 11/05/21 | 1,427,041 |
MultiPlan Corp. warrants | 10/08/20 | 0 |
Neutron Holdings, Inc. | 2/04/21 | 4,916 |
Neutron Holdings, Inc. Series 1C | 7/03/18 | 581,081 |
Neutron Holdings, Inc. Series 1D | 1/25/19 | 1,431,762 |
Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 237,400 |
Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 64,200 |
Neutron Holdings, Inc. 4.5% 10/27/25 | 10/29/21 - 4/27/23 | 2,578,062 |
Pine Labs Private Ltd. | 6/30/21 | 413,502 |
Pine Labs Private Ltd. Series 1 | 6/30/21 | 988,825 |
Pine Labs Private Ltd. Series A | 6/30/21 | 247,206 |
Pine Labs Private Ltd. Series B | 6/30/21 | 268,832 |
Pine Labs Private Ltd. Series B2 | 6/30/21 | 217,377 |
Pine Labs Private Ltd. Series C | 6/30/21 | 404,553 |
Pine Labs Private Ltd. Series C1 | 6/30/21 | 85,012 |
Pine Labs Private Ltd. Series D | 6/30/21 | 90,978 |
Rad Power Bikes, Inc. | 1/21/21 | 490,493 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 63,945 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 251,621 |
Rad Power Bikes, Inc. Series D | 9/17/21 | 985,215 |
Reddit, Inc. Series E | 5/18/21 | 205,363 |
Reddit, Inc. Series F | 8/11/21 | 3,161,154 |
Redwood Materials Series C | 5/28/21 | 1,800,858 |
Redwood Materials Series D | 6/02/23 | 519,653 |
Relativity Space, Inc. Series E | 5/27/21 | 6,302,807 |
Retym, Inc. Series C | 5/17/23 - 6/20/23 | 1,199,557 |
SiMa.ai Series B | 5/10/21 | 1,604,876 |
SiMa.ai Series B1 | 4/25/22 | 148,668 |
Skyryse, Inc. Series B | 10/21/21 | 1,663,430 |
Space Exploration Technologies Corp. Class A | 2/16/21 - 12/15/22 | 14,140,734 |
Space Exploration Technologies Corp. Class C | 12/15/22 | 5,431,580 |
Space Exploration Technologies Corp. Series N | 8/04/20 | 2,198,070 |
Stripe, Inc. Class B | 5/18/21 | 770,465 |
Stripe, Inc. Series H | 3/15/21 | 324,451 |
Stripe, Inc. Series I | 3/20/23 - 5/12/23 | 2,507,425 |
Tenstorrent, Inc. Series C1 | 4/23/21 | 511,307 |
Tenstorrent, Inc. 0% | 4/23/21 | 480,000 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 2,585,288 |
Waymo LLC Series A2 | 5/08/20 | 671,224 |
Xsight Labs Ltd. Series D | 2/16/21 | 1,046,676 |
Yanka Industries, Inc. Series F | 4/08/21 | 1,784,814 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 91,389,124 | 1,659,657,229 | 1,085,385,408 | 5,533,213 | - | - | 665,660,945 | 1.6% |
Fidelity Securities Lending Cash Central Fund 5.32% | 84,008,097 | 719,916,187 | 642,397,172 | 365,536 | - | - | 161,527,112 | 0.6% |
Total | 175,397,221 | 2,379,573,416 | 1,727,782,580 | 5,898,749 | - | - | 827,188,057 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,411,922,702 | 1,392,377,653 | 9,475,150 | 10,069,899 |
Consumer Discretionary | 1,989,795,205 | 1,934,836,188 | 30,837,750 | 24,121,267 |
Consumer Staples | 241,397,452 | 233,808,117 | 2,057,191 | 5,532,144 |
Energy | 256,720,020 | 256,720,020 | - | - |
Financials | 225,732,902 | 215,343,087 | 4,154,163 | 6,235,652 |
Health Care | 841,815,834 | 830,764,745 | 6,814,768 | 4,236,321 |
Industrials | 471,494,754 | 427,676,903 | 7,272,791 | 36,545,060 |
Information Technology | 3,663,755,856 | 3,626,674,908 | - | 37,080,948 |
Materials | 70,727,413 | 62,423,995 | - | 8,303,418 |
Real Estate | 17,893,517 | 16,859,586 | - | 1,033,931 |
Utilities | 4,505,513 | 2,172,172 | - | 2,333,341 |
Corporate Bonds | 2,833,916 | - | - | 2,833,916 |
Preferred Securities | 2,771,724 | - | - | 2,771,724 |
Money Market Funds | 827,188,057 | 827,188,057 | - | - |
Total Investments in Securities: | 10,028,554,865 | 9,826,845,431 | 60,611,813 | 141,097,621 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | 17,189,680 | 17,189,680 | - | - |
Total Assets | 17,189,680 | 17,189,680 | - | - |
Total Derivative Instruments: | 17,189,680 | 17,189,680 | - | - |
Investments in Securities: | |||
Beginning Balance | $ | 115,038,369 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (3,804,884) | ||
Cost of Purchases | 26,186,731 | ||
Proceeds of Sales | (1,763,467) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 8,104,517 | ||
Transfers out of Level 3 | (2,663,645) | ||
Ending Balance | $ | 141,097,621 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (4,031,608) | |
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. |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 17,189,680 | 0 |
Total Equity Risk | 17,189,680 | 0 |
Total Value of Derivatives | 17,189,680 | 0 |
Statement of Assets and Liabilities | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $157,344,909) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $5,872,319,964) | $ | 9,201,366,808 | ||
Fidelity Central Funds (cost $827,188,057) | 827,188,057 | |||
Total Investment in Securities (cost $6,699,508,021) | $ | 10,028,554,865 | ||
Segregated cash with brokers for derivative instruments | 22,825,600 | |||
Foreign currency held at value (cost $96,613) | 96,163 | |||
Receivable for investments sold | 7,519,810 | |||
Receivable for fund shares sold | 14,023,057 | |||
Dividends receivable | 1,554,629 | |||
Interest receivable | 68,460 | |||
Distributions receivable from Fidelity Central Funds | 2,221,662 | |||
Receivable for daily variation margin on futures contracts | 450,400 | |||
Other receivables | 101,835 | |||
Total assets | 10,077,416,481 | |||
Liabilities | ||||
Payable for investments purchased | $ | 11,897,947 | ||
Payable for fund shares redeemed | 9,888,518 | |||
Accrued management fee | 3,588,821 | |||
Other payables and accrued expenses | 1,599,314 | |||
Collateral on securities loaned | 161,529,840 | |||
Total Liabilities | 188,504,440 | |||
Commitments and contingent liabilities (see Commitments note) | ||||
Net Assets | $ | 9,888,912,041 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,973,812,087 | ||
Total accumulated earnings (loss) | 2,915,099,954 | |||
Net Assets | $ | 9,888,912,041 | ||
Net Asset Value, offering price and redemption price per share ($9,888,912,041 ÷ 390,580,258 shares) | $ | 25.32 |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 43,013,827 | ||
Interest | 115,069 | |||
Income from Fidelity Central Funds (including $365,536 from security lending) | 5,898,749 | |||
Total Income | 49,027,645 | |||
Expenses | ||||
Management fee | $ | 32,452,159 | ||
Independent trustees' fees and expenses | 34,584 | |||
Interest | 9,317 | |||
Miscellaneous | 183,445 | |||
Total expenses before reductions | 32,679,505 | |||
Expense reductions | (1,859) | |||
Total expenses after reductions | 32,677,646 | |||
Net Investment income (loss) | 16,349,999 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $808,565) | (197,437,612) | |||
Redemptions in-kind | 74,495,434 | |||
Foreign currency transactions | 23,407 | |||
Total net realized gain (loss) | (122,918,771) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of decrease in deferred foreign taxes of $644,196) | 2,048,608,404 | |||
Unfunded commitments | 291,212 | |||
Assets and liabilities in foreign currencies | 278 | |||
Futures contracts | 17,189,680 | |||
Total change in net unrealized appreciation (depreciation) | 2,066,089,574 | |||
Net gain (loss) | 1,943,170,803 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,959,520,802 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 16,349,999 | $ | 715,037 |
Net realized gain (loss) | (122,918,771) | (122,785,158) | ||
Change in net unrealized appreciation (depreciation) | 2,066,089,574 | (1,443,162,254) | ||
Net increase (decrease) in net assets resulting from operations | 1,959,520,802 | (1,565,232,375) | ||
Distributions to shareholders | (7,284,411) | (450,387,568) | ||
Share transactions | ||||
Proceeds from sales of shares | 2,691,780,500 | 3,628,936,951 | ||
Reinvestment of distributions | 7,274,331 | 450,387,568 | ||
Cost of shares redeemed | (1,583,663,662) | (1,698,109,014) | ||
Net increase (decrease) in net assets resulting from share transactions | 1,115,391,169 | 2,381,215,505 | ||
Total increase (decrease) in net assets | 3,067,627,560 | 365,595,562 | ||
Net Assets | ||||
Beginning of period | 6,821,284,481 | 6,455,688,919 | ||
End of period | $ | 9,888,912,041 | $ | 6,821,284,481 |
Other Information | ||||
Shares | ||||
Sold | 131,770,510 | 162,418,203 | ||
Issued in reinvestment of distributions | 380,059 | 16,489,637 | ||
Redeemed | (79,361,422) | (72,616,870) | ||
Net increase (decrease) | 52,789,147 | 106,290,970 | ||
Fidelity® Blue Chip Growth K6 Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 20.19 | $ | 27.89 | $ | 19.32 | $ | 13.69 | $ | 12.79 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .05 | - C | (.03) | .03 | .04 | |||||
Net realized and unrealized gain (loss) | 5.10 | (5.83) | 8.91 | 5.64 | .91 | |||||
Total from investment operations | 5.15 | (5.83) | 8.88 | 5.67 | .95 | |||||
Distributions from net investment income | (.02) | - | (.02) | (.04) | (.05) | |||||
Distributions from net realized gain | - | (1.87) | (.29) | - C | - | |||||
Total distributions | (.02) | (1.87) | (.31) | (.04) | (.05) | |||||
Net asset value, end of period | $ | 25.32 | $ | 20.19 | $ | 27.89 | $ | 19.32 | $ | 13.69 |
Total Return D | 25.55% | (22.62)% | 46.28% | 41.55% | 7.48% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .45% | .45% | .45% | .45% | .45% | |||||
Expenses net of fee waivers, if any | .45% | .45% | .45% | .45% | .45% | |||||
Expenses net of all reductions | .45% | .45% | .45% | .45% | .45% | |||||
Net investment income (loss) | .23% | .01% | (.10)% | .19% | .34% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 9,888,912 | $ | 6,821,284 | $ | 6,455,689 | $ | 3,854,348 | $ | 2,290,237 |
Portfolio turnover rate G | 24% H | 37% H | 44% H | 49% H | 51% H |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $135,491,981 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 15.7 / 9.7 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.6 - 25.0 / 7.2 | Increase | |||
Enterprise value/Gross profit multiple (EV/GP) | 5.8 | Increase | |||
Probability rate | 25.0% - 75.0% / 50.0% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.31 / $0.23 | Increase | ||
Market approach | Transaction price | $1.11 - $91.72 / $18.25 | Increase | ||
Discount rate | 20.0% - 45.0% / 35.5% | Decrease | |||
Parity price | $3.18 | Increase | |||
Premium rate | 5.0% - 20.0% / 10.4% | Increase | |||
Book value | Book value multiple | 1.7 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 21.5% - 29.0% / 26.9% | Decrease | ||
Exit multiple | 1.8 - 7.3 / 3.4 | Increase | |||
Black scholes | Discount rate | 4.1% - 5.5% / 4.4% | Increase | ||
Volatility | 50.0% - 100.0% / 67.4% | Increase | |||
Term | 0.5 - 5.0 / 3.8 | Increase | |||
Corporate Bonds | $2,833,916 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.5 | Increase |
Discount rate | 29.2% | Decrease | |||
Probability rate | 10.0% - 70.0% / 33.3% | Increase | |||
Black scholes | Volatility | 75.0% | Increase | ||
Term | 1.2 | Increase | |||
Preferred Securities | $2,771,724 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 5.0 | Increase |
Market approach | Transaction price | $59.45 | Increase | ||
Premium rate | 20.0% | Increase | |||
Discounted cash flow | Discount rate | 20.0% | Decrease | ||
Black scholes | Discount rate | 4.7% | Increase | ||
Volatility | 70.0% | Increase | |||
Term | 2.0 | Increase |
Gross unrealized appreciation | $3,630,374,938 |
Gross unrealized depreciation | (326,132,804) |
Net unrealized appreciation (depreciation) | $3,304,242,134 |
Tax Cost | $6,724,312,731 |
Undistributed ordinary income | $13,137,276 |
Capital loss carryforward | $(400,810,722) |
Net unrealized appreciation (depreciation) on securities and other investments | $3,304,242,533 |
Short-term | $(400,810,722) |
Long-term | (-) |
Total capital loss carryforward | $(400,810,722) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $7,284,411 | $ 96,227,267 |
Long-term Capital Gains | - | 354,160,301 |
Total | $7,284,411 | $ 450,387,568 |
Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) | |
Fidelity Blue Chip Growth K6 Fund | Space Exploration Technologies Corp. | $4,309,200 | $ - |
$ Amount | % of Net Assets | |
Fidelity Blue Chip Growth K6 Fund | 3,149,516 | .03 |
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 Blue Chip Growth K6 Fund | 2,035,476,968 | 1,671,844,452 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Blue Chip Growth K6 Fund | 9,258,498 | 74,495,434 | 187,379,094 |
Shares | Total Proceeds ($) | |
Fidelity Blue Chip Growth K6 Fund | 19,728,593 | 383,753,808 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Blue Chip Growth K6 Fund | 3,743,610 | 60,349,449 | 101,901,059 |
Shares | Total Proceeds ($) | |
Fidelity Blue Chip Growth K6 Fund | 63,577,402 | 1,334,865,017 |
Amount | |
Fidelity Blue Chip Growth K6 Fund | $ 34,956 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Blue Chip Growth K6 Fund | Borrower | $ 4,788,188 | 4.38% | $9,317 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Blue Chip Growth K6 Fund | 157,290,040 | 47,650,350 | (14,880,797) |
Amount ($) | |
Fidelity Blue Chip Growth K6 Fund | 1,112 |
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 Blue Chip Growth K6 Fund | $38,973 | $24,019 | $85,134 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Blue Chip Growth K6 Fund | .46% | |||||||||
Actual | $ 1,000 | $ 1,295.80 | $ 2.62 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.51 | $ 2.31 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Series Real Estate Income Fund | -0.13% | 4.40% | 5.34% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Series Real Estate Income Fund on July 31, 2013. The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Digitalbridge Group, Inc. Series I, 7.15% | 1.4 | |
Digitalbridge Group, Inc. Series J, 7.15% | 1.1 | |
Chimera Investment Corp. Series B, 8.00% | 1.0 | |
LXP Industrial Trust (REIT) Series C, 6.50% | 1.0 | |
Great Ajax Corp. 7.25% | 1.0 | |
Annaly Capital Management, Inc. Series F, 3 month U.S. LIBOR + 4.990% 6.95% | 1.0 | |
Annaly Capital Management, Inc. Series G, 3 month U.S. LIBOR + 4.170% 6.50% | 0.9 | |
Rithm Capital Corp. 7.125% | 0.9 | |
Necessity Retail (REIT), Inc./The Series C 7.375% | 0.9 | |
MFA Financial, Inc. 6.50% | 0.9 | |
10.1 | ||
Top REIT Sectors (% of Fund's net assets) | ||
REITs - Diversified | 14.7 | |
REITs - Mortgage | 13.6 | |
REITs - Health Care | 5.3 | |
REITs - Hotels | 4.7 | |
REITs - Apartments | 2.0 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 0.1% | |||
Shares | Value ($) | ||
FINANCIALS - 0.1% | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
Great Ajax Corp. | 18,553 | 128,016 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (a)(b) | 37,800 | 2,121 | |
REAL ESTATE - 0.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Retail Value, Inc. (a)(c) | 24,066 | 2,431 | |
TOTAL COMMON STOCKS (Cost $1,218,730) | 132,568 | ||
Preferred Stocks - 33.8% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 2.2% | |||
FINANCIALS - 1.0% | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
Great Ajax Corp. 7.25% | 135,550 | 3,312,842 | |
REAL ESTATE - 1.2% | |||
Equity Real Estate Investment Trusts (REITs) - 1.2% | |||
LXP Industrial Trust (REIT) Series C, 6.50% | 70,519 | 3,314,031 | |
RLJ Lodging Trust Series A, 1.95% | 31,950 | 776,385 | |
4,090,416 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 7,403,258 | ||
Nonconvertible Preferred Stocks - 31.6% | |||
ENERGY - 1.7% | |||
Oil, Gas & Consumable Fuels - 1.7% | |||
DCP Midstream Partners LP 7.95% (d) | 36,975 | 927,333 | |
Enbridge, Inc.: | |||
Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(d)(e) | 97,425 | 2,049,822 | |
Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(d)(e) | 18,600 | 351,540 | |
Energy Transfer LP 7.60% (d) | 84,925 | 2,100,195 | |
Global Partners LP: | |||
9.75%(d) | 1,825 | 47,779 | |
Series B, 9.50% | 12,200 | 312,930 | |
5,789,599 | |||
FINANCIALS - 13.6% | |||
Mortgage Real Estate Investment Trusts - 13.6% | |||
AG Mortgage Investment Trust, Inc. 8.00% | 12,092 | 200,727 | |
AGNC Investment Corp.: | |||
6.125%(d) | 86,500 | 1,833,800 | |
6.875%(d) | 80,750 | 1,856,443 | |
Series C, 3 month U.S. LIBOR + 5.110% 7.00%(d)(e) | 116,199 | 2,978,180 | |
Series E, 6.50%(d) | 83,113 | 1,925,728 | |
Annaly Capital Management, Inc.: | |||
6.75%(d) | 40,700 | 944,240 | |
Series F, 3 month U.S. LIBOR + 4.990% 6.95%(d)(e) | 129,518 | 3,302,709 | |
Series G, 3 month U.S. LIBOR + 4.170% 6.50%(d)(e) | 126,090 | 3,164,859 | |
Arbor Realty Trust, Inc.: | |||
Series D, 6.375% | 12,400 | 236,220 | |
Series F, 6.25%(d) | 14,100 | 286,653 | |
Cherry Hill Mortgage Investment Corp.: | |||
8.25%(d) | 6,769 | 142,487 | |
Series A, 8.20% | 16,350 | 354,305 | |
Chimera Investment Corp.: | |||
8.00%(d) | 56,700 | 1,213,947 | |
Series B, 8.00%(d) | 152,358 | 3,322,928 | |
Series C, 7.75%(d) | 149,179 | 2,999,990 | |
Dynex Capital, Inc. Series C 6.90% (d) | 89,500 | 2,022,700 | |
Ellington Financial LLC 6.75% (d) | 70,709 | 1,568,326 | |
Franklin BSP Realty Trust, Inc. 7.50% | 13,216 | 268,549 | |
MFA Financial, Inc.: | |||
6.50%(d) | 153,087 | 3,008,160 | |
Series B, 7.50% | 63,249 | 1,299,134 | |
PennyMac Mortgage Investment Trust: | |||
6.75% | 22,671 | 431,883 | |
8.125%(d) | 62,575 | 1,501,174 | |
Series B, 8.00%(d) | 104,505 | 2,436,012 | |
Rithm Capital Corp.: | |||
7.125%(d) | 139,567 | 3,151,423 | |
Series A, 7.50%(d) | 77,859 | 1,761,171 | |
Series C, 6.375%(d) | 30,446 | 604,962 | |
Series D, 7.00%(d) | 17,100 | 365,085 | |
Two Harbors Investment Corp.: | |||
Series A, 8.125%(d) | 41,635 | 899,320 | |
Series B, 7.625%(d) | 89,612 | 1,849,592 | |
45,930,707 | |||
REAL ESTATE - 16.3% | |||
Equity Real Estate Investment Trusts (REITs) - 13.0% | |||
Agree Realty Corp. 4.375% | 38,700 | 694,092 | |
American Homes 4 Rent: | |||
6.25% | 18,925 | 448,144 | |
Series G, 5.875% | 37,050 | 853,447 | |
Armada Hoffler Properties, Inc. 6.75% | 33,250 | 764,418 | |
Ashford Hospitality Trust, Inc.: | |||
Series D, 8.45% | 50,274 | 832,090 | |
Series F, 7.375% | 58,344 | 825,568 | |
Series G, 7.375% | 9,129 | 139,217 | |
Series H, 7.50% | 34,375 | 498,438 | |
Series I, 7.50% | 24,711 | 359,298 | |
Braemar Hotels & Resorts, Inc. Series D, 8.25% | 35,150 | 797,905 | |
Cedar Realty Trust, Inc.: | |||
7.25% | 28,556 | 480,026 | |
Series C, 6.50% | 53,500 | 791,265 | |
Centerspace Series C, 6.625% | 57,700 | 1,376,145 | |
City Office REIT, Inc. Series A, 6.625% | 12,174 | 207,201 | |
CTO Realty Growth, Inc. 6.375% | 20,000 | 395,000 | |
DiamondRock Hospitality Co. 8.25% | 34,900 | 897,279 | |
Gladstone Commercial Corp.: | |||
6.625% | 41,125 | 775,613 | |
Series G, 6.00% | 81,700 | 1,442,005 | |
Gladstone Land Corp. Series D, 5.00% | 60,000 | 1,413,006 | |
Global Medical REIT, Inc. Series A, 7.50% | 27,461 | 680,209 | |
Global Net Lease, Inc.: | |||
Series A, 7.25% | 114,425 | 2,509,340 | |
Series B 6.875% | 47,200 | 965,712 | |
Healthcare Trust, Inc.: | |||
7.125% | 48,000 | 924,480 | |
Series A 7.375% | 33,000 | 593,670 | |
Hersha Hospitality Trust: | |||
Series C, 6.875% | 550 | 10,918 | |
Series D, 6.50% | 42,250 | 821,340 | |
Hudson Pacific Properties, Inc. Series C, 4.75% | 26,100 | 308,502 | |
National Storage Affiliates Trust Series A, 6.00% | 12,325 | 291,979 | |
Necessity Retail (REIT), Inc./The: | |||
7.50% | 127,537 | 2,628,538 | |
Series C 7.375% | 145,000 | 3,045,000 | |
Pebblebrook Hotel Trust: | |||
6.30% | 53,702 | 1,055,244 | |
6.375% | 55,192 | 1,101,632 | |
6.375% | 20,200 | 395,112 | |
Series H, 5.70% | 94,400 | 1,675,600 | |
Pennsylvania (REIT): | |||
Series B, 7.375%(a) | 56,533 | 60,490 | |
Series C, 7.20%(a) | 9,575 | 10,341 | |
Series D, 6.875%(a) | 27,400 | 35,620 | |
Plymouth Industrial REIT, Inc. Series A, 7.50% | 30,350 | 762,529 | |
Prologis (REIT), Inc. Series Q, 8.54% | 16,850 | 973,088 | |
Rexford Industrial Realty, Inc.: | |||
Series B, 5.875% | 50,000 | 1,160,000 | |
Series C, 5.625% | 11,775 | 260,816 | |
Saul Centers, Inc.: | |||
Series D, 6.125% | 15,958 | 358,257 | |
Series E, 6.00% | 13,475 | 306,827 | |
SITE Centers Corp. 6.375% | 15,100 | 363,910 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00% | 12,750 | 308,550 | |
Series C, 7.875% | 19,300 | 462,235 | |
Spirit Realty Capital, Inc. Series A, 6.00% | 16,575 | 374,927 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 60,784 | 1,206,562 | |
Series F, 5.875% | 61,000 | 1,137,040 | |
Sunstone Hotel Investors, Inc.: | |||
Series H, 6.125% | 20,000 | 433,200 | |
Series I, 5.70% | 38,700 | 785,223 | |
UMH Properties, Inc. Series D, 6.375% | 63,875 | 1,378,423 | |
Urstadt Biddle Properties, Inc.: | |||
Series H, 6.25% | 51,175 | 1,194,936 | |
Series K 5.875% | 28,775 | 644,560 | |
Vornado Realty Trust: | |||
Series N, 5.25% | 6,700 | 99,964 | |
Series O, 4.45% | 45,500 | 618,345 | |
43,933,276 | |||
Real Estate Management & Development - 3.3% | |||
Brookfield Property Partners LP: | |||
5.75% | 7,000 | 94,850 | |
6.50% | 5,875 | 90,534 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 128,110 | 2,737,711 | |
Series I, 7.15% | 225,785 | 4,777,611 | |
Series J, 7.15% | 166,049 | 3,525,220 | |
Seritage Growth Properties Series A, 7.00% | 1,050 | 25,043 | |
11,250,969 | |||
TOTAL REAL ESTATE | 55,184,245 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 106,904,551 | ||
TOTAL PREFERRED STOCKS (Cost $114,386,249) | 114,307,809 | ||
Corporate Bonds - 20.0% | |||
Principal Amount (f) | Value ($) | ||
Convertible Bonds - 0.6% | |||
FINANCIALS - 0.6% | |||
Mortgage Real Estate Investment Trusts - 0.6% | |||
PennyMac Corp. 5.5% 11/1/24 | 1,294,000 | 1,238,358 | |
Two Harbors Investment Corp. 6.25% 1/15/26 | 904,000 | 809,080 | |
2,047,438 | |||
Nonconvertible Bonds - 19.4% | |||
COMMUNICATION SERVICES - 0.4% | |||
Media - 0.4% | |||
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/28 (g) | 1,555,000 | 1,300,338 | |
CONSUMER DISCRETIONARY - 2.0% | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Hilton Domestic Operating Co., Inc. 3.625% 2/15/32 (g) | 1,500,000 | 1,258,730 | |
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (g) | 740,000 | 632,566 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (g) | 1,570,000 | 1,361,002 | |
Times Square Hotel Trust 8.528% 8/1/26 (g) | 968,944 | 957,464 | |
4,209,762 | |||
Household Durables - 0.8% | |||
Century Communities, Inc. 6.75% 6/1/27 | 1,330,000 | 1,335,147 | |
M/I Homes, Inc. 3.95% 2/15/30 | 1,430,000 | 1,236,950 | |
2,572,097 | |||
TOTAL CONSUMER DISCRETIONARY | 6,781,859 | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
EG Global Finance PLC 8.5% 10/30/25 (g) | 282,000 | 279,239 | |
FINANCIALS - 0.5% | |||
Financial Services - 0.5% | |||
Brixmor Operating Partnership LP 3.85% 2/1/25 | 1,753,000 | 1,686,361 | |
HEALTH CARE - 1.9% | |||
Health Care Providers & Services - 1.9% | |||
Sabra Health Care LP 5.125% 8/15/26 | 6,615,000 | 6,372,675 | |
INDUSTRIALS - 0.4% | |||
Trading Companies & Distributors - 0.4% | |||
Williams Scotsman International, Inc.: | |||
4.625% 8/15/28(g) | 750,000 | 689,788 | |
6.125% 6/15/25(g) | 648,000 | 643,823 | |
1,333,611 | |||
REAL ESTATE - 14.1% | |||
Equity Real Estate Investment Trusts (REITs) - 12.5% | |||
American Homes 4 Rent LP: | |||
2.375% 7/15/31 | 2,000,000 | 1,596,840 | |
3.625% 4/15/32 | 1,000,000 | 868,146 | |
4.25% 2/15/28 | 2,000,000 | 1,899,068 | |
American Tower Corp.: | |||
5.55% 7/15/33 | 1,000,000 | 1,000,301 | |
5.65% 3/15/33 | 1,000,000 | 1,009,523 | |
CBL & Associates LP: | |||
4.6%(c)(h) | 3,930,000 | 0 | |
5.25%(c)(h) | 3,629,000 | 0 | |
5.95%(c)(h) | 2,551,000 | 0 | |
Crown Castle International Corp.: | |||
2.1% 4/1/31 | 1,000,000 | 796,679 | |
5.1% 5/1/33 | 1,000,000 | 974,147 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (g) | 2,135,000 | 1,897,759 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (g) | 925,000 | 738,148 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
4% 1/15/31 | 1,000,000 | 864,530 | |
5.25% 6/1/25 | 2,375,000 | 2,337,382 | |
5.3% 1/15/29 | 1,000,000 | 954,171 | |
Invitation Homes Operating Partnership LP: | |||
2% 8/15/31 | 1,000,000 | 772,091 | |
5.95% 8/15/33 | 3,000,000 | 2,959,260 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
4.625% 8/1/29 | 1,506,000 | 1,196,232 | |
5% 10/15/27 | 4,237,000 | 3,711,701 | |
Omega Healthcare Investors, Inc.: | |||
4.5% 4/1/27 | 483,000 | 456,785 | |
4.75% 1/15/28 | 1,616,000 | 1,510,568 | |
4.95% 4/1/24 | 659,000 | 651,817 | |
5.25% 1/15/26 | 22,000 | 21,475 | |
Realty Income Corp.: | |||
3.1% 12/15/29 | 1,000,000 | 886,489 | |
4.6% 2/6/24 | 1,757,000 | 1,746,803 | |
4.875% 6/1/26 | 1,593,000 | 1,576,130 | |
RLJ Lodging Trust LP 4% 9/15/29 (g) | 1,000,000 | 838,200 | |
SBA Communications Corp. 3.125% 2/1/29 | 2,000,000 | 1,686,196 | |
Sun Communities Operating LP 2.7% 7/15/31 | 2,000,000 | 1,592,569 | |
Uniti Group LP / Uniti Group Finance, Inc.: | |||
6.5% 2/15/29(g) | 3,460,000 | 2,406,898 | |
10.5% 2/15/28(g) | 1,000,000 | 994,020 | |
Uniti Group, Inc. 6% 1/15/30 (g) | 1,040,000 | 687,700 | |
VICI Properties LP 5.125% 5/15/32 | 69,000 | 64,930 | |
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (g) | 2,095,000 | 1,914,369 | |
WP Carey, Inc.: | |||
4% 2/1/25 | 422,000 | 410,548 | |
4.25% 10/1/26 | 459,000 | 440,329 | |
XHR LP 6.375% 8/15/25 (g) | 750,000 | 737,370 | |
42,199,174 | |||
Real Estate Management & Development - 1.6% | |||
DTZ U.S. Borrower LLC 6.75% 5/15/28 (g) | 875,000 | 802,060 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29(g) | 1,000,000 | 845,010 | |
4.375% 2/1/31(g) | 1,090,000 | 896,832 | |
5.375% 8/1/28(g) | 970,000 | 889,975 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 2,640,000 | 2,059,807 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (g) | 202,000 | 198,842 | |
5,692,526 | |||
TOTAL REAL ESTATE | 47,891,700 | ||
TOTAL NONCONVERTIBLE BONDS | 65,645,783 | ||
TOTAL CORPORATE BONDS (Cost $73,536,300) | 67,693,221 | ||
Asset-Backed Securities - 3.0% | |||
Principal Amount (f) | Value ($) | ||
American Homes 4 Rent Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (g) | 1,624,000 | 1,601,500 | |
Class XS, 0% 10/17/52 (c)(d)(g)(i) | 886,473 | 9 | |
FirstKey Homes Trust: | |||
Series 2021-SFR1 Class F1, 3.238% 8/17/38 (g) | 1,250,000 | 1,076,633 | |
Series 2021-SFR2 Class F1, 2.908% 9/17/38 (g) | 500,000 | 424,608 | |
Home Partners of America Trust: | |||
Series 2021-1 Class F, 3.325% 9/17/41 (g) | 431,231 | 344,711 | |
Series 2021-2 Class G, 4.505% 12/17/26 (g) | 963,784 | 809,710 | |
Series 2021-3 Class F, 4.242% 1/17/41 (g) | 1,330,636 | 1,105,190 | |
Progress Residential Trust: | |||
Series 2019-SFR4 Class F, 3.684% 10/17/36 (g) | 1,000,000 | 958,534 | |
Series 2021-SFR2 Class H, 4.998% 4/19/38 (g) | 1,533,000 | 1,371,120 | |
Series 2021-SFR6: | |||
Class F, 3.422% 7/17/38 (g) | 1,449,000 | 1,241,782 | |
Class G, 4.003% 7/17/38 (g) | 749,000 | 631,629 | |
Tricon American Homes Series 2017-SFR2 Class F, 5.104% 1/17/36 (g) | 628,000 | 619,677 | |
TOTAL ASSET-BACKED SECURITIES (Cost $11,466,287) | 10,185,103 | ||
Commercial Mortgage Securities - 21.1% | |||
Principal Amount (f) | Value ($) | ||
BANK: | |||
Series 2017-BNK4 Class D, 3.357% 5/15/50 (g) | 625,000 | 440,915 | |
Series 2017-BNK8 Class E, 2.8% 11/15/50 (c)(g) | 1,848,000 | 717,933 | |
Series 2022-BNK44 Class A/S, 5.7457% 11/15/55 | 2,000,000 | 1,939,686 | |
Benchmark Mortgage Trust: | |||
sequential payer Series 2019-B14: | |||
Class 225D, 3.2943% 12/15/62 (c)(d)(g) | 573,000 | 275,549 | |
Class 225E, 3.2943% 12/15/62 (c)(d)(g) | 859,000 | 306,247 | |
Series 2022-B35 Class D, 2.5% 5/15/55 (g) | 1,000,000 | 489,425 | |
BHP Trust floater Series 2019-BXHP Class F, CME Term SOFR 1 Month Index + 2.980% 8.2745% 8/15/36 (d)(e)(g) | 1,050,000 | 991,212 | |
BSREP Commercial Mortgage Trust floater Series 2021-DC: | |||
Class F, CME Term SOFR 1 Month Index + 2.960% 8.1865% 8/15/38 (d)(e)(g) | 107,000 | 83,978 | |
Class G, CME Term SOFR 1 Month Index + 3.960% 9.1865% 8/15/38 (d)(e)(g) | 250,000 | 191,378 | |
BX Commercial Mortgage Trust: | |||
floater Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.2888% 5/15/38 (d)(e)(g) | 1,132,987 | 1,072,441 | |
Series 2020-VIVA: | |||
Class D, 3.5488% 3/11/44 (d)(g) | 1,505,000 | 1,193,251 | |
Class E, 3.5488% 3/11/44 (d)(g) | 2,018,000 | 1,543,292 | |
Bx Commercial Mortgage Trust 2 floater Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.710% 8.9365% 4/15/34 (d)(e)(g) | 819,000 | 795,088 | |
BX Trust: | |||
floater: | |||
Series 2019-XL Class J, CME Term SOFR 1 Month Index + 2.760% 7.9861% 10/15/36 (d)(e)(g) | 1,592,900 | 1,542,077 | |
Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.1365% 6/15/38 (d)(e)(g) | 928,405 | 881,871 | |
Series 2022-LBA6: | |||
Class F, CME Term SOFR 1 Month Index + 3.350% 8.5716% 1/15/39 (d)(e)(g) | 700,000 | 672,000 | |
Class G, CME Term SOFR 1 Month Index + 4.200% 9.4216% 1/15/39 (d)(e)(g) | 1,491,000 | 1,432,048 | |
Series 2019-OC11 Class E, 3.944% 12/9/41 (d)(g) | 3,666,000 | 2,937,659 | |
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, CME Term SOFR 1 Month Index + 3.360% 8.5865% 12/15/37 (d)(e)(g) | 1,021,000 | 988,655 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, CME Term SOFR 1 Month Index + 3.190% 8.418% 9/15/33 (d)(e)(g) | 735,000 | 383,560 | |
Class G, CME Term SOFR 1 Month Index + 5.200% 10.4243% 9/15/33 (d)(e)(g) | 735,000 | 310,069 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (g) | 1,299,000 | 1,039,261 | |
Series 2012-CR1: | |||
Class C, 5.3011% 5/15/45 (d) | 3,011,000 | 2,580,427 | |
Class G, 2.462% 5/15/45 (g) | 1,133,000 | 331,892 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (g) | 1,192,000 | 789,050 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (g) | 31,000 | 20,134 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | |||
Class D, 4.8738% 8/15/45 (d)(g) | 236,020 | 224,231 | |
Class F, 4.25% 8/15/45 (g) | 783,000 | 552,018 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.553% 6/15/34 (e)(g) | 800,000 | 561,941 | |
Credit Suisse Mortgage Trust: | |||
floater Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 9.1885% 11/15/23 (d)(e)(g) | 1,000,000 | 965,048 | |
Series 2020-NET: | |||
Class E, 3.7042% 8/15/37 (d)(g) | 500,000 | 424,765 | |
Class F, 3.7042% 8/15/37 (d)(g) | 1,057,000 | 868,485 | |
CSAIL Commercial Mortgage Trust Series 2017-C8 Class D, 4.4343% 6/15/50 (d)(g) | 1,766,000 | 1,147,067 | |
DBGS Mortgage Trust Series 2018-C1 Class C, 4.6492% 10/15/51 (d) | 1,000,000 | 768,139 | |
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.3592% 8/10/44 (d)(g) | 530,448 | 457,016 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.600% 8.119% 7/15/35 (d)(e)(g) | 669,000 | 75,595 | |
Series 2011-GC5: | |||
Class C, 5.152% 8/10/44 (d)(g) | 101,000 | 70,196 | |
Class D, 5.152% 8/10/44 (d)(g) | 759,236 | 222,115 | |
Class E, 5.152% 8/10/44 (c)(d)(g) | 848,000 | 79,074 | |
Class F, 4.5% 8/10/44 (c)(g) | 677,000 | 2,375 | |
Series 2012-GCJ9 Class E, 4.614% 11/10/45 (d)(g) | 355,000 | 300,573 | |
Series 2013-GC16 Class F, 3.5% 11/10/46 (g) | 1,510,000 | 1,237,914 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (d)(g) | 2,515,000 | 2,218,742 | |
IMT Trust Series 2017-APTS Class EFX, 3.4966% 6/15/34 (d)(g) | 1,693,000 | 1,601,150 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (g) | 504,000 | 453,700 | |
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/47 (g) | 1,624,000 | 1,223,429 | |
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2691% 6/15/51 (c)(d)(g) | 302,000 | 178,365 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (d)(g) | 500,000 | 273,489 | |
Series 2011-C3: | |||
Class E, 5.5258% 2/15/46 (d)(g) | 3,467,000 | 1,446,258 | |
Class G, 4.409% 2/15/46 (d)(g) | 1,680,000 | 189,595 | |
Class H, 4.409% 2/15/46 (c)(d)(g) | 1,320,000 | 100,958 | |
Series 2012-CBX: | |||
Class E, 4.6896% 6/15/45 (c)(d)(g) | 854,199 | 733,705 | |
Class G 4% 6/15/45 (c)(g) | 805,000 | 221,375 | |
Series 2013-LC11: | |||
Class D, 4.1682% 4/15/46 (d) | 1,316,000 | 817,565 | |
Class F, 3.25% 4/15/46 (c)(d)(g) | 482,000 | 52,100 | |
Series 2014-DSTY Class E, 3.8046% 6/10/27 (c)(d)(g) | 924,000 | 2,254 | |
Series 2018-AON Class F, 4.6132% 7/5/31 (d)(g) | 961,000 | 237,367 | |
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (g) | 1,406,000 | 1,032,100 | |
Merit floater Series 2021-STOR Class G, CME Term SOFR 1 Month Index + 2.860% 8.0865% 7/15/38 (d)(e)(g) | 250,000 | 237,796 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC: | |||
Class F, CME Term SOFR 1 Month Index + 2.710% 7.9374% 4/15/38 (d)(e)(g) | 694,000 | 671,838 | |
Class G, CME Term SOFR 1 Month Index + 3.310% 8.5374% 4/15/38 (d)(e)(g) | 846,000 | 808,616 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL Class G, CME Term SOFR 1 Month Index + 3.950% 9.1791% 1/15/27 (d)(e)(g) | 1,517,731 | 1,440,190 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C6 Class D, 4.5221% 11/15/45 (d)(g) | 2,000,000 | 1,670,831 | |
Series 2012-C6, Class F, 4.5221% 11/15/45 (c)(d)(g) | 1,000,000 | 616,522 | |
Series 2013-C13: | |||
Class D, 4.8843% 11/15/46 (d)(g) | 2,994,000 | 2,802,035 | |
Class E, 4.8843% 11/15/46 (d)(g) | 659,000 | 588,930 | |
Series 2013-C9 Class C, 3.757% 5/15/46 (d) | 625,000 | 512,508 | |
Series 2016-C30 Class D, 3% 9/15/49 (g) | 522,000 | 236,836 | |
Morgan Stanley Capital I Trust: | |||
Series 2011-C2: | |||
Class D, 5.2113% 6/15/44 (d)(g) | 1,372,393 | 1,244,435 | |
Class F, 5.2113% 6/15/44 (c)(d)(g) | 1,467,000 | 560,047 | |
Class XB, 0.4518% 6/15/44 (d)(g)(i) | 23,033,805 | 76,875 | |
Series 2011-C3: | |||
Class E, 4.9447% 7/15/49 (d)(g) | 239,066 | 223,915 | |
Class F, 4.9447% 7/15/49 (d)(g) | 636,000 | 542,720 | |
Class G, 4.9447% 7/15/49 (c)(d)(g) | 979,600 | 691,484 | |
Series 2015-MS1 Class D, 4.024% 5/15/48 (d)(g) | 2,045,000 | 1,601,136 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (g) | 2,346,000 | 1,532,508 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (d)(g) | 1,000,000 | 648,562 | |
Natixis Commercial Mortgage Securities Trust floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.860% 9.0861% 6/15/35 (d)(e)(g) | 113,725 | 19,465 | |
OPG Trust floater Series 2021-PORT Class J, CME Term SOFR 1 Month Index + 3.460% 8.6825% 10/15/36 (d)(e)(g) | 332,921 | 315,024 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF Class G, CME Term SOFR 1 Month Index + 4.460% 9.6865% 7/15/38 (c)(d)(e)(g) | 500,000 | 378,777 | |
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (g) | 250,000 | 180,833 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g) | 769,495 | 775,034 | |
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/39 (d)(g) | 2,000,000 | 1,461,178 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.6023% 10/15/38 (d)(e)(g) | 1,573,000 | 1,470,800 | |
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.252% 11/15/36 (d)(e)(g) | 1,000,000 | 952,935 | |
STWD Trust floater sequential payer Series 2021-LIH Class G, CME Term SOFR 1 Month Index + 4.240% 9.469% 11/15/36 (d)(e)(g) | 1,280,000 | 1,191,486 | |
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.1845% 6/15/26 (d)(e)(g) | 986,641 | 947,337 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class E, 5% 5/10/45 (c)(d)(g) | 955,844 | 635,636 | |
Class F, 5% 5/10/45 (c)(d)(g) | 399,000 | 19,099 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (d)(g) | 1,817,000 | 1,470,335 | |
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/49 (g) | 1,260,000 | 606,192 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (c)(d) | 45,000 | 1,772 | |
Series 2011-C3 Class D, 5.8545% 3/15/44 (d)(g) | 843,916 | 262,669 | |
Series 2013-C11 Class E, 4.0614% 3/15/45 (c)(d)(g) | 53,000 | 27,951 | |
Series 2013-C13 Class D, 4.0438% 5/15/45 (c)(d)(g) | 45,000 | 37,350 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.516% 6/5/35 (d)(g) | 1,168,000 | 931,080 | |
Class PR2, 3.516% 6/5/35 (d)(g) | 459,000 | 347,856 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $91,471,465) | 71,428,395 | ||
Bank Loan Obligations - 4.7% | |||
Principal Amount (f) | Value ($) | ||
FINANCIALS - 4.7% | |||
Financial Services - 4.7% | |||
Agellan Portfolio 9% 8/7/25 (c)(j) | 1,217,000 | 1,217,000 | |
Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.2216% 1/9/24 (c)(d)(e)(j) | 7,578,870 | 7,039,256 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.6775% 1/21/27 (c)(d)(e)(j) | 4,575,631 | 4,575,631 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 0.000% 0% (c)(e)(h)(j) | 5,305,035 | 2,970,819 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $18,671,462) | 15,802,706 | ||
Money Market Funds - 12.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (k) | 42,026,479 | 42,034,884 | |
Fidelity Securities Lending Cash Central Fund 5.32% (k)(l) | 37,696 | 37,700 | |
TOTAL MONEY MARKET FUNDS (Cost $42,072,584) | 42,072,584 | ||
TOTAL INVESTMENT IN SECURITIES - 95.2% (Cost $352,823,077) | 321,622,386 |
NET OTHER ASSETS (LIABILITIES) - 4.8% | 16,344,124 |
NET ASSETS - 100.0% | 337,966,510 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Level 3 security |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $95,963,534 or 28.4% of net assets. |
(h) | Non-income producing - Security is in default. |
(i) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(j) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(l) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.32% | 74,307,966 | 328,904,309 | 361,177,391 | 1,217,782 | - | - | 42,034,884 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.32% | - | 241,309 | 203,609 | 425 | - | - | 37,700 | 0.0% |
Total | 74,307,966 | 329,145,618 | 361,381,000 | 1,218,207 | - | - | 42,072,584 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 5,789,599 | 5,789,599 | - | - |
Financials | 49,371,565 | 46,058,723 | 3,312,842 | - |
Information Technology | 2,121 | 2,121 | - | - |
Real Estate | 59,277,092 | 55,184,245 | 4,090,416 | 2,431 |
Corporate Bonds | 67,693,221 | - | 67,693,221 | - |
Asset-Backed Securities | 10,185,103 | - | 10,185,094 | 9 |
Commercial Mortgage Securities | 71,428,395 | - | 65,789,822 | 5,638,573 |
Bank Loan Obligations | 15,802,706 | - | - | 15,802,706 |
Money Market Funds | 42,072,584 | 42,072,584 | - | - |
Total Investments in Securities: | 321,622,386 | 149,107,272 | 151,071,395 | 21,443,719 |
Investments in Securities: | |||
Commercial Mortgage Securities | |||
Beginning Balance | $ | 8,801,478 | |
Net Realized Gain (Loss) on Investment Securities | (331,265) | ||
Net Unrealized Gain (Loss) on Investment Securities | (867,013) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (721,925) | ||
Amortization/Accretion | (163,740) | ||
Transfers into Level 3 | 4,235,918 | ||
Transfers out of Level 3 | (5,314,880) | ||
Ending Balance | $ | 5,638,573 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (1,162,953) | |
Bank Loan Obligations | |||
Beginning Balance | $ | 18,584,090 | |
Net Realized Gain (Loss) on Investment Securities | 121 | ||
Net Unrealized Gain (Loss) on Investment Securities | (2,561,455) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (221,251) | ||
Amortization/Accretion | 1,201 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 15,802,706 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | (2,561,455) | |
Other Investments in Securities | |||
Beginning Balance | $ | 9 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 3,166 | ||
Cost of Purchases | 712,062 | ||
Proceeds of Sales | (716,154) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 3,357 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 2,440 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | 3,166 | |
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 | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,115) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $310,750,493) | $ | 279,549,802 | ||
Fidelity Central Funds (cost $42,072,584) | 42,072,584 | |||
Total Investment in Securities (cost $352,823,077) | $ | 321,622,386 | ||
Foreign currency held at value (cost $1) | 1 | |||
Receivable for investments sold | 34,969,548 | |||
Receivable for fund shares sold | 62,061 | |||
Dividends receivable | 289,944 | |||
Interest receivable | 1,411,817 | |||
Distributions receivable from Fidelity Central Funds | 124,416 | |||
Total assets | 358,480,173 | |||
Liabilities | ||||
Payable to custodian bank | $ | 54,422 | ||
Payable for investments purchased | 20,153,971 | |||
Payable for fund shares redeemed | 265,863 | |||
Other payables and accrued expenses | 1,707 | |||
Collateral on securities loaned | 37,700 | |||
Total Liabilities | 20,513,663 | |||
Net Assets | $ | 337,966,510 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 375,472,998 | ||
Total accumulated earnings (loss) | (37,506,488) | |||
Net Assets | $ | 337,966,510 | ||
Net Asset Value, offering price and redemption price per share ($337,966,510 ÷ 34,857,603 shares) | $ | 9.70 |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 11,982,559 | ||
Interest | 15,135,795 | |||
Income from Fidelity Central Funds (including $425 from security lending) | 1,218,207 | |||
Total Income | 28,336,561 | |||
Expenses | ||||
Custodian fees and expenses | $ | 8,683 | ||
Independent trustees' fees and expenses | 2,841 | |||
Total expenses before reductions | 11,524 | |||
Expense reductions | (2,840) | |||
Total expenses after reductions | 8,684 | |||
Net Investment income (loss) | 28,327,877 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (8,060,318) | |||
Foreign currency transactions | (44) | |||
Total net realized gain (loss) | (8,060,362) | |||
Change in net unrealized appreciation (depreciation) on investment securities | (34,702,246) | |||
Net gain (loss) | (42,762,608) | |||
Net increase (decrease) in net assets resulting from operations | $ | (14,434,731) |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 28,327,877 | $ | 45,858,726 |
Net realized gain (loss) | (8,060,362) | 23,716,854 | ||
Change in net unrealized appreciation (depreciation) | (34,702,246) | (106,111,925) | ||
Net increase (decrease) in net assets resulting from operations | (14,434,731) | (36,536,345) | ||
Distributions to shareholders | (51,835,383) | (50,959,619) | ||
Share transactions | ||||
Proceeds from sales of shares | 74,079,738 | 53,121,264 | ||
Reinvestment of distributions | 51,835,383 | 50,959,619 | ||
Cost of shares redeemed | (403,320,263) | (382,144,760) | ||
Net increase (decrease) in net assets resulting from share transactions | (277,405,142) | (278,063,877) | ||
Total increase (decrease) in net assets | (343,675,256) | (365,559,841) | ||
Net Assets | ||||
Beginning of period | 681,641,766 | 1,047,201,607 | ||
End of period | $ | 337,966,510 | $ | 681,641,766 |
Other Information | ||||
Shares | ||||
Sold | 7,587,930 | 4,694,984 | ||
Issued in reinvestment of distributions | 5,277,000 | 4,460,414 | ||
Redeemed | (41,469,063) | (34,667,147) | ||
Net increase (decrease) | (28,604,133) | (25,511,749) | ||
Fidelity® Series Real Estate Income Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 10.74 | $ | 11.77 | $ | 9.94 | $ | 11.21 | $ | 10.97 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .60 | .55 | .45 | .56 | .61 | |||||
Net realized and unrealized gain (loss) | (.64) | (.97) | 1.90 | (1.16) | .42 | |||||
Total from investment operations | (.04) | (.42) | 2.35 | (.60) | 1.03 | |||||
Distributions from net investment income | (.68) | (.52) | (.45) | (.55) | (.62) | |||||
Distributions from net realized gain | (.32) | (.09) | (.07) | (.12) | (.17) | |||||
Total distributions | (1.00) | (.61) | (.52) | (.67) | (.79) | |||||
Net asset value, end of period | $ | 9.70 | $ | 10.74 | $ | 11.77 | $ | 9.94 | $ | 11.21 |
Total Return C | (.13)% | (3.78)% | 24.48% | (5.68)% | 9.91% | |||||
Ratios to Average Net Assets B,D,E | ||||||||||
Expenses before reductions F | -% | -% | -% | -% | -% | |||||
Expenses net of fee waivers, if any F | -% | -% | -% | -% | -% | |||||
Expenses net of all reductions F | -% | -% | -% | -% | -% | |||||
Net investment income (loss) | 6.13% | 4.83% | 4.21% | 5.36% | 5.67% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 337,967 | $ | 681,642 | $ | 1,047,202 | $ | 935,054 | $ | 971,641 |
Portfolio turnover rate G | 5% | 19% | 23% | 25% H | 16% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $2,431 | Recovery value | Recovery value | $0.10 | Increase |
Corporate Bonds | $- | Recovery value | Recovery value | $0.00 | Increase |
Asset-Backed Securities | $9 | Indicative market price | Evaluated bid | $0.00 | Increase |
Commercial Mortgage Securities | $5,638,573 | Indicative market price | Evaluated bid | $0.24 - $85.89 / $56.33 | Increase |
Bank Loan Obligations | $15,802,706 | Discounted cash flow | Yield | 8.4% - 21.0% / 12.4% | Decrease |
Gross unrealized appreciation | $7,455,582 |
Gross unrealized depreciation | (40,152,950) |
Net unrealized appreciation (depreciation) | $(32,697,368) |
Tax Cost | $354,319,754 |
Undistributed ordinary income | $4,493,662 |
Capital loss carryforward | $(9,281,241) |
Net unrealized appreciation (depreciation) on securities and other investments | $(32,697,368) |
Short-term | $(2,093,107) |
Long-term | (7,188,134) |
Total capital loss carryforward | $(9,281,241) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $33,013,495 | $ 47,615,155 |
Long-term Capital Gains | 18,821,888 | 3,344,464 |
Total | $51,835,383 | $ 50,959,619 |
Purchases ($) | Sales ($) | |
Fidelity Series Real Estate Income Fund | 22,364,532 | 339,704,731 |
Amount | |
Fidelity Series Real Estate Income Fund | $1,521 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Real Estate Income Fund | - | 7,523,062 | 1,167,982 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Series Real Estate Income Fund | $48 | $22 | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Series Real Estate Income Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 999.10 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,024.79 | $-E | |||||||
Contents
Average Annual Total Returns | |||
Periods ended July 31, 2023 | Past 1 year | Past 5 years | Life of Fund A |
Fidelity® Small Cap Growth K6 Fund | 10.34% | 8.20% | 11.75% |
$10,000 Over Life of Fund |
Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Growth K6 Fund, on May 25, 2017, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Growth Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
CACI International, Inc. Class A | 1.3 | |
KBR, Inc. | 1.1 | |
EMCOR Group, Inc. | 1.1 | |
Applied Industrial Technologies, Inc. | 1.0 | |
iShares Russell 2000 Growth Index ETF | 1.0 | |
Haemonetics Corp. | 1.0 | |
Axcelis Technologies, Inc. | 1.0 | |
Dynatrace, Inc. | 1.0 | |
TransMedics Group, Inc. | 1.0 | |
Mueller Industries, Inc. | 0.9 | |
10.4 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 24.3 | |
Industrials | 22.6 | |
Information Technology | 19.2 | |
Consumer Discretionary | 12.0 | |
Materials | 5.1 | |
Consumer Staples | 4.7 | |
Energy | 4.3 | |
Financials | 4.1 | |
Communication Services | 1.6 | |
Real Estate | 0.7 | |
Asset Allocation (% of Fund's net assets) |
Common Stocks - 97.2% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.5% | |||
Interactive Media & Services - 0.6% | |||
Cars.com, Inc. (a) | 476,098 | 10,859,795 | |
Media - 0.5% | |||
Integral Ad Science Holding Corp. (a) | 296,691 | 6,186,007 | |
TechTarget, Inc. (a) | 89,314 | 2,900,919 | |
9,086,926 | |||
Wireless Telecommunication Services - 0.4% | |||
Gogo, Inc. (a) | 570,759 | 8,601,338 | |
TOTAL COMMUNICATION SERVICES | 28,548,059 | ||
CONSUMER DISCRETIONARY - 12.0% | |||
Automobile Components - 0.6% | |||
Autoliv, Inc. | 91,435 | 9,228,535 | |
Gentherm, Inc. (a) | 37,026 | 2,213,044 | |
11,441,579 | |||
Diversified Consumer Services - 1.8% | |||
Duolingo, Inc. (a) | 70,442 | 10,931,894 | |
Grand Canyon Education, Inc. (a) | 48,993 | 5,318,190 | |
H&R Block, Inc. | 203,828 | 6,850,659 | |
OneSpaWorld Holdings Ltd. (a) | 370,400 | 4,757,788 | |
Rover Group, Inc. Class A (a) | 1,266,368 | 6,939,697 | |
34,798,228 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Brinker International, Inc. (a) | 262,139 | 10,296,820 | |
GEN Restaurant Group, Inc. | 14,100 | 281,013 | |
Kura Sushi U.S.A., Inc. Class A (a)(b) | 86,922 | 8,649,608 | |
Lindblad Expeditions Holdings (a) | 392,977 | 4,644,988 | |
Red Rock Resorts, Inc. | 139,908 | 6,785,538 | |
SeaWorld Entertainment, Inc. (a) | 193,372 | 10,707,008 | |
Sportradar Holding AG (a)(b) | 226,812 | 3,340,941 | |
44,705,916 | |||
Household Durables - 2.3% | |||
Helen of Troy Ltd. (a) | 87,724 | 12,395,401 | |
KB Home | 172,067 | 9,286,456 | |
LGI Homes, Inc. (a) | 75,015 | 10,408,331 | |
Lovesac (a)(b) | 383,110 | 11,217,461 | |
43,307,649 | |||
Leisure Products - 0.2% | |||
YETI Holdings, Inc. (a) | 88,776 | 3,781,858 | |
Specialty Retail - 3.8% | |||
Aritzia, Inc. (a) | 181,396 | 3,451,428 | |
BARK, Inc. warrants 8/29/25 (a) | 145,480 | 18,912 | |
Boot Barn Holdings, Inc. (a) | 107,099 | 10,056,596 | |
Dick's Sporting Goods, Inc. | 58,170 | 8,201,970 | |
Fanatics, Inc. Class A (a)(c)(d) | 163,048 | 12,779,702 | |
Floor & Decor Holdings, Inc. Class A (a)(b) | 64,537 | 7,412,074 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 10,911 | 3,388,193 | |
Murphy U.S.A., Inc. | 43,859 | 13,466,029 | |
Musti Group OYJ | 170,439 | 3,343,175 | |
thredUP, Inc. (a) | 730,136 | 2,570,079 | |
Valvoline, Inc. | 179,141 | 6,801,984 | |
71,490,142 | |||
Textiles, Apparel & Luxury Goods - 0.9% | |||
Crocs, Inc. (a) | 84,296 | 9,133,472 | |
Kontoor Brands, Inc. | 210,638 | 8,922,626 | |
18,056,098 | |||
TOTAL CONSUMER DISCRETIONARY | 227,581,470 | ||
CONSUMER STAPLES - 4.7% | |||
Beverages - 0.8% | |||
Boston Beer Co., Inc. Class A (a) | 25,871 | 9,609,524 | |
The Vita Coco Co., Inc. (a) | 231,306 | 6,111,105 | |
15,720,629 | |||
Consumer Staples Distribution & Retail - 2.7% | |||
Casey's General Stores, Inc. | 25,485 | 6,439,040 | |
Performance Food Group Co. (a) | 277,089 | 16,558,839 | |
Sprouts Farmers Market LLC (a) | 340,149 | 13,350,848 | |
U.S. Foods Holding Corp. (a) | 347,182 | 14,835,087 | |
51,183,814 | |||
Food Products - 0.6% | |||
Nomad Foods Ltd. (a) | 356,297 | 6,334,961 | |
Sovos Brands, Inc. (a) | 264,639 | 4,710,574 | |
The Real Good Food Co. LLC: | |||
Class B (a)(d) | 45,733 | 0 | |
Class B unit (a)(e) | 45,733 | 192,079 | |
The Real Good Food Co., Inc. (a) | 100 | 420 | |
11,238,034 | |||
Personal Care Products - 0.6% | |||
BellRing Brands, Inc. (a) | 324,703 | 11,673,073 | |
TOTAL CONSUMER STAPLES | 89,815,550 | ||
ENERGY - 4.3% | |||
Energy Equipment & Services - 2.4% | |||
Cactus, Inc. | 45,203 | 2,295,408 | |
Championx Corp. | 182,681 | 6,503,444 | |
Expro Group Holdings NV (a) | 45,488 | 1,009,379 | |
Liberty Oilfield Services, Inc. Class A | 547,211 | 9,012,565 | |
Nextier Oilfield Solutions, Inc. (a) | 610,085 | 7,272,213 | |
TechnipFMC PLC | 777,095 | 14,251,922 | |
Weatherford International PLC (a) | 74,308 | 6,174,995 | |
46,519,926 | |||
Oil, Gas & Consumable Fuels - 1.9% | |||
Antero Resources Corp. (a) | 247,954 | 6,632,770 | |
Civitas Resources, Inc. | 49,036 | 3,670,835 | |
Genesis Energy LP | 208,512 | 2,041,332 | |
Northern Oil & Gas, Inc. | 417,407 | 16,433,314 | |
Range Resources Corp. | 215,204 | 6,763,862 | |
35,542,113 | |||
TOTAL ENERGY | 82,062,039 | ||
FINANCIALS - 4.1% | |||
Banks - 0.5% | |||
First Interstate Bancsystem, Inc. | 90,019 | 2,586,246 | |
Pinnacle Financial Partners, Inc. | 68,992 | 5,236,493 | |
Starling Bank Ltd. Series D (a)(c)(d) | 431,700 | 1,933,537 | |
9,756,276 | |||
Capital Markets - 0.9% | |||
Lazard Ltd. Class A | 142,869 | 5,014,702 | |
Perella Weinberg Partners (c) | 457,262 | 4,517,749 | |
StepStone Group, Inc. Class A | 252,546 | 7,088,966 | |
16,621,417 | |||
Consumer Finance - 0.8% | |||
NerdWallet, Inc. (a) | 189,802 | 2,127,680 | |
OneMain Holdings, Inc. | 97,675 | 4,442,259 | |
PROG Holdings, Inc. (a) | 200,770 | 8,147,247 | |
14,717,186 | |||
Financial Services - 1.3% | |||
Flywire Corp. (a) | 162,351 | 5,542,663 | |
Remitly Global, Inc. (a) | 607,076 | 11,704,425 | |
Walker & Dunlop, Inc. | 86,464 | 7,866,495 | |
25,113,583 | |||
Insurance - 0.6% | |||
BRP Group, Inc. (a) | 384,383 | 9,574,981 | |
Selective Insurance Group, Inc. | 17,781 | 1,834,821 | |
11,409,802 | |||
TOTAL FINANCIALS | 77,618,264 | ||
HEALTH CARE - 24.0% | |||
Biotechnology - 7.4% | |||
Absci Corp. (a)(b) | 318,368 | 700,410 | |
Alkermes PLC (a) | 104,968 | 3,073,463 | |
Allogene Therapeutics, Inc. (a) | 511,400 | 2,536,544 | |
ALX Oncology Holdings, Inc. (a) | 226,862 | 1,386,127 | |
Arcellx, Inc. (a) | 134,571 | 4,609,057 | |
Arrowhead Pharmaceuticals, Inc. (a) | 83,183 | 2,871,477 | |
Ascendis Pharma A/S sponsored ADR (a) | 60,291 | 5,435,234 | |
Blueprint Medicines Corp. (a) | 145,801 | 9,622,866 | |
Celldex Therapeutics, Inc. (a) | 122,282 | 4,323,892 | |
Cyteir Therapeutics, Inc. (a)(b) | 200,900 | 548,457 | |
Cytokinetics, Inc. (a) | 272,220 | 9,078,537 | |
Day One Biopharmaceuticals, Inc. (a)(b) | 227,004 | 3,005,533 | |
Immunocore Holdings PLC ADR (a)(b) | 109,228 | 7,206,863 | |
ImmunoGen, Inc. (a) | 94,000 | 1,675,080 | |
Insmed, Inc. (a) | 95,303 | 2,105,243 | |
Janux Therapeutics, Inc. (a) | 233,987 | 3,275,818 | |
Karuna Therapeutics, Inc. (a) | 7,269 | 1,452,128 | |
Keros Therapeutics, Inc. (a) | 104,051 | 4,357,656 | |
Krystal Biotech, Inc. (a) | 38,750 | 5,002,625 | |
Mineralys Therapeutics, Inc. | 118,830 | 1,679,068 | |
Monte Rosa Therapeutics, Inc. (a) | 226,017 | 1,597,940 | |
Moonlake Immunotherapeutics (a) | 34,636 | 2,106,215 | |
Morphic Holding, Inc. (a) | 95,867 | 5,438,535 | |
Nuvalent, Inc. Class A (a) | 191,679 | 9,555,198 | |
PepGen, Inc. (a) | 109,673 | 656,941 | |
Prelude Therapeutics, Inc. (a) | 235,189 | 919,589 | |
PTC Therapeutics, Inc. (a) | 195,818 | 7,899,298 | |
Tango Therapeutics, Inc. (a) | 461,240 | 1,558,991 | |
Tenaya Therapeutics, Inc. (a) | 291,005 | 1,408,464 | |
Turnstone Biologics Corp. | 122,300 | 1,583,785 | |
Tyra Biosciences, Inc. (a) | 236,010 | 3,497,668 | |
Vaxcyte, Inc. (a) | 188,014 | 9,035,953 | |
Vera Therapeutics, Inc. (a) | 142,251 | 2,670,051 | |
Vericel Corp. (a) | 111,710 | 4,012,623 | |
Verve Therapeutics, Inc. (a)(b) | 189,957 | 3,892,219 | |
Viking Therapeutics, Inc. (a) | 214,231 | 3,106,350 | |
Xenon Pharmaceuticals, Inc. (a) | 118,415 | 4,371,882 | |
Zentalis Pharmaceuticals, Inc. (a) | 131,419 | 3,510,201 | |
140,767,981 | |||
Health Care Equipment & Supplies - 5.8% | |||
Axonics Modulation Technologies, Inc. (a) | 30,210 | 1,823,778 | |
CONMED Corp. (b) | 61,657 | 7,463,580 | |
Envista Holdings Corp. (a) | 98,699 | 3,396,233 | |
Glaukos Corp. (a) | 32,863 | 2,535,052 | |
Haemonetics Corp. (a) | 204,738 | 18,885,033 | |
ICU Medical, Inc. (a) | 49,663 | 8,848,953 | |
Inspire Medical Systems, Inc. (a) | 29,130 | 8,383,905 | |
Insulet Corp. (a) | 26,375 | 7,299,281 | |
Integer Holdings Corp. (a) | 96,838 | 8,955,578 | |
Lantheus Holdings, Inc. (a) | 80,250 | 6,940,823 | |
Merit Medical Systems, Inc. (a) | 46,327 | 3,459,237 | |
Neogen Corp. (a) | 137,610 | 3,191,176 | |
NeuroPace, Inc. (a)(b) | 296,124 | 1,228,915 | |
Nyxoah SA (a)(b) | 31,457 | 257,947 | |
PROCEPT BioRobotics Corp. (a)(b) | 169,003 | 5,820,463 | |
Pulmonx Corp. (a) | 249,172 | 3,488,408 | |
TransMedics Group, Inc. (a) | 195,912 | 18,255,080 | |
110,233,442 | |||
Health Care Providers & Services - 5.1% | |||
Acadia Healthcare Co., Inc. (a) | 198,201 | 15,663,825 | |
agilon health, Inc. (a) | 661,875 | 12,674,906 | |
Chemed Corp. | 9,981 | 5,200,999 | |
HealthEquity, Inc. (a) | 152,095 | 10,333,334 | |
Molina Healthcare, Inc. (a) | 32,093 | 9,771,998 | |
Option Care Health, Inc. (a) | 224,464 | 7,582,394 | |
Privia Health Group, Inc. (a) | 275,112 | 7,681,127 | |
R1 RCM, Inc. (a) | 516,863 | 8,931,393 | |
Surgery Partners, Inc. (a) | 318,797 | 12,315,128 | |
The Ensign Group, Inc. | 55,606 | 5,386,553 | |
95,541,657 | |||
Health Care Technology - 1.5% | |||
Evolent Health, Inc. (a)(b) | 364,542 | 11,078,431 | |
Phreesia, Inc. (a) | 339,955 | 10,783,373 | |
Schrodinger, Inc. (a)(b) | 119,631 | 6,257,898 | |
28,119,702 | |||
Life Sciences Tools & Services - 1.4% | |||
10X Genomics, Inc. (a) | 37,500 | 2,361,750 | |
Medpace Holdings, Inc. (a) | 61,693 | 15,618,817 | |
Olink Holding AB ADR (a) | 187,511 | 3,562,709 | |
Pacific Biosciences of California, Inc. (a) | 203,789 | 2,692,053 | |
Veterinary Emergency Group LLC Class A (a)(c)(d)(f) | 38,574 | 1,947,601 | |
26,182,930 | |||
Pharmaceuticals - 2.8% | |||
Arvinas Holding Co. LLC (a) | 140,279 | 3,467,697 | |
Axsome Therapeutics, Inc. (a)(b) | 105,840 | 8,305,265 | |
Edgewise Therapeutics, Inc. (a) | 469,107 | 3,419,790 | |
Enliven Therapeutics, Inc. (a)(b) | 214,741 | 4,067,195 | |
Ikena Oncology, Inc. (a) | 364,829 | 1,878,869 | |
Intra-Cellular Therapies, Inc. (a) | 189,210 | 11,700,746 | |
Pharvaris BV (a) | 237,399 | 4,035,783 | |
Terns Pharmaceuticals, Inc. (a) | 691,208 | 4,990,522 | |
Ventyx Biosciences, Inc. (a) | 169,171 | 6,267,786 | |
Verona Pharma PLC ADR (a) | 234,767 | 5,186,003 | |
53,319,656 | |||
TOTAL HEALTH CARE | 454,165,368 | ||
INDUSTRIALS - 22.1% | |||
Aerospace & Defense - 1.1% | |||
AeroVironment, Inc. (a) | 22,776 | 2,169,642 | |
BWX Technologies, Inc. | 82,645 | 5,702,505 | |
V2X, Inc. (a) | 236,540 | 12,172,348 | |
20,044,495 | |||
Building Products - 2.1% | |||
Simpson Manufacturing Co. Ltd. | 32,972 | 5,209,576 | |
Tecnoglass, Inc. | 194,779 | 9,170,195 | |
The AZEK Co., Inc. (a) | 285,988 | 8,922,826 | |
UFP Industries, Inc. | 157,654 | 16,200,525 | |
39,503,122 | |||
Commercial Services & Supplies - 0.4% | |||
ACV Auctions, Inc. Class A (a) | 148,743 | 2,601,515 | |
Driven Brands Holdings, Inc. (a) | 169,540 | 4,386,000 | |
6,987,515 | |||
Construction & Engineering - 2.0% | |||
Bowman Consulting Group Ltd. (a) | 123,576 | 4,281,908 | |
EMCOR Group, Inc. | 91,936 | 19,769,917 | |
Sterling Construction Co., Inc. (a) | 65,447 | 3,926,166 | |
Willscot Mobile Mini Holdings (a) | 208,476 | 9,996,424 | |
37,974,415 | |||
Electrical Equipment - 3.7% | |||
Acuity Brands, Inc. | 33,628 | 5,556,691 | |
Array Technologies, Inc. (a) | 371,692 | 7,080,733 | |
Atkore, Inc. (a) | 85,584 | 13,579,613 | |
Generac Holdings, Inc. (a) | 52,826 | 8,119,356 | |
nVent Electric PLC | 229,138 | 12,116,817 | |
Regal Rexnord Corp. | 89,268 | 13,941,876 | |
Vertiv Holdings Co. | 399,827 | 10,399,500 | |
70,794,586 | |||
Machinery - 4.8% | |||
Chart Industries, Inc. (a)(b) | 53,994 | 9,835,547 | |
Crane Co. | 81,295 | 7,616,529 | |
Crane Nxt Co. | 78,784 | 4,660,074 | |
ESAB Corp. | 82,694 | 5,681,078 | |
Federal Signal Corp. | 192,324 | 11,749,073 | |
ITT, Inc. | 101,572 | 10,116,571 | |
Mueller Industries, Inc. | 224,058 | 18,162,141 | |
SPX Technologies, Inc. (a) | 68,001 | 5,753,565 | |
Terex Corp. | 117,698 | 6,900,634 | |
Timken Co. | 111,695 | 10,371,998 | |
90,847,210 | |||
Marine Transportation - 0.3% | |||
Kirby Corp. (a) | 75,897 | 6,184,088 | |
Professional Services - 5.9% | |||
CACI International, Inc. Class A (a) | 70,267 | 24,624,365 | |
CBIZ, Inc. (a) | 103,460 | 5,471,999 | |
ExlService Holdings, Inc. (a) | 101,037 | 14,241,165 | |
FTI Consulting, Inc. (a) | 34,795 | 6,094,692 | |
ICF International, Inc. | 52,335 | 6,154,073 | |
Insperity, Inc. | 75,708 | 8,907,046 | |
KBR, Inc. | 325,337 | 20,004,972 | |
LegalZoom.com, Inc. (a) | 211,964 | 3,238,810 | |
Maximus, Inc. | 183,470 | 15,367,447 | |
Science Applications International Corp. | 10,042 | 1,218,496 | |
WNS Holdings Ltd. sponsored ADR (a) | 84,378 | 5,831,364 | |
111,154,429 | |||
Trading Companies & Distributors - 1.8% | |||
Alligo AB (B Shares) | 315,332 | 3,409,027 | |
Applied Industrial Technologies, Inc. | 134,783 | 19,542,187 | |
Custom Truck One Source, Inc. Class A (a) | 583,338 | 4,036,699 | |
FTAI Aviation Ltd. | 99,232 | 3,196,263 | |
WESCO International, Inc. | 26,895 | 4,721,955 | |
34,906,131 | |||
TOTAL INDUSTRIALS | 418,395,991 | ||
INFORMATION TECHNOLOGY - 18.7% | |||
Communications Equipment - 0.9% | |||
Extreme Networks, Inc. (a) | 231,278 | 6,149,682 | |
Harmonic, Inc. (a)(b) | 418,278 | 6,240,708 | |
Lumentum Holdings, Inc. (a) | 86,169 | 4,511,809 | |
16,902,199 | |||
Electronic Equipment, Instruments & Components - 3.5% | |||
Advanced Energy Industries, Inc. | 129,782 | 16,246,111 | |
Badger Meter, Inc. | 23,477 | 3,865,253 | |
Fabrinet (a) | 113,026 | 13,974,535 | |
Insight Enterprises, Inc. (a) | 95,316 | 13,981,904 | |
IPG Photonics Corp. (a) | 31,127 | 4,091,644 | |
TD SYNNEX Corp. | 49,947 | 4,930,268 | |
Vontier Corp. | 331,887 | 10,265,265 | |
67,354,980 | |||
IT Services - 1.1% | |||
Digitalocean Holdings, Inc. (a)(b) | 204,927 | 10,147,985 | |
Perficient, Inc. (a) | 128,539 | 8,199,503 | |
Wix.com Ltd. (a) | 23,251 | 2,193,034 | |
20,540,522 | |||
Semiconductors & Semiconductor Equipment - 4.7% | |||
AEHR Test Systems (a)(b) | 115,713 | 6,035,590 | |
Allegro MicroSystems LLC (a) | 233,460 | 12,048,871 | |
Axcelis Technologies, Inc. (a) | 92,734 | 18,591,312 | |
Cirrus Logic, Inc. (a) | 103,319 | 8,348,175 | |
Impinj, Inc. (a) | 11,849 | 789,380 | |
Lattice Semiconductor Corp. (a) | 156,491 | 14,231,292 | |
MACOM Technology Solutions Holdings, Inc. (a) | 173,740 | 12,147,901 | |
Nova Ltd. (a) | 72,764 | 9,018,370 | |
Onto Innovation, Inc. (a) | 30,105 | 3,742,654 | |
Rambus, Inc. (a) | 74,518 | 4,665,572 | |
89,619,117 | |||
Software - 7.0% | |||
Algolia, Inc. (a)(c)(d) | 43,269 | 691,006 | |
Alkami Technology, Inc. (a) | 302,934 | 5,113,526 | |
Braze, Inc. (a) | 68,272 | 3,103,645 | |
CommVault Systems, Inc. (a) | 26,399 | 2,057,274 | |
Confluent, Inc. (a) | 260,836 | 9,009,275 | |
Convoy, Inc. warrants (a)(c)(d) | 12,642 | 36,535 | |
CyberArk Software Ltd. (a) | 39,768 | 6,601,886 | |
DoubleVerify Holdings, Inc. (a) | 168,566 | 7,096,629 | |
Dynatrace, Inc. (a) | 337,348 | 18,449,562 | |
Elastic NV (a) | 79,851 | 5,306,099 | |
Intapp, Inc. (a) | 293,581 | 12,054,436 | |
JFrog Ltd. (a) | 167,153 | 5,143,298 | |
Lightspeed Commerce, Inc. (a)(b) | 263,437 | 4,631,222 | |
MicroStrategy, Inc. Class A (a)(b) | 18,726 | 8,199,741 | |
Sprout Social, Inc. (a) | 267,107 | 15,262,494 | |
SPS Commerce, Inc. (a) | 26,447 | 4,770,774 | |
TECSYS, Inc. | 240,327 | 4,962,730 | |
Tenable Holdings, Inc. (a) | 344,518 | 16,764,246 | |
WalkMe Ltd. (a)(b) | 301,637 | 2,711,717 | |
131,966,095 | |||
Technology Hardware, Storage & Peripherals - 1.5% | |||
Avid Technology, Inc. (a) | 397,415 | 9,474,374 | |
IonQ, Inc. (a)(b) | 67,400 | 1,297,450 | |
Super Micro Computer, Inc. (a) | 52,377 | 17,298,552 | |
28,070,376 | |||
TOTAL INFORMATION TECHNOLOGY | 354,453,289 | ||
MATERIALS - 5.1% | |||
Chemicals - 2.9% | |||
Avient Corp. | 114,230 | 4,629,742 | |
Axalta Coating Systems Ltd. (a) | 207,524 | 6,640,768 | |
Cabot Corp. | 159,225 | 11,304,975 | |
Element Solutions, Inc. | 295,747 | 6,198,857 | |
Orion SA | 366,159 | 8,026,205 | |
The Chemours Co. LLC | 486,847 | 18,003,602 | |
54,804,149 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 65,471 | 12,070,888 | |
Summit Materials, Inc. | 100,681 | 3,642,639 | |
15,713,527 | |||
Containers & Packaging - 1.0% | |||
Ardagh Metal Packaging SA (c) | 364,084 | 1,376,238 | |
O-I Glass, Inc. (a) | 610,798 | 14,023,922 | |
Silgan Holdings, Inc. | 88,517 | 3,881,470 | |
19,281,630 | |||
Paper & Forest Products - 0.4% | |||
Louisiana-Pacific Corp. | 82,992 | 6,318,181 | |
TOTAL MATERIALS | 96,117,487 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.7% | |||
Ryman Hospitality Properties, Inc. | 128,454 | 12,240,382 | |
TOTAL COMMON STOCKS (Cost $1,572,708,966) | 1,840,997,899 | ||
Convertible Preferred Stocks - 1.4% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Reddit, Inc. Series F (a)(c)(d) | 46,800 | 1,659,996 | |
HEALTH CARE - 0.3% | |||
Biotechnology - 0.3% | |||
Bright Peak Therapeutics AG Series B (a)(c)(d) | 199,331 | 552,147 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 144,435 | 808,836 | |
LifeMine Therapeutics, Inc. Series C (a)(c)(d) | 402,743 | 741,047 | |
Sonoma Biotherapeutics, Inc.: | |||
Series B (a)(c)(d) | 438,013 | 1,134,454 | |
Series B1 (a)(c)(d) | 233,603 | 691,465 | |
T-Knife Therapeutics, Inc. Series B (a)(c)(d) | 201,583 | 794,237 | |
Treeline Biosciences Series A (a)(c)(d) | 21,246 | 165,719 | |
4,887,905 | |||
Health Care Providers & Services - 0.0% | |||
Boundless Bio, Inc.: | |||
Series B (a)(c)(d) | 682,407 | 586,870 | |
Series C (c)(d) | 604,103 | 422,872 | |
1,009,742 | |||
Health Care Technology - 0.0% | |||
Wugen, Inc. Series B (a)(c)(d) | 59,982 | 299,310 | |
TOTAL HEALTH CARE | 6,196,957 | ||
INDUSTRIALS - 0.5% | |||
Construction & Engineering - 0.5% | |||
Beta Technologies, Inc.: | |||
Series A (a)(c)(d) | 62,752 | 7,899,222 | |
Series B, 6.00% (a)(c)(d) | 11,821 | 1,601,864 | |
9,501,086 | |||
INFORMATION TECHNOLOGY - 0.5% | |||
Communications Equipment - 0.2% | |||
Astranis Space Technologies Corp.: | |||
Series C (a)(c)(d) | 125,912 | 2,465,357 | |
Series C Prime (c)(d) | 26,805 | 524,842 | |
2,990,199 | |||
IT Services - 0.1% | |||
Yanka Industries, Inc.: | |||
Series E (a)(c)(d) | 191,029 | 1,425,076 | |
Series F (a)(c)(d) | 28,989 | 216,258 | |
1,641,334 | |||
Software - 0.2% | |||
Algolia, Inc. Series D (a)(c)(d) | 9,900 | 158,103 | |
Convoy, Inc. Series D (a)(c)(d) | 192,936 | 1,192,344 | |
Mountain Digital, Inc. Series D (a)(c)(d) | 140,383 | 2,368,261 | |
Skyryse, Inc. Series B (a)(c)(d) | 12,000 | 277,680 | |
3,996,388 | |||
TOTAL INFORMATION TECHNOLOGY | 8,627,921 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $29,175,985) | 25,985,960 | ||
Investment Companies - 1.0% | |||
Shares | Value ($) | ||
iShares Russell 2000 Growth Index ETF (b) (Cost $16,433,633) | 76,500 | 19,434,060 | |
Convertible Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (c)(d) (Cost $84,195) | 84,195 | 90,257 | |
Money Market Funds - 5.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (h) | 7,706,537 | 7,708,078 | |
Fidelity Securities Lending Cash Central Fund 5.32% (h)(i) | 99,056,954 | 99,066,859 | |
TOTAL MONEY MARKET FUNDS (Cost $106,774,937) | 106,774,937 | ||
TOTAL INVESTMENT IN SECURITIES - 105.2% (Cost $1,725,177,716) | 1,993,283,113 |
NET OTHER ASSETS (LIABILITIES) - (5.2)% | (99,095,902) |
NET ASSETS - 100.0% | 1,894,187,211 |
ETF | - | EXCHANGE-TRADED FUND |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $49,358,585 or 2.6% of net assets. |
(d) | Level 3 security |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $192,079 or 0.0% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Algolia, Inc. | 10/27/21 | 1,265,404 |
Algolia, Inc. Series D | 7/23/21 | 289,526 |
Ardagh Metal Packaging SA | 2/22/21 | 3,640,840 |
Astranis Space Technologies Corp. Series C | 3/19/21 | 2,760,108 |
Astranis Space Technologies Corp. Series C Prime | 4/05/23 | 587,591 |
Beta Technologies, Inc. Series A | 4/09/21 | 4,597,839 |
Beta Technologies, Inc. Series B, 6.00% | 4/04/22 | 1,219,573 |
Boundless Bio, Inc. Series B | 4/23/21 | 921,249 |
Boundless Bio, Inc. Series C | 4/05/23 | 422,872 |
Bright Peak Therapeutics AG Series B | 5/14/21 | 778,587 |
Caris Life Sciences, Inc. Series D | 5/11/21 | 1,169,924 |
Convoy, Inc. Series D | 10/30/19 | 2,612,353 |
Convoy, Inc. warrants | 3/24/23 | 0 |
Convoy, Inc. 15% 9/30/26 | 3/24/23 | 84,195 |
Fanatics, Inc. Class A | 8/13/20 - 3/22/21 | 2,891,600 |
LifeMine Therapeutics, Inc. Series C | 2/15/22 | 820,222 |
Mountain Digital, Inc. Series D | 11/05/21 | 3,223,938 |
Perella Weinberg Partners | 12/29/20 | 4,572,620 |
Reddit, Inc. Series F | 8/11/21 | 2,891,978 |
Skyryse, Inc. Series B | 10/21/21 | 296,160 |
Sonoma Biotherapeutics, Inc. Series B | 7/26/21 | 865,645 |
Sonoma Biotherapeutics, Inc. Series B1 | 7/26/21 | 692,516 |
Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 824,189 |
T-Knife Therapeutics, Inc. Series B | 6/30/21 | 1,162,892 |
Treeline Biosciences Series A | 7/30/21 | 166,303 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 1,901,246 |
Wugen, Inc. Series B | 7/09/21 | 465,154 |
Yanka Industries, Inc. Series E | 5/15/20 | 2,307,478 |
Yanka Industries, Inc. Series F | 4/08/21 | 924,077 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.32% | 71,258,038 | 724,000,900 | 787,550,860 | 1,074,393 | - | - | 7,708,078 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.32% | 67,966,169 | 510,341,130 | 479,240,440 | 538,703 | - | - | 99,066,859 | 0.3% |
Total | 139,224,207 | 1,234,342,030 | 1,266,791,300 | 1,613,096 | - | - | 106,774,937 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 30,208,055 | 28,548,059 | - | 1,659,996 |
Consumer Discretionary | 227,581,470 | 214,801,768 | - | 12,779,702 |
Consumer Staples | 89,815,550 | 89,815,550 | - | - |
Energy | 82,062,039 | 82,062,039 | - | - |
Financials | 77,618,264 | 75,684,727 | - | 1,933,537 |
Health Care | 460,362,325 | 452,217,767 | - | 8,144,558 |
Industrials | 427,897,077 | 418,395,991 | - | 9,501,086 |
Information Technology | 363,081,210 | 353,725,748 | - | 9,355,462 |
Materials | 96,117,487 | 96,117,487 | - | - |
Real Estate | 12,240,382 | 12,240,382 | - | - |
Investment Companies | 19,434,060 | 19,434,060 | - | - |
Corporate Bonds | 90,257 | - | - | 90,257 |
Money Market Funds | 106,774,937 | 106,774,937 | - | - |
Total Investments in Securities: | 1,993,283,113 | 1,949,818,515 | - | 43,464,598 |
Investments in Securities: | |||
Beginning Balance | $ | 41,907,756 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 447,528 | ||
Cost of Purchases | 1,109,314 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 43,464,598 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2023 | $ | 447,528 | |
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 | ||||
July 31, 2023 | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $98,549,268) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,618,402,779) | $ | 1,886,508,176 | ||
Fidelity Central Funds (cost $106,774,937) | 106,774,937 | |||
Total Investment in Securities (cost $1,725,177,716) | $ | 1,993,283,113 | ||
Foreign currency held at value (cost $5) | 5 | |||
Receivable for investments sold | 18,812,003 | |||
Receivable for fund shares sold | 2,272,634 | |||
Dividends receivable | 129,303 | |||
Interest receivable | 4,500 | |||
Distributions receivable from Fidelity Central Funds | 100,160 | |||
Other receivables | 1,675 | |||
Total assets | 2,014,603,393 | |||
Liabilities | ||||
Payable for investments purchased | $ | 19,413,809 | ||
Payable for fund shares redeemed | 1,034,611 | |||
Accrued management fee | 902,312 | |||
Collateral on securities loaned | 99,065,450 | |||
Total Liabilities | 120,416,182 | |||
Net Assets | $ | 1,894,187,211 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,735,680,077 | ||
Total accumulated earnings (loss) | 158,507,134 | |||
Net Assets | $ | 1,894,187,211 | ||
Net Asset Value, offering price and redemption price per share ($1,894,187,211 ÷ 129,921,958 shares) | $ | 14.58 |
Statement of Operations | ||||
Year ended July 31, 2023 | ||||
Investment Income | ||||
Dividends | $ | 7,759,787 | ||
Interest | 4,483 | |||
Income from Fidelity Central Funds (including $538,703 from security lending) | 1,613,096 | |||
Total Income | 9,377,366 | |||
Expenses | ||||
Management fee | $ | 8,769,723 | ||
Independent trustees' fees and expenses | 6,982 | |||
Interest | 2,321 | |||
Total expenses before reductions | 8,779,026 | |||
Expense reductions | (5,229) | |||
Total expenses after reductions | 8,773,797 | |||
Net Investment income (loss) | 603,569 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (52,592,578) | |||
Foreign currency transactions | (10,197) | |||
Total net realized gain (loss) | (52,602,775) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 220,669,882 | |||
Assets and liabilities in foreign currencies | (2,937) | |||
Total change in net unrealized appreciation (depreciation) | 220,666,945 | |||
Net gain (loss) | 168,064,170 | |||
Net increase (decrease) in net assets resulting from operations | $ | 168,667,739 |
Statement of Changes in Net Assets | ||||
Year ended July 31, 2023 | Year ended July 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 603,569 | $ | 1,038,598 |
Net realized gain (loss) | (52,602,775) | (9,276,329) | ||
Change in net unrealized appreciation (depreciation) | 220,666,945 | (249,246,651) | ||
Net increase (decrease) in net assets resulting from operations | 168,667,739 | (257,484,382) | ||
Distributions to shareholders | (610,119) | (287,761,100) | ||
Share transactions | ||||
Proceeds from sales of shares | 854,639,564 | 651,115,115 | ||
Reinvestment of distributions | 609,972 | 287,761,100 | ||
Cost of shares redeemed | (394,346,321) | (282,783,905) | ||
Net increase (decrease) in net assets resulting from share transactions | 460,903,215 | 656,092,310 | ||
Total increase (decrease) in net assets | 628,960,835 | 110,846,828 | ||
Net Assets | ||||
Beginning of period | 1,265,226,376 | 1,154,379,548 | ||
End of period | $ | 1,894,187,211 | $ | 1,265,226,376 |
Other Information | ||||
Shares | ||||
Sold | 63,751,832 | 44,616,415 | ||
Issued in reinvestment of distributions | 45,351 | 15,979,576 | ||
Redeemed | (29,606,029) | (18,439,508) | ||
Net increase (decrease) | 34,191,154 | 42,156,483 | ||
Fidelity® Small Cap Growth K6 Fund |
Years ended July 31, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 13.22 | $ | 21.55 | $ | 15.32 | $ | 13.96 | $ | 13.40 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .01 | .01 | (.03) C | - D | (.01) | |||||
Net realized and unrealized gain (loss) | 1.36 | (3.11) | 6.81 | 1.36 | .84 | |||||
Total from investment operations | 1.37 | (3.10) | 6.78 | 1.36 | .83 | |||||
Distributions from net investment income | (.01) | - | - | - | - | |||||
Distributions from net realized gain | - | (5.23) | (.55) | - | (.27) | |||||
Total distributions | (.01) | (5.23) | (.55) | - | (.27) | |||||
Net asset value, end of period | $ | 14.58 | $ | 13.22 | $ | 21.55 | $ | 15.32 | $ | 13.96 |
Total Return E | 10.34% | (20.31)% | 44.76% | 9.74% | 6.14% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .60% | .60% | .60% | .60% | .60% | |||||
Expenses net of fee waivers, if any | .60% | .60% | .60% | .60% | .60% | |||||
Expenses net of all reductions | .60% | .60% | .59% | .59% | .59% | |||||
Net investment income (loss) | .04% | .09% | (.14)% C | (.02)% | (.09)% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (000 omitted) | $ | 1,894,187 | $ | 1,265,226 | $ | 1,154,380 | $ | 899,926 | $ | 833,744 |
Portfolio turnover rate H | 76% I | 81% I | 119% | 137% I | 108% I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $43,374,341 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 6.1 / 6.1 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.5 - 10.0 / 7.1 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 10.5 | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Market approach | Transaction price | $0.70 - $8.61 / $3.36 | Increase | ||
Discount rate | 5.0% - 40.0% / 26.4% | Decrease | |||
Black scholes | Discount rate | 4.3% - 4.8% / 4.5% | Increase | ||
Volatility | 50.0% - 100.0% / 72.0% | Increase | |||
Term | 2.0 - 3.0 / 2.8 | Increase | |||
Corporate Bonds | $90,257 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Black scholes | Discount rate | 4.8% | Increase | ||
Volatility | 60.0% | Increase | |||
Term | 2.0 | Increase |
Gross unrealized appreciation | $360,386,878 |
Gross unrealized depreciation | (100,432,238) |
Net unrealized appreciation (depreciation) | $259,954,640 |
Tax Cost | $1,733,328,473 |
Undistributed ordinary income | $4,327,684 |
Capital loss carryforward | $(102,215,500) |
Net unrealized appreciation (depreciation) on securities and other investments | $256,394,949 |
Short term | $(102,215,500) |
Total Capital loss carryforward | $(102,215,500) |
July 31, 2023 | July 31, 2022 | |
Ordinary Income | $610,119 | $134,762,480 |
Long-term Capital Gains | - | 152,998,620 |
Total | $610,119 | $ 287,761,100 |
$ Amount | % of Net Assets | |
Fidelity Small Cap Growth K Fund | 1,947,601 | 0.1 |
Purchases ($) | Sales ($) | |
Fidelity Small Cap Growth K6 Fund | 1,497,399,729 | 1,083,171,613 |
Shares | Total Proceeds($) | |
Fidelity Small Cap Growth K6 Fund | 9,092,844 | 120,866,697 |
Shares | Total Proceeds($) | |
Fidelity Small Cap Growth K6 Fund | 2,375,229 | 32,229,577 |
Amount | |
Fidelity Small Cap Growth K6 Fund | $31,045 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Small Cap Growth K6 Fund | Borrower | $ 2,852,286 | 4.07% | $2,254 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Small Cap Growth K6 Fund | 74,019,754 | 66,415,553 | (5,050,175) |
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 Small Cap Growth K6 Fund | $56,250 | $2,717 | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Small Cap Growth K6 Fund | $554,000 | 4.33% | $67 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2023 to July 31, 2023). |
Annualized Expense Ratio- A | Beginning Account Value February 1, 2023 | Ending Account Value July 31, 2023 | Expenses Paid During Period- C February 1, 2023 to July 31, 2023 | |||||||
Fidelity® Small Cap Growth K6 Fund | .60% | |||||||||
Actual | $ 1,000 | $ 1,055.00 | $ 3.06 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.82 | $ 3.01 | |||||||
Item 2.
Code of Ethics
As of the end of the period, July 31, 2023, Fidelity Securities Fund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth K6 Fund, Fidelity OTC K6 Portfolio, Fidelity OTC Portfolio, Fidelity Real Estate Income Fund, Fidelity Series Blue Chip Growth Fund, Fidelity Series Real Estate Income Fund and Fidelity Series Small Cap Opportunities Fund (the “Funds”):
Services Billed by Deloitte Entities
July 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Blue Chip Growth Fund | $92,900 | $- | $9,200 | $1,600 |
Fidelity Blue Chip Growth K6 Fund | $67,000 | $- | $5,700 | $1,100 |
Fidelity OTC K6 Portfolio | $76,900 | $- | $8,900 | $1,500 |
Fidelity OTC Portfolio | $78,600 | $- | $10,600 | $1,600 |
Fidelity Real Estate Income Fund | $82,200 | $- | $8,700 | $1,900 |
Fidelity Series Blue Chip Growth Fund | $65,500 | $- | $7,400 | $1,500 |
Fidelity Series Real Estate Income Fund | $72,200 | $- | $8,700 | $1,700 |
Fidelity Series Small Cap Opportunities Fund | $39,500 | $- | $7,200 | $1,000 |
July 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Blue Chip Growth Fund | $81,900 | $- | $9,400 | $1,500 |
Fidelity Blue Chip Growth K6 Fund | $55,900 | $- | $5,900 | $1,000 |
Fidelity OTC K6 Portfolio | $75,300 | $- | $8,700 | $1,400 |
Fidelity OTC Portfolio | $82,100 | $- | $10,500 | $1,500 |
Fidelity Real Estate Income Fund | $81,500 | $- | $9,300 | $1,800 |
Fidelity Series Blue Chip Growth Fund | $64,900 | $- | $7,600 | $1,400 |
Fidelity Series Real Estate Income Fund | $71,600 | $- | $8,600 | $1,600 |
Fidelity Series Small Cap Opportunities Fund | $39,100 | $- | $7,600 | $900 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Blue Chip Value Fund, Fidelity Dividend Growth Fund, Fidelity Growth & Income Portfolio, Fidelity Leveraged Company Stock Fund, Fidelity Small Cap Growth Fund, Fidelity Small Cap Growth K6 Fund and Fidelity Small Cap Value Fund (the “Funds”):
Services Billed by PwC
July 31, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Blue Chip Value Fund | $44,400 | $3,900 | $9,700 | $1,300 |
Fidelity Dividend Growth Fund | $53,400 | $4,600 | $8,800 | $1,600 |
Fidelity Growth & Income Portfolio | $60,600 | $5,300 | $28,200 | $1,800 |
Fidelity Leveraged Company Stock Fund | $44,400 | $4,100 | $11,100 | $1,400 |
Fidelity Small Cap Growth Fund | $50,700 | $3,900 | $21,300 | $1,300 |
Fidelity Small Cap Growth K6 Fund | $47,900 | $3,600 | $8,500 | $1,200 |
Fidelity Small Cap Value Fund | $46,000 | $4,000 | $8,800 | $1,400 |
July 31, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Blue Chip Value Fund | $42,400 | $3,900 | $8,300 | $1,300 |
Fidelity Dividend Growth Fund | $50,700 | $4,500 | $9,100 | $1,500 |
Fidelity Growth & Income Portfolio | $57,400 | $5,200 | $10,700 | $1,700 |
Fidelity Leveraged Company Stock Fund | $42,400 | $4,100 | $10,600 | $1,400 |
Fidelity Small Cap Growth Fund | $43,100 | $3,900 | $10,800 | $1,300 |
Fidelity Small Cap Growth K6 Fund | $38,600 | $3,600 | $8,100 | $1,200 |
Fidelity Small Cap Value Fund | $43,800 | $4,000 | $9,100 | $1,300 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
July 31, 2023A | July 31, 2022A | |
Audit-Related Fees | $- | $- |
Tax Fees | $- | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
July 31, 2023A | July 31, 2022A | |
Audit-Related Fees | $8,284,200 | $7,914,600 |
Tax Fees | $1,000 | $353,200 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | July 31, 2023A | July 31, 2022A |
Deloitte Entities | $320,900 | $536,300 |
PwC | $13,723,600 | $13,340,800 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Securities Fund
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | September 21, 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: | September 21, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | September 21, 2023 |