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, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | July 31 |
Date of reporting period: | January 31, 2024 |
Item 1.
Reports to Stockholders
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Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 12.9 | |
Apple, Inc. | 11.2 | |
Amazon.com, Inc. | 8.4 | |
NVIDIA Corp. | 6.2 | |
Alphabet, Inc. Class A | 6.0 | |
Meta Platforms, Inc. Class A | 5.0 | |
Alphabet, Inc. Class C | 2.9 | |
Marvell Technology, Inc. | 2.6 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2.5 | |
Netflix, Inc. | 2.0 | |
59.7 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 45.1 | |
Communication Services | 18.8 | |
Consumer Discretionary | 13.6 | |
Health Care | 6.5 | |
Energy | 4.9 | |
Consumer Staples | 4.7 | |
Industrials | 3.4 | |
Financials | 2.1 | |
Real Estate | 0.4 | |
Materials | 0.1 | |
Asset Allocation (% of Fund's net assets) |
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Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.0% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 18.2% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry Group Holdings, Inc. Class A (a)(b) | 331,308 | 0 | |
Entertainment - 2.0% | |||
Electronic Arts, Inc. | 2,318 | 319 | |
NetEase, Inc. ADR | 14,571 | 1,423 | |
Netflix, Inc. (a) | 964,871 | 544,293 | |
Take-Two Interactive Software, Inc. (a) | 11,474 | 1,892 | |
547,927 | |||
Interactive Media & Services - 14.3% | |||
Alphabet, Inc.: | |||
Class A (a) | 11,523,714 | 1,614,472 | |
Class C (a) | 5,453,401 | 773,292 | |
Epic Games, Inc. (a)(b)(c) | 77,600 | 47,851 | |
Meta Platforms, Inc. Class A | 3,410,809 | 1,330,693 | |
Snap, Inc. Class A (a) | 1,212,300 | 19,263 | |
Vimeo, Inc. (a) | 280,690 | 1,114 | |
Yandex NV Series A (a)(b) | 2,813,567 | 36,014 | |
3,822,699 | |||
Media - 1.9% | |||
Charter Communications, Inc. Class A (a) | 398,739 | 147,817 | |
Comcast Corp. Class A | 7,523,039 | 350,122 | |
497,939 | |||
Wireless Telecommunication Services - 0.0% | |||
T-Mobile U.S., Inc. | 90,500 | 14,591 | |
TOTAL COMMUNICATION SERVICES | 4,883,156 | ||
CONSUMER DISCRETIONARY - 13.5% | |||
Automobiles - 0.1% | |||
Rivian Automotive, Inc. (a) | 12,976 | 199 | |
Tesla, Inc. (a) | 90,325 | 16,917 | |
17,116 | |||
Broadline Retail - 8.4% | |||
Alibaba Group Holding Ltd. sponsored ADR | 6,312 | 456 | |
Amazon.com, Inc. (a) | 14,453,683 | 2,243,212 | |
ContextLogic, Inc. (a) | 4,887 | 21 | |
Etsy, Inc. (a) | 136,437 | 9,081 | |
Global-e Online Ltd. (a)(d) | 248,592 | 9,389 | |
JD.com, Inc. Class A | 8,560 | 97 | |
2,262,256 | |||
Hotels, Restaurants & Leisure - 0.7% | |||
Airbnb, Inc. Class A (a) | 18,969 | 2,734 | |
Churchill Downs, Inc. | 1,001,752 | 121,182 | |
Domino's Pizza, Inc. | 28,529 | 12,160 | |
Hilton Worldwide Holdings, Inc. | 76,465 | 14,602 | |
Marriott International, Inc. Class A | 42,424 | 10,170 | |
Wynn Resorts Ltd. | 121,571 | 11,480 | |
Zomato Ltd. (a) | 7,745,200 | 13,007 | |
185,335 | |||
Specialty Retail - 2.1% | |||
Five Below, Inc. (a) | 559,336 | 100,378 | |
Lowe's Companies, Inc. | 908,117 | 193,284 | |
Ross Stores, Inc. | 1,803,608 | 253,010 | |
thredUP, Inc. (a)(d) | 86,404 | 176 | |
TJX Companies, Inc. | 195,054 | 18,513 | |
565,361 | |||
Textiles, Apparel & Luxury Goods - 2.2% | |||
Figs, Inc. Class A (a)(d) | 44,994 | 259 | |
Kontoor Brands, Inc. | 5,808 | 340 | |
lululemon athletica, Inc. (a) | 964,565 | 437,739 | |
LVMH Moet Hennessy Louis Vuitton SE | 164,290 | 136,699 | |
NIKE, Inc. Class B | 162,478 | 16,496 | |
591,533 | |||
TOTAL CONSUMER DISCRETIONARY | 3,621,601 | ||
CONSUMER STAPLES - 4.7% | |||
Beverages - 2.5% | |||
Diageo PLC | 3,886,755 | 140,381 | |
Keurig Dr. Pepper, Inc. | 8,310,476 | 261,281 | |
Monster Beverage Corp. | 5,189,723 | 285,539 | |
687,201 | |||
Consumer Staples Distribution & Retail - 0.7% | |||
Costco Wholesale Corp. | 120,545 | 83,764 | |
Dollar General Corp. | 430,400 | 56,843 | |
Dollar Tree, Inc. (a) | 286,874 | 37,471 | |
178,078 | |||
Food Products - 0.8% | |||
Mondelez International, Inc. | 2,896,655 | 218,031 | |
Personal Care Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 1,355,100 | 178,860 | |
The Honest Co., Inc. (a) | 157,592 | 449 | |
179,309 | |||
TOTAL CONSUMER STAPLES | 1,262,619 | ||
ENERGY - 4.9% | |||
Energy Equipment & Services - 0.7% | |||
Schlumberger Ltd. | 3,302,394 | 160,827 | |
TGS ASA ADR | 2,753,862 | 26,933 | |
187,760 | |||
Oil, Gas & Consumable Fuels - 4.2% | |||
Cenovus Energy, Inc. (Canada) | 164,955 | 2,672 | |
Diamondback Energy, Inc. | 51,218 | 7,874 | |
EOG Resources, Inc. | 13,680 | 1,557 | |
Exxon Mobil Corp. | 4,150,549 | 426,718 | |
Hess Corp. | 1,035,169 | 145,472 | |
Reliance Industries Ltd. | 12,103,017 | 415,638 | |
Reliance Industries Ltd. GDR (e) | 1,775,932 | 123,250 | |
1,123,181 | |||
TOTAL ENERGY | 1,310,941 | ||
FINANCIALS - 1.7% | |||
Banks - 0.0% | |||
Huntington Bancshares, Inc. | 81,593 | 1,039 | |
Wintrust Financial Corp. | 43,763 | 4,244 | |
5,283 | |||
Capital Markets - 0.1% | |||
Coinbase Global, Inc. (a)(d) | 117,100 | 15,012 | |
S&P Global, Inc. | 679 | 304 | |
15,316 | |||
Financial Services - 1.6% | |||
Ant International Co. Ltd. Class C (b)(c) | 10,036,067 | 18,165 | |
Jio Financial Services Ltd. | 12,375,617 | 36,934 | |
MasterCard, Inc. Class A | 818,790 | 367,825 | |
PayPal Holdings, Inc. (a) | 170,153 | 10,439 | |
433,363 | |||
TOTAL FINANCIALS | 453,962 | ||
HEALTH CARE - 6.5% | |||
Biotechnology - 2.6% | |||
Alnylam Pharmaceuticals, Inc. (a) | 1,107,121 | 191,432 | |
Amgen, Inc. | 495,067 | 155,580 | |
Arcutis Biotherapeutics, Inc. (a)(d) | 832,188 | 4,885 | |
Argenx SE ADR (a) | 36,600 | 13,927 | |
Ascendis Pharma A/S sponsored ADR (a) | 271,220 | 35,240 | |
GenSight Biologics SA (a)(d) | 211,791 | 91 | |
Ionis Pharmaceuticals, Inc. (a) | 31,614 | 1,625 | |
Legend Biotech Corp. ADR (a) | 102,797 | 5,660 | |
Regeneron Pharmaceuticals, Inc. (a) | 293,659 | 276,856 | |
Trevena, Inc. (a)(d) | 17,806 | 11 | |
685,307 | |||
Health Care Equipment & Supplies - 2.2% | |||
Boston Scientific Corp. (a) | 2,163,600 | 136,869 | |
DexCom, Inc. (a) | 598,063 | 72,575 | |
Inspire Medical Systems, Inc. (a) | 287,754 | 60,679 | |
Insulet Corp. (a) | 1,382,969 | 263,967 | |
Neuronetics, Inc. (a) | 38,510 | 131 | |
Outset Medical, Inc. (a) | 39,921 | 121 | |
Pulmonx Corp. (a) | 26,049 | 346 | |
Tandem Diabetes Care, Inc. (a) | 191,234 | 4,360 | |
TransMedics Group, Inc. (a) | 419,700 | 35,998 | |
575,046 | |||
Health Care Providers & Services - 0.1% | |||
Humana, Inc. | 99,354 | 37,562 | |
Health Care Technology - 0.0% | |||
Certara, Inc. (a) | 222,626 | 3,598 | |
Life Sciences Tools & Services - 1.2% | |||
10X Genomics, Inc. (a) | 285,175 | 11,883 | |
Bruker Corp. | 2,385,519 | 170,588 | |
Danaher Corp. | 505,500 | 121,275 | |
Illumina, Inc. (a) | 38,780 | 5,546 | |
Seer, Inc. (a) | 587,199 | 1,010 | |
Thermo Fisher Scientific, Inc. | 21,900 | 11,804 | |
322,106 | |||
Pharmaceuticals - 0.4% | |||
AstraZeneca PLC sponsored ADR | 1,678,023 | 111,823 | |
Elanco Animal Health, Inc. (a) | 88,545 | 1,305 | |
TherapeuticsMD, Inc. (a)(d) | 6,826 | 15 | |
113,143 | |||
TOTAL HEALTH CARE | 1,736,762 | ||
INDUSTRIALS - 2.9% | |||
Aerospace & Defense - 0.7% | |||
Space Exploration Technologies Corp.: | |||
Class A (a)(b)(c) | 2,034,880 | 197,383 | |
Class C (a)(b)(c) | 70,920 | 6,879 | |
204,262 | |||
Commercial Services & Supplies - 0.0% | |||
Veralto Corp. | 15,900 | 1,219 | |
Construction & Engineering - 0.0% | |||
Bowman Consulting Group Ltd. (a) | 6,421 | 202 | |
Comfort Systems U.S.A., Inc. | 19,575 | 4,257 | |
EMCOR Group, Inc. | 798 | 182 | |
Sterling Construction Co., Inc. (a) | 58,036 | 4,359 | |
9,000 | |||
Electrical Equipment - 1.4% | |||
Vertiv Holdings Co. | 6,514,500 | 366,962 | |
Ground Transportation - 0.1% | |||
Canadian Pacific Kansas City Ltd. | 148,928 | 11,984 | |
CSX Corp. | 285,633 | 10,197 | |
22,181 | |||
Passenger Airlines - 0.0% | |||
Wheels Up Experience, Inc.: | |||
Class A (a)(d) | 80,274 | 266 | |
rights (a)(b) | 11,102 | 0 | |
rights (a)(b) | 11,102 | 0 | |
rights (a)(b) | 11,103 | 0 | |
266 | |||
Professional Services - 0.7% | |||
Verisk Analytics, Inc. | 761,556 | 183,939 | |
TOTAL INDUSTRIALS | 787,829 | ||
INFORMATION TECHNOLOGY - 45.1% | |||
Communications Equipment - 0.3% | |||
Arista Networks, Inc. (a) | 153,300 | 39,656 | |
Cisco Systems, Inc. | 1,070,296 | 53,707 | |
93,363 | |||
IT Services - 1.0% | |||
Accenture PLC Class A | 50,000 | 18,194 | |
Gartner, Inc. (a) | 400,282 | 183,105 | |
MongoDB, Inc. Class A (a) | 95,812 | 38,375 | |
Twilio, Inc. Class A (a) | 916 | 64 | |
X Holdings Corp. Class A (b)(c) | 709,150 | 20,197 | |
259,935 | |||
Semiconductors & Semiconductor Equipment - 16.1% | |||
Advanced Micro Devices, Inc. (a) | 177,989 | 29,847 | |
Alchip Technologies Ltd. | 229,000 | 28,411 | |
Analog Devices, Inc. | 76,798 | 14,773 | |
Applied Materials, Inc. | 351,416 | 57,738 | |
Arm Holdings Ltd. ADR (d) | 216,900 | 15,328 | |
ASML Holding NV (depository receipt) | 519,969 | 452,279 | |
BE Semiconductor Industries NV | 1,486,400 | 224,568 | |
Broadcom, Inc. | 85,700 | 101,126 | |
Lam Research Corp. | 259,478 | 214,113 | |
Marvell Technology, Inc. | 10,286,519 | 696,397 | |
Micron Technology, Inc. | 457,800 | 39,256 | |
NVIDIA Corp. | 2,684,345 | 1,651,597 | |
NXP Semiconductors NV | 589,796 | 124,193 | |
Skyworks Solutions, Inc. | 93,002 | 9,715 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5,865,692 | 662,589 | |
4,321,930 | |||
Software - 15.6% | |||
Adobe, Inc. (a) | 134,344 | 82,995 | |
Atom Tickets LLC (a)(b)(c)(f) | 516,103 | 0 | |
Autodesk, Inc. (a) | 180,048 | 45,698 | |
Cadence Design Systems, Inc. (a) | 890,640 | 256,914 | |
Dropbox, Inc. Class A (a) | 191,949 | 6,081 | |
Dynatrace, Inc. (a) | 9,118 | 520 | |
Intuit, Inc. | 298,857 | 188,677 | |
Microsoft Corp. | 8,661,936 | 3,443,815 | |
Roper Technologies, Inc. | 105,500 | 56,654 | |
Salesforce, Inc. (a) | 8,549 | 2,403 | |
Stripe, Inc. Class B (a)(b)(c) | 91,800 | 2,251 | |
Synopsys, Inc. (a) | 169,195 | 90,240 | |
4,176,248 | |||
Technology Hardware, Storage & Peripherals - 12.1% | |||
Apple, Inc. | 16,253,780 | 2,997,197 | |
Samsung Electronics Co. Ltd. | 4,151,080 | 225,559 | |
Western Digital Corp. (a) | 284,421 | 16,283 | |
3,239,039 | |||
TOTAL INFORMATION TECHNOLOGY | 12,090,515 | ||
MATERIALS - 0.1% | |||
Chemicals - 0.1% | |||
Linde PLC | 32,500 | 13,157 | |
REAL ESTATE - 0.4% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Equinix, Inc. | 124,660 | 103,439 | |
TOTAL COMMON STOCKS (Cost $11,048,659) | 26,263,981 | ||
Preferred Stocks - 1.3% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 1.1% | |||
COMMUNICATION SERVICES - 0.6% | |||
Interactive Media & Services - 0.6% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 130,752 | 28,913 | |
Reddit, Inc.: | |||
Series B(a)(b)(c) | 1,337,584 | 43,298 | |
Series C(a)(b)(c) | 300,673 | 9,733 | |
Series D(a)(b)(c) | 929,200 | 30,078 | |
Series E(a)(b)(c) | 33,800 | 1,094 | |
Series F(a)(b)(c) | 1,250,100 | 40,466 | |
153,582 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 3,300 | 912 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Circle Internet Financial Ltd. Series F (a)(b)(c) | 391,560 | 9,249 | |
Tenstorrent Holdings, Inc. Series C1 (b)(c) | 79,348 | 4,632 | |
13,881 | |||
INDUSTRIALS - 0.5% | |||
Aerospace & Defense - 0.5% | |||
Space Exploration Technologies Corp.: | |||
Series G(a)(b)(c) | 62,037 | 60,176 | |
Series H(a)(b)(c) | 65,670 | 63,700 | |
123,876 | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Stripe, Inc. Series H (a)(b)(c) | 315,830 | 7,744 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 299,995 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Waymo LLC: | |||
Series A2(a)(b)(c) | 103,940 | 5,440 | |
Series B2(a)(b)(c) | 178,470 | 9,744 | |
15,184 | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (a)(b)(c) | 1,272,556 | 30,058 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Castle Creek Biosciences, Inc. Series A4 (a)(b)(c) | 30,303 | 6,177 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 51,419 | ||
TOTAL PREFERRED STOCKS (Cost $242,233) | 351,414 | ||
Convertible Bonds - 0.3% | |||
Principal Amount (g) (000s) | Value ($) (000s) | ||
FINANCIALS - 0.3% | |||
Capital Markets - 0.3% | |||
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $69,598) | 88,901 | 76,987 | |
Money Market Funds - 0.4% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (h) | 83,805,032 | 83,822 | |
Fidelity Securities Lending Cash Central Fund 5.39% (h)(i) | 37,401,069 | 37,405 | |
TOTAL MONEY MARKET FUNDS (Cost $121,227) | 121,227 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $11,481,717) | 26,813,609 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,577) |
NET ASSETS - 100.0% | 26,811,032 |
(a) | Non-income producing |
(b) | Level 3 security |
(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 $644,140,000 or 2.4% of net assets. |
(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 $123,250,000 or 0.5% of net assets. |
(f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (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 Biosciences, 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 Holdings, Inc. Series C1 | 4/23/21 | 4,718 |
Waymo LLC Series A2 | 5/08/20 | 8,925 |
Waymo LLC Series B2 | 6/11/21 | 16,370 |
X Holdings Corp. Class A | 10/27/21 | 54,255 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 95,649 | 589,173 | 601,000 | 492 | - | - | 83,822 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | 411 | 304,377 | 267,383 | 138 | - | - | 37,405 | 0.2% |
Total | 96,060 | 893,550 | 868,383 | 630 | - | - | 121,227 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 5,036,738 | 4,799,291 | - | 237,447 |
Consumer Discretionary | 3,637,697 | 3,471,798 | 149,803 | 16,096 |
Consumer Staples | 1,262,619 | 1,122,238 | 140,381 | - |
Energy | 1,310,941 | 895,303 | 415,638 | - |
Financials | 497,901 | 398,863 | 36,934 | 62,104 |
Health Care | 1,742,939 | 1,736,762 | - | 6,177 |
Industrials | 911,705 | 583,567 | - | 328,138 |
Information Technology | 12,098,259 | 11,814,097 | 253,970 | 30,192 |
Materials | 13,157 | 13,157 | - | - |
Real Estate | 103,439 | 103,439 | - | - |
Corporate Bonds | 76,987 | - | 76,987 | - |
Money Market Funds | 121,227 | 121,227 | - | - |
Total Investments in Securities: | 26,813,609 | 25,059,742 | 1,073,713 | 680,154 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Industrials | |||
Beginning Balance | $ | 274,013 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 54,125 | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 328,138 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | 54,125 | |
Other Investments in Securities | |||
Beginning Balance | $ | 417,342 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (25,922) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (39,404) | ||
Ending Balance | $ | 352,016 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (25,922) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | January 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $35,907) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $11,360,490) | $ | 26,692,382 | ||
Fidelity Central Funds (cost $121,227) | 121,227 | |||
Total Investment in Securities (cost $11,481,717) | $ | 26,813,609 | ||
Receivable for investments sold | 260,505 | |||
Receivable for fund shares sold | 12,581 | |||
Dividends receivable | 3,211 | |||
Interest receivable | 74 | |||
Distributions receivable from Fidelity Central Funds | 149 | |||
Prepaid expenses | 21 | |||
Other receivables | 470 | |||
Total assets | 27,090,620 | |||
Liabilities | ||||
Payable for investments purchased | $ | 177,754 | ||
Payable for fund shares redeemed | 18,783 | |||
Accrued management fee | 14,925 | |||
Other affiliated payables | 2,526 | |||
Deferred taxes | 27,590 | |||
Other payables and accrued expenses | 629 | |||
Collateral on securities loaned | 37,381 | |||
Total Liabilities | 279,588 | |||
Net Assets | $ | 26,811,032 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 11,256,210 | ||
Total accumulated earnings (loss) | 15,554,822 | |||
Net Assets | $ | 26,811,032 | ||
Net Asset Value and Maximum Offering Price | ||||
OTC : | ||||
Net Asset Value, offering price and redemption price per share ($19,899,109 ÷ 1,056,878 shares) | $ | 18.83 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($6,911,923 ÷ 358,804 shares) | $ | 19.26 |
Consolidated Statement of Operations | ||||
Amounts in thousands | Six months ended January 31, 2024 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 78,907 | ||
Interest | 3,770 | |||
Income from Fidelity Central Funds (including $138 from security lending) | 630 | |||
Total Income | 83,307 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 71,146 | ||
Performance adjustment | 4,784 | |||
Transfer agent fees | 13,425 | |||
Accounting fees | 891 | |||
Custodian fees and expenses | 175 | |||
Independent trustees' fees and expenses | 71 | |||
Registration fees | 59 | |||
Audit | 105 | |||
Legal | 23 | |||
Interest | 258 | |||
Miscellaneous | 47 | |||
Total expenses before reductions | 90,984 | |||
Expense reductions | (1,069) | |||
Total expenses after reductions | 89,915 | |||
Net Investment income (loss) | (6,608) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $479) | 666,021 | |||
Foreign currency transactions | (203) | |||
Total net realized gain (loss) | 665,818 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $4,858) | 1,542,098 | |||
Assets and liabilities in foreign currencies | (48) | |||
Total change in net unrealized appreciation (depreciation) | 1,542,050 | |||
Net gain (loss) | 2,207,868 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,201,260 |
Consolidated Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (6,608) | $ | 11,206 |
Net realized gain (loss) | 665,818 | (82,947) | ||
Change in net unrealized appreciation (depreciation) | 1,542,050 | 4,547,283 | ||
Net increase (decrease) in net assets resulting from operations | 2,201,260 | 4,475,542 | ||
Distributions to shareholders | (16,461) | (782,062) | ||
Share transactions - net increase (decrease) | (800,509) | (600,071) | ||
Total increase (decrease) in net assets | 1,384,290 | 3,093,409 | ||
Net Assets | ||||
Beginning of period | 25,426,742 | 22,333,333 | ||
End of period | $ | 26,811,032 | $ | 25,426,742 |
Fidelity® OTC Portfolio |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 17.29 | $ | 14.74 | $ | 20.67 | $ | 15.61 | $ | 12.45 | $ | 12.50 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.01) | - C | (.07) | (.06) | (.01) | (.01) | ||||||
Net realized and unrealized gain (loss) | 1.56 | 3.07 | (3.60) | 6.21 | 4.14 | .75 | ||||||
Total from investment operations | 1.55 | 3.07 | (3.67) | 6.15 | 4.13 | .74 | ||||||
Distributions from net investment income | (.01) | - | - | (.01) | - | - | ||||||
Distributions from net realized gain | - | (.52) | (2.26) | (1.08) | (.97) | (.79) | ||||||
Total distributions | (.01) | (.52) | (2.26) | (1.09) | (.97) | (.79) | ||||||
Net asset value, end of period | $ | 18.83 | $ | 17.29 | $ | 14.74 | $ | 20.67 | $ | 15.61 | $ | 12.45 |
Total Return D,E | 8.97% | 21.63% | (20.30)% | 41.90% | 35.79% | 6.43% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .76% H | .79% | .81% | .80% | .87% | .88% | ||||||
Expenses net of fee waivers, if any | .75% H | .79% | .81% | .80% | .87% | .88% | ||||||
Expenses net of all reductions | .75% H | .78% | .81% | .80% | .87% | .88% | ||||||
Net investment income (loss) | (.08)% H | .03% | (.37)% | (.33)% | (.07)% | (.10)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 19,899 | $ | 18,890 | $ | 16,626 | $ | 22,273 | $ | 16,817 | $ | 13,166 |
Portfolio turnover rate I | 21% H | 15% J | 32% J | 28% J | 48% J | 34% J |
Fidelity® OTC Portfolio Class K |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 17.69 | $ | 15.06 | $ | 21.06 | $ | 15.88 | $ | 12.64 | $ | 12.67 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | - C | .02 | (.05) | (.05) | - C | - C | ||||||
Net realized and unrealized gain (loss) | 1.59 | 3.13 | (3.68) | 6.33 | 4.21 | .76 | ||||||
Total from investment operations | 1.59 | 3.15 | (3.73) | 6.28 | 4.21 | .76 | ||||||
Distributions from net investment income | (.02) | - | - | (.01) | - C | - | ||||||
Distributions from net realized gain | - | (.52) | (2.27) | (1.09) | (.97) | (.79) | ||||||
Total distributions | (.02) | (.52) | (2.27) | (1.10) | (.97) | (.79) | ||||||
Net asset value, end of period | $ | 19.26 | $ | 17.69 | $ | 15.06 | $ | 21.06 | $ | 15.88 | $ | 12.64 |
Total Return D,E | 8.97% | 21.71% | (20.21)% | 42.05% | 35.94% | 6.50% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .67% H | .70% | .73% | .72% | .78% | .79% | ||||||
Expenses net of fee waivers, if any | .66% H | .69% | .73% | .71% | .78% | .79% | ||||||
Expenses net of all reductions | .66% H | .69% | .73% | .71% | .78% | .78% | ||||||
Net investment income (loss) | .01% H | .12% | (.29)% | (.25)% | .03% | (.01)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 6,912 | $ | 6,536 | $ | 5,707 | $ | 8,072 | $ | 7,074 | $ | 6,752 |
Portfolio turnover rate I | 21% H | 15% J | 32% J | 28% J | 48% J | 34% J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $680,154 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 15.5 - 17.5 / 17.2 | Increase |
Enterprise value/Revenue multiple (EV/R) | 3.0 - 15.0 / 5.7 | Increase | |||
Market approach | Transaction price | $59.45 - $215.03 / $115.27 | Increase | ||
Discount rate | 20.0% - 42.5% / 26.7% | Decrease | |||
Premium rate | 45.0% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.0% - 4.3% / 4.1% | Increase | ||
Volatility | 70.0% - 85.0% / 79.4% | Increase | |||
Term | 2.0 - 5.0 / 4.0 | Increase | |||
Book value | Book value | 1.8 | Increase |
Fidelity OTC Portfolio | $444 |
Gross unrealized appreciation | $15,776,501 |
Gross unrealized depreciation | (499,962) |
Net unrealized appreciation (depreciation) | $15,276,539 |
Tax cost | $11,537,070 |
Short-term | $(150,119) |
Long-term | (120,995) |
Total capital loss carryforward | $(271,114) |
$ Amount | % of Net Assets | |
Fidelity OTC Portfolio | -A | -B |
Purchases ($) | Sales ($) | |
Fidelity OTC Portfolio | 2,591,236 | 3,417,595 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity OTC Portfolio | 8,690 | 80,520 | 126,282 | Class K |
% of Class-Level Average Net Assets | |
OTC | .1300 |
Amount | % of Class-Level Average Net AssetsA | |
OTC | $12,090 | .13 |
Class K | 1,335 | .04 |
$13,425 |
% of Average Net Assets | |
Fidelity OTC Portfolio | .0071 |
% of Average Net Assets | |
Fidelity OTC Portfolio | .01 |
Maximum Management Fee Rate % | |
OTC | .68 |
Class K | .59 |
Performance Adjustment Index | |
Fidelity OTC Portfolio | Nasdaq Composite Index |
Amount | |
Fidelity OTC Portfolio | $ 31 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity OTC Portfolio | Borrower | $15,181 | 5.57% | $253 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity OTC Portfolio | 125,299 | 101,997 | 14,931 |
Amount | |
Fidelity OTC Portfolio | $20 |
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 | $15 | $-A | $- |
Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity OTC Portfolio | $3,803 | 5.83% | $5 |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity OTC Portfolio | ||
Distributions to shareholders | ||
OTC | $ 10,723 | $584,667 |
Class K | 5,738 | 197,395 |
Total | $16,461 | $782,062 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity OTC Portfolio | ||||
OTC | ||||
Shares sold | 36,836 | 80,927 | $640,275 | $1,192,342 |
Reinvestment of distributions | 566 | 38,691 | 9,899 | 545,928 |
Shares redeemed | (72,995) | (154,879) | (1,267,815) | (2,208,386) |
Net increase (decrease) | (35,593) | (35,261) | $(617,641) | $(470,116) |
Class K | ||||
Shares sold | 10,640 | 22,556 | $191,918 | $339,915 |
Reinvestment of distributions | 321 | 13,689 | 5,738 | 197,395 |
Shares redeemed | (21,674) | (45,781) | (380,524) | (667,265) |
Net increase (decrease) | (10,713) | (9,536) | $(182,868) | $(129,955) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® OTC Portfolio | ||||||||||
Fidelity® OTC Portfolio | .75% | |||||||||
Actual | $ 1,000 | $ 1,089.70 | $ 3.94 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
Class K ** | .66% | |||||||||
Actual | $ 1,000 | $ 1,089.70 | $ 3.47 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.82 | $ 3.35 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® OTC Portfolio | ||||||
Class K | .63% | |||||
Actual | $ 3.31 | |||||
Hypothetical- B | $ 3.20 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Equity Lifestyle Properties, Inc. | 1.9 | |
American Tower Corp. | 1.9 | |
Prologis, Inc. | 1.8 | |
Crown Castle, Inc. | 1.3 | |
Welltower, Inc. | 1.2 | |
Equinix, Inc. | 1.2 | |
Ventas, Inc. | 0.9 | |
Public Storage | 0.9 | |
Essex Property Trust, Inc. | 0.8 | |
Annaly Capital Management, Inc. Series F, CME Term SOFR 3 Month Index + 4.990% 6.95% | 0.8 | |
12.7 | ||
Top REIT Sectors (% of Fund's net assets) | ||
REITs - Diversified | 17.1 | |
REITs - Mortgage | 8.0 | |
REITs - Apartments | 5.7 | |
REITs - Health Care | 5.3 | |
REITs - Management/Investment | 4.4 | |
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 - 21.1% | |||
Shares | Value ($) | ||
FINANCIALS - 0.6% | |||
Mortgage Real Estate Investment Trusts - 0.6% | |||
Great Ajax Corp. (a)(b) | 1,663,364 | 9,797,214 | |
MFA Financial, Inc. (a) | 1,231,885 | 13,636,967 | |
Rithm Capital Corp. | 385,699 | 4,126,979 | |
27,561,160 | |||
INDUSTRIALS - 0.1% | |||
Construction & Engineering - 0.1% | |||
Willscot Mobile Mini Holdings (c) | 58,900 | 2,785,970 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (a)(c)(d) | 740,700 | 7 | |
REAL ESTATE - 20.4% | |||
Equity Real Estate Investment Trusts (REITs) - 20.3% | |||
Acadia Realty Trust (SBI) | 510,426 | 8,707,868 | |
American Homes 4 Rent Class A | 621,100 | 21,769,555 | |
American Tower Corp. | 450,100 | 88,062,065 | |
AvalonBay Communities, Inc. | 114,200 | 20,442,942 | |
Crown Castle, Inc. | 541,210 | 58,585,983 | |
CubeSmart | 325,200 | 14,055,144 | |
Digital Realty Trust, Inc. | 74,400 | 10,450,224 | |
Easterly Government Properties, Inc. (a) | 998,900 | 12,266,492 | |
EastGroup Properties, Inc. | 55,600 | 9,865,108 | |
Elme Communities (SBI) | 755,647 | 10,941,769 | |
Equinix, Inc. | 65,000 | 53,935,050 | |
Equity Lifestyle Properties, Inc. | 1,311,596 | 88,781,917 | |
Equity Residential (SBI) | 96,200 | 5,790,278 | |
Essex Property Trust, Inc. | 159,900 | 37,299,873 | |
Extra Space Storage, Inc. | 163,149 | 23,565,242 | |
Gaming & Leisure Properties | 304,746 | 13,911,655 | |
Healthcare Trust of America, Inc. | 186,360 | 3,002,260 | |
Invitation Homes, Inc. | 544,100 | 17,917,213 | |
Kimco Realty Corp. | 201,400 | 4,068,280 | |
Lamar Advertising Co. Class A | 150,700 | 15,775,276 | |
LXP Industrial Trust (REIT) | 3,254,074 | 29,579,533 | |
Mid-America Apartment Communities, Inc. | 221,706 | 28,019,204 | |
NNN (REIT), Inc. | 52,100 | 2,101,714 | |
Postal Realty Trust, Inc. | 878,500 | 12,386,850 | |
Prologis, Inc. | 641,130 | 81,224,760 | |
Public Storage | 141,500 | 40,071,385 | |
Realty Income Corp. | 389,382 | 21,178,487 | |
Retail Value, Inc. (c)(d) | 274,131 | 3 | |
Rexford Industrial Realty, Inc. | 67,700 | 3,560,343 | |
RLJ Lodging Trust | 407,900 | 4,723,482 | |
Sabra Health Care REIT, Inc. | 604,175 | 8,059,695 | |
SITE Centers Corp. | 1,379,438 | 18,374,114 | |
Sunstone Hotel Investors, Inc. | 161,900 | 1,727,473 | |
Terreno Realty Corp. | 263,828 | 15,758,446 | |
UDR, Inc. | 392,200 | 14,127,044 | |
UMH Properties, Inc. | 335,723 | 5,072,775 | |
Ventas, Inc. | 892,186 | 41,388,509 | |
VICI Properties, Inc. | 739,000 | 22,258,680 | |
Welltower, Inc. | 654,600 | 56,629,446 | |
Weyerhaeuser Co. | 147,500 | 4,833,575 | |
930,269,712 | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield PLC (c) | 201,400 | 2,118,728 | |
Digitalbridge Group, Inc. (a) | 76,688 | 1,506,152 | |
3,624,880 | |||
TOTAL REAL ESTATE | 933,894,592 | ||
TOTAL COMMON STOCKS (Cost $740,818,654) | 964,241,729 | ||
Preferred Stocks - 17.7% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.8% | |||
FINANCIALS - 0.3% | |||
Mortgage Real Estate Investment Trusts - 0.3% | |||
Great Ajax Corp. 7.25% (b) | 611,442 | 15,212,677 | |
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
LXP Industrial Trust (REIT) Series C, 6.50% | 440,102 | 20,263,995 | |
RLJ Lodging Trust Series A, 1.95% | 31,585 | 789,625 | |
21,053,620 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 36,266,297 | ||
Nonconvertible Preferred Stocks - 16.9% | |||
ENERGY - 0.7% | |||
Oil, Gas & Consumable Fuels - 0.7% | |||
Enbridge, Inc.: | |||
Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(e)(f) | 498,275 | 10,722,878 | |
Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(e)(f) | 111,400 | 2,226,886 | |
Energy Transfer LP 7.60% (e) | 525,651 | 13,151,788 | |
Global Partners LP: | |||
3 month U.S. LIBOR + 6.770% 9.75%(e)(f) | 161,507 | 4,260,361 | |
Series B, 9.50% | 67,800 | 1,769,587 | |
32,131,500 | |||
FINANCIALS - 7.9% | |||
Mortgage Real Estate Investment Trusts - 7.9% | |||
AGNC Investment Corp.: | |||
6.125%(e) | 930,100 | 21,476,009 | |
6.875%(e) | 673,972 | 16,566,232 | |
Series C, CME Term SOFR 3 Month Index + 5.110% 7.00%(e)(f) | 653,202 | 16,708,907 | |
Series E, 6.50%(e) | 1,202,034 | 29,221,447 | |
Series G, 7.75%(e) | 320,000 | 7,267,200 | |
Annaly Capital Management, Inc.: | |||
6.75%(e) | 192,992 | 4,815,150 | |
Series F, CME Term SOFR 3 Month Index + 4.990% 6.95%(e)(f) | 1,452,443 | 37,037,297 | |
Series G, CME Term SOFR 3 Month Index + 4.430% 6.50%(e)(f) | 1,069,599 | 26,857,631 | |
Arbor Realty Trust, Inc.: | |||
Series D, 6.375% | 126,100 | 2,282,410 | |
Series F, 6.25%(e) | 447,536 | 8,283,891 | |
Chimera Investment Corp.: | |||
Series B, 8.00%(e) | 673,204 | 16,305,001 | |
Series C, 7.75%(e) | 1,108,086 | 22,726,844 | |
Dynex Capital, Inc. Series C 6.90% (e) | 298,683 | 7,147,484 | |
Ellington Financial LLC 6.75% (e) | 212,370 | 5,113,870 | |
MFA Financial, Inc.: | |||
6.50%(e) | 838,551 | 17,869,522 | |
Series B, 7.50% | 211,532 | 4,370,251 | |
PennyMac Mortgage Investment Trust: | |||
6.75% | 217,700 | 4,266,920 | |
8.125%(e) | 388,754 | 9,302,883 | |
Series B, 8.00%(e) | 597,708 | 14,135,794 | |
Rithm Capital Corp.: | |||
7.125%(e) | 1,023,942 | 24,410,777 | |
Series A, 7.50%(e) | 505,904 | 12,278,290 | |
Series C, 6.375%(e) | 1,074,554 | 23,554,224 | |
Series D, 7.00%(e) | 151,200 | 3,465,504 | |
Two Harbors Investment Corp.: | |||
Series A, 8.125%(e) | 363,526 | 8,161,159 | |
Series B, 7.625%(e) | 776,859 | 16,951,063 | |
360,575,760 | |||
REAL ESTATE - 8.3% | |||
Equity Real Estate Investment Trusts (REITs) - 6.5% | |||
Agree Realty Corp. 4.375% | 259,800 | 4,824,486 | |
American Homes 4 Rent: | |||
6.25% | 98,905 | 2,467,680 | |
Series G, 5.875% | 249,550 | 5,905,601 | |
Armada Hoffler Properties, Inc. 6.75% | 255,050 | 5,993,675 | |
Ashford Hospitality Trust, Inc.: | |||
Series F, 7.375% | 68,007 | 829,685 | |
Series H, 7.50% | 121,265 | 1,520,663 | |
Series I, 7.50% | 71,209 | 865,189 | |
Braemar Hotels & Resorts, Inc. Series D, 8.25% | 173,050 | 3,668,660 | |
Cedar Realty Trust, Inc.: | |||
7.25% | 126,972 | 1,855,061 | |
Series C, 6.50% | 291,600 | 3,761,611 | |
Centerspace Series C, 6.625% | 317,300 | 7,754,812 | |
CTO Realty Growth, Inc. 6.375% | 120,000 | 2,498,400 | |
DiamondRock Hospitality Co. 8.25% | 448,231 | 11,407,479 | |
Digital Realty Trust, Inc.: | |||
5.25% | 32,900 | 744,856 | |
Series L, 5.20% | 33,700 | 759,598 | |
Gladstone Commercial Corp.: | |||
6.625% | 157,675 | 3,364,785 | |
Series G, 6.00% | 516,000 | 9,977,376 | |
Gladstone Land Corp. Series D, 5.00% | 30,000 | 716,577 | |
Global Medical REIT, Inc. Series A, 7.50% | 150,848 | 3,725,946 | |
Global Net Lease, Inc.: | |||
7.50% | 821,484 | 18,031,574 | |
Series A, 7.25% | 509,695 | 10,678,110 | |
Series B 6.875% | 294,000 | 6,088,740 | |
Series E, 7.375% | 379,839 | 8,109,563 | |
Healthcare Trust, Inc.: | |||
7.125% | 190,000 | 2,886,100 | |
Series A 7.375% | 364,800 | 5,807,616 | |
Hudson Pacific Properties, Inc. Series C, 4.75% | 686,200 | 9,792,074 | |
Kimco Realty Corp.: | |||
5.125% | 49,000 | 1,153,460 | |
Series M, 5.25% | 58,100 | 1,366,512 | |
National Storage Affiliates Trust Series A, 6.00% | 101,375 | 2,379,271 | |
Pebblebrook Hotel Trust: | |||
6.30% | 281,697 | 6,002,963 | |
6.375% | 372,994 | 7,948,539 | |
6.375% | 666,800 | 13,869,440 | |
Series H, 5.70% | 717,200 | 13,720,036 | |
Pennsylvania (REIT): | |||
Series B, 7.375%(c) | 99,385 | 43,306 | |
Series C, 7.20%(c) | 50,325 | 21,801 | |
Series D, 6.875%(c) | 150,100 | 64,798 | |
Prologis, Inc. Series Q, 8.54% | 93,396 | 5,118,288 | |
Public Storage: | |||
4.00% | 47,800 | 910,590 | |
4.00% | 244,200 | 4,622,706 | |
Series F, 5.15% | 25,800 | 635,712 | |
Series G, 5.05% | 43,800 | 1,077,480 | |
Series I, 4.875% | 75,000 | 1,756,500 | |
Series J, 4.70% | 529,337 | 11,587,187 | |
Series K, 4.75% | 592,462 | 13,146,732 | |
Series L, 4.625% | 235,900 | 5,208,672 | |
Series M, 4.125% | 53,000 | 1,040,920 | |
Series S, 4.10% | 200,000 | 3,890,000 | |
Realty Income Corp. 6.00% | 121,125 | 3,040,250 | |
Regency Centers Corp.: | |||
5.875% | 69,225 | 1,721,626 | |
Series A, 6.25% | 281,325 | 7,010,619 | |
Rexford Industrial Realty, Inc.: | |||
Series B, 5.875% | 98,400 | 2,270,088 | |
Series C, 5.625% | 78,225 | 1,701,394 | |
Saul Centers, Inc.: | |||
Series D, 6.125% | 82,775 | 1,895,399 | |
Series E, 6.00% | 76,841 | 1,771,953 | |
SITE Centers Corp. 6.375% | 124,200 | 2,906,280 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00% | 67,250 | 1,294,563 | |
Series C, 7.875% | 107,000 | 2,069,380 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 457,602 | 9,802,384 | |
Series F, 5.875% | 377,000 | 7,634,250 | |
Sunstone Hotel Investors, Inc.: | |||
Series H, 6.125% | 180,000 | 3,888,000 | |
Series I, 5.70% | 240,000 | 4,800,000 | |
UMH Properties, Inc. Series D, 6.375% | 694,525 | 15,974,075 | |
Vornado Realty Trust: | |||
Series L, 5.40% | 30,100 | 499,209 | |
Series M, 5.25% | 2,000 | 31,820 | |
297,912,120 | |||
Real Estate Management & Development - 1.8% | |||
Brookfield Property Partners LP: | |||
5.75% | 43,000 | 499,660 | |
6.50% | 34,125 | 457,275 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 942,305 | 21,795,515 | |
Series I, 7.15% | 1,074,492 | 24,890,607 | |
Series J, 7.15% | 1,362,346 | 31,347,581 | |
Seritage Growth Properties Series A, 7.00% | 91,986 | 2,239,859 | |
81,230,497 | |||
TOTAL REAL ESTATE | 379,142,617 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 771,849,877 | ||
TOTAL PREFERRED STOCKS (Cost $874,271,341) | 808,116,174 | ||
Corporate Bonds - 25.8% | |||
Principal Amount (g) | Value ($) | ||
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 | 9,699,970 | |
PennyMac Corp. 5.5% 11/1/24 | 13,601,000 | 13,226,973 | |
Redwood Trust, Inc. 5.625% 7/15/24 | 3,631,000 | 3,576,530 | |
Two Harbors Investment Corp. 6.25% 1/15/26 | 4,896,000 | 4,602,240 | |
31,105,713 | |||
Nonconvertible Bonds - 25.1% | |||
COMMUNICATION SERVICES - 0.1% | |||
Media - 0.1% | |||
Lamar Media Corp. 4% 2/15/30 | 5,875,000 | 5,376,213 | |
CONSUMER DISCRETIONARY - 3.4% | |||
Hotels, Restaurants & Leisure - 1.9% | |||
Caesars Entertainment, Inc. 8.125% 7/1/27 (h) | 17,465,000 | 17,923,386 | |
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32(h) | 13,965,000 | 11,988,680 | |
4% 5/1/31(h) | 12,000,000 | 10,785,683 | |
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (h) | 18,265,000 | 16,197,417 | |
Hyatt Hotels Corp. 5.75% 1/30/27 | 5,000,000 | 5,114,209 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (h) | 15,960,000 | 14,347,721 | |
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (h) | 8,000,000 | 7,902,720 | |
Times Square Hotel Trust 8.528% 8/1/26 (h) | 2,543,621 | 2,541,991 | |
86,801,807 | |||
Household Durables - 1.5% | |||
Adams Homes, Inc. 7.5% 2/15/25 (h) | 2,439,000 | 2,422,782 | |
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co. 6.625% 1/15/28 (h) | 7,925,000 | 7,808,113 | |
Century Communities, Inc.: | |||
3.875% 8/15/29(h) | 13,005,000 | 11,701,279 | |
6.75% 6/1/27 | 4,670,000 | 4,704,749 | |
LGI Homes, Inc. 4% 7/15/29 (h) | 13,310,000 | 11,388,297 | |
M/I Homes, Inc. 3.95% 2/15/30 | 17,070,000 | 15,149,625 | |
New Home Co., Inc. 8.25% 10/15/27 (h)(i) | 4,680,000 | 4,352,400 | |
TRI Pointe Homes, Inc. 5.25% 6/1/27 | 11,458,000 | 11,265,620 | |
68,792,865 | |||
TOTAL CONSUMER DISCRETIONARY | 155,594,672 | ||
ENERGY - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
EG Global Finance PLC 12% 11/30/28 (h) | 10,000,000 | 10,569,800 | |
FINANCIALS - 0.4% | |||
Financial Services - 0.4% | |||
Brixmor Operating Partnership LP: | |||
2.5% 8/16/31 | 9,000,000 | 7,507,644 | |
4.05% 7/1/30 | 4,000,000 | 3,740,790 | |
4.125% 5/15/29 | 1,872,000 | 1,777,522 | |
Rexford Industrial Realty LP 2.15% 9/1/31 | 6,188,000 | 4,977,232 | |
18,003,188 | |||
HEALTH CARE - 0.5% | |||
Health Care Providers & Services - 0.5% | |||
Sabra Health Care LP: | |||
3.9% 10/15/29 | 989,000 | 894,948 | |
5.125% 8/15/26 | 20,264,000 | 19,960,791 | |
20,855,739 | |||
INDUSTRIALS - 0.1% | |||
Commercial Services & Supplies - 0.1% | |||
Williams Scotsman, Inc. 6.125% 6/15/25 (h) | 3,240,000 | 3,231,900 | |
REAL ESTATE - 20.4% | |||
Equity Real Estate Investment Trusts (REITs) - 17.4% | |||
Agree LP: | |||
2.6% 6/15/33 | 6,100,000 | 4,828,250 | |
2.9% 10/1/30 | 1,500,000 | 1,296,669 | |
4.8% 10/1/32 | 1,288,000 | 1,225,096 | |
American Homes 4 Rent LP: | |||
2.375% 7/15/31 | 9,000,000 | 7,398,034 | |
3.625% 4/15/32 | 27,000,000 | 24,105,340 | |
4.9% 2/15/29 | 13,000,000 | 12,899,420 | |
5.5% 2/1/34 | 6,000,000 | 6,061,594 | |
American Tower Corp.: | |||
2.7% 4/15/31 | 2,000,000 | 1,714,197 | |
3.8% 8/15/29 | 23,000,000 | 21,701,087 | |
4.05% 3/15/32 | 27,000,000 | 25,226,864 | |
5.55% 7/15/33 | 18,000,000 | 18,488,295 | |
5.65% 3/15/33 | 20,000,000 | 20,657,793 | |
5.9% 11/15/33 | 5,000,000 | 5,275,544 | |
Boston Properties, Inc.: | |||
3.25% 1/30/31 | 8,000,000 | 6,886,448 | |
6.75% 12/1/27 | 37,000 | 38,673 | |
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, Inc.: | |||
2.1% 4/1/31 | 4,000,000 | 3,256,161 | |
2.25% 1/15/31 | 14,000,000 | 11,568,622 | |
2.5% 7/15/31 | 10,000,000 | 8,333,526 | |
3.8% 2/15/28 | 2,000,000 | 1,901,786 | |
5% 1/11/28 | 3,000,000 | 2,984,861 | |
5.1% 5/1/33 | 30,000,000 | 29,632,607 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (h) | 21,865,000 | 19,925,793 | |
CubeSmart LP 4.375% 2/15/29 | 12,000,000 | 11,677,208 | |
EPR Properties: | |||
3.6% 11/15/31 | 2,000,000 | 1,672,732 | |
4.95% 4/15/28 | 8,000,000 | 7,686,900 | |
Equinix, Inc.: | |||
3.2% 11/18/29 | 10,000,000 | 9,143,259 | |
3.9% 4/15/32 | 22,000,000 | 20,359,261 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (h) | 5,075,000 | 4,305,231 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
4% 1/15/30 | 3,000,000 | 2,733,591 | |
4% 1/15/31 | 2,000,000 | 1,779,387 | |
5.3% 1/15/29 | 19,193,000 | 18,908,965 | |
5.375% 4/15/26 | 8,000,000 | 7,972,848 | |
Hudson Pacific Properties LP 4.65% 4/1/29 | 6,000,000 | 5,302,469 | |
Invitation Homes Operating Partnership LP: | |||
4.15% 4/15/32 | 35,000,000 | 32,125,149 | |
5.5% 8/15/33 | 23,000,000 | 23,165,214 | |
Kimco Realty OP, LLC: | |||
4.6% 2/1/33 | 9,000,000 | 8,661,646 | |
6.4% 3/1/34 | 9,424,000 | 10,195,960 | |
Kite Realty Group LP 5.5% 3/1/34 | 7,000 | 6,969 | |
LXP Industrial Trust (REIT): | |||
2.375% 10/1/31 | 7,500,000 | 6,042,195 | |
2.7% 9/15/30 | 1,422,000 | 1,196,315 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
3.5% 3/15/31 | 6,000,000 | 3,678,232 | |
4.625% 8/1/29 | 19,835,000 | 13,411,691 | |
5% 10/15/27 | 5,000,000 | 3,784,443 | |
Necessity Retail REIT, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (h) | 13,405,000 | 11,343,082 | |
NNN (REIT), Inc. 5.6% 10/15/33 | 9,575,000 | 9,793,570 | |
Omega Healthcare Investors, Inc.: | |||
3.25% 4/15/33 | 18,000,000 | 14,531,721 | |
3.375% 2/1/31 | 5,000,000 | 4,286,612 | |
4.5% 4/1/27 | 6,752,000 | 6,567,717 | |
4.95% 4/1/24 | 2,866,000 | 2,860,403 | |
Park Intermediate Holdings LLC 4.875% 5/15/29 (h) | 7,000,000 | 6,413,750 | |
Phillips Edison Grocery Center 2.625% 11/15/31 | 12,500,000 | 10,199,513 | |
Prologis LP 5.125% 1/15/34 | 5,000,000 | 5,078,191 | |
Public Storage: | |||
5.1% 8/1/33 | 10,000,000 | 10,190,819 | |
5.35% 8/1/53 | 5,000,000 | 5,126,611 | |
Realty Income Corp.: | |||
3.4% 1/15/30 | 12,000,000 | 11,051,303 | |
4% 7/15/29 | 3,000,000 | 2,876,698 | |
4.875% 6/1/26 | 436,000 | 435,880 | |
5.625% 10/13/32 | 5,000,000 | 5,189,265 | |
RLJ Lodging Trust LP: | |||
3.75% 7/1/26(h) | 4,000,000 | 3,780,005 | |
4% 9/15/29(h) | 4,835,000 | 4,279,126 | |
Safehold Operating Partnership LP: | |||
2.8% 6/15/31 | 7,000,000 | 5,825,903 | |
2.85% 1/15/32 | 15,250,000 | 12,584,376 | |
SBA Communications Corp.: | |||
3.125% 2/1/29 | 25,000,000 | 22,280,823 | |
3.875% 2/15/27 | 5,000,000 | 4,771,605 | |
Simon Property Group LP 6.25% 1/15/34 | 10,000,000 | 10,821,335 | |
Sun Communities Operating LP: | |||
2.7% 7/15/31 | 9,000,000 | 7,475,669 | |
4.2% 4/15/32 | 11,439,000 | 10,388,773 | |
5.5% 1/15/29 | 9,000,000 | 9,086,001 | |
5.7% 1/15/33 | 17,750,000 | 17,913,150 | |
UDR, Inc. 3% 8/15/31 | 1,500,000 | 1,307,031 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (h) | 18,035,000 | 11,948,188 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
6.5% 2/15/29(h) | 27,505,000 | 19,401,829 | |
10.5% 2/15/28(h) | 7,000,000 | 7,125,657 | |
Ventas Realty LP: | |||
2.5% 9/1/31 | 1,500,000 | 1,232,333 | |
4.4% 1/15/29 | 17,000,000 | 16,489,320 | |
VICI Properties LP: | |||
4.75% 2/15/28 | 5,000,000 | 4,895,792 | |
5.125% 5/15/32 | 38,000,000 | 36,313,883 | |
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (h) | 26,000,000 | 24,604,320 | |
Vornado Realty LP 3.4% 6/1/31 | 6,000,000 | 4,730,297 | |
Welltower OP LLC: | |||
4% 6/1/25 | 5,000,000 | 4,918,176 | |
4.125% 3/15/29 | 3,000,000 | 2,903,898 | |
WP Carey, Inc.: | |||
2.45% 2/1/32 | 2,000,000 | 1,633,984 | |
3.85% 7/15/29 | 3,000,000 | 2,822,187 | |
XHR LP: | |||
4.875% 6/1/29(h) | 10,000,000 | 9,223,100 | |
6.375% 8/15/25(h) | 4,250,000 | 4,251,400 | |
798,169,625 | |||
Real Estate Management & Development - 3.0% | |||
CBRE Group, Inc. 5.95% 8/15/34 | 27,250,000 | 28,192,903 | |
CoStar Group, Inc. 2.8% 7/15/30 (h) | 2,000,000 | 1,717,968 | |
Cushman & Wakefield U.S. Borrower LLC 6.75% 5/15/28 (h) | 11,165,000 | 11,012,263 | |
Digital Realty Trust LP: | |||
3.6% 7/1/29 | 5,000,000 | 4,687,659 | |
3.7% 8/15/27 | 5,000,000 | 4,836,061 | |
5.55% 1/15/28 | 12,000,000 | 12,269,314 | |
Essex Portfolio LP: | |||
2.55% 6/15/31 | 2,000,000 | 1,674,709 | |
2.65% 3/15/32 | 3,000,000 | 2,508,605 | |
Extra Space Storage LP: | |||
2.55% 6/1/31 | 2,000,000 | 1,671,789 | |
5.4% 2/1/34 | 5,000,000 | 4,998,940 | |
5.5% 7/1/30 | 5,000,000 | 5,113,249 | |
5.9% 1/15/31 | 9,000,000 | 9,356,901 | |
Forestar Group, Inc.: | |||
3.85% 5/15/26(h) | 8,000,000 | 7,598,960 | |
5% 3/1/28(h) | 5,000,000 | 4,717,851 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29(h) | 5,295,000 | 4,775,283 | |
5.375% 8/1/28(h) | 2,515,000 | 2,409,401 | |
Kennedy-Wilson, Inc.: | |||
4.75% 3/1/29 | 17,075,000 | 14,295,190 | |
4.75% 2/1/30 | 8,130,000 | 6,602,454 | |
5% 3/1/31 | 6,960,000 | 5,550,600 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (h) | 1,798,000 | 1,782,393 | |
135,772,493 | |||
TOTAL REAL ESTATE | 933,942,118 | ||
TOTAL NONCONVERTIBLE BONDS | 1,147,573,630 | ||
TOTAL CORPORATE BONDS (Cost $1,199,497,612) | 1,178,679,343 | ||
Asset-Backed Securities - 1.6% | |||
Principal Amount (g) | Value ($) | ||
American Homes 4 Rent Series 2015-SFR2: | |||
Class E, 6.07% 10/17/52 (h) | 8,259,000 | 8,271,474 | |
Class XS, 0% 10/17/52 (d)(e)(h)(k) | 4,459,092 | 45 | |
Capital Trust RE CDO Ltd. Series 2005-1A Class D, CME Term SOFR 1 Month Index + 1.610% 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) | 2,760,918 | 2,427,514 | |
Series 2021-1 Class F, 3.325% 9/17/41 (h) | 6,602,670 | 5,159,786 | |
Series 2021-2 Class G, 4.505% 12/17/26 (h) | 27,719,380 | 24,350,608 | |
Series 2021-3 Class F, 4.242% 1/17/41 (h) | 9,923,336 | 8,509,590 | |
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (h) | 2,900,000 | 2,593,352 | |
Retained Vantage Data Ctrs Iss Series 2023-2A Class A2, 5.05% 9/15/48 (h) | 4,000,000 | 3,684,219 | |
Tricon American Homes Series 2018-SFR1 Class F, 4.96% 5/17/37 (h) | 8,282,000 | 8,124,228 | |
Tricon Residential 2023-Sfr1 T Series 2023-SFR1: | |||
Class D, 5.1% 7/17/40 (h) | 5,000,000 | 4,823,097 | |
Class E, 7.977% 7/17/40 (h) | 2,000,000 | 2,051,039 | |
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (h) | 3,000,000 | 2,705,193 | |
TOTAL ASSET-BACKED SECURITIES (Cost $80,819,580) | 72,700,145 | ||
Collateralized Mortgage Obligations - 0.0% | |||
Principal Amount (g) | Value ($) | ||
U.S. Government Agency - 0.0% | |||
Fannie Mae REMIC Trust: | |||
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6522% 2/25/42 (d)(e)(h) | 21,139 | 9,052 | |
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.8636% 6/25/43 (d)(e)(h) | 36,388 | 26,447 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $37,396) | 35,499 | ||
Commercial Mortgage Securities - 23.9% | |||
Principal Amount (g) | Value ($) | ||
BANK sequential payer: | |||
Series 2022-BNK42 Class D, 2.5% 6/15/55 (h) | 2,000,000 | 1,290,863 | |
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (e) | 15,000,000 | 14,583,636 | |
Series 2022-BNK43 Class A5, 4.399% 8/15/55 | 10,485,000 | 10,101,661 | |
Series 2022-BNK44, Class A5, 5.9367% 11/15/55 (e) | 15,900,000 | 16,913,622 | |
Bank sequential payer Series 2023-BNK46 Class A4, 5.745% 8/15/56 | 1,409,000 | 1,498,925 | |
BANK: | |||
Series 2017-BNK8 Class E, 2.8% 11/15/50 (h) | 11,374,393 | 4,094,784 | |
Series 2020-BN30 Class MCDG, 3.0155% 12/15/53 (d)(e) | 2,000,000 | 802,909 | |
Series 2021-BN38 Class C, 3.3246% 12/15/64 (e) | 3,505,000 | 2,592,379 | |
Series 2022-BNK41, Class C, 3.9165% 4/15/65 (e) | 4,433,000 | 3,451,440 | |
Series 2022-BNK42 Class C, 4.7222% 6/15/55 (e) | 6,500,000 | 5,519,036 | |
Series 2022-BNK44 Class A/S, 5.7452% 11/15/55 (e) | 5,000,000 | 5,131,784 | |
Bank Series 2023-BNK46 Class A/S, 6.385% 8/15/56 | 5,000,000 | 5,351,406 | |
Bank of America Commercial Mortgage Trust Series 2016-UB10 Class C, 4.9856% 7/15/49 (e) | 3,030,000 | 2,829,971 | |
Bank5 2023-5Yr3 Series 2023-5YR3: | |||
Class A/S, 7.3154% 9/15/56 (e) | 1,500,000 | 1,615,639 | |
Class B, 7.5592% 9/15/56 (e) | 2,000,000 | 2,120,369 | |
Bank5 2023-5Yr4 Series 2023-5YR4 Class A/S, 7.274% 12/15/56 (e) | 5,000,000 | 5,365,557 | |
BBCMS Mortgage Trust: | |||
sequential payer: | |||
Series 2022-C17: | |||
Class C, 5.45% 9/15/55 | 2,000,000 | 1,779,802 | |
Class D, 2.5% 9/15/55 (h) | 2,000,000 | 1,203,634 | |
Series 2023-C19 Class A5, 5.451% 4/15/56 | 22,500,000 | 23,475,593 | |
Series 2023-C20 Class A5, 5.576% 7/15/56 | 24,250,000 | 25,573,359 | |
Series 2023-C21 Class A/S, 6.5061% 9/15/56 (e) | 7,000,000 | 7,460,846 | |
Series 2023-C22: | |||
Class A/S, 7.3636% 11/15/56 | 10,000,000 | 11,594,956 | |
Class B, 7.3636% 11/15/56 (e) | 10,000,000 | 11,224,744 | |
Series 2020-C6 Class C, 3.045% 2/15/53 | 1,129,000 | 897,129 | |
Series 2020-C7 Class C, 3.7154% 4/15/53 (e) | 2,067,000 | 1,515,533 | |
Series 2022-C16 Class C, 4.6% 6/15/55 (e) | 5,250,000 | 4,325,868 | |
Series 2023-5C23 Class A/S, 7.7032% 12/15/56 | 2,500,000 | 2,677,679 | |
Series 2023-C21 Class B, 6.5061% 9/15/56 | 7,000,000 | 7,308,403 | |
Benchmark 2023-V3 Mtg Trust Series 2023-V3 Class A/S, 7.0967% 7/15/56 | 10,000,000 | 10,639,061 | |
Benchmark Mortgage Trust: | |||
sequential payer: | |||
Series 2019-B14: | |||
Class 225D, 3.4041% 12/15/62 (e)(h) | 3,427,000 | 69,527 | |
Class 225E, 3.4041% 12/15/62 (d)(e)(h) | 5,141,000 | 51,348 | |
Series 2021-B28 Class A5, 2.2237% 8/15/54 | 500,000 | 413,019 | |
Series 2022-B34 Class A5, 3.786% 4/15/55 | 10,168,402 | 9,061,639 | |
Series 2022-B35 Class A5, 4.5925% 5/15/55 (e) | 12,302,000 | 11,574,030 | |
Series 2022-B36 Class A5, 4.4699% 7/15/55 | 4,900,000 | 4,750,686 | |
Series 2023-B38 Class A4, 5.5246% 4/15/56 | 21,000,000 | 21,940,672 | |
Series 2023-B39 Class A5, 5.7536% 7/15/56 | 5,000,000 | 5,312,310 | |
Series 2023-C5 Class A5, 5.7653% 6/15/56 | 22,850,000 | 24,285,693 | |
Series 2020-B18 Class AGNG, 4.5348% 7/15/53 (e)(h) | 11,379,000 | 9,960,176 | |
Series 2022-B32 Class A5, 3.0019% 1/15/55 | 9,618,000 | 8,103,111 | |
Series 2022-B35 Class C, 4.4444% 5/15/55 (e) | 7,000,000 | 5,267,943 | |
Series 2022-B36: | |||
Class C, 5.1189% 7/15/55 (e) | 2,000,000 | 1,478,800 | |
Class D, 2.5% 7/15/55 (h) | 3,828,000 | 2,132,284 | |
Series 2023-B39 Class B, 6.192% 7/15/56 (h) | 5,000,000 | 5,187,804 | |
Series 2023-C5 Class B, 6.697% 6/15/56 (e) | 4,750,000 | 5,063,771 | |
Series 2023-V2 Class A/S, 6.5374% 5/15/55 | 4,200,000 | 4,360,312 | |
BMO Mortgage Trust: | |||
sequential payer Series 2023-C6 Class A5, 5.9562% 9/15/56 | 14,000,000 | 15,073,608 | |
Series 2023-5C1 Class A/S, 7.1177% 8/15/56 (e) | 3,500,000 | 3,718,342 | |
Series 2023-5C2 Class A5, 7.4855% 11/15/56 (e) | 10,000,000 | 10,749,692 | |
Series 2023-C6 Class A/S, 6.5504% 9/15/56 (e) | 5,000,000 | 5,430,897 | |
Series 2023-C7 Class A/S, 6.6738% 12/15/56 (e) | 5,000,000 | 5,471,051 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.640% 8.9793% 4/15/34 (e)(f)(h) | 5,181,000 | 5,106,764 | |
Series 2019-XL: | |||
Class G, CME Term SOFR 1 Month Index + 2.410% 7.7476% 10/15/36 (e)(f)(h) | 13,391,750 | 13,257,835 | |
Class J, CME Term SOFR 1 Month Index + 2.760% 8.0976% 10/15/36 (e)(f)(h) | 15,217,550 | 14,790,938 | |
Series 2021-ACNT Class G, CME Term SOFR 1 Month Index + 3.400% 8.7425% 11/15/38 (e)(f)(h) | 15,581,000 | 14,995,083 | |
Series 2021-CIP Class F, CME Term SOFR 1 Month Index + 3.330% 8.6665% 12/15/38 (e)(f)(h) | 7,790,000 | 7,584,505 | |
Series 2021-PAC Class G, CME Term SOFR 1 Month Index + 3.060% 8.3936% 10/15/36 (e)(f)(h) | 17,232,000 | 16,456,551 | |
Series 2021-SOAR Class J, CME Term SOFR 1 Month Index + 3.860% 9.1985% 6/15/38 (e)(f)(h) | 17,644,334 | 17,139,235 | |
Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.3998% 5/15/38 (e)(f)(h) | 12,077,382 | 11,763,764 | |
Series 2021-VOLT: | |||
Class F, CME Term SOFR 1 Month Index + 2.510% 7.8476% 9/15/36 (e)(f)(h) | 10,000,000 | 9,801,545 | |
Class G, CME Term SOFR 1 Month Index + 2.960% 8.2976% 9/15/36 (e)(f)(h) | 5,000,000 | 4,813,850 | |
Series 2022-LBA6: | |||
Class F, CME Term SOFR 1 Month Index + 3.350% 8.6832% 1/15/39 (e)(f)(h) | 6,200,000 | 6,055,695 | |
Class G, CME Term SOFR 1 Month Index + 4.200% 9.5332% 1/15/39 (e)(f)(h) | 11,340,000 | 11,037,322 | |
Series 2019-OC11 Class E, 4.0755% 12/9/41 (e)(h) | 22,521,000 | 19,362,105 | |
Series 2020-VIVA Class E, 3.667% 3/11/44 (e)(h) | 20,898,990 | 17,085,033 | |
BX Commercial Mortgage Trust 2024-Xl4 floater Series 2024-XL4: | |||
Class D, CME Term SOFR 1 Month Index + 3.130% 0% 2/15/39 (e)(f)(h) | 10,000,000 | 10,013,000 | |
Class E, CME Term SOFR 1 Month Index + 4.180% 9.1881% 2/15/39 (e)(f)(h) | 5,000,000 | 4,987,500 | |
BX Trust floater Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 8.6322% 1/15/39 (e)(f)(h) | 4,367,000 | 4,062,443 | |
BXP Trust Series 2021-601L Class E, 2.868% 1/15/44 (e)(h) | 5,754,000 | 3,219,601 | |
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d)(h) | 3,353,000 | 1,118,634 | |
Citigroup Commercial Mortgage Trust: | |||
sequential payer: | |||
Series 2019-C7 Class A4, 3.102% 12/15/72 | 4,820,000 | 4,348,320 | |
Series 2023-V2 Class A3, 6.0475% 10/12/40 (e)(h) | 5,000,000 | 5,055,578 | |
Series 2022-GC48 Class E, 2.5% 6/15/55 (h) | 2,000,000 | 1,093,201 | |
Series 2023-PRM3: | |||
Class B, 6.5717% 7/10/28 (e)(h) | 5,000,000 | 5,080,367 | |
Class C, 6.5717% 7/10/28 (e)(h) | 5,500,000 | 5,453,323 | |
Series 2023-SMRT Class C, 6.0475% 10/12/40 (e)(h) | 9,750,000 | 9,784,641 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, CME Term SOFR 1 Month Index + 3.340% 8.679% 9/15/33 (e)(f)(h) | 4,265,000 | 2,066,474 | |
Class G, CME Term SOFR 1 Month Index + 5.350% 10.6853% 9/15/33 (e)(f)(h) | 4,265,000 | 1,638,048 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (h) | 4,741,000 | 4,290,605 | |
Series 2012-CR1: | |||
Class D, 5.3084% 5/15/45 (e)(h) | 1,469,506 | 1,139,425 | |
Class G, 2.462% 5/15/45 (d)(h) | 1,614,664 | 30,368 | |
Series 2014-UBS2 Class D, 5.1241% 3/10/47 (e)(h) | 3,713,000 | 3,078,578 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (h) | 2,769,000 | 1,812,534 | |
Series 2019-CD4 Class C, 4.3497% 5/10/50 (e) | 3,000,000 | 2,277,992 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (h) | 2,769,000 | 2,057,505 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | |||
Class E, 4.6861% 8/15/45 (e)(h) | 2,246,651 | 2,182,622 | |
Class F, 4.25% 8/15/45 (h) | 2,000,000 | 1,620,000 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.6645% 6/15/34 (f)(h) | 7,120,000 | 3,244,252 | |
Credit Suisse Mortgage Trust: | |||
floater Series 2021-BPNY Class A, CME Term SOFR 1 Month Index + 3.820% 9.1629% 8/15/26 (e)(f)(h) | 18,000,000 | 16,008,295 | |
Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.9067% 5/15/26 (e)(f)(h) | 8,146,318 | 7,397,845 | |
CSAIL Commercial Mortgage Trust: | |||
sequential payer Series 2019-C15 Class A4, 4.0529% 3/15/52 | 9,425,000 | 8,956,059 | |
Series 2017-C8 Class D, 4.5627% 6/15/50 (e)(h) | 4,297,000 | 3,160,163 | |
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.5358% 8/10/44 (e)(h) | 2,829,691 | 2,520,321 | |
DTP Commercial Mortgage Trust 2023-Ste2 sequential payer Series 2023-STE2 Class C, 6.6891% 1/15/41 (e)(h) | 8,800,000 | 8,694,896 | |
ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, CME Term SOFR 1 Month Index + 3.720% 9.0634% 11/15/38 (e)(f)(h) | 15,430,040 | 14,689,432 | |
GS Mortgage Securities Trust: | |||
floater: | |||
Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.640% 8.231% 7/15/35 (e)(f)(h) | 3,808,000 | 336,456 | |
Series 2019-70P Class E, CME Term SOFR 1 Month Index + 2.310% 7.8985% 10/15/36 (e)(f)(h) | 7,437,000 | 6,875,460 | |
sequential payer: | |||
Series 2019-GSA1 Class A4, 3.0479% 11/10/52 | 7,000,000 | 6,303,554 | |
Series 2023-SHIP: | |||
Class D, 6.273% 9/10/38 (e)(h) | 9,000,000 | 8,830,678 | |
Class E, 7.4336% 9/10/38 (e)(h) | 15,000,000 | 14,735,946 | |
Series 2011-GC5: | |||
Class C, 5.2983% 8/10/44 (e)(h) | 8,899,000 | 6,574,910 | |
Class D, 5.2983% 8/10/44 (e)(h) | 2,733,635 | 986,232 | |
Class E, 5.2983% 8/10/44 (e)(h) | 8,138,000 | 906,222 | |
Class F, 4.5% 8/10/44 (d)(h) | 7,897,000 | 23,691 | |
Series 2012-GCJ9: | |||
Class D, 4.7543% 11/10/45 (e)(h) | 4,531,578 | 4,128,449 | |
Class E, 4.7543% 11/10/45 (d)(e)(h) | 1,908,000 | 1,589,059 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (e)(h) | 20,270,000 | 18,622,507 | |
IMT Trust Series 2017-APTS Class EFX, 3.6132% 6/15/34 (e)(h) | 9,213,000 | 8,997,386 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (h) | 2,896,000 | 2,680,518 | |
JPMBB Commercial Mortgage Securities Trust: | |||
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (d)(h) | 8,640,000 | 7,033,678 | |
Series 2014-C26 Class D, 4.0107% 1/15/48 (e)(h) | 2,398,000 | 2,039,913 | |
JPMDB Commercial Mortgage Securities Trust: | |||
sequential payer Series 2019-COR6 Class A4, 3.0565% 11/13/52 | 8,000,000 | 6,664,805 | |
Series 2018-C8 Class D, 3.4226% 6/15/51 (e)(h) | 1,698,000 | 1,143,283 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
sequential payer Series 2021-1MEM Class E, 2.742% 10/9/42 (e)(h) | 9,552,000 | 5,527,368 | |
Series 2011-C3: | |||
Class E, 5.7097% 2/15/46 (d)(e)(h) | 13,774,000 | 5,716,348 | |
Class G, 4.409% 2/15/46 (e)(h) | 4,671,000 | 537,072 | |
Class H, 4.409% 2/15/46 (d)(e)(h) | 7,077,000 | 489,268 | |
Series 2012-CBX: | |||
Class E, 4.8459% 6/15/45 (e)(h) | 4,370,619 | 3,867,998 | |
Class F, 4% 6/15/45 (d)(h) | 8,192,000 | 6,553,600 | |
Class G 4% 6/15/45 (d)(h) | 4,044,000 | 2,749,920 | |
Series 2013-LC11: | |||
Class D, 4.2992% 4/15/46 (e) | 7,722,000 | 3,448,414 | |
Class E, 3.25% 4/15/46 (e)(h) | 472,000 | 128,063 | |
Class F, 3.25% 4/15/46 (e)(h) | 2,518,000 | 156,116 | |
Series 2014-DSTY Class E, 3.9314% 6/10/27 (d)(e)(h) | 8,161,000 | 19,905 | |
Series 2018-AON Class F, 4.767% 7/5/31 (e)(h) | 5,039,000 | 1,053,667 | |
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (d)(h) | 2,000,000 | 642,687 | |
KNDR Trust floater Series 2021-KIND Class F, CME Term SOFR 1 Month Index + 4.060% 9.3975% 8/15/38 (e)(f)(h) | 7,096,315 | 6,572,750 | |
Merit floater Series 2021-STOR Class J, CME Term SOFR 1 Month Index + 4.060% 9.3985% 7/15/38 (e)(f)(h) | 3,476,000 | 3,365,182 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, CME Term SOFR 1 Month Index + 3.310% 8.6484% 4/15/38 (e)(f)(h) | 13,087,315 | 12,858,293 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL: | |||
Class F, CME Term SOFR 1 Month Index + 3.250% 8.5924% 1/15/27 (e)(f)(h) | 3,924,498 | 3,804,130 | |
Class G, CME Term SOFR 1 Month Index + 3.950% 9.2907% 1/15/27 (e)(f)(h) | 13,149,119 | 12,699,681 | |
Mira Trust 2023-Mile sequential payer Series 2023-MILE Class B, 7.2026% 6/10/38 (h) | 4,200,000 | 4,310,447 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C6 Class D, 4.5725% 11/15/45 (e)(h) | 2,000,000 | 1,620,040 | |
Series 2012-C6, Class F, 4.5725% 11/15/45 (e)(h) | 2,500,000 | 1,200,300 | |
Series 2013-C12 Class D, 6.2365% 10/15/46 (e)(h) | 5,670,988 | 4,735,502 | |
Series 2013-C13 Class E, 5.1684% 11/15/46 (e)(h) | 2,740,911 | 2,469,397 | |
Series 2013-C9: | |||
Class C, 3.8559% 5/15/46 (e) | 3,302,000 | 2,520,218 | |
Class D, 3.9439% 5/15/46 (e)(h) | 5,137,000 | 3,666,277 | |
Morgan Stanley Capital I Trust: | |||
Series 2011-C2: | |||
Class D, 5.385% 6/15/44 (e)(h) | 2,804,868 | 2,595,303 | |
Class F, 5.385% 6/15/44 (d)(e)(h) | 4,440,000 | 1,826,151 | |
Class XB, 0.5055% 6/15/44 (e)(h)(k) | 27,974,438 | 96,017 | |
Series 2011-C3: | |||
Class E, 5.1087% 7/15/49 (e)(h) | 1,182,551 | 1,154,102 | |
Class F, 5.1087% 7/15/49 (e)(h) | 5,624,050 | 5,061,482 | |
Class G, 5.1087% 7/15/49 (e)(h) | 5,049,500 | 4,304,996 | |
Series 2015-MS1 Class D, 4.1571% 5/15/48 (e)(h) | 10,833,000 | 6,788,720 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (h) | 2,966,000 | 1,368,998 | |
Series 2017-H1 Class C, 4.281% 6/15/50 | 2,470,594 | 2,190,578 | |
Series 2018-H4 Class A4, 4.31% 12/15/51 | 14,240,929 | 13,805,923 | |
Series 2020-L4, Class C, 3.536% 2/15/53 | 2,765,000 | 2,071,258 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (e)(h) | 1,500,000 | 989,416 | |
MSWF Commercial Mortgage Trust sequential payer: | |||
Series 2023-1: | |||
Class A5, 5.752% 5/15/56 | 16,000,000 | 16,952,125 | |
Class B, 6.9056% 5/15/56 (e) | 3,750,000 | 4,016,187 | |
Series 2023-2: | |||
Class AS, 6.491% 12/15/56 | 10,000,000 | 10,799,726 | |
Class B, 7.1101% 12/15/56 (e) | 10,000,000 | 10,943,462 | |
Natixis Commercial Mortgage Securities Trust: | |||
floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.790% 9.1302% 6/15/35 (d)(e)(f)(h) | 651,000 | 32,550 | |
Series 2020-2PAC Class AMZ3, 3.6167% 1/15/37 (d)(e)(h) | 2,502,675 | 1,670,209 | |
Open Trust 2023-Air sequential payer Series 2023-AIR Class D, CME Term SOFR 1 Month Index + 6.680% 12.0169% 10/15/28 (e)(f)(h) | 9,459,358 | 9,494,863 | |
OPG Trust floater Series 2021-PORT: | |||
Class G, CME Term SOFR 1 Month Index + 2.510% 7.8465% 10/15/36 (e)(f)(h) | 4,588,063 | 4,393,070 | |
Class J, CME Term SOFR 1 Month Index + 3.460% 8.7945% 10/15/36 (e)(f)(h) | 8,217,564 | 7,644,713 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF: | |||
Class E, CME Term SOFR 1 Month Index + 2.710% 8.0765% 7/15/38 (e)(f)(h) | 500,000 | 381,285 | |
Class G, CME Term SOFR 1 Month Index + 4.460% 9.7985% 7/15/38 (d)(e)(f)(h) | 5,944,000 | 3,705,667 | |
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/26/70 (h) | 9,277,000 | 7,248,120 | |
Prima Capital Ltd. floater Series 2021-9A Class C, CME Term SOFR 1 Month Index + 2.460% 7.7993% 12/15/37 (e)(f)(h) | 5,000,000 | 4,835,079 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (h) | 2,565,448 | 2,640,457 | |
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.8518% 3/15/37 (e)(h) | 5,000,000 | 4,335,891 | |
SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 8.684% 1/15/39 (e)(f)(h) | 14,615,000 | 13,468,171 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.7133% 10/15/38 (e)(f)(h) | 12,754,000 | 11,861,217 | |
Series 2021-MFP Class G, CME Term SOFR 1 Month Index + 3.080% 8.4214% 11/15/38 (e)(f)(h) | 3,706,887 | 3,554,910 | |
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.363% 11/15/36 (e)(f)(h) | 10,872,000 | 10,519,630 | |
STWD Trust floater sequential payer Series 2021-LIH: | |||
Class E, CME Term SOFR 1 Month Index + 3.010% 8.351% 11/15/36 (e)(f)(h) | 4,985,000 | 4,802,913 | |
Class F, CME Term SOFR 1 Month Index + 3.660% 8.999% 11/15/36 (e)(f)(h) | 15,282,000 | 14,560,335 | |
Class G, CME Term SOFR 1 Month Index + 4.310% 9.648% 11/15/36 (e)(f)(h) | 9,177,000 | 8,705,238 | |
SUMIT Mortgage Trust Series 2022-BVUE: | |||
Class D, 2.8925% 2/12/41 (e)(h) | 6,000,000 | 4,253,875 | |
Class F, 2.8925% 2/12/41 (e)(h) | 3,211,000 | 2,002,092 | |
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.3045% 6/15/26 (e)(f)(h) | 5,846,400 | 5,773,715 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class E, 5% 5/10/45 (e)(h) | 4,699,074 | 3,770,537 | |
Class F, 5% 5/10/45 (e)(h) | 2,221,350 | 266,562 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (e)(h) | 2,143,000 | 1,724,601 | |
VASA Trust: | |||
floater Series 2021-VASA Class G, CME Term SOFR 1 Month Index + 5.110% 10.4485% 7/15/39 (e)(f)(h) | 800,000 | 363,682 | |
floater sequential payer Series 2021-VASA Class F, CME Term SOFR 1 Month Index + 4.010% 9.3485% 7/15/39 (e)(f)(h) | 6,685,000 | 3,657,380 | |
Wells Fargo Commercial Mortgage Trust: | |||
Series 2016-BNK1 Class D, 3% 8/15/49 (d)(h) | 6,979,000 | 2,260,640 | |
Series 2016-NXS6 Class D, 3.059% 11/15/49 (h) | 5,037,000 | 3,986,842 | |
Series 2019-C52 Class C, 3.561% 8/15/52 | 883,000 | 725,293 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d)(e) | 3,955,000 | 54,021 | |
Series 2011-C3 Class D, 6.0497% 3/15/44 (e)(h) | 503,530 | 139,729 | |
Series 2013-C11 Class E, 4.1896% 3/15/45 (d)(e)(h) | 4,727,000 | 2,783,803 | |
Series 2013-C13 Class D, 4.1415% 5/15/45 (d)(e)(h) | 3,803,068 | 3,249,227 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.6332% 6/5/35 (e)(h) | 6,725,000 | 5,639,397 | |
Class PR2, 3.6332% 6/5/35 (e)(h) | 2,541,000 | 2,036,046 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,220,276,142) | 1,093,421,144 | ||
Bank Loan Obligations - 2.7% | |||
Principal Amount (g) | Value ($) | ||
COMMUNICATION SERVICES - 0.5% | |||
Wireless Telecommunication Services - 0.5% | |||
SBA Senior Finance II, LLC: | |||
Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 1/27/31 (f)(l)(m) | 13,978,892 | 13,957,085 | |
Tranche B, term loan CME Term SOFR 1 Month Index + 1.750% 7.21% 4/11/25 (e)(f)(m) | 11,955,215 | 11,927,837 | |
25,884,922 | |||
CONSUMER DISCRETIONARY - 0.7% | |||
Hotels, Restaurants & Leisure - 0.7% | |||
BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.4355% 9/9/26 (e)(f)(m) | 7,785,120 | 7,765,657 | |
Caesars Entertainment, Inc. Tranche B1 1LN, term loan CME Term SOFR 1 Month Index + 2.750% 1/24/31 (f)(l)(m) | 4,435,000 | 4,423,913 | |
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 2.750% 8.0826% 1/10/31 (e)(f)(m) | 4,000,000 | 3,990,000 | |
CME Term SOFR 1 Month Index + 3.000% 8.1971% 8/2/28 (e)(f)(m) | 1,000,000 | 997,860 | |
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 1.750% 7.1859% 6/21/28 (e)(f)(m) | 13,500,000 | 13,494,330 | |
30,671,760 | |||
ENERGY - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
New Fortress Energy, Inc. Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 5.000% 10.3174% 10/30/28 (e)(f)(m) | 10,000,000 | 9,995,000 | |
FINANCIALS - 0.9% | |||
Capital Markets - 0.1% | |||
Blackstone CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 3.000% 8.3481% 12/31/30 (e)(f)(m) | 5,000,000 | 4,991,500 | |
Financial Services - 0.8% | |||
Agellan Portfolio 9% 8/7/25 (d)(m) | 6,611,000 | 6,611,000 | |
MHP Commercial Mortgage Trust U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.3332% 1/9/25 (d)(e)(f)(m) | 23,154,831 | 21,881,315 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.9172% 1/21/27 (d)(e)(f)(m) | 6,964,657 | 6,964,657 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 0.000% 0% (d)(f)(j)(m) | 29,336,049 | 3 | |
35,456,975 | |||
TOTAL FINANCIALS | 40,448,475 | ||
INDUSTRIALS - 0.3% | |||
Commercial Services & Supplies - 0.3% | |||
Pilot Travel Centers LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 2.000% 7.4326% 8/4/28 (e)(f)(m) | 13,250,000 | 13,227,873 | |
REAL ESTATE - 0.1% | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield U.S. Borrower LLC Tranche B 1LN, term loan: | |||
CME Term SOFR 1 Month Index + 2.750% 8.1971% 8/21/25 (e)(f)(m) | 257,929 | 255,834 | |
CME Term SOFR 1 Month Index + 3.250% 8.706% 1/31/30 (e)(f)(m) | 2,624,599 | 2,596,175 | |
CME Term SOFR 1 Month Index + 4.000% 9.3326% 1/31/30 (e)(f)(m) | 2,290,000 | 2,272,825 | |
5,124,834 | |||
TOTAL BANK LOAN OBLIGATIONS (Cost $155,370,694) | 125,352,864 | ||
Preferred Securities - 0.1% | |||
Principal Amount (g) | Value ($) | ||
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Energy Transfer LP 7.125% (e)(n) | 6,000,000 | 5,891,512 | |
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 $7,297,768) | 5,891,524 | ||
Money Market Funds - 7.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (o) | 354,687,418 | 354,758,356 | |
Fidelity Securities Lending Cash Central Fund 5.39% (o)(p) | 1,637,736 | 1,637,900 | |
TOTAL MONEY MARKET FUNDS (Cost $356,353,020) | 356,396,256 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $4,634,742,207) | 4,604,834,678 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (29,770,633) |
NET ASSETS - 100.0% | 4,575,064,045 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Affiliated company |
(c) | Non-income producing |
(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 $1,035,449,751 or 22.6% of net assets. |
(i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(j) | Non-income producing - Security is in default. |
(k) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(l) | The coupon rate will be determined upon settlement of the loan after period end. |
(m) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(n) | Security is perpetual in nature with no stated maturity date. |
(o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(p) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 506,279,498 | 614,620,149 | 766,141,291 | 8,721,497 | 3,783 | (3,783) | 354,758,356 | 0.7% |
Fidelity Securities Lending Cash Central Fund 5.39% | 573,400 | 9,608,153 | 8,543,653 | 29,143 | - | - | 1,637,900 | 0.0% |
Total | 506,852,898 | 624,228,302 | 774,684,944 | 8,750,640 | 3,783 | (3,783) | 356,396,256 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Great Ajax Corp. | 11,477,212 | - | - | 7,003 | - | (650,092) | 9,797,214 |
Great Ajax Corp. 7.25% | 14,943,642 | - | - | 554,119 | - | 269,035 | 15,212,677 |
Total | 26,420,854 | - | - | 561,122 | - | (381,057) | 25,009,891 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 32,131,500 | 32,131,500 | - | - |
Financials | 403,349,597 | 388,136,920 | 15,212,677 | - |
Industrials | 2,785,970 | 2,785,970 | - | - |
Information Technology | 7 | - | - | 7 |
Real Estate | 1,334,090,829 | 1,313,037,206 | 21,053,620 | 3 |
Corporate Bonds | 1,178,679,343 | - | 1,178,679,339 | 4 |
Asset-Backed Securities | 72,700,145 | - | 72,700,100 | 45 |
Collateralized Mortgage Obligations | 35,499 | - | - | 35,499 |
Commercial Mortgage Securities | 1,093,421,144 | - | 1,051,017,461 | 42,403,683 |
Bank Loan Obligations | 125,352,864 | - | 89,895,889 | 35,456,975 |
Preferred Securities | 5,891,524 | - | 5,891,512 | 12 |
Money Market Funds | 356,396,256 | 356,396,256 | - | - |
Total Investments in Securities: | 4,604,834,678 | 2,092,487,852 | 2,434,450,598 | 77,896,228 |
Investments in Securities: | |||
Commercial Mortgage Securities | |||
Beginning Balance | $ | 50,262,279 | |
Net Realized Gain (Loss) on Investment Securities | (10,936,254) | ||
Net Unrealized Gain (Loss) on Investment Securities | 4,975,062 | ||
Cost of Purchases | 407,916 | ||
Proceeds of Sales | (151,932) | ||
Amortization/Accretion | (447,142) | ||
Transfers into Level 3 | 21,551,802 | ||
Transfers out of Level 3 | (23,258,048) | ||
Ending Balance | $ | 42,403,683 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | 3,240,991 | |
Bank Loan Obligations | |||
Beginning Balance | $ | 64,799,225 | |
Net Realized Gain (Loss) on Investment Securities | 12,894 | ||
Net Unrealized Gain (Loss) on Investment Securities | (15,958,622) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (13,397,766) | ||
Amortization/Accretion | 1,244 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 35,456,975 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (15,958,622) | |
Other Investments in Securities | |||
Beginning Balance | $ | 4,527,633 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (64,543) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (5,206) | ||
Amortization/Accretion | (317) | ||
Transfers into Level 3 | 41,553 | ||
Transfers out of Level 3 | (4,463,550) | ||
Ending Balance | $ | 35,570 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (64,543) | |
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 | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,256,410) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,243,380,476) | $ | 4,223,428,531 | ||
Fidelity Central Funds (cost $356,353,020) | 356,396,256 | |||
Other affiliated issuers (cost $35,008,711) | 25,009,891 | |||
Total Investment in Securities (cost $4,634,742,207) | $ | 4,604,834,678 | ||
Cash | 9,260 | |||
Receivable for investments sold | 874,157 | |||
Receivable for fund shares sold | 3,157,294 | |||
Dividends receivable | 2,896,270 | |||
Interest receivable | 21,970,650 | |||
Distributions receivable from Fidelity Central Funds | 1,562,106 | |||
Prepaid expenses | 3,854 | |||
Total assets | 4,635,308,269 | |||
Liabilities | ||||
Payable for investments purchased | $ | 52,229,351 | ||
Payable for fund shares redeemed | 3,660,683 | |||
Accrued management fee | 1,972,338 | |||
Distribution and service plan fees payable | 109,922 | |||
Other affiliated payables | 567,052 | |||
Other payables and accrued expenses | 66,978 | |||
Collateral on securities loaned | 1,637,900 | |||
Total Liabilities | 60,244,224 | |||
Net Assets | $ | 4,575,064,045 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,759,695,936 | ||
Total accumulated earnings (loss) | (184,631,891) | |||
Net Assets | $ | 4,575,064,045 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($293,108,102 ÷ 25,507,858 shares)(a) | $ | 11.49 | ||
Maximum offering price per share (100/96.00 of $11.49) | $ | 11.97 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($41,495,926 ÷ 3,609,836 shares)(a) | $ | 11.50 | ||
Maximum offering price per share (100/96.00 of $11.50) | $ | 11.98 | ||
Class C : | ||||
Net Asset Value and offering price per share ($47,443,004 ÷ 4,202,848 shares)(a) | $ | 11.29 | ||
Real Estate Income : | ||||
Net Asset Value, offering price and redemption price per share ($1,246,548,351 ÷ 107,628,136 shares) | $ | 11.58 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($1,248,604,272 ÷ 108,318,138 shares) | $ | 11.53 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($1,697,864,390 ÷ 147,362,734 shares) | $ | 11.52 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends (including $561,122 earned from affiliated issuers) | $ | 43,948,295 | ||
Interest | 66,779,713 | |||
Income from Fidelity Central Funds (including $29,143 from security lending) | 8,750,640 | |||
Total Income | 119,478,648 | |||
Expenses | ||||
Management fee | $ | 11,513,853 | ||
Transfer agent fees | 2,750,565 | |||
Distribution and service plan fees | 664,526 | |||
Accounting fees | 631,517 | |||
Custodian fees and expenses | 15,303 | |||
Independent trustees' fees and expenses | 12,949 | |||
Registration fees | 88,219 | |||
Audit | 54,970 | |||
Legal | 4,591 | |||
Miscellaneous | 9,950 | |||
Total expenses before reductions | 15,746,443 | |||
Expense reductions | (191,795) | |||
Total expenses after reductions | 15,554,648 | |||
Net Investment income (loss) | 103,924,000 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (64,622,581) | |||
Fidelity Central Funds | 3,783 | |||
Foreign currency transactions | (190) | |||
Total net realized gain (loss) | (64,618,988) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 124,997,948 | |||
Fidelity Central Funds | (3,783) | |||
Other affiliated issuers | (381,057) | |||
Assets and liabilities in foreign currencies | 85 | |||
Total change in net unrealized appreciation (depreciation) | 124,613,193 | |||
Net gain (loss) | 59,994,205 | |||
Net increase (decrease) in net assets resulting from operations | $ | 163,918,205 |
Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 103,924,000 | $ | 238,244,025 |
Net realized gain (loss) | (64,618,988) | (93,379,075) | ||
Change in net unrealized appreciation (depreciation) | 124,613,193 | (324,762,669) | ||
Net increase (decrease) in net assets resulting from operations | 163,918,205 | (179,897,719) | ||
Distributions to shareholders | (118,935,485) | (351,750,740) | ||
Share transactions - net increase (decrease) | (58,644,632) | (838,782,559) | ||
Total increase (decrease) in net assets | (13,661,912) | (1,370,431,018) | ||
Net Assets | ||||
Beginning of period | 4,588,725,957 | 5,959,156,975 | ||
End of period | $ | 4,575,064,045 | $ | 4,588,725,957 |
Fidelity Advisor® Real Estate Income Fund Class A |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 11.36 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .25 | .53 | .39 | .33 | .45 | .51 | ||||||
Net realized and unrealized gain (loss) | .17 | (.88) | (1.03) | 2.53 | (1.25) | .65 | ||||||
Total from investment operations | .42 | (.35) | (.64) | 2.86 | (.80) | 1.16 | ||||||
Distributions from net investment income | (.29) | (.56) | (.28) | (.42) C | (.44) | (.51) | ||||||
Distributions from net realized gain | - | (.22) | (.02) | (.03) C | (.16) | (.21) | ||||||
Total distributions | (.29) | (.78) | (.30) | (.45) | (.61) D | (.72) | ||||||
Net asset value, end of period | $ | 11.49 | $ | 11.36 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 |
Total Return E,F,G | 3.81% | (2.72)% | (4.83)% | 26.64% | (6.88)% | 10.15% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .99% J | .99% | .98% | .99% | 1.01% | 1.01% | ||||||
Expenses net of fee waivers, if any | .98% J | .98% | .98% | .99% | 1.01% | 1.01% | ||||||
Expenses net of all reductions | .98% J | .98% | .98% | .99% | 1.00% | 1.01% | ||||||
Net investment income (loss) | 4.44% J | 4.61% | 2.97% | 2.75% | 3.85% | 4.29% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 293,108 | $ | 304,754 | $ | 364,443 | $ | 384,382 | $ | 324,031 | $ | 325,296 |
Portfolio turnover rate K | 31% J | 17% | 42% | 26% | 32% L | 17% |
Fidelity Advisor® Real Estate Income Fund Class M |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 11.36 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .25 | .52 | .39 | .33 | .45 | .51 | ||||||
Net realized and unrealized gain (loss) | .18 | (.87) | (1.03) | 2.53 | (1.26) | .65 | ||||||
Total from investment operations | .43 | (.35) | (.64) | 2.86 | (.81) | 1.16 | ||||||
Distributions from net investment income | (.29) | (.56) | (.28) | (.42) C | (.44) | (.51) | ||||||
Distributions from net realized gain | - | (.22) | (.02) | (.03) C | (.16) | (.21) | ||||||
Total distributions | (.29) | (.78) | (.30) | (.45) | (.60) | (.72) | ||||||
Net asset value, end of period | $ | 11.50 | $ | 11.36 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 |
Total Return D,E,F | 3.89% | (2.75)% | (4.85)% | 26.62% | (6.89)% | 10.12% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.01% I | 1.01% | .99% | 1.01% | 1.03% | 1.04% | ||||||
Expenses net of fee waivers, if any | 1.00% I | 1.00% | .99% | 1.01% | 1.03% | 1.04% | ||||||
Expenses net of all reductions | 1.00% I | 1.00% | .99% | 1.01% | 1.03% | 1.04% | ||||||
Net investment income (loss) | 4.42% I | 4.59% | 2.97% | 2.73% | 3.82% | 4.26% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 41,496 | $ | 42,829 | $ | 52,919 | $ | 57,338 | $ | 49,387 | $ | 60,540 |
Portfolio turnover rate J | 31% I | 17% | 42% | 26% | 32% K | 17% |
Fidelity Advisor® Real Estate Income Fund Class C |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 11.16 | $ | 12.27 | $ | 13.21 | $ | 10.88 | $ | 12.28 | $ | 11.85 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .20 | .43 | .29 | .24 | .36 | .42 | ||||||
Net realized and unrealized gain (loss) | .18 | (.86) | (1.01) | 2.48 | (1.23) | .64 | ||||||
Total from investment operations | .38 | (.43) | (.72) | 2.72 | (.87) | 1.06 | ||||||
Distributions from net investment income | (.25) | (.46) | (.20) | (.36) C | (.36) | (.42) | ||||||
Distributions from net realized gain | - | (.22) | (.02) | (.03) C | (.16) | (.21) | ||||||
Total distributions | (.25) | (.68) | (.22) | (.39) | (.53) D | (.63) | ||||||
Net asset value, end of period | $ | 11.29 | $ | 11.16 | $ | 12.27 | $ | 13.21 | $ | 10.88 | $ | 12.28 |
Total Return E,F,G | 3.46% | (3.46)% | (5.54)% | 25.64% | (7.50)% | 9.34% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | 1.74% J | 1.74% | 1.72% | 1.74% | 1.76% | 1.76% | ||||||
Expenses net of fee waivers, if any | 1.73% J | 1.73% | 1.72% | 1.74% | 1.76% | 1.76% | ||||||
Expenses net of all reductions | 1.73% J | 1.73% | 1.72% | 1.74% | 1.76% | 1.76% | ||||||
Net investment income (loss) | 3.69% J | 3.86% | 2.23% | 2.00% | 3.09% | 3.54% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 47,443 | $ | 56,795 | $ | 89,135 | $ | 120,072 | $ | 150,653 | $ | 210,156 |
Portfolio turnover rate K | 31% J | 17% | 42% | 26% | 32% L | 17% |
Fidelity® Real Estate Income Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 11.45 | $ | 12.58 | $ | 13.52 | $ | 11.09 | $ | 12.50 | $ | 12.05 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .26 | .56 | .43 | .37 | .48 | .54 | ||||||
Net realized and unrealized gain (loss) | .17 | (.88) | (1.03) | 2.53 | (1.25) | .66 | ||||||
Total from investment operations | .43 | (.32) | (.60) | 2.90 | (.77) | 1.20 | ||||||
Distributions from net investment income | (.30) | (.60) | (.32) | (.44) C | (.48) | (.54) | ||||||
Distributions from net realized gain | - | (.22) | (.02) | (.03) C | (.16) | (.21) | ||||||
Total distributions | (.30) | (.81) D | (.34) | (.47) | (.64) | (.75) | ||||||
Net asset value, end of period | $ | 11.58 | $ | 11.45 | $ | 12.58 | $ | 13.52 | $ | 11.09 | $ | 12.50 |
Total Return E,F | 3.92% | (2.42)% | (4.56)% | 26.88% | (6.58)% | 10.47% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .73% I | .73% | .71% | .72% | .73% | .75% | ||||||
Expenses net of fee waivers, if any | .72% I | .72% | .71% | .72% | .73% | .75% | ||||||
Expenses net of all reductions | .72% I | .72% | .71% | .72% | .73% | .75% | ||||||
Net investment income (loss) | 4.70% I | 4.87% | 3.24% | 3.02% | 4.12% | 4.55% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,246,548 | $ | 1,288,147 | $ | 1,898,345 | $ | 2,777,243 | $ | 2,205,319 | $ | 2,691,820 |
Portfolio turnover rate J | 31% I | 17% | 42% | 26% | 32% K | 17% |
Fidelity Advisor® Real Estate Income Fund Class I |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 11.39 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 | $ | 12.01 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .26 | .56 | .43 | .37 | .48 | .54 | ||||||
Net realized and unrealized gain (loss) | .18 | (.89) | (1.03) | 2.53 | (1.25) | .65 | ||||||
Total from investment operations | .44 | (.33) | (.60) | 2.90 | (.77) | 1.19 | ||||||
Distributions from net investment income | (.30) | (.60) | (.32) | (.44) C | (.47) | (.54) | ||||||
Distributions from net realized gain | - | (.22) | (.02) | (.03) C | (.16) | (.21) | ||||||
Total distributions | (.30) | (.81) D | (.34) | (.47) | (.64) D | (.75) | ||||||
Net asset value, end of period | $ | 11.53 | $ | 11.39 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 |
Total Return E,F | 4.03% | (2.52)% | (4.57)% | 27.03% | (6.62)% | 10.43% | ||||||
Ratios to Average Net Assets A,G,H | ||||||||||||
Expenses before reductions | .73% I | .73% | .71% | .71% | .74% | .75% | ||||||
Expenses net of fee waivers, if any | .72% I | .72% | .71% | .71% | .74% | .74% | ||||||
Expenses net of all reductions | .72% I | .72% | .71% | .71% | .74% | .74% | ||||||
Net investment income (loss) | 4.71% I | 4.87% | 3.24% | 3.03% | 4.11% | 4.55% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,248,604 | $ | 1,379,614 | $ | 1,946,852 | $ | 2,810,475 | $ | 1,782,594 | $ | 2,386,308 |
Portfolio turnover rate J | 31% I | 17% | 42% | 26% | 32% K | 17% |
Fidelity Advisor® Real Estate Income Fund Class Z |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 11.39 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 | $ | 11.74 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .27 | .57 | .44 | .38 | .49 | .47 | ||||||
Net realized and unrealized gain (loss) | .17 | (.88) | (1.02) | 2.53 | (1.25) | .67 | ||||||
Total from investment operations | .44 | (.31) | (.58) | 2.91 | (.76) | 1.14 | ||||||
Distributions from net investment income | (.31) | (.61) | (.34) | (.45) D | (.49) | (.42) | ||||||
Distributions from net realized gain | - | (.22) | (.02) | (.03) D | (.16) | (.02) | ||||||
Total distributions | (.31) | (.83) | (.36) | (.48) | (.65) | (.43) E | ||||||
Net asset value, end of period | $ | 11.52 | $ | 11.39 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 |
Total Return F,G | 4.00% | (2.36)% | (4.44)% | 27.15% | (6.50)% | 10.00% | ||||||
Ratios to Average Net Assets B,H,I | ||||||||||||
Expenses before reductions | .60% J | .60% | .59% | .60% | .62% | .62% J | ||||||
Expenses net of fee waivers, if any | .59% J | .60% | .59% | .60% | .62% | .62% J | ||||||
Expenses net of all reductions | .59% J | .60% | .59% | .60% | .61% | .62% J | ||||||
Net investment income (loss) | 4.83% J | 4.99% | 3.36% | 3.14% | 4.24% | 4.71% J | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,697,864 | $ | 1,516,585 | $ | 1,607,463 | $ | 919,766 | $ | 793,220 | $ | 467,324 |
Portfolio turnover rate K | 31% J | 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 | $10 | Recovery value | Recovery value | $0.00 | Increase |
Corporate Bonds | $4 | Recovery value | Recovery value | $0.00 | Increase |
Commercial Mortgage Securities | $42,403,683 | Indicative market price | Evaluated bid | $0.24 - $85.44 / $63.20 | Increase |
Asset-Backed Securities | $45 | Indicative market price | Evaluated bid | $0.00 | Increase |
Recovery value | Recovery value | $0.00 | Increase | ||
Collateralized Mortgage Obligations | $35,499 | Indicative market price | Evaluated bid | $42.82 - $72.68 / $65.07 | Increase |
Preferred Securities | $12 | Recovery value | Recovery value | $0.00 | Increase |
Bank Loan Obligations | $35,456,975 | Recovery value | Recovery value | $0.00 | Increase |
Discounted cash flow | Yield | 8.7% - 11.7% / 10.7% | Decrease |
Gross unrealized appreciation | $336,421,238 |
Gross unrealized depreciation | (367,933,230) |
Net unrealized appreciation (depreciation) | $(31,511,992) |
Tax cost | $4,636,346,670 |
Short-term | $(27,960,936) |
Long-term | (62,321,674) |
Total capital loss carryforward | $(90,282,610) |
Purchases ($) | Sales ($) | |
Fidelity Real Estate Income Fund | 729,324,603 | 634,158,556 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $360,867 | $229 |
Class M | - % | .25% | 51,327 | - |
Class C | .75% | .25% | 252,332 | 5,454 |
$664,526 | $5,683 |
Retained by FDC | |
Class A | $3,652 |
Class M | 605 |
Class C A | 360 |
$4,617 |
% of Class-Level Average Net Assets | |
Class A | .1777 |
Class M | .1975 |
Class C | .1799 |
Real Estate Income | .1674 |
Class I | .1660 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $258,129 | .18 |
Class M | 40,896 | .20 |
Class C | 45,540 | .18 |
Real Estate Income | 1,032,836 | .17 |
Class I | 1,050,481 | .17 |
Class Z | 322,683 | .04 |
$2,750,565 |
% of Average Net Assets | |
Fidelity Blue Chip Growth Fund | .0278 |
% of Average Net Assets | |
Fidelity Real Estate Income Fund | .03 |
Maximum Management Fee Rate % | |
Class A | .70 |
Class M | .72 |
Class C | .70 |
Real Estate Income | .69 |
Class I | .69 |
Class Z | .56 |
Amount | |
Fidelity Real Estate Income Fund | $5,426 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Real Estate Income Fund | - | 8,241,772 | (181,282) |
Amount ($) | |
Fidelity Real Estate Income Fund | 44,700 |
Amount | |
Fidelity Real Estate Income Fund | $3,531 |
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 | $2,997 | $6 | $- |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Real Estate Income Fund | ||
Distributions to shareholders | ||
Class A | $7,428,766 | $21,930,158 |
Class M | 1,055,724 | 3,110,455 |
Class C | 1,109,802 | 4,348,277 |
Real Estate Income | 32,998,157 | 103,579,841 |
Class I | 33,686,660 | 115,278,699 |
Class Z | 42,656,376 | 103,503,310 |
Total | $118,935,485 | $351,750,740 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Real Estate Income Fund | ||||
Class A | ||||
Shares sold | 1,745,370 | 4,529,438 | $19,318,271 | $51,823,043 |
Reinvestment of distributions | 486,771 | 1,431,595 | 5,375,589 | 16,449,419 |
Shares redeemed | (3,552,187) | (8,310,972) | (39,293,725) | (94,422,132) |
Net increase (decrease) | (1,320,046) | (2,349,939) | $(14,599,865) | $(26,149,670) |
Class M | ||||
Shares sold | 64,900 | 182,092 | $720,427 | $2,081,875 |
Reinvestment of distributions | 91,797 | 262,127 | 1,013,953 | 3,012,477 |
Shares redeemed | (315,750) | (910,889) | (3,510,599) | (10,351,315) |
Net increase (decrease) | (159,053) | (466,670) | $(1,776,219) | $(5,256,963) |
Class C | ||||
Shares sold | 95,718 | 229,563 | $1,057,589 | $2,595,406 |
Reinvestment of distributions | 99,897 | 375,961 | 1,084,404 | 4,260,263 |
Shares redeemed | (1,081,403) | (2,780,448) | (11,752,262) | (31,102,886) |
Net increase (decrease) | (885,788) | (2,174,924) | $(9,610,269) | $(24,247,217) |
Real Estate Income | ||||
Shares sold | 5,412,740 | 14,381,485 | $60,869,770 | $165,460,169 |
Reinvestment of distributions | 2,568,227 | 7,887,949 | 28,578,780 | 91,324,900 |
Shares redeemed | (12,876,508) | (60,597,988) | (143,717,796) | (708,964,361) |
Net increase (decrease) | (4,895,541) | (38,328,554) | $(54,269,246) | $(452,179,292) |
Class I | ||||
Shares sold | 12,448,091 | 30,191,122 | $138,009,656 | $345,734,833 |
Reinvestment of distributions | 2,869,233 | 9,257,182 | 31,741,796 | 106,675,182 |
Shares redeemed | (28,072,344) | (73,751,513) | (310,109,490) | (837,783,994) |
Net increase (decrease) | (12,755,020) | (34,303,209) | $(140,358,038) | $(385,373,979) |
Class Z | ||||
Shares sold | 24,914,680 | 30,444,095 | $280,890,045 | $349,094,163 |
Reinvestment of distributions | 3,382,590 | 8,001,421 | 37,431,261 | 91,968,427 |
Shares redeemed | (14,086,688) | (33,595,613) | (156,352,301) | (386,638,028) |
Net increase (decrease) | 14,210,582 | 4,849,903 | $161,969,005 | $54,424,562 |
Strategic Advisers Fidelity Core Income Fund | |
Fidelity Real Estate Income Fund | 24% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Real Estate Income Fund | ||||||||||
Class A | .98% | |||||||||
Actual | $ 1,000 | $ 1,038.10 | $ 5.02 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.21 | $ 4.98 | |||||||
Class M | 1.00% | |||||||||
Actual | $ 1,000 | $ 1,038.90 | $ 5.13 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.11 | $ 5.08 | |||||||
Class C | 1.73% | |||||||||
Actual | $ 1,000 | $ 1,034.60 | $ 8.85 | |||||||
Hypothetical-B | $ 1,000 | $ 1,016.44 | $ 8.77 | |||||||
Fidelity® Real Estate Income Fund ** | .72% | |||||||||
Actual | $ 1,000 | $ 1,039.20 | $ 3.69 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.52 | $ 3.66 | |||||||
Class I | .72% | |||||||||
Actual | $ 1,000 | $ 1,040.30 | $ 3.69 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.52 | $ 3.66 | |||||||
Class Z ** | .59% | |||||||||
Actual | $ 1,000 | $ 1,040.00 | $ 3.03 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.17 | $ 3.00 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Real Estate Income Fund | ||||||
Fidelity® Real Estate Income Fund | .67% | |||||
Actual | $ 3.43 | |||||
Hypothetical- B | $ 3.40 | |||||
Class Z | .56% | |||||
Actual | $ 2.87 | |||||
Hypothetical- B | $ 2.85 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 13.3 | |
Apple, Inc. | 11.4 | |
Amazon.com, Inc. | 8.7 | |
NVIDIA Corp. | 6.3 | |
Alphabet, Inc. Class A | 6.1 | |
Meta Platforms, Inc. Class A | 5.0 | |
Alphabet, Inc. Class C | 3.2 | |
Marvell Technology, Inc. | 2.6 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2.5 | |
Netflix, Inc. | 2.1 | |
61.2 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 46.2 | |
Communication Services | 19.0 | |
Consumer Discretionary | 13.8 | |
Health Care | 6.7 | |
Energy | 5.0 | |
Consumer Staples | 4.9 | |
Industrials | 2.3 | |
Financials | 2.2 | |
Real Estate | 0.4 | |
Materials | 0.1 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Short-Term Investments and Net Other Assets (Liabilities) - (0.6)% |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 18.8% | |||
Diversified Telecommunication Services - 0.0% | |||
Starry Group Holdings, Inc. Class A (a)(b) | 1,498 | 0 | |
Entertainment - 2.1% | |||
Electronic Arts, Inc. | 176 | 24,214 | |
NetEase, Inc. ADR | 1,159 | 113,165 | |
Netflix, Inc. (a) | 82,916 | 46,773,745 | |
Take-Two Interactive Software, Inc. (a) | 1,611 | 265,702 | |
47,176,826 | |||
Interactive Media & Services - 14.7% | |||
Alphabet, Inc.: | |||
Class A (a) | 977,095 | 136,891,010 | |
Class C (a) | 502,358 | 71,234,364 | |
Epic Games, Inc. (a)(b)(c) | 5,200 | 3,206,528 | |
Meta Platforms, Inc. Class A | 288,549 | 112,574,507 | |
Snap, Inc. Class A (a) | 100,600 | 1,598,534 | |
Vimeo, Inc. (a) | 24,964 | 99,107 | |
Yandex NV Series A (a)(b)(d) | 253,404 | 3,243,571 | |
328,847,621 | |||
Media - 1.9% | |||
Charter Communications, Inc. Class A (a) | 35,534 | 13,172,809 | |
Comcast Corp. Class A | 653,944 | 30,434,554 | |
43,607,363 | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. | 7,500 | 1,209,225 | |
TOTAL COMMUNICATION SERVICES | 420,841,035 | ||
CONSUMER DISCRETIONARY - 13.7% | |||
Automobiles - 0.1% | |||
Rivian Automotive, Inc. (a) | 1,247 | 19,092 | |
Tesla, Inc. (a) | 7,667 | 1,435,952 | |
1,455,044 | |||
Broadline Retail - 8.7% | |||
Alibaba Group Holding Ltd. sponsored ADR | 522 | 37,673 | |
Amazon.com, Inc. (a) | 1,245,759 | 193,341,797 | |
ContextLogic, Inc. (a) | 565 | 2,469 | |
Etsy, Inc. (a) | 11,427 | 760,581 | |
Global-e Online Ltd. (a) | 20,061 | 757,704 | |
JD.com, Inc. Class A | 739 | 8,333 | |
194,908,557 | |||
Hotels, Restaurants & Leisure - 0.7% | |||
Airbnb, Inc. Class A (a) | 1,530 | 220,534 | |
Churchill Downs, Inc. | 85,712 | 10,368,581 | |
Domino's Pizza, Inc. | 2,321 | 989,257 | |
Hilton Worldwide Holdings, Inc. | 6,300 | 1,203,048 | |
Marriott International, Inc. Class A | 4,194 | 1,005,428 | |
Wynn Resorts Ltd. | 9,478 | 895,008 | |
Zomato Ltd. (a) | 368,500 | 618,864 | |
15,300,720 | |||
Specialty Retail - 2.2% | |||
Five Below, Inc. (a) | 47,097 | 8,452,028 | |
Lowe's Companies, Inc. | 78,659 | 16,741,782 | |
Ross Stores, Inc. | 156,772 | 21,991,976 | |
thredUP, Inc. (a)(d) | 7,523 | 15,309 | |
TJX Companies, Inc. | 16,251 | 1,542,382 | |
48,743,477 | |||
Textiles, Apparel & Luxury Goods - 2.0% | |||
Figs, Inc. Class A (a)(d) | 3,944 | 22,717 | |
Kontoor Brands, Inc. | 476 | 27,903 | |
lululemon athletica, Inc. (a) | 71,696 | 32,537,079 | |
LVMH Moet Hennessy Louis Vuitton SE | 14,022 | 11,667,131 | |
NIKE, Inc. Class B | 13,406 | 1,361,111 | |
45,615,941 | |||
TOTAL CONSUMER DISCRETIONARY | 306,023,739 | ||
CONSUMER STAPLES - 4.9% | |||
Beverages - 2.7% | |||
Diageo PLC | 333,820 | 12,056,864 | |
Keurig Dr. Pepper, Inc. | 713,757 | 22,440,520 | |
Monster Beverage Corp. | 445,722 | 24,523,624 | |
59,021,008 | |||
Consumer Staples Distribution & Retail - 0.7% | |||
Costco Wholesale Corp. | 10,292 | 7,151,705 | |
Dollar General Corp. | 37,000 | 4,886,590 | |
Dollar Tree, Inc. (a) | 25,667 | 3,352,624 | |
15,390,919 | |||
Food Products - 0.8% | |||
Mondelez International, Inc. | 248,764 | 18,724,466 | |
Personal Care Products - 0.7% | |||
Estee Lauder Companies, Inc. Class A | 116,400 | 15,363,636 | |
The Honest Co., Inc. (a) | 1,176 | 3,352 | |
15,366,988 | |||
TOTAL CONSUMER STAPLES | 108,503,381 | ||
ENERGY - 5.0% | |||
Energy Equipment & Services - 0.7% | |||
Schlumberger Ltd. | 281,980 | 13,732,426 | |
TGS ASA ADR | 232,236 | 2,271,268 | |
16,003,694 | |||
Oil, Gas & Consumable Fuels - 4.3% | |||
Cenovus Energy, Inc. (Canada) | 12,509 | 202,645 | |
Diamondback Energy, Inc. | 4,654 | 715,506 | |
EOG Resources, Inc. | 1,000 | 113,790 | |
Exxon Mobil Corp. | 356,100 | 36,610,641 | |
Hess Corp. | 88,922 | 12,496,209 | |
Reliance Industries Ltd. | 1,053,213 | 36,169,126 | |
Reliance Industries Ltd. GDR (e) | 149,324 | 10,363,086 | |
96,671,003 | |||
TOTAL ENERGY | 112,674,697 | ||
FINANCIALS - 1.7% | |||
Banks - 0.0% | |||
Huntington Bancshares, Inc. | 9,122 | 116,123 | |
Wintrust Financial Corp. | 3,087 | 299,377 | |
415,500 | |||
Capital Markets - 0.1% | |||
Coinbase Global, Inc. (a)(d) | 9,800 | 1,256,360 | |
S&P Global, Inc. | 149 | 66,804 | |
1,323,164 | |||
Financial Services - 1.6% | |||
Jio Financial Services Ltd. | 1,048,713 | 3,129,803 | |
MasterCard, Inc. Class A | 70,853 | 31,829,293 | |
PayPal Holdings, Inc. (a) | 13,683 | 839,452 | |
35,798,548 | |||
TOTAL FINANCIALS | 37,537,212 | ||
HEALTH CARE - 6.7% | |||
Biotechnology - 2.6% | |||
Alnylam Pharmaceuticals, Inc. (a) | 95,486 | 16,510,484 | |
Amgen, Inc. | 42,674 | 13,410,731 | |
Arcutis Biotherapeutics, Inc. (a)(d) | 71,603 | 420,310 | |
Argenx SE ADR (a) | 3,100 | 1,179,581 | |
Ascendis Pharma A/S sponsored ADR (a) | 22,142 | 2,876,910 | |
GenSight Biologics SA (a) | 16,039 | 6,899 | |
Ionis Pharmaceuticals, Inc. (a) | 2,430 | 124,878 | |
Legend Biotech Corp. ADR (a) | 9,600 | 528,576 | |
Regeneron Pharmaceuticals, Inc. (a) | 25,221 | 23,777,854 | |
Trevena, Inc. (a)(d) | 1,349 | 854 | |
58,837,077 | |||
Health Care Equipment & Supplies - 2.3% | |||
Boston Scientific Corp. (a) | 185,700 | 11,747,382 | |
DexCom, Inc. (a) | 51,979 | 6,307,652 | |
Inspire Medical Systems, Inc. (a) | 33,000 | 6,958,710 | |
Insulet Corp. (a) | 118,573 | 22,632,029 | |
Neuronetics, Inc. (a) | 2,922 | 9,935 | |
Outset Medical, Inc. (a) | 3,171 | 9,640 | |
Pulmonx Corp. (a) | 2,888 | 38,353 | |
Tandem Diabetes Care, Inc. (a) | 15,281 | 348,407 | |
TransMedics Group, Inc. (a) | 34,700 | 2,976,219 | |
51,028,327 | |||
Health Care Providers & Services - 0.2% | |||
Humana, Inc. | 8,648 | 3,269,463 | |
Health Care Technology - 0.0% | |||
Certara, Inc. (a) | 21,121 | 341,315 | |
Life Sciences Tools & Services - 1.2% | |||
10X Genomics, Inc. (a) | 25,281 | 1,053,459 | |
Bruker Corp. | 203,908 | 14,581,461 | |
Danaher Corp. | 42,400 | 10,172,184 | |
Illumina, Inc. (a) | 3,166 | 452,770 | |
Seer, Inc. (a) | 38,113 | 65,554 | |
Thermo Fisher Scientific, Inc. | 1,800 | 970,164 | |
27,295,592 | |||
Pharmaceuticals - 0.4% | |||
AstraZeneca PLC sponsored ADR | 144,632 | 9,638,276 | |
Elanco Animal Health, Inc. (a) | 6,694 | 98,670 | |
TherapeuticsMD, Inc. (a)(d) | 519 | 1,173 | |
9,738,119 | |||
TOTAL HEALTH CARE | 150,509,893 | ||
INDUSTRIALS - 2.3% | |||
Commercial Services & Supplies - 0.0% | |||
Veralto Corp. | 1,333 | 102,228 | |
Construction & Engineering - 0.1% | |||
Bowman Consulting Group Ltd. (a) | 684 | 21,484 | |
Comfort Systems U.S.A., Inc. | 5,300 | 1,152,591 | |
EMCOR Group, Inc. | 5,100 | 1,163,361 | |
Sterling Construction Co., Inc. (a) | 4,900 | 367,990 | |
2,705,426 | |||
Electrical Equipment - 1.4% | |||
Vertiv Holdings Co. | 559,500 | 31,516,635 | |
Ground Transportation - 0.1% | |||
Canadian Pacific Kansas City Ltd. | 11,831 | 952,041 | |
CSX Corp. | 25,387 | 906,316 | |
1,858,357 | |||
Passenger Airlines - 0.0% | |||
Wheels Up Experience, Inc. Class A (a)(d) | 7,082 | 23,441 | |
Professional Services - 0.7% | |||
Verisk Analytics, Inc. | 66,653 | 16,098,699 | |
TOTAL INDUSTRIALS | 52,304,786 | ||
INFORMATION TECHNOLOGY - 46.2% | |||
Communications Equipment - 0.4% | |||
Arista Networks, Inc. (a) | 12,900 | 3,336,972 | |
Cisco Systems, Inc. | 90,143 | 4,523,376 | |
7,860,348 | |||
IT Services - 1.0% | |||
Accenture PLC Class A | 4,000 | 1,455,520 | |
Gartner, Inc. (a) | 34,423 | 15,746,457 | |
MongoDB, Inc. Class A (a) | 8,252 | 3,305,091 | |
Twilio, Inc. Class A (a) | 133 | 9,354 | |
X Holdings Corp. Class A (b)(c) | 57,830 | 1,646,998 | |
22,163,420 | |||
Semiconductors & Semiconductor Equipment - 16.4% | |||
Advanced Micro Devices, Inc. (a) | 15,045 | 2,522,896 | |
Alchip Technologies Ltd. | 19,000 | 2,357,250 | |
Analog Devices, Inc. | 6,473 | 1,245,146 | |
Applied Materials, Inc. | 30,223 | 4,965,639 | |
Arm Holdings Ltd. ADR (d) | 17,900 | 1,264,993 | |
ASML Holding NV (depository receipt) | 44,996 | 39,138,421 | |
BE Semiconductor Industries NV | 126,000 | 19,036,314 | |
Broadcom, Inc. | 7,400 | 8,732,000 | |
Lam Research Corp. | 21,686 | 17,894,637 | |
Marvell Technology, Inc. | 852,419 | 57,708,766 | |
Micron Technology, Inc. | 38,700 | 3,318,525 | |
NVIDIA Corp. | 227,563 | 140,012,687 | |
NXP Semiconductors NV | 50,932 | 10,724,751 | |
Skyworks Solutions, Inc. | 8,215 | 858,139 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 497,543 | 56,202,457 | |
365,982,621 | |||
Software - 16.1% | |||
Adobe, Inc. (a) | 11,779 | 7,276,831 | |
Autodesk, Inc. (a) | 15,586 | 3,955,883 | |
Cadence Design Systems, Inc. (a) | 77,816 | 22,446,803 | |
Dropbox, Inc. Class A (a) | 19,030 | 602,870 | |
Dynatrace, Inc. (a) | 3,034 | 172,938 | |
Intuit, Inc. | 25,715 | 16,234,651 | |
Microsoft Corp. | 746,486 | 296,787,901 | |
Roper Technologies, Inc. | 9,200 | 4,940,400 | |
Salesforce, Inc. (a) | 645 | 181,303 | |
Stripe, Inc. Class B (a)(b)(c) | 7,800 | 191,256 | |
Synopsys, Inc. (a) | 14,562 | 7,766,643 | |
360,557,479 | |||
Technology Hardware, Storage & Peripherals - 12.3% | |||
Apple, Inc. | 1,377,100 | 253,937,240 | |
Samsung Electronics Co. Ltd. | 356,960 | 19,396,296 | |
Western Digital Corp. (a) | 22,977 | 1,315,433 | |
274,648,969 | |||
TOTAL INFORMATION TECHNOLOGY | 1,031,212,837 | ||
MATERIALS - 0.1% | |||
Chemicals - 0.1% | |||
Linde PLC | 2,700 | 1,093,041 | |
REAL ESTATE - 0.4% | |||
Equity Real Estate Investment Trusts (REITs) - 0.4% | |||
Equinix, Inc. | 10,583 | 8,781,456 | |
TOTAL COMMON STOCKS (Cost $1,473,909,337) | 2,229,482,077 | ||
Preferred Stocks - 0.5% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.3% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(b)(c) | 6,135 | 1,356,633 | |
Reddit, Inc.: | |||
Series E(a)(b)(c) | 2,900 | 93,873 | |
Series F(a)(b)(c) | 108,712 | 3,519,007 | |
4,969,513 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(b)(c) | 300 | 82,944 | |
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series F (a)(b)(c) | 33,481 | 790,821 | |
Tenstorrent Holdings, Inc. Series C1 (b)(c) | 6,595 | 385,016 | |
1,175,837 | |||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Stripe, Inc. Series H (a)(b)(c) | 24,206 | 593,531 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 6,821,825 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Waymo LLC: | |||
Series A2(a)(b)(c) | 2,467 | 129,123 | |
Series B2(a)(b)(c) | 15,200 | 829,920 | |
959,043 | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (a)(b)(c) | 108,317 | 2,558,448 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 3,517,491 | ||
TOTAL PREFERRED STOCKS (Cost $13,816,701) | 10,339,316 | ||
Convertible Bonds - 0.3% | |||
Principal Amount (f) | Value ($) | ||
FINANCIALS - 0.3% | |||
Capital Markets - 0.3% | |||
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $6,052,703) | 7,656,938 | 6,630,777 | |
Money Market Funds - 1.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (g) | 14,747,493 | 14,750,443 | |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | 7,018,792 | 7,019,494 | |
TOTAL MONEY MARKET FUNDS (Cost $21,769,937) | 21,769,937 | ||
TOTAL INVESTMENT IN SECURITIES - 101.6% (Cost $1,515,548,678) | 2,268,222,107 |
NET OTHER ASSETS (LIABILITIES) - (1.6)% | (35,000,806) |
NET ASSETS - 100.0% | 2,233,221,301 |
(a) | Non-income producing |
(b) | Level 3 security |
(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 $15,384,098 or 0.7% of net assets. |
(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 $10,363,086 or 0.5% of net assets. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
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 Holdings, Inc. Series C1 | 4/23/21 | 392,145 |
Waymo LLC Series A2 | 5/08/20 | 211,834 |
Waymo LLC Series B2 | 6/11/21 | 1,394,174 |
X Holdings Corp. Class A | 10/27/21 | 5,743,370 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 13,190,730 | 153,271,719 | 151,712,006 | 219,259 | - | - | 14,750,443 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 6,208,769 | 31,757,625 | 30,946,900 | 132,847 | - | - | 7,019,494 | 0.0% |
Total | 19,399,499 | 185,029,344 | 182,658,906 | 352,106 | - | - | 21,769,937 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 425,810,548 | 414,390,936 | - | 11,419,612 |
Consumer Discretionary | 307,065,726 | 293,729,411 | 12,294,328 | 1,041,987 |
Consumer Staples | 108,503,381 | 96,446,517 | 12,056,864 | - |
Energy | 112,674,697 | 76,505,571 | 36,169,126 | - |
Financials | 41,271,497 | 34,407,409 | 3,129,803 | 3,734,285 |
Health Care | 150,509,893 | 150,509,893 | - | - |
Industrials | 52,304,786 | 52,304,786 | - | - |
Information Technology | 1,031,806,368 | 1,007,621,037 | 21,753,546 | 2,431,785 |
Materials | 1,093,041 | 1,093,041 | - | - |
Real Estate | 8,781,456 | 8,781,456 | - | - |
Corporate Bonds | 6,630,777 | - | 6,630,777 | - |
Money Market Funds | 21,769,937 | 21,769,937 | - | - |
Total Investments in Securities: | 2,268,222,107 | 2,157,559,994 | 92,034,444 | 18,627,669 |
Investments in Securities: | |||
Beginning Balance | $ | 23,190,037 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (1,223,293) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (3,339,075) | ||
Ending Balance | $ | 18,627,669 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (1,223,293) | |
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 | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $5,977,515) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,493,778,741) | $ | 2,246,452,170 | ||
Fidelity Central Funds (cost $21,769,937) | 21,769,937 | |||
Total Investment in Securities (cost $1,515,548,678) | $ | 2,268,222,107 | ||
Receivable for investments sold | 23,999,300 | |||
Receivable for fund shares sold | 1,969,687 | |||
Dividends receivable | 280,082 | |||
Interest receivable | 6,485 | |||
Distributions receivable from Fidelity Central Funds | 64,030 | |||
Total assets | 2,294,541,691 | |||
Liabilities | ||||
Payable to custodian bank | $ | 3 | ||
Payable for investments purchased | 18,821,325 | |||
Payable for fund shares redeemed | 33,278,930 | |||
Accrued management fee | 930,629 | |||
Other payables and accrued expenses | 1,269,728 | |||
Collateral on securities loaned | 7,019,775 | |||
Total Liabilities | 61,320,390 | |||
Net Assets | $ | 2,233,221,301 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,628,590,563 | ||
Total accumulated earnings (loss) | 604,630,738 | |||
Net Assets | $ | 2,233,221,301 | ||
Net Asset Value, offering price and redemption price per share ($2,233,221,301 ÷ 107,732,048 shares) | $ | 20.73 |
Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 6,654,798 | ||
Interest | 311,336 | |||
Income from Fidelity Central Funds (including $132,847 from security lending) | 352,106 | |||
Total Income | 7,318,240 | |||
Expenses | ||||
Management fee | $ | 5,172,462 | ||
Independent trustees' fees and expenses | 5,875 | |||
Interest | 4,702 | |||
Total expenses before reductions | 5,183,039 | |||
Expense reductions | (90) | |||
Total expenses after reductions | 5,182,949 | |||
Net Investment income (loss) | 2,135,291 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $50,604) | 15,804,754 | |||
Foreign currency transactions | (12,019) | |||
Total net realized gain (loss) | 15,792,735 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $462,895) | 168,454,116 | |||
Assets and liabilities in foreign currencies | (5,219) | |||
Total change in net unrealized appreciation (depreciation) | 168,448,897 | |||
Net gain (loss) | 184,241,632 | |||
Net increase (decrease) in net assets resulting from operations | $ | 186,376,923 |
Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 2,135,291 | $ | 5,971,479 |
Net realized gain (loss) | 15,792,735 | (1,451,997) | ||
Change in net unrealized appreciation (depreciation) | 168,448,897 | 373,992,624 | ||
Net increase (decrease) in net assets resulting from operations | 186,376,923 | 378,512,106 | ||
Distributions to shareholders | (5,362,699) | (1,170,775) | ||
Share transactions | ||||
Proceeds from sales of shares | 196,936,570 | 352,174,249 | ||
Reinvestment of distributions | 5,362,699 | 1,170,775 | ||
Cost of shares redeemed | (261,264,079) | (543,863,297) | ||
Net increase (decrease) in net assets resulting from share transactions | (58,964,810) | (190,518,273) | ||
Total increase (decrease) in net assets | 122,049,414 | 186,823,058 | ||
Net Assets | ||||
Beginning of period | 2,111,171,887 | 1,924,348,829 | ||
End of period | $ | 2,233,221,301 | $ | 2,111,171,887 |
Other Information | ||||
Shares | ||||
Sold | 10,395,627 | 22,429,283 | ||
Issued in reinvestment of distributions | 286,663 | 76,322 | ||
Redeemed | (13,692,490) | (34,918,758) | ||
Net increase (decrease) | (3,010,200) | (12,413,153) | ||
Fidelity® OTC K6 Portfolio |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.06 | $ | 15.63 | $ | 20.36 | $ | 14.29 | $ | 10.50 | $ | 10.00 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .02 | .05 | (.01) | (.01) | .02 | - D | ||||||
Net realized and unrealized gain (loss) | 1.70 | 3.39 | (3.93) | 6.15 | 3.81 | .50 | ||||||
Total from investment operations | 1.72 | 3.44 | (3.94) | 6.14 | 3.83 | .50 | ||||||
Distributions from net investment income | (.05) | (.01) | - | (.01) | (.01) | - | ||||||
Distributions from net realized gain | - | - | (.79) | (.06) | (.02) | - | ||||||
Total distributions | (.05) | (.01) | (.79) | (.07) | (.04) E | - | ||||||
Net asset value, end of period | $ | 20.73 | $ | 19.06 | $ | 15.63 | $ | 20.36 | $ | 14.29 | $ | 10.50 |
Total Return F,G | 9.05% | 22.03% | (20.27)% | 43.11% | 36.54% | 5.00% | ||||||
Ratios to Average Net Assets C,H,I | ||||||||||||
Expenses before reductions | .50% J | .50% | .50% | .50% | .50% | .50% J | ||||||
Expenses net of fee waivers, if any | .50% J | .50% | .50% | .50% | .50% | .50% J | ||||||
Expenses net of all reductions | .50% J | .50% | .50% | .50% | .49% | .50% J | ||||||
Net investment income (loss) | .21% J | .34% | (.05)% | (.05)% | .16% | .08% J | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,233,221 | $ | 2,111,172 | $ | 1,924,349 | $ | 2,630,559 | $ | 1,026,111 | $ | 1,050 |
Portfolio turnover rate K | 25% J | 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% |
Gross unrealized appreciation | $795,853,237 |
Gross unrealized depreciation | (48,543,313) |
Net unrealized appreciation (depreciation) | $747,309,924 |
Tax cost | $1,520,912,183 |
Short-term | $(134,247,833) |
Long-term | (8,933,841) |
Total capital loss carryforward | $(143,181,674) |
Purchases ($) | Sales ($) | |
Fidelity OTC K6 Portfolio | 260,379,204 | 292,418,507 |
Shares | Total net realized gain or loss ($) | 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 |
Amount | |
Fidelity OTC K6 Portfolio | $2,691 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity OTC K6 Portfolio | Borrower | $ 7,604,750 | 5.57% | $4,702 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity OTC K6 Portfolio | 23,716,352 | 7,488,919 | 331,168 |
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 | $14,077 | $2 | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® OTC K6 Portfolio | .50% | |||||||||
Actual | $ 1,000 | $ 1,090.50 | $ 2.63 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.62 | $ 2.54 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Super Micro Computer, Inc. | 2.0 | |
Applied Industrial Technologies, Inc. | 1.4 | |
Eagle Materials, Inc. | 1.2 | |
Cytokinetics, Inc. | 1.2 | |
FTAI Aviation Ltd. | 1.2 | |
Fabrinet | 1.0 | |
TransMedics Group, Inc. | 1.0 | |
Dynatrace, Inc. | 1.0 | |
Wix.com Ltd. | 1.0 | |
Insight Enterprises, Inc. | 1.0 | |
12.0 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 25.4 | |
Information Technology | 23.4 | |
Industrials | 21.4 | |
Consumer Discretionary | 12.4 | |
Consumer Staples | 4.3 | |
Energy | 4.2 | |
Financials | 4.2 | |
Materials | 3.0 | |
Communication Services | 1.3 | |
Real Estate | 0.7 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Short-Term Investments and Net Other Assets (Liabilities) - (0.3)% |
Common Stocks - 98.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.2% | |||
Interactive Media & Services - 0.8% | |||
Cars.com, Inc. (a) | 1,487,518 | 25,927,439 | |
Yelp, Inc. (a) | 471,831 | 20,633,170 | |
46,560,609 | |||
Media - 0.4% | |||
TechTarget, Inc. (a) | 622,597 | 21,274,139 | |
TOTAL COMMUNICATION SERVICES | 67,834,748 | ||
CONSUMER DISCRETIONARY - 12.4% | |||
Automobile Components - 0.5% | |||
Autoliv, Inc. | 272,789 | 29,221,158 | |
Broadline Retail - 0.3% | |||
Savers Value Village, Inc. (b) | 979,456 | 18,306,033 | |
Diversified Consumer Services - 1.9% | |||
Duolingo, Inc. (a) | 68,664 | 12,283,303 | |
Grand Canyon Education, Inc. (a) | 216,735 | 28,303,424 | |
H&R Block, Inc. | 308,737 | 14,461,241 | |
OneSpaWorld Holdings Ltd. (a) | 1,277,996 | 17,419,085 | |
Stride, Inc. (a) | 99,879 | 5,987,746 | |
Udemy, Inc. (a) | 2,321,698 | 31,551,876 | |
110,006,675 | |||
Hotels, Restaurants & Leisure - 2.4% | |||
Brinker International, Inc. (a) | 901,772 | 38,586,824 | |
Cava Group, Inc. (b) | 374,417 | 17,522,716 | |
Dutch Bros, Inc. (a)(b) | 376,571 | 10,110,931 | |
First Watch Restaurant Group, Inc. (a)(b) | 399,754 | 8,578,721 | |
GEN Restaurant Group, Inc. | 316,933 | 2,513,279 | |
Kura Sushi U.S.A., Inc. Class A (a)(b) | 224,634 | 22,043,334 | |
Red Rock Resorts, Inc. | 400,437 | 21,895,895 | |
SeaWorld Entertainment, Inc. (a) | 279,835 | 13,823,849 | |
135,075,549 | |||
Household Durables - 1.9% | |||
KB Home (b) | 504,765 | 30,078,946 | |
LGI Homes, Inc. (a) | 318,379 | 37,571,906 | |
Lovesac (a)(b) | 746,593 | 17,291,094 | |
SharkNinja Hong Kong Co. Ltd. | 563,493 | 26,326,393 | |
111,268,339 | |||
Leisure Products - 0.8% | |||
Brunswick Corp. | 250,798 | 20,234,383 | |
Games Workshop Group PLC | 114,657 | 14,392,442 | |
YETI Holdings, Inc. (a)(b) | 252,595 | 11,106,602 | |
45,733,427 | |||
Specialty Retail - 3.7% | |||
American Eagle Outfitters, Inc. | 1,355,863 | 26,873,205 | |
Aritzia, Inc. (a) | 1,409,586 | 34,294,736 | |
BARK, Inc. warrants 8/29/25 (a) | 356,749 | 12,522 | |
Boot Barn Holdings, Inc. (a)(b) | 347,843 | 24,954,257 | |
Chewy, Inc. (a) | 40,253 | 717,308 | |
Fanatics, Inc. Class A (a)(c)(d) | 726,062 | 53,728,588 | |
Murphy U.S.A., Inc. | 94,592 | 33,345,572 | |
Signet Jewelers Ltd. (b) | 111,365 | 11,078,590 | |
Valvoline, Inc. (a)(b) | 664,296 | 24,240,161 | |
209,244,939 | |||
Textiles, Apparel & Luxury Goods - 0.9% | |||
Crocs, Inc. (a) | 241,297 | 24,486,820 | |
Kontoor Brands, Inc. | 452,157 | 26,505,443 | |
50,992,263 | |||
TOTAL CONSUMER DISCRETIONARY | 709,848,383 | ||
CONSUMER STAPLES - 4.3% | |||
Beverages - 0.6% | |||
Boston Beer Co., Inc. Class A (a) | 78,846 | 27,538,542 | |
The Vita Coco Co., Inc. (a)(b) | 548,618 | 10,802,288 | |
38,340,830 | |||
Consumer Staples Distribution & Retail - 2.2% | |||
Casey's General Stores, Inc. | 23,993 | 6,510,740 | |
Performance Food Group Co. (a) | 703,291 | 51,115,190 | |
Sprouts Farmers Market LLC (a)(b) | 710,112 | 35,768,341 | |
U.S. Foods Holding Corp. (a) | 708,110 | 32,580,141 | |
125,974,412 | |||
Food Products - 0.3% | |||
Nomad Foods Ltd. | 910,213 | 16,374,732 | |
Personal Care Products - 1.2% | |||
BellRing Brands, Inc. (a) | 534,415 | 29,537,117 | |
elf Beauty, Inc. (a) | 237,203 | 37,840,995 | |
67,378,112 | |||
TOTAL CONSUMER STAPLES | 248,068,086 | ||
ENERGY - 4.2% | |||
Energy Equipment & Services - 3.0% | |||
Cactus, Inc. | 790,168 | 33,534,730 | |
Championx Corp. | 457,840 | 12,549,394 | |
Expro Group Holdings NV (a) | 976,235 | 17,181,736 | |
Liberty Oilfield Services, Inc. Class A | 1,759,708 | 36,584,329 | |
TechnipFMC PLC | 1,357,602 | 26,256,023 | |
Weatherford International PLC (a) | 497,158 | 44,520,499 | |
170,626,711 | |||
Oil, Gas & Consumable Fuels - 1.2% | |||
Antero Resources Corp. (a) | 777,949 | 17,379,381 | |
Northern Oil & Gas, Inc. (b) | 1,037,528 | 34,757,188 | |
Range Resources Corp. | 643,608 | 18,690,376 | |
70,826,945 | |||
TOTAL ENERGY | 241,453,656 | ||
FINANCIALS - 4.2% | |||
Banks - 0.8% | |||
First Interstate Bancsystem, Inc. | 268,030 | 7,376,186 | |
Pinnacle Financial Partners, Inc. | 309,232 | 27,329,924 | |
Starling Bank Ltd. Series D (a)(c)(d) | 1,942,800 | 7,731,027 | |
42,437,137 | |||
Capital Markets - 1.5% | |||
Houlihan Lokey | 132,884 | 15,916,846 | |
Lazard, Inc. Class A | 371,304 | 14,473,430 | |
Perella Weinberg Partners (c) | 2,039,500 | 23,964,125 | |
Perella Weinberg Partners Class A | 487,716 | 5,730,663 | |
StepStone Group, Inc. Class A | 742,899 | 24,849,972 | |
84,935,036 | |||
Financial Services - 1.1% | |||
Flywire Corp. (a) | 1,053,162 | 22,506,072 | |
Remitly Global, Inc. (a) | 1,500,323 | 25,715,536 | |
Walker & Dunlop, Inc. | 175,049 | 16,907,983 | |
65,129,591 | |||
Insurance - 0.8% | |||
BRP Group, Inc. (a) | 1,174,716 | 26,360,627 | |
Selective Insurance Group, Inc. | 49,934 | 5,236,079 | |
Stewart Information Services Corp. | 240,482 | 14,828,120 | |
46,424,826 | |||
TOTAL FINANCIALS | 238,926,590 | ||
HEALTH CARE - 24.9% | |||
Biotechnology - 10.7% | |||
Absci Corp. (a)(b) | 808,377 | 3,201,173 | |
Allogene Therapeutics, Inc. (a) | 1,576,680 | 5,549,914 | |
ALX Oncology Holdings, Inc. (a) | 1,439,422 | 20,742,071 | |
Annexon, Inc. (a) | 1,340,011 | 5,567,746 | |
Apogee Therapeutics, Inc. (b) | 264,637 | 8,865,340 | |
Arcellx, Inc. (a) | 393,409 | 24,328,413 | |
Arrowhead Pharmaceuticals, Inc. (a) | 873,841 | 28,050,296 | |
Ascendis Pharma A/S sponsored ADR (a) | 199,572 | 25,930,390 | |
Astria Therapeutics, Inc. (a) | 766,448 | 9,986,817 | |
Cargo Therapeutics, Inc. | 660,947 | 14,547,443 | |
Celldex Therapeutics, Inc. (a) | 547,915 | 19,297,566 | |
Cogent Biosciences, Inc. (a) | 218,500 | 967,955 | |
Crinetics Pharmaceuticals, Inc. (a) | 494,357 | 18,034,143 | |
Cytokinetics, Inc. (a)(b) | 852,432 | 66,600,512 | |
Fusion Pharmaceuticals, Inc. (a)(b) | 1,743,477 | 20,259,203 | |
ImmunoGen, Inc. (a) | 281,518 | 8,254,108 | |
Insmed, Inc. (a) | 266,555 | 7,410,229 | |
Janux Therapeutics, Inc. (a)(b) | 652,834 | 5,588,259 | |
Karuna Therapeutics, Inc. (a) | 23,874 | 7,482,589 | |
Keros Therapeutics, Inc. (a) | 378,307 | 20,943,076 | |
Legend Biotech Corp. ADR (a) | 194,597 | 10,714,511 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 62,330 | 13,507,534 | |
Merus BV (a) | 186,974 | 6,671,232 | |
Monte Rosa Therapeutics, Inc. (a) | 624,825 | 3,308,448 | |
Moonlake Immunotherapeutics (a)(b) | 145,248 | 8,116,458 | |
Morphic Holding, Inc. (a) | 359,172 | 11,382,161 | |
Nuvalent, Inc. Class A (a)(b) | 548,613 | 41,239,239 | |
ORIC Pharmaceuticals, Inc. (a)(b) | 1,288,220 | 14,157,538 | |
Repligen Corp. (a) | 70,000 | 13,258,000 | |
Spyre Therapeutics, Inc. (a) | 388,446 | 10,064,636 | |
Tango Therapeutics, Inc. (a)(b) | 1,260,625 | 14,812,344 | |
Tenaya Therapeutics, Inc. (a) | 790,790 | 3,325,272 | |
Tyra Biosciences, Inc. (a) | 773,669 | 10,367,165 | |
Vaxcyte, Inc. (a) | 652,831 | 46,625,190 | |
Vericel Corp. (a) | 645,068 | 27,725,023 | |
Viking Therapeutics, Inc. (a)(b) | 686,349 | 16,568,465 | |
Viridian Therapeutics, Inc. (a) | 783,200 | 15,076,600 | |
Xenon Pharmaceuticals, Inc. (a) | 352,805 | 15,953,842 | |
Zentalis Pharmaceuticals, Inc. (a) | 739,489 | 8,762,945 | |
613,243,846 | |||
Health Care Equipment & Supplies - 5.5% | |||
Axonics, Inc. (a) | 108,692 | 7,378,013 | |
Glaukos Corp. (a) | 486,112 | 43,278,551 | |
Haemonetics Corp. (a) | 359,405 | 27,480,106 | |
Inspire Medical Systems, Inc. (a) | 102,350 | 21,582,545 | |
Integer Holdings Corp. (a) | 203,262 | 20,594,506 | |
Lantheus Holdings, Inc. (a) | 228,113 | 11,845,908 | |
Masimo Corp. (a) | 194,452 | 25,072,641 | |
NeuroPace, Inc. (a) | 339,373 | 4,961,633 | |
Penumbra, Inc. (a) | 86,519 | 21,819,227 | |
PROCEPT BioRobotics Corp. (a)(b) | 626,874 | 29,024,266 | |
Pulmonx Corp. (a) | 1,362,111 | 18,088,834 | |
RxSight, Inc. (a) | 586,492 | 26,691,251 | |
TransMedics Group, Inc. (a)(b) | 667,500 | 57,251,475 | |
315,068,956 | |||
Health Care Providers & Services - 4.1% | |||
Acadia Healthcare Co., Inc. (a) | 453,727 | 37,269,136 | |
agilon health, Inc. (a) | 2,071,716 | 12,202,407 | |
BrightSpring Health Services, Inc. (b) | 924,300 | 10,185,786 | |
HealthEquity, Inc. (a) | 543,999 | 41,115,444 | |
Molina Healthcare, Inc. (a) | 80,625 | 28,737,975 | |
Option Care Health, Inc. (a) | 486,675 | 15,203,727 | |
Privia Health Group, Inc. (a) | 812,182 | 16,373,589 | |
Progyny, Inc. (a) | 233,006 | 8,875,199 | |
RadNet, Inc. (a) | 276,662 | 10,228,194 | |
Surgery Partners, Inc. (a) | 964,480 | 29,599,891 | |
The Ensign Group, Inc. (b) | 229,869 | 26,025,768 | |
235,817,116 | |||
Health Care Technology - 0.9% | |||
Evolent Health, Inc. Class A (a) | 698,828 | 20,552,531 | |
Phreesia, Inc. (a) | 866,912 | 22,088,918 | |
Schrodinger, Inc. (a)(b) | 339,673 | 8,984,351 | |
51,625,800 | |||
Life Sciences Tools & Services - 1.1% | |||
10X Genomics, Inc. (a) | 278,062 | 11,586,844 | |
Medpace Holdings, Inc. (a) | 124,153 | 36,200,532 | |
Pacific Biosciences of California, Inc. (a)(b) | 591,753 | 3,852,312 | |
Veterinary Emergency Group LLC Class A (a)(c)(d)(e) | 190,561 | 10,799,092 | |
62,438,780 | |||
Pharmaceuticals - 2.6% | |||
CymaBay Therapeutics, Inc. (a) | 765,712 | 18,001,889 | |
Edgewise Therapeutics, Inc. (a) | 1,359,158 | 24,233,787 | |
Enliven Therapeutics, Inc. (a)(b) | 607,138 | 9,532,067 | |
Ikena Oncology, Inc. (a) | 708,079 | 948,826 | |
Intra-Cellular Therapies, Inc. (a) | 637,931 | 42,958,274 | |
Pharvaris BV (a)(b) | 732,607 | 21,904,949 | |
Structure Therapeutics, Inc. ADR | 200,615 | 8,750,826 | |
Terns Pharmaceuticals, Inc. (a) | 1,978,337 | 10,247,786 | |
Verona Pharma PLC ADR (a) | 662,186 | 12,151,113 | |
148,729,517 | |||
TOTAL HEALTH CARE | 1,426,924,015 | ||
INDUSTRIALS - 20.8% | |||
Aerospace & Defense - 0.3% | |||
BWX Technologies, Inc. | 192,996 | 15,725,314 | |
Building Products - 2.8% | |||
AAON, Inc. | 160,107 | 11,233,107 | |
AZZ, Inc. | 185,469 | 11,582,539 | |
CSW Industrials, Inc. | 98,728 | 20,887,883 | |
Fortune Brands Innovations, Inc. | 258,300 | 20,041,497 | |
Simpson Manufacturing Co. Ltd. | 123,977 | 22,438,597 | |
Tecnoglass, Inc. (b) | 572,568 | 26,343,854 | |
The AZEK Co., Inc. (a)(b) | 675,310 | 26,039,954 | |
UFP Industries, Inc. | 197,949 | 22,457,314 | |
161,024,745 | |||
Construction & Engineering - 2.1% | |||
Comfort Systems U.S.A., Inc. | 83,400 | 18,136,998 | |
EMCOR Group, Inc. | 140,574 | 32,066,335 | |
Fluor Corp. (a) | 1,283,650 | 48,406,442 | |
Sterling Construction Co., Inc. (a) | 300,536 | 22,570,254 | |
121,180,029 | |||
Electrical Equipment - 2.4% | |||
Acuity Brands, Inc. | 141,496 | 33,698,687 | |
Atkore, Inc. | 207,499 | 31,649,822 | |
Nextracker, Inc. Class A | 18,200 | 823,914 | |
nVent Electric PLC | 519,681 | 31,201,647 | |
Prysmian SpA | 318,581 | 14,112,467 | |
Vertiv Holdings Co. | 480,790 | 27,082,901 | |
138,569,438 | |||
Ground Transportation - 0.6% | |||
Saia, Inc. (a) | 40,903 | 18,430,074 | |
XPO, Inc. (a) | 205,575 | 17,564,328 | |
35,994,402 | |||
Machinery - 3.8% | |||
Crane Co. | 273,231 | 33,910,699 | |
ESAB Corp. | 274,438 | 23,598,924 | |
Federal Signal Corp. | 571,034 | 43,958,197 | |
ITT, Inc. | 353,238 | 42,664,086 | |
Mueller Industries, Inc. | 677,870 | 32,537,760 | |
Terex Corp. | 347,256 | 21,331,936 | |
Timken Co. | 252,209 | 20,658,439 | |
218,660,041 | |||
Marine Transportation - 0.3% | |||
Kirby Corp. (a) | 224,020 | 17,621,413 | |
Professional Services - 4.6% | |||
CACI International, Inc. Class A (a) | 133,831 | 46,001,730 | |
CBIZ, Inc. (a) | 303,515 | 19,321,765 | |
ExlService Holdings, Inc. (a) | 1,602,985 | 50,141,371 | |
FTI Consulting, Inc. (a) | 99,889 | 19,139,731 | |
ICF International, Inc. | 188,183 | 26,164,964 | |
Insperity, Inc. | 94,671 | 10,857,817 | |
KBR, Inc. | 411,664 | 21,451,811 | |
Maximus, Inc. | 528,314 | 42,856,832 | |
Verra Mobility Corp. (a) | 1,020,368 | 24,396,999 | |
260,333,020 | |||
Trading Companies & Distributors - 3.9% | |||
Alligo AB (B Shares) | 891,724 | 11,345,078 | |
Applied Industrial Technologies, Inc. (b) | 451,196 | 79,618,046 | |
FTAI Aviation Ltd. | 1,215,858 | 65,595,539 | |
GMS, Inc. (a) | 269,872 | 22,712,428 | |
Xometry, Inc. (a)(b) | 1,261,894 | 40,607,749 | |
219,878,840 | |||
TOTAL INDUSTRIALS | 1,188,987,242 | ||
INFORMATION TECHNOLOGY - 22.8% | |||
Communications Equipment - 0.2% | |||
Lumentum Holdings, Inc. (a) | 245,916 | 13,510,625 | |
Electronic Equipment, Instruments & Components - 4.1% | |||
Advanced Energy Industries, Inc. | 330,048 | 34,384,401 | |
Badger Meter, Inc. | 63,192 | 9,099,016 | |
Crane Nxt Co. | 383,899 | 22,373,634 | |
Fabrinet (a) | 282,063 | 60,223,271 | |
Insight Enterprises, Inc. (a) | 297,571 | 54,973,267 | |
TD SYNNEX Corp. | 145,754 | 14,572,485 | |
Vontier Corp. | 1,170,425 | 40,485,001 | |
236,111,075 | |||
IT Services - 1.6% | |||
Fastly, Inc. Class A (a) | 980,571 | 19,729,089 | |
Softcat PLC | 868,283 | 15,911,423 | |
Wix.com Ltd. (a) | 441,610 | 56,031,477 | |
91,671,989 | |||
Semiconductors & Semiconductor Equipment - 3.9% | |||
Allegro MicroSystems LLC (a) | 416,298 | 10,798,770 | |
Cirrus Logic, Inc. (a) | 202,935 | 15,666,582 | |
Lattice Semiconductor Corp. (a) | 239,504 | 14,576,213 | |
MACOM Technology Solutions Holdings, Inc. (a) | 490,974 | 42,336,688 | |
Nova Ltd. (a) | 282,498 | 40,908,535 | |
Onto Innovation, Inc. (a) | 322,007 | 52,004,131 | |
Rambus, Inc. (a) | 645,199 | 44,215,487 | |
220,506,406 | |||
Software - 11.0% | |||
Alarm.com Holdings, Inc. (a) | 269,659 | 16,400,660 | |
Algolia, Inc. (a)(c)(d) | 234,640 | 3,805,861 | |
Alkami Technology, Inc. (a) | 955,533 | 23,525,222 | |
AppFolio, Inc. (a) | 131,600 | 28,854,616 | |
Blackbaud, Inc. (a) | 269,076 | 21,773,630 | |
CommVault Systems, Inc. (a) | 190,186 | 17,436,252 | |
Convoy, Inc. warrants (a)(c)(d) | 59,855 | 1 | |
CyberArk Software Ltd. (a) | 157,118 | 36,683,911 | |
DoubleVerify Holdings, Inc. (a)(b) | 498,143 | 19,930,701 | |
Dynatrace, Inc. (a) | 998,400 | 56,908,800 | |
Five9, Inc. (a) | 236,501 | 17,940,966 | |
GitLab, Inc. (a) | 152,216 | 10,824,080 | |
Intapp, Inc. (a) | 452,252 | 19,483,016 | |
JFrog Ltd. (a)(b) | 1,491,662 | 48,523,765 | |
Lightspeed Commerce, Inc. (a)(b) | 1,141,506 | 21,049,371 | |
MicroStrategy, Inc. Class A (a)(b) | 72,247 | 36,210,919 | |
nCino, Inc. (a) | 17,700 | 557,196 | |
Procore Technologies, Inc. (a) | 148,621 | 10,610,053 | |
PROS Holdings, Inc. (a) | 1,030,086 | 35,455,560 | |
Qualys, Inc. (a) | 81,701 | 15,455,378 | |
Rapid7, Inc. (a) | 654,011 | 35,990,225 | |
Semrush Holdings, Inc. (a) | 908,803 | 10,487,587 | |
Sprout Social, Inc. (a)(b) | 685,586 | 42,046,989 | |
SPS Commerce, Inc. (a) | 78,513 | 14,430,689 | |
TECSYS, Inc. | 707,796 | 18,436,547 | |
Tenable Holdings, Inc. (a) | 657,428 | 30,964,859 | |
Varonis Systems, Inc. (a) | 562,920 | 25,263,850 | |
Workiva, Inc. (a) | 112,564 | 10,461,698 | |
629,512,402 | |||
Technology Hardware, Storage & Peripherals - 2.0% | |||
IonQ, Inc. (a)(b) | 278,924 | 2,864,549 | |
Super Micro Computer, Inc. (a) | 214,555 | 113,630,470 | |
116,495,019 | |||
TOTAL INFORMATION TECHNOLOGY | 1,307,807,516 | ||
MATERIALS - 3.0% | |||
Chemicals - 1.6% | |||
Axalta Coating Systems Ltd. (a) | 485,020 | 15,724,348 | |
Cabot Corp. | 175,496 | 12,653,262 | |
Element Solutions, Inc. | 880,961 | 19,583,763 | |
Orion SA | 1,074,168 | 24,061,363 | |
The Chemours Co. LLC | 743,118 | 22,419,870 | |
94,442,606 | |||
Construction Materials - 1.2% | |||
Eagle Materials, Inc. | 301,847 | 68,301,939 | |
Containers & Packaging - 0.2% | |||
O-I Glass, Inc. (a) | 648,149 | 9,437,049 | |
TOTAL MATERIALS | 172,181,594 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.7% | |||
Ryman Hospitality Properties, Inc. | 381,838 | 41,963,996 | |
TOTAL COMMON STOCKS (Cost $4,558,980,415) | 5,643,995,826 | ||
Convertible Preferred Stocks - 1.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Reddit, Inc. Series F (a)(c)(d) | 253,500 | 8,205,795 | |
HEALTH CARE - 0.5% | |||
Biotechnology - 0.4% | |||
Bright Peak Therapeutics AG Series B (a)(c)(d) | 1,079,522 | 1,792,007 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 780,603 | 2,154,464 | |
LifeMine Therapeutics, Inc. Series C (a)(c)(d) | 2,048,403 | 3,871,482 | |
Sonoma Biotherapeutics, Inc.: | |||
Series B (a)(c)(d) | 2,370,360 | 6,542,194 | |
Series B1 (a)(c)(d) | 1,264,171 | 3,956,855 | |
T-Knife Therapeutics, Inc. Series B (a)(c)(d) | 1,097,257 | 4,334,165 | |
Treeline Biosciences Series A (a)(c)(d) | 115,000 | 897,000 | |
23,548,167 | |||
Health Care Providers & Services - 0.1% | |||
Boundless Bio, Inc.: | |||
Series B (a)(c)(d) | 3,017,761 | 2,746,163 | |
Series C (c)(d) | 2,110,183 | 1,477,128 | |
4,223,291 | |||
Health Care Technology - 0.0% | |||
Wugen, Inc. Series B (a)(c)(d) | 326,496 | 1,851,232 | |
TOTAL HEALTH CARE | 29,622,690 | ||
INDUSTRIALS - 0.6% | |||
Construction & Engineering - 0.6% | |||
Beta Technologies, Inc.: | |||
Series A (a)(c)(d) | 278,129 | 26,639,196 | |
Series B, 6.00% (a)(c)(d) | 85,106 | 9,042,513 | |
35,681,709 | |||
INFORMATION TECHNOLOGY - 0.6% | |||
Communications Equipment - 0.2% | |||
Astranis Space Technologies Corp.: | |||
Series C (a)(c)(d) | 557,717 | 10,931,253 | |
Series C Prime (c)(d) | 87,241 | 1,709,924 | |
12,641,177 | |||
IT Services - 0.1% | |||
Yanka Industries, Inc.: | |||
Series E (a)(c)(d) | 869,641 | 5,217,846 | |
Series F (a)(c)(d) | 127,716 | 950,207 | |
6,168,053 | |||
Software - 0.3% | |||
Algolia, Inc. Series D (a)(c)(d) | 53,800 | 872,636 | |
Convoy, Inc. Series D (a)(c)(d) | 913,444 | 9 | |
Mountain Digital, Inc. Series D (a)(c)(d) | 729,676 | 11,412,133 | |
Skyryse, Inc. Series B (a)(c)(d) | 62,100 | 1,491,642 | |
13,776,420 | |||
TOTAL INFORMATION TECHNOLOGY | 32,585,650 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $144,225,371) | 106,095,844 | ||
Convertible Bonds - 0.0% | |||
Principal Amount (f) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (c)(d) (Cost $398,614) | 398,614 | 0 | |
Money Market Funds - 7.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (g) | 1,931,383 | 1,931,769 | |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | 404,321,281 | 404,361,714 | |
TOTAL MONEY MARKET FUNDS (Cost $406,293,483) | 406,293,483 | ||
TOTAL INVESTMENT IN SECURITIES - 107.4% (Cost $5,109,897,883) | 6,156,385,153 |
NET OTHER ASSETS (LIABILITIES) - (7.4)% | (424,987,425) |
NET ASSETS - 100.0% | 5,731,397,728 |
(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 $206,124,538 or 3.6% of net assets. |
(d) | Level 3 security |
(e) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Algolia, Inc. | 10/27/21 | 6,862,059 |
Algolia, Inc. Series D | 7/23/21 | 1,573,384 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 21 | 735,603,100 | 733,671,352 | 995,595 | - | - | 1,931,769 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 347,027,293 | 882,571,120 | 825,236,699 | 926,888 | - | - | 404,361,714 | 1.6% |
Total | 347,027,314 | 1,618,174,220 | 1,558,908,051 | 1,922,483 | - | - | 406,293,483 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Lovesac | 32,183,727 | 1,679,394 | 8,692,741 | - | (15,266,741) | 7,387,455 | - |
Total | 32,183,727 | 1,679,394 | 8,692,741 | - | (15,266,741) | 7,387,455 | - |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 76,040,543 | 67,834,748 | - | 8,205,795 |
Consumer Discretionary | 709,848,383 | 656,119,795 | - | 53,728,588 |
Consumer Staples | 248,068,086 | 248,068,086 | - | - |
Energy | 241,453,656 | 241,453,656 | - | - |
Financials | 238,926,590 | 231,195,563 | - | 7,731,027 |
Health Care | 1,456,546,705 | 1,416,124,923 | - | 40,421,782 |
Industrials | 1,224,668,951 | 1,188,987,242 | - | 35,681,709 |
Information Technology | 1,340,393,166 | 1,304,001,654 | - | 36,391,512 |
Materials | 172,181,594 | 172,181,594 | - | - |
Real Estate | 41,963,996 | 41,963,996 | - | - |
Corporate Bonds | - | - | - | - |
Money Market Funds | 406,293,483 | 406,293,483 | - | - |
Total Investments in Securities: | 6,156,385,153 | 5,974,224,740 | - | 182,160,413 |
Investments in Securities: | |||
Beginning Balance | $ | 207,367,653 | |
Net Realized Gain (Loss) on Investment Securities | (2) | ||
Net Unrealized Gain (Loss) on Investment Securities | (25,207,238) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 182,160,413 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (25,207,238) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $386,436,243) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,703,604,400) | $ | 5,750,091,670 | ||
Fidelity Central Funds (cost $406,293,483) | 406,293,483 | |||
Total Investment in Securities (cost $5,109,897,883) | $ | 6,156,385,153 | ||
Foreign currency held at value (cost $3) | 3 | |||
Receivable for investments sold | 49,376,449 | |||
Receivable for fund shares sold | 3,598,473 | |||
Dividends receivable | 291,059 | |||
Interest receivable | 51,316 | |||
Distributions receivable from Fidelity Central Funds | 354,873 | |||
Prepaid expenses | 4,467 | |||
Total assets | 6,210,061,793 | |||
Liabilities | ||||
Payable to custodian bank | $ | 1,939,472 | ||
Payable for investments purchased | 60,564,224 | |||
Payable for fund shares redeemed | 4,287,832 | |||
Accrued management fee | 4,086,194 | |||
Distribution and service plan fees payable | 135,926 | |||
Notes payable to affiliates | 2,535,000 | |||
Other affiliated payables | 703,403 | |||
Other payables and accrued expenses | 61,249 | |||
Collateral on securities loaned | 404,350,765 | |||
Total Liabilities | 478,664,065 | |||
Net Assets | $ | 5,731,397,728 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,157,082,303 | ||
Total accumulated earnings (loss) | 574,315,425 | |||
Net Assets | $ | 5,731,397,728 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($310,897,992 ÷ 11,887,434 shares)(a) | $ | 26.15 | ||
Maximum offering price per share (100/94.25 of $26.15) | $ | 27.75 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($80,512,951 ÷ 3,272,197 shares)(a) | $ | 24.61 | ||
Maximum offering price per share (100/96.50 of $24.61) | $ | 25.50 | ||
Class C : | ||||
Net Asset Value and offering price per share ($46,930,276 ÷ 2,219,703 shares)(a) | $ | 21.14 | ||
Small Cap Growth : | ||||
Net Asset Value, offering price and redemption price per share ($2,650,758,136 ÷ 94,047,082 shares) | $ | 28.19 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($872,867,329 ÷ 30,873,330 shares) | $ | 28.27 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($1,769,431,044 ÷ 62,082,901 shares) | $ | 28.50 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Consolidated Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 13,644,528 | ||
Interest | 30,287 | |||
Income from Fidelity Central Funds (including $926,888 from security lending) | 1,922,483 | |||
Total Income | 15,597,298 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 17,368,245 | ||
Performance adjustment | 3,947,488 | |||
Transfer agent fees | 3,439,944 | |||
Distribution and service plan fees | 758,434 | |||
Accounting fees | 485,776 | |||
Custodian fees and expenses | 19,881 | |||
Independent trustees' fees and expenses | 14,888 | |||
Registration fees | 130,513 | |||
Audit | 58,613 | |||
Legal | 6,075 | |||
Interest | 45,117 | |||
Miscellaneous | 9,390 | |||
Total expenses before reductions | 26,284,364 | |||
Expense reductions | (226,703) | |||
Total expenses after reductions | 26,057,661 | |||
Net Investment income (loss) | (10,460,363) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (45,703,514) | |||
Redemptions in-kind | 2,741,079 | |||
Affiliated issuers | (15,266,741) | |||
Foreign currency transactions | 65,607 | |||
Total net realized gain (loss) | (58,163,569) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 246,469,431 | |||
Affiliated issuers | 7,387,455 | |||
Assets and liabilities in foreign currencies | 3,289 | |||
Total change in net unrealized appreciation (depreciation) | 253,860,175 | |||
Net gain (loss) | 195,696,606 | |||
Net increase (decrease) in net assets resulting from operations | $ | 185,236,243 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (10,460,363) | $ | (22,495,635) |
Net realized gain (loss) | (58,163,569) | (88,790,257) | ||
Change in net unrealized appreciation (depreciation) | 253,860,175 | 601,413,550 | ||
Net increase (decrease) in net assets resulting from operations | 185,236,243 | 490,127,658 | ||
Share transactions - net increase (decrease) | 57,916,801 | (238,473,369) | ||
Total increase (decrease) in net assets | 243,153,044 | 251,654,289 | ||
Net Assets | ||||
Beginning of period | 5,488,244,684 | 5,236,590,395 | ||
End of period | $ | 5,731,397,728 | $ | 5,488,244,684 |
Fidelity Advisor® Small Cap Growth Fund Class A |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.34 | $ | 23.12 | $ | 34.89 | $ | 26.64 | $ | 26.03 | $ | 27.45 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.08) | (.17) | (.17) | (.26) C | (.20) | (.21) | ||||||
Net realized and unrealized gain (loss) | .89 | 2.39 | (5.58) | 11.27 | 2.26 | 1.79 | ||||||
Total from investment operations | .81 | 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 | $ | 26.15 | $ | 25.34 | $ | 23.12 | $ | 34.89 | $ | 26.64 | $ | 26.03 |
Total Return D,E,F | 3.20% | 9.60% | (20.62)% | 44.21% | 8.39% | 5.88% | ||||||
Ratios to Average Net Assets A,G,H | ||||||||||||
Expenses before reductions | 1.30% I | 1.32% | 1.29% | 1.29% | 1.37% | 1.33% | ||||||
Expenses net of fee waivers, if any | 1.29% I | 1.32% | 1.29% | 1.29% | 1.37% | 1.33% | ||||||
Expenses net of all reductions | 1.29% I | 1.32% | 1.29% | 1.28% | 1.36% | 1.32% | ||||||
Net investment income (loss) | (.68)% I | (.71)% | (.61)% | (.82)% C | (.80)% | (.85)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 310,898 | $ | 295,801 | $ | 287,905 | $ | 387,793 | $ | 268,448 | $ | 285,554 |
Portfolio turnover rate J | 83% I,K | 75% K | 79% K | 107% | 126% K | 91% K |
Fidelity Advisor® Small Cap Growth Fund Class M |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 23.87 | $ | 21.83 | $ | 33.27 | $ | 25.56 | $ | 25.09 | $ | 26.59 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.11) | (.21) | (.22) | (.33) C | (.25) | (.26) | ||||||
Net realized and unrealized gain (loss) | .85 | 2.25 | (5.28) | 10.77 | 2.17 | 1.72 | ||||||
Total from investment operations | .74 | 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 | $ | 24.61 | $ | 23.87 | $ | 21.83 | $ | 33.27 | $ | 25.56 | $ | 25.09 |
Total Return D,E,F | 3.10% | 9.34% | (20.85)% | 43.82% | 8.14% | 5.60% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 1.55% I | 1.58% | 1.54% | 1.55% | 1.63% | 1.60% | ||||||
Expenses net of fee waivers, if any | 1.54% I | 1.57% | 1.54% | 1.55% | 1.63% | 1.60% | ||||||
Expenses net of all reductions | 1.54% I | 1.57% | 1.54% | 1.53% | 1.62% | 1.59% | ||||||
Net investment income (loss) | (.94)% I | (.97)% | (.86)% | (1.08)% C | (1.06)% | (1.12)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 80,513 | $ | 76,283 | $ | 70,182 | $ | 98,005 | $ | 70,605 | $ | 75,030 |
Portfolio turnover rate J | 83% I,K | 75% K | 79% K | 107% | 126% K | 91% K |
Fidelity Advisor® Small Cap Growth Fund Class C |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 20.56 | $ | 18.90 | $ | 29.58 | $ | 23.07 | $ | 22.89 | $ | 24.56 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.14) | (.28) | (.31) | (.43) C | (.34) | (.35) | ||||||
Net realized and unrealized gain (loss) | .72 | 1.94 | (4.54) | 9.62 | 1.97 | 1.58 | ||||||
Total from investment operations | .58 | 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 | $ | 21.14 | $ | 20.56 | $ | 18.90 | $ | 29.58 | $ | 23.07 | $ | 22.89 |
Total Return D,E,F | 2.82% | 8.78% | (21.24)% | 43.07% | 7.62% | 5.06% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | 2.06% I | 2.08% | 2.05% | 2.06% | 2.13% | 2.09% | ||||||
Expenses net of fee waivers, if any | 2.05% I | 2.08% | 2.05% | 2.06% | 2.13% | 2.09% | ||||||
Expenses net of all reductions | 2.05% I | 2.08% | 2.05% | 2.05% | 2.12% | 2.08% | ||||||
Net investment income (loss) | (1.45)% I | (1.48)% | (1.37)% | (1.59)% C | (1.56)% | (1.61)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 46,930 | $ | 51,891 | $ | 59,768 | $ | 88,239 | $ | 77,850 | $ | 96,449 |
Portfolio turnover rate J | 83% I,K | 75% K | 79% K | 107% | 126% K | 91% K |
Fidelity® Small Cap Growth Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 27.27 | $ | 24.81 | $ | 37.02 | $ | 28.07 | $ | 27.27 | $ | 28.59 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.05) | (.11) | (.10) | (.18) C | (.13) | (.15) | ||||||
Net realized and unrealized gain (loss) | .97 | 2.57 | (6.00) | 11.92 | 2.38 | 1.87 | ||||||
Total from investment operations | .92 | 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 | $ | 28.19 | $ | 27.27 | $ | 24.81 | $ | 37.02 | $ | 28.07 | $ | 27.27 |
Total Return D,E | 3.37% | 9.92% | (20.42)% | 44.60% | 8.72% | 6.17% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.02% H | 1.05% | 1.02% | 1.00% | 1.08% | 1.05% | ||||||
Expenses net of fee waivers, if any | 1.01% H | 1.05% | 1.01% | 1.00% | 1.08% | 1.05% | ||||||
Expenses net of all reductions | 1.01% H | 1.05% | 1.01% | .99% | 1.07% | 1.04% | ||||||
Net investment income (loss) | (.41)% H | (.44)% | (.33)% | (.53)% C | (.52)% | (.57)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,650,758 | $ | 2,766,171 | $ | 2,747,002 | $ | 4,540,695 | $ | 2,839,506 | $ | 2,888,038 |
Portfolio turnover rate I | 83% H,J | 75% J | 79% J | 107% | 126% J | 91% J |
Fidelity Advisor® Small Cap Growth Fund Class I |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 27.36 | $ | 24.90 | $ | 37.13 | $ | 28.15 | $ | 27.35 | $ | 28.66 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.06) | (.11) | (.10) | (.19) C | (.14) | (.15) | ||||||
Net realized and unrealized gain (loss) | .97 | 2.57 | (6.03) | 11.96 | 2.39 | 1.88 | ||||||
Total from investment operations | .91 | 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 | $ | 28.27 | $ | 27.36 | $ | 24.90 | $ | 37.13 | $ | 28.15 | $ | 27.35 |
Total Return D,E | 3.33% | 9.88% | (20.42)% | 44.57% | 8.70% | 6.18% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | 1.04% H | 1.07% | 1.04% | 1.04% | 1.11% | 1.06% | ||||||
Expenses net of fee waivers, if any | 1.03% H | 1.06% | 1.03% | 1.04% | 1.11% | 1.06% | ||||||
Expenses net of all reductions | 1.03% H | 1.06% | 1.03% | 1.03% | 1.10% | 1.06% | ||||||
Net investment income (loss) | (.43)% H | (.46)% | (.35)% | (.57)% C | (.54)% | (.58)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 872,867 | $ | 660,166 | $ | 606,422 | $ | 775,746 | $ | 540,553 | $ | 590,311 |
Portfolio turnover rate I | 83% H,J | 75% J | 79% J | 107% | 126% J | 91% J |
Fidelity Advisor® Small Cap Growth Fund Class Z |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 27.56 | $ | 25.04 | $ | 37.32 | $ | 28.26 | $ | 27.41 | $ | 28.71 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.04) | (.08) | (.06) | (.15) C | (.10) | (.11) | ||||||
Net realized and unrealized gain (loss) | .98 | 2.60 | (6.06) | 12.01 | 2.40 | 1.87 | ||||||
Total from investment operations | .94 | 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 | $ | 28.50 | $ | 27.56 | $ | 25.04 | $ | 37.32 | $ | 28.26 | $ | 27.41 |
Total Return D,E | 3.41% | 10.06% | (20.33)% | 44.75% | 8.87% | 6.29% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .90% H | .93% | .90% | .90% | .97% | .92% | ||||||
Expenses net of fee waivers, if any | .89% H | .92% | .90% | .90% | .96% | .92% | ||||||
Expenses net of all reductions | .89% H | .92% | .90% | .89% | .95% | .92% | ||||||
Net investment income (loss) | (.28)% H | (.32)% | (.22)% | (.43)% C | (.40)% | (.44)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,769,431 | $ | 1,637,933 | $ | 1,465,312 | $ | 366,620 | $ | 197,764 | $ | 183,552 |
Portfolio turnover rate I | 83% H,J | 75% J | 79% J | 107% | 126% J | 91% J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $182,160,413 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 6.8 / 6.6 | Increase |
Enterprise value/Revenue multiple (EV/R) | 2.9 - 8.8 / 6.7 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 12.3 | Increase | |||
Market approach | Transaction price | $0.70 - $8.61 / $3.32 | Increase | ||
Discount rate | 5.0% - 35.0% / 21.4% | Decrease | |||
Premium rate | 10.0% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.1% - 4.3% / 4.2% | Increase | ||
Volatility | 75.0% - 100.0% / 82.6% | Increase | |||
Term | 2.0 - 3.0 / 2.9 | Increase | |||
Corporate Bonds | $- | Recovery value | Recovery value | $0.00 | Increase |
Gross unrealized appreciation | $1,348,653,821 |
Gross unrealized depreciation | (311,070,627) |
Net unrealized appreciation (depreciation) | $1,037,583,194 |
Tax cost | $5,118,801,959 |
Short-term | $(362,913,920) |
Total capital loss carryforward | $(362,913,920) |
$ Amount | % of Net Assets | |
Fidelity Small Cap Growth Fund | 10,799,092 | .19 |
Purchases ($) | Sales ($) | |
Fidelity Small Cap Growth Fund | 2,241,176,905 | 2,181,394,018 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Small Cap Growth Fund | 466,255 | 2,741,079 | 12,004,327 | Fidelity Small Cap Growth |
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 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $351,588 | $6,189 |
Class M | .25% | .25% | 181,842 | - |
Class C | .75% | .25% | 225,004 | 22,836 |
$758,434 | $29,025 |
Retained by FDC | |
Class A | $ 47,579 |
Class M | 3,062 |
Class CA | 114 |
$50,755 |
% of Class-Level Average Net Assets | |
Class A | .1883 |
Class M | .1896 |
Class C | .2000 |
Small Cap Growth | .1646 |
Class I | .1817 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $ 269,926 | .19 |
Class M | 70,512 | .19 |
Class C | 46,037 | .20 |
Small Cap Growth | 2,097,849 | .17 |
Class I | 623,924 | .19 |
Class Z | 331,696 | .04 |
$3,439,944 |
% of Average Net Assets | |
Fidelity Small Cap Growth Fund | .0180 |
% of Average Net Assets | |
Fidelity Small Cap Growth Fund | .02 |
Maximum Management Fee Rate % | |
Class A | .85 |
Class M | .85 |
Class C | .86 |
Small Cap Growth | .83 |
Class I | .84 |
Class Z | .70 |
Performance Adjustment Index | |
Fidelity Small Cap Growth Fund | Russell 2000 Growth Index |
Amount | |
Fidelity Small Cap Growth Fund | $ 39,960 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Small Cap Growth Fund | Borrower | $ 7,115,293 | 5.57% | $45,117 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Small Cap Growth Fund | 106,575,471 | 146,383,035 | 19,134,762 |
Amount | |
Fidelity Small Cap Growth Fund | $4,091 |
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 | $96,743 | $34,930 | $- |
Expense reduction | |
Class M | $17 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Small Cap Growth Fund | ||||
Class A | ||||
Shares sold | 1,433,366 | 1,985,652 | $34,819,884 | $46,092,120 |
Shares redeemed | (1,218,494) | (2,766,565) | (29,106,517) | (63,764,686) |
Net increase (decrease) | 214,872 | (780,913) | $5,713,367 | $(17,672,566) |
Class M | ||||
Shares sold | 360,939 | 434,136 | $8,349,039 | $9,560,256 |
Shares redeemed | (284,336) | (453,165) | (6,552,241) | (9,876,371) |
Net increase (decrease) | 76,603 | (19,029) | $1,796,798 | $(316,115) |
Class C | ||||
Shares sold | 256,434 | 290,539 | $5,078,653 | $5,509,177 |
Shares redeemed | (560,059) | (928,922) | (10,824,885) | (17,591,633) |
Net increase (decrease) | (303,625) | (638,383) | $(5,746,232) | $(12,082,456) |
Small Cap Growth | ||||
Shares sold | 6,508,435 | 14,584,621 | $170,966,747 | $365,567,725 |
Shares redeemed | (13,887,271) | (23,866,509) | (355,418,494) | (592,542,907) |
Net increase (decrease) | (7,378,836) | (9,281,888) | $(184,451,747) | $(226,975,182) |
Class I | ||||
Shares sold | 10,983,647 | 7,314,970 | $281,618,703 | $183,764,516 |
Shares redeemed | (4,239,530) | (7,544,771) | (108,781,617) | (187,661,628) |
Net increase (decrease) | 6,744,117 | (229,801) | $172,837,086 | $(3,897,112) |
Class Z | ||||
Shares sold | 5,402,055 | 8,164,174 | $139,230,243 | $204,704,877 |
Shares redeemed | (2,748,542) | (7,246,491) | (71,462,714) | (182,234,815) |
Net increase (decrease) | 2,653,513 | 917,683 | $67,767,529 | $22,470,062 |
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 (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Small Cap Growth Fund | ||||||||||
Class A | 1.29% | |||||||||
Actual | $ 1,000 | $ 1,032.00 | $ 6.59 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.65 | $ 6.55 | |||||||
Class M | 1.54% | |||||||||
Actual | $ 1,000 | $ 1,031.00 | $ 7.86 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.39 | $ 7.81 | |||||||
Class C | 2.05% | |||||||||
Actual | $ 1,000 | $ 1,028.20 | $ 10.45 | |||||||
Hypothetical-B | $ 1,000 | $ 1,014.83 | $ 10.38 | |||||||
Fidelity® Small Cap Growth Fund ** | 1.01% | |||||||||
Actual | $ 1,000 | $ 1,033.70 | $ 5.16 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.06 | $ 5.13 | |||||||
Class I ** | 1.03% | |||||||||
Actual | $ 1,000 | $ 1,033.30 | $ 5.26 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.96 | $ 5.23 | |||||||
Class Z | .89% | |||||||||
Actual | $ 1,000 | $ 1,034.10 | $ 4.55 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.66 | $ 4.52 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Small Cap Growth Fund | ||||||
Fidelity® Small Cap Growth Fund | .94% | |||||
Actual | $ 4.81 | |||||
Hypothetical- B | $ 4.77 | |||||
Class I | .98% | |||||
Actual | $ 5.01 | |||||
Hypothetical- B | $ 4.98 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Meta Platforms, Inc. Class A | 4.2 | |
Microsoft Corp. | 3.6 | |
Arthur J. Gallagher & Co. | 3.0 | |
NVIDIA Corp. | 2.9 | |
UnitedHealth Group, Inc. | 2.6 | |
JBS SA | 2.4 | |
PG&E Corp. | 2.4 | |
Cheniere Energy, Inc. | 2.3 | |
Boyd Gaming Corp. | 2.1 | |
Visa, Inc. Class A | 2.0 | |
27.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 23.9 | |
Consumer Discretionary | 15.9 | |
Industrials | 14.0 | |
Financials | 13.0 | |
Communication Services | 9.0 | |
Utilities | 5.5 | |
Health Care | 5.0 | |
Energy | 4.3 | |
Materials | 4.1 | |
Consumer Staples | 3.8 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 98.5% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 9.0% | |||
Entertainment - 2.3% | |||
Netflix, Inc. (a) | 58,600 | 33,057 | |
The Walt Disney Co. | 111,000 | 10,662 | |
Warner Bros Discovery, Inc. (a) | 423,900 | 4,247 | |
47,966 | |||
Interactive Media & Services - 6.1% | |||
Alphabet, Inc. Class A (a) | 228,500 | 32,013 | |
Cars.com, Inc. (a) | 479,200 | 8,352 | |
Meta Platforms, Inc. Class A | 225,600 | 88,014 | |
128,379 | |||
Media - 0.6% | |||
Nexstar Media Group, Inc. Class A | 76,843 | 13,656 | |
TOTAL COMMUNICATION SERVICES | 190,001 | ||
CONSUMER DISCRETIONARY - 15.9% | |||
Automobiles - 1.6% | |||
BYD Co. Ltd. (H Shares) | 1,021,000 | 22,860 | |
Tesla, Inc. (a) | 62,800 | 11,762 | |
34,622 | |||
Broadline Retail - 1.0% | |||
Amazon.com, Inc. (a) | 132,300 | 20,533 | |
Hotels, Restaurants & Leisure - 6.5% | |||
Airbnb, Inc. Class A (a) | 118,100 | 17,023 | |
Booking Holdings, Inc. (a) | 3,900 | 13,679 | |
Boyd Gaming Corp. | 710,522 | 45,111 | |
Domino's Pizza, Inc. | 23,600 | 10,059 | |
Flutter Entertainment PLC (a) | 61,200 | 12,630 | |
Red Rock Resorts, Inc. | 330,600 | 18,077 | |
Studio City International Holdings Ltd.: | |||
ADR (a)(b) | 631,958 | 4,228 | |
(NYSE) ADR (a) | 692,929 | 4,636 | |
Yum! Brands, Inc. | 97,600 | 12,638 | |
138,081 | |||
Household Durables - 1.9% | |||
D.R. Horton, Inc. | 42,600 | 6,088 | |
PulteGroup, Inc. | 70,300 | 7,351 | |
TopBuild Corp. (a) | 72,900 | 26,910 | |
40,349 | |||
Specialty Retail - 3.0% | |||
Dick's Sporting Goods, Inc. | 166,200 | 24,775 | |
Lowe's Companies, Inc. | 98,500 | 20,965 | |
Valvoline, Inc. (a) | 138,300 | 5,047 | |
Williams-Sonoma, Inc. (c) | 67,200 | 12,996 | |
63,783 | |||
Textiles, Apparel & Luxury Goods - 1.9% | |||
Crocs, Inc. (a) | 155,000 | 15,729 | |
LVMH Moet Hennessy Louis Vuitton SE | 9,600 | 7,988 | |
Tapestry, Inc. | 421,500 | 16,350 | |
40,067 | |||
TOTAL CONSUMER DISCRETIONARY | 337,435 | ||
CONSUMER STAPLES - 3.8% | |||
Beverages - 0.4% | |||
Celsius Holdings, Inc. (a)(c) | 190,200 | 9,491 | |
Consumer Staples Distribution & Retail - 1.0% | |||
Performance Food Group Co. (a) | 77,000 | 5,596 | |
U.S. Foods Holding Corp. (a) | 345,700 | 15,906 | |
21,502 | |||
Food Products - 2.4% | |||
JBS SA | 10,694,400 | 50,575 | |
TOTAL CONSUMER STAPLES | 81,568 | ||
ENERGY - 4.3% | |||
Oil, Gas & Consumable Fuels - 4.3% | |||
Antero Resources Corp. (a) | 582,800 | 13,020 | |
Canadian Natural Resources Ltd. | 152,700 | 9,772 | |
Cheniere Energy, Inc. | 297,022 | 48,709 | |
Diamondback Energy, Inc. | 76,500 | 11,761 | |
Permian Resource Corp. Class A | 618,800 | 8,341 | |
91,603 | |||
FINANCIALS - 13.0% | |||
Capital Markets - 1.1% | |||
Houlihan Lokey | 99,100 | 11,870 | |
Moody's Corp. | 28,900 | 11,330 | |
23,200 | |||
Consumer Finance - 1.6% | |||
OneMain Holdings, Inc. | 729,900 | 34,743 | |
Financial Services - 7.3% | |||
Apollo Global Management, Inc. | 400,789 | 40,239 | |
Fiserv, Inc. (a) | 282,500 | 40,078 | |
Global Payments, Inc. | 87,900 | 11,711 | |
MasterCard, Inc. Class A | 43,000 | 19,317 | |
Visa, Inc. Class A | 156,800 | 42,847 | |
154,192 | |||
Insurance - 3.0% | |||
Arthur J. Gallagher & Co. | 273,100 | 63,403 | |
TOTAL FINANCIALS | 275,538 | ||
HEALTH CARE - 5.0% | |||
Health Care Equipment & Supplies - 0.8% | |||
Boston Scientific Corp. (a) | 266,000 | 16,827 | |
Health Care Providers & Services - 3.0% | |||
Tenet Healthcare Corp. (a) | 102,109 | 8,448 | |
UnitedHealth Group, Inc. | 106,600 | 54,551 | |
62,999 | |||
Life Sciences Tools & Services - 1.2% | |||
IQVIA Holdings, Inc. (a) | 120,900 | 25,175 | |
TOTAL HEALTH CARE | 105,001 | ||
INDUSTRIALS - 14.0% | |||
Aerospace & Defense - 0.7% | |||
TransDigm Group, Inc. | 12,900 | 14,096 | |
Building Products - 3.6% | |||
Builders FirstSource, Inc. (a) | 97,500 | 16,939 | |
Carlisle Companies, Inc. | 60,500 | 19,013 | |
Fortune Brands Innovations, Inc. | 304,900 | 23,657 | |
Trane Technologies PLC | 63,100 | 15,904 | |
75,513 | |||
Construction & Engineering - 1.8% | |||
EMCOR Group, Inc. | 23,600 | 5,383 | |
Willscot Mobile Mini Holdings (a) | 695,800 | 32,911 | |
38,294 | |||
Electrical Equipment - 4.4% | |||
AMETEK, Inc. | 63,800 | 10,339 | |
Eaton Corp. PLC | 85,500 | 21,040 | |
Generac Holdings, Inc. (a) | 49,800 | 5,661 | |
nVent Electric PLC | 287,900 | 17,286 | |
Regal Rexnord Corp. | 112,600 | 15,028 | |
Vertiv Holdings Co. | 443,100 | 24,960 | |
94,314 | |||
Ground Transportation - 0.8% | |||
Uber Technologies, Inc. (a) | 262,800 | 17,153 | |
Machinery - 1.0% | |||
Parker Hannifin Corp. | 44,700 | 20,763 | |
Marine Transportation - 0.0% | |||
Genco Shipping & Trading Ltd. | 831 | 15 | |
Passenger Airlines - 0.4% | |||
Air Canada (a) | 342,300 | 4,639 | |
Delta Air Lines, Inc. | 126,100 | 4,936 | |
9,575 | |||
Trading Companies & Distributors - 1.3% | |||
GMS, Inc. (a) | 64,200 | 5,403 | |
United Rentals, Inc. | 18,100 | 11,320 | |
WESCO International, Inc. | 61,723 | 10,710 | |
27,433 | |||
TOTAL INDUSTRIALS | 297,156 | ||
INFORMATION TECHNOLOGY - 23.9% | |||
Communications Equipment - 1.0% | |||
Arista Networks, Inc. (a) | 82,100 | 21,238 | |
Electronic Equipment, Instruments & Components - 1.1% | |||
CDW Corp. | 105,500 | 23,919 | |
IT Services - 0.4% | |||
Accenture PLC Class A | 23,500 | 8,551 | |
Semiconductors & Semiconductor Equipment - 10.8% | |||
ASML Holding NV (depository receipt) | 19,600 | 17,048 | |
Broadcom, Inc. | 23,100 | 27,258 | |
KLA Corp. | 14,100 | 8,376 | |
Lam Research Corp. | 18,000 | 14,853 | |
Marvell Technology, Inc. | 286,900 | 19,423 | |
Microchip Technology, Inc. | 188,700 | 16,073 | |
NVIDIA Corp. | 98,800 | 60,789 | |
NXP Semiconductors NV | 98,200 | 20,678 | |
ON Semiconductor Corp. (a) | 585,559 | 41,651 | |
SolarEdge Technologies, Inc. (a)(c) | 31,500 | 2,095 | |
228,244 | |||
Software - 10.6% | |||
Adobe, Inc. (a) | 48,600 | 30,024 | |
Dynatrace, Inc. (a) | 194,100 | 11,064 | |
Gen Digital, Inc. | 265,700 | 6,239 | |
Microsoft Corp. | 192,600 | 76,574 | |
Oracle Corp. | 192,800 | 21,536 | |
Palo Alto Networks, Inc. (a) | 91,400 | 30,940 | |
Salesforce, Inc. (a) | 68,100 | 19,142 | |
Synopsys, Inc. (a) | 27,200 | 14,507 | |
UiPath, Inc. Class A (a) | 695,300 | 15,978 | |
226,004 | |||
TOTAL INFORMATION TECHNOLOGY | 507,956 | ||
MATERIALS - 4.1% | |||
Chemicals - 1.9% | |||
Olin Corp. | 355,100 | 18,490 | |
The Chemours Co. LLC | 542,928 | 16,380 | |
Westlake Corp. | 46,200 | 6,392 | |
41,262 | |||
Construction Materials - 0.8% | |||
Eagle Materials, Inc. | 70,600 | 15,975 | |
Containers & Packaging - 0.8% | |||
Graphic Packaging Holding Co. | 668,800 | 17,061 | |
Metals & Mining - 0.6% | |||
ATI, Inc. (a) | 295,900 | 12,093 | |
TOTAL MATERIALS | 86,391 | ||
UTILITIES - 5.5% | |||
Electric Utilities - 3.7% | |||
Constellation Energy Corp. | 232,500 | 28,365 | |
PG&E Corp. | 2,945,202 | 49,686 | |
78,051 | |||
Independent Power and Renewable Electricity Producers - 1.8% | |||
Vistra Corp. | 927,700 | 38,064 | |
TOTAL UTILITIES | 116,115 | ||
TOTAL COMMON STOCKS (Cost $1,426,739) | 2,088,764 | ||
Money Market Funds - 4.2% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (d) | 75,843,204 | 75,858 | |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | 13,734,702 | 13,736 | |
TOTAL MONEY MARKET FUNDS (Cost $89,591) | 89,594 | ||
TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $1,516,330) | 2,178,358 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (57,503) |
NET ASSETS - 100.0% | 2,120,855 |
(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 $4,228,000 or 0.2% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 5.39% | 29,145 | 269,832 | 223,119 | 921 | - | - | 75,858 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 5,568 | 205,851 | 197,683 | 10 | - | - | 13,736 | 0.1% |
Total | 34,713 | 475,683 | 420,802 | 931 | - | - | 89,594 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 190,001 | 190,001 | - | - |
Consumer Discretionary | 337,435 | 306,587 | 30,848 | - |
Consumer Staples | 81,568 | 81,568 | - | - |
Energy | 91,603 | 91,603 | - | - |
Financials | 275,538 | 275,538 | - | - |
Health Care | 105,001 | 105,001 | - | - |
Industrials | 297,156 | 297,156 | - | - |
Information Technology | 507,956 | 507,956 | - | - |
Materials | 86,391 | 86,391 | - | - |
Utilities | 116,115 | 116,115 | - | - |
Money Market Funds | 89,594 | 89,594 | - | - |
Total Investments in Securities: | 2,178,358 | 2,147,510 | 30,848 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | January 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $13,117) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,426,739) | $ | 2,088,764 | ||
Fidelity Central Funds (cost $89,591) | 89,594 | |||
Total Investment in Securities (cost $1,516,330) | $ | 2,178,358 | ||
Receivable for investments sold | 15,135 | |||
Receivable for fund shares sold | 1,405 | |||
Dividends receivable | 412 | |||
Distributions receivable from Fidelity Central Funds | 130 | |||
Prepaid expenses | 2 | |||
Total assets | 2,195,442 | |||
Liabilities | ||||
Payable for investments purchased | $ | 58,238 | ||
Payable for fund shares redeemed | 1,330 | |||
Accrued management fee | 978 | |||
Other affiliated payables | 265 | |||
Other payables and accrued expenses | 40 | |||
Collateral on securities loaned | 13,736 | |||
Total Liabilities | 74,587 | |||
Net Assets | $ | 2,120,855 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,363,474 | ||
Total accumulated earnings (loss) | 757,381 | |||
Net Assets | $ | 2,120,855 | ||
Net Asset Value and Maximum Offering Price | ||||
Leveraged Company Stock : | ||||
Net Asset Value, offering price and redemption price per share ($1,984,839 ÷ 56,196 shares) | $ | 35.32 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($136,016 ÷ 3,829 shares) | $ | 35.52 |
Statement of Operations | ||||
Amounts in thousands | Six months ended January 31, 2024 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 10,510 | ||
Income from Fidelity Central Funds (including $10 from security lending) | 931 | |||
Total Income | 11,441 | |||
Expenses | ||||
Management fee | $ | 5,624 | ||
Transfer agent fees | 1,278 | |||
Accounting fees | 264 | |||
Custodian fees and expenses | 29 | |||
Independent trustees' fees and expenses | 6 | |||
Registration fees | 30 | |||
Audit | 35 | |||
Legal | 2 | |||
Miscellaneous | 4 | |||
Total expenses before reductions | 7,272 | |||
Expense reductions | (85) | |||
Total expenses after reductions | 7,187 | |||
Net Investment income (loss) | 4,254 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 165,425 | |||
Foreign currency transactions | (10) | |||
Total net realized gain (loss) | 165,415 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (69,561) | |||
Assets and liabilities in foreign currencies | (1) | |||
Total change in net unrealized appreciation (depreciation) | (69,562) | |||
Net gain (loss) | 95,853 | |||
Net increase (decrease) in net assets resulting from operations | $ | 100,107 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 4,254 | $ | 17,110 |
Net realized gain (loss) | 165,415 | 264,921 | ||
Change in net unrealized appreciation (depreciation) | (69,562) | (80,146) | ||
Net increase (decrease) in net assets resulting from operations | 100,107 | 201,885 | ||
Distributions to shareholders | (234,459) | (321,039) | ||
Share transactions - net increase (decrease) | 183,236 | (19,247) | ||
Total increase (decrease) in net assets | 48,884 | (138,401) | ||
Net Assets | ||||
Beginning of period | 2,071,971 | 2,210,372 | ||
End of period | $ | 2,120,855 | $ | 2,071,971 |
Fidelity® Leveraged Company Stock Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 37.87 | $ | 39.65 | $ | 48.37 | $ | 30.88 | $ | 29.94 | $ | 34.31 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .30 | .17 | .03 C | .08 D | (.02) | ||||||
Net realized and unrealized gain (loss) | 1.63 | 3.69 E | (4.89) | 17.50 | .89 | .42 | ||||||
Total from investment operations | 1.70 | 3.99 | (4.72) | 17.53 | .97 | .40 | ||||||
Distributions from net investment income | (.22) | (.25) | (.12) | (.04) | (.03) | - | ||||||
Distributions from net realized gain | (4.04) | (5.52) | (3.89) | - | - | (4.77) | ||||||
Total distributions | (4.25) F | (5.77) | (4.00) F | (.04) | (.03) | (4.77) | ||||||
Net asset value, end of period | $ | 35.32 | $ | 37.87 | $ | 39.65 | $ | 48.37 | $ | 30.88 | $ | 29.94 |
Total Return G,H | 5.27% | 12.01% E | (10.85)% | 56.84% | 3.24% | 1.93% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .75% K | .75% | .74% | .75% | .78% | .78% | ||||||
Expenses net of fee waivers, if any | .74% K | .74% | .74% | .75% | .78% | .78% | ||||||
Expenses net of all reductions | .74% K | .74% | .74% | .75% | .77% | .78% | ||||||
Net investment income (loss) | .43% K | .87% | .38% | .06% C | .27% D | (.06)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 1,985 | $ | 1,934 | $ | 1,937 | $ | 2,534 | $ | 1,631 | $ | 1,945 |
Portfolio turnover rate L | 54% K | 58% | 26% | 15% | 31% | 53% |
Fidelity® Leveraged Company Stock Fund Class K |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 38.08 | $ | 39.84 | $ | 48.58 | $ | 31.01 | $ | 30.04 | $ | 34.40 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .09 | .33 | .21 | .06 C | .11 D | .01 | ||||||
Net realized and unrealized gain (loss) | 1.63 | 3.72 E | (4.91) | 17.59 | .91 | .42 | ||||||
Total from investment operations | 1.72 | 4.05 | (4.70) | 17.65 | 1.02 | .43 | ||||||
Distributions from net investment income | (.25) | (.28) | (.16) | (.08) | (.05) | - | ||||||
Distributions from net realized gain | (4.04) | (5.52) | (3.89) | - | - | (4.79) | ||||||
Total distributions | (4.28) F | (5.81) F | (4.04) F | (.08) | (.05) | (4.79) | ||||||
Net asset value, end of period | $ | 35.52 | $ | 38.08 | $ | 39.84 | $ | 48.58 | $ | 31.01 | $ | 30.04 |
Total Return G,H | 5.31% | 12.11% E | (10.77)% | 57.00% | 3.38% | 2.03% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | .65% K | .65% | .65% | .66% | .67% | .67% | ||||||
Expenses net of fee waivers, if any | .64% K | .65% | .65% | .66% | .67% | .67% | ||||||
Expenses net of all reductions | .64% K | .65% | .65% | .66% | .66% | .67% | ||||||
Net investment income (loss) | .52% K | .96% | .47% | .15% C | .38% D | .05% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 136 | $ | 138 | $ | 274 | $ | 362 | $ | 285 | $ | 347 |
Portfolio turnover rate L | 54% K | 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 | $684,787 |
Gross unrealized depreciation | (25,330) |
Net unrealized appreciation (depreciation) | $659,457 |
Tax cost | $1,518,901 |
Purchases ($) | Sales ($) | |
Fidelity Leveraged Company Stock Fund | 527,573 | 571,827 |
% of Class-Level Average Net Assets | |
Leveraged Company Stock | .1341 |
Amount | % of Class-Level Average Net AssetsA | |
Leveraged Company Stock | $ 1,251 | .14 |
Class K | 27 | .04 |
$ 1,278 |
% of Average Net Assets | |
Fidelity Leveraged Company Stock Fund | .0267 |
% of Average Net Assets | |
Fidelity Leveraged Company Stock Fund | .03 |
Maximum Management Fee Rate % | |
Fidelity Leveraged Company Stock Fund | 0.70 |
Fidelity Leveraged Company Stock Fund - Class K | 0.61 |
Amount | |
Fidelity Leveraged Company Stock Fund | $5 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Leveraged Company Stock Fund | 18,162 | 30,681 | 4,239 |
Amount | |
Fidelity Leveraged Company Stock Fund | $2 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Leveraged Company Stock Fund | $1 | $ - | $- |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Leveraged Company Stock Fund | ||
Distributions to shareholders | ||
Leveraged Company Stock | $218,850 | $284,888 |
Class K | 15,609 | 36,151 |
Total | $234,459 | $321,039 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Leveraged Company Stock Fund | ||||
Leveraged Company Stock | ||||
Shares sold | 2,594 | 1,200 | $91,822 | $42,108 |
Reinvestment of distributions | 6,074 | 7,834 | 205,661 | 268,740 |
Shares redeemed | (3,531) | (6,815) | (120,868) | (231,649) |
Net increase (decrease) | 5,137 | 2,219 | $176,615 | $79,199 |
Class K | ||||
Shares sold | 137 | 273 | $4,776 | $9,384 |
Reinvestment of distributions | 459 | 1,038 | 15,609 | 36,151 |
Shares redeemed | (403) | (4,546) | (13,764) | (143,981) |
Net increase (decrease) | 193 | (3,235) | $6,621 | $(98,446) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Leveraged Company Stock Fund | ||||||||||
Fidelity® Leveraged Company Stock Fund ** | .74% | |||||||||
Actual | $ 1,000 | $ 1,052.70 | $ 3.82 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.42 | $ 3.76 | |||||||
Class K | .64% | |||||||||
Actual | $ 1,000 | $ 1,053.10 | $ 3.30 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.92 | $ 3.25 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Leveraged Company Stock Fund | ||||||
Fidelity® Leveraged Company Stock Fund | .70% | |||||
Actual | $ 3.61 | |||||
Hypothetical- B | $ 3.56 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Brookfield Infrastructure Corp. A Shares | 2.7 | |
Insight Enterprises, Inc. | 2.5 | |
Eastern Bankshares, Inc. | 2.5 | |
U.S. Foods Holding Corp. | 2.3 | |
Lumentum Holdings, Inc. | 2.3 | |
Primerica, Inc. | 2.3 | |
Owens & Minor, Inc. | 2.0 | |
Jones Lang LaSalle, Inc. | 2.0 | |
First American Financial Corp. | 2.0 | |
First Interstate Bancsystem, Inc. | 1.8 | |
22.4 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 29.3 | |
Industrials | 18.2 | |
Consumer Discretionary | 10.7 | |
Energy | 9.2 | |
Information Technology | 7.9 | |
Health Care | 6.6 | |
Materials | 5.5 | |
Real Estate | 5.5 | |
Consumer Staples | 3.1 | |
Utilities | 2.7 | |
Communication Services | 1.5 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Short-Term Investments and Net Other Assets (Liabilities) - (0.2)% |
Common Stocks - 100.2% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.5% | |||
Media - 1.5% | |||
Nexstar Media Group, Inc. Class A (a) | 396,800 | 70,515,328 | |
CONSUMER DISCRETIONARY - 10.7% | |||
Automobile Components - 1.5% | |||
Adient PLC (b) | 2,038,300 | 70,749,393 | |
Hotels, Restaurants & Leisure - 4.1% | |||
Brinker International, Inc. (a)(b) | 1,862,236 | 79,685,078 | |
Churchill Downs, Inc. | 414,688 | 50,164,807 | |
Red Rock Resorts, Inc. (a) | 1,125,000 | 61,515,000 | |
191,364,885 | |||
Household Durables - 0.4% | |||
LGI Homes, Inc. (b) | 158,173 | 18,665,996 | |
Leisure Products - 2.4% | |||
BRP, Inc. | 535,000 | 33,760,571 | |
Brunswick Corp. (a) | 943,253 | 76,101,652 | |
109,862,223 | |||
Specialty Retail - 2.3% | |||
Advance Auto Parts, Inc. (a) | 350,000 | 23,397,500 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 94,000 | 27,715,900 | |
Upbound Group, Inc. | 1,685,100 | 55,945,320 | |
107,058,720 | |||
TOTAL CONSUMER DISCRETIONARY | 497,701,217 | ||
CONSUMER STAPLES - 3.1% | |||
Consumer Staples Distribution & Retail - 3.1% | |||
BJ's Wholesale Club Holdings, Inc. (b) | 570,000 | 36,673,800 | |
U.S. Foods Holding Corp. (b) | 2,376,000 | 109,319,760 | |
145,993,560 | |||
ENERGY - 9.2% | |||
Energy Equipment & Services - 4.7% | |||
Cactus, Inc. | 1,171,900 | 49,735,436 | |
Championx Corp. | 1,300,000 | 35,633,000 | |
Noble Corp. PLC (a) | 1,145,000 | 50,528,850 | |
TechnipFMC PLC | 4,365,000 | 84,419,100 | |
220,316,386 | |||
Oil, Gas & Consumable Fuels - 4.5% | |||
Antero Resources Corp. (b) | 2,287,000 | 51,091,580 | |
Parkland Corp. | 2,415,000 | 82,413,031 | |
Sitio Royalties Corp. | 3,576,805 | 76,293,251 | |
209,797,862 | |||
TOTAL ENERGY | 430,114,248 | ||
FINANCIALS - 29.3% | |||
Banks - 15.9% | |||
BOK Financial Corp. | 290,000 | 24,313,600 | |
Cadence Bank | 2,730,000 | 72,672,600 | |
Cullen/Frost Bankers, Inc. | 335,000 | 35,550,200 | |
Eastern Bankshares, Inc. | 8,270,100 | 115,450,596 | |
First Foundation, Inc. (a) | 2,281,375 | 21,718,690 | |
First Interstate Bancsystem, Inc. | 3,088,200 | 84,987,264 | |
Independent Bank Group, Inc. (a) | 1,608,469 | 77,769,476 | |
Pinnacle Financial Partners, Inc. (a) | 889,000 | 78,569,820 | |
Synovus Financial Corp. (a) | 1,761,700 | 66,345,622 | |
The Bank of NT Butterfield & Son Ltd. | 1,760,000 | 53,380,800 | |
Trico Bancshares | 1,309,000 | 47,582,150 | |
Webster Financial Corp. | 1,313,829 | 65,008,259 | |
743,349,077 | |||
Capital Markets - 2.0% | |||
AllianceBernstein Holding LP | 1,528,200 | 51,271,110 | |
Lazard, Inc. Class A | 1,029,300 | 40,122,114 | |
91,393,224 | |||
Consumer Finance - 3.1% | |||
Encore Capital Group, Inc. (a)(b)(c) | 1,250,200 | 62,610,016 | |
FirstCash Holdings, Inc. | 732,300 | 84,046,071 | |
146,656,087 | |||
Financial Services - 0.5% | |||
ECN Capital Corp. (a) | 10,243,751 | 20,953,040 | |
Insurance - 7.8% | |||
Enstar Group Ltd. (b) | 296,049 | 79,012,518 | |
First American Financial Corp. | 1,506,600 | 90,923,310 | |
Old Republic International Corp. | 3,025,100 | 84,823,804 | |
Primerica, Inc. | 457,624 | 107,157,236 | |
361,916,868 | |||
TOTAL FINANCIALS | 1,364,268,296 | ||
HEALTH CARE - 6.6% | |||
Biotechnology - 3.0% | |||
ALX Oncology Holdings, Inc. (b) | 968,400 | 13,954,644 | |
Arcellx, Inc. (b) | 250,000 | 15,460,000 | |
Celldex Therapeutics, Inc. (b) | 382,300 | 13,464,606 | |
Cogent Biosciences, Inc. (b) | 100,832 | 446,686 | |
Crinetics Pharmaceuticals, Inc. (b) | 500,000 | 18,240,000 | |
Cytokinetics, Inc. (b) | 222,853 | 17,411,505 | |
Keros Therapeutics, Inc. (b) | 350,000 | 19,376,000 | |
Spyre Therapeutics, Inc. (b) | 170,264 | 4,411,540 | |
Vaxcyte, Inc. (b) | 257,096 | 18,361,796 | |
Xenon Pharmaceuticals, Inc. (b) | 275,000 | 12,435,500 | |
Zentalis Pharmaceuticals, Inc. (b) | 350,000 | 4,147,500 | |
137,709,777 | |||
Health Care Providers & Services - 2.0% | |||
Owens & Minor, Inc. (b)(c) | 4,747,946 | 93,582,016 | |
Pharmaceuticals - 1.6% | |||
Enliven Therapeutics, Inc. (a)(b) | 535,540 | 8,407,978 | |
Prestige Brands Holdings, Inc. (b) | 910,000 | 56,001,400 | |
Structure Therapeutics, Inc. ADR | 245,000 | 10,686,900 | |
75,096,278 | |||
TOTAL HEALTH CARE | 306,388,071 | ||
INDUSTRIALS - 18.2% | |||
Aerospace & Defense - 0.9% | |||
Curtiss-Wright Corp. | 190,000 | 42,288,300 | |
Building Products - 1.8% | |||
Hayward Holdings, Inc. (a)(b) | 6,498,460 | 81,360,719 | |
Construction & Engineering - 0.7% | |||
Sterling Construction Co., Inc. (b) | 449,889 | 33,786,664 | |
Ground Transportation - 2.3% | |||
TFI International, Inc. | 179,000 | 23,533,130 | |
XPO, Inc. (b) | 978,600 | 83,611,584 | |
107,144,714 | |||
Machinery - 1.0% | |||
EnPro Industries, Inc. | 237,000 | 35,403,060 | |
Hillenbrand, Inc. | 277,074 | 12,903,336 | |
48,306,396 | |||
Professional Services - 9.7% | |||
ASGN, Inc. (b) | 550,000 | 51,051,000 | |
CACI International, Inc. Class A (b) | 145,000 | 49,840,850 | |
Concentrix Corp. | 926,800 | 82,364,716 | |
First Advantage Corp. (a) | 3,105,000 | 50,828,850 | |
Genpact Ltd. | 1,758,700 | 63,137,330 | |
Insperity, Inc. | 284,800 | 32,663,712 | |
KBR, Inc. | 1,473,000 | 76,758,030 | |
Science Applications International Corp. | 350,000 | 44,681,000 | |
451,325,488 | |||
Trading Companies & Distributors - 1.8% | |||
Beacon Roofing Supply, Inc. (b) | 1,011,000 | 83,801,790 | |
TOTAL INDUSTRIALS | 848,014,071 | ||
INFORMATION TECHNOLOGY - 7.9% | |||
Communications Equipment - 2.3% | |||
Lumentum Holdings, Inc. (a)(b) | 1,985,000 | 109,055,900 | |
Electronic Equipment, Instruments & Components - 4.9% | |||
Insight Enterprises, Inc. (b) | 637,173 | 117,711,340 | |
TD SYNNEX Corp. | 550,000 | 54,989,000 | |
Vontier Corp. | 1,640,000 | 56,727,600 | |
229,427,940 | |||
Semiconductors & Semiconductor Equipment - 0.7% | |||
Diodes, Inc. (b) | 452,136 | 30,437,796 | |
TOTAL INFORMATION TECHNOLOGY | 368,921,636 | ||
MATERIALS - 5.5% | |||
Chemicals - 0.8% | |||
Ecovyst, Inc. (b) | 4,262,014 | 39,466,250 | |
Construction Materials - 1.6% | |||
Summit Materials, Inc. (b) | 2,017,300 | 72,985,914 | |
Containers & Packaging - 3.1% | |||
Graphic Packaging Holding Co. | 3,325,000 | 84,820,750 | |
O-I Glass, Inc. (b) | 4,225,000 | 61,516,000 | |
146,336,750 | |||
TOTAL MATERIALS | 258,788,914 | ||
REAL ESTATE - 5.5% | |||
Equity Real Estate Investment Trusts (REITs) - 2.6% | |||
COPT Defense Properties (SBI) | 1,320,000 | 31,099,200 | |
LXP Industrial Trust (REIT) | 4,815,000 | 43,768,350 | |
National Storage Affiliates Trust (a) | 1,300,000 | 48,555,000 | |
123,422,550 | |||
Real Estate Management & Development - 2.9% | |||
Cushman & Wakefield PLC (b) | 3,816,679 | 40,151,463 | |
Jones Lang LaSalle, Inc. (b) | 525,000 | 92,956,500 | |
133,107,963 | |||
TOTAL REAL ESTATE | 256,530,513 | ||
UTILITIES - 2.7% | |||
Gas Utilities - 2.7% | |||
Brookfield Infrastructure Corp. A Shares (a) | 3,552,850 | 124,385,279 | |
TOTAL COMMON STOCKS (Cost $4,192,544,147) | 4,671,621,133 | ||
Money Market Funds - 4.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (d) | 8,595,242 | 8,596,961 | |
Fidelity Securities Lending Cash Central Fund 5.39% (d)(e) | 184,898,205 | 184,916,695 | |
TOTAL MONEY MARKET FUNDS (Cost $193,513,656) | 193,513,656 | ||
TOTAL INVESTMENT IN SECURITIES - 104.4% (Cost $4,386,057,803) | 4,865,134,789 |
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (203,310,773) |
NET ASSETS - 100.0% | 4,661,824,016 |
(a) | Security or a portion of the security is on loan at period end. |
(b) | Non-income producing |
(c) | Affiliated company |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 120,807,535 | 653,990,412 | 766,200,986 | 997,259 | - | - | 8,596,961 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 323,721,292 | 908,754,378 | 1,047,558,975 | 234,966 | - | - | 184,916,695 | 0.7% |
Total | 444,528,827 | 1,562,744,790 | 1,813,759,961 | 1,232,225 | - | - | 193,513,656 | |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Encore Capital Group, Inc. | 66,885,700 | - | - | - | - | (4,275,684) | 62,610,016 |
Owens & Minor, Inc. | 59,604,481 | 33,049,256 | - | - | - | 928,279 | 93,582,016 |
Traeger, Inc. | 29,458,300 | - | 27,355,136 | - | (13,754,774) | 11,651,610 | - |
Total | 155,948,481 | 33,049,256 | 27,355,136 | - | (13,754,774) | 8,304,205 | 156,192,032 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 70,515,328 | 70,515,328 | - | - |
Consumer Discretionary | 497,701,217 | 497,701,217 | - | - |
Consumer Staples | 145,993,560 | 145,993,560 | - | - |
Energy | 430,114,248 | 430,114,248 | - | - |
Financials | 1,364,268,296 | 1,364,268,296 | - | - |
Health Care | 306,388,071 | 306,388,071 | - | - |
Industrials | 848,014,071 | 848,014,071 | - | - |
Information Technology | 368,921,636 | 368,921,636 | - | - |
Materials | 258,788,914 | 258,788,914 | - | - |
Real Estate | 256,530,513 | 256,530,513 | - | - |
Utilities | 124,385,279 | 124,385,279 | - | - |
Money Market Funds | 193,513,656 | 193,513,656 | - | - |
Total Investments in Securities: | 4,865,134,789 | 4,865,134,789 | - | - |
Statement of Assets and Liabilities | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $176,162,543) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,002,892,970) | $ | 4,515,429,101 | ||
Fidelity Central Funds (cost $193,513,656) | 193,513,656 | |||
Other affiliated issuers (cost $189,651,177) | 156,192,032 | |||
Total Investment in Securities (cost $4,386,057,803) | $ | 4,865,134,789 | ||
Cash | 8,274 | |||
Foreign currency held at value (cost $379,697) | 381,543 | |||
Receivable for investments sold | 21,101,696 | |||
Receivable for fund shares sold | 4,139,661 | |||
Dividends receivable | 1,360,937 | |||
Distributions receivable from Fidelity Central Funds | 324,425 | |||
Prepaid expenses | 3,945 | |||
Total assets | 4,892,455,270 | |||
Liabilities | ||||
Payable for investments purchased | $ | 34,747,896 | ||
Payable for fund shares redeemed | 6,695,719 | |||
Accrued management fee | 3,409,836 | |||
Distribution and service plan fees payable | 125,584 | |||
Other affiliated payables | 693,752 | |||
Other payables and accrued expenses | 47,354 | |||
Collateral on securities loaned | 184,911,113 | |||
Total Liabilities | 230,631,254 | |||
Net Assets | $ | 4,661,824,016 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,230,561,231 | ||
Total accumulated earnings (loss) | 431,262,785 | |||
Net Assets | $ | 4,661,824,016 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($258,202,210 ÷ 13,885,108 shares)(a) | $ | 18.60 | ||
Maximum offering price per share (100/94.25 of $18.60) | $ | 19.73 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($94,665,986 ÷ 5,326,451 shares)(a) | $ | 17.77 | ||
Maximum offering price per share (100/96.50 of $17.77) | $ | 18.41 | ||
Class C : | ||||
Net Asset Value and offering price per share ($36,552,762 ÷ 2,364,538 shares)(a) | $ | 15.46 | ||
Small Cap Value : | ||||
Net Asset Value, offering price and redemption price per share ($2,578,053,441 ÷ 133,969,447 shares) | $ | 19.24 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($1,054,549,501 ÷ 54,797,221 shares) | $ | 19.24 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($639,800,116 ÷ 33,216,978 shares) | $ | 19.26 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 39,434,691 | ||
Income from Fidelity Central Funds (including $234,966 from security lending) | 1,232,225 | |||
Total Income | 40,666,916 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 15,328,962 | ||
Performance adjustment | 4,423,671 | |||
Transfer agent fees | 3,646,652 | |||
Distribution and service plan fees | 714,739 | |||
Accounting fees | 468,415 | |||
Custodian fees and expenses | 29,863 | |||
Independent trustees' fees and expenses | 13,318 | |||
Registration fees | 133,474 | |||
Audit | 33,761 | |||
Legal | 3,559 | |||
Interest | 1,752 | |||
Miscellaneous | 8,274 | |||
Total expenses before reductions | 24,806,440 | |||
Expense reductions | (198,513) | |||
Total expenses after reductions | 24,607,927 | |||
Net Investment income (loss) | 16,058,989 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 15,165,012 | |||
Affiliated issuers | (13,754,774) | |||
Foreign currency transactions | (63,511) | |||
Total net realized gain (loss) | 1,346,727 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 34,169,001 | |||
Affiliated issuers | 8,304,206 | |||
Assets and liabilities in foreign currencies | (3,973) | |||
Total change in net unrealized appreciation (depreciation) | 42,469,234 | |||
Net gain (loss) | 43,815,961 | |||
Net increase (decrease) in net assets resulting from operations | $ | 59,874,950 |
Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 16,058,989 | $ | 35,640,987 |
Net realized gain (loss) | 1,346,727 | 210,566,714 | ||
Change in net unrealized appreciation (depreciation) | 42,469,234 | 72,534,354 | ||
Net increase (decrease) in net assets resulting from operations | 59,874,950 | 318,742,055 | ||
Distributions to shareholders | (251,816,936) | (265,224,207) | ||
Share transactions - net increase (decrease) | (54,518,423) | (84,780,976) | ||
Total increase (decrease) in net assets | (246,460,409) | (31,263,128) | ||
Net Assets | ||||
Beginning of period | 4,908,284,425 | 4,939,547,553 | ||
End of period | $ | 4,661,824,016 | $ | 4,908,284,425 |
Fidelity Advisor® Small Cap Value Fund Class A |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 19.35 | $ | 19.13 | $ | 21.03 | $ | 12.33 | $ | 14.68 | $ | 20.33 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .04 | .09 | .18 C | .09 D | .11 | .14 E | ||||||
Net realized and unrealized gain (loss) | .20 | 1.18 | (.41) | 8.66 | (1.96) | (.98) | ||||||
Total from investment operations | .24 | 1.27 | (.23) | 8.75 | (1.85) | (.84) | ||||||
Distributions from net investment income | (.09) | - | (.39) | (.05) | (.09) | (.10) | ||||||
Distributions from net realized gain | (.90) | (1.05) | (1.28) | - | (.41) | (4.71) | ||||||
Total distributions | (.99) | (1.05) | (1.67) | (.05) | (.50) | (4.81) | ||||||
Net asset value, end of period | $ | 18.60 | $ | 19.35 | $ | 19.13 | $ | 21.03 | $ | 12.33 | $ | 14.68 |
Total Return F,G,H | 1.56% | 7.17% | (1.50)% | 71.07% | (13.09)% | (4.85)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.33% K | 1.30% | 1.26% | 1.24% | 1.22% | .92% | ||||||
Expenses net of fee waivers, if any | 1.32% K | 1.29% | 1.25% | 1.24% | 1.22% | .92% | ||||||
Expenses net of all reductions | 1.32% K | 1.29% | 1.25% | 1.23% | 1.20% | .91% | ||||||
Net investment income (loss) | .46% K | .51% | .90% C | .50% D | .84% | .91% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 258,202 | $ | 270,455 | $ | 267,854 | $ | 232,920 | $ | 101,675 | $ | 129,115 |
Portfolio turnover rate L | 42% K | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class M |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 18.55 | $ | 18.42 | $ | 20.31 | $ | 11.93 | $ | 14.22 | $ | 19.84 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .02 | .04 | .13 C | .05 D | .08 | .10 E | ||||||
Net realized and unrealized gain (loss) | .18 | 1.14 | (.40) | 8.37 | (1.91) | (.96) | ||||||
Total from investment operations | .20 | 1.18 | (.27) | 8.42 | (1.83) | (.86) | ||||||
Distributions from net investment income | (.08) | - | (.35) | (.04) | (.05) | (.05) | ||||||
Distributions from net realized gain | (.90) | (1.05) | (1.28) | - | (.41) | (4.71) | ||||||
Total distributions | (.98) | (1.05) | (1.62) F | (.04) | (.46) | (4.76) | ||||||
Net asset value, end of period | $ | 17.77 | $ | 18.55 | $ | 18.42 | $ | 20.31 | $ | 11.93 | $ | 14.22 |
Total Return G,H,I | 1.37% | 6.95% | (1.74)% | 70.63% | (13.29)% | (5.08)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | 1.58% L | 1.54% | 1.50% | 1.48% | 1.46% | 1.17% | ||||||
Expenses net of fee waivers, if any | 1.57% L | 1.54% | 1.49% | 1.48% | 1.46% | 1.17% | ||||||
Expenses net of all reductions | 1.57% L | 1.54% | 1.49% | 1.47% | 1.44% | 1.16% | ||||||
Net investment income (loss) | .21% L | .26% | .66% C | .26% D | .59% | .66% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 94,666 | $ | 94,205 | $ | 81,790 | $ | 80,182 | $ | 38,049 | $ | 53,612 |
Portfolio turnover rate M | 42% L | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class C |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 16.28 | $ | 16.38 | $ | 18.25 | $ | 10.76 | $ | 12.91 | $ | 18.50 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.02) | (.04) | .03 C | (.04) D | .01 | .02 E | ||||||
Net realized and unrealized gain (loss) | .15 | .99 | (.36) | 7.55 | (1.72) | (.89) | ||||||
Total from investment operations | .13 | .95 | (.33) | 7.51 | (1.71) | (.87) | ||||||
Distributions from net investment income | (.05) | - | (.31) | (.02) | (.03) | (.02) | ||||||
Distributions from net realized gain | (.90) | (1.05) | (1.24) | - | (.41) | (4.71) | ||||||
Total distributions | (.95) | (1.05) | (1.54) F | (.02) | (.44) | (4.72) F | ||||||
Net asset value, end of period | $ | 15.46 | $ | 16.28 | $ | 16.38 | $ | 18.25 | $ | 10.76 | $ | 12.91 |
Total Return G,H,I | 1.15% | 6.38% | (2.27)% | 69.84% | (13.74)% | (5.63)% | ||||||
Ratios to Average Net Assets B,J,K | ||||||||||||
Expenses before reductions | 2.10% L | 2.06% | 2.02% | 2.01% | 2.00% | 1.68% | ||||||
Expenses net of fee waivers, if any | 2.09% L | 2.05% | 2.01% | 2.01% | 1.99% | 1.68% | ||||||
Expenses net of all reductions | 2.09% L | 2.05% | 2.01% | 2.00% | 1.97% | 1.67% | ||||||
Net investment income (loss) | (.30)% L | (.26)% | .14% C | (.26)% D | .06% | .15% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 36,553 | $ | 38,077 | $ | 38,832 | $ | 32,469 | $ | 13,748 | $ | 22,187 |
Portfolio turnover rate M | 42% L | 29% | 40% | 54% | 109% | 79% |
Fidelity® Small Cap Value Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 20.00 | $ | 19.69 | $ | 21.59 | $ | 12.64 | $ | 15.04 | $ | 20.71 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .14 | .24 C | .14 D | .15 | .18 E | ||||||
Net realized and unrealized gain (loss) | .20 | 1.22 | (.42) | 8.89 | (2.01) | (1.00) | ||||||
Total from investment operations | .27 | 1.36 | (.18) | 9.03 | (1.86) | (.82) | ||||||
Distributions from net investment income | (.13) | - | (.44) | (.08) | (.12) | (.15) | ||||||
Distributions from net realized gain | (.90) | (1.05) | (1.28) | - | (.41) | (4.71) | ||||||
Total distributions | (1.03) | (1.05) | (1.72) | (.08) | (.54) F | (4.85) F | ||||||
Net asset value, end of period | $ | 19.24 | $ | 20.00 | $ | 19.69 | $ | 21.59 | $ | 12.64 | $ | 15.04 |
Total Return G,H | 1.64% | 7.44% | (1.23)% | 71.64% | (12.88)% | (4.58)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.08% K | 1.04% | .99% | .97% | .96% | .66% | ||||||
Expenses net of fee waivers, if any | 1.07% K | 1.03% | .98% | .97% | .96% | .66% | ||||||
Expenses net of all reductions | 1.07% K | 1.03% | .98% | .96% | .94% | .64% | ||||||
Net investment income (loss) | .72% K | .77% | 1.17% C | .77% D | 1.10% | 1.17% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,578,053 | $ | 2,696,316 | $ | 2,691,063 | $ | 2,715,703 | $ | 1,231,427 | $ | 1,611,032 |
Portfolio turnover rate L | 42% K | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class I |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 20.00 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.04 | $ | 20.72 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .14 | .24 C | .15 D | .15 | .18 E | ||||||
Net realized and unrealized gain (loss) | .20 | 1.22 | (.42) | 8.87 | (2.01) | (1.01) | ||||||
Total from investment operations | .27 | 1.36 | (.18) | 9.02 | (1.86) | (.83) | ||||||
Distributions from net investment income | (.13) | - | (.44) | (.08) | (.12) | (.15) | ||||||
Distributions from net realized gain | (.90) | (1.05) | (1.28) | - | (.41) | (4.71) | ||||||
Total distributions | (1.03) | (1.05) | (1.72) | (.08) | (.53) | (4.85) F | ||||||
Net asset value, end of period | $ | 19.24 | $ | 20.00 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.04 |
Total Return G,H | 1.64% | 7.44% | (1.22)% | 71.55% | (12.82)% | (4.63)% | ||||||
Ratios to Average Net Assets B,I,J | ||||||||||||
Expenses before reductions | 1.07% K | 1.03% | .99% | .97% | .95% | .66% | ||||||
Expenses net of fee waivers, if any | 1.06% K | 1.03% | .99% | .97% | .95% | .66% | ||||||
Expenses net of all reductions | 1.06% K | 1.03% | .99% | .96% | .93% | .65% | ||||||
Net investment income (loss) | .72% K | .77% | 1.17% C | .77% D | 1.10% | 1.17% E | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 1,054,550 | $ | 1,169,580 | $ | 1,319,154 | $ | 845,012 | $ | 214,538 | $ | 243,571 |
Portfolio turnover rate L | 42% K | 29% | 40% | 54% | 109% | 79% |
Fidelity Advisor® Small Cap Value Fund Class Z |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 A | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 20.03 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.05 | $ | 16.90 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) B,C | .08 | .16 | .27 D | .17 E | .17 | (.08) F | ||||||
Net realized and unrealized gain (loss) | .20 | 1.23 | (.43) | 8.87 | (2.01) | (.66) | ||||||
Total from investment operations | .28 | 1.39 | (.16) | 9.04 | (1.84) | (.74) | ||||||
Distributions from net investment income | (.15) | - | (.47) | (.10) | (.15) | (.09) | ||||||
Distributions from net realized gain | (.90) | (1.05) | (1.28) | - | (.41) | (1.02) | ||||||
Total distributions | (1.05) | (1.05) | (1.74) G | (.10) | (.56) | (1.11) | ||||||
Net asset value, end of period | $ | 19.26 | $ | 20.03 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.05 |
Total Return H,I | 1.72% | 7.60% | (1.11)% | 71.75% | (12.73)% | (3.75)% | ||||||
Ratios to Average Net Assets C,J,K | ||||||||||||
Expenses before reductions | .94% L | .90% | .86% | .84% | .81% | .52% L | ||||||
Expenses net of fee waivers, if any | .93% L | .90% | .86% | .84% | .81% | .52% L | ||||||
Expenses net of all reductions | .93% L | .90% | .86% | .83% | .79% | .51% L | ||||||
Net investment income (loss) | .85% L | .90% | 1.30% D | .90% E | 1.25% | (.63)% F,L | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 639,800 | $ | 639,652 | $ | 540,854 | $ | 364,564 | $ | 93,849 | $ | 26,006 |
Portfolio turnover rate M | 42% L | 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 | $879,151,425 |
Gross unrealized depreciation | (400,684,365) |
Net unrealized appreciation (depreciation) | $478,467,060 |
Tax cost | $4,386,667,729 |
Purchases ($) | Sales ($) | |
Fidelity Small Cap Value Fund | 947,343,253 | 1,110,049,194 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $314,978 | $5,029 |
Class M | .25% | .25% | 222,080 | - |
Class C | .75% | .25% | 177,681 | 29,640 |
$714,739 | $34,669 |
Retained by FDC | |
Class A | $ 25,222 |
Class M | 1,503 |
Class CA | 133 |
$26,858 |
% of Class-Level Average Net Assets | |
Class A | .1833 |
Class M | .1774 |
Class C | .1964 |
Small Cap Value | .1738 |
Class I | .1726 |
Amount | % of Class-Level Average Net AssetsA | |
Class A | $ 234,234 | .19 |
Class M | 80,806 | .18 |
Class C | 35,443 | .20 |
Small Cap Value | 2,254,378 | .18 |
Class I | 912,866 | .17 |
Class Z | 128,925 | .04 |
$3,646,652 |
% of Average Net Assets | |
Fidelity Small Cap Value Fund | .0198 |
% of Average Net Assets | |
Fidelity Small Cap Value Fund | .02 |
Maximum Management Fee Rate % | |
Class A | 0.85 |
Class M | 0.84 |
Class C | 0.86 |
Small Cap Value | 0.84 |
Class I | 0.84 |
Class Z | 0.70 |
Performance Adjustment Index | |
Fidelity Small Cap Value Fund | Russell 2000 Value Index |
Amount | |
Fidelity Small Cap Value Fund | $ 19,541 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Small Cap Value Fund | Borrower | $ 5,666,000 | 5.57% | $1,752 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Small Cap Value Fund | 70,647,840 | 77,387,262 | (14,700,132) |
Amount | |
Fidelity Small Cap Value Fund | $3,648 |
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 | $24,558 | $84 | $- |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Small Cap Value Fund | ||
Distributions to shareholders | ||
Class A | $ 13,808,522 | $14,784,350 |
Class M | 4,979,529 | 4,753,937 |
Class C | 2,221,061 | 2,573,021 |
Small Cap Value | 137,976,849 | 143,553,970 |
Class I | 58,310,982 | 70,449,681 |
Class Z | 34,519,993 | 29,109,248 |
Total | $251,816,936 | $265,224,207 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Small Cap Value Fund | ||||
Class A | ||||
Shares sold | 999,924 | 2,796,646 | $17,935,200 | $49,740,328 |
Reinvestment of distributions | 757,603 | 821,348 | 13,430,863 | 14,511,162 |
Shares redeemed | (1,847,409) | (3,644,484) | (32,929,695) | (64,094,019) |
Net increase (decrease) | (89,882) | (26,490) | $(1,563,632) | $157,471 |
Class M | ||||
Shares sold | 494,831 | 1,323,567 | $8,604,261 | $22,813,537 |
Reinvestment of distributions | 291,157 | 277,763 | 4,934,489 | 4,713,039 |
Shares redeemed | (538,028) | (962,174) | (9,190,031) | (16,264,726) |
Net increase (decrease) | 247,960 | 639,156 | $4,348,719 | $11,261,850 |
Class C | ||||
Shares sold | 230,367 | 610,972 | $3,487,219 | $9,222,163 |
Reinvestment of distributions | 142,897 | 162,722 | 2,106,132 | 2,435,733 |
Shares redeemed | (347,375) | (805,375) | (5,175,867) | (11,893,135) |
Net increase (decrease) | 25,889 | (31,681) | $417,484 | $(235,239) |
Small Cap Value | ||||
Shares sold | 13,110,599 | 30,005,506 | $243,852,921 | $553,458,025 |
Reinvestment of distributions | 7,107,265 | 7,490,939 | 130,464,971 | 136,467,165 |
Shares redeemed | (21,044,351) | (39,383,960) | (388,829,174) | (716,479,073) |
Net increase (decrease) | (826,487) | (1,887,515) | $(14,511,282) | $(26,553,883) |
Class I | ||||
Shares sold | 7,524,745 | 29,686,434 | $138,624,275 | $543,972,298 |
Reinvestment of distributions | 2,998,337 | 3,613,120 | 55,002,406 | 65,821,608 |
Shares redeemed | (14,198,699) | (41,832,427) | (261,895,174) | (756,480,294) |
Net increase (decrease) | (3,675,617) | (8,532,873) | $(68,268,493) | $(146,686,388) |
Class Z | ||||
Shares sold | 6,034,078 | 16,185,746 | $113,232,958 | $291,398,386 |
Reinvestment of distributions | 1,701,801 | 1,366,081 | 31,276,569 | 24,883,951 |
Shares redeemed | (6,449,476) | (13,088,293) | (119,450,746) | (239,007,124) |
Net increase (decrease) | 1,286,403 | 4,463,534 | $25,058,781 | $77,275,213 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Small Cap Value Fund | ||||||||||
Class A | 1.32% | |||||||||
Actual | $ 1,000 | $ 1,015.60 | $ 6.69 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.50 | $ 6.70 | |||||||
Class M | 1.57% | |||||||||
Actual | $ 1,000 | $ 1,013.70 | $ 7.95 | |||||||
Hypothetical-B | $ 1,000 | $ 1,017.24 | $ 7.96 | |||||||
Class C | 2.09% | |||||||||
Actual | $ 1,000 | $ 1,011.50 | $ 10.57 | |||||||
Hypothetical-B | $ 1,000 | $ 1,014.63 | $ 10.58 | |||||||
Fidelity® Small Cap Value Fund ** | 1.07% | |||||||||
Actual | $ 1,000 | $ 1,016.40 | $ 5.42 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.76 | $ 5.43 | |||||||
Class I | 1.06% | |||||||||
Actual | $ 1,000 | $ 1,016.40 | $ 5.37 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.81 | $ 5.38 | |||||||
Class Z | .93% | |||||||||
Actual | $ 1,000 | $ 1,017.20 | $ 4.72 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.46 | $ 4.72 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Small Cap Value Fund | ||||||
Fidelity® Small Cap Value Fund | .99% | |||||
Actual | $ 5.02 | |||||
Hypothetical- B | $ 5.03 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
LXP Industrial Trust (REIT) Series C, 6.50% | 1.2 | |
Great Ajax Corp. 7.25% | 1.0 | |
Dynex Capital, Inc. Series C 6.90% | 0.8 | |
Two Harbors Investment Corp. Series B, 7.625% | 0.8 | |
Annaly Capital Management, Inc. Series F, CME Term SOFR 3 Month Index + 4.990% 6.95% | 0.7 | |
Annaly Capital Management, Inc. Series G, CME Term SOFR 3 Month Index + 4.430% 6.50% | 0.7 | |
Digitalbridge Group, Inc. Series I, 7.15% | 0.7 | |
Chimera Investment Corp. Series C, 7.75% | 0.7 | |
AGNC Investment Corp. 6.875% | 0.6 | |
Rithm Capital Corp. Series A, 7.50% | 0.6 | |
7.8 | ||
Top REIT Sectors (% of Fund's net assets) | ||
REITs - Diversified | 18.7 | |
REITs - Mortgage | 10.6 | |
REITs - Health Care | 5.9 | |
REITs - Apartments | 4.7 | |
REITs - Hotels | 4.1 | |
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 - 0.0% | |||
Shares | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Cyxtera Technologies, Inc. Class A (a)(b)(c) | 37,800 | 0 | |
REAL ESTATE - 0.0% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Retail Value, Inc. (a)(c) | 24,066 | 0 | |
TOTAL COMMON STOCKS (Cost $1,066,276) | 0 | ||
Preferred Stocks - 27.1% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 2.2% | |||
FINANCIALS - 1.0% | |||
Mortgage Real Estate Investment Trusts - 1.0% | |||
Great Ajax Corp. 7.25% | 100,550 | 2,501,684 | |
REAL ESTATE - 1.2% | |||
Equity Real Estate Investment Trusts (REITs) - 1.2% | |||
LXP Industrial Trust (REIT) Series C, 6.50% | 68,019 | 3,131,857 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 5,633,541 | ||
Nonconvertible Preferred Stocks - 24.9% | |||
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
Enbridge, Inc. Series 1, 5 year U.S. Treasury Index + 3.140% 5.949% (d)(e) | 20,325 | 437,394 | |
Global Partners LP: | |||
3 month U.S. LIBOR + 6.770% 9.75%(d)(e) | 1,825 | 48,141 | |
Series B, 9.50% | 12,200 | 318,421 | |
803,956 | |||
FINANCIALS - 10.4% | |||
Mortgage Real Estate Investment Trusts - 10.4% | |||
AGNC Investment Corp.: | |||
6.125%(d) | 61,500 | 1,420,035 | |
6.875%(d) | 65,750 | 1,616,135 | |
Series C, CME Term SOFR 3 Month Index + 5.110% 7.00%(d)(e) | 41,899 | 1,071,776 | |
Series E, 6.50%(d) | 46,750 | 1,136,493 | |
Annaly Capital Management, Inc.: | |||
6.75%(d) | 27,900 | 696,105 | |
Series F, CME Term SOFR 3 Month Index + 4.990% 6.95%(d)(e) | 73,400 | 1,871,700 | |
Series G, CME Term SOFR 3 Month Index + 4.430% 6.50%(d)(e) | 70,990 | 1,782,559 | |
Arbor Realty Trust, Inc.: | |||
Series D, 6.375% | 12,400 | 224,440 | |
Series F, 6.25%(d) | 14,100 | 260,991 | |
Chimera Investment Corp.: | |||
Series B, 8.00%(d) | 62,658 | 1,517,577 | |
Series C, 7.75%(d) | 84,866 | 1,740,602 | |
Dynex Capital, Inc. Series C 6.90% (d) | 89,500 | 2,141,735 | |
Ellington Financial LLC 6.75% (d) | 58,522 | 1,409,210 | |
MFA Financial, Inc.: | |||
6.50%(d) | 51,100 | 1,088,941 | |
Series B, 7.50% | 16,249 | 335,704 | |
PennyMac Mortgage Investment Trust: | |||
8.125%(d) | 31,075 | 743,625 | |
Series B, 8.00%(d) | 39,705 | 939,023 | |
Rithm Capital Corp.: | |||
7.125%(d) | 60,467 | 1,441,533 | |
Series A, 7.50%(d) | 64,459 | 1,564,420 | |
Series C, 6.375%(d) | 20,446 | 448,176 | |
Series D, 7.00%(d) | 17,100 | 391,932 | |
Two Harbors Investment Corp.: | |||
Series A, 8.125%(d) | 41,635 | 934,706 | |
Series B, 7.625%(d) | 89,612 | 1,955,334 | |
26,732,752 | |||
REAL ESTATE - 14.2% | |||
Equity Real Estate Investment Trusts (REITs) - 12.4% | |||
Agree Realty Corp. 4.375% | 38,700 | 718,659 | |
American Homes 4 Rent: | |||
6.25% | 18,925 | 472,179 | |
Series G, 5.875% | 37,050 | 876,788 | |
Armada Hoffler Properties, Inc. 6.75% | 33,250 | 781,375 | |
Ashford Hospitality Trust, Inc.: | |||
Series F, 7.375% | 21,235 | 259,067 | |
Series H, 7.50% | 18,575 | 232,931 | |
Series I, 7.50% | 12,911 | 156,869 | |
Braemar Hotels & Resorts, Inc. Series D, 8.25% | 5,450 | 115,540 | |
Cedar Realty Trust, Inc.: | |||
7.25% | 28,556 | 417,203 | |
Series C, 6.50% | 43,500 | 561,146 | |
Centerspace Series C, 6.625% | 57,700 | 1,410,188 | |
CTO Realty Growth, Inc. 6.375% | 20,000 | 416,400 | |
DiamondRock Hospitality Co. 8.25% | 34,900 | 888,205 | |
Gladstone Commercial Corp.: | |||
6.625% | 41,125 | 877,608 | |
Series G, 6.00% | 64,500 | 1,247,172 | |
Gladstone Land Corp. Series D, 5.00% | 60,000 | 1,433,154 | |
Global Medical REIT, Inc. Series A, 7.50% | 27,461 | 678,287 | |
Global Net Lease, Inc.: | |||
7.50% | 34,998 | 768,206 | |
Series A, 7.25% | 45,925 | 962,129 | |
Series B 6.875% | 47,200 | 977,512 | |
Series E, 7.375% | 44,100 | 941,535 | |
Healthcare Trust, Inc.: | |||
7.125% | 40,300 | 612,157 | |
Series A 7.375% | 33,000 | 525,360 | |
Hudson Pacific Properties, Inc. Series C, 4.75% | 22,900 | 326,783 | |
National Storage Affiliates Trust Series A, 6.00% | 12,325 | 289,268 | |
Pebblebrook Hotel Trust: | |||
6.30% | 37,902 | 807,692 | |
6.375% | 45,192 | 963,046 | |
6.375% | 20,200 | 420,160 | |
Series H, 5.70% | 50,200 | 960,326 | |
Pennsylvania (REIT): | |||
Series B, 7.375%(a) | 56,533 | 24,634 | |
Series C, 7.20%(a) | 9,575 | 4,148 | |
Series D, 6.875%(a) | 27,400 | 11,829 | |
Prologis, Inc. Series Q, 8.54% | 16,850 | 923,414 | |
Realty Income Corp. 6.00% | 16,575 | 416,034 | |
Regency Centers Corp.: | |||
5.875% | 28,775 | 715,634 | |
Series A, 6.25% | 51,175 | 1,275,281 | |
Rexford Industrial Realty, Inc.: | |||
Series B, 5.875% | 50,000 | 1,153,500 | |
Series C, 5.625% | 11,775 | 256,106 | |
Saul Centers, Inc.: | |||
Series D, 6.125% | 15,958 | 365,409 | |
Series E, 6.00% | 13,475 | 310,734 | |
SITE Centers Corp. 6.375% | 15,100 | 353,340 | |
Sotherly Hotels, Inc.: | |||
Series B, 8.00% | 12,750 | 245,438 | |
Series C, 7.875% | 19,300 | 373,262 | |
Summit Hotel Properties, Inc.: | |||
Series E, 6.25% | 60,784 | 1,302,066 | |
Series F, 5.875% | 61,000 | 1,235,250 | |
Sunstone Hotel Investors, Inc.: | |||
Series H, 6.125% | 20,000 | 432,000 | |
Series I, 5.70% | 38,700 | 774,000 | |
UMH Properties, Inc. Series D, 6.375% | 63,875 | 1,469,125 | |
31,738,149 | |||
Real Estate Management & Development - 1.8% | |||
Brookfield Property Partners LP: | |||
5.75% | 7,000 | 81,340 | |
6.50% | 5,875 | 78,725 | |
Digitalbridge Group, Inc.: | |||
Series H, 7.125% | 64,710 | 1,496,742 | |
Series I, 7.15% | 75,785 | 1,755,560 | |
Series J, 7.15% | 52,749 | 1,213,754 | |
Seritage Growth Properties Series A, 7.00% | 1,050 | 25,568 | |
4,651,689 | |||
TOTAL REAL ESTATE | 36,389,838 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 63,926,546 | ||
TOTAL PREFERRED STOCKS (Cost $67,874,808) | 69,560,087 | ||
Corporate Bonds - 39.8% | |||
Principal Amount (f) | Value ($) | ||
Convertible Bonds - 0.8% | |||
FINANCIALS - 0.8% | |||
Mortgage Real Estate Investment Trusts - 0.8% | |||
PennyMac Corp. 5.5% 11/1/24 | 1,294,000 | 1,258,415 | |
Two Harbors Investment Corp. 6.25% 1/15/26 | 904,000 | 849,760 | |
2,108,175 | |||
Nonconvertible Bonds - 39.0% | |||
COMMUNICATION SERVICES - 0.8% | |||
Media - 0.8% | |||
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/28 (g) | 1,555,000 | 1,348,103 | |
Lamar Media Corp. 4% 2/15/30 | 875,000 | 800,713 | |
2,148,816 | |||
CONSUMER DISCRETIONARY - 2.8% | |||
Hotels, Restaurants & Leisure - 1.8% | |||
Hilton Domestic Operating Co., Inc.: | |||
3.625% 2/15/32(g) | 1,500,000 | 1,287,721 | |
4% 5/1/31(g) | 500,000 | 449,403 | |
Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (g) | 740,000 | 656,233 | |
Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (g) | 1,570,000 | 1,411,399 | |
Times Square Hotel Trust 8.528% 8/1/26 (g) | 828,562 | 828,031 | |
4,632,787 | |||
Household Durables - 1.0% | |||
Century Communities, Inc. 6.75% 6/1/27 | 1,330,000 | 1,339,897 | |
M/I Homes, Inc. 3.95% 2/15/30 | 1,430,000 | 1,269,125 | |
2,609,022 | |||
TOTAL CONSUMER DISCRETIONARY | 7,241,809 | ||
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
EG Global Finance PLC 12% 11/30/28 (g) | 750,000 | 792,735 | |
FINANCIALS - 1.2% | |||
Financial Services - 1.2% | |||
Brixmor Operating Partnership LP: | |||
2.5% 8/16/31 | 1,000,000 | 834,183 | |
3.85% 2/1/25 | 1,753,000 | 1,720,512 | |
4.125% 5/15/29 | 138,000 | 131,035 | |
Rexford Industrial Realty LP 2.15% 9/1/31 | 500,000 | 402,168 | |
3,087,898 | |||
HEALTH CARE - 1.4% | |||
Health Care Providers & Services - 1.4% | |||
Sabra Health Care LP 5.125% 8/15/26 | 3,615,000 | 3,560,909 | |
INDUSTRIALS - 0.5% | |||
Commercial Services & Supplies - 0.5% | |||
Williams Scotsman, Inc.: | |||
4.625% 8/15/28(g) | 750,000 | 709,931 | |
6.125% 6/15/25(g) | 648,000 | 646,380 | |
1,356,311 | |||
REAL ESTATE - 32.0% | |||
Equity Real Estate Investment Trusts (REITs) - 28.2% | |||
Agree LP: | |||
2.6% 6/15/33 | 1,000,000 | 791,516 | |
2.9% 10/1/30 | 500,000 | 432,223 | |
4.8% 10/1/32 | 77,000 | 73,239 | |
American Homes 4 Rent LP: | |||
2.375% 7/15/31 | 2,000,000 | 1,644,008 | |
3.625% 4/15/32 | 1,000,000 | 892,790 | |
4.25% 2/15/28 | 2,000,000 | 1,944,657 | |
5.5% 2/1/34 | 1,000,000 | 1,010,266 | |
American Tower Corp.: | |||
3.8% 8/15/29 | 1,000,000 | 943,526 | |
4.05% 3/15/32 | 1,000,000 | 934,328 | |
5.55% 7/15/33 | 1,000,000 | 1,027,128 | |
5.65% 3/15/33 | 2,000,000 | 2,065,779 | |
5.9% 11/15/33 | 1,500,000 | 1,582,663 | |
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, Inc.: | |||
2.1% 4/1/31 | 2,000,000 | 1,628,080 | |
2.25% 1/15/31 | 1,500,000 | 1,239,495 | |
2.5% 7/15/31 | 1,500,000 | 1,250,029 | |
5.1% 5/1/33 | 2,000,000 | 1,975,507 | |
CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (g) | 1,760,000 | 1,603,906 | |
CubeSmart LP 4.375% 2/15/29 | 1,000,000 | 973,101 | |
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (g) | 925,000 | 784,697 | |
GLP Capital LP/GLP Financing II, Inc.: | |||
4% 1/15/31 | 1,000,000 | 889,693 | |
5.25% 6/1/25 | 2,375,000 | 2,364,337 | |
5.3% 1/15/29 | 1,000,000 | 985,201 | |
Invitation Homes Operating Partnership LP: | |||
2% 8/15/31 | 1,000,000 | 791,036 | |
4.15% 4/15/32 | 1,000,000 | 917,861 | |
5.5% 8/15/33 | 3,000,000 | 3,021,550 | |
Kimco Realty OP, LLC: | |||
4.6% 2/1/33 | 1,000,000 | 962,405 | |
6.4% 3/1/34 | 576,000 | 623,183 | |
LXP Industrial Trust (REIT): | |||
2.375% 10/1/31 | 500,000 | 402,813 | |
2.7% 9/15/30 | 78,000 | 65,621 | |
MPT Operating Partnership LP/MPT Finance Corp.: | |||
4.625% 8/1/29 | 1,506,000 | 1,018,301 | |
5% 10/15/27 | 3,237,000 | 2,450,048 | |
NNN (REIT), Inc. 5.6% 10/15/33 | 634,000 | 648,472 | |
Omega Healthcare Investors, Inc.: | |||
4.5% 4/1/27 | 483,000 | 469,817 | |
4.75% 1/15/28 | 1,616,000 | 1,569,788 | |
4.95% 4/1/24 | 659,000 | 657,713 | |
5.25% 1/15/26 | 22,000 | 21,905 | |
Phillips Edison Grocery Center 2.625% 11/15/31 | 1,500,000 | 1,223,942 | |
Prologis LP: | |||
4.875% 6/15/28 | 1,000,000 | 1,013,535 | |
5.125% 1/15/34 | 1,000,000 | 1,015,638 | |
Public Storage 5.1% 8/1/33 | 1,000,000 | 1,019,082 | |
Realty Income Corp.: | |||
3.1% 12/15/29 | 1,000,000 | 915,756 | |
3.4% 1/15/30 | 500,000 | 460,471 | |
4% 7/15/29 | 1,000,000 | 958,899 | |
4.6% 2/6/24 | 1,757,000 | 1,756,799 | |
4.875% 6/1/26 | 1,593,000 | 1,592,562 | |
5.625% 10/13/32 | 1,000,000 | 1,037,853 | |
RLJ Lodging Trust LP 4% 9/15/29 (g) | 715,000 | 632,797 | |
Safehold Operating Partnership LP: | |||
2.8% 6/15/31 | 500,000 | 416,136 | |
2.85% 1/15/32 | 1,250,000 | 1,031,506 | |
SBA Communications Corp. 3.125% 2/1/29 | 2,500,000 | 2,228,082 | |
Simon Property Group LP 6.25% 1/15/34 | 1,000,000 | 1,082,134 | |
Sun Communities Operating LP: | |||
2.7% 7/15/31 | 2,500,000 | 2,076,575 | |
5.5% 1/15/29 | 1,000,000 | 1,009,556 | |
UDR, Inc. 3% 8/15/31 | 500,000 | 435,677 | |
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6% 1/15/30 (g) | 1,040,000 | 689,000 | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC: | |||
6.5% 2/15/29(g) | 1,960,000 | 1,382,570 | |
10.5% 2/15/28(g) | 1,000,000 | 1,017,951 | |
Ventas Realty LP: | |||
2.5% 9/1/31 | 500,000 | 410,778 | |
4.4% 1/15/29 | 2,000,000 | 1,939,920 | |
VICI Properties LP 5.125% 5/15/32 | 1,000,000 | 955,629 | |
VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (g) | 3,095,000 | 2,928,860 | |
WP Carey, Inc.: | |||
2.45% 2/1/32 | 1,000,000 | 816,992 | |
4% 2/1/25 | 422,000 | 415,673 | |
4.25% 10/1/26 | 459,000 | 448,667 | |
XHR LP 6.375% 8/15/25 (g) | 750,000 | 750,247 | |
72,319,969 | |||
Real Estate Management & Development - 3.8% | |||
CBRE Group, Inc. 5.95% 8/15/34 | 2,250,000 | 2,327,854 | |
Cushman & Wakefield U.S. Borrower LLC 6.75% 5/15/28 (g) | 875,000 | 863,030 | |
Digital Realty Trust LP 5.55% 1/15/28 | 1,000,000 | 1,022,443 | |
Extra Space Storage LP: | |||
5.4% 2/1/34 | 1,000,000 | 999,788 | |
5.5% 7/1/30 | 1,000,000 | 1,022,650 | |
5.9% 1/15/31 | 1,000,000 | 1,039,656 | |
Howard Hughes Corp.: | |||
4.125% 2/1/29(g) | 665,000 | 599,729 | |
5.375% 8/1/28(g) | 355,000 | 340,094 | |
Kennedy-Wilson, Inc. 4.75% 2/1/30 | 1,755,000 | 1,425,253 | |
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (g) | 202,000 | 200,247 | |
9,840,744 | |||
TOTAL REAL ESTATE | 82,160,713 | ||
TOTAL NONCONVERTIBLE BONDS | 100,349,191 | ||
TOTAL CORPORATE BONDS (Cost $104,099,293) | 102,457,366 | ||
Asset-Backed Securities - 1.4% | |||
Principal Amount (f) | Value ($) | ||
American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/52 (c)(d)(g)(i) | 881,417 | 9 | |
Home Partners of America Trust: | |||
Series 2021-1 Class F, 3.325% 9/17/41 (g) | 425,539 | 332,546 | |
Series 2021-2 Class G, 4.505% 12/17/26 (g) | 962,111 | 845,184 | |
Series 2021-3 Class F, 4.242% 1/17/41 (g) | 1,322,256 | 1,133,878 | |
Progress Residential Trust Series 2021-SFR2 Class H, 4.998% 4/19/38 (g) | 1,533,000 | 1,410,555 | |
TOTAL ASSET-BACKED SECURITIES (Cost $4,242,813) | 3,722,172 | ||
Commercial Mortgage Securities - 20.4% | |||
Principal Amount (f) | Value ($) | ||
BANK: | |||
Series 2017-BNK4 Class D, 3.357% 5/15/50 (g) | 625,000 | 340,197 | |
Series 2017-BNK8 Class E, 2.8% 11/15/50 (g) | 1,848,000 | 665,280 | |
Benchmark Mortgage Trust sequential payer Series 2019-B14: | |||
Class 225D, 3.4041% 12/15/62 (d)(g) | 573,000 | 11,625 | |
Class 225E, 3.4041% 12/15/62 (c)(d)(g) | 859,000 | 8,580 | |
BSREP Commercial Mortgage Trust floater Series 2021-DC: | |||
Class F, CME Term SOFR 1 Month Index + 2.960% 8.2985% 8/15/38 (d)(e)(g) | 101,405 | 67,820 | |
Class G, CME Term SOFR 1 Month Index + 3.960% 9.2985% 8/15/38 (d)(e)(g) | 236,927 | 139,356 | |
BX Commercial Mortgage Trust: | |||
floater: | |||
Series 2019-IMC Class G, CME Term SOFR 1 Month Index + 3.640% 8.9793% 4/15/34 (d)(e)(g) | 819,000 | 807,265 | |
Series 2019-XL Class J, CME Term SOFR 1 Month Index + 2.760% 8.0976% 10/15/36 (d)(e)(g) | 1,592,900 | 1,548,244 | |
Series 2021-SOAR Class G, CME Term SOFR 1 Month Index + 2.910% 8.2485% 6/15/38 (d)(e)(g) | 928,405 | 902,518 | |
Series 2021-VINO Class G, CME Term SOFR 1 Month Index + 4.060% 9.3998% 5/15/38 (d)(e)(g) | 1,132,987 | 1,103,566 | |
Series 2022-LBA6 Class F, CME Term SOFR 1 Month Index + 3.350% 8.6832% 1/15/39 (d)(e)(g) | 700,000 | 683,708 | |
Series 2019-OC11 Class E, 4.0755% 12/9/41 (d)(g) | 3,666,000 | 3,151,791 | |
Series 2020-VIVA Class E, 3.667% 3/11/44 (d)(g) | 2,018,000 | 1,649,725 | |
COMM Mortgage Trust: | |||
floater Series 2018-HCLV: | |||
Class F, CME Term SOFR 1 Month Index + 3.340% 8.679% 9/15/33 (d)(e)(g) | 735,000 | 356,121 | |
Class G, CME Term SOFR 1 Month Index + 5.350% 10.6853% 9/15/33 (d)(e)(g) | 735,000 | 282,290 | |
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (g) | 1,299,000 | 1,175,595 | |
Series 2012-CR1 Class G, 2.462% 5/15/45 (c)(g) | 288,278 | 5,422 | |
Series 2017-CD4 Class D, 3.3% 5/10/50 (g) | 213,000 | 139,426 | |
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (g) | 31,000 | 23,035 | |
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2 Class F, 4.25% 8/15/45 (g) | 783,000 | 634,230 | |
Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, CME Term SOFR 1 Month Index + 4.330% 9.6645% 6/15/34 (e)(g) | 800,000 | 364,523 | |
CSAIL Commercial Mortgage Trust Series 2017-C8 Class D, 4.5627% 6/15/50 (d)(g) | 1,766,000 | 1,298,778 | |
DBGS Mortgage Trust Series 2018-C1 Class C, 4.797% 10/15/51 (d) | 1,000,000 | 842,463 | |
DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.5358% 8/10/44 (d)(g) | 522,184 | 465,094 | |
GS Mortgage Securities Trust: | |||
floater Series 2018-RIVR Class G, CME Term SOFR 1 Month Index + 2.640% 8.231% 7/15/35 (d)(e)(g) | 669,000 | 59,110 | |
Series 2011-GC5: | |||
Class C, 5.2983% 8/10/44 (d)(g) | 101,000 | 74,623 | |
Class D, 5.2983% 8/10/44 (d)(g) | 759,236 | 273,915 | |
Class E, 5.2983% 8/10/44 (d)(g) | 848,000 | 94,431 | |
Class F, 4.5% 8/10/44 (c)(g) | 677,000 | 2,031 | |
Series 2012-GCJ9 Class E, 4.7543% 11/10/45 (c)(d)(g) | 355,000 | 295,658 | |
Hilton U.S.A. Trust Series 2016-HHV Class F, 4.3333% 11/5/38 (d)(g) | 2,515,000 | 2,310,587 | |
IMT Trust Series 2017-APTS Class EFX, 3.6132% 6/15/34 (d)(g) | 1,693,000 | 1,653,378 | |
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (g) | 504,000 | 466,499 | |
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/47 (c)(g) | 1,624,000 | 1,322,071 | |
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.4226% 6/15/51 (d)(g) | 302,000 | 203,340 | |
JPMorgan Chase Commercial Mortgage Securities Trust: | |||
sequential payer Series 2021-1MEM Class E, 2.742% 10/9/42 (d)(g) | 500,000 | 289,330 | |
Series 2011-C3: | |||
Class E, 5.7097% 2/15/46 (c)(d)(g) | 3,467,000 | 1,438,840 | |
Class G, 4.409% 2/15/46 (d)(g) | 1,680,000 | 193,166 | |
Class H, 4.409% 2/15/46 (c)(d)(g) | 1,320,000 | 91,258 | |
Series 2012-CBX: | |||
Class E, 4.8459% 6/15/45 (d)(g) | 799,648 | 707,689 | |
Class G 4% 6/15/45 (c)(g) | 805,000 | 547,400 | |
Series 2013-LC11: | |||
Class D, 4.2992% 4/15/46 (d) | 1,316,000 | 587,686 | |
Class F, 3.25% 4/15/46 (d)(g) | 482,000 | 29,884 | |
Series 2014-DSTY Class E, 3.9314% 6/10/27 (c)(d)(g) | 924,000 | 2,254 | |
Series 2018-AON Class F, 4.767% 7/5/31 (d)(g) | 961,000 | 200,947 | |
Series 2020-NNN Class FFX, 4.6254% 1/16/37 (c)(g) | 1,406,000 | 451,809 | |
Merit floater Series 2021-STOR Class G, CME Term SOFR 1 Month Index + 2.860% 8.1985% 7/15/38 (d)(e)(g) | 250,000 | 240,000 | |
MHC Commercial Mortgage Trust floater Series 2021-MHC: | |||
Class F, CME Term SOFR 1 Month Index + 2.710% 8.0484% 4/15/38 (d)(e)(g) | 582,180 | 573,448 | |
Class G, CME Term SOFR 1 Month Index + 3.310% 8.6484% 4/15/38 (d)(e)(g) | 709,690 | 697,270 | |
MHP Commercial Mortgage Trust floater Series 2022-MHIL Class G, CME Term SOFR 1 Month Index + 3.950% 9.2907% 1/15/27 (d)(e)(g) | 1,423,941 | 1,375,270 | |
Morgan Stanley BAML Trust: | |||
Series 2012-C6 Class D, 4.5725% 11/15/45 (d)(g) | 2,000,000 | 1,620,040 | |
Series 2012-C6, Class F, 4.5725% 11/15/45 (d)(g) | 1,000,000 | 480,120 | |
Series 2013-C13 Class E, 5.1684% 11/15/46 (d)(g) | 540,635 | 487,079 | |
Series 2013-C9 Class C, 3.8559% 5/15/46 (d) | 625,000 | 477,025 | |
Morgan Stanley Capital I Trust: | |||
Series 2011-C2: | |||
Class D, 5.385% 6/15/44 (d)(g) | 1,240,244 | 1,147,580 | |
Class F, 5.385% 6/15/44 (c)(d)(g) | 1,467,000 | 603,370 | |
Class XB, 0.5055% 6/15/44 (d)(g)(i) | 22,675,691 | 77,830 | |
Series 2011-C3: | |||
Class E, 5.1087% 7/15/49 (d)(g) | 223,097 | 217,730 | |
Class F, 5.1087% 7/15/49 (d)(g) | 636,000 | 572,382 | |
Class G, 5.1087% 7/15/49 (d)(g) | 979,600 | 835,167 | |
Series 2015-MS1 Class D, 4.1571% 5/15/48 (d)(g) | 2,045,000 | 1,281,541 | |
Series 2016-BNK2 Class C, 3% 11/15/49 (g) | 2,346,000 | 1,082,828 | |
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (d)(g) | 1,000,000 | 659,611 | |
Natixis Commercial Mortgage Securities Trust floater Series 2018-FL1 Class WAN2, CME Term SOFR 1 Month Index + 3.790% 9.1302% 6/15/35 (c)(d)(e)(g) | 113,725 | 5,686 | |
OPG Trust floater Series 2021-PORT Class J, CME Term SOFR 1 Month Index + 3.460% 8.7945% 10/15/36 (d)(e)(g) | 329,177 | 306,229 | |
PKHL Commercial Mortgage Trust floater Series 2021-MF Class G, CME Term SOFR 1 Month Index + 4.460% 9.7985% 7/15/38 (c)(d)(e)(g) | 500,000 | 311,715 | |
Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/26/70 (g) | 250,000 | 195,325 | |
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g) | 704,643 | 725,245 | |
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.593% 9/15/39 (d)(g) | 2,000,000 | 1,523,976 | |
SREIT Trust floater: | |||
Series 2021-IND Class G, CME Term SOFR 1 Month Index + 3.380% 8.7133% 10/15/38 (d)(e)(g) | 1,573,000 | 1,462,890 | |
Series 2021-MFP2 Class J, CME Term SOFR 1 Month Index + 4.020% 9.363% 11/15/36 (d)(e)(g) | 1,000,000 | 967,589 | |
STWD Trust floater sequential payer Series 2021-LIH Class G, CME Term SOFR 1 Month Index + 4.310% 9.648% 11/15/36 (d)(e)(g) | 1,280,000 | 1,214,199 | |
TPGI Trust floater Series 2021-DGWD Class G, CME Term SOFR 1 Month Index + 3.960% 9.3045% 6/15/26 (d)(e)(g) | 940,800 | 929,104 | |
UBS Commercial Mortgage Trust Series 2012-C1: | |||
Class E, 5% 5/10/45 (d)(g) | 926,620 | 743,520 | |
Class F, 5% 5/10/45 (d)(g) | 399,000 | 47,880 | |
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (d)(g) | 1,817,000 | 1,462,249 | |
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/49 (c)(g) | 1,260,000 | 408,140 | |
WF-RBS Commercial Mortgage Trust: | |||
sequential payer Series 2011-C4I Class G, 5% 6/15/44 (c)(d) | 45,000 | 615 | |
Series 2011-C3 Class D, 6.0497% 3/15/44 (d)(g) | 843,916 | 234,187 | |
Series 2013-C11 Class E, 4.1896% 3/15/45 (c)(d)(g) | 53,000 | 31,213 | |
Series 2013-C13 Class D, 4.1415% 5/15/45 (c)(d)(g) | 43,271 | 36,970 | |
WP Glimcher Mall Trust Series 2015-WPG: | |||
Class PR1, 3.6332% 6/5/35 (d)(g) | 1,168,000 | 979,452 | |
Class PR2, 3.6332% 6/5/35 (d)(g) | 459,000 | 367,786 | |
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $71,728,150) | 52,344,819 | ||
Bank Loan Obligations - 3.8% | |||
Principal Amount (f) | Value ($) | ||
FINANCIALS - 3.8% | |||
Financial Services - 3.8% | |||
Agellan Portfolio 9% 8/7/25 (c)(j) | 1,217,000 | 1,217,000 | |
MHP Commercial Mortgage Trust U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 10.3332% 1/9/25 (c)(d)(e)(j) | 7,110,539 | 6,719,454 | |
Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 9.9172% 1/21/27 (c)(d)(e)(j) | 1,691,731 | 1,691,731 | |
Veritas Multifamily Portfolio 1 month U.S. LIBOR + 0.000% 0% (c)(e)(h)(j) | 5,305,035 | 1 | |
9,628,186 | |||
REAL ESTATE - 0.0% | |||
Real Estate Management & Development - 0.0% | |||
Cushman & Wakefield U.S. Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 Month Index + 4.000% 9.3326% 1/31/30 (d)(e)(j) | 20,000 | 19,850 | |
TOTAL BANK LOAN OBLIGATIONS (Cost $15,342,183) | 9,648,036 | ||
Money Market Funds - 5.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (k) | 12,785,607 | 12,788,165 | |
Fidelity Securities Lending Cash Central Fund 5.39% (k)(l) | 35,996 | 36,000 | |
TOTAL MONEY MARKET FUNDS (Cost $12,824,164) | 12,824,165 | ||
TOTAL INVESTMENT IN SECURITIES - 97.5% (Cost $277,177,687) | 250,556,645 |
NET OTHER ASSETS (LIABILITIES) - 2.5% | 6,540,766 |
NET ASSETS - 100.0% | 257,097,411 |
(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 $74,082,266 or 28.8% of net assets. |
(h) | Non-income producing - Security is in default. |
(i) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
(j) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
(k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(l) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | 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 5.39% | 42,034,884 | 70,321,778 | 99,568,498 | 493,389 | - | 1 | 12,788,165 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 37,700 | 2,707 | 4,407 | 2,563 | - | - | 36,000 | 0.0% |
Total | 42,072,584 | 70,324,485 | 99,572,905 | 495,952 | - | 1 | 12,824,165 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 803,956 | 803,956 | - | - |
Financials | 29,234,436 | 26,732,752 | 2,501,684 | - |
Information Technology | - | - | - | - |
Real Estate | 39,521,695 | 36,389,838 | 3,131,857 | - |
Corporate Bonds | 102,457,366 | - | 102,457,366 | - |
Asset-Backed Securities | 3,722,172 | - | 3,722,163 | 9 |
Commercial Mortgage Securities | 52,344,819 | - | 46,781,787 | 5,563,032 |
Bank Loan Obligations | 9,648,036 | - | 19,850 | 9,628,186 |
Money Market Funds | 12,824,165 | 12,824,165 | - | - |
Total Investments in Securities: | 250,556,645 | 76,750,711 | 158,614,707 | 15,191,227 |
Investments in Securities: | |||
Commercial Mortgage Securities | |||
Beginning Balance | $ | 5,638,573 | |
Net Realized Gain (Loss) on Investment Securities | (714,534) | ||
Net Unrealized Gain (Loss) on Investment Securities | (316,331) | ||
Cost of Purchases | 72,828 | ||
Proceeds of Sales | (1,729) | ||
Amortization/Accretion | (76,217) | ||
Transfers into Level 3 | 4,959,910 | ||
Transfers out of Level 3 | (3,999,468) | ||
Ending Balance | $ | 5,563,032 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (316,331) | |
Bank Loan Obligations | |||
Beginning Balance | $ | 15,802,706 | |
Net Realized Gain (Loss) on Investment Securities | 3,130 | ||
Net Unrealized Gain (Loss) on Investment Securities | (2,825,720) | ||
Cost of Purchases | - | ||
Proceeds of Sales | (3,352,232) | ||
Amortization/Accretion | 302 | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 9,628,186 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (2,825,720) | |
Other Investments in Securities | |||
Beginning Balance | $ | 2,440 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (4,552) | ||
Cost of Purchases | - | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | 2,121 | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 9 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (4,552) | |
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 | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $25) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $264,353,523) | $ | 237,732,480 | ||
Fidelity Central Funds (cost $12,824,164) | 12,824,165 | |||
Total Investment in Securities (cost $277,177,687) | $ | 250,556,645 | ||
Receivable for investments sold | 6,095 | |||
Receivable for fund shares sold | 4,992,494 | |||
Dividends receivable | 140,121 | |||
Interest receivable | 1,813,967 | |||
Distributions receivable from Fidelity Central Funds | 59,845 | |||
Total assets | 257,569,167 | |||
Liabilities | ||||
Payable for investments purchased | $ | 72,828 | ||
Payable for fund shares redeemed | 357,449 | |||
Accrued management fee | 171 | |||
Other payables and accrued expenses | 5,308 | |||
Collateral on securities loaned | 36,000 | |||
Total Liabilities | 471,756 | |||
Net Assets | $ | 257,097,411 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 297,853,590 | ||
Total accumulated earnings (loss) | (40,756,179) | |||
Net Assets | $ | 257,097,411 | ||
Net Asset Value, offering price and redemption price per share ($257,097,411 ÷ 26,751,883 shares) | $ | 9.61 |
Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 2,200,324 | ||
Interest | 5,670,244 | |||
Income from Fidelity Central Funds (including $2,563 from security lending) | 495,952 | |||
Total Income | 8,366,520 | |||
Expenses | ||||
Custodian fees and expenses | $ | 5,927 | ||
Independent trustees' fees and expenses | 838 | |||
Total expenses before reductions | 6,765 | |||
Expense reductions | (3,637) | |||
Total expenses after reductions | 3,128 | |||
Net Investment income (loss) | 8,363,392 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,395,788) | |||
Foreign currency transactions | (4) | |||
Total net realized gain (loss) | (4,395,792) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 4,579,648 | |||
Fidelity Central Funds | 1 | |||
Total change in net unrealized appreciation (depreciation) | 4,579,649 | |||
Net gain (loss) | 183,857 | |||
Net increase (decrease) in net assets resulting from operations | $ | 8,547,249 |
Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 8,363,392 | $ | 28,327,877 |
Net realized gain (loss) | (4,395,792) | (8,060,362) | ||
Change in net unrealized appreciation (depreciation) | 4,579,649 | (34,702,246) | ||
Net increase (decrease) in net assets resulting from operations | 8,547,249 | (14,434,731) | ||
Distributions to shareholders | (11,796,940) | (51,835,383) | ||
Share transactions | ||||
Proceeds from sales of shares | 21,450,707 | 74,079,738 | ||
Reinvestment of distributions | 11,796,940 | 51,835,383 | ||
Cost of shares redeemed | (110,867,055) | (403,320,263) | ||
Net increase (decrease) in net assets resulting from share transactions | (77,619,408) | (277,405,142) | ||
Total increase (decrease) in net assets | (80,869,099) | (343,675,256) | ||
Net Assets | ||||
Beginning of period | 337,966,510 | 681,641,766 | ||
End of period | $ | 257,097,411 | $ | 337,966,510 |
Other Information | ||||
Shares | ||||
Sold | 2,269,823 | 7,587,930 | ||
Issued in reinvestment of distributions | 1,265,529 | 5,277,000 | ||
Redeemed | (11,641,072) | (41,469,063) | ||
Net increase (decrease) | (8,105,720) | (28,604,133) | ||
Fidelity® Series Real Estate Income Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 9.70 | $ | 10.74 | $ | 11.77 | $ | 9.94 | $ | 11.21 | $ | 10.97 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .30 | .60 | .55 | .45 | .56 | .61 | ||||||
Net realized and unrealized gain (loss) | .05 | (.64) | (.97) | 1.90 | (1.16) | .42 | ||||||
Total from investment operations | .35 | (.04) | (.42) | 2.35 | (.60) | 1.03 | ||||||
Distributions from net investment income | (.44) | (.68) | (.52) | (.45) | (.55) | (.62) | ||||||
Distributions from net realized gain | - | (.32) | (.09) | (.07) | (.12) | (.17) | ||||||
Total distributions | (.44) | (1.00) | (.61) | (.52) | (.67) | (.79) | ||||||
Net asset value, end of period | $ | 9.61 | $ | 9.70 | $ | 10.74 | $ | 11.77 | $ | 9.94 | $ | 11.21 |
Total Return C,D | 3.82% | (.13)% | (3.78)% | 24.48% | (5.68)% | 9.91% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .01% G | -% H | -% H | -% H | -% H | -% H | ||||||
Expenses net of fee waivers, if any H | -% G | -% | -% | -% | -% | -% | ||||||
Expenses net of all reductions H | -% G | -% | -% | -% | -% | -% | ||||||
Net investment income (loss) | 6.40% G | 6.13% | 4.83% | 4.21% | 5.36% | 5.67% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 257,097 | $ | 337,967 | $ | 681,642 | $ | 1,047,202 | $ | 935,054 | $ | 971,641 |
Portfolio turnover rate I | 34% G | 5% | 19% | 23% | 25% J | 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 | $- | Recovery value | Recovery value | $0.00 | Increase |
Corporate Bonds | $- | Recovery value | Recovery value | $0.00 | Increase |
Commercial Mortgage Securities | $5,563,032 | Indicative market price | Evaluated bid | $0.24 - $85.44 / $55.16 | Increase |
Asset-Backed Securities | $9 | Indicative market price | Evaluated bid | $0.00 | Increase |
Bank Loan Obligations | $9,628,186 | Recovery value | Recovery value | $0.00 | Increase |
Discounted cash flow | Yield | 8.7% - 11.7% / 10.9% | Decrease |
Gross unrealized appreciation | $9,275,992 |
Gross unrealized depreciation | (35,895,503) |
Net unrealized appreciation (depreciation) | $(26,619,511) |
Tax cost | $277,176,156 |
Short-term | $(2,093,107) |
Long-term | (7,188,134) |
Total capital loss carryforward | $(9,281,241) |
Purchases ($) | Sales ($) | |
Fidelity Series Real Estate Income Fund | 41,235,139 | 81,976,777 |
Amount | |
Fidelity Series Real Estate Income Fund | $ 1,998 |
Amount ($) | |
Fidelity Series Real Estate Income Fund | 2,900 |
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 | $263 | $ - | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Series Real Estate Income Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 1,038.20 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.14 | $-E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 11.4 | |
Microsoft Corp. | 9.8 | |
Amazon.com, Inc. | 8.4 | |
Apple, Inc. | 8.3 | |
Alphabet, Inc. Class A | 6.1 | |
Meta Platforms, Inc. Class A | 5.0 | |
Marvell Technology, Inc. | 3.5 | |
Eli Lilly & Co. | 2.4 | |
Snap, Inc. Class A | 2.3 | |
Netflix, Inc. | 2.2 | |
59.4 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 41.3 | |
Consumer Discretionary | 21.0 | |
Communication Services | 16.5 | |
Health Care | 8.9 | |
Industrials | 5.2 | |
Financials | 2.6 | |
Consumer Staples | 2.1 | |
Energy | 1.8 | |
Materials | 0.4 | |
Real Estate | 0.2 | |
Utilities | 0.0 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 98.2% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 16.3% | |||
Diversified Telecommunication Services - 0.0% | |||
Indus Towers Ltd. (a) | 4,052,100 | 10,822 | |
Entertainment - 2.8% | |||
Netflix, Inc. (a) | 2,147,178 | 1,211,245 | |
Roblox Corp. (a) | 927,600 | 36,000 | |
Roku, Inc. Class A (a) | 376,027 | 33,113 | |
Sea Ltd. ADR (a) | 2,564,660 | 97,816 | |
Sphere Entertainment Co. (a)(b) | 367,100 | 12,988 | |
Take-Two Interactive Software, Inc. (a) | 108,589 | 17,910 | |
The Walt Disney Co. | 332,000 | 31,889 | |
TKO Group Holdings, Inc. | 159,600 | 13,357 | |
Universal Music Group NV | 1,984,874 | 58,510 | |
1,512,828 | |||
Interactive Media & Services - 13.4% | |||
Alphabet, Inc. Class A (a)(b) | 23,332,060 | 3,268,822 | |
Epic Games, Inc. (a)(c)(d) | 6,131 | 3,781 | |
JOYY, Inc. ADR | 42,043 | 1,289 | |
Meta Platforms, Inc. Class A | 6,809,523 | 2,656,667 | |
Pinterest, Inc. Class A (a) | 310,600 | 11,638 | |
Snap, Inc. Class A (a) | 77,789,087 | 1,236,069 | |
7,178,266 | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. | 233,252 | 37,607 | |
TOTAL COMMUNICATION SERVICES | 8,739,523 | ||
CONSUMER DISCRETIONARY - 20.8% | |||
Automobiles - 1.4% | |||
Neutron Holdings, Inc. (a)(c)(d) | 7,152,433 | 253 | |
Rad Power Bikes, Inc. (a)(c)(d) | 928,091 | 353 | |
Rad Power Bikes, Inc. warrants 10/6/33 (a)(c)(d) | 980,651 | 2,030 | |
Rivian Automotive, Inc. (a)(b) | 6,875,702 | 105,267 | |
Tesla, Inc. (a) | 3,303,644 | 618,739 | |
726,642 | |||
Broadline Retail - 9.1% | |||
Alibaba Group Holding Ltd. sponsored ADR | 1,252,575 | 90,398 | |
Amazon.com, Inc. (a) | 29,028,800 | 4,505,270 | |
Dollarama, Inc. | 183,286 | 13,451 | |
Kohl's Corp. (b) | 1,154,800 | 29,748 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 710,711 | 51,121 | |
PDD Holdings, Inc. ADR (a) | 1,387,146 | 175,987 | |
4,865,975 | |||
Diversified Consumer Services - 0.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 713,502 | 54,697 | |
Hotels, Restaurants & Leisure - 2.5% | |||
Airbnb, Inc. Class A (a) | 2,404,478 | 346,581 | |
Caesars Entertainment, Inc. (a) | 2,401,838 | 105,369 | |
Chipotle Mexican Grill, Inc. (a) | 74,328 | 179,039 | |
Deliveroo PLC Class A (a)(e) | 10,642,440 | 15,847 | |
Doordash, Inc. (a) | 76,400 | 7,961 | |
Draftkings Holdings, Inc. (a) | 1,729,201 | 67,525 | |
Flutter Entertainment PLC (a) | 197,400 | 40,739 | |
Las Vegas Sands Corp. (b) | 302,400 | 14,793 | |
Light & Wonder, Inc. Class A (a) | 317,268 | 25,502 | |
Marriott International, Inc. Class A | 416,832 | 99,927 | |
McDonald's Corp. | 240,559 | 70,416 | |
Penn Entertainment, Inc. (a) | 3,557,323 | 80,218 | |
Planet Fitness, Inc. (a) | 192,400 | 13,037 | |
Restaurant Brands International, Inc. (b) | 306,195 | 23,902 | |
Sonder Holdings, Inc.: | |||
Stage 1 rights (a)(d) | 16,222 | 0 | |
Stage 2 rights (a)(d) | 16,221 | 0 | |
Stage 3 rights (a)(d) | 16,222 | 0 | |
Stage 4 rights (a)(d) | 16,221 | 0 | |
Stage 5: | |||
rights (a)(d) | 16,221 | 0 | |
rights (a)(d) | 16,221 | 0 | |
Starbucks Corp. (b) | 1,744,673 | 162,307 | |
Sweetgreen, Inc. Class A (a)(b) | 7,118,786 | 76,029 | |
Yum! Brands, Inc. | 97,982 | 12,688 | |
1,341,880 | |||
Household Durables - 0.1% | |||
SharkNinja Hong Kong Co. Ltd. | 881,374 | 41,178 | |
Specialty Retail - 3.9% | |||
Abercrombie & Fitch Co. Class A (a) | 2,443,938 | 249,037 | |
American Eagle Outfitters, Inc. (f) | 10,857,127 | 215,188 | |
Aritzia, Inc. (a) | 1,561,272 | 37,985 | |
Dick's Sporting Goods, Inc. | 777,229 | 115,862 | |
Fanatics, Inc. Class A (a)(c)(d) | 1,938,909 | 143,479 | |
Fast Retailing Co. Ltd. | 18,789 | 5,016 | |
Five Below, Inc. (a) | 743,465 | 133,422 | |
Foot Locker, Inc. | 369,399 | 10,402 | |
Gap, Inc. (b) | 1,215,945 | 22,726 | |
JD Sports Fashion PLC | 1,819,600 | 2,699 | |
Lowe's Companies, Inc. | 2,391,091 | 508,920 | |
RH (a)(b) | 820,542 | 207,991 | |
TJX Companies, Inc. | 3,047,674 | 289,255 | |
Victoria's Secret & Co. (a) | 828,700 | 21,588 | |
Warby Parker, Inc. (a)(f) | 5,561,505 | 70,909 | |
Wayfair LLC Class A (a) | 1,356,697 | 68,174 | |
Williams-Sonoma, Inc. | 76,100 | 14,717 | |
2,117,370 | |||
Textiles, Apparel & Luxury Goods - 3.7% | |||
Compagnie Financiere Richemont SA Series A | 211,552 | 31,423 | |
Crocs, Inc. (a) | 1,035,235 | 105,056 | |
Deckers Outdoor Corp. (a) | 576,562 | 434,572 | |
Hermes International SCA | 21,483 | 45,454 | |
lululemon athletica, Inc. (a) | 1,421,684 | 645,189 | |
LVMH Moet Hennessy Louis Vuitton SE | 147,806 | 122,983 | |
NIKE, Inc. Class B | 3,444,206 | 349,690 | |
On Holding AG (a) | 2,278,722 | 60,523 | |
PVH Corp. | 1,494,981 | 179,786 | |
Ralph Lauren Corp. | 118,100 | 16,967 | |
Tory Burch LLC (a)(c)(d)(g) | 293,611 | 9,519 | |
2,001,162 | |||
TOTAL CONSUMER DISCRETIONARY | 11,148,904 | ||
CONSUMER STAPLES - 2.0% | |||
Beverages - 0.5% | |||
Celsius Holdings, Inc. (a)(b) | 4,636,261 | 231,349 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 41,000 | 10,048 | |
PepsiCo, Inc. | 283,591 | 47,794 | |
289,191 | |||
Consumer Staples Distribution & Retail - 0.8% | |||
Costco Wholesale Corp. | 33,396 | 23,206 | |
Dollar Tree, Inc. (a) | 815,913 | 106,575 | |
Maplebear, Inc.: | |||
(NASDAQ) (b) | 111,210 | 2,721 | |
(unlisted) (m) | 364,225 | 8,467 | |
Target Corp. | 689,840 | 95,943 | |
Walmart, Inc. | 1,029,301 | 170,092 | |
407,004 | |||
Food Products - 0.2% | |||
Bowery Farming, Inc. warrants (a)(c)(d) | 145,528 | 601 | |
Lamb Weston Holdings, Inc. | 405,400 | 41,529 | |
Patanjali Foods Ltd. | 1,104,612 | 21,121 | |
The Hershey Co. | 109,700 | 21,231 | |
The Real Good Food Co. LLC: | |||
Class B (a)(d)(f) | 1,262,073 | 0 | |
Class B unit (a)(e)(f) | 1,262,073 | 1,464 | |
The Real Good Food Co., Inc. (a) | 197,267 | 229 | |
Tyson Foods, Inc. Class A | 303,400 | 16,614 | |
102,789 | |||
Household Products - 0.2% | |||
Procter & Gamble Co. | 620,619 | 97,524 | |
The Clorox Co. | 59,600 | 8,657 | |
106,181 | |||
Personal Care Products - 0.3% | |||
Estee Lauder Companies, Inc. Class A | 418,533 | 55,242 | |
Kenvue, Inc. | 2,857,638 | 59,325 | |
Oddity Tech Ltd. | 228,053 | 9,419 | |
Oddity Tech Ltd. (e) | 360,543 | 14,890 | |
138,876 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc.: | |||
Class A (a)(c)(d) | 21,148 | 23 | |
Class B (a)(c)(d) | 6,625 | 7 | |
Philip Morris International, Inc. | 261,200 | 23,730 | |
23,760 | |||
TOTAL CONSUMER STAPLES | 1,067,801 | ||
ENERGY - 1.8% | |||
Energy Equipment & Services - 0.0% | |||
Secure Energy Services, Inc. | 1,783,645 | 13,678 | |
Oil, Gas & Consumable Fuels - 1.8% | |||
Cameco Corp. | 747,600 | 35,694 | |
Cheniere Energy, Inc. | 202,312 | 33,177 | |
Diamondback Energy, Inc. | 948,012 | 145,747 | |
EOG Resources, Inc. | 1,451,886 | 165,210 | |
Exxon Mobil Corp. | 1,167,872 | 120,069 | |
Hess Corp. | 905,879 | 127,303 | |
Northern Oil & Gas, Inc. | 362,371 | 12,139 | |
Occidental Petroleum Corp. | 1,746,370 | 100,539 | |
Reliance Industries Ltd. | 6,517,493 | 223,822 | |
Reliance Industries Ltd. GDR (e) | 220,139 | 15,278 | |
978,978 | |||
TOTAL ENERGY | 992,656 | ||
FINANCIALS - 2.5% | |||
Banks - 0.1% | |||
Citigroup, Inc. | 737,300 | 41,414 | |
HDFC Bank Ltd. | 1,172,172 | 20,605 | |
62,019 | |||
Capital Markets - 0.2% | |||
Coinbase Global, Inc. (a)(b) | 146,433 | 18,773 | |
Goldman Sachs Group, Inc. | 70,500 | 27,073 | |
Morgan Stanley | 312,300 | 27,245 | |
73,091 | |||
Consumer Finance - 0.3% | |||
American Express Co. | 892,710 | 179,203 | |
Financial Services - 1.8% | |||
Ant International Co. Ltd. Class C (c)(d) | 3,214,400 | 5,818 | |
Berkshire Hathaway, Inc. Class B (a) | 41,149 | 15,791 | |
Block, Inc. Class A (a) | 2,041,474 | 132,716 | |
Jio Financial Services Ltd. | 6,689,593 | 19,965 | |
MasterCard, Inc. Class A | 1,382,367 | 621,001 | |
Rapyd Financial Network 2016 Ltd. (a)(c)(d) | 204,327 | 15,239 | |
Visa, Inc. Class A | 514,847 | 140,687 | |
951,217 | |||
Insurance - 0.1% | |||
Progressive Corp. | 372,100 | 66,327 | |
The Travelers Companies, Inc. | 26,700 | 5,643 | |
71,970 | |||
TOTAL FINANCIALS | 1,337,500 | ||
HEALTH CARE - 8.9% | |||
Biotechnology - 1.4% | |||
Alnylam Pharmaceuticals, Inc. (a) | 622,351 | 107,611 | |
Amgen, Inc. | 118,000 | 37,083 | |
Apogee Therapeutics, Inc. | 278,024 | 9,314 | |
Ascendis Pharma A/S sponsored ADR (a) | 419,991 | 54,569 | |
Cibus, Inc. (a) | 391,697 | 6,561 | |
CytomX Therapeutics, Inc. (a) | 378,621 | 579 | |
Gilead Sciences, Inc. | 255,054 | 19,961 | |
Legend Biotech Corp. ADR (a) | 92,200 | 5,077 | |
Moderna, Inc. (a) | 82,747 | 8,362 | |
Moonlake Immunotherapeutics (a)(b) | 396,524 | 22,158 | |
Regeneron Pharmaceuticals, Inc. (a) | 384,294 | 362,305 | |
Vertex Pharmaceuticals, Inc. (a) | 249,276 | 108,031 | |
Viking Therapeutics, Inc. (a) | 483,549 | 11,673 | |
753,284 | |||
Health Care Equipment & Supplies - 1.4% | |||
Blink Health LLC Series A1 (a)(c)(d) | 51,117 | 2,429 | |
Boston Scientific Corp. (a) | 3,340,245 | 211,304 | |
DexCom, Inc. (a) | 2,144,618 | 260,249 | |
Glaukos Corp. (a) | 116,500 | 10,372 | |
Inspire Medical Systems, Inc. (a) | 186,400 | 39,306 | |
Insulet Corp. (a) | 283,325 | 54,078 | |
Intuitive Surgical, Inc. (a) | 43,700 | 16,528 | |
RxSight, Inc. (a) | 70,600 | 3,213 | |
Shockwave Medical, Inc. (a) | 106,592 | 24,116 | |
Stryker Corp. | 311,170 | 104,391 | |
TransMedics Group, Inc. (a) | 105,565 | 9,054 | |
735,040 | |||
Health Care Providers & Services - 2.1% | |||
Alignment Healthcare, Inc. (a) | 884,719 | 5,928 | |
Guardant Health, Inc. (a) | 2,041,423 | 44,768 | |
Humana, Inc. | 272,191 | 102,905 | |
McKesson Corp. | 20,900 | 10,448 | |
Surgery Partners, Inc. (a) | 561,421 | 17,230 | |
UnitedHealth Group, Inc. | 1,811,004 | 926,763 | |
1,108,042 | |||
Health Care Technology - 0.0% | |||
MultiPlan Corp. warrants (a)(c) | 138,859 | 0 | |
Life Sciences Tools & Services - 0.4% | |||
Danaher Corp. | 628,488 | 150,781 | |
Thermo Fisher Scientific, Inc. | 122,175 | 65,850 | |
Veterinary Emergency Group LLC Class A (a)(c)(d)(g) | 524,494 | 29,723 | |
246,354 | |||
Pharmaceuticals - 3.6% | |||
Catalent, Inc. (a) | 105,200 | 5,433 | |
Eli Lilly & Co. | 1,968,638 | 1,270,972 | |
Novo Nordisk A/S: | |||
Series B | 273,546 | 31,268 | |
Series B sponsored ADR | 2,174,594 | 249,513 | |
Pharvaris BV (a) | 178,500 | 5,337 | |
Roche Holding AG (participation certificate) | 44,688 | 12,723 | |
Zoetis, Inc. Class A | 1,797,918 | 337,667 | |
1,912,913 | |||
TOTAL HEALTH CARE | 4,755,633 | ||
INDUSTRIALS - 4.7% | |||
Aerospace & Defense - 1.3% | |||
ABL Space Systems warrants 12/14/30 (a)(c)(d) | 30,937 | 477 | |
Airbus Group NV | 211,094 | 33,624 | |
BAE Systems PLC | 400,265 | 5,970 | |
Howmet Aerospace, Inc. | 1,086,964 | 61,153 | |
L3Harris Technologies, Inc. | 133,709 | 27,868 | |
Northrop Grumman Corp. | 51,848 | 23,164 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(c)(d) | 2,961,836 | 287,298 | |
Class C (a)(c)(d) | 27,830 | 2,700 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 431,600 | 11,852 | |
The Boeing Co. (a) | 985,259 | 207,929 | |
TransDigm Group, Inc. | 26,273 | 28,708 | |
690,743 | |||
Air Freight & Logistics - 0.1% | |||
Delhivery Private Ltd. (a) | 2,469,600 | 13,386 | |
FedEx Corp. | 153,503 | 37,039 | |
50,425 | |||
Commercial Services & Supplies - 0.1% | |||
ACV Auctions, Inc. Class A (a) | 2,224,889 | 28,857 | |
Construction & Engineering - 0.0% | |||
Comfort Systems U.S.A., Inc. | 25,100 | 5,458 | |
EMCOR Group, Inc. | 23,900 | 5,452 | |
10,910 | |||
Electrical Equipment - 0.1% | |||
Eaton Corp. PLC | 283,506 | 69,765 | |
Generac Holdings, Inc. (a) | 67,200 | 7,639 | |
77,404 | |||
Ground Transportation - 2.7% | |||
Bird Global, Inc. (a)(c) | 72,846 | 4 | |
Bird Global, Inc.: | |||
Stage 1 rights (a)(d) | 10,516 | 0 | |
Stage 2 rights (a)(d) | 10,516 | 0 | |
Stage 3 rights (a)(d) | 10,516 | 0 | |
Canadian Pacific Kansas City Ltd. | 120,693 | 9,712 | |
Lyft, Inc. (a)(b) | 21,734,815 | 271,468 | |
Uber Technologies, Inc. (a) | 17,833,237 | 1,163,975 | |
1,445,159 | |||
Industrial Conglomerates - 0.1% | |||
General Electric Co. | 468,300 | 62,012 | |
Passenger Airlines - 0.1% | |||
Alaska Air Group, Inc. (a)(b) | 379,100 | 13,583 | |
Delta Air Lines, Inc. | 130,700 | 5,116 | |
Southwest Airlines Co. | 708,800 | 21,186 | |
39,885 | |||
Trading Companies & Distributors - 0.2% | |||
Ferguson PLC | 54,700 | 10,276 | |
FTAI Aviation Ltd. | 1,904,438 | 102,744 | |
Xometry, Inc. (a)(b) | 281,200 | 9,049 | |
ZKH Group Ltd. (A Shares) (m) | 28,084,190 | 12,320 | |
134,389 | |||
TOTAL INDUSTRIALS | 2,539,784 | ||
INFORMATION TECHNOLOGY - 40.7% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 122,208 | 31,613 | |
IT Services - 0.6% | |||
MongoDB, Inc. Class A (a) | 238,388 | 95,479 | |
Okta, Inc. (a) | 1,766,016 | 145,961 | |
Shopify, Inc. Class A (a) | 334,050 | 26,742 | |
Snowflake, Inc. (a) | 215,688 | 42,197 | |
X Holdings Corp. Class A (c)(d) | 196,600 | 5,599 | |
315,978 | |||
Semiconductors & Semiconductor Equipment - 19.1% | |||
Advanced Micro Devices, Inc. (a) | 1,268,109 | 212,649 | |
ASML Holding NV (depository receipt) | 85,737 | 74,576 | |
Broadcom, Inc. | 21,100 | 24,898 | |
GaN Systems, Inc. (d) | 2,839,866 | 286 | |
GaN Systems, Inc. (d) | 2,839,866 | 0 | |
GlobalFoundries, Inc. (a) | 5,386,479 | 296,149 | |
Impinj, Inc. (a) | 284,249 | 27,566 | |
Marvell Technology, Inc. | 27,627,917 | 1,870,410 | |
Micron Technology, Inc. | 363,600 | 31,179 | |
Monolithic Power Systems, Inc. | 219,647 | 132,386 | |
NVIDIA Corp. | 9,945,013 | 6,118,864 | |
NXP Semiconductors NV | 3,727,593 | 784,919 | |
ON Semiconductor Corp. (a) | 4,447,899 | 316,379 | |
Qualcomm, Inc. | 53,000 | 7,871 | |
Synaptics, Inc. (a) | 61,741 | 6,595 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2,275,948 | 257,091 | |
Teradyne, Inc. | 1,166,447 | 112,667 | |
Xsight Labs Ltd. warrants 1/11/34 (a)(c)(d) | 130,829 | 237 | |
10,274,722 | |||
Software - 12.4% | |||
Adobe, Inc. (a) | 121,220 | 74,887 | |
Atom Tickets LLC (a)(c)(d)(g) | 1,204,239 | 0 | |
Bill Holdings, Inc. (a) | 729,832 | 56,963 | |
Cadence Design Systems, Inc. (a) | 18,200 | 5,250 | |
CoreWeave, Inc. (c)(d) | 148,061 | 45,878 | |
Datadog, Inc. Class A (a) | 588,461 | 73,228 | |
HubSpot, Inc. (a) | 322,510 | 197,054 | |
Intuit, Inc. | 290,812 | 183,598 | |
Microsoft Corp. | 13,167,639 | 5,235,190 | |
Oracle Corp. | 317,195 | 35,431 | |
Palo Alto Networks, Inc. (a) | 19,467 | 6,590 | |
Pine Labs Private Ltd. (a)(c)(d) | 9,912 | 3,471 | |
Salesforce, Inc. (a) | 1,977,174 | 555,764 | |
ServiceNow, Inc. (a) | 168,121 | 128,680 | |
Stripe, Inc. Class B (a)(c)(d) | 173,600 | 4,257 | |
Tanium, Inc. Class B (a)(c)(d) | 554,900 | 4,939 | |
Zoom Video Communications, Inc. Class A (a)(b) | 1,007,723 | 65,109 | |
6,676,289 | |||
Technology Hardware, Storage & Peripherals - 8.5% | |||
Apple, Inc. | 24,175,975 | 4,458,050 | |
Dell Technologies, Inc. | 922,256 | 76,437 | |
4,534,487 | |||
TOTAL INFORMATION TECHNOLOGY | 21,833,089 | ||
MATERIALS - 0.3% | |||
Chemicals - 0.0% | |||
Linde PLC | 65,870 | 26,666 | |
Metals & Mining - 0.3% | |||
ATI, Inc. (a) | 596,342 | 24,372 | |
Carpenter Technology Corp. | 533,855 | 32,880 | |
Freeport-McMoRan, Inc. | 2,506,604 | 99,487 | |
156,739 | |||
TOTAL MATERIALS | 183,405 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Digital Realty Trust, Inc. | 76,500 | 10,745 | |
Prologis, Inc. | 33,900 | 4,295 | |
Welltower, Inc. | 715,696 | 61,915 | |
76,955 | |||
Real Estate Management & Development - 0.1% | |||
Zillow Group, Inc. Class C (a)(b) | 849,390 | 48,279 | |
TOTAL REAL ESTATE | 125,234 | ||
TOTAL COMMON STOCKS (Cost $22,569,427) | 52,723,529 | ||
Preferred Stocks - 1.7% | |||
Shares | Value ($) (000s) | ||
Convertible Preferred Stocks - 1.5% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 293,038 | 64,799 | |
Reddit, Inc.: | |||
Series B(a)(c)(d) | 524,232 | 16,969 | |
Series E(a)(c)(d) | 43,813 | 1,418 | |
Series F(a)(c)(d) | 457,142 | 14,798 | |
97,984 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(c)(d) | 120,997 | 46 | |
Series C(a)(c)(d) | 476,111 | 309 | |
Series D(a)(c)(d) | 867,000 | 815 | |
1,170 | |||
Broadline Retail - 0.1% | |||
Meesho Series F (a)(c)(d) | 546,589 | 27,854 | |
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(c)(d) | 6,100 | 1,687 | |
MOD Super Fast Pizza Holdings LLC: | |||
Series 3(a)(c)(d)(g) | 68,723 | 16,384 | |
Series 4(a)(c)(d)(g) | 6,272 | 1,422 | |
Series 5(a)(c)(d)(g) | 25,187 | 5,321 | |
24,814 | |||
TOTAL CONSUMER DISCRETIONARY | 53,838 | ||
CONSUMER STAPLES - 0.1% | |||
Consumer Staples Distribution & Retail - 0.1% | |||
GoBrands, Inc.: | |||
Series G(a)(c)(d) | 166,200 | 7,625 | |
Series H(a)(c)(d) | 104,029 | 6,022 | |
13,647 | |||
Food Products - 0.0% | |||
AgBiome LLC Series C (a)(c)(d) | 1,091,300 | 0 | |
Bowery Farming, Inc.: | |||
Series C1(a)(c)(d) | 161,262 | 1,284 | |
Series D1(c)(d) | 145,528 | 776 | |
2,060 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc.: | |||
Series C(a)(c)(d) | 2,570,575 | 2,751 | |
Series D(a)(c)(d) | 13,822 | 15 | |
Series E(a)(c)(d) | 14,959 | 16 | |
2,782 | |||
TOTAL CONSUMER STAPLES | 18,489 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Akeana Series C (c)(d) | 363,100 | 4,633 | |
Tenstorrent Holdings, Inc. Series C1 (c)(d) | 150,460 | 8,784 | |
13,417 | |||
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Castle Creek Biosciences, Inc.: | |||
Series B(a)(c)(d) | 3,301 | 649 | |
Series D2(a)(c)(d) | 5,347 | 1,006 | |
1,655 | |||
Health Care Equipment & Supplies - 0.0% | |||
Blink Health LLC Series C (a)(c)(d) | 170,685 | 8,109 | |
TOTAL HEALTH CARE | 9,764 | ||
INDUSTRIALS - 0.5% | |||
Aerospace & Defense - 0.5% | |||
ABL Space Systems: | |||
Series B(a)(c)(d) | 270,130 | 7,909 | |
Series B2(a)(c)(d) | 141,569 | 4,510 | |
Series C1(c)(d) | 41,250 | 1,029 | |
Relativity Space, Inc. Series E (a)(c)(d) | 2,480,614 | 53,060 | |
Space Exploration Technologies Corp.: | |||
Series G(a)(c)(d) | 98,074 | 95,132 | |
Series H(a)(c)(d) | 25,767 | 24,994 | |
Series J(c)(d) | 5,376 | 5,215 | |
Series N(a)(c)(d) | 79,406 | 77,024 | |
268,873 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (a)(c)(d) | 101,010 | 9,675 | |
TOTAL INDUSTRIALS | 278,548 | ||
INFORMATION TECHNOLOGY - 0.5% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
CelLink Corp. Series D (a)(c)(d) | 771,513 | 7,700 | |
Enevate Corp. Series E (a)(c)(d) | 12,084,432 | 10,151 | |
Menlo Micro, Inc. Series C (a)(c)(d) | 4,680,700 | 3,276 | |
21,127 | |||
IT Services - 0.0% | |||
Yanka Industries, Inc. Series F (a)(c)(d) | 508,854 | 3,786 | |
Semiconductors & Semiconductor Equipment - 0.2% | |||
Alif Semiconductor Series C (a)(c)(d) | 391,847 | 7,492 | |
Astera Labs, Inc.: | |||
Series A(a)(c)(d) | 672,992 | 7,181 | |
Series B(a)(c)(d) | 114,587 | 1,223 | |
Series C(a)(c)(d) | 1,572,300 | 16,776 | |
Series D(a)(c)(d) | 2,623,426 | 27,992 | |
Retym, Inc. Series C (c)(d) | 810,037 | 6,796 | |
SiMa.ai: | |||
Series B(a)(c)(d) | 2,821,200 | 19,297 | |
Series B1(a)(c)(d) | 188,978 | 1,478 | |
Xsight Labs Ltd.: | |||
Series D(a)(c)(d) | 1,192,000 | 6,127 | |
Series D1(c)(d) | 436,098 | 3,249 | |
97,611 | |||
Software - 0.3% | |||
Algolia, Inc. Series D (a)(c)(d) | 276,495 | 4,485 | |
Bolt Technology OU Series E (a)(c)(d) | 170,267 | 19,330 | |
Databricks, Inc.: | |||
Series G(a)(c)(d) | 437,958 | 33,688 | |
Series H(a)(c)(d) | 273,924 | 21,070 | |
Series I(c)(d) | 6,675 | 513 | |
Dataminr, Inc. Series D (a)(c)(d) | 277,250 | 3,352 | |
Delphix Corp. Series D (a)(c)(d) | 675,445 | 3,134 | |
Moloco, Inc. Series A (c)(d) | 103,822 | 5,314 | |
Mountain Digital, Inc. Series D (a)(c)(d) | 524,265 | 8,200 | |
Skyryse, Inc. Series B (a)(c)(d) | 560,000 | 13,451 | |
Stripe, Inc.: | |||
Series H(a)(c)(d) | 73,100 | 1,792 | |
Series I(c)(d) | 1,129,819 | 27,703 | |
142,032 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc.: | |||
Series C(c)(d) | 372,617 | 8,145 | |
Series C2(c)(d) | 58,528 | 1,521 | |
9,666 | |||
TOTAL INFORMATION TECHNOLOGY | 274,222 | ||
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Diamond Foundry, Inc. Series C (a)(c)(d) | 2,271,329 | 56,874 | |
UTILITIES - 0.0% | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Redwood Materials: | |||
Series C(a)(c)(d) | 341,408 | 13,581 | |
Series D(c)(d) | 97,832 | 3,892 | |
17,473 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 820,609 | ||
Nonconvertible Preferred Stocks - 0.2% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
Series 1C(a)(c)(d) | 50,654,200 | 1,793 | |
Series 1D(a)(c)(d) | 85,315,542 | 3,020 | |
Waymo LLC Series A2 (a)(c)(d) | 81,316 | 4,256 | |
9,069 | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (a)(c)(d) | 1,244,183 | 29,388 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Castle Creek Biosciences, Inc. Series A4 (a)(c)(d) | 29,758 | 6,066 | |
INFORMATION TECHNOLOGY - 0.1% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (a)(c)(d) | 709,497 | 9,082 | |
Software - 0.1% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(c)(d) | 23,689 | 8,295 | |
Series A(a)(c)(d) | 5,920 | 2,073 | |
Series B(a)(c)(d) | 6,440 | 2,255 | |
Series B2(a)(c)(d) | 5,209 | 1,824 | |
Series C(a)(c)(d) | 9,690 | 3,393 | |
Series C1(a)(c)(d) | 2,041 | 715 | |
Series D(a)(c)(d) | 2,183 | 764 | |
19,319 | |||
TOTAL INFORMATION TECHNOLOGY | 28,401 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 72,924 | ||
TOTAL PREFERRED STOCKS (Cost $875,364) | 893,533 | ||
Corporate Bonds - 0.1% | |||
Principal Amount (h) (000s) | Value ($) (000s) | ||
Convertible Bonds - 0.1% | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.1% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27(c)(d) | 2,433 | 3,613 | |
4% 6/12/27(c)(d) | 647 | 961 | |
5.5% 10/29/26(c)(d)(i) | 21,742 | 22,407 | |
26,981 | |||
Nonconvertible Bonds - 0.0% | |||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Ant International Co. Ltd. 3.55% 8/14/24 (c)(d) | 4,431 | 4,437 | |
TOTAL CORPORATE BONDS (Cost $29,253) | 31,418 | ||
Preferred Securities - 0.0% | |||
Principal Amount (h) (000s) | Value ($) (000s) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc. 8% 12/31/25 (c)(d) | 981 | 1,739 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Tenstorrent Holdings, Inc. 5% 11/6/25 (c)(d) | 3,072 | 3,298 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
Enevate Corp. 6% (c)(d)(j) | 628 | 657 | |
TOTAL PREFERRED SECURITIES (Cost $4,681) | 5,694 | ||
Money Market Funds - 1.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (k) | 74,390,338 | 74,405 | |
Fidelity Securities Lending Cash Central Fund 5.39% (k)(l) | 470,422,662 | 470,470 | |
TOTAL MONEY MARKET FUNDS (Cost $544,875) | 544,875 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% (Cost $24,023,600) | 54,199,049 |
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (517,117) |
NET ASSETS - 100.0% | 53,681,932 |
(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 $1,498,760,000 or 2.8% 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 $47,479,000 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 are available on the SEC's website or upon request. |
(l) | Investment made with cash collateral received from securities on loan. |
(m) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $20,787,000 and all restrictions are set to expire on or before June 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) (000s) |
ABL Space Systems warrants 12/14/30 | 12/14/23 | 0 |
ABL Space Systems Series B | 3/24/21 | 12,165 |
ABL Space Systems Series B2 | 10/22/21 | 9,626 |
ABL Space Systems Series C1 | 12/14/23 | 1,349 |
AgBiome LLC Series C | 6/29/18 | 6,912 |
Akeana Series C | 1/23/24 | 4,633 |
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 | 12,251 |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 4,431 |
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 |
Bowery Farming, Inc. Series D1 | 10/25/23 | 1,375 |
Bowery Farming, Inc. warrants | 10/25/23 | 0 |
ByteDance Ltd. Series E1 | 11/18/20 | 32,109 |
Castle Creek Biosciences, Inc. Series A4 | 9/29/16 | 9,831 |
Castle Creek Biosciences, Inc. Series B | 10/09/18 | 1,360 |
Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 917 |
CelLink Corp. Series D | 1/20/22 | 16,066 |
Circle Internet Financial Ltd. Series E | 5/11/21 | 20,193 |
CoreWeave, Inc. | 11/29/23 | 45,878 |
Databricks, Inc. Series G | 2/01/21 | 25,893 |
Databricks, Inc. Series H | 8/31/21 | 20,129 |
Databricks, Inc. Series I | 9/14/23 | 491 |
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 |
Enevate Corp. 6% | 11/02/23 | 628 |
Epic Games, Inc. | 7/30/20 | 3,525 |
Fanatics, Inc. Class A | 8/13/20 - 10/24/22 | 78,990 |
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 |
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 |
Lightmatter, Inc. Series C2 | 12/18/23 | 1,522 |
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. 5.5% 10/29/26 | 10/29/21 - 10/27/23 | 21,742 |
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. warrants 10/6/33 | 10/06/23 | 0 |
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 |
Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 981 |
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 - 9/07/23 | 8,181 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 3,479 |
Space Exploration Technologies Corp. Series J | 9/07/23 | 4,355 |
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 Holdings, Inc. Series C1 | 4/23/21 | 8,946 |
Tenstorrent Holdings, Inc. 5% 11/6/25 | 11/06/23 | 3,072 |
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 |
X Holdings Corp. Class A | 10/25/22 | 19,660 |
Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
Xsight Labs Ltd. Series D | 2/16/21 | 9,531 |
Xsight Labs Ltd. Series D1 | 1/11/24 | 3,487 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 35,306 | 1,042,090 | 1,002,991 | 1,138 | - | - | 74,405 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 735,437 | 1,221,240 | 1,486,207 | 670 | - | - | 470,470 | 1.9% |
Total | 770,743 | 2,263,330 | 2,489,198 | 1,808 | - | - | 544,875 | |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Abercrombie & Fitch Co. Class A | 45,361 | 69,019 | 20,733 | - | 6,866 | 148,523 | - |
American Eagle Outfitters, Inc. | 166,179 | 2,398 | 18,197 | 2,466 | (12,856) | 77,664 | 215,188 |
The Real Good Food Co. LLC Class B | - | - | - | - | - | - | - |
The Real Good Food Co. LLC Class B unit | 5,301 | - | - | - | - | (3,837) | 1,464 |
Warby Parker, Inc. | 83,231 | - | 134 | - | 40 | (12,228) | 70,909 |
Total | 300,072 | 71,417 | 39,064 | 2,466 | (5,950) | 210,122 | 287,561 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 8,837,507 | 8,666,410 | 69,332 | 101,765 |
Consumer Discretionary | 11,211,811 | 10,833,848 | 159,422 | 218,541 |
Consumer Staples | 1,086,290 | 1,037,582 | 29,588 | 19,120 |
Energy | 992,656 | 768,834 | 223,822 | - |
Financials | 1,380,305 | 1,275,873 | 40,570 | 63,862 |
Health Care | 4,771,463 | 4,679,490 | 43,991 | 47,982 |
Industrials | 2,818,332 | 2,189,979 | 59,330 | 569,023 |
Information Technology | 22,135,712 | 21,768,422 | - | 367,290 |
Materials | 240,279 | 183,405 | - | 56,874 |
Real Estate | 125,234 | 125,234 | - | - |
Utilities | 17,473 | - | - | 17,473 |
Corporate Bonds | 31,418 | - | - | 31,418 |
Preferred Securities | 5,694 | - | - | 5,694 |
Money Market Funds | 544,875 | 544,875 | - | - |
Total Investments in Securities: | 54,199,049 | 52,073,952 | 626,055 | 1,499,042 |
(Amounts in thousands) | |||
Investments in Securities: | |||
Industrials | |||
Beginning Balance | $ | 477,140 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | 85,534 | ||
Cost of Purchases | 6,349 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 569,023 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | 85,534 | |
Other Investments in Securities | |||
Beginning Balance | $ | 1,022,619 | |
Net Realized Gain (Loss) on Investment Securities | 3,595 | ||
Net Unrealized Gain (Loss) on Investment Securities | (77,113) | ||
Cost of Purchases | 67,315 | ||
Proceeds of Sales | (39,927) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (46,470) | ||
Ending Balance | $ | 930,019 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (70,773) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | January 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $449,983) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $23,123,267) | $ | 53,366,613 | ||
Fidelity Central Funds (cost $544,875) | 544,875 | |||
Other affiliated issuers (cost $355,458) | 287,561 | |||
Total Investment in Securities (cost $24,023,600) | $ | 54,199,049 | ||
Restricted cash | 1,247 | |||
Foreign currency held at value (cost $43) | 43 | |||
Receivable for investments sold | 171,635 | |||
Receivable for fund shares sold | 31,221 | |||
Dividends receivable | 9,064 | |||
Interest receivable | 838 | |||
Distributions receivable from Fidelity Central Funds | 386 | |||
Prepaid expenses | 39 | |||
Other receivables | 851 | |||
Total assets | 54,414,373 | |||
Liabilities | ||||
Payable for investments purchased | $ | 188,651 | ||
Payable for fund shares redeemed | 32,629 | |||
Accrued management fee | 15,023 | |||
Other affiliated payables | 5,611 | |||
Other payables and accrued expenses | 20,095 | |||
Collateral on securities loaned | 470,432 | |||
Total Liabilities | 732,441 | |||
Net Assets | $ | 53,681,932 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 22,793,332 | ||
Total accumulated earnings (loss) | 30,888,600 | |||
Net Assets | $ | 53,681,932 | ||
Net Asset Value and Maximum Offering Price | ||||
Blue Chip Growth : | ||||
Net Asset Value, offering price and redemption price per share ($49,127,086 ÷ 275,454 shares) | $ | 178.35 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($4,554,846 ÷ 25,398 shares) | $ | 179.34 |
Consolidated Statement of Operations | ||||
Amounts in thousands | Six months ended January 31, 2024 (Unaudited) | |||
Investment Income | ||||
Dividends (including $2,466 earned from affiliated issuers) | $ | 113,761 | ||
Interest | 691 | |||
Income from Fidelity Central Funds (including $670 from security lending) | 1,808 | |||
Total Income | 116,260 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 127,438 | ||
Performance adjustment | (39,709) | |||
Transfer agent fees | 30,293 | |||
Accounting fees | 1,123 | |||
Custodian fees and expenses | 233 | |||
Independent trustees' fees and expenses | 138 | |||
Registration fees | 238 | |||
Audit | 97 | |||
Legal | 70 | |||
Interest | 140 | |||
Miscellaneous | (48) | |||
Total expenses before reductions | 120,013 | |||
Expense reductions | (2,109) | |||
Total expenses after reductions | 117,904 | |||
Net Investment income (loss) | (1,644) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $4,857) | 914,355 | |||
Redemptions in-kind | 116,160 | |||
Affiliated issuers | (5,950) | |||
Foreign currency transactions | 33 | |||
Total net realized gain (loss) | 1,024,598 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of decrease in deferred foreign taxes of $263) | 3,344,603 | |||
Affiliated issuers | 210,122 | |||
Assets and liabilities in foreign currencies | (4) | |||
Total change in net unrealized appreciation (depreciation) | 3,554,721 | |||
Net gain (loss) | 4,579,319 | |||
Net increase (decrease) in net assets resulting from operations | $ | 4,577,675 |
Consolidated Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (1,644) | $ | (37,165) |
Net realized gain (loss) | 1,024,598 | 817,436 | ||
Change in net unrealized appreciation (depreciation) | 3,554,721 | 8,879,299 | ||
Net increase (decrease) in net assets resulting from operations | 4,577,675 | 9,659,570 | ||
Distributions to shareholders | (486,357) | (195,822) | ||
Share transactions - net increase (decrease) | (154,278) | (825,802) | ||
Total increase (decrease) in net assets | 3,937,040 | 8,637,946 | ||
Net Assets | ||||
Beginning of period | 49,744,892 | 41,106,946 | ||
End of period | $ | 53,681,932 | $ | 49,744,892 |
Fidelity® Blue Chip Growth Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 164.62 | $ | 132.94 | $ | 187.79 | $ | 138.12 | $ | 103.05 | $ | 99.75 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | (.01) | (.13) | (.50) | (.73) | (.17) | (.04) | ||||||
Net realized and unrealized gain (loss) | 15.36 | 32.45 | (38.32) | 60.84 | 39.23 | 8.65 | ||||||
Total from investment operations | 15.35 | 32.32 | (38.82) | 60.11 | 39.06 | 8.61 | ||||||
Distributions from net investment income | - | - | - | - | - | (.11) | ||||||
Distributions from net realized gain | (1.62) | (.64) | (16.03) | (10.44) | (3.99) | (5.20) | ||||||
Total distributions | (1.62) | (.64) | (16.03) | (10.44) | (3.99) | (5.31) | ||||||
Net asset value, end of period | $ | 178.35 | $ | 164.62 | $ | 132.94 | $ | 187.79 | $ | 138.12 | $ | 103.05 |
Total Return C,D | 9.42% | 24.43% | (22.85)% | 45.70% | 39.45% | 9.09% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .50% G,H | .69% | .76% | .79% | .79% | .80% | ||||||
Expenses net of fee waivers, if any | .49% G,H | .68% | .76% | .79% | .79% | .80% | ||||||
Expenses net of all reductions | .49% G,H | .68% | .76% | .78% | .78% | .80% | ||||||
Net investment income (loss) | (.01)% G,H | (.10)% | (.31)% | (.44)% | (.16)% | (.04)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 49,127 | $ | 45,272 | $ | 36,726 | $ | 48,318 | $ | 31,023 | $ | 23,023 |
Portfolio turnover rate I | 17% H,J | 19% J | 34% J | 41% J | 49% J | 45% J |
Fidelity® Blue Chip Growth Fund Class K |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 165.45 | $ | 133.48 | $ | 188.45 | $ | 138.50 | $ | 103.24 | $ | 99.92 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .06 | (.01) | (.37) | (.60) | (.08) | .05 | ||||||
Net realized and unrealized gain (loss) | 15.45 | 32.62 | (38.45) | 61.04 | 39.33 | 8.66 | ||||||
Total from investment operations | 15.51 | 32.61 | (38.82) | 60.44 | 39.25 | 8.71 | ||||||
Distributions from net investment income | - | - | - | - | - | (.19) | ||||||
Distributions from net realized gain | (1.62) | (.64) | (16.15) | (10.49) | (3.99) | (5.20) | ||||||
Total distributions | (1.62) | (.64) | (16.15) | (10.49) | (3.99) | (5.39) | ||||||
Net asset value, end of period | $ | 179.34 | $ | 165.45 | $ | 133.48 | $ | 188.45 | $ | 138.50 | $ | 103.24 |
Total Return C,D | 9.47% | 24.55% | (22.78)% | 45.83% | 39.57% | 9.20% | ||||||
Ratios to Average Net Assets B,E,F | ||||||||||||
Expenses before reductions | .41% G,H | .59% | .68% | .71% | .70% | .70% | ||||||
Expenses net of fee waivers, if any | .40% G,H | .59% | .68% | .71% | .69% | .70% | ||||||
Expenses net of all reductions | .40% G,H | .59% | .68% | .70% | .69% | .70% | ||||||
Net investment income (loss) | .08% G,H | (.01)% | (.23)% | (.36)% | (.07)% | .05% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 4,555 | $ | 4,473 | $ | 4,380 | $ | 8,635 | $ | 6,625 | $ | 5,316 |
Portfolio turnover rate I | 17% G,J | 19% J | 34% J | 41% J | 49% J | 45% J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in InputA |
Equities | $1,461,930 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 18.5 / 13.5 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.0 - 30.8 / 6.8 | Increase | |||
Market approach | Transaction price | $1.11 - $215.03 / $39.42 | Increase | ||
Discount rate | 5.0% - 55.0% / 27.9% | Decrease | |||
Premium rate | 20.0% - 45.0% / 27.4% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.10 / $0.01 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 27.8% | Decrease | ||
Exit multiple | 1.5 | Increase | |||
Black scholes | Discount rate | 4.0% - 4.4% / 4.2% | Increase | ||
Volatility | 50.0% - 100.0% / 73.1% | Increase | |||
Term | 1.9 - 5.0 / 3.5 | Increase | |||
Book value | Book value multiple | 1.8 | Increase | ||
Corporate Bonds | $31,418 | Market comparable | Discount rate | 29.2% | Decrease |
Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase | |||
Probability rate | 10.0% - 75.0% / 33.3% | Increase | |||
Discounted cash flow | Discount rate | 3.5% | Decrease | ||
Black scholes | Discount rate | 4.8% | Increase | ||
Volatility | 75.0% | Increase | |||
Term | 1.2 | Increase | |||
Preferred Securities | $5,694.00 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Market approach | Transaction price | $100.00 | Increase | ||
Discount rate | 27.1% - 35.4% / 28.5% | Decrease | |||
Probability rate | 10.0% - 60.0% / 35.3% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.2% - 4.4% / 4.3% | Increase | ||
Volatility | 60.0% - 100.0% / 70.4% | Increase | |||
Term | 1.9 - 3.0 / 2.1 | Increase | |||
Fidelity Blue Chip Growth Fund | $850 |
Gross unrealized appreciation | $32,219,897 |
Gross unrealized depreciation | (2,087,229) |
Net unrealized appreciation (depreciation) | $30,132,668 |
Tax cost | $24,066,381 |
$ Amount | % of Net Assets | |
Fidelity Blue Chip Growth Fund | 63,616 | .12 |
Purchases ($) | Sales ($) | |
Fidelity Blue Chip Growth Fund | 4,253,060 | 4,779,831 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Blue Chip Growth Fund | 944 | 116,160 | 157,015 | Blue Chip Growth, Class K |
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 |
% of Class-Level Average Net Assets | |
Blue Chip Growth | .1305 |
Amount | % of Class-Level Average Net AssetsA | |
Blue Chip Growth | $29,396 | .13 |
Class K | 897 | .04 |
$30,293 |
% of Average Net Assets | |
Fidelity Blue Chip Growth Fund | .0045 |
% of Average Net Assets | |
Fidelity Blue Chip Growth Fund | -A |
Maximum Management Fee Rate % | |
Blue Chip Growth | .63 |
Class K | .54 |
Performance Adjustment Index | |
Blue Chip Growth | Russell 1000 Growth Index |
Amount | |
Fidelity Blue Chip Growth Fund | $74 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Blue Chip Growth Fund | Borrower | $14,838 | 5.57% | $140 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Blue Chip Growth Fund | 279,618 | 223,504 | 35,356 |
Amount | |
Fidelity Blue Chip Growth Fund | $38 |
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 | $69 | $165 | $- |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Blue Chip Growth Fund | ||
Distributions to shareholders | ||
Blue Chip Growth | $443,550 | $175,348 |
Class K | 42,807 | 20,474 |
Total | $486,357 | $195,822 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Blue Chip Growth Fund | ||||
Blue Chip Growth | ||||
Shares sold | 19,853 | 43,972 | $3,268,433 | $5,714,869 |
Reinvestment of distributions | 2,484 | 1,237 | 405,114 | 162,230 |
Shares redeemed | (21,885) | (46,469) | (3,560,456) | (5,985,882) |
Net increase (decrease) | 452 | (1,260) | $113,091 | $(108,783) |
Class K | ||||
Shares sold | 2,613 | 5,674 | $428,136 | $755,595 |
Reinvestment of distributions | 261 | 155 | 42,795 | 20,474 |
Shares redeemed | (4,509) | (11,614) | (738,300) | (1,493,088) |
Net increase (decrease) | (1,635) | (5,785) | $(267,369) | $(717,019) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Blue Chip Growth Fund | ||||||||||
Fidelity® Blue Chip Growth Fund ** | .49% | |||||||||
Actual | $ 1,000 | $ 1,094.20 | $ 2.58 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.67 | $ 2.49 | |||||||
Class K ** | .40% | |||||||||
Actual | $ 1,000 | $ 1,094.70 | $ 2.11 | |||||||
Hypothetical-B | $ 1,000 | $ 1,023.13 | $ 2.03 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Blue Chip Growth Fund | ||||||
Fidelity® Blue Chip Growth Fund | .46% | |||||
Actual | $ 2.42 | |||||
Hypothetical- B | $ 2.34 | |||||
Class K | .37% | |||||
Actual | $ 1.95 | |||||
Hypothetical- B | $ 1.88 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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![](https://capedge.com/proxy/N-CSRS/0000754510-24-000002/img95569_1.jpg)
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Contents
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 9.5 | |
Apple, Inc. | 6.2 | |
Microsoft Corp. | 6.1 | |
Amazon.com, Inc. | 5.5 | |
Meta Platforms, Inc. Class A | 5.4 | |
Alphabet, Inc. Class A | 4.8 | |
Marvell Technology, Inc. | 2.9 | |
Eli Lilly & Co. | 2.5 | |
Netflix, Inc. | 2.2 | |
Uber Technologies, Inc. | 2.2 | |
47.3 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 34.6 | |
Consumer Discretionary | 17.9 | |
Communication Services | 15.3 | |
Health Care | 9.6 | |
Industrials | 5.2 | |
Consumer Staples | 3.6 | |
Financials | 2.8 | |
Energy | 1.6 | |
Materials | 0.3 | |
Real Estate | 0.2 | |
Utilities | 0.0 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Futures - 6.7% |
Common Stocks - 90.2% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 15.2% | |||
Diversified Telecommunication Services - 0.0% | |||
Indus Towers Ltd. (a) | 836,200 | 2,233,251 | |
Entertainment - 2.9% | |||
Netflix, Inc. (a) | 505,674 | 285,255,760 | |
Roblox Corp. (a) | 203,855 | 7,911,613 | |
Roku, Inc. Class A (a) | 91,441 | 8,052,294 | |
Sea Ltd. ADR (a) | 867,333 | 33,080,081 | |
Sphere Entertainment Co. (a)(b) | 79,135 | 2,799,796 | |
Take-Two Interactive Software, Inc. (a) | 53,644 | 8,847,505 | |
The Walt Disney Co. | 141,538 | 13,594,725 | |
TKO Group Holdings, Inc. | 37,800 | 3,163,482 | |
Universal Music Group NV | 370,821 | 10,930,962 | |
373,636,218 | |||
Interactive Media & Services - 12.1% | |||
Alphabet, Inc. Class A (a) | 4,379,785 | 613,607,879 | |
Epic Games, Inc. (a)(c)(d) | 607 | 374,300 | |
JOYY, Inc. ADR | 2,197 | 67,360 | |
Meta Platforms, Inc. Class A | 1,764,495 | 688,400,079 | |
Pinterest, Inc. Class A (a) | 65,124 | 2,440,196 | |
Snap, Inc. Class A (a) | 15,145,253 | 240,658,070 | |
1,545,547,884 | |||
Wireless Telecommunication Services - 0.2% | |||
T-Mobile U.S., Inc. | 113,931 | 18,369,095 | |
TOTAL COMMUNICATION SERVICES | 1,939,786,448 | ||
CONSUMER DISCRETIONARY - 17.9% | |||
Automobiles - 1.3% | |||
Neutron Holdings, Inc. (a)(c)(d) | 491,550 | 17,401 | |
Rad Power Bikes, Inc. (a)(c)(d) | 101,681 | 38,639 | |
Rad Power Bikes, Inc. warrants 10/6/33 (a)(c)(d) | 110,642 | 229,029 | |
Rivian Automotive, Inc. (a)(b) | 1,599,757 | 24,492,280 | |
Tesla, Inc. (a) | 727,464 | 136,246,733 | |
161,024,082 | |||
Broadline Retail - 6.2% | |||
Alibaba Group Holding Ltd. sponsored ADR | 358,941 | 25,904,772 | |
Amazon.com, Inc. (a) | 4,510,914 | 700,093,853 | |
Dollarama, Inc. | 35,832 | 2,629,732 | |
Kohl's Corp. (b) | 266,946 | 6,876,529 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 143,579 | 10,327,637 | |
PDD Holdings, Inc. ADR (a) | 386,557 | 49,042,487 | |
794,875,010 | |||
Diversified Consumer Services - 0.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 149,760 | 11,480,602 | |
Hotels, Restaurants & Leisure - 2.9% | |||
Airbnb, Inc. Class A (a) | 568,224 | 81,903,807 | |
Caesars Entertainment, Inc. (a) | 561,142 | 24,617,300 | |
Chipotle Mexican Grill, Inc. (a) | 20,690 | 49,837,451 | |
Deliveroo PLC Class A (a)(e) | 1,094,621 | 1,629,976 | |
Doordash, Inc. (a) | 18,100 | 1,886,020 | |
Draftkings Holdings, Inc. (a) | 370,019 | 14,449,242 | |
Flutter Entertainment PLC (a) | 46,300 | 9,555,385 | |
Las Vegas Sands Corp. | 67,030 | 3,279,108 | |
Light & Wonder, Inc. Class A (a) | 63,379 | 5,094,404 | |
Marriott International, Inc. Class A | 98,422 | 23,594,706 | |
McDonald's Corp. | 167,446 | 49,014,793 | |
Penn Entertainment, Inc. (a) | 837,929 | 18,895,299 | |
Planet Fitness, Inc. (a) | 45,400 | 3,076,304 | |
Restaurant Brands International, Inc. | 72,543 | 5,662,827 | |
Sonder Holdings, Inc.: | |||
Stage 1 rights (a)(d) | 1,448 | 14 | |
Stage 2 rights (a)(d) | 1,447 | 0 | |
Stage 3 rights (a)(d) | 1,447 | 0 | |
Stage 4 rights (a)(d) | 1,447 | 0 | |
Stage 5: | |||
rights (a)(d) | 1,447 | 0 | |
rights (a)(d) | 1,447 | 0 | |
Starbucks Corp. | 586,057 | 54,520,883 | |
Sweetgreen, Inc. Class A (a) | 1,524,750 | 16,284,330 | |
Yum! Brands, Inc. | 19,062 | 2,468,338 | |
365,770,187 | |||
Household Durables - 0.1% | |||
SharkNinja Hong Kong Co. Ltd. | 190,033 | 8,878,342 | |
Specialty Retail - 3.8% | |||
Abercrombie & Fitch Co. Class A (a) | 581,740 | 59,279,306 | |
American Eagle Outfitters, Inc. | 2,467,787 | 48,911,538 | |
Aritzia, Inc. (a) | 319,915 | 7,783,420 | |
Dick's Sporting Goods, Inc. | 156,532 | 23,334,225 | |
Fanatics, Inc. Class A (a)(c)(d) | 225,366 | 16,677,084 | |
Fast Retailing Co. Ltd. | 3,528 | 941,895 | |
Five Below, Inc. (a) | 178,126 | 31,966,492 | |
Foot Locker, Inc. | 77,816 | 2,191,299 | |
Gap, Inc. | 259,284 | 4,846,018 | |
JD Sports Fashion PLC | 429,800 | 637,554 | |
Lowe's Companies, Inc. | 567,032 | 120,687,091 | |
RH (a) | 198,257 | 50,254,184 | |
TJX Companies, Inc. | 912,434 | 86,599,111 | |
Victoria's Secret & Co. (a) | 191,338 | 4,984,355 | |
Warby Parker, Inc. (a) | 1,135,155 | 14,473,226 | |
Wayfair LLC Class A (a) | 261,335 | 13,132,084 | |
Williams-Sonoma, Inc. | 17,366 | 3,358,411 | |
490,057,293 | |||
Textiles, Apparel & Luxury Goods - 3.5% | |||
Compagnie Financiere Richemont SA Series A | 40,289 | 5,984,310 | |
Crocs, Inc. (a) | 246,383 | 25,002,947 | |
Deckers Outdoor Corp. (a) | 148,458 | 111,897,248 | |
Hermes International SCA | 4,075 | 8,621,862 | |
lululemon athletica, Inc. (a) | 264,857 | 120,197,404 | |
LVMH Moet Hennessy Louis Vuitton SE | 34,579 | 28,771,767 | |
NIKE, Inc. Class B | 847,734 | 86,070,433 | |
On Holding AG (a) | 465,454 | 12,362,458 | |
PVH Corp. | 354,545 | 42,637,582 | |
Ralph Lauren Corp. | 27,481 | 3,948,195 | |
445,494,206 | |||
TOTAL CONSUMER DISCRETIONARY | 2,277,579,722 | ||
CONSUMER STAPLES - 3.6% | |||
Beverages - 0.7% | |||
Celsius Holdings, Inc. (a)(b) | 1,141,194 | 56,945,581 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 9,339 | 2,288,802 | |
PepsiCo, Inc. | 214,141 | 36,089,183 | |
95,323,566 | |||
Consumer Staples Distribution & Retail - 1.7% | |||
Costco Wholesale Corp. | 110,602 | 76,855,118 | |
Dollar Tree, Inc. (a) | 219,106 | 28,619,626 | |
Maplebear, Inc.: | |||
(NASDAQ) (b) | 22,784 | 557,524 | |
(unlisted) (l) | 40,269 | 936,113 | |
Target Corp. | 194,555 | 27,058,709 | |
Walmart, Inc. | 483,625 | 79,919,031 | |
213,946,121 | |||
Food Products - 0.4% | |||
Bowery Farming, Inc. warrants (a)(c)(d) | 30,501 | 125,969 | |
Lamb Weston Holdings, Inc. | 148,331 | 15,195,028 | |
Patanjali Foods Ltd. | 219,400 | 4,195,003 | |
The Hershey Co. | 129,431 | 25,050,076 | |
The Real Good Food Co. LLC: | |||
Class B (a)(d) | 139,521 | 1 | |
Class B unit (a)(e) | 139,521 | 161,844 | |
The Real Good Food Co., Inc. (a) | 52,634 | 61,055 | |
Tyson Foods, Inc. Class A | 117,044 | 6,409,329 | |
51,198,305 | |||
Household Products - 0.4% | |||
Procter & Gamble Co. | 322,880 | 50,737,363 | |
The Clorox Co. | 12,334 | 1,791,514 | |
52,528,877 | |||
Personal Care Products - 0.3% | |||
Estee Lauder Companies, Inc. Class A | 119,559 | 15,780,592 | |
Kenvue, Inc. | 679,185 | 14,099,881 | |
Oddity Tech Ltd. (b) | 45,012 | 1,858,996 | |
Oddity Tech Ltd. (e) | 42,893 | 1,771,481 | |
33,510,950 | |||
Tobacco - 0.1% | |||
JUUL Labs, Inc. Class A (a)(c)(d) | 23,134 | 24,753 | |
Philip Morris International, Inc. | 127,900 | 11,619,715 | |
11,644,468 | |||
TOTAL CONSUMER STAPLES | 458,152,287 | ||
ENERGY - 1.6% | |||
Energy Equipment & Services - 0.1% | |||
Secure Energy Services, Inc. | 360,107 | 2,761,503 | |
Oil, Gas & Consumable Fuels - 1.5% | |||
Cameco Corp. | 172,847 | 8,252,482 | |
Cheniere Energy, Inc. | 46,957 | 7,700,478 | |
Diamondback Energy, Inc. | 203,791 | 31,330,828 | |
EOG Resources, Inc. | 346,451 | 39,422,659 | |
Exxon Mobil Corp. | 275,792 | 28,354,176 | |
Hess Corp. | 180,118 | 25,311,983 | |
Northern Oil & Gas, Inc. | 64,140 | 2,148,690 | |
Occidental Petroleum Corp. | 393,894 | 22,676,478 | |
Reliance Industries Ltd. | 747,491 | 25,670,112 | |
Reliance Industries Ltd. GDR (e) | 40,141 | 2,785,785 | |
193,653,671 | |||
TOTAL ENERGY | 196,415,174 | ||
FINANCIALS - 2.7% | |||
Banks - 0.1% | |||
Citigroup, Inc. | 173,700 | 9,756,729 | |
HDFC Bank Ltd. | 109,468 | 1,924,259 | |
11,680,988 | |||
Capital Markets - 0.1% | |||
Coinbase Global, Inc. (a)(b) | 30,229 | 3,875,358 | |
Goldman Sachs Group, Inc. | 16,700 | 6,412,967 | |
Morgan Stanley | 73,900 | 6,447,036 | |
16,735,361 | |||
Consumer Finance - 0.3% | |||
American Express Co. | 208,793 | 41,913,107 | |
Financial Services - 1.9% | |||
Ant International Co. Ltd. Class C (c)(d) | 201,988 | 365,598 | |
Berkshire Hathaway, Inc. Class B (a) | 8,036 | 3,083,735 | |
Block, Inc. Class A (a) | 465,118 | 30,237,321 | |
Jio Financial Services Ltd. | 747,491 | 2,230,829 | |
MasterCard, Inc. Class A | 364,928 | 163,936,605 | |
Visa, Inc. Class A | 169,676 | 46,365,664 | |
246,219,752 | |||
Insurance - 0.3% | |||
Progressive Corp. | 160,400 | 28,591,300 | |
The Travelers Companies, Inc. | 6,300 | 1,331,568 | |
29,922,868 | |||
TOTAL FINANCIALS | 346,472,076 | ||
HEALTH CARE - 9.6% | |||
Biotechnology - 1.8% | |||
Alnylam Pharmaceuticals, Inc. (a) | 146,692 | 25,364,514 | |
Amgen, Inc. | 65,630 | 20,624,884 | |
Apogee Therapeutics, Inc. | 54,838 | 1,837,073 | |
Ascendis Pharma A/S sponsored ADR (a) | 72,625 | 9,436,166 | |
Cibus, Inc. (a) | 30,295 | 507,441 | |
Gilead Sciences, Inc. | 202,945 | 15,882,476 | |
Legend Biotech Corp. ADR (a) | 21,800 | 1,200,308 | |
Moderna, Inc. (a) | 18,319 | 1,851,135 | |
Moonlake Immunotherapeutics (a) | 74,930 | 4,187,088 | |
Regeneron Pharmaceuticals, Inc. (a) | 117,101 | 110,400,481 | |
Vertex Pharmaceuticals, Inc. (a) | 74,552 | 32,309,346 | |
Viking Therapeutics, Inc. (a) | 89,195 | 2,153,167 | |
225,754,079 | |||
Health Care Equipment & Supplies - 1.4% | |||
Blink Health LLC Series A1 (a)(c)(d) | 5,757 | 273,515 | |
Boston Scientific Corp. (a) | 897,132 | 56,752,570 | |
DexCom, Inc. (a) | 502,809 | 61,015,872 | |
Glaukos Corp. (a) | 24,767 | 2,205,006 | |
Inspire Medical Systems, Inc. (a) | 40,779 | 8,599,068 | |
Insulet Corp. (a) | 67,854 | 12,951,293 | |
Intuitive Surgical, Inc. (a) | 10,200 | 3,857,844 | |
RxSight, Inc. (a) | 16,410 | 746,819 | |
Shockwave Medical, Inc. (a) | 21,794 | 4,930,893 | |
Stryker Corp. | 72,587 | 24,351,487 | |
TransMedics Group, Inc. (a) | 19,265 | 1,652,359 | |
177,336,726 | |||
Health Care Providers & Services - 2.2% | |||
Alignment Healthcare, Inc. (a) | 156,856 | 1,050,935 | |
Guardant Health, Inc. (a) | 388,132 | 8,511,735 | |
Humana, Inc. | 66,764 | 25,240,798 | |
McKesson Corp. | 4,573 | 2,285,997 | |
Surgery Partners, Inc. (a) | 105,505 | 3,237,948 | |
UnitedHealth Group, Inc. | 468,687 | 239,845,885 | |
280,173,298 | |||
Health Care Technology - 0.0% | |||
MultiPlan Corp. warrants (a)(c) | 13,856 | 1 | |
Life Sciences Tools & Services - 0.5% | |||
Danaher Corp. | 168,839 | 40,506,164 | |
Thermo Fisher Scientific, Inc. | 27,960 | 15,069,881 | |
Veterinary Emergency Group LLC Class A (a)(c)(d)(f) | 62,379 | 3,535,018 | |
59,111,063 | |||
Pharmaceuticals - 3.7% | |||
Catalent, Inc. (a) | 24,600 | 1,270,344 | |
Eli Lilly & Co. | 492,919 | 318,233,436 | |
Novo Nordisk A/S: | |||
Series B | 50,510 | 5,773,518 | |
Series B sponsored ADR | 560,875 | 64,354,798 | |
Pharvaris BV (a) | 40,763 | 1,218,814 | |
Roche Holding AG (participation certificate) | 8,747 | 2,490,414 | |
Zoetis, Inc. Class A | 424,347 | 79,696,610 | |
473,037,934 | |||
TOTAL HEALTH CARE | 1,215,413,101 | ||
INDUSTRIALS - 4.8% | |||
Aerospace & Defense - 1.1% | |||
ABL Space Systems warrants 12/14/30 (a)(c)(d) | 7,180 | 110,716 | |
Airbus Group NV | 49,074 | 7,816,796 | |
BAE Systems PLC | 82,679 | 1,233,250 | |
Howmet Aerospace, Inc. | 223,660 | 12,583,112 | |
L3Harris Technologies, Inc. | 23,788 | 4,957,895 | |
Northrop Grumman Corp. | 12,530 | 5,597,903 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(c)(d) | 201,490 | 19,544,530 | |
Class C (a)(c)(d) | 70,540 | 6,842,380 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 89,791 | 2,465,661 | |
The Boeing Co. (a) | 286,313 | 60,423,496 | |
TransDigm Group, Inc. | 16,159 | 17,656,616 | |
139,232,355 | |||
Air Freight & Logistics - 0.2% | |||
Delhivery Private Ltd. (a) | 271,900 | 1,473,824 | |
FedEx Corp. | 103,411 | 24,952,040 | |
26,425,864 | |||
Commercial Services & Supplies - 0.0% | |||
ACV Auctions, Inc. Class A (a) | 409,589 | 5,312,369 | |
Construction & Engineering - 0.0% | |||
Comfort Systems U.S.A., Inc. | 6,000 | 1,304,820 | |
EMCOR Group, Inc. | 5,700 | 1,300,227 | |
2,605,047 | |||
Electrical Equipment - 0.2% | |||
Eaton Corp. PLC | 78,172 | 19,236,566 | |
Generac Holdings, Inc. (a) | 13,419 | 1,525,338 | |
20,761,904 | |||
Ground Transportation - 2.7% | |||
Bird Global, Inc. (a)(c) | 8,055 | 452 | |
Bird Global, Inc.: | |||
Stage 1 rights (a)(d) | 1,029 | 0 | |
Stage 2 rights (a)(d) | 1,029 | 0 | |
Stage 3 rights (a)(d) | 1,029 | 0 | |
Canadian Pacific Kansas City Ltd. | 24,477 | 1,969,664 | |
Lyft, Inc. (a) | 4,379,455 | 54,699,393 | |
Uber Technologies, Inc. (a) | 4,306,362 | 281,076,248 | |
337,745,757 | |||
Industrial Conglomerates - 0.3% | |||
General Electric Co. | 266,923 | 35,345,944 | |
Passenger Airlines - 0.1% | |||
Alaska Air Group, Inc. (a) | 87,503 | 3,135,232 | |
Delta Air Lines, Inc. | 30,600 | 1,197,684 | |
Southwest Airlines Co. | 163,172 | 4,877,211 | |
9,210,127 | |||
Trading Companies & Distributors - 0.2% | |||
Ferguson PLC | 12,664 | 2,379,059 | |
FTAI Aviation Ltd. | 446,488 | 24,088,028 | |
Xometry, Inc. (a)(b) | 62,833 | 2,021,966 | |
ZKH Group Ltd. (A Shares) (l) | 3,320,935 | 1,456,861 | |
29,945,914 | |||
TOTAL INDUSTRIALS | 606,585,281 | ||
INFORMATION TECHNOLOGY - 34.3% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 46,045 | 11,910,921 | |
IT Services - 0.6% | |||
MongoDB, Inc. Class A (a) | 57,605 | 23,071,955 | |
Okta, Inc. (a) | 445,969 | 36,859,338 | |
Shopify, Inc. Class A (a) | 80,064 | 6,409,527 | |
Snowflake, Inc. (a) | 42,909 | 8,394,717 | |
X Holdings Corp. Class A (c)(d) | 24,710 | 703,741 | |
75,439,278 | |||
Semiconductors & Semiconductor Equipment - 16.7% | |||
Advanced Micro Devices, Inc. (a) | 356,079 | 59,710,888 | |
ASML Holding NV (depository receipt) | 16,663 | 14,493,811 | |
Broadcom, Inc. | 4,869 | 5,745,420 | |
GaN Systems, Inc. (d) | 336,825 | 33,909 | |
GaN Systems, Inc. (d) | 336,825 | 3 | |
GlobalFoundries, Inc. (a) | 1,266,001 | 69,604,735 | |
Impinj, Inc. (a) | 53,648 | 5,202,783 | |
Marvell Technology, Inc. | 5,473,873 | 370,581,202 | |
Micron Technology, Inc. | 85,700 | 7,348,775 | |
Monolithic Power Systems, Inc. | 50,660 | 30,533,795 | |
NVIDIA Corp. | 1,962,963 | 1,207,752,238 | |
NXP Semiconductors NV | 856,451 | 180,342,887 | |
ON Semiconductor Corp. (a) | 1,089,461 | 77,493,361 | |
Qualcomm, Inc. | 12,500 | 1,856,375 | |
Synaptics, Inc. (a) | 12,590 | 1,344,738 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 639,741 | 72,265,143 | |
Teradyne, Inc. | 277,717 | 26,824,685 | |
Xsight Labs Ltd. warrants 1/11/34 (a)(c)(d) | 14,367 | 26,004 | |
2,131,160,752 | |||
Software - 10.5% | |||
Adobe, Inc. (a) | 222,583 | 137,507,326 | |
Bill Holdings, Inc. (a) | 162,056 | 12,648,471 | |
Cadence Design Systems, Inc. (a) | 4,046 | 1,167,109 | |
CoreWeave, Inc. (c)(d) | 30,838 | 9,555,463 | |
Datadog, Inc. Class A (a) | 140,552 | 17,490,291 | |
HubSpot, Inc. (a) | 77,078 | 47,094,658 | |
Intuit, Inc. | 122,830 | 77,546,264 | |
Microsoft Corp. | 1,940,189 | 771,380,343 | |
Oracle Corp. | 289,696 | 32,359,043 | |
Palo Alto Networks, Inc. (a) | 43,053 | 14,573,871 | |
Pine Labs Private Ltd. (a)(c)(d) | 1,109 | 388,316 | |
Salesforce, Inc. (a) | 484,133 | 136,084,945 | |
ServiceNow, Inc. (a) | 83,312 | 63,767,005 | |
Stripe, Inc. Class B (a)(c)(d) | 19,200 | 470,784 | |
Zoom Video Communications, Inc. Class A (a) | 232,218 | 15,003,605 | |
1,337,037,494 | |||
Technology Hardware, Storage & Peripherals - 6.4% | |||
Apple, Inc. | 4,295,637 | 792,115,463 | |
Dell Technologies, Inc. | 255,109 | 21,143,434 | |
813,258,897 | |||
TOTAL INFORMATION TECHNOLOGY | 4,368,807,342 | ||
MATERIALS - 0.3% | |||
Chemicals - 0.0% | |||
Linde PLC | 14,532 | 5,882,990 | |
Metals & Mining - 0.3% | |||
ATI, Inc. (a) | 112,625 | 4,602,984 | |
Carpenter Technology Corp. | 101,896 | 6,275,775 | |
Freeport-McMoRan, Inc. | 595,071 | 23,618,368 | |
34,497,127 | |||
TOTAL MATERIALS | 40,380,117 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Digital Realty Trust, Inc. | 18,100 | 2,542,326 | |
Prologis, Inc. | 8,100 | 1,026,189 | |
Welltower, Inc. | 164,315 | 14,214,891 | |
17,783,406 | |||
Real Estate Management & Development - 0.1% | |||
Zillow Group, Inc. Class C (a) | 166,271 | 9,450,844 | |
TOTAL REAL ESTATE | 27,234,250 | ||
TOTAL COMMON STOCKS (Cost $7,251,405,832) | 11,476,825,798 | ||
Preferred Stocks - 0.9% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 0.8% | |||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 31,950 | 7,065,104 | |
Reddit, Inc.: | |||
Series E(a)(c)(d) | 4,835 | 156,509 | |
Series F(a)(c)(d) | 51,156 | 1,655,920 | |
8,877,533 | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(c)(d) | 13,256 | 5,037 | |
Series C(a)(c)(d) | 52,162 | 33,905 | |
Series D(a)(c)(d) | 102,800 | 96,632 | |
135,574 | |||
Broadline Retail - 0.0% | |||
Meesho Series F (a)(c)(d) | 63,600 | 3,241,056 | |
Hotels, Restaurants & Leisure - 0.0% | |||
Discord, Inc. Series I (a)(c)(d) | 700 | 193,536 | |
TOTAL CONSUMER DISCRETIONARY | 3,570,166 | ||
CONSUMER STAPLES - 0.0% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
GoBrands, Inc.: | |||
Series G(a)(c)(d) | 18,300 | 839,604 | |
Series H(a)(c)(d) | 11,467 | 663,825 | |
1,503,429 | |||
Food Products - 0.0% | |||
AgBiome LLC Series C (a)(c)(d) | 68,700 | 1 | |
Bowery Farming, Inc.: | |||
Series C1(a)(c)(d) | 17,874 | 142,277 | |
Series D1(c)(d) | 30,501 | 162,570 | |
304,848 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Series E (a)(c)(d) | 12,508 | 13,384 | |
TOTAL CONSUMER STAPLES | 1,821,661 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Akeana Series C (c)(d) | 85,300 | 1,088,496 | |
Tenstorrent Holdings, Inc. Series C1 (c)(d) | 16,673 | 973,370 | |
2,061,866 | |||
HEALTH CARE - 0.0% | |||
Health Care Equipment & Supplies - 0.0% | |||
Blink Health LLC Series C (a)(c)(d) | 16,970 | 806,245 | |
INDUSTRIALS - 0.4% | |||
Aerospace & Defense - 0.4% | |||
ABL Space Systems: | |||
Series B(a)(c)(d) | 29,724 | 870,319 | |
Series B2(a)(c)(d) | 17,155 | 546,558 | |
Series C1(c)(d) | 9,574 | 238,776 | |
Relativity Space, Inc. Series E (a)(c)(d) | 276,014 | 5,903,939 | |
Space Exploration Technologies Corp.: | |||
Series G(a)(c)(d) | 4,374 | 4,242,780 | |
Series J(c)(d) | 29,526 | 28,640,220 | |
Series N(a)(c)(d) | 8,141 | 7,896,770 | |
48,339,362 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (a)(c)(d) | 11,104 | 1,063,541 | |
TOTAL INDUSTRIALS | 49,402,903 | ||
INFORMATION TECHNOLOGY - 0.3% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
CelLink Corp. Series D (a)(c)(d) | 92,760 | 925,745 | |
Enevate Corp. Series E (a)(c)(d) | 1,325,513 | 1,113,431 | |
Menlo Micro, Inc. Series C (a)(c)(d) | 560,500 | 392,350 | |
2,431,526 | |||
IT Services - 0.0% | |||
Yanka Industries, Inc. Series F (a)(c)(d) | 55,991 | 416,573 | |
Semiconductors & Semiconductor Equipment - 0.1% | |||
Alif Semiconductor Series C (a)(c)(d) | 47,598 | 910,074 | |
Astera Labs, Inc.: | |||
Series A(a)(c)(d) | 84,721 | 903,973 | |
Series B(a)(c)(d) | 14,425 | 153,915 | |
Series C(a)(c)(d) | 180,900 | 1,930,203 | |
Series D(a)(c)(d) | 330,609 | 3,527,598 | |
Retym, Inc. Series C (c)(d) | 154,149 | 1,293,310 | |
SiMa.ai: | |||
Series B(a)(c)(d) | 313,000 | 2,140,920 | |
Series B1(a)(c)(d) | 20,966 | 163,954 | |
Xsight Labs Ltd.: | |||
Series D(a)(c)(d) | 130,900 | 672,826 | |
Series D1(c)(d) | 47,890 | 356,781 | |
12,053,554 | |||
Software - 0.2% | |||
Algolia, Inc. Series D (a)(c)(d) | 30,436 | 493,672 | |
Bolt Technology OU Series E (a)(c)(d) | 20,165 | 2,289,283 | |
Databricks, Inc.: | |||
Series G(a)(c)(d) | 48,000 | 3,692,160 | |
Series H(a)(c)(d) | 31,572 | 2,428,518 | |
Series I(c)(d) | 1,359 | 104,534 | |
Moloco, Inc. Series A (c)(d) | 20,180 | 1,032,812 | |
Mountain Digital, Inc. Series D (a)(c)(d) | 62,139 | 971,854 | |
Skyryse, Inc. Series B (a)(c)(d) | 67,400 | 1,618,948 | |
Stripe, Inc.: | |||
Series H(a)(c)(d) | 8,086 | 198,269 | |
Series I(c)(d) | 124,536 | 3,053,623 | |
15,883,673 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc.: | |||
Series C(c)(d) | 70,909 | 1,550,071 | |
Series C2(c)(d) | 11,138 | 289,477 | |
1,839,548 | |||
TOTAL INFORMATION TECHNOLOGY | 32,624,874 | ||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
Diamond Foundry, Inc. Series C (a)(c)(d) | 249,802 | 6,255,042 | |
UTILITIES - 0.0% | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Redwood Materials: | |||
Series C(a)(c)(d) | 37,990 | 1,511,242 | |
Series D(c)(d) | 10,886 | 433,045 | |
1,944,287 | |||
TOTAL CONVERTIBLE PREFERRED STOCKS | 107,364,577 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
Series 1C(a)(c)(d) | 3,178,083 | 112,504 | |
Series 1D(a)(c)(d) | 5,904,173 | 209,008 | |
Waymo LLC Series A2 (a)(c)(d) | 7,817 | 409,142 | |
730,654 | |||
FINANCIALS - 0.1% | |||
Financial Services - 0.1% | |||
Circle Internet Financial Ltd. Series E (a)(c)(d) | 137,547 | 3,248,860 | |
INFORMATION TECHNOLOGY - 0.0% | |||
IT Services - 0.0% | |||
Gupshup, Inc. (a)(c)(d) | 78,911 | 1,010,061 | |
Software - 0.0% | |||
Pine Labs Private Ltd.: | |||
Series 1(a)(c)(d) | 2,652 | 928,598 | |
Series A(a)(c)(d) | 663 | 232,149 | |
Series B(a)(c)(d) | 721 | 252,458 | |
Series B2(a)(c)(d) | 583 | 204,137 | |
Series C(a)(c)(d) | 1,085 | 379,913 | |
Series C1(a)(c)(d) | 228 | 79,834 | |
Series D(a)(c)(d) | 244 | 85,437 | |
2,162,526 | |||
TOTAL INFORMATION TECHNOLOGY | 3,172,587 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 7,152,101 | ||
TOTAL PREFERRED STOCKS (Cost $120,489,215) | 114,516,678 | ||
Corporate Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
Convertible Bonds - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27(c)(d) | 237,400 | 352,586 | |
4% 6/12/27(c)(d) | 64,200 | 95,350 | |
5.5% 10/29/26(c)(d)(h) | 2,636,069 | 2,716,733 | |
3,164,669 | |||
Nonconvertible Bonds - 0.0% | |||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Ant International Co. Ltd. 3.55% 8/14/24 (c)(d) | 278,448 | 278,810 | |
TOTAL CORPORATE BONDS (Cost $3,216,117) | 3,443,479 | ||
Preferred Securities - 0.0% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc. 8% 12/31/25 (c)(d) | 110,642 | 196,276 | |
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Tenstorrent Holdings, Inc. 5% 11/6/25 (c)(d) | 509,145 | 546,542 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
Enevate Corp. 6% (c)(d)(i) | 68,928 | 72,075 | |
TOTAL PREFERRED SECURITIES (Cost $688,715) | 814,893 | ||
Money Market Funds - 9.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (j) | 1,126,090,702 | 1,126,315,920 | |
Fidelity Securities Lending Cash Central Fund 5.39% (j)(k) | 97,818,765 | 97,828,547 | |
TOTAL MONEY MARKET FUNDS (Cost $1,224,144,467) | 1,224,144,467 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $8,599,944,346) | 12,819,745,315 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (90,034,001) |
NET ASSETS - 100.0% | 12,729,711,314 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini NASDAQ 100 Index Contracts (United States) | 1,655 | Mar 2024 | 570,718,475 | 30,813,551 | 30,813,551 |
CME Micro E-mini S&P 500 Index Contracts (United States) | 1,181 | Mar 2024 | 287,603,025 | 12,428,883 | 12,428,883 |
TOTAL FUTURES CONTRACTS | 43,242,434 | ||||
The notional amount of futures purchased as a percentage of Net Assets is 6.8% |
(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 $178,078,743 or 1.4% 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 $6,349,086 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) | 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 are available on the SEC's website or upon request. |
(k) | Investment made with cash collateral received from securities on loan. |
(l) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $2,392,974 and all restrictions are set to expire on or before June 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
ABL Space Systems warrants 12/14/30 | 12/14/23 | 0 |
ABL Space Systems Series B | 3/24/21 | 1,338,638 |
ABL Space Systems Series B2 | 10/22/21 | 1,166,473 |
ABL Space Systems Series C1 | 12/14/23 | 313,081 |
AgBiome LLC Series C | 6/29/18 | 435,125 |
Akeana Series C | 1/23/24 | 1,088,496 |
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 | 769,853 |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 278,448 |
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 |
Bowery Farming, Inc. Series D1 | 10/25/23 | 288,183 |
Bowery Farming, Inc. warrants | 10/25/23 | 0 |
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 |
CoreWeave, Inc. | 11/29/23 | 9,555,463 |
Databricks, Inc. Series G | 2/01/21 | 2,837,886 |
Databricks, Inc. Series H | 8/31/21 | 2,320,041 |
Databricks, Inc. Series I | 9/14/23 | 99,887 |
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 |
Enevate Corp. 6% | 11/02/23 | 68,928 |
Epic Games, Inc. | 7/30/20 | 349,025 |
Fanatics, Inc. Class A | 8/13/20 - 10/24/22 | 10,009,624 |
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 |
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 |
Lightmatter, Inc. Series C2 | 12/18/23 | 289,608 |
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. 5.5% 10/29/26 | 10/29/21 - 10/27/23 | 2,636,069 |
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. warrants 10/6/33 | 10/06/23 | 0 |
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 |
Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 110,642 |
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 G | 9/07/23 | 3,542,940 |
Space Exploration Technologies Corp. Series J | 9/07/23 | 23,916,060 |
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 Holdings, Inc. Series C1 | 4/23/21 | 991,307 |
Tenstorrent Holdings, Inc. 5% 11/6/25 | 11/06/23 | 509,145 |
Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 2,585,288 |
Waymo LLC Series A2 | 5/08/20 | 671,224 |
X Holdings Corp. Class A | 10/25/22 | 2,471,000 |
Xsight Labs Ltd. warrants 1/11/34 | 1/11/24 | 0 |
Xsight Labs Ltd. Series D | 2/16/21 | 1,046,676 |
Xsight Labs Ltd. Series D1 | 1/11/24 | 382,928 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 665,660,945 | 1,968,991,407 | 1,508,336,432 | 25,078,768 | - | - | 1,126,315,920 | 2.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | 161,527,112 | 282,044,430 | 345,742,995 | 122,609 | - | - | 97,828,547 | 0.4% |
Total | 827,188,057 | 2,251,035,837 | 1,854,079,427 | 25,201,377 | - | - | 1,224,144,467 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,948,663,981 | 1,926,247,935 | 13,164,213 | 9,251,833 |
Consumer Discretionary | 2,281,880,542 | 2,224,919,583 | 35,697,972 | 21,262,987 |
Consumer Staples | 459,973,948 | 452,870,448 | 5,131,116 | 1,972,384 |
Energy | 196,415,174 | 170,745,062 | 25,670,112 | - |
Financials | 351,782,802 | 341,951,390 | 4,155,088 | 5,676,324 |
Health Care | 1,216,219,346 | 1,203,340,635 | 8,263,933 | 4,614,778 |
Industrials | 655,988,184 | 569,340,174 | 10,747,481 | 75,900,529 |
Information Technology | 4,404,604,803 | 4,357,629,122 | - | 46,975,681 |
Materials | 46,635,159 | 40,380,117 | - | 6,255,042 |
Real Estate | 27,234,250 | 27,234,250 | - | - |
Utilities | 1,944,287 | - | - | 1,944,287 |
Corporate Bonds | 3,443,479 | - | - | 3,443,479 |
Preferred Securities | 814,893 | - | - | 814,893 |
Money Market Funds | 1,224,144,467 | 1,224,144,467 | - | - |
Total Investments in Securities: | 12,819,745,315 | 12,538,803,183 | 102,829,915 | 178,112,217 |
Derivative Instruments: Assets | ||||
Futures Contracts | 43,242,434 | 43,242,434 | - | - |
Total Assets | 43,242,434 | 43,242,434 | - | - |
Total Derivative Instruments: | 43,242,434 | 43,242,434 | - | - |
Investments in Securities: | |||
Beginning Balance | $ | 141,097,621 | |
Net Realized Gain (Loss) on Investment Securities | 756,607 | ||
Net Unrealized Gain (Loss) on Investment Securities | 5,331,917 | ||
Cost of Purchases | 40,538,825 | ||
Proceeds of Sales | (4,382,698) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (5,230,055) | ||
Ending Balance | $ | 178,112,217 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | 6,083,789 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 43,242,434 | 0 |
Total Equity Risk | 43,242,434 | 0 |
Total Value of Derivatives | 43,242,434 | 0 |
Consolidated Statement of Assets and Liabilities | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $93,676,317) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $7,375,799,879) | $ | 11,595,600,848 | ||
Fidelity Central Funds (cost $1,224,144,467) | 1,224,144,467 | |||
Total Investment in Securities (cost $8,599,944,346) | $ | 12,819,745,315 | ||
Segregated cash with brokers for derivative instruments | 43,229,300 | |||
Foreign currency held at value (cost $83) | 83 | |||
Receivable for investments sold | 31,371,782 | |||
Receivable for fund shares sold | 15,996,520 | |||
Dividends receivable | 1,920,348 | |||
Interest receivable | 87,012 | |||
Distributions receivable from Fidelity Central Funds | 5,273,236 | |||
Total assets | 12,917,623,596 | |||
Liabilities | ||||
Payable to custodian bank | $ | 5 | ||
Payable for investments purchased | 55,085,542 | |||
Payable for fund shares redeemed | 12,216,730 | |||
Accrued management fee | 4,674,228 | |||
Payable for daily variation margin on futures contracts | 16,214,400 | |||
Other payables and accrued expenses | 1,890,102 | |||
Collateral on securities loaned | 97,831,275 | |||
Total Liabilities | 187,912,282 | |||
Net Assets | $ | 12,729,711,314 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 8,759,219,147 | ||
Total accumulated earnings (loss) | 3,970,492,167 | |||
Net Assets | $ | 12,729,711,314 | ||
Net Asset Value, offering price and redemption price per share ($12,729,711,314 ÷ 461,747,004 shares) | $ | 27.57 |
Consolidated Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 25,631,547 | ||
Interest | 851,739 | |||
Income from Fidelity Central Funds (including $122,609 from security lending) | 25,201,377 | |||
Total Income | 51,684,663 | |||
Expenses | ||||
Management fee | $ | 23,865,714 | ||
Independent trustees' fees and expenses | 28,554 | |||
Miscellaneous | (119,249) | |||
Total expenses before reductions | 23,775,019 | |||
Expense reductions | (934) | |||
Total expenses after reductions | 23,774,085 | |||
Net Investment income (loss) | 27,910,578 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 26,931,852 | |||
Redemptions in-kind | 83,615,488 | |||
Foreign currency transactions | (9,240) | |||
Futures contracts | 29,250,523 | |||
Total net realized gain (loss) | 139,788,623 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $420,998) | 890,333,127 | |||
Assets and liabilities in foreign currencies | 2,051 | |||
Futures contracts | 26,052,754 | |||
Total change in net unrealized appreciation (depreciation) | 916,387,932 | |||
Net gain (loss) | 1,056,176,555 | |||
Net increase (decrease) in net assets resulting from operations | $ | 1,084,087,133 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 27,910,578 | $ | 16,349,999 |
Net realized gain (loss) | 139,788,623 | (122,918,771) | ||
Change in net unrealized appreciation (depreciation) | 916,387,932 | 2,066,089,574 | ||
Net increase (decrease) in net assets resulting from operations | 1,084,087,133 | 1,959,520,802 | ||
Distributions to shareholders | (28,694,920) | (7,284,411) | ||
Share transactions | ||||
Proceeds from sales of shares | 2,860,952,213 | 2,691,780,500 | ||
Reinvestment of distributions | 28,606,069 | 7,274,331 | ||
Cost of shares redeemed | (1,104,151,222) | (1,583,663,662) | ||
Net increase (decrease) in net assets resulting from share transactions | 1,785,407,060 | 1,115,391,169 | ||
Total increase (decrease) in net assets | 2,840,799,273 | 3,067,627,560 | ||
Net Assets | ||||
Beginning of period | 9,888,912,041 | 6,821,284,481 | ||
End of period | $ | 12,729,711,314 | $ | 9,888,912,041 |
Other Information | ||||
Shares | ||||
Sold | 113,517,909 | 131,770,510 | ||
Issued in reinvestment of distributions | 1,142,603 | 380,059 | ||
Redeemed | (43,493,766) | (79,361,422) | ||
Net increase (decrease) | 71,166,746 | 52,789,147 | ||
Fidelity® Blue Chip Growth K6 Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.32 | $ | 20.19 | $ | 27.89 | $ | 19.32 | $ | 13.69 | $ | 12.79 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .07 | .05 | - C | (.03) | .03 | .04 | ||||||
Net realized and unrealized gain (loss) | 2.25 | 5.10 | (5.83) | 8.91 | 5.64 | .91 | ||||||
Total from investment operations | 2.32 | 5.15 | (5.83) | 8.88 | 5.67 | .95 | ||||||
Distributions from net investment income | (.07) | (.02) | - | (.02) | (.04) | (.05) | ||||||
Distributions from net realized gain | - | - | (1.87) | (.29) | - C | - | ||||||
Total distributions | (.07) | (.02) | (1.87) | (.31) | (.04) | (.05) | ||||||
Net asset value, end of period | $ | 27.57 | $ | 25.32 | $ | 20.19 | $ | 27.89 | $ | 19.32 | $ | 13.69 |
Total Return D,E | 9.19% | 25.55% | (22.62)% | 46.28% | 41.55% | 7.48% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .45% H,I | .45% | .45% | .45% | .45% | .45% | ||||||
Expenses net of fee waivers, if any | .45% H,I | .45% | .45% | .45% | .45% | .45% | ||||||
Expenses net of all reductions | .45% H,I | .45% | .45% | .45% | .45% | .45% | ||||||
Net investment income (loss) | .53% H,I | .23% | .01% | (.10)% | .19% | .34% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 12,729,711 | $ | 9,888,912 | $ | 6,821,284 | $ | 6,455,689 | $ | 3,854,348 | $ | 2,290,237 |
Portfolio turnover rate J | 14% I,K | 24% K | 37% K | 44% K | 49% K | 51% K |
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 | $173,853,845 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 18.5 / 14.0 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.0 - 30.8 / 6.9 | Increase | |||
Market approach | Transaction price | $1.11 - $91.72 / $18.71 | Increase | ||
Discount rate | 5.0% - 55.0% / 27.2% | Decrease | |||
Premium rate | 20.0% - 45.0% / 27.4% | Increase | |||
Recovery value | Recovery value | $0.00 - $0.10 / $0.01 | Increase | ||
Discounted cash flow | Weighted average cost of capital (WACC) | 1.5% - 27.8% / 14.7% | Decrease | ||
Black scholes | Discount rate | 4.0% - 4.4% / 4.1% | Increase | ||
Volatility | 50.0% - 100.0% / 71.9% | Increase | |||
Term | 1.9 - 5.0 / 3.6 | Increase | |||
Book value | Book value multiple | 1.8 | Increase | ||
Corporate Bonds | $3,443,479 | Market comparable | Discount rate | 29.2% | Decrease |
Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase | |||
Probability rate | 10.0% - 75.0% / 33.3% | Increase | |||
Discounted cash flow | Discount rate | 3.5% | Decrease | ||
Black scholes | Discount rate | 4.8% | Increase | ||
Volatility | 75.0% | Increase | |||
Term | 1.2 | Increase | |||
Preferred Securities | $814,893 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Market approach | Transaction price | $100.00 | Increase | ||
Discount rate | 27.1% - 35.4% / 28.1% | Decrease | |||
Probability rate | 10.0% - 60.0% / 34.7% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.2% - 4.4% / 4.3% | Increase | ||
Volatility | 60.0% - 100.0% / 70.2% | Increase | |||
Term | 1.9 - 3.0 / 2.1 | Increase |
Gross unrealized appreciation | $4,588,580,951 |
Gross unrealized depreciation | (349,473,572) |
Net unrealized appreciation (depreciation) | $4,239,107,379 |
Tax cost | $8,623,880,370 |
Short-term | $(400,810,722) |
Long-term | (-) |
Total capital loss carryforward | $(400,810,722) |
$ Amount | % of Net Assets | |
Fidelity Blue Chip Growth K6 Fund | 3,535,018 | .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 | 2,198,505,911 | 705,507,064 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Blue Chip Growth K6 Fund | 5,899,040 | 83,615,488 | 154,982,942 |
Shares | Total Proceeds ($) | |
Fidelity Blue Chip Growth K6 Fund | 1,777,872 | 42,260,010 |
Shares | Total net realized gain or loss ($) | 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 |
Amount | |
Fidelity Blue Chip Growth K6 Fund | $20,392 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Blue Chip Growth K6 Fund | 163,596,375 | 13,883,790 | (1,118,254) |
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 | $13,028 | $38,066 | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Blue Chip Growth K6 Fund | .45% | |||||||||
Actual | $ 1,000 | $ 1,091.90 | $ 2.37 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.87 | $ 2.29 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
iShares Russell 2000 Growth Index ETF | 3.3 | |
Super Micro Computer, Inc. | 2.0 | |
Applied Industrial Technologies, Inc. | 1.4 | |
Eagle Materials, Inc. | 1.2 | |
Cytokinetics, Inc. | 1.2 | |
FTAI Aviation Ltd. | 1.1 | |
Fabrinet | 1.0 | |
Dynatrace, Inc. | 1.0 | |
Wix.com Ltd. | 1.0 | |
TransMedics Group, Inc. | 0.9 | |
14.1 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 24.5 | |
Information Technology | 22.7 | |
Industrials | 20.6 | |
Consumer Discretionary | 11.7 | |
Consumer Staples | 4.2 | |
Energy | 4.1 | |
Financials | 3.9 | |
Materials | 3.0 | |
Communication Services | 1.2 | |
Real Estate | 0.7 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 95.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.1% | |||
Interactive Media & Services - 0.7% | |||
Cars.com, Inc. (a) | 476,209 | 8,300,323 | |
Yelp, Inc. (a) | 172,169 | 7,528,950 | |
15,829,273 | |||
Media - 0.4% | |||
TechTarget, Inc. (a) | 226,204 | 7,729,391 | |
TOTAL COMMUNICATION SERVICES | 23,558,664 | ||
CONSUMER DISCRETIONARY - 11.7% | |||
Automobile Components - 0.5% | |||
Autoliv, Inc. | 99,081 | 10,613,557 | |
Broadline Retail - 0.3% | |||
Savers Value Village, Inc. (b) | 355,644 | 6,646,986 | |
Diversified Consumer Services - 1.9% | |||
Duolingo, Inc. (a) | 24,791 | 4,434,862 | |
Grand Canyon Education, Inc. (a) | 80,002 | 10,447,461 | |
H&R Block, Inc. | 114,720 | 5,373,485 | |
OneSpaWorld Holdings Ltd. (a) | 464,032 | 6,324,756 | |
Stride, Inc. (a) | 35,521 | 2,129,484 | |
Udemy, Inc. (a) | 845,502 | 11,490,372 | |
40,200,420 | |||
Hotels, Restaurants & Leisure - 2.2% | |||
Brinker International, Inc. (a) | 266,125 | 11,387,489 | |
Cava Group, Inc. (b) | 135,590 | 6,345,612 | |
Dutch Bros, Inc. (a)(b) | 132,326 | 3,552,953 | |
First Watch Restaurant Group, Inc. (a)(b) | 158,895 | 3,409,887 | |
GEN Restaurant Group, Inc. (b) | 110,867 | 879,175 | |
Kura Sushi U.S.A., Inc. Class A (a) | 81,523 | 7,999,852 | |
Red Rock Resorts, Inc. | 145,210 | 7,940,083 | |
SeaWorld Entertainment, Inc. (a) | 101,577 | 5,017,904 | |
46,532,955 | |||
Household Durables - 1.9% | |||
KB Home | 183,528 | 10,936,434 | |
LGI Homes, Inc. (a) | 118,392 | 13,971,440 | |
Lovesac (a)(b) | 271,488 | 6,287,662 | |
SharkNinja Hong Kong Co. Ltd. | 208,103 | 9,722,572 | |
40,918,108 | |||
Leisure Products - 0.8% | |||
Brunswick Corp. | 91,102 | 7,350,109 | |
Games Workshop Group PLC | 41,643 | 5,227,282 | |
YETI Holdings, Inc. (a)(b) | 93,487 | 4,110,623 | |
16,688,014 | |||
Specialty Retail - 3.2% | |||
American Eagle Outfitters, Inc. | 487,837 | 9,668,929 | |
Aritzia, Inc. (a) | 524,063 | 12,750,270 | |
BARK, Inc. warrants 8/29/25 (a) | 146,608 | 5,146 | |
Boot Barn Holdings, Inc. (a) | 126,300 | 9,060,762 | |
Chewy, Inc. (a) | 14,047 | 250,318 | |
Fanatics, Inc. Class A (a)(c)(d) | 163,048 | 12,065,552 | |
Murphy U.S.A., Inc. | 34,939 | 12,316,696 | |
Signet Jewelers Ltd. (b) | 41,435 | 4,121,954 | |
Valvoline, Inc. (a) | 242,399 | 8,845,140 | |
69,084,767 | |||
Textiles, Apparel & Luxury Goods - 0.9% | |||
Crocs, Inc. (a) | 89,608 | 9,093,420 | |
Kontoor Brands, Inc. | 164,330 | 9,633,025 | |
18,726,445 | |||
TOTAL CONSUMER DISCRETIONARY | 249,411,252 | ||
CONSUMER STAPLES - 4.2% | |||
Beverages - 0.6% | |||
Boston Beer Co., Inc. Class A (a) | 28,586 | 9,984,232 | |
The Vita Coco Co., Inc. (a) | 203,670 | 4,010,262 | |
13,994,494 | |||
Consumer Staples Distribution & Retail - 2.1% | |||
Casey's General Stores, Inc. | 8,392 | 2,277,253 | |
Performance Food Group Co. (a) | 255,536 | 18,572,356 | |
Sprouts Farmers Market LLC (a) | 264,931 | 13,344,574 | |
U.S. Foods Holding Corp. (a) | 257,411 | 11,843,480 | |
46,037,663 | |||
Food Products - 0.3% | |||
Nomad Foods Ltd. | 316,620 | 5,695,994 | |
Personal Care Products - 1.2% | |||
BellRing Brands, Inc. (a) | 197,975 | 10,942,078 | |
elf Beauty, Inc. (a) | 88,797 | 14,165,785 | |
25,107,863 | |||
TOTAL CONSUMER STAPLES | 90,836,014 | ||
ENERGY - 4.1% | |||
Energy Equipment & Services - 2.9% | |||
Cactus, Inc. | 288,290 | 12,235,028 | |
Championx Corp. | 166,760 | 4,570,892 | |
Expro Group Holdings NV (a) | 349,950 | 6,159,120 | |
Liberty Oilfield Services, Inc. Class A | 639,400 | 13,293,126 | |
TechnipFMC PLC | 495,246 | 9,578,058 | |
Weatherford International PLC (a) | 180,566 | 16,169,685 | |
62,005,909 | |||
Oil, Gas & Consumable Fuels - 1.2% | |||
Antero Resources Corp. (a) | 251,538 | 5,619,359 | |
Northern Oil & Gas, Inc. | 387,206 | 12,971,401 | |
Range Resources Corp. | 234,769 | 6,817,692 | |
25,408,452 | |||
TOTAL ENERGY | 87,414,361 | ||
FINANCIALS - 3.9% | |||
Banks - 0.7% | |||
First Interstate Bancsystem, Inc. | 97,779 | 2,690,878 | |
Pinnacle Financial Partners, Inc. | 112,368 | 9,931,084 | |
Starling Bank Ltd. Series D (a)(c)(d) | 431,700 | 1,717,873 | |
14,339,835 | |||
Capital Markets - 1.3% | |||
Houlihan Lokey | 48,235 | 5,777,588 | |
Lazard, Inc. Class A | 143,767 | 5,604,038 | |
Perella Weinberg Partners (c) | 457,262 | 5,372,829 | |
Perella Weinberg Partners Class A | 172,384 | 2,025,512 | |
StepStone Group, Inc. Class A | 269,676 | 9,020,662 | |
27,800,629 | |||
Financial Services - 1.1% | |||
Flywire Corp. (a) | 382,633 | 8,176,867 | |
Remitly Global, Inc. (a) | 544,468 | 9,332,182 | |
Walker & Dunlop, Inc. | 65,215 | 6,299,117 | |
23,808,166 | |||
Insurance - 0.8% | |||
BRP Group, Inc. (a) | 426,442 | 9,569,358 | |
Selective Insurance Group, Inc. | 17,902 | 1,877,204 | |
Stewart Information Services Corp. | 88,718 | 5,470,352 | |
16,916,914 | |||
TOTAL FINANCIALS | 82,865,544 | ||
HEALTH CARE - 24.2% | |||
Biotechnology - 10.4% | |||
Absci Corp. (a)(b) | 320,326 | 1,268,491 | |
Allogene Therapeutics, Inc. (a) | 515,220 | 1,813,574 | |
ALX Oncology Holdings, Inc. (a) | 512,634 | 7,387,056 | |
Annexon, Inc. (a) | 488,406 | 2,029,327 | |
Apogee Therapeutics, Inc. (b) | 100,357 | 3,361,960 | |
Arcellx, Inc. (a) | 143,112 | 8,850,046 | |
Arrowhead Pharmaceuticals, Inc. (a) | 320,334 | 10,282,721 | |
Ascendis Pharma A/S sponsored ADR (a) | 60,775 | 7,896,496 | |
Astria Therapeutics, Inc. (a) | 270,701 | 3,527,234 | |
Cargo Therapeutics, Inc. | 239,798 | 5,277,954 | |
Celldex Therapeutics, Inc. (a) | 199,088 | 7,011,879 | |
Cogent Biosciences, Inc. (a) | 87,077 | 385,751 | |
Crinetics Pharmaceuticals, Inc. (a) | 182,843 | 6,670,113 | |
Cytokinetics, Inc. (a) | 316,783 | 24,750,256 | |
Fusion Pharmaceuticals, Inc. (a) | 618,323 | 7,184,913 | |
ImmunoGen, Inc. (a) | 105,693 | 3,098,919 | |
Insmed, Inc. (a) | 95,948 | 2,667,354 | |
Janux Therapeutics, Inc. (a)(b) | 235,569 | 2,016,471 | |
Karuna Therapeutics, Inc. (a) | 8,626 | 2,703,561 | |
Keros Therapeutics, Inc. (a) | 140,576 | 7,782,287 | |
Legend Biotech Corp. ADR (a) | 72,103 | 3,969,991 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 23,170 | 5,021,171 | |
Merus BV (a) | 69,226 | 2,469,984 | |
Monte Rosa Therapeutics, Inc. (a) | 227,530 | 1,204,771 | |
Moonlake Immunotherapeutics (a)(b) | 52,088 | 2,910,677 | |
Morphic Holding, Inc. (a) | 128,753 | 4,080,183 | |
Nuvalent, Inc. Class A (a) | 196,892 | 14,800,372 | |
ORIC Pharmaceuticals, Inc. (a)(b) | 477,080 | 5,243,109 | |
Repligen Corp. (a) | 26,200 | 4,962,280 | |
Spyre Therapeutics, Inc. (a) | 144,254 | 3,737,621 | |
Tango Therapeutics, Inc. (a)(b) | 464,294 | 5,455,455 | |
Tenaya Therapeutics, Inc. (a) | 292,920 | 1,231,729 | |
Tyra Biosciences, Inc. (a) | 276,820 | 3,709,388 | |
Vaxcyte, Inc. (a) | 237,484 | 16,961,107 | |
Vericel Corp. (a) | 238,627 | 10,256,188 | |
Viking Therapeutics, Inc. (a) | 215,894 | 5,211,681 | |
Viridian Therapeutics, Inc. (a) | 289,900 | 5,580,575 | |
Xenon Pharmaceuticals, Inc. (a) | 129,953 | 5,876,475 | |
Zentalis Pharmaceuticals, Inc. (a) | 262,079 | 3,105,636 | |
221,754,756 | |||
Health Care Equipment & Supplies - 5.3% | |||
Axonics, Inc. (a) | 39,476 | 2,679,631 | |
Glaukos Corp. (a) | 176,756 | 15,736,587 | |
Haemonetics Corp. (a) | 129,886 | 9,931,084 | |
Inspire Medical Systems, Inc. (a) | 38,040 | 8,021,495 | |
Integer Holdings Corp. (a) | 74,315 | 7,529,596 | |
Lantheus Holdings, Inc. (a) | 84,365 | 4,381,074 | |
Masimo Corp. (a) | 70,748 | 9,122,247 | |
NeuroPace, Inc. (a) | 128,131 | 1,873,275 | |
Penumbra, Inc. (a) | 31,851 | 8,032,504 | |
PROCEPT BioRobotics Corp. (a)(b) | 228,575 | 10,583,023 | |
Pulmonx Corp. (a) | 494,668 | 6,569,191 | |
RxSight, Inc. (a) | 212,908 | 9,689,443 | |
TransMedics Group, Inc. (a)(b) | 233,579 | 20,034,071 | |
114,183,221 | |||
Health Care Providers & Services - 4.0% | |||
Acadia Healthcare Co., Inc. (a) | 164,805 | 13,537,083 | |
agilon health, Inc. (a) | 666,894 | 3,928,006 | |
BrightSpring Health Services, Inc. | 346,500 | 3,818,430 | |
HealthEquity, Inc. (a) | 201,356 | 15,218,486 | |
Molina Healthcare, Inc. (a) | 30,060 | 10,714,586 | |
Option Care Health, Inc. (a) | 177,125 | 5,533,385 | |
Privia Health Group, Inc. (a) | 294,894 | 5,945,063 | |
Progyny, Inc. (a) | 87,595 | 3,336,494 | |
RadNet, Inc. (a) | 102,538 | 3,790,830 | |
Surgery Partners, Inc. (a) | 349,870 | 10,737,510 | |
The Ensign Group, Inc. | 85,444 | 9,673,970 | |
86,233,843 | |||
Health Care Technology - 0.9% | |||
Evolent Health, Inc. Class A (a) | 254,345 | 7,480,286 | |
Phreesia, Inc. (a) | 308,035 | 7,848,732 | |
Schrodinger, Inc. (a)(b) | 126,354 | 3,342,063 | |
18,671,081 | |||
Life Sciences Tools & Services - 1.1% | |||
10X Genomics, Inc. (a) | 99,089 | 4,129,039 | |
Medpace Holdings, Inc. (a) | 46,332 | 13,509,485 | |
Pacific Biosciences of California, Inc. (a) | 205,222 | 1,335,995 | |
Veterinary Emergency Group LLC Class A (a)(c)(d)(e) | 68,413 | 3,876,965 | |
22,851,484 | |||
Pharmaceuticals - 2.5% | |||
CymaBay Therapeutics, Inc. (a) | 283,088 | 6,655,399 | |
Edgewise Therapeutics, Inc. (a) | 506,809 | 9,036,404 | |
Enliven Therapeutics, Inc. (a)(b) | 216,212 | 3,394,528 | |
Ikena Oncology, Inc. (a) | 237,299 | 317,981 | |
Intra-Cellular Therapies, Inc. (a) | 232,544 | 15,659,513 | |
Pharvaris BV (a)(b) | 266,814 | 7,977,739 | |
Structure Therapeutics, Inc. ADR | 73,785 | 3,218,502 | |
Terns Pharmaceuticals, Inc. (a) | 730,100 | 3,781,918 | |
Verona Pharma PLC ADR (a) | 236,371 | 4,337,408 | |
54,379,392 | |||
TOTAL HEALTH CARE | 518,073,777 | ||
INDUSTRIALS - 20.3% | |||
Aerospace & Defense - 0.3% | |||
BWX Technologies, Inc. | 70,211 | 5,720,792 | |
Building Products - 2.8% | |||
AAON, Inc. | 59,393 | 4,167,013 | |
AZZ, Inc. | 70,974 | 4,432,326 | |
CSW Industrials, Inc. | 36,572 | 7,737,538 | |
Fortune Brands Innovations, Inc. | 96,800 | 7,510,712 | |
Simpson Manufacturing Co. Ltd. | 46,196 | 8,361,014 | |
Tecnoglass, Inc. (b) | 207,868 | 9,564,007 | |
The AZEK Co., Inc. (a) | 245,236 | 9,456,300 | |
UFP Industries, Inc. | 72,030 | 8,171,804 | |
59,400,714 | |||
Construction & Engineering - 2.1% | |||
Comfort Systems U.S.A., Inc. | 31,300 | 6,806,811 | |
EMCOR Group, Inc. | 51,314 | 11,705,237 | |
Fluor Corp. (a) | 466,750 | 17,601,143 | |
Sterling Construction Co., Inc. (a) | 109,732 | 8,240,873 | |
44,354,064 | |||
Electrical Equipment - 2.3% | |||
Acuity Brands, Inc. | 49,644 | 11,823,215 | |
Atkore, Inc. | 75,264 | 11,480,018 | |
Nextracker, Inc. Class A | 6,800 | 307,836 | |
nVent Electric PLC | 188,938 | 11,343,838 | |
Prysmian SpA | 115,619 | 5,121,678 | |
Vertiv Holdings Co. | 180,088 | 10,144,357 | |
50,220,942 | |||
Ground Transportation - 0.6% | |||
Saia, Inc. (a) | 14,997 | 6,757,348 | |
XPO, Inc. (a) | 72,225 | 6,170,904 | |
12,928,252 | |||
Machinery - 3.7% | |||
Crane Co. | 99,264 | 12,319,655 | |
ESAB Corp. | 96,392 | 8,288,748 | |
Federal Signal Corp. | 207,446 | 15,969,193 | |
ITT, Inc. | 124,087 | 14,987,228 | |
Mueller Industries, Inc. | 246,374 | 11,825,952 | |
Terex Corp. | 126,016 | 7,741,163 | |
Timken Co. | 91,554 | 7,499,188 | |
78,631,127 | |||
Marine Transportation - 0.3% | |||
Kirby Corp. (a) | 81,316 | 6,396,317 | |
Professional Services - 4.4% | |||
CACI International, Inc. Class A (a) | 49,505 | 17,016,354 | |
CBIZ, Inc. (a) | 110,785 | 7,052,573 | |
ExlService Holdings, Inc. (a) | 596,212 | 18,649,511 | |
FTI Consulting, Inc. (a) | 36,295 | 6,954,485 | |
ICF International, Inc. | 68,415 | 9,512,422 | |
Insperity, Inc. | 33,847 | 3,881,912 | |
KBR, Inc. | 150,188 | 7,826,297 | |
Maximus, Inc. | 191,941 | 15,570,254 | |
Verra Mobility Corp. (a) | 371,132 | 8,873,766 | |
95,337,574 | |||
Trading Companies & Distributors - 3.8% | |||
Alligo AB (B Shares) | 317,508 | 4,039,538 | |
Applied Industrial Technologies, Inc. | 163,944 | 28,929,558 | |
FTAI Aviation Ltd. | 453,411 | 24,461,523 | |
GMS, Inc. (a) | 99,928 | 8,409,940 | |
Xometry, Inc. (a)(b) | 460,406 | 14,815,865 | |
80,656,424 | |||
TOTAL INDUSTRIALS | 433,646,206 | ||
INFORMATION TECHNOLOGY - 22.4% | |||
Communications Equipment - 0.2% | |||
Lumentum Holdings, Inc. (a) | 91,064 | 5,003,056 | |
Electronic Equipment, Instruments & Components - 4.0% | |||
Advanced Energy Industries, Inc. | 119,562 | 12,455,969 | |
Badger Meter, Inc. | 22,892 | 3,296,219 | |
Crane Nxt Co. | 139,804 | 8,147,777 | |
Fabrinet (a) | 105,243 | 22,470,433 | |
Insight Enterprises, Inc. (a) | 106,705 | 19,712,682 | |
TD SYNNEX Corp. | 53,094 | 5,308,338 | |
Vontier Corp. | 425,338 | 14,712,441 | |
86,103,859 | |||
IT Services - 1.6% | |||
Fastly, Inc. Class A (a) | 356,112 | 7,164,973 | |
Softcat PLC | 318,296 | 5,832,825 | |
Wix.com Ltd. (a) | 160,423 | 20,354,470 | |
33,352,268 | |||
Semiconductors & Semiconductor Equipment - 3.8% | |||
Allegro MicroSystems LLC (a) | 154,784 | 4,015,097 | |
Cirrus Logic, Inc. (a) | 73,979 | 5,711,179 | |
Lattice Semiconductor Corp. (a) | 89,356 | 5,438,206 | |
MACOM Technology Solutions Holdings, Inc. (a) | 177,650 | 15,318,760 | |
Nova Ltd. (a) | 105,761 | 15,315,250 | |
Onto Innovation, Inc. (a) | 119,502 | 19,299,573 | |
Rambus, Inc. (a) | 239,519 | 16,414,237 | |
81,512,302 | |||
Software - 10.8% | |||
Alarm.com Holdings, Inc. (a) | 97,877 | 5,952,879 | |
Algolia, Inc. (a)(c)(d) | 43,269 | 701,823 | |
Alkami Technology, Inc. (a) | 347,155 | 8,546,956 | |
AppFolio, Inc. (a) | 49,200 | 10,787,592 | |
Blackbaud, Inc. (a) | 97,724 | 7,907,826 | |
CommVault Systems, Inc. (a) | 71,498 | 6,554,937 | |
Convoy, Inc. warrants (a)(c)(d) | 12,642 | 0 | |
CyberArk Software Ltd. (a) | 58,847 | 13,739,598 | |
DoubleVerify Holdings, Inc. (a) | 181,624 | 7,266,776 | |
Dynatrace, Inc. (a) | 362,756 | 20,677,092 | |
Five9, Inc. (a) | 87,699 | 6,652,846 | |
GitLab, Inc. (a) | 55,384 | 3,938,356 | |
Intapp, Inc. (a) | 169,387 | 7,297,192 | |
JFrog Ltd. (a) | 544,134 | 17,700,679 | |
Lightspeed Commerce, Inc. (a) | 414,428 | 7,642,052 | |
MicroStrategy, Inc. Class A (a)(b) | 26,675 | 13,369,777 | |
nCino, Inc. (a) | 6,200 | 195,176 | |
Procore Technologies, Inc. (a) | 52,579 | 3,753,615 | |
PROS Holdings, Inc. (a) | 374,292 | 12,883,131 | |
Qualys, Inc. (a) | 29,699 | 5,618,160 | |
Rapid7, Inc. (a) | 237,789 | 13,085,529 | |
Semrush Holdings, Inc. (a) | 330,597 | 3,815,089 | |
Sprout Social, Inc. (a)(b) | 255,229 | 15,653,195 | |
SPS Commerce, Inc. (a) | 28,734 | 5,281,309 | |
TECSYS, Inc. | 259,316 | 6,754,618 | |
Tenable Holdings, Inc. (a) | 238,741 | 11,244,701 | |
Varonis Systems, Inc. (a) | 204,480 | 9,177,062 | |
Workiva, Inc. (a) | 41,436 | 3,851,062 | |
230,049,028 | |||
Technology Hardware, Storage & Peripherals - 2.0% | |||
IonQ, Inc. (a)(b) | 97,176 | 997,998 | |
Super Micro Computer, Inc. (a) | 79,349 | 42,024,024 | |
43,022,022 | |||
TOTAL INFORMATION TECHNOLOGY | 479,042,535 | ||
MATERIALS - 3.0% | |||
Chemicals - 1.6% | |||
Axalta Coating Systems Ltd. (a) | 176,402 | 5,718,953 | |
Cabot Corp. | 63,678 | 4,591,184 | |
Element Solutions, Inc. | 319,720 | 7,107,376 | |
Orion SA | 390,396 | 8,744,870 | |
The Chemours Co. LLC | 270,024 | 8,146,624 | |
34,309,007 | |||
Construction Materials - 1.2% | |||
Eagle Materials, Inc. | 113,093 | 25,590,684 | |
Containers & Packaging - 0.2% | |||
O-I Glass, Inc. (a) | 235,520 | 3,429,171 | |
TOTAL MATERIALS | 63,328,862 | ||
REAL ESTATE - 0.7% | |||
Equity Real Estate Investment Trusts (REITs) - 0.7% | |||
Ryman Hospitality Properties, Inc. | 138,810 | 15,255,219 | |
TOTAL COMMON STOCKS (Cost $1,660,048,378) | 2,043,432,434 | ||
Convertible Preferred Stocks - 1.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Reddit, Inc. Series F (a)(c)(d) | 46,800 | 1,514,916 | |
HEALTH CARE - 0.3% | |||
Biotechnology - 0.2% | |||
Bright Peak Therapeutics AG Series B (a)(c)(d) | 199,331 | 330,889 | |
Caris Life Sciences, Inc. Series D (a)(c)(d) | 144,435 | 398,641 | |
LifeMine Therapeutics, Inc. Series C (a)(c)(d) | 402,743 | 761,184 | |
Sonoma Biotherapeutics, Inc.: | |||
Series B (a)(c)(d) | 438,013 | 1,208,916 | |
Series B1 (a)(c)(d) | 233,603 | 731,177 | |
T-Knife Therapeutics, Inc. Series B (a)(c)(d) | 201,583 | 796,253 | |
Treeline Biosciences Series A (a)(c)(d) | 21,246 | 165,719 | |
4,392,779 | |||
Health Care Providers & Services - 0.1% | |||
Boundless Bio, Inc.: | |||
Series B (a)(c)(d) | 682,407 | 620,990 | |
Series C (c)(d) | 604,103 | 422,872 | |
1,043,862 | |||
Health Care Technology - 0.0% | |||
Wugen, Inc. Series B (a)(c)(d) | 59,982 | 340,098 | |
TOTAL HEALTH CARE | 5,776,739 | ||
INDUSTRIALS - 0.3% | |||
Construction & Engineering - 0.3% | |||
Beta Technologies, Inc.: | |||
Series A (a)(c)(d) | 62,752 | 6,010,387 | |
Series B, 6.00% (a)(c)(d) | 11,821 | 1,255,981 | |
7,266,368 | |||
INFORMATION TECHNOLOGY - 0.3% | |||
Communications Equipment - 0.1% | |||
Astranis Space Technologies Corp.: | |||
Series C (a)(c)(d) | 125,912 | 2,467,875 | |
Series C Prime (c)(d) | 26,805 | 525,378 | |
2,993,253 | |||
IT Services - 0.1% | |||
Yanka Industries, Inc.: | |||
Series E (a)(c)(d) | 191,029 | 1,146,174 | |
Series F (a)(c)(d) | 28,989 | 215,678 | |
1,361,852 | |||
Software - 0.1% | |||
Algolia, Inc. Series D (a)(c)(d) | 9,900 | 160,578 | |
Convoy, Inc. Series D (a)(c)(d) | 192,936 | 2 | |
Mountain Digital, Inc. Series D (a)(c)(d) | 140,383 | 2,195,590 | |
Skyryse, Inc. Series B (a)(c)(d) | 12,000 | 288,240 | |
2,644,410 | |||
TOTAL INFORMATION TECHNOLOGY | 6,999,515 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $29,175,985) | 21,557,538 | ||
Investment Companies - 3.3% | |||
Shares | Value ($) | ||
iShares Russell 2000 Growth Index ETF (b) (Cost $64,138,953) | 284,035 | 69,409,631 | |
Convertible Bonds - 0.0% | |||
Principal Amount (f) | Value ($) | ||
INFORMATION TECHNOLOGY - 0.0% | |||
Software - 0.0% | |||
Convoy, Inc. 15% 9/30/26 (c)(d) (Cost $84,195) | 84,195 | 0 | |
Money Market Funds - 7.0% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (g) | 8,841,395 | 8,843,163 | |
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h) | 139,969,662 | 139,983,659 | |
TOTAL MONEY MARKET FUNDS (Cost $148,826,822) | 148,826,822 | ||
TOTAL INVESTMENT IN SECURITIES - 106.9% (Cost $1,902,274,333) | 2,283,226,425 |
NET OTHER ASSETS (LIABILITIES) - (6.9)% | (146,755,577) |
NET ASSETS - 100.0% | 2,136,470,848 |
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 $45,292,580 or 2.1% of net assets. |
(d) | Level 3 security |
(e) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Algolia, Inc. | 10/27/21 | 1,265,404 |
Algolia, Inc. Series D | 7/23/21 | 289,526 |
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 - 10/31/23 | 3,601,225 |
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 ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 7,708,078 | 405,006,695 | 403,871,610 | 758,262 | - | - | 8,843,163 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 99,066,859 | 369,965,122 | 329,048,322 | 288,363 | - | - | 139,983,659 | 0.6% |
Total | 106,774,937 | 774,971,817 | 732,919,932 | 1,046,625 | - | - | 148,826,822 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 25,073,580 | 23,558,664 | - | 1,514,916 |
Consumer Discretionary | 249,411,252 | 237,345,700 | - | 12,065,552 |
Consumer Staples | 90,836,014 | 90,836,014 | - | - |
Energy | 87,414,361 | 87,414,361 | - | - |
Financials | 82,865,544 | 81,147,671 | - | 1,717,873 |
Health Care | 523,850,516 | 514,196,812 | - | 9,653,704 |
Industrials | 440,912,574 | 433,646,206 | - | 7,266,368 |
Information Technology | 486,042,050 | 478,340,712 | - | 7,701,338 |
Materials | 63,328,862 | 63,328,862 | - | - |
Real Estate | 15,255,219 | 15,255,219 | - | - |
Investment Companies | 69,409,631 | 69,409,631 | - | - |
Corporate Bonds | - | - | - | - |
Money Market Funds | 148,826,822 | 148,826,822 | - | - |
Total Investments in Securities: | 2,283,226,425 | 2,243,306,674 | - | 39,919,751 |
Investments in Securities: | |||
Beginning Balance | $ | 43,464,598 | |
Net Realized Gain (Loss) on Investment Securities | - | ||
Net Unrealized Gain (Loss) on Investment Securities | (5,244,826) | ||
Cost of Purchases | 1,699,979 | ||
Proceeds of Sales | - | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | - | ||
Ending Balance | $ | 39,919,751 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | (5,244,826) | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $133,535,532) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,753,447,511) | $ | 2,134,399,603 | ||
Fidelity Central Funds (cost $148,826,822) | 148,826,822 | |||
Total Investment in Securities (cost $1,902,274,333) | $ | 2,283,226,425 | ||
Cash | 150 | |||
Foreign currency held at value (cost $1,579) | 1,575 | |||
Receivable for investments sold | 16,590,582 | |||
Receivable for fund shares sold | 2,883,410 | |||
Dividends receivable | 172,002 | |||
Interest receivable | 10,839 | |||
Distributions receivable from Fidelity Central Funds | 160,562 | |||
Total assets | 2,303,045,545 | |||
Liabilities | ||||
Payable for investments purchased | $ | 22,780,713 | ||
Payable for fund shares redeemed | 2,764,493 | |||
Accrued management fee | 1,047,241 | |||
Collateral on securities loaned | 139,982,250 | |||
Total Liabilities | 166,574,697 | |||
Net Assets | $ | 2,136,470,848 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,899,067,113 | ||
Total accumulated earnings (loss) | 237,403,735 | |||
Net Assets | $ | 2,136,470,848 | ||
Net Asset Value, offering price and redemption price per share ($2,136,470,848 ÷ 141,540,397 shares) | $ | 15.09 |
Consolidated Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 4,928,782 | ||
Interest | 6,534 | |||
Income from Fidelity Central Funds (including $288,363 from security lending) | 1,046,625 | |||
Total Income | 5,981,941 | |||
Expenses | ||||
Management fee | $ | 5,528,458 | ||
Independent trustees' fees and expenses | 5,135 | |||
Total expenses before reductions | 5,533,593 | |||
Expense reductions | (578) | |||
Total expenses after reductions | 5,533,015 | |||
Net Investment income (loss) | 448,926 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (29,878,543) | |||
Foreign currency transactions | 18,711 | |||
Total net realized gain (loss) | (29,859,832) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 112,846,695 | |||
Assets and liabilities in foreign currencies | 3,126 | |||
Total change in net unrealized appreciation (depreciation) | 112,849,821 | |||
Net gain (loss) | 82,989,989 | |||
Net increase (decrease) in net assets resulting from operations | $ | 83,438,915 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 448,926 | $ | 603,569 |
Net realized gain (loss) | (29,859,832) | (52,602,775) | ||
Change in net unrealized appreciation (depreciation) | 112,849,821 | 220,666,945 | ||
Net increase (decrease) in net assets resulting from operations | 83,438,915 | 168,667,739 | ||
Distributions to shareholders | (4,542,314) | (610,119) | ||
Share transactions | ||||
Proceeds from sales of shares | 375,135,686 | 854,639,564 | ||
Reinvestment of distributions | 4,525,279 | 609,972 | ||
Cost of shares redeemed | (216,273,929) | (394,346,321) | ||
Net increase (decrease) in net assets resulting from share transactions | 163,387,036 | 460,903,215 | ||
Total increase (decrease) in net assets | 242,283,637 | 628,960,835 | ||
Net Assets | ||||
Beginning of period | 1,894,187,211 | 1,265,226,376 | ||
End of period | $ | 2,136,470,848 | $ | 1,894,187,211 |
Other Information | ||||
Shares | ||||
Sold | 26,906,914 | 63,751,832 | ||
Issued in reinvestment of distributions | 329,111 | 45,351 | ||
Redeemed | (15,617,586) | (29,606,029) | ||
Net increase (decrease) | 11,618,439 | 34,191,154 | ||
Fidelity® Small Cap Growth K6 Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 14.58 | $ | 13.22 | $ | 21.55 | $ | 15.32 | $ | 13.96 | $ | 13.40 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | - C | .01 | .01 | (.03) D | - C | (.01) | ||||||
Net realized and unrealized gain (loss) | .55 | 1.36 | (3.11) | 6.81 | 1.36 | .84 | ||||||
Total from investment operations | .55 | 1.37 | (3.10) | 6.78 | 1.36 | .83 | ||||||
Distributions from net investment income | (.04) | (.01) | - | - | - | - | ||||||
Distributions from net realized gain | - | - | (5.23) | (.55) | - | (.27) | ||||||
Total distributions | (.04) | (.01) | (5.23) | (.55) | - | (.27) | ||||||
Net asset value, end of period | $ | 15.09 | $ | 14.58 | $ | 13.22 | $ | 21.55 | $ | 15.32 | $ | 13.96 |
Total Return E,F | 3.76% | 10.34% | (20.31)% | 44.76% | 9.74% | 6.14% | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .60% I | .60% | .60% | .60% | .60% | .60% | ||||||
Expenses net of fee waivers, if any | .60% I | .60% | .60% | .60% | .60% | .60% | ||||||
Expenses net of all reductions | .60% I | .60% | .60% | .59% | .59% | .59% | ||||||
Net investment income (loss) | .05% I | .04% | .09% | (.14)% D | (.02)% | (.09)% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 2,136,471 | $ | 1,894,187 | $ | 1,265,226 | $ | 1,154,380 | $ | 899,926 | $ | 833,744 |
Portfolio turnover rate J | 84% I,K | 76% K | 81% K | 119% | 137% K | 108% K |
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 | $39,919,751 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 6.8 / 6.6 | Increase |
Enterprise value/Revenue multiple (EV/R) | 2.9 - 8.8 / 6.6 | Increase | |||
Enterprise value/Net income multiple (EV/NI) | 12.3 | Increase | |||
Market approach | Transaction price | $0.70 - $8.61 / $3.17 | Increase | ||
Discount rate | 5.0% - 35.0% / 21.1% | Decrease | |||
Premium rate | 10.0% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.1% - 4.3% / 4.2% | Increase | ||
Volatility | 75.0% - 100.0% / 82.8% | Increase | |||
Term | 2.0 - 3.0 / 2.9 | Increase | |||
Corporate Bonds | $- | Recovery value | Recovery value | $0.00 | Increase |
Gross unrealized appreciation | $463,419,599 |
Gross unrealized depreciation | (87,808,081) |
Net unrealized appreciation (depreciation) | $375,611,518 |
Tax cost | $1,907,614,907 |
Short-term | $(102,215,500) |
Total capital loss carryforward | $(102,215,500) |
$ Amount | % of Net Assets | |
Fidelity Small Cap Growth K6 Fund | 3,876,965 | .18 |
Purchases ($) | Sales ($) | |
Fidelity Small Cap Growth K6 Fund | 925,708,697 | 772,507,287 |
Shares | Total Proceeds ($) | |
Fidelity Small Cap Growth K6 Fund | 872,087 | 12,004,327 |
Shares | Total Proceeds ($) | ||
Fidelity Small Cap Growth K6 Fund | 9,092,844 | 120,866,697 | |
Amount | |
Fidelity Series Sustainable U.S. Market Fund | $ 98 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Small Cap Growth K6 Fund | 34,068,802 | 52,208,386 | 3,444,888 |
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 | $30,587 | $6,303 | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Small Cap Growth K6 Fund | .60% | |||||||||
Actual | $ 1,000 | $ 1,037.60 | $ 3.07 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.12 | $ 3.05 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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![](https://capedge.com/proxy/N-CSRS/0000754510-24-000002/img95539_1.jpg)
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Contents
Top Holdings (% of Fund's net assets) | ||
Academy Sports & Outdoors, Inc. | 1.7 | |
Fabrinet | 1.6 | |
Insight Enterprises, Inc. | 1.3 | |
Liberty Oilfield Services, Inc. Class A | 1.3 | |
Commercial Metals Co. | 1.2 | |
Primerica, Inc. | 1.2 | |
SPX Technologies, Inc. | 1.2 | |
Essent Group Ltd. | 1.2 | |
Eagle Materials, Inc. | 1.2 | |
Synovus Financial Corp. | 1.1 | |
13.0 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 19.5 | |
Financials | 15.5 | |
Health Care | 15.2 | |
Information Technology | 14.3 | |
Consumer Discretionary | 11.4 | |
Energy | 5.9 | |
Materials | 5.9 | |
Real Estate | 4.3 | |
Consumer Staples | 3.3 | |
Utilities | 1.8 | |
Communication Services | 1.5 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Futures - 0.6% |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 98.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.5% | |||
Diversified Telecommunication Services - 0.4% | |||
Cogent Communications Group, Inc. | 258,200 | 19,933,040 | |
Entertainment - 0.3% | |||
Vivid Seats, Inc. Class A (a) | 2,383,616 | 13,681,956 | |
Interactive Media & Services - 0.2% | |||
Ziff Davis, Inc. (a) | 173,000 | 11,660,200 | |
Media - 0.5% | |||
TechTarget, Inc. (a) | 441,848 | 15,097,946 | |
Thryv Holdings, Inc. (a) | 586,300 | 11,983,972 | |
27,081,918 | |||
Wireless Telecommunication Services - 0.1% | |||
Gogo, Inc. (a) | 489,700 | 4,333,845 | |
TOTAL COMMUNICATION SERVICES | 76,690,959 | ||
CONSUMER DISCRETIONARY - 11.4% | |||
Automobile Components - 1.6% | |||
Adient PLC (a) | 495,350 | 17,193,599 | |
Atmus Filtration Technologies, Inc. (b) | 444,589 | 9,927,672 | |
LCI Industries (b) | 215,400 | 23,969,712 | |
Patrick Industries, Inc. | 292,500 | 29,364,075 | |
80,455,058 | |||
Diversified Consumer Services - 0.3% | |||
Laureate Education, Inc. Class A | 1,205,420 | 15,212,400 | |
Hotels, Restaurants & Leisure - 1.1% | |||
Bloomin' Brands, Inc. (b) | 502,900 | 13,387,198 | |
Brinker International, Inc. (a) | 286,150 | 12,244,359 | |
Churchill Downs, Inc. | 101,900 | 12,326,843 | |
Hilton Grand Vacations, Inc. (a) | 405,800 | 16,921,860 | |
54,880,260 | |||
Household Durables - 2.3% | |||
Green Brick Partners, Inc. (a) | 488,847 | 25,503,148 | |
M.D.C. Holdings, Inc. | 165,350 | 10,347,603 | |
SharkNinja Hong Kong Co. Ltd. | 793,492 | 37,071,946 | |
Skyline Champion Corp. (a) | 522,698 | 35,794,359 | |
Tempur Sealy International, Inc. | 242,400 | 12,093,336 | |
120,810,392 | |||
Leisure Products - 1.0% | |||
Acushnet Holdings Corp. (b) | 206,700 | 13,092,378 | |
BRP, Inc. | 236,700 | 14,936,686 | |
Clarus Corp. (b) | 1,495,284 | 8,852,081 | |
Games Workshop Group PLC | 109,500 | 13,745,104 | |
50,626,249 | |||
Specialty Retail - 3.4% | |||
Academy Sports & Outdoors, Inc. | 1,392,472 | 87,349,764 | |
Dick's Sporting Goods, Inc. | 130,750 | 19,490,903 | |
Murphy U.S.A., Inc. | 157,691 | 55,589,231 | |
Upbound Group, Inc. | 349,352 | 11,598,486 | |
174,028,384 | |||
Textiles, Apparel & Luxury Goods - 1.7% | |||
Crocs, Inc. (a) | 196,800 | 19,971,264 | |
Deckers Outdoor Corp. (a) | 43,200 | 32,561,136 | |
Kontoor Brands, Inc. (b) | 576,100 | 33,770,982 | |
86,303,382 | |||
TOTAL CONSUMER DISCRETIONARY | 582,316,125 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 0.5% | |||
Primo Water Corp. | 1,606,700 | 23,425,686 | |
Consumer Staples Distribution & Retail - 1.2% | |||
BJ's Wholesale Club Holdings, Inc. (a) | 328,350 | 21,126,039 | |
Performance Food Group Co. (a) | 326,800 | 23,751,824 | |
Sprouts Farmers Market LLC (a) | 351,900 | 17,725,203 | |
62,603,066 | |||
Food Products - 1.1% | |||
Nomad Foods Ltd. | 2,123,378 | 38,199,570 | |
The Simply Good Foods Co. (a) | 519,000 | 19,618,200 | |
57,817,770 | |||
Personal Care Products - 0.5% | |||
BellRing Brands, Inc. (a) | 469,133 | 25,928,981 | |
TOTAL CONSUMER STAPLES | 169,775,503 | ||
ENERGY - 5.9% | |||
Energy Equipment & Services - 4.0% | |||
Cactus, Inc. | 720,331 | 30,570,848 | |
Championx Corp. | 1,765,800 | 48,400,578 | |
Liberty Oilfield Services, Inc. Class A (b) | 3,186,854 | 66,254,695 | |
TechnipFMC PLC | 1,860,500 | 35,982,070 | |
Valaris Ltd. (a) | 434,700 | 26,894,889 | |
208,103,080 | |||
Oil, Gas & Consumable Fuels - 1.9% | |||
Antero Resources Corp. (a) | 1,352,858 | 30,222,848 | |
Chord Energy Corp. | 120,100 | 18,466,576 | |
Northern Oil & Gas, Inc. | 1,417,145 | 47,474,358 | |
96,163,782 | |||
TOTAL ENERGY | 304,266,862 | ||
FINANCIALS - 15.5% | |||
Banks - 7.4% | |||
ConnectOne Bancorp, Inc. | 516,418 | 11,794,987 | |
East West Bancorp, Inc. | 273,000 | 19,877,130 | |
First Bancorp, Puerto Rico | 2,859,200 | 47,691,456 | |
First Interstate Bancsystem, Inc. | 387,600 | 10,666,752 | |
Glacier Bancorp, Inc. (b) | 435,850 | 16,849,961 | |
Independent Bank Group, Inc. | 504,400 | 24,387,740 | |
Metropolitan Bank Holding Corp. (a) | 268,895 | 13,038,719 | |
Pathward Financial, Inc. | 606,102 | 31,383,962 | |
Pinnacle Financial Partners, Inc. | 302,500 | 26,734,950 | |
Synovus Financial Corp. | 1,534,095 | 57,774,018 | |
Trico Bancshares | 742,580 | 26,992,783 | |
United Community Bank, Inc. | 1,563,500 | 42,746,090 | |
Webster Financial Corp. | 442,471 | 21,893,465 | |
Western Alliance Bancorp. | 385,650 | 24,666,174 | |
376,498,187 | |||
Capital Markets - 2.8% | |||
Houlihan Lokey (b) | 411,879 | 49,334,867 | |
Lazard, Inc. Class A | 903,640 | 35,223,887 | |
LPL Financial | 45,150 | 10,799,429 | |
TMX Group Ltd. | 2,023,320 | 50,039,340 | |
145,397,523 | |||
Consumer Finance - 1.0% | |||
FirstCash Holdings, Inc. | 312,224 | 35,833,948 | |
SLM Corp. | 832,600 | 16,552,088 | |
52,386,036 | |||
Financial Services - 1.6% | |||
Essent Group Ltd. | 1,089,800 | 60,113,368 | |
Walker & Dunlop, Inc. | 205,340 | 19,833,791 | |
79,947,159 | |||
Insurance - 2.7% | |||
Assurant, Inc. | 94,400 | 15,854,480 | |
First American Financial Corp. | 343,496 | 20,729,984 | |
Genworth Financial, Inc. Class A (a) | 2,235,100 | 13,790,567 | |
Primerica, Inc. | 263,480 | 61,696,477 | |
Selective Insurance Group, Inc. | 259,136 | 27,173,001 | |
139,244,509 | |||
TOTAL FINANCIALS | 793,473,414 | ||
HEALTH CARE - 15.1% | |||
Biotechnology - 8.5% | |||
Acelyrin, Inc. (b) | 855,870 | 6,521,729 | |
Allogene Therapeutics, Inc. (a) | 1,512,700 | 5,324,704 | |
ALX Oncology Holdings, Inc. (a) | 948,337 | 13,665,536 | |
Arcellx, Inc. (a) | 309,700 | 19,151,848 | |
Argenx SE ADR (a) | 44,400 | 16,894,644 | |
Arrowhead Pharmaceuticals, Inc. (a) | 488,629 | 15,684,991 | |
Ascendis Pharma A/S sponsored ADR (a) | 96,248 | 12,505,503 | |
Astria Therapeutics, Inc. (a) | 1,053,905 | 13,732,382 | |
Astria Therapeutics, Inc. warrants (a)(c) | 183,003 | 2 | |
Blueprint Medicines Corp. (a) | 205,000 | 16,303,650 | |
Cargo Therapeutics, Inc. | 480,178 | 10,568,718 | |
Celldex Therapeutics, Inc. (a) | 538,200 | 18,955,404 | |
Cogent Biosciences, Inc. (a) | 113,366 | 502,211 | |
Crinetics Pharmaceuticals, Inc. (a) | 389,000 | 14,190,720 | |
Cytokinetics, Inc. (a) | 504,245 | 39,396,662 | |
Dianthus Therapeutics, Inc. (a) | 240,326 | 4,566,194 | |
Dianthus Therapeutics, Inc. (unlisted) (d) | 449,528 | 8,113,980 | |
Insmed, Inc. (a) | 288,900 | 8,031,420 | |
Keros Therapeutics, Inc. (a) | 368,200 | 20,383,552 | |
Kymera Therapeutics, Inc. (a) | 23,001 | 753,973 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 74,900 | 16,231,579 | |
Moonlake Immunotherapeutics (a)(b) | 197,941 | 11,060,943 | |
Morphic Holding, Inc. (a) | 280,462 | 8,887,841 | |
Nuvalent, Inc. Class A (a) | 149,400 | 11,230,398 | |
ORIC Pharmaceuticals, Inc. (a) | 165,753 | 1,821,625 | |
Revolution Medicines, Inc. (a) | 143,400 | 3,979,350 | |
Shattuck Labs, Inc. (a)(b) | 437,472 | 4,129,736 | |
Spyre Therapeutics, Inc. (a) | 188,076 | 4,873,049 | |
Tango Therapeutics, Inc. (a) | 155,876 | 1,831,543 | |
Tango Therapeutics, Inc. (d) | 772,654 | 9,078,685 | |
Tyra Biosciences, Inc. (a) | 807,869 | 10,825,445 | |
Vaxcyte, Inc. (a) | 470,940 | 33,634,535 | |
Vericel Corp. (a) | 186,769 | 8,027,332 | |
Viking Therapeutics, Inc. (a) | 696,200 | 16,806,268 | |
Viridian Therapeutics, Inc. (a) | 774,652 | 14,912,051 | |
Xenon Pharmaceuticals, Inc. (a) | 474,830 | 21,471,813 | |
Zentalis Pharmaceuticals, Inc. (a) | 756,796 | 8,968,033 | |
433,018,049 | |||
Health Care Equipment & Supplies - 2.4% | |||
Dentsply Sirona, Inc. | 332,100 | 11,540,475 | |
Glaukos Corp. (a) | 233,700 | 20,806,311 | |
Haemonetics Corp. (a) | 66,656 | 5,096,518 | |
Integer Holdings Corp. (a) | 310,100 | 31,419,332 | |
Masimo Corp. (a) | 84,500 | 10,895,430 | |
Penumbra, Inc. (a) | 32,600 | 8,221,394 | |
TransMedics Group, Inc. (a) | 394,247 | 33,814,565 | |
121,794,025 | |||
Health Care Providers & Services - 2.1% | |||
Acadia Healthcare Co., Inc. (a) | 319,449 | 26,239,541 | |
agilon health, Inc. (a) | 1,108,699 | 6,530,237 | |
Molina Healthcare, Inc. (a) | 63,051 | 22,473,898 | |
Privia Health Group, Inc. (a) | 557,909 | 11,247,445 | |
Surgery Partners, Inc. (a) | 824,692 | 25,309,797 | |
Tenet Healthcare Corp. (a) | 217,240 | 17,974,438 | |
109,775,356 | |||
Life Sciences Tools & Services - 0.2% | |||
10X Genomics, Inc. (a) | 241,800 | 10,075,806 | |
Pharmaceuticals - 1.9% | |||
Amylyx Pharmaceuticals, Inc. (a) | 368,000 | 5,888,000 | |
Axsome Therapeutics, Inc. (a)(b) | 174,148 | 15,678,544 | |
CymaBay Therapeutics, Inc. (a) | 536,100 | 12,603,711 | |
Edgewise Therapeutics, Inc. (a) | 1,321,755 | 23,566,892 | |
Enliven Therapeutics, Inc. (a)(b) | 748,307 | 11,748,420 | |
Ikena Oncology, Inc. (a) | 419,769 | 562,490 | |
Intra-Cellular Therapies, Inc. (a) | 260,700 | 17,555,538 | |
Longboard Pharmaceuticals, Inc. (a) | 321,600 | 6,830,784 | |
Structure Therapeutics, Inc. ADR | 127,900 | 5,578,998 | |
100,013,377 | |||
TOTAL HEALTH CARE | 774,676,613 | ||
INDUSTRIALS - 19.5% | |||
Building Products - 1.4% | |||
Masonite International Corp. (a) | 139,134 | 12,807,285 | |
Simpson Manufacturing Co. Ltd. | 316,208 | 57,230,486 | |
70,037,771 | |||
Commercial Services & Supplies - 0.7% | |||
The Brink's Co. | 228,432 | 18,466,443 | |
Vestis Corp. | 724,000 | 15,493,600 | |
33,960,043 | |||
Construction & Engineering - 4.5% | |||
Comfort Systems U.S.A., Inc. | 227,022 | 49,370,474 | |
Construction Partners, Inc. Class A (a) | 358,955 | 16,332,453 | |
Dycom Industries, Inc. (a) | 172,310 | 19,247,027 | |
EMCOR Group, Inc. | 227,160 | 51,817,468 | |
Granite Construction, Inc. | 851,100 | 38,393,121 | |
IES Holdings, Inc. (a) | 513,718 | 42,104,327 | |
Sterling Construction Co., Inc. (a) | 202,900 | 15,237,790 | |
232,502,660 | |||
Electrical Equipment - 2.1% | |||
Array Technologies, Inc. (a)(b) | 945,000 | 12,511,800 | |
Atkore, Inc. | 345,724 | 52,733,282 | |
Nextracker, Inc. Class A | 340,400 | 15,409,908 | |
Thermon Group Holdings, Inc. (a) | 875,446 | 28,697,120 | |
109,352,110 | |||
Ground Transportation - 0.3% | |||
ArcBest Corp. | 132,700 | 15,808,551 | |
Machinery - 4.6% | |||
Astec Industries, Inc. | 320,550 | 11,411,580 | |
Federal Signal Corp. | 748,130 | 57,591,047 | |
ITT, Inc. | 119,000 | 14,372,820 | |
Kadant, Inc. | 91,856 | 26,270,816 | |
SPX Technologies, Inc. (a) | 609,244 | 61,314,316 | |
Terex Corp. | 803,800 | 49,377,434 | |
Timken Co. | 205,000 | 16,791,550 | |
237,129,563 | |||
Professional Services - 2.8% | |||
ASGN, Inc. (a) | 234,250 | 21,743,085 | |
CACI International, Inc. Class A (a) | 59,800 | 20,555,054 | |
CRA International, Inc. | 148,474 | 15,922,352 | |
ExlService Holdings, Inc. (a) | 763,455 | 23,880,872 | |
First Advantage Corp. | 735,097 | 12,033,538 | |
KBR, Inc. | 338,400 | 17,634,024 | |
NV5 Global, Inc. (a) | 116,295 | 12,198,183 | |
WNS Holdings Ltd. sponsored ADR (a) | 274,737 | 19,053,011 | |
143,020,119 | |||
Trading Companies & Distributors - 3.1% | |||
Applied Industrial Technologies, Inc. | 133,700 | 23,592,702 | |
Beacon Roofing Supply, Inc. (a) | 270,157 | 22,393,314 | |
Finning International, Inc. | 602,550 | 17,438,522 | |
FTAI Aviation Ltd. | 479,600 | 25,874,420 | |
GMS, Inc. (a) | 237,900 | 20,021,664 | |
Rush Enterprises, Inc. Class A | 1,089,951 | 48,949,699 | |
158,270,321 | |||
TOTAL INDUSTRIALS | 1,000,081,138 | ||
INFORMATION TECHNOLOGY - 14.3% | |||
Communications Equipment - 0.2% | |||
Extreme Networks, Inc. (a) | 835,100 | 11,282,201 | |
Electronic Equipment, Instruments & Components - 5.1% | |||
Advanced Energy Industries, Inc. | 503,099 | 52,412,854 | |
Fabrinet (a) | 376,756 | 80,441,174 | |
Insight Enterprises, Inc. (a) | 370,107 | 68,373,567 | |
Napco Security Technologies, Inc. | 266,200 | 9,250,450 | |
Sanmina Corp. (a) | 205,664 | 12,302,820 | |
TD SYNNEX Corp. | 359,700 | 35,962,806 | |
258,743,671 | |||
IT Services - 1.7% | |||
Endava PLC ADR (a) | 473,803 | 33,531,038 | |
Fastly, Inc. Class A (a) | 1,226,858 | 24,684,383 | |
Perficient, Inc. (a) | 210,700 | 14,354,991 | |
Wix.com Ltd. (a) | 127,600 | 16,189,888 | |
88,760,300 | |||
Semiconductors & Semiconductor Equipment - 3.0% | |||
Allegro MicroSystems LLC (a) | 456,300 | 11,836,422 | |
Axcelis Technologies, Inc. (a) | 51,500 | 6,697,575 | |
Diodes, Inc. (a) | 355,900 | 23,959,188 | |
MACOM Technology Solutions Holdings, Inc. (a) | 614,700 | 53,005,581 | |
Nova Ltd. (a) | 104,500 | 15,132,645 | |
Onto Innovation, Inc. (a) | 275,392 | 44,475,808 | |
155,107,219 | |||
Software - 4.3% | |||
Five9, Inc. (a) | 113,900 | 8,640,454 | |
Intapp, Inc. (a) | 525,721 | 22,648,061 | |
Manhattan Associates, Inc. (a) | 69,300 | 16,809,408 | |
Progress Software Corp. | 340,000 | 19,315,400 | |
PROS Holdings, Inc. (a) | 812,752 | 27,974,924 | |
Qualys, Inc. (a) | 130,300 | 24,648,851 | |
Rapid7, Inc. (a) | 173,500 | 9,547,705 | |
SPS Commerce, Inc. (a) | 234,650 | 43,128,670 | |
Tenable Holdings, Inc. (a) | 1,002,500 | 47,217,750 | |
219,931,223 | |||
TOTAL INFORMATION TECHNOLOGY | 733,824,614 | ||
MATERIALS - 5.9% | |||
Chemicals - 1.1% | |||
Element Solutions, Inc. | 1,421,017 | 31,589,208 | |
The Chemours Co. LLC | 432,400 | 13,045,508 | |
Tronox Holdings PLC | 999,647 | 13,785,132 | |
58,419,848 | |||
Construction Materials - 1.2% | |||
Eagle Materials, Inc. | 264,000 | 59,737,920 | |
Containers & Packaging - 0.2% | |||
O-I Glass, Inc. (a) | 891,100 | 12,974,416 | |
Metals & Mining - 2.8% | |||
Commercial Metals Co. | 1,201,684 | 62,751,938 | |
Constellium NV (a) | 3,000,295 | 56,255,531 | |
Lundin Mining Corp. | 2,763,800 | 22,571,701 | |
141,579,170 | |||
Paper & Forest Products - 0.6% | |||
Louisiana-Pacific Corp. | 243,300 | 16,191,615 | |
Sylvamo Corp. | 274,800 | 12,758,964 | |
28,950,579 | |||
TOTAL MATERIALS | 301,661,933 | ||
REAL ESTATE - 4.3% | |||
Equity Real Estate Investment Trusts (REITs) - 2.6% | |||
EastGroup Properties, Inc. | 147,800 | 26,224,154 | |
Elme Communities (SBI) | 1,504,400 | 21,783,712 | |
Essential Properties Realty Trust, Inc. | 1,771,200 | 44,120,592 | |
Lamar Advertising Co. Class A | 246,300 | 25,782,684 | |
Terreno Realty Corp. | 230,596 | 13,773,499 | |
131,684,641 | |||
Real Estate Management & Development - 1.7% | |||
Colliers International Group, Inc. (b) | 353,400 | 41,484,316 | |
Jones Lang LaSalle, Inc. (a) | 164,600 | 29,144,076 | |
Marcus & Millichap, Inc. | 399,810 | 15,228,763 | |
85,857,155 | |||
TOTAL REAL ESTATE | 217,541,796 | ||
UTILITIES - 1.8% | |||
Gas Utilities - 1.8% | |||
Brookfield Infrastructure Corp. A Shares | 1,440,466 | 50,430,715 | |
ONE Gas, Inc. (b) | 241,300 | 14,808,581 | |
Southwest Gas Holdings, Inc. | 480,500 | 28,195,740 | |
93,435,036 | |||
TOTAL COMMON STOCKS (Cost $3,700,219,873) | 5,047,743,993 | ||
Convertible Preferred Stocks - 0.1% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.1% | |||
Health Care Providers & Services - 0.1% | |||
Boundless Bio, Inc. Series C (c)(d) (Cost $3,439,443) | 4,913,490 | 3,439,443 | |
Money Market Funds - 4.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (e) | 112,722,484 | 112,745,029 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 110,199,645 | 110,210,665 | |
TOTAL MONEY MARKET FUNDS (Cost $222,955,694) | 222,955,694 | ||
TOTAL INVESTMENT IN SECURITIES - 103.0% (Cost $3,926,615,010) | 5,274,139,130 |
NET OTHER ASSETS (LIABILITIES) - (3.0)% | (151,994,712) |
NET ASSETS - 100.0% | 5,122,144,418 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 325 | Mar 2024 | 31,783,375 | 544,981 | 544,981 |
The notional amount of futures purchased as a percentage of Net Assets is 0.6% |
(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 $20,632,108 or 0.4% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Boundless Bio, Inc. Series C | 4/05/23 | 3,439,443 |
Dianthus Therapeutics, Inc. (unlisted) | 5/03/23 - 1/22/24 | 6,802,519 |
Tango Therapeutics, Inc. | 8/09/23 | 3,979,168 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 83,542,137 | 977,338,651 | 948,135,759 | 2,768,207 | - | - | 112,745,029 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | 139,488,836 | 718,547,873 | 747,826,044 | 156,737 | - | - | 110,210,665 | 0.4% |
Total | 223,030,973 | 1,695,886,524 | 1,695,961,803 | 2,924,944 | - | - | 222,955,694 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 76,690,959 | 76,690,959 | - | - |
Consumer Discretionary | 582,316,125 | 582,316,125 | - | - |
Consumer Staples | 169,775,503 | 169,775,503 | - | - |
Energy | 304,266,862 | 304,266,862 | - | - |
Financials | 793,473,414 | 793,473,414 | - | - |
Health Care | 778,116,056 | 766,562,631 | 8,113,980 | 3,439,445 |
Industrials | 1,000,081,138 | 1,000,081,138 | - | - |
Information Technology | 733,824,614 | 733,824,614 | - | - |
Materials | 301,661,933 | 301,661,933 | - | - |
Real Estate | 217,541,796 | 217,541,796 | - | - |
Utilities | 93,435,036 | 93,435,036 | - | - |
Money Market Funds | 222,955,694 | 222,955,694 | - | - |
Total Investments in Securities: | 5,274,139,130 | 5,262,585,705 | 8,113,980 | 3,439,445 |
Derivative Instruments: Assets | ||||
Futures Contracts | 544,981 | 544,981 | - | - |
Total Assets | 544,981 | 544,981 | - | - |
Total Derivative Instruments: | 544,981 | 544,981 | - | - |
Primary Risk Exposure / Derivative Type | Value | |
Asset ($) | Liability ($) | |
Equity Risk | ||
Futures Contracts (a) | 544,981 | 0 |
Total Equity Risk | 544,981 | 0 |
Total Value of Derivatives | 544,981 | 0 |
Statement of Assets and Liabilities | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $105,115,161) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $3,703,659,316) | $ | 5,051,183,436 | ||
Fidelity Central Funds (cost $222,955,694) | 222,955,694 | |||
Total Investment in Securities (cost $3,926,615,010) | $ | 5,274,139,130 | ||
Segregated cash with brokers for derivative instruments | 1,677,000 | |||
Cash | 386,869 | |||
Foreign currency held at value (cost $82) | 82 | |||
Receivable for investments sold | 15,211,099 | |||
Receivable for fund shares sold | 6,997,257 | |||
Dividends receivable | 577,074 | |||
Distributions receivable from Fidelity Central Funds | 492,833 | |||
Other receivables | 49,762 | |||
Total assets | 5,299,531,106 | |||
Liabilities | ||||
Payable for investments purchased | $ | 7,447,350 | ||
Payable for fund shares redeemed | 58,943,513 | |||
Payable for daily variation margin on futures contracts | 748,036 | |||
Other payables and accrued expenses | 47,560 | |||
Collateral on securities loaned | 110,200,229 | |||
Total Liabilities | 177,386,688 | |||
Net Assets | $ | 5,122,144,418 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,864,559,759 | ||
Total accumulated earnings (loss) | 1,257,584,659 | |||
Net Assets | $ | 5,122,144,418 | ||
Net Asset Value, offering price and redemption price per share ($5,122,144,418 ÷ 371,104,336 shares) | $ | 13.80 |
Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 26,792,072 | ||
Income from Fidelity Central Funds (including $156,737 from security lending) | 2,924,944 | |||
Total Income | 29,717,016 | |||
Expenses | ||||
Custodian fees and expenses | $ | 24,079 | ||
Independent trustees' fees and expenses | 13,876 | |||
Interest | 1,887 | |||
Total Expenses | 39,842 | |||
Net Investment income (loss) | 29,677,174 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 79,072,560 | |||
Foreign currency transactions | 3,564 | |||
Futures contracts | (2,814,603) | |||
Total net realized gain (loss) | 76,261,521 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 111,521,131 | |||
Unfunded commitments | 280,277 | |||
Assets and liabilities in foreign currencies | (602) | |||
Futures contracts | (277,192) | |||
Total change in net unrealized appreciation (depreciation) | 111,523,614 | |||
Net gain (loss) | 187,785,135 | |||
Net increase (decrease) in net assets resulting from operations | $ | 217,462,309 |
Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 29,677,174 | $ | 52,688,477 |
Net realized gain (loss) | 76,261,521 | 19,192,336 | ||
Change in net unrealized appreciation (depreciation) | 111,523,614 | 504,653,297 | ||
Net increase (decrease) in net assets resulting from operations | 217,462,309 | 576,534,110 | ||
Distributions to shareholders | (51,550,987) | (230,929,095) | ||
Share transactions | ||||
Proceeds from sales of shares | 545,080,398 | 674,296,906 | ||
Reinvestment of distributions | 51,550,987 | 230,929,095 | ||
Cost of shares redeemed | (582,870,083) | (1,348,316,619) | ||
Net increase (decrease) in net assets resulting from share transactions | 13,761,302 | (443,090,618) | ||
Total increase (decrease) in net assets | 179,672,624 | (97,485,603) | ||
Net Assets | ||||
Beginning of period | 4,942,471,794 | 5,039,957,397 | ||
End of period | $ | 5,122,144,418 | $ | 4,942,471,794 |
Other Information | ||||
Shares | ||||
Sold | 43,753,494 | 55,711,299 | ||
Issued in reinvestment of distributions | 4,018,606 | 19,053,605 | ||
Redeemed | (43,469,750) | (108,966,202) | ||
Net increase (decrease) | 4,302,350 | (34,201,298) | ||
Fidelity® Series Small Cap Opportunities Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 13.47 | $ | 12.57 | $ | 18.08 | $ | 12.66 | $ | 14.04 | $ | 15.46 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .08 | .14 | .12 | .12 | .15 | .15 | ||||||
Net realized and unrealized gain (loss) | .39 | 1.36 | (1.03) | 5.62 | (.60) | .12 | ||||||
Total from investment operations | .47 | 1.50 | (.91) | 5.74 | (.45) | .27 | ||||||
Distributions from net investment income | (.14) | (.14) | (.12) | (.14) | (.16) | (.14) | ||||||
Distributions from net realized gain | - | (.47) | (4.48) | (.19) | (.77) | (1.55) | ||||||
Total distributions | (.14) | (.60) C | (4.60) | (.32) C | (.93) | (1.69) | ||||||
Net asset value, end of period | $ | 13.80 | $ | 13.47 | $ | 12.57 | $ | 18.08 | $ | 12.66 | $ | 14.04 |
Total Return D,E | 3.54% | 12.51% | (7.62)% | 45.98% | (3.44)% | 1.98% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions H | -% I | -% | -% | -% | -% | -% | ||||||
Expenses net of fee waivers, if any H | -% I | -% | -% | -% | -% | -% | ||||||
Expenses net of all reductions H | -% I | -% | -% | -% | -% | -% | ||||||
Net investment income (loss) | 1.23% I | 1.11% | .86% | .77% | 1.17% | 1.13% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 5,122,144 | $ | 4,942,472 | $ | 5,039,957 | $ | 6,012,414 | $ | 4,931,192 | $ | 5,667,458 |
Portfolio turnover rate J | 45% I | 34% | 39% | 96% | 61% K | 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 | $1,591,659,128 |
Gross unrealized depreciation | (257,909,793) |
Net unrealized appreciation (depreciation) | $1,333,749,335 |
Tax cost | $3,940,934,776 |
Short-term | $(148,779,330) |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Series Small Cap Opportunities Fund | 1,073,527,179 | 1,077,944,545 |
Amount | |
Fidelity Series Small Cap Opportunities Fund | $23,022 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Small Cap Opportunities Fund | Borrower | $ 12,163,000 | 5.59% | $ 1,887 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Small Cap Opportunities Fund | 61,461,863 | 65,330,718 | (1,898,936) |
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 | $15,386 | $5,977 | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Series Small Cap Opportunities Fund | -%-D | |||||||||
Actual | $ 1,000 | $ 1,035.40 | $-E | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.14 | $-E | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 9.0 | |
Exxon Mobil Corp. | 6.8 | |
Wells Fargo & Co. | 5.8 | |
General Electric Co. | 4.6 | |
Apple, Inc. | 2.9 | |
Bank of America Corp. | 2.7 | |
Visa, Inc. Class A | 2.1 | |
UnitedHealth Group, Inc. | 2.0 | |
Comcast Corp. Class A | 1.9 | |
NVIDIA Corp. | 1.9 | |
39.7 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 21.0 | |
Financials | 19.4 | |
Industrials | 15.7 | |
Health Care | 12.0 | |
Energy | 9.7 | |
Consumer Staples | 6.3 | |
Communication Services | 4.4 | |
Consumer Discretionary | 2.7 | |
Utilities | 2.1 | |
Real Estate | 1.7 | |
Materials | 1.6 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Written options - (0.1)% |
Geographic Diversification (% of Fund's net assets) |
![]() |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 96.5% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 4.3% | |||
Diversified Telecommunication Services - 0.6% | |||
Cellnex Telecom SA (a) | 790,500 | 30,416 | |
Verizon Communications, Inc. | 720,374 | 30,508 | |
60,924 | |||
Entertainment - 1.2% | |||
The Walt Disney Co. | 442,290 | 42,482 | |
Universal Music Group NV | 1,983,400 | 58,466 | |
Warner Music Group Corp. Class A | 479,200 | 17,486 | |
118,434 | |||
Media - 2.5% | |||
Comcast Corp. Class A (b) | 4,071,012 | 189,465 | |
Interpublic Group of Companies, Inc. | 1,624,931 | 53,606 | |
243,071 | |||
TOTAL COMMUNICATION SERVICES | 422,429 | ||
CONSUMER DISCRETIONARY - 2.7% | |||
Automobile Components - 0.2% | |||
BorgWarner, Inc. | 480,852 | 16,301 | |
Hotels, Restaurants & Leisure - 1.3% | |||
Amadeus IT Holding SA Class A | 611,800 | 43,016 | |
Churchill Downs, Inc. | 79,200 | 9,581 | |
Domino's Pizza, Inc. | 55,000 | 23,442 | |
Marriott International, Inc. Class A | 113,623 | 27,239 | |
Starbucks Corp. | 245,760 | 22,863 | |
126,141 | |||
Household Durables - 0.1% | |||
Sony Group Corp. sponsored ADR | 118,014 | 11,536 | |
Whirlpool Corp. | 31,894 | 3,493 | |
15,029 | |||
Specialty Retail - 0.7% | |||
Lowe's Companies, Inc. | 345,914 | 73,624 | |
Textiles, Apparel & Luxury Goods - 0.4% | |||
Compagnie Financiere Richemont SA Series A | 56,380 | 8,374 | |
NIKE, Inc. Class B | 139,600 | 14,174 | |
Puma AG | 262,754 | 10,574 | |
Tapestry, Inc. | 3,700 | 144 | |
Wolverine World Wide, Inc. | 193,500 | 1,618 | |
34,884 | |||
TOTAL CONSUMER DISCRETIONARY | 265,979 | ||
CONSUMER STAPLES - 6.3% | |||
Beverages - 2.3% | |||
Davide Campari Milano NV | 196,200 | 1,995 | |
Diageo PLC sponsored ADR | 274,211 | 39,577 | |
Keurig Dr. Pepper, Inc. | 1,983,000 | 62,346 | |
Pernod Ricard SA | 116,500 | 19,200 | |
Remy Cointreau SA | 46,047 | 4,666 | |
The Coca-Cola Co. | 1,528,110 | 90,907 | |
218,691 | |||
Consumer Staples Distribution & Retail - 1.5% | |||
Sysco Corp. | 682,936 | 55,270 | |
Target Corp. | 283,600 | 39,443 | |
Walmart, Inc. | 332,500 | 54,946 | |
149,659 | |||
Household Products - 0.2% | |||
Colgate-Palmolive Co. | 62,300 | 5,246 | |
Kimberly-Clark Corp. | 12,500 | 1,512 | |
Procter & Gamble Co. | 81,800 | 12,854 | |
19,612 | |||
Personal Care Products - 1.5% | |||
Estee Lauder Companies, Inc. Class A | 205,200 | 27,084 | |
Haleon PLC ADR | 6,380,611 | 52,321 | |
Kenvue, Inc. | 3,314,108 | 68,801 | |
148,206 | |||
Tobacco - 0.8% | |||
Altria Group, Inc. | 1,531,067 | 61,426 | |
Philip Morris International, Inc. | 138,900 | 12,619 | |
74,045 | |||
TOTAL CONSUMER STAPLES | 610,213 | ||
ENERGY - 9.7% | |||
Oil, Gas & Consumable Fuels - 9.7% | |||
Enterprise Products Partners LP | 254,500 | 6,810 | |
Exxon Mobil Corp. | 6,462,101 | 664,369 | |
Hess Corp. | 685,064 | 96,272 | |
Imperial Oil Ltd. | 1,700,426 | 98,083 | |
Kosmos Energy Ltd. (c) | 3,241,355 | 19,643 | |
Shell PLC ADR | 1,031,200 | 64,873 | |
950,050 | |||
FINANCIALS - 19.4% | |||
Banks - 12.6% | |||
Bank of America Corp. | 7,656,336 | 260,392 | |
HDFC Bank Ltd. sponsored ADR | 122,900 | 6,820 | |
JPMorgan Chase & Co. | 603,275 | 105,187 | |
M&T Bank Corp. | 281,894 | 38,930 | |
PNC Financial Services Group, Inc. | 786,901 | 118,987 | |
Truist Financial Corp. | 985,032 | 36,505 | |
U.S. Bancorp | 2,286,037 | 94,962 | |
Wells Fargo & Co. (b) | 11,328,170 | 568,448 | |
1,230,231 | |||
Capital Markets - 2.3% | |||
3i Group PLC | 429,600 | 13,449 | |
Brookfield Corp. Class A (d) | 609,702 | 24,193 | |
Charles Schwab Corp. | 59,000 | 3,712 | |
CME Group, Inc. | 4,500 | 926 | |
Intercontinental Exchange, Inc. | 12,600 | 1,604 | |
KKR & Co. LP | 575,852 | 49,857 | |
Moody's Corp. | 10,500 | 4,116 | |
Morgan Stanley | 220,951 | 19,276 | |
Northern Trust Corp. | 895,653 | 71,330 | |
Raymond James Financial, Inc. | 285,570 | 31,464 | |
State Street Corp. | 38,991 | 2,880 | |
222,807 | |||
Financial Services - 3.4% | |||
Edenred SA | 626,700 | 37,535 | |
Fidelity National Information Services, Inc. | 488,632 | 30,422 | |
Global Payments, Inc. | 199,700 | 26,606 | |
MasterCard, Inc. Class A | 66,567 | 29,904 | |
Visa, Inc. Class A | 743,175 | 203,080 | |
327,547 | |||
Insurance - 1.1% | |||
American Financial Group, Inc. | 40,800 | 4,912 | |
Arthur J. Gallagher & Co. | 74,300 | 17,249 | |
Brookfield Reinsurance Ltd. | 2,086 | 82 | |
Chubb Ltd. | 114,356 | 28,017 | |
Marsh & McLennan Companies, Inc. | 168,770 | 32,714 | |
Prudential PLC | 644,800 | 6,624 | |
The Travelers Companies, Inc. | 77,627 | 16,407 | |
106,005 | |||
TOTAL FINANCIALS | 1,886,590 | ||
HEALTH CARE - 12.0% | |||
Health Care Equipment & Supplies - 1.9% | |||
Abbott Laboratories | 156,100 | 17,663 | |
Becton, Dickinson & Co. | 137,011 | 32,720 | |
Boston Scientific Corp. (c) | 1,594,322 | 100,857 | |
Koninklijke Philips Electronics NV (depository receipt) (NY Reg.) (d) | 1,025,702 | 21,673 | |
Sonova Holding AG | 24,692 | 7,946 | |
180,859 | |||
Health Care Providers & Services - 5.5% | |||
Cardinal Health, Inc. | 438,411 | 47,870 | |
Cigna Group | 444,954 | 133,909 | |
CVS Health Corp. | 443,212 | 32,962 | |
Humana, Inc. | 76,300 | 28,846 | |
McKesson Corp. | 197,634 | 98,795 | |
UnitedHealth Group, Inc. | 386,487 | 197,781 | |
540,163 | |||
Life Sciences Tools & Services - 0.7% | |||
Danaher Corp. | 265,803 | 63,769 | |
Thermo Fisher Scientific, Inc. | 10,700 | 5,767 | |
69,536 | |||
Pharmaceuticals - 3.9% | |||
Bristol-Myers Squibb Co. | 1,991,136 | 97,307 | |
Eli Lilly & Co. | 140,548 | 90,739 | |
GSK PLC sponsored ADR | 1,665,128 | 65,673 | |
Johnson & Johnson | 481,866 | 76,569 | |
Sanofi SA sponsored ADR | 217,097 | 10,833 | |
UCB SA | 408,800 | 38,568 | |
Zoetis, Inc. Class A | 13,900 | 2,611 | |
382,300 | |||
TOTAL HEALTH CARE | 1,172,858 | ||
INDUSTRIALS - 15.7% | |||
Aerospace & Defense - 3.6% | |||
Airbus Group NV | 371,100 | 59,111 | |
General Dynamics Corp. | 144,161 | 38,201 | |
Howmet Aerospace, Inc. | 94,800 | 5,333 | |
Huntington Ingalls Industries, Inc. | 115,284 | 29,849 | |
Safran SA | 134,600 | 25,131 | |
Textron, Inc. | 162,200 | 13,740 | |
The Boeing Co. (b)(c) | 828,420 | 174,830 | |
346,195 | |||
Air Freight & Logistics - 1.3% | |||
Expeditors International of Washington, Inc. | 8,400 | 1,061 | |
FedEx Corp. | 108,674 | 26,222 | |
United Parcel Service, Inc. Class B | 734,799 | 104,268 | |
131,551 | |||
Building Products - 0.2% | |||
A.O. Smith Corp. | 17,000 | 1,319 | |
Johnson Controls International PLC | 318,211 | 16,767 | |
18,086 | |||
Commercial Services & Supplies - 0.6% | |||
GFL Environmental, Inc. | 1,506,000 | 51,169 | |
Veralto Corp. | 80,201 | 6,151 | |
57,320 | |||
Electrical Equipment - 1.0% | |||
Acuity Brands, Inc. | 127,015 | 30,250 | |
AMETEK, Inc. | 30,500 | 4,943 | |
Hubbell, Inc. Class B (b) | 124,072 | 41,635 | |
Regal Rexnord Corp. | 153,800 | 20,526 | |
Rockwell Automation, Inc. | 19,318 | 4,893 | |
102,247 | |||
Ground Transportation - 0.4% | |||
Knight-Swift Transportation Holdings, Inc. Class A | 659,809 | 37,860 | |
Industrial Conglomerates - 4.7% | |||
3M Co. | 103,466 | 9,762 | |
General Electric Co. (b) | 3,397,211 | 449,859 | |
459,621 | |||
Machinery - 1.8% | |||
Allison Transmission Holdings, Inc. | 385,800 | 23,356 | |
Caterpillar, Inc. | 21,123 | 6,343 | |
Cummins, Inc. | 57,976 | 13,874 | |
Donaldson Co., Inc. | 680,312 | 43,941 | |
Fortive Corp. | 292,388 | 22,859 | |
Nordson Corp. | 157,627 | 39,678 | |
Otis Worldwide Corp. | 87,573 | 7,745 | |
Stanley Black & Decker, Inc. | 87,618 | 8,175 | |
Westinghouse Air Brake Tech Co. | 42,047 | 5,532 | |
171,503 | |||
Passenger Airlines - 0.0% | |||
Copa Holdings SA Class A | 30,400 | 2,920 | |
Professional Services - 0.9% | |||
Equifax, Inc. | 93,923 | 22,949 | |
Genpact Ltd. | 614,371 | 22,056 | |
Paycom Software, Inc. | 12,600 | 2,397 | |
RELX PLC (London Stock Exchange) | 897,501 | 37,044 | |
TransUnion | 73,300 | 5,072 | |
89,518 | |||
Trading Companies & Distributors - 1.0% | |||
Brenntag SE | 74,700 | 6,641 | |
Watsco, Inc. (d) | 201,991 | 78,974 | |
WESCO International, Inc. | 71,000 | 12,320 | |
97,935 | |||
Transportation Infrastructure - 0.2% | |||
Aena SME SA (a) | 84,400 | 14,981 | |
TOTAL INDUSTRIALS | 1,529,737 | ||
INFORMATION TECHNOLOGY - 21.0% | |||
Electronic Equipment, Instruments & Components - 0.3% | |||
CDW Corp. | 116,364 | 26,382 | |
IT Services - 0.6% | |||
Amdocs Ltd. | 302,900 | 27,770 | |
IBM Corp. | 179,042 | 32,883 | |
60,653 | |||
Semiconductors & Semiconductor Equipment - 5.4% | |||
Analog Devices, Inc. | 176,208 | 33,895 | |
Applied Materials, Inc. | 197,900 | 32,515 | |
BE Semiconductor Industries NV | 92,400 | 13,960 | |
Broadcom, Inc. | 36,900 | 43,542 | |
Lam Research Corp. | 40,130 | 33,114 | |
Marvell Technology, Inc. | 1,306,086 | 88,422 | |
Microchip Technology, Inc. | 56,900 | 4,847 | |
NVIDIA Corp. | 299,605 | 184,338 | |
NXP Semiconductors NV | 218,226 | 45,952 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 319,800 | 36,125 | |
Teradyne, Inc. | 118,800 | 11,475 | |
528,185 | |||
Software - 11.7% | |||
Intuit, Inc. | 138,100 | 87,187 | |
Microsoft Corp. (b) | 2,217,282 | 881,544 | |
Oracle Corp. | 432,100 | 48,266 | |
Sage Group PLC | 1,463,500 | 21,848 | |
SAP SE sponsored ADR (d) | 593,245 | 102,691 | |
1,141,536 | |||
Technology Hardware, Storage & Peripherals - 3.0% | |||
Apple, Inc. | 1,521,202 | 280,510 | |
Samsung Electronics Co. Ltd. | 162,180 | 8,812 | |
289,322 | |||
TOTAL INFORMATION TECHNOLOGY | 2,046,078 | ||
MATERIALS - 1.6% | |||
Chemicals - 0.5% | |||
Air Products & Chemicals, Inc. | 27,100 | 6,930 | |
DuPont de Nemours, Inc. | 429,998 | 26,574 | |
International Flavors & Fragrances, Inc. | 35,300 | 2,848 | |
PPG Industries, Inc. | 54,322 | 7,662 | |
Sherwin-Williams Co. | 14,400 | 4,383 | |
48,397 | |||
Metals & Mining - 1.1% | |||
First Quantum Minerals Ltd. | 3,988,300 | 36,191 | |
Freeport-McMoRan, Inc. | 1,721,612 | 68,331 | |
104,522 | |||
TOTAL MATERIALS | 152,919 | ||
REAL ESTATE - 1.7% | |||
Equity Real Estate Investment Trusts (REITs) - 1.7% | |||
American Tower Corp. | 267,878 | 52,410 | |
Crown Castle, Inc. | 516,100 | 55,868 | |
Equinix, Inc. | 1,100 | 913 | |
H&R (REIT) (d) | 259,400 | 1,900 | |
Public Storage | 2,400 | 680 | |
Simon Property Group, Inc. | 357,860 | 49,603 | |
161,374 | |||
UTILITIES - 2.1% | |||
Electric Utilities - 2.0% | |||
Constellation Energy Corp. | 47,813 | 5,833 | |
Duke Energy Corp. | 178,921 | 17,146 | |
Entergy Corp. | 142,463 | 14,212 | |
Eversource Energy | 311,300 | 16,879 | |
Exelon Corp. | 155,840 | 5,425 | |
FirstEnergy Corp. | 125,300 | 4,596 | |
PG&E Corp. | 837,400 | 14,127 | |
Southern Co. | 1,698,966 | 118,112 | |
196,330 | |||
Multi-Utilities - 0.1% | |||
Sempra | 148,192 | 10,605 | |
TOTAL UTILITIES | 206,935 | ||
TOTAL COMMON STOCKS (Cost $6,035,037) | 9,405,162 | ||
Convertible Bonds - 0.1% | |||
Principal Amount (e) (000s) | Value ($) (000s) | ||
COMMUNICATION SERVICES - 0.1% | |||
Interactive Media & Services - 0.1% | |||
Snap, Inc. 0.125% 3/1/28 (Cost $9,768) | 13,103 | 10,364 | |
U.S. Treasury Obligations - 0.2% | |||
Principal Amount (e) (000s) | Value ($) (000s) | ||
U.S. Treasury Bills, yield at date of purchase 5.3% 4/11/24 (Cost $19,978) | 20,183 | 19,978 | |
Money Market Funds - 5.1% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (f) | 320,837,628 | 320,902 | |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | 172,893,752 | 172,911 | |
TOTAL MONEY MARKET FUNDS (Cost $493,813) | 493,813 | ||
TOTAL INVESTMENT IN SECURITIES - 101.9% (Cost $6,558,596) | 9,929,317 |
NET OTHER ASSETS (LIABILITIES) - (1.9)% | (188,300) |
NET ASSETS - 100.0% | 9,741,017 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) | |
Call Options | ||||||
Comcast Corp. Class A | Chicago Board Options Exchange | 2,013 | 9,369 | 47.50 | 04/19/24 | (277) |
General Electric Co. | Chicago Board Options Exchange | 1,710 | 22,644 | 130.00 | 04/19/24 | (1,368) |
Hubbell, Inc. | Chicago Board Options Exchange | 1,113 | 37,349 | 340.00 | 06/21/24 | (2,265) |
Microsoft Corp. | Chicago Board Options Exchange | 374 | 14,869 | 420.00 | 03/15/24 | (152) |
Wells Fargo & Co. | Chicago Board Options Exchange | 5,628 | 28,241 | 47.50 | 04/19/24 | (2,223) |
Wells Fargo & Co. | Chicago Board Options Exchange | 5,628 | 28,241 | 50.00 | 04/19/24 | (1,345) |
(7,630) | ||||||
Put Options | ||||||
The Boeing Co. | Chicago Board Options Exchange | 900 | 18,994 | 215.00 | 05/17/24 | (1,287) |
TOTAL WRITTEN OPTIONS | (8,917) |
(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 $45,397,000 or 0.5% of net assets. |
(b) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $159,707,000. |
(c) | Non-income producing |
(d) | Security or a portion of the security is on loan at period end. |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 5.39% | 498,389 | 430,328 | 607,815 | 9,636 | - | - | 320,902 | 0.6% |
Fidelity Securities Lending Cash Central Fund 5.39% | 99,536 | 455,912 | 382,537 | 513 | - | - | 172,911 | 0.7% |
Total | 597,925 | 886,240 | 990,352 | 10,149 | - | - | 493,813 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 422,429 | 333,547 | 88,882 | - |
Consumer Discretionary | 265,979 | 247,031 | 18,948 | - |
Consumer Staples | 610,213 | 605,547 | 4,666 | - |
Energy | 950,050 | 950,050 | - | - |
Financials | 1,886,590 | 1,866,517 | 20,073 | - |
Health Care | 1,172,858 | 1,172,858 | - | - |
Industrials | 1,529,737 | 1,408,451 | 121,286 | - |
Information Technology | 2,046,078 | 2,037,266 | 8,812 | - |
Materials | 152,919 | 152,919 | - | - |
Real Estate | 161,374 | 161,374 | - | - |
Utilities | 206,935 | 206,935 | - | - |
Corporate Bonds | 10,364 | - | 10,364 | - |
U.S. Government and Government Agency Obligations | 19,978 | - | 19,978 | - |
Money Market Funds | 493,813 | 493,813 | - | - |
Total Investments in Securities: | 9,929,317 | 9,636,308 | 293,009 | - |
Derivative Instruments: Liabilities | ||||
Written Options | (8,917) | (8,917) | - | - |
Total Liabilities | (8,917) | (8,917) | - | - |
Total Derivative Instruments: | (8,917) | (8,917) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Written Options (a) | 0 | (8,917) |
Total Equity Risk | 0 | (8,917) |
Total Value of Derivatives | 0 | (8,917) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | January 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $166,833) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $6,064,783) | $ | 9,435,504 | ||
Fidelity Central Funds (cost $493,813) | 493,813 | |||
Total Investment in Securities (cost $6,558,596) | $ | 9,929,317 | ||
Cash | 17 | |||
Receivable for investments sold | 1,959 | |||
Receivable for fund shares sold | 2,510 | |||
Dividends receivable | 7,151 | |||
Interest receivable | 7 | |||
Distributions receivable from Fidelity Central Funds | 1,507 | |||
Prepaid expenses | 7 | |||
Other receivables | 372 | |||
Total assets | 9,942,847 | |||
Liabilities | ||||
Payable for investments purchased | $ | 7,609 | ||
Payable for fund shares redeemed | 7,308 | |||
Accrued management fee | 3,397 | |||
Written options, at value (premium received $5,700) | 8,917 | |||
Other affiliated payables | 1,057 | |||
Other payables and accrued expenses | 631 | |||
Collateral on securities loaned | 172,911 | |||
Total Liabilities | 201,830 | |||
Net Assets | $ | 9,741,017 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 6,296,693 | ||
Total accumulated earnings (loss) | 3,444,324 | |||
Net Assets | $ | 9,741,017 | ||
Net Asset Value and Maximum Offering Price | ||||
Growth and Income : | ||||
Net Asset Value, offering price and redemption price per share ($8,325,292 ÷ 151,999 shares) | $ | 54.77 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($1,415,725 ÷ 25,876 shares) | $ | 54.71 |
Statement of Operations | ||||
Amounts in thousands | Six months ended January 31, 2024 (Unaudited) | |||
Investment Income | ||||
Dividends | $ | 89,648 | ||
Interest | 391 | |||
Income from Fidelity Central Funds (including $513 from security lending) | 10,149 | |||
Total Income | 100,188 | |||
Expenses | ||||
Management fee | $ | 19,332 | ||
Transfer agent fees | 5,556 | |||
Accounting fees | 573 | |||
Custodian fees and expenses | 239 | |||
Independent trustees' fees and expenses | 26 | |||
Registration fees | 40 | |||
Audit | 76 | |||
Legal | 11 | |||
Miscellaneous | 16 | |||
Total expenses before reductions | 25,869 | |||
Expense reductions | (401) | |||
Total expenses after reductions | 25,468 | |||
Net Investment income (loss) | 74,720 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 198,554 | |||
Foreign currency transactions | (16) | |||
Written options | 3,325 | |||
Total net realized gain (loss) | 201,863 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 139,283 | |||
Assets and liabilities in foreign currencies | (11) | |||
Written options | (2,963) | |||
Total change in net unrealized appreciation (depreciation) | 136,309 | |||
Net gain (loss) | 338,172 | |||
Net increase (decrease) in net assets resulting from operations | $ | 412,892 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 74,720 | $ | 136,852 |
Net realized gain (loss) | 201,863 | 114,801 | ||
Change in net unrealized appreciation (depreciation) | 136,309 | 906,093 | ||
Net increase (decrease) in net assets resulting from operations | 412,892 | 1,157,746 | ||
Distributions to shareholders | (295,240) | (270,534) | ||
Share transactions - net increase (decrease) | 266,313 | 786,109 | ||
Total increase (decrease) in net assets | 383,965 | 1,673,321 | ||
Net Assets | ||||
Beginning of period | 9,357,052 | 7,683,731 | ||
End of period | $ | 9,741,017 | $ | 9,357,052 |
Fidelity® Growth & Income Portfolio |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 54.20 | $ | 48.92 | $ | 51.87 | $ | 38.15 | $ | 38.98 | $ | 39.34 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .42 | .84 | .76 | .78 | .83 | .87 | ||||||
Net realized and unrealized gain (loss) | 1.84 | 6.13 | (.61) | 14.49 | (.37) | (.05) C | ||||||
Total from investment operations | 2.26 | 6.97 | .15 | 15.27 | .46 | .82 | ||||||
Distributions from net investment income | (.43) | (.86) | (1.06) | (.79) | (.84) | (.77) | ||||||
Distributions from net realized gain | (1.27) | (.83) | (2.05) | (.75) | (.46) | (.42) | ||||||
Total distributions | (1.69) D | (1.69) | (3.10) D | (1.55) D | (1.29) D | (1.18) D | ||||||
Net asset value, end of period | $ | 54.77 | $ | 54.20 | $ | 48.92 | $ | 51.87 | $ | 38.15 | $ | 38.98 |
Total Return E,F | 4.34% | 14.77% | .26% | 41.01% | 1.27% | 2.26% C | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .58% I | .58% | .57% | .58% | .60% | .61% | ||||||
Expenses net of fee waivers, if any | .57% I | .58% | .57% | .58% | .60% | .61% | ||||||
Expenses net of all reductions | .57% I | .58% | .57% | .58% | .60% | .61% | ||||||
Net investment income (loss) | 1.62% I | 1.71% | 1.51% | 1.71% | 2.18% | 2.31% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 8,325 | $ | 8,277 | $ | 7,360 | $ | 7,219 | $ | 5,451 | $ | 5,927 |
Portfolio turnover rate J | 15% I | 13% | 12% | 16% | 32% | 36% |
Fidelity® Growth & Income Portfolio Class K |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 54.14 | $ | 48.86 | $ | 51.82 | $ | 38.11 | $ | 38.94 | $ | 39.31 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .45 | .89 | .81 | .81 | .86 | .91 | ||||||
Net realized and unrealized gain (loss) | 1.84 | 6.13 | (.62) | 14.48 | (.35) | (.06) C | ||||||
Total from investment operations | 2.29 | 7.02 | .19 | 15.29 | .51 | .85 | ||||||
Distributions from net investment income | (.45) | (.91) | (1.10) | (.83) | (.88) | (.81) | ||||||
Distributions from net realized gain | (1.27) | (.83) | (2.05) | (.75) | (.46) | (.42) | ||||||
Total distributions | (1.72) | (1.74) | (3.15) | (1.58) | (1.34) | (1.22) D | ||||||
Net asset value, end of period | $ | 54.71 | $ | 54.14 | $ | 48.86 | $ | 51.82 | $ | 38.11 | $ | 38.94 |
Total Return E,F | 4.39% | 14.89% | .33% | 41.15% | 1.39% | 2.35% C | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .49% I | .49% | .49% | .49% | .50% | .51% | ||||||
Expenses net of fee waivers, if any | .48% I | .48% | .48% | .49% | .50% | .51% | ||||||
Expenses net of all reductions | .48% I | .48% | .48% | .49% | .50% | .50% | ||||||
Net investment income (loss) | 1.71% I | 1.80% | 1.60% | 1.80% | 2.28% | 2.41% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 1,416 | $ | 1,080 | $ | 323 | $ | 850 | $ | 1,020 | $ | 497 |
Portfolio turnover rate J | 15% I | 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 | $362 |
Gross unrealized appreciation | $3,567,514 |
Gross unrealized depreciation | (211,996) |
Net unrealized appreciation (depreciation) | $3,355,518 |
Tax cost | $6,570,582 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Growth & Income Portfolio | 889,849 | 666,021 |
% of Class-Level Average Net Assets | |
Growth and Income | 0.1316 |
Amount | % of Class-Level Average Net AssetsA | |
Growth and Income | $5,311 | .13 |
Class K | 245 | .04 |
$5,556 |
% of Average Net Assets | |
Fidelity Growth & Income Portfolio | 0.0125 |
% of Average Net Assets | |
Fidelity Growth & Income Portfolio | .01 |
Maximum Management Fee Rate % | |
Growth and Income | 0.54 |
Class K | 0.45 |
Amount | |
Fidelity Growth & Income Portfolio | $11 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Growth & Income Portfolio | 59,784 | 29,365 | 6,300 |
Amount | |
Fidelity Growth & Income Portfolio | $7 |
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 | $51 | $-A | $- |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Growth & Income Portfolio | ||
Distributions to shareholders | ||
Growth and Income | $256,934 | $140,027 |
Class K | 38,306 | 130,507 |
Total | $295,240 | $270,534 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Growth & Income Portfolio | ||||
Growth and Income | ||||
Shares sold | 4,063 | 13,611 | $213,606 | $672,097 |
Reinvestment of distributions | 4,501 | 4,987 | 236,531 | 238,237 |
Shares redeemed | (9,289) | (16,347) | (486,903) | (803,035) |
Net increase (decrease) | (725) | 2,251 | $(36,766) | $107,299 |
Class K | ||||
Shares sold | 6,565 | 14,938 | $336,043 | $758,212 |
Reinvestment of distributions | 728 | 291 | 38,306 | 14,048 |
Shares redeemed | (1,364) | (1,898) | (71,270) | (93,450) |
Net increase (decrease) | 5,929 | 13,331 | $303,079 | $678,810 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Growth & Income Portfolio | ||||||||||
Fidelity® Growth & Income Portfolio | .57% | |||||||||
Actual | $ 1,000 | $ 1,043.40 | $ 2.93 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.27 | $ 2.90 | |||||||
Class K | .48% | |||||||||
Actual | $ 1,000 | $ 1,043.90 | $ 2.47 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.72 | $ 2.44 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 8.8 | |
NVIDIA Corp. | 4.4 | |
Visa, Inc. Class A | 2.6 | |
UnitedHealth Group, Inc. | 2.2 | |
Wells Fargo & Co. | 1.9 | |
Exxon Mobil Corp. | 1.8 | |
Cigna Group | 1.8 | |
MasterCard, Inc. Class A | 1.7 | |
Intuit, Inc. | 1.7 | |
Marvell Technology, Inc. | 1.6 | |
28.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 24.8 | |
Financials | 16.8 | |
Industrials | 14.5 | |
Health Care | 11.5 | |
Energy | 9.4 | |
Utilities | 6.6 | |
Consumer Staples | 6.1 | |
Materials | 4.0 | |
Communication Services | 2.9 | |
Consumer Discretionary | 1.6 | |
Real Estate | 1.6 | |
Asset Allocation (% of Fund's net assets) |
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Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 99.8% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 2.9% | |||
Diversified Telecommunication Services - 0.1% | |||
Cellnex Telecom SA (a) | 236,200 | 9,088 | |
Interactive Media & Services - 1.9% | |||
Alphabet, Inc. Class A (b) | 375,800 | 52,650 | |
Meta Platforms, Inc. Class A | 174,000 | 67,884 | |
120,534 | |||
Media - 0.9% | |||
Comcast Corp. Class A | 1,238,792 | 57,653 | |
TOTAL COMMUNICATION SERVICES | 187,275 | ||
CONSUMER DISCRETIONARY - 1.6% | |||
Diversified Consumer Services - 0.1% | |||
H&R Block, Inc. | 132,200 | 6,192 | |
Hotels, Restaurants & Leisure - 0.4% | |||
Churchill Downs, Inc. | 79,800 | 9,653 | |
Hilton Worldwide Holdings, Inc. | 87,600 | 16,728 | |
Starbucks Corp. | 800 | 74 | |
26,455 | |||
Household Durables - 1.0% | |||
D.R. Horton, Inc. | 50,400 | 7,203 | |
JM AB (B Shares) (c) | 1,164,649 | 19,093 | |
Lennar Corp. Class A | 84,900 | 12,722 | |
Vistry Group PLC | 1,612,200 | 20,534 | |
59,552 | |||
Textiles, Apparel & Luxury Goods - 0.1% | |||
Gildan Activewear, Inc. (c) | 242,300 | 7,998 | |
TOTAL CONSUMER DISCRETIONARY | 100,197 | ||
CONSUMER STAPLES - 6.1% | |||
Beverages - 1.4% | |||
Constellation Brands, Inc. Class A (sub. vtg.) | 88,600 | 21,714 | |
Keurig Dr. Pepper, Inc. | 2,257,600 | 70,979 | |
92,693 | |||
Consumer Staples Distribution & Retail - 1.0% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 503,600 | 29,509 | |
Walmart, Inc. | 228,000 | 37,677 | |
67,186 | |||
Food Products - 0.2% | |||
The J.M. Smucker Co. | 116,500 | 15,326 | |
Household Products - 0.6% | |||
Reynolds Consumer Products, Inc. | 1,331,057 | 36,165 | |
Personal Care Products - 1.0% | |||
Estee Lauder Companies, Inc. Class A | 115,700 | 15,271 | |
Kenvue, Inc. | 2,251,600 | 46,743 | |
62,014 | |||
Tobacco - 1.9% | |||
Altria Group, Inc. | 721,314 | 28,939 | |
British American Tobacco PLC (United Kingdom) | 468,600 | 13,816 | |
Philip Morris International, Inc. | 834,000 | 75,769 | |
118,524 | |||
TOTAL CONSUMER STAPLES | 391,908 | ||
ENERGY - 9.4% | |||
Energy Equipment & Services - 3.5% | |||
Borr Drilling Ltd. (c) | 1,111,400 | 6,916 | |
Borr Drilling Ltd. | 3,739,749 | 22,999 | |
Noble Corp. PLC | 1,223,726 | 54,003 | |
Seadrill Ltd. (b) | 1,180,300 | 51,013 | |
Subsea 7 SA sponsored ADR | 1,579,200 | 21,272 | |
Tidewater, Inc. (b) | 988,100 | 66,390 | |
222,593 | |||
Oil, Gas & Consumable Fuels - 5.9% | |||
ARC Resources Ltd. | 293,300 | 4,555 | |
Cameco Corp. | 346,800 | 16,560 | |
Canadian Natural Resources Ltd. (c) | 111,200 | 7,116 | |
Cool Co. Ltd. | 1,370,900 | 16,228 | |
Energy Transfer LP | 5,886,800 | 84,181 | |
Enterprise Products Partners LP | 1,846,700 | 49,418 | |
Exxon Mobil Corp. | 1,127,297 | 115,897 | |
Reliance Industries Ltd. GDR (a) | 503,100 | 34,915 | |
Sitio Royalties Corp. (c) | 1,487,300 | 31,724 | |
Teekay Tankers Ltd. | 293,923 | 18,385 | |
378,979 | |||
TOTAL ENERGY | 601,572 | ||
FINANCIALS - 16.8% | |||
Banks - 3.7% | |||
Bank of America Corp. | 2,816,700 | 95,796 | |
HDFC Bank Ltd. | 1,099,600 | 19,329 | |
Wells Fargo & Co. | 2,433,293 | 122,103 | |
237,228 | |||
Capital Markets - 3.2% | |||
Ares Capital Corp. (c) | 1,819,782 | 36,814 | |
B. Riley Financial, Inc. (c) | 252,900 | 5,923 | |
Brookfield Corp. Class A (c) | 1,961,300 | 77,824 | |
BSE Ltd. | 152,785 | 4,271 | |
Intercontinental Exchange, Inc. | 411,900 | 52,447 | |
S&P Global, Inc. | 60,368 | 27,066 | |
204,345 | |||
Financial Services - 7.2% | |||
Apollo Global Management, Inc. | 898,300 | 90,189 | |
Fidelity National Information Services, Inc. | 410,400 | 25,552 | |
Global Payments, Inc. | 522,900 | 69,666 | |
MasterCard, Inc. Class A | 246,100 | 110,556 | |
Visa, Inc. Class A | 591,600 | 161,661 | |
457,624 | |||
Insurance - 2.7% | |||
Arthur J. Gallagher & Co. | 154,200 | 35,799 | |
Chubb Ltd. | 181,100 | 44,370 | |
Fidelity National Financial, Inc. (c) | 440,254 | 22,026 | |
Marsh & McLennan Companies, Inc. | 154,500 | 29,948 | |
The Travelers Companies, Inc. | 202,800 | 42,864 | |
175,007 | |||
TOTAL FINANCIALS | 1,074,204 | ||
HEALTH CARE - 11.5% | |||
Biotechnology - 0.5% | |||
Gilead Sciences, Inc. | 417,600 | 32,681 | |
Health Care Providers & Services - 6.8% | |||
Cardinal Health, Inc. | 290,700 | 31,742 | |
Cigna Group | 375,200 | 112,916 | |
CVS Health Corp. | 298,100 | 22,170 | |
Elevance Health, Inc. | 109,900 | 54,229 | |
HCA Holdings, Inc. | 111,100 | 33,874 | |
Humana, Inc. | 97,400 | 36,823 | |
UnitedHealth Group, Inc. | 274,906 | 140,680 | |
432,434 | |||
Life Sciences Tools & Services - 1.6% | |||
Danaher Corp. | 208,600 | 50,045 | |
Thermo Fisher Scientific, Inc. | 95,200 | 51,311 | |
101,356 | |||
Pharmaceuticals - 2.6% | |||
Bristol-Myers Squibb Co. | 691,800 | 33,808 | |
Eli Lilly & Co. | 131,000 | 84,575 | |
Novo Nordisk A/S Series B sponsored ADR | 277,600 | 31,852 | |
Royalty Pharma PLC | 678,100 | 19,251 | |
169,486 | |||
TOTAL HEALTH CARE | 735,957 | ||
INDUSTRIALS - 14.5% | |||
Aerospace & Defense - 5.5% | |||
Airbus Group NV | 154,100 | 24,546 | |
BAE Systems PLC | 1,199,100 | 17,886 | |
General Dynamics Corp. | 95,400 | 25,280 | |
Howmet Aerospace, Inc. | 648,200 | 36,468 | |
Huntington Ingalls Industries, Inc. | 80,800 | 20,921 | |
L3Harris Technologies, Inc. | 79,100 | 16,486 | |
Lockheed Martin Corp. | 59,000 | 25,335 | |
Spirit AeroSystems Holdings, Inc. Class A (b)(c) | 818,500 | 22,476 | |
Textron, Inc. | 443,100 | 37,535 | |
Thales SA | 157,600 | 23,053 | |
The Boeing Co. (b) | 475,600 | 100,371 | |
350,357 | |||
Commercial Services & Supplies - 0.7% | |||
GFL Environmental, Inc. | 814,100 | 27,660 | |
The Brink's Co. | 241,600 | 19,531 | |
47,191 | |||
Construction & Engineering - 0.3% | |||
Quanta Services, Inc. | 103,000 | 19,987 | |
Electrical Equipment - 2.0% | |||
nVent Electric PLC | 338,300 | 20,312 | |
Prysmian SpA | 387,100 | 17,148 | |
Vertiv Holdings Co. | 1,578,800 | 88,934 | |
126,394 | |||
Industrial Conglomerates - 1.3% | |||
General Electric Co. | 503,950 | 66,733 | |
Hitachi Ltd. | 173,100 | 13,597 | |
80,330 | |||
Machinery - 1.4% | |||
Allison Transmission Holdings, Inc. | 1,470,902 | 89,048 | |
Marine Transportation - 0.6% | |||
2020 Bulkers Ltd. (d) | 1,262,181 | 16,933 | |
Himalaya Shipping Ltd. (b) | 411,353 | 2,738 | |
Himalaya Shipping Ltd. (c) | 1,240,700 | 8,077 | |
Stolt-Nielsen SA | 289,100 | 10,830 | |
38,578 | |||
Professional Services - 2.2% | |||
Equifax, Inc. | 97,600 | 23,848 | |
Genpact Ltd. | 581,600 | 20,879 | |
Leidos Holdings, Inc. | 119,400 | 13,190 | |
Paycom Software, Inc. | 136,400 | 25,949 | |
SS&C Technologies Holdings, Inc. | 949,600 | 57,945 | |
141,811 | |||
Trading Companies & Distributors - 0.5% | |||
Watsco, Inc. (c) | 77,200 | 30,184 | |
TOTAL INDUSTRIALS | 923,880 | ||
INFORMATION TECHNOLOGY - 24.8% | |||
Electronic Equipment, Instruments & Components - 0.1% | |||
Jabil, Inc. | 71,600 | 8,971 | |
Vontier Corp. | 6,702 | 232 | |
9,203 | |||
IT Services - 0.8% | |||
Amdocs Ltd. | 576,900 | 52,890 | |
Semiconductors & Semiconductor Equipment - 11.3% | |||
ASML Holding NV (Netherlands) | 29,800 | 25,854 | |
BE Semiconductor Industries NV | 200,500 | 30,292 | |
Broadcom, Inc. | 84,200 | 99,356 | |
Marvell Technology, Inc. | 1,522,633 | 103,082 | |
Micron Technology, Inc. | 625,100 | 53,602 | |
NVIDIA Corp. | 461,200 | 283,763 | |
NXP Semiconductors NV | 170,700 | 35,944 | |
Qualcomm, Inc. | 87,500 | 12,995 | |
Skyworks Solutions, Inc. | 24,800 | 2,591 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 482,500 | 54,503 | |
Universal Display Corp. | 122,650 | 20,822 | |
722,804 | |||
Software - 11.6% | |||
Intuit, Inc. | 167,000 | 105,432 | |
Microsoft Corp. | 1,414,700 | 562,458 | |
Oracle Corp. | 626,100 | 69,935 | |
737,825 | |||
Technology Hardware, Storage & Peripherals - 1.0% | |||
Apple, Inc. | 98,872 | 18,232 | |
Samsung Electronics Co. Ltd. | 805,060 | 43,745 | |
61,977 | |||
TOTAL INFORMATION TECHNOLOGY | 1,584,699 | ||
MATERIALS - 4.0% | |||
Chemicals - 0.3% | |||
Shin-Etsu Chemical Co. Ltd. | 587,000 | 23,106 | |
Metals & Mining - 3.3% | |||
Agnico Eagle Mines Ltd. (Canada) | 328,200 | 16,131 | |
Arch Resources, Inc. (c) | 255,209 | 45,162 | |
Barrick Gold Corp. | 786,247 | 12,265 | |
First Quantum Minerals Ltd. | 1,577,500 | 14,315 | |
Freeport-McMoRan, Inc. | 495,700 | 19,674 | |
Glencore PLC | 4,391,300 | 23,234 | |
Newmont Corp. | 1,012,700 | 34,948 | |
Wheaton Precious Metals Corp. | 930,400 | 43,605 | |
209,334 | |||
Paper & Forest Products - 0.4% | |||
Louisiana-Pacific Corp. | 362,100 | 24,098 | |
TOTAL MATERIALS | 256,538 | ||
REAL ESTATE - 1.6% | |||
Equity Real Estate Investment Trusts (REITs) - 1.6% | |||
American Tower Corp. | 123,400 | 24,143 | |
Crown Castle, Inc. | 348,400 | 37,714 | |
Four Corners Property Trust, Inc. | 712,300 | 16,675 | |
NNN (REIT), Inc. | 502,700 | 20,279 | |
98,811 | |||
UTILITIES - 6.6% | |||
Electric Utilities - 4.7% | |||
Constellation Energy Corp. | 336,576 | 41,062 | |
Edison International | 864,900 | 58,363 | |
Exelon Corp. | 1,029,730 | 35,845 | |
FirstEnergy Corp. | 1,637,800 | 60,075 | |
NextEra Energy, Inc. | 873,200 | 51,196 | |
Southern Co. | 804,700 | 55,943 | |
302,484 | |||
Gas Utilities - 0.2% | |||
Brookfield Infrastructure Corp. A Shares | 268,500 | 9,400 | |
Independent Power and Renewable Electricity Producers - 1.4% | |||
NextEra Energy Partners LP | 219,200 | 6,543 | |
The AES Corp. | 1,213,300 | 20,238 | |
Vistra Corp. | 1,439,450 | 59,061 | |
85,842 | |||
Multi-Utilities - 0.3% | |||
Dominion Energy, Inc. | 436,800 | 19,970 | |
TOTAL UTILITIES | 417,696 | ||
TOTAL COMMON STOCKS (Cost $4,932,922) | 6,372,737 | ||
Money Market Funds - 2.0% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.39% (e) | 7,118,503 | 7,120 | |
Fidelity Securities Lending Cash Central Fund 5.39% (e)(f) | 119,261,007 | 119,273 | |
TOTAL MONEY MARKET FUNDS (Cost $126,393) | 126,393 | ||
TOTAL INVESTMENT IN SECURITIES - 101.8% (Cost $5,059,315) | 6,499,130 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (112,628) |
NET ASSETS - 100.0% | 6,386,502 |
(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 $44,003,000 or 0.7% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Affiliated company |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 5.39% | 140,298 | 783,431 | 916,609 | 2,718 | - | - | 7,120 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 153,723 | 620,457 | 654,907 | 668 | - | - | 119,273 | 0.5% |
Total | 294,021 | 1,403,888 | 1,571,516 | 3,386 | - | - | 126,393 | |
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 ($) |
2020 Bulkers Ltd. | 13,037 | - | 31 | 897 | (10) | 3,937 | 16,933 |
Total | 13,037 | - | 31 | 897 | (10) | 3,937 | 16,933 |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 187,275 | 178,187 | 9,088 | - |
Consumer Discretionary | 100,197 | 100,197 | - | - |
Consumer Staples | 391,908 | 378,092 | 13,816 | - |
Energy | 601,572 | 601,572 | - | - |
Financials | 1,074,204 | 1,050,604 | 23,600 | - |
Health Care | 735,957 | 735,957 | - | - |
Industrials | 923,880 | 885,737 | 38,143 | - |
Information Technology | 1,584,699 | 1,515,100 | 69,599 | - |
Materials | 256,538 | 210,198 | 46,340 | - |
Real Estate | 98,811 | 98,811 | - | - |
Utilities | 417,696 | 417,696 | - | - |
Money Market Funds | 126,393 | 126,393 | - | - |
Total Investments in Securities: | 6,499,130 | 6,298,544 | 200,586 | - |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | January 31, 2024 (Unaudited) | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $114,589) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,918,220) | $ | 6,355,804 | ||
Fidelity Central Funds (cost $126,393) | 126,393 | |||
Other affiliated issuers (cost $14,702) | 16,933 | |||
Total Investment in Securities (cost $5,059,315) | $ | 6,499,130 | ||
Receivable for investments sold | 32,137 | |||
Receivable for fund shares sold | 1,176 | |||
Dividends receivable | 4,960 | |||
Distributions receivable from Fidelity Central Funds | 345 | |||
Prepaid expenses | 5 | |||
Other receivables | 352 | |||
Total assets | 6,538,105 | |||
Liabilities | ||||
Payable for investments purchased | $ | 25,374 | ||
Payable for fund shares redeemed | 3,120 | |||
Accrued management fee | 2,601 | |||
Other affiliated payables | 754 | |||
Other payables and accrued expenses | 486 | |||
Collateral on securities loaned | 119,268 | |||
Total Liabilities | 151,603 | |||
Net Assets | $ | 6,386,502 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,917,272 | ||
Total accumulated earnings (loss) | 1,469,230 | |||
Net Assets | $ | 6,386,502 | ||
Net Asset Value and Maximum Offering Price | ||||
Dividend Growth : | ||||
Net Asset Value, offering price and redemption price per share ($5,885,939 ÷ 175,612 shares) | $ | 33.52 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($500,563 ÷ 14,961 shares) | $ | 33.46 |
Statement of Operations | ||||
Amounts in thousands | Six months ended January 31, 2024 (Unaudited) | |||
Investment Income | ||||
Dividends (including $897 earned from affiliated issuers) | $ | 51,999 | ||
Income from Fidelity Central Funds (including $668 from security lending) | 3,386 | |||
Total Income | 55,385 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 15,814 | ||
Performance adjustment | 2,282 | |||
Transfer agent fees | 3,877 | |||
Accounting fees | 498 | |||
Custodian fees and expenses | 40 | |||
Independent trustees' fees and expenses | 18 | |||
Registration fees | 27 | |||
Audit | 43 | |||
Legal | 9 | |||
Interest | 2 | |||
Miscellaneous | 13 | |||
Total expenses before reductions | 22,623 | |||
Expense reductions | (265) | |||
Total expenses after reductions | 22,358 | |||
Net Investment income (loss) | 33,027 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 93,334 | |||
Affiliated issuers | (10) | |||
Foreign currency transactions | 119 | |||
Total net realized gain (loss) | 93,443 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $61) | 299,942 | |||
Affiliated issuers | 3,937 | |||
Assets and liabilities in foreign currencies | (24) | |||
Total change in net unrealized appreciation (depreciation) | 303,855 | |||
Net gain (loss) | 397,298 | |||
Net increase (decrease) in net assets resulting from operations | $ | 430,325 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 33,027 | $ | 98,453 |
Net realized gain (loss) | 93,443 | 197,006 | ||
Change in net unrealized appreciation (depreciation) | 303,855 | 259,059 | ||
Net increase (decrease) in net assets resulting from operations | 430,325 | 554,518 | ||
Distributions to shareholders | (185,920) | (658,335) | ||
Share transactions - net increase (decrease) | (78,411) | 120,909 | ||
Total increase (decrease) in net assets | 165,994 | 17,092 | ||
Net Assets | ||||
Beginning of period | 6,220,508 | 6,203,416 | ||
End of period | $ | 6,386,502 | $ | 6,220,508 |
Fidelity® Dividend Growth Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.22 | $ | 32.82 | $ | 36.80 | $ | 26.38 | $ | 29.59 | $ | 33.79 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .17 | .47 | .44 | .42 | .58 | .59 | ||||||
Net realized and unrealized gain (loss) | 2.10 | 2.26 | (1.37) | 10.59 | (2.29) | 1.01 C | ||||||
Total from investment operations | 2.27 | 2.73 | (.93) | 11.01 | (1.71) | 1.60 | ||||||
Distributions from net investment income | (.29) | (.47) | (.55) | (.59) | (.49) | (.60) | ||||||
Distributions from net realized gain | (.67) | (2.85) | (2.50) | - | (1.01) | (5.20) | ||||||
Total distributions | (.97) D | (3.33) D | (3.05) | (.59) | (1.50) | (5.80) | ||||||
Net asset value, end of period | $ | 33.52 | $ | 32.22 | $ | 32.82 | $ | 36.80 | $ | 26.38 | $ | 29.59 |
Total Return E,F | 7.28% | 9.39% | (2.83)% | 42.42% | (6.24)% | 5.38% C | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .76% I | .58% | .48% | .49% | .49% | .50% | ||||||
Expenses net of fee waivers, if any | .75% I | .58% | .47% | .49% | .49% | .50% | ||||||
Expenses net of all reductions | .75% I | .58% | .47% | .48% | .48% | .49% | ||||||
Net investment income (loss) | 1.08% I | 1.57% | 1.27% | 1.31% | 2.11% | 2.05% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 5,886 | $ | 5,711 | $ | 5,661 | $ | 6,114 | $ | 4,685 | $ | 5,728 |
Portfolio turnover rate J | 51% I | 66% K | 52% | 93% | 69% | 101% |
Fidelity® Dividend Growth Fund Class K |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 32.17 | $ | 32.77 | $ | 36.76 | $ | 26.36 | $ | 29.56 | $ | 33.76 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .18 | .50 | .47 | .44 | .61 | .63 | ||||||
Net realized and unrealized gain (loss) | 2.09 | 2.26 | (1.37) | 10.57 | (2.28) | 1.01 C | ||||||
Total from investment operations | 2.27 | 2.76 | (.90) | 11.01 | (1.67) | 1.64 | ||||||
Distributions from net investment income | (.31) | (.50) | (.59) | (.61) | (.52) | (.63) | ||||||
Distributions from net realized gain | (.67) | (2.85) | (2.50) | - | (1.01) | (5.20) | ||||||
Total distributions | (.98) | (3.36) D | (3.09) | (.61) | (1.53) | (5.84) D | ||||||
Net asset value, end of period | $ | 33.46 | $ | 32.17 | $ | 32.77 | $ | 36.76 | $ | 26.36 | $ | 29.56 |
Total Return E,F | 7.31% | 9.51% | (2.75)% | 42.53% | (6.11)% | 5.50% C | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .66% I | .49% | .38% | .39% | .39% | .40% | ||||||
Expenses net of fee waivers, if any | .65% I | .48% | .38% | .39% | .39% | .39% | ||||||
Expenses net of all reductions | .65% I | .48% | .38% | .38% | .38% | .38% | ||||||
Net investment income (loss) | 1.18% I | 1.67% | 1.36% | 1.41% | 2.22% | 2.16% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (in millions) | $ | 501 | $ | 509 | $ | 542 | $ | 807 | $ | 1,228 | $ | 1,480 |
Portfolio turnover rate J | 51% I | 66% K | 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 | $352 |
Gross unrealized appreciation | $1,599,964 |
Gross unrealized depreciation | (178,789) |
Net unrealized appreciation (depreciation) | $1,421,175 |
Tax cost | $5,077,955 |
Purchases ($) | Sales ($) | |
Fidelity Dividend Growth Fund | 1,512,150 | 1,620,029 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating Classes | ||
Fidelity Dividend Growth Fund | 5,897 | 72,578 | 188,231 | Dividend Growth |
% of Class-Level Average Net Assets | |
Dividend Growth | .1342 |
Amount | % of Class-Level Average Net AssetsA | |
Dividend Growth | $3,776 | .14 |
Class K | 101 | .04 |
$3,877 |
% of Average Net Assets | |
Fidelity Dividend Growth Fund | .0159 |
% of Average Net Assets | |
Fidelity Dividend Growth Fund | .02 |
Maximum Management Fee Rate % | |
Dividend Growth | 0.64 |
Class K | 0.55 |
Performance Adjustment Index | |
Fidelity Dividend Growth Fund | S&P 500 Index |
Amount | |
Fidelity Dividend Growth Fund | $25 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Dividend Growth Fund | Borrower | $7,265 | 5.58% | $2 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Dividend Growth Fund | 81,550 | 87,068 | 3,334 |
Amount ($) | |
Fidelity Dividend Growth Fund | 19 |
Amount | |
Fidelity Dividend Growth Fund | $5 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Dividend Growth Fund | $70 | $47 | $15 |
Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Dividend Growth Fund | ||
Distributions to shareholders | ||
Dividend Growth | $170,717 | $576,918 |
Class K | 15,203 | 81,417 |
Total | $185,920 | $658,335 |
Shares | Shares | Dollars | Dollars | |
Six months ended January 31, 2024 | Year ended July 31, 2023 | Six months ended January 31, 2024 | Year ended July 31, 2023 | |
Fidelity Dividend Growth Fund | ||||
Dividend Growth | ||||
Shares sold | 3,008 | 11,761 | $95,378 | $365,822 |
Reinvestment of distributions | 5,156 | 18,481 | 161,500 | 548,214 |
Shares redeemed | (9,818) | (25,467) | (309,891) | (772,029) |
Net increase (decrease) | (1,654) | 4,775 | $(53,013) | $142,007 |
Class K | ||||
Shares sold | 1,056 | 18,841 | $33,405 | $581,956 |
Reinvestment of distributions | 486 | 2,752 | 15,203 | 81,417 |
Shares redeemed | (2,414) | (22,314) | (74,006) | (684,471) |
Net increase (decrease) | (872) | (721) | $(25,398) | $(21,098) |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Dividend Growth Fund | ||||||||||
Fidelity® Dividend Growth Fund ** | .75% | |||||||||
Actual | $ 1,000 | $ 1,072.80 | $ 3.91 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.37 | $ 3.81 | |||||||
Class K | .65% | |||||||||
Actual | $ 1,000 | $ 1,073.10 | $ 3.39 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.87 | $ 3.30 | |||||||
Annualized Expense Ratio- A | Expenses Paid | |||||
Fidelity® Dividend Growth Fund | ||||||
Fidelity® Dividend Growth Fund | .71% | |||||
Actual | $ 3.70 | |||||
Hypothetical- B | $ 3.61 | |||||
A Annualized expense ratio reflects expenses net of applicable fee waivers. | ||||||
B 5% return per year before expenses |
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
Comcast Corp. Class A | 5.7 | |
JPMorgan Chase & Co. | 5.3 | |
Cigna Group | 5.2 | |
PG&E Corp. | 4.9 | |
Centene Corp. | 4.5 | |
Amdocs Ltd. | 4.5 | |
H&R Block, Inc. | 4.1 | |
Bank of America Corp. | 4.0 | |
Berkshire Hathaway, Inc. Class B | 3.5 | |
Samsung Electronics Co. Ltd. | 3.4 | |
45.1 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 23.1 | |
Health Care | 16.5 | |
Utilities | 10.4 | |
Information Technology | 9.8 | |
Communication Services | 8.9 | |
Consumer Staples | 8.9 | |
Energy | 8.8 | |
Industrials | 5.9 | |
Consumer Discretionary | 4.1 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Geographic Diversification (% of Fund's net assets) |
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* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 93.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 8.9% | |||
Entertainment - 3.2% | |||
The Walt Disney Co. | 240,600 | 23,109,630 | |
Media - 5.7% | |||
Comcast Corp. Class A | 887,800 | 41,318,212 | |
TOTAL COMMUNICATION SERVICES | 64,427,842 | ||
CONSUMER DISCRETIONARY - 4.1% | |||
Diversified Consumer Services - 4.1% | |||
H&R Block, Inc. | 639,320 | 29,945,749 | |
CONSUMER STAPLES - 8.9% | |||
Food Products - 3.9% | |||
Mondelez International, Inc. | 230,600 | 17,357,262 | |
Tyson Foods, Inc. Class A | 197,100 | 10,793,196 | |
28,150,458 | |||
Household Products - 1.8% | |||
Reckitt Benckiser Group PLC | 180,500 | 13,050,309 | |
Personal Care Products - 3.2% | |||
Kenvue, Inc. | 1,097,600 | 22,786,176 | |
TOTAL CONSUMER STAPLES | 63,986,943 | ||
ENERGY - 8.8% | |||
Oil, Gas & Consumable Fuels - 8.8% | |||
Exxon Mobil Corp. | 208,300 | 21,415,323 | |
Ovintiv, Inc. | 170,700 | 7,241,094 | |
Parex Resources, Inc. | 1,071,300 | 17,737,467 | |
Shell PLC ADR | 273,900 | 17,231,049 | |
63,624,933 | |||
FINANCIALS - 23.1% | |||
Banks - 15.1% | |||
Bank of America Corp. | 850,800 | 28,935,708 | |
JPMorgan Chase & Co. | 218,900 | 38,167,404 | |
PNC Financial Services Group, Inc. | 96,000 | 14,516,160 | |
U.S. Bancorp | 315,100 | 13,089,254 | |
Wells Fargo & Co. | 288,600 | 14,481,948 | |
109,190,474 | |||
Financial Services - 3.5% | |||
Berkshire Hathaway, Inc. Class B (a) | 65,300 | 25,058,222 | |
Insurance - 4.5% | |||
Chubb Ltd. | 73,500 | 18,007,500 | |
The Travelers Companies, Inc. | 69,900 | 14,774,064 | |
32,781,564 | |||
TOTAL FINANCIALS | 167,030,260 | ||
HEALTH CARE - 16.5% | |||
Health Care Providers & Services - 13.6% | |||
Centene Corp. (a) | 434,500 | 32,722,195 | |
Cigna Group | 124,300 | 37,408,085 | |
Elevance Health, Inc. | 19,500 | 9,622,080 | |
UnitedHealth Group, Inc. | 36,000 | 18,422,640 | |
98,175,000 | |||
Pharmaceuticals - 2.9% | |||
AstraZeneca PLC sponsored ADR | 188,267 | 12,546,113 | |
Roche Holding AG (participation certificate) | 30,370 | 8,646,836 | |
21,192,949 | |||
TOTAL HEALTH CARE | 119,367,949 | ||
INDUSTRIALS - 5.9% | |||
Aerospace & Defense - 1.9% | |||
Northrop Grumman Corp. | 29,800 | 13,313,448 | |
Industrial Conglomerates - 2.0% | |||
Siemens AG | 81,400 | 14,572,544 | |
Machinery - 2.0% | |||
Deere & Co. | 37,200 | 14,641,176 | |
TOTAL INDUSTRIALS | 42,527,168 | ||
INFORMATION TECHNOLOGY - 6.4% | |||
IT Services - 4.5% | |||
Amdocs Ltd. | 350,600 | 32,143,008 | |
Software - 1.9% | |||
Gen Digital, Inc. | 585,700 | 13,752,236 | |
TOTAL INFORMATION TECHNOLOGY | 45,895,244 | ||
UTILITIES - 10.4% | |||
Electric Utilities - 8.9% | |||
Constellation Energy Corp. | 117,633 | 14,351,226 | |
Edison International | 219,000 | 14,778,120 | |
PG&E Corp. | 2,081,100 | 35,108,157 | |
64,237,503 | |||
Independent Power and Renewable Electricity Producers - 1.5% | |||
The AES Corp. | 657,000 | 10,958,760 | |
TOTAL UTILITIES | 75,196,263 | ||
TOTAL COMMON STOCKS (Cost $537,654,815) | 672,002,351 | ||
Nonconvertible Preferred Stocks - 3.4% | |||
Shares | Value ($) | ||
INFORMATION TECHNOLOGY - 3.4% | |||
Technology Hardware, Storage & Peripherals - 3.4% | |||
Samsung Electronics Co. Ltd. (Cost $24,311,909) | 559,610 | 24,486,489 | |
Money Market Funds - 3.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (b) (Cost $25,538,321) | 25,533,214 | 25,538,321 | |
TOTAL INVESTMENT IN SECURITIES - 99.9% (Cost $587,505,045) | 722,027,161 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 445,824 |
NET ASSETS - 100.0% | 722,472,985 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 14,455,664 | 294,085,396 | 283,002,739 | 576,142 | - | - | 25,538,321 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.39% | 11,310,750 | 29,886,927 | 41,197,677 | 31,048 | - | - | - | 0.0% |
Total | 25,766,414 | 323,972,323 | 324,200,416 | 607,190 | - | - | 25,538,321 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 64,427,842 | 64,427,842 | - | - |
Consumer Discretionary | 29,945,749 | 29,945,749 | - | - |
Consumer Staples | 63,986,943 | 50,936,634 | 13,050,309 | - |
Energy | 63,624,933 | 63,624,933 | - | - |
Financials | 167,030,260 | 167,030,260 | - | - |
Health Care | 119,367,949 | 110,721,113 | 8,646,836 | - |
Industrials | 42,527,168 | 27,954,624 | 14,572,544 | - |
Information Technology | 70,381,733 | 45,895,244 | 24,486,489 | - |
Utilities | 75,196,263 | 75,196,263 | - | - |
Money Market Funds | 25,538,321 | 25,538,321 | - | - |
Total Investments in Securities: | 722,027,161 | 661,270,983 | 60,756,178 | - |
Statement of Assets and Liabilities | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $561,966,724) | $ | 696,488,840 | ||
Fidelity Central Funds (cost $25,538,321) | 25,538,321 | |||
Total Investment in Securities (cost $587,505,045) | $ | 722,027,161 | ||
Cash | 42,623 | |||
Receivable for fund shares sold | 442,666 | |||
Dividends receivable | 402,033 | |||
Reclaims receivable | 372,993 | |||
Distributions receivable from Fidelity Central Funds | 65,269 | |||
Prepaid expenses | 632 | |||
Other receivables | 5 | |||
Total assets | 723,353,382 | |||
Liabilities | ||||
Payable for fund shares redeemed | $ | 340,567 | ||
Accrued management fee | 377,076 | |||
Transfer agent fee payable | 101,763 | |||
Other affiliated payables | 19,050 | |||
Other payables and accrued expenses | 41,941 | |||
Total Liabilities | 880,397 | |||
Net Assets | $ | 722,472,985 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 580,584,783 | ||
Total accumulated earnings (loss) | 141,888,202 | |||
Net Assets | $ | 722,472,985 | ||
Net Asset Value, offering price and redemption price per share ($722,472,985 ÷ 29,132,014 shares) | $ | 24.80 |
Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 7,884,363 | ||
Income from Fidelity Central Funds (including $31,048 from security lending) | 607,190 | |||
Total Income | 8,491,553 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 1,872,382 | ||
Performance adjustment | 515,073 | |||
Transfer agent fees | 600,421 | |||
Accounting fees | 114,123 | |||
Custodian fees and expenses | 13,973 | |||
Independent trustees' fees and expenses | 2,112 | |||
Registration fees | 19,404 | |||
Audit | 33,696 | |||
Legal | 1,428 | |||
Miscellaneous | 1,323 | |||
Total expenses before reductions | 3,173,935 | |||
Expense reductions | (30,636) | |||
Total expenses after reductions | 3,143,299 | |||
Net Investment income (loss) | 5,348,254 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 17,833,607 | |||
Foreign currency transactions | 9,313 | |||
Total net realized gain (loss) | 17,842,920 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (8,570,314) | |||
Assets and liabilities in foreign currencies | (17,646) | |||
Total change in net unrealized appreciation (depreciation) | (8,587,960) | |||
Net gain (loss) | 9,254,960 | |||
Net increase (decrease) in net assets resulting from operations | $ | 14,603,214 |
Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 5,348,254 | $ | 9,952,789 |
Net realized gain (loss) | 17,842,920 | 5,830,795 | ||
Change in net unrealized appreciation (depreciation) | (8,587,960) | 42,743,630 | ||
Net increase (decrease) in net assets resulting from operations | 14,603,214 | 58,527,214 | ||
Distributions to shareholders | (26,427,278) | (19,890,909) | ||
Share transactions | ||||
Proceeds from sales of shares | 78,479,272 | 338,713,904 | ||
Reinvestment of distributions | 16,188,102 | 12,947,154 | ||
Cost of shares redeemed | (112,926,720) | (378,726,174) | ||
Net increase (decrease) in net assets resulting from share transactions | (18,259,346) | (27,065,116) | ||
Total increase (decrease) in net assets | (30,083,410) | 11,571,189 | ||
Net Assets | ||||
Beginning of period | 752,556,395 | 740,985,206 | ||
End of period | $ | 722,472,985 | $ | 752,556,395 |
Other Information | ||||
Shares | ||||
Sold | 3,252,974 | 14,601,230 | ||
Issued in reinvestment of distributions | 666,826 | 548,797 | ||
Redeemed | (4,687,567) | (16,401,327) | ||
Net increase (decrease) | (767,767) | (1,251,300) | ||
Fidelity® Blue Chip Value Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 25.17 | $ | 23.79 | $ | 23.11 | $ | 17.02 | $ | 19.71 | $ | 19.90 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .18 | .31 | .33 | .27 | .31 | .32 | ||||||
Net realized and unrealized gain (loss) | .36 | 1.69 | .66 | 6.03 | (2.63) | (.14) C | ||||||
Total from investment operations | .54 | 2.00 | .99 | 6.30 | (2.32) | .18 | ||||||
Distributions from net investment income | (.38) | (.26) | (.31) | (.21) | (.31) | (.29) | ||||||
Distributions from net realized gain | (.53) | (.37) | - | - | (.06) | (.09) | ||||||
Total distributions | (.91) | (.62) D | (.31) | (.21) | (.37) | (.37) D | ||||||
Net asset value, end of period | $ | 24.80 | $ | 25.17 | $ | 23.79 | $ | 23.11 | $ | 17.02 | $ | 19.71 |
Total Return E,F | 2.24% | 8.61% | 4.28% | 37.36% | (12.03)% | .99% C | ||||||
Ratios to Average Net Assets B,G,H | ||||||||||||
Expenses before reductions | .89% I | .80% | .63% | .58% | .63% | .65% | ||||||
Expenses net of fee waivers, if any | .88% I | .79% | .63% | .58% | .63% | .65% | ||||||
Expenses net of all reductions | .88% I | .79% | .63% | .58% | .61% | .65% | ||||||
Net investment income (loss) | 1.49% I | 1.32% | 1.38% | 1.35% | 1.71% | 1.67% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 722,473 | $ | 752,556 | $ | 740,985 | $ | 525,809 | $ | 375,786 | $ | 477,706 |
Portfolio turnover rate J | 41% I | 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 | $149,734,782 |
Gross unrealized depreciation | (16,512,109) |
Net unrealized appreciation (depreciation) | $133,222,673 |
Tax cost | $588,804,488 |
Purchases ($) | Sales ($) | |
Fidelity Blue Chip Value Fund | 142,249,324 | 149,208,939 |
% of Average Net Assets | |
Fidelity Blue Chip Value Fund | .0316% |
% of Average Net Assets | |
Fidelity Blue Chip Value Fund | .03 |
Maximum Management Fee Rate % | |
Fidelity Blue Chip Value Fund | .68 |
Performance Adjustment Index | |
Fidelity Blue Chip Value Fund | Russell 1000 Value Index |
Amount | |
Fidelity Blue Chip Value Fund | $ 831 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Blue Chip Value Fund | 451,060 | 7,335,262 | (189,333) |
Amount | |
Fidelity Blue Chip Value Fund | $575 |
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 | $2,642 | $- | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Blue Chip Value Fund | .88% | |||||||||
Actual | $ 1,000 | $ 1,022.40 | $ 4.47 | |||||||
Hypothetical-B | $ 1,000 | $ 1,020.71 | $ 4.47 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Contents
Top Holdings (% of Fund's net assets) | ||
NVIDIA Corp. | 11.3 | |
Microsoft Corp. | 10.2 | |
Apple, Inc. | 8.3 | |
Amazon.com, Inc. | 8.0 | |
Alphabet, Inc. Class A | 6.0 | |
Meta Platforms, Inc. Class A | 4.8 | |
Marvell Technology, Inc. | 3.9 | |
lululemon athletica, Inc. | 2.7 | |
Snap, Inc. Class A | 2.5 | |
Eli Lilly & Co. | 2.3 | |
60.0 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 41.6 | |
Consumer Discretionary | 21.7 | |
Communication Services | 16.3 | |
Health Care | 8.8 | |
Industrials | 5.1 | |
Financials | 2.4 | |
Consumer Staples | 2.0 | |
Energy | 1.6 | |
Materials | 0.3 | |
Real Estate | 0.2 | |
Asset Allocation (% of Fund's net assets) |
![]() |
Common Stocks - 98.7% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 16.1% | |||
Diversified Telecommunication Services - 0.0% | |||
Indus Towers Ltd. (a) | 724,000 | 1,933,597 | |
Entertainment - 2.7% | |||
Netflix, Inc. (a) | 359,724 | 202,923,906 | |
Roblox Corp. (a) | 171,100 | 6,640,391 | |
Roku, Inc. Class A (a) | 59,200 | 5,213,152 | |
Sea Ltd. ADR (a) | 405,475 | 15,464,817 | |
Sphere Entertainment Co. (a)(b) | 66,300 | 2,345,694 | |
Take-Two Interactive Software, Inc. (a) | 23,100 | 3,809,883 | |
The Walt Disney Co. | 59,800 | 5,743,790 | |
TKO Group Holdings, Inc. | 28,600 | 2,393,534 | |
Universal Music Group NV | 317,839 | 9,369,173 | |
253,904,340 | |||
Interactive Media & Services - 13.3% | |||
Alphabet, Inc. Class A (a) | 3,985,260 | 558,334,926 | |
Epic Games, Inc. (a)(c)(d) | 1,076 | 663,505 | |
JOYY, Inc. ADR | 1,200 | 36,792 | |
Meta Platforms, Inc. Class A | 1,153,810 | 450,147,433 | |
Pinterest, Inc. Class A (a) | 56,800 | 2,128,296 | |
Snap, Inc. Class A (a) | 14,320,900 | 227,559,101 | |
1,238,870,053 | |||
Wireless Telecommunication Services - 0.1% | |||
T-Mobile U.S., Inc. | 38,300 | 6,175,109 | |
TOTAL COMMUNICATION SERVICES | 1,500,883,099 | ||
CONSUMER DISCRETIONARY - 21.6% | |||
Automobiles - 1.3% | |||
Neutron Holdings, Inc. (a)(c)(d) | 691,699 | 24,486 | |
Rad Power Bikes, Inc. (a)(c)(d) | 110,210 | 41,880 | |
Rad Power Bikes, Inc. warrants 10/6/33 (a)(c)(d) | 74,246 | 153,689 | |
Rivian Automotive, Inc. (a)(b) | 1,022,995 | 15,662,053 | |
Tesla, Inc. (a) | 550,505 | 103,104,081 | |
118,986,189 | |||
Broadline Retail - 8.7% | |||
Alibaba Group Holding Ltd. sponsored ADR | 227,900 | 16,447,543 | |
Amazon.com, Inc. (a) | 4,811,800 | 746,791,360 | |
Dollarama, Inc. | 34,100 | 2,502,620 | |
Kohl's Corp. (b) | 206,700 | 5,324,592 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 122,400 | 8,804,232 | |
PDD Holdings, Inc. ADR (a) | 244,800 | 31,057,776 | |
810,928,123 | |||
Diversified Consumer Services - 0.1% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 123,822 | 9,492,195 | |
Hotels, Restaurants & Leisure - 2.4% | |||
Airbnb, Inc. Class A (a) | 423,900 | 61,100,946 | |
Caesars Entertainment, Inc. (a) | 366,947 | 16,097,965 | |
Chipotle Mexican Grill, Inc. (a) | 13,542 | 32,619,563 | |
Deliveroo PLC Class A (a)(e) | 265,100 | 394,754 | |
Doordash, Inc. (a) | 13,700 | 1,427,540 | |
Draftkings Holdings, Inc. (a) | 279,200 | 10,902,760 | |
Flutter Entertainment PLC (a) | 35,200 | 7,264,569 | |
Las Vegas Sands Corp. | 55,100 | 2,695,492 | |
Light & Wonder, Inc. Class A (a) | 57,400 | 4,613,812 | |
Marriott International, Inc. Class A | 62,200 | 14,911,206 | |
McDonald's Corp. | 37,100 | 10,859,912 | |
Penn Entertainment, Inc. (a) | 595,943 | 13,438,515 | |
Planet Fitness, Inc. (a)(b) | 34,500 | 2,337,720 | |
Restaurant Brands International, Inc. | 62,300 | 4,863,241 | |
Starbucks Corp. | 305,400 | 28,411,362 | |
Sweetgreen, Inc. Class A (a) | 1,144,881 | 12,227,329 | |
Yum! Brands, Inc. | 20,400 | 2,641,596 | |
226,808,282 | |||
Household Durables - 0.1% | |||
SharkNinja Hong Kong Co. Ltd. | 161,100 | 7,526,592 | |
Specialty Retail - 3.8% | |||
Abercrombie & Fitch Co. Class A (a) | 425,125 | 43,320,238 | |
American Eagle Outfitters, Inc. | 2,015,286 | 39,942,969 | |
Aritzia, Inc. (a) | 285,800 | 6,953,414 | |
Dick's Sporting Goods, Inc. | 139,300 | 20,765,451 | |
Fanatics, Inc. Class A (a)(c)(d) | 159,285 | 11,787,090 | |
Fast Retailing Co. Ltd. | 4,200 | 1,121,303 | |
Five Below, Inc. (a) | 127,084 | 22,806,495 | |
Foot Locker, Inc. | 66,600 | 1,875,456 | |
Gap, Inc. | 222,900 | 4,166,001 | |
JD Sports Fashion PLC | 325,700 | 483,135 | |
Lowe's Companies, Inc. | 413,606 | 88,031,901 | |
RH (a) | 142,704 | 36,172,610 | |
TJX Companies, Inc. | 505,700 | 47,995,987 | |
Victoria's Secret & Co. (a) | 148,100 | 3,858,005 | |
Warby Parker, Inc. (a) | 781,979 | 9,970,232 | |
Wayfair LLC Class A (a) | 280,720 | 14,106,180 | |
Williams-Sonoma, Inc. | 13,600 | 2,630,104 | |
355,986,571 | |||
Textiles, Apparel & Luxury Goods - 5.2% | |||
Compagnie Financiere Richemont SA Series A | 39,340 | 5,843,351 | |
Crocs, Inc. (a) | 167,784 | 17,026,720 | |
Deckers Outdoor Corp. (a) | 107,329 | 80,897,087 | |
Hermes International SCA | 3,601 | 7,618,976 | |
lululemon athletica, Inc. (a) | 559,374 | 253,855,109 | |
LVMH Moet Hennessy Louis Vuitton SE | 25,461 | 21,185,053 | |
NIKE, Inc. Class B | 564,813 | 57,345,464 | |
On Holding AG (a) | 288,600 | 7,665,216 | |
PVH Corp. | 262,600 | 31,580,276 | |
Ralph Lauren Corp. | 21,200 | 3,045,804 | |
Tory Burch LLC (a)(c)(d)(f) | 106,817 | 3,463,007 | |
489,526,063 | |||
TOTAL CONSUMER DISCRETIONARY | 2,019,254,015 | ||
CONSUMER STAPLES - 2.0% | |||
Beverages - 0.6% | |||
Celsius Holdings, Inc. (a)(b) | 844,345 | 42,132,816 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 7,500 | 1,838,100 | |
PepsiCo, Inc. | 47,400 | 7,988,322 | |
51,959,238 | |||
Consumer Staples Distribution & Retail - 0.8% | |||
Costco Wholesale Corp. | 6,100 | 4,238,768 | |
Dollar Tree, Inc. (a) | 160,600 | 20,977,572 | |
Maplebear, Inc.: | |||
(NASDAQ) (b) | 19,800 | 484,506 | |
(unlisted) (k) | 45,065 | 1,047,604 | |
Target Corp. | 126,800 | 17,635,344 | |
Walmart, Inc. | 169,900 | 28,075,975 | |
72,459,769 | |||
Food Products - 0.2% | |||
Lamb Weston Holdings, Inc. | 73,700 | 7,549,828 | |
Patanjali Foods Ltd. | 203,300 | 3,887,166 | |
The Hershey Co. | 19,900 | 3,851,446 | |
The Real Good Food Co., Inc. (a)(b) | 49,300 | 57,188 | |
Tyson Foods, Inc. Class A | 54,400 | 2,978,944 | |
18,324,572 | |||
Household Products - 0.2% | |||
Procter & Gamble Co. | 93,500 | 14,692,590 | |
The Clorox Co. | 10,900 | 1,583,225 | |
16,275,815 | |||
Personal Care Products - 0.2% | |||
Estee Lauder Companies, Inc. Class A | 69,500 | 9,173,305 | |
Kenvue, Inc. | 515,800 | 10,708,008 | |
Oddity Tech Ltd. (b) | 41,924 | 1,731,461 | |
21,612,774 | |||
Tobacco - 0.0% | |||
JUUL Labs, Inc. Class B (a)(c)(d) | 2,450 | 2,622 | |
Philip Morris International, Inc. | 46,700 | 4,242,695 | |
4,245,317 | |||
TOTAL CONSUMER STAPLES | 184,877,485 | ||
ENERGY - 1.6% | |||
Energy Equipment & Services - 0.0% | |||
Secure Energy Services, Inc. | 319,400 | 2,449,339 | |
Oil, Gas & Consumable Fuels - 1.6% | |||
Cameco Corp. | 135,000 | 6,445,498 | |
Cheniere Energy, Inc. | 41,500 | 6,805,585 | |
Diamondback Energy, Inc. | 161,000 | 24,752,140 | |
EOG Resources, Inc. | 248,900 | 28,322,331 | |
Exxon Mobil Corp. | 188,400 | 19,369,404 | |
Hess Corp. | 153,800 | 21,613,514 | |
Northern Oil & Gas, Inc. | 54,100 | 1,812,350 | |
Occidental Petroleum Corp. | 282,300 | 16,252,011 | |
Reliance Industries Ltd. | 634,849 | 21,801,795 | |
Reliance Industries Ltd. GDR (e) | 24,800 | 1,721,120 | |
148,895,748 | |||
TOTAL ENERGY | 151,345,087 | ||
FINANCIALS - 2.4% | |||
Banks - 0.1% | |||
Citigroup, Inc. | 132,000 | 7,414,440 | |
Capital Markets - 0.2% | |||
Coinbase Global, Inc. (a)(b) | 26,700 | 3,422,940 | |
Goldman Sachs Group, Inc. | 12,700 | 4,876,927 | |
Morgan Stanley | 55,800 | 4,867,992 | |
13,167,859 | |||
Consumer Finance - 0.3% | |||
American Express Co. | 158,600 | 31,837,364 | |
Financial Services - 1.7% | |||
Ant International Co. Ltd. Class C (c)(d) | 784,278 | 1,419,543 | |
Berkshire Hathaway, Inc. Class B (a) | 5,300 | 2,033,822 | |
Block, Inc. Class A (a) | 340,800 | 22,155,408 | |
Jio Financial Services Ltd. | 726,649 | 2,168,628 | |
MasterCard, Inc. Class A | 226,100 | 101,570,903 | |
Visa, Inc. Class A | 88,500 | 24,183,510 | |
153,531,814 | |||
Insurance - 0.1% | |||
Progressive Corp. | 66,600 | 11,871,450 | |
The Travelers Companies, Inc. | 4,800 | 1,014,528 | |
12,885,978 | |||
TOTAL FINANCIALS | 218,837,455 | ||
HEALTH CARE - 8.7% | |||
Biotechnology - 1.5% | |||
Alnylam Pharmaceuticals, Inc. (a) | 91,881 | 15,887,144 | |
Amgen, Inc. | 21,200 | 6,662,312 | |
Apogee Therapeutics, Inc. | 51,300 | 1,718,550 | |
Ascendis Pharma A/S sponsored ADR (a) | 145,496 | 18,904,295 | |
Cibus, Inc. (a) | 79,299 | 1,328,258 | |
Gilead Sciences, Inc. | 45,900 | 3,592,134 | |
Legend Biotech Corp. ADR (a) | 16,400 | 902,984 | |
Moderna, Inc. (a) | 15,300 | 1,546,065 | |
Moonlake Immunotherapeutics (a)(b) | 81,300 | 4,543,044 | |
Regeneron Pharmaceuticals, Inc. (a) | 69,200 | 65,240,376 | |
Vertex Pharmaceuticals, Inc. (a) | 53,000 | 22,969,140 | |
Viking Therapeutics, Inc. (a) | 103,000 | 2,486,420 | |
145,780,722 | |||
Health Care Equipment & Supplies - 1.3% | |||
Blink Health LLC Series A1 (a)(c)(d) | 6,283 | 298,505 | |
Boston Scientific Corp. (a) | 532,100 | 33,660,646 | |
DexCom, Inc. (a) | 358,760 | 43,535,526 | |
Glaukos Corp. (a) | 21,200 | 1,887,436 | |
Inspire Medical Systems, Inc. (a) | 34,000 | 7,169,580 | |
Insulet Corp. (a) | 58,398 | 11,146,426 | |
Intuitive Surgical, Inc. (a) | 7,800 | 2,950,116 | |
RxSight, Inc. (a) | 12,600 | 573,426 | |
Shockwave Medical, Inc. (a) | 1,433 | 324,216 | |
Stryker Corp. | 47,800 | 16,035,944 | |
TransMedics Group, Inc. (a) | 18,800 | 1,612,476 | |
119,194,297 | |||
Health Care Providers & Services - 2.0% | |||
Alignment Healthcare, Inc. (a) | 145,747 | 976,505 | |
Guardant Health, Inc. (a) | 278,209 | 6,101,123 | |
Humana, Inc. | 45,500 | 17,201,730 | |
McKesson Corp. | 3,800 | 1,899,582 | |
Surgery Partners, Inc. (a) | 54,700 | 1,678,743 | |
UnitedHealth Group, Inc. | 311,500 | 159,407,010 | |
187,264,693 | |||
Health Care Technology - 0.0% | |||
MultiPlan Corp. warrants (a)(c) | 24,206 | 1 | |
Life Sciences Tools & Services - 0.4% | |||
Danaher Corp. | 108,700 | 26,078,217 | |
Thermo Fisher Scientific, Inc. | 19,000 | 10,240,620 | |
36,318,837 | |||
Pharmaceuticals - 3.5% | |||
Catalent, Inc. (a) | 18,800 | 970,832 | |
Eli Lilly & Co. | 337,579 | 217,944,378 | |
Novo Nordisk A/S: | |||
Series B | 57,400 | 6,561,076 | |
Series B sponsored ADR | 360,200 | 41,329,348 | |
Pharvaris BV (a) | 31,900 | 953,810 | |
Roche Holding AG (participation certificate) | 10,650 | 3,032,229 | |
Zoetis, Inc. Class A | 301,179 | 56,564,428 | |
327,356,101 | |||
TOTAL HEALTH CARE | 815,914,651 | ||
INDUSTRIALS - 4.4% | |||
Aerospace & Defense - 1.0% | |||
Airbus Group NV | 24,100 | 3,838,790 | |
BAE Systems PLC | 72,876 | 1,087,027 | |
Howmet Aerospace, Inc. | 163,900 | 9,221,014 | |
L3Harris Technologies, Inc. | 26,700 | 5,564,814 | |
Northrop Grumman Corp. | 9,600 | 4,288,896 | |
Space Exploration Technologies Corp.: | |||
Class A (a)(c)(d) | 227,030 | 22,021,910 | |
Class C (a)(c)(d) | 6,860 | 665,420 | |
Spirit AeroSystems Holdings, Inc. Class A (a)(b) | 79,300 | 2,177,578 | |
The Boeing Co. (a) | 170,100 | 35,897,904 | |
TransDigm Group, Inc. | 5,400 | 5,900,472 | |
90,663,825 | |||
Air Freight & Logistics - 0.1% | |||
Delhivery Private Ltd. (a) | 294,700 | 1,597,410 | |
FedEx Corp. | 27,700 | 6,683,733 | |
8,281,143 | |||
Commercial Services & Supplies - 0.1% | |||
ACV Auctions, Inc. Class A (a) | 381,800 | 4,951,946 | |
Construction & Engineering - 0.0% | |||
Comfort Systems U.S.A., Inc. | 4,500 | 978,615 | |
EMCOR Group, Inc. | 4,300 | 980,873 | |
1,959,488 | |||
Electrical Equipment - 0.1% | |||
Eaton Corp. PLC | 49,300 | 12,131,744 | |
Generac Holdings, Inc. (a) | 11,800 | 1,341,306 | |
13,473,050 | |||
Ground Transportation - 2.7% | |||
Bird Global, Inc.: | |||
Stage 1 rights (a)(d) | 549 | 0 | |
Stage 2 rights (a)(d) | 549 | 0 | |
Stage 3 rights (a)(d) | 549 | 0 | |
Canadian Pacific Kansas City Ltd. | 21,500 | 1,730,105 | |
Lyft, Inc. (a) | 4,005,389 | 50,027,309 | |
Uber Technologies, Inc. (a) | 3,139,875 | 204,939,641 | |
256,697,055 | |||
Industrial Conglomerates - 0.1% | |||
General Electric Co. | 70,700 | 9,362,094 | |
Passenger Airlines - 0.1% | |||
Alaska Air Group, Inc. (a) | 67,800 | 2,429,274 | |
Delta Air Lines, Inc. | 23,400 | 915,876 | |
Southwest Airlines Co. | 126,900 | 3,793,041 | |
7,138,191 | |||
Trading Companies & Distributors - 0.2% | |||
Ferguson PLC | 9,800 | 1,841,028 | |
FTAI Aviation Ltd. | 330,600 | 17,835,870 | |
Xometry, Inc. (a)(b) | 51,800 | 1,666,924 | |
21,343,822 | |||
TOTAL INDUSTRIALS | 413,870,614 | ||
INFORMATION TECHNOLOGY - 41.4% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 21,600 | 5,587,488 | |
IT Services - 0.5% | |||
MongoDB, Inc. Class A (a) | 37,880 | 15,171,698 | |
Okta, Inc. (a) | 295,700 | 24,439,605 | |
Shopify, Inc. Class A (a) | 66,800 | 5,347,677 | |
Snowflake, Inc. (a) | 24,400 | 4,773,616 | |
49,732,596 | |||
Semiconductors & Semiconductor Equipment - 19.6% | |||
Advanced Micro Devices, Inc. (a) | 231,419 | 38,806,652 | |
ASML Holding NV (depository receipt) | 13,500 | 11,742,570 | |
Broadcom, Inc. | 3,800 | 4,484,000 | |
GlobalFoundries, Inc. (a) | 930,860 | 51,178,683 | |
Impinj, Inc. (a) | 49,400 | 4,790,812 | |
Marvell Technology, Inc. | 5,397,495 | 365,410,412 | |
Micron Technology, Inc. | 65,200 | 5,590,900 | |
Monolithic Power Systems, Inc. | 36,500 | 21,999,280 | |
NVIDIA Corp. | 1,720,696 | 1,058,692,630 | |
NXP Semiconductors NV | 715,353 | 150,631,881 | |
ON Semiconductor Corp. (a) | 771,400 | 54,869,682 | |
Qualcomm, Inc. | 9,500 | 1,410,845 | |
Synaptics, Inc. (a) | 11,200 | 1,196,272 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 377,500 | 42,642,400 | |
Teradyne, Inc. | 195,500 | 18,883,345 | |
Xsight Labs Ltd. warrants 1/11/34 (a)(c)(d) | 15,421 | 27,912 | |
1,832,358,276 | |||
Software - 12.8% | |||
Adobe, Inc. (a) | 19,600 | 12,108,488 | |
Atom Tickets LLC (a)(c)(d)(f) | 344,068 | 3 | |
Bill Holdings, Inc. (a)(b) | 119,800 | 9,350,390 | |
Cadence Design Systems, Inc. (a) | 3,400 | 980,764 | |
CoreWeave, Inc. (c)(d) | 26,920 | 8,341,431 | |
Datadog, Inc. Class A (a) | 86,900 | 10,813,836 | |
HubSpot, Inc. (a) | 54,892 | 33,539,012 | |
Intuit, Inc. | 47,900 | 30,240,707 | |
Microsoft Corp. | 2,394,500 | 952,005,310 | |
Oracle Corp. | 56,500 | 6,311,050 | |
Palo Alto Networks, Inc. (a) | 3,700 | 1,252,487 | |
Salesforce, Inc. (a) | 324,270 | 91,149,054 | |
ServiceNow, Inc. (a) | 28,823 | 22,061,124 | |
Stripe, Inc. Class B (a)(c)(d) | 19,900 | 487,948 | |
Tanium, Inc. Class B (a)(c)(d) | 151,000 | 1,343,900 | |
Zoom Video Communications, Inc. Class A (a) | 143,400 | 9,265,074 | |
1,189,250,578 | |||
Technology Hardware, Storage & Peripherals - 8.4% | |||
Apple, Inc. | 4,191,036 | 772,827,038 | |
Dell Technologies, Inc. | 142,100 | 11,777,248 | |
784,604,286 | |||
TOTAL INFORMATION TECHNOLOGY | 3,861,533,224 | ||
MATERIALS - 0.3% | |||
Chemicals - 0.0% | |||
Linde PLC | 12,900 | 5,222,307 | |
Metals & Mining - 0.3% | |||
ATI, Inc. (a) | 122,000 | 4,986,140 | |
Carpenter Technology Corp. | 94,800 | 5,838,732 | |
Freeport-McMoRan, Inc. | 394,300 | 15,649,767 | |
26,474,639 | |||
TOTAL MATERIALS | 31,696,946 | ||
REAL ESTATE - 0.2% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Digital Realty Trust, Inc. | 13,700 | 1,924,302 | |
Prologis, Inc. | 6,000 | 760,140 | |
Welltower, Inc. | 112,000 | 9,689,120 | |
12,373,562 | |||
Real Estate Management & Development - 0.1% | |||
Zillow Group, Inc. Class C (a) | 158,700 | 9,020,508 | |
TOTAL REAL ESTATE | 21,394,070 | ||
TOTAL COMMON STOCKS (Cost $4,208,052,985) | 9,219,606,646 | ||
Preferred Stocks - 1.3% | |||
Shares | Value ($) | ||
Convertible Preferred Stocks - 1.2% | |||
COMMUNICATION SERVICES - 0.2% | |||
Interactive Media & Services - 0.2% | |||
ByteDance Ltd. Series E1 (a)(c)(d) | 37,119 | 8,208,124 | |
Reddit, Inc.: | |||
Series B(a)(c)(d) | 129,280 | 4,184,794 | |
Series E(a)(c)(d) | 5,005 | 162,012 | |
12,554,930 | |||
CONSUMER DISCRETIONARY - 0.1% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc.: | |||
Series A(a)(c)(d) | 14,368 | 5,460 | |
Series C(a)(c)(d) | 56,537 | 36,749 | |
42,209 | |||
Hotels, Restaurants & Leisure - 0.1% | |||
MOD Super Fast Pizza Holdings LLC: | |||
Series 3(a)(c)(d)(f) | 22,518 | 5,368,506 | |
Series 4(a)(c)(d)(f) | 2,055 | 465,766 | |
Series 5(a)(c)(d)(f) | 8,253 | 1,743,446 | |
7,577,718 | |||
TOTAL CONSUMER DISCRETIONARY | 7,619,927 | ||
CONSUMER STAPLES - 0.0% | |||
Consumer Staples Distribution & Retail - 0.0% | |||
GoBrands, Inc. Series G (a)(c)(d) | 19,600 | 899,248 | |
Food Products - 0.0% | |||
AgBiome LLC Series C (a)(c)(d) | 266,499 | 3 | |
Tobacco - 0.0% | |||
JUUL Labs, Inc.: | |||
Series C(a)(c)(d) | 660,029 | 706,231 | |
Series D(a)(c)(d) | 5,110 | 5,468 | |
711,699 | |||
TOTAL CONSUMER STAPLES | 1,610,950 | ||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Akeana Series C (c)(d) | 65,000 | 829,452 | |
HEALTH CARE - 0.0% | |||
Biotechnology - 0.0% | |||
Castle Creek Biosciences, Inc.: | |||
Series B(a)(c)(d) | 1,069 | 210,080 | |
Series D2(a)(c)(d) | 642 | 120,741 | |
330,821 | |||
Health Care Equipment & Supplies - 0.0% | |||
Blink Health LLC Series C (a)(c)(d) | 27,197 | 1,292,129 | |
TOTAL HEALTH CARE | 1,622,950 | ||
INDUSTRIALS - 0.7% | |||
Aerospace & Defense - 0.7% | |||
Space Exploration Technologies Corp.: | |||
Series G(a)(c)(d) | 43,447 | 42,143,590 | |
Series H(a)(c)(d) | 6,348 | 6,157,560 | |
Series J(c)(d) | 5,376 | 5,214,720 | |
Series N(a)(c)(d) | 12,799 | 12,415,030 | |
65,930,900 | |||
Construction & Engineering - 0.0% | |||
Beta Technologies, Inc. Series A (a)(c)(d) | 12,033 | 1,152,521 | |
TOTAL INDUSTRIALS | 67,083,421 | ||
INFORMATION TECHNOLOGY - 0.2% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
Enevate Corp. Series E (a)(c)(d) | 1,441,706 | 1,211,033 | |
Semiconductors & Semiconductor Equipment - 0.0% | |||
Retym, Inc. Series C (c)(d) | 168,905 | 1,417,113 | |
Xsight Labs Ltd.: | |||
Series D(a)(c)(d) | 140,500 | 722,170 | |
Series D1(c)(d) | 51,402 | 382,945 | |
2,522,228 | |||
Software - 0.2% | |||
Bolt Technology OU Series E (a)(c)(d) | 18,160 | 2,061,660 | |
Databricks, Inc.: | |||
Series G(a)(c)(d) | 51,900 | 3,992,148 | |
Series I(c)(d) | 1,191 | 91,612 | |
Dataminr, Inc. Series D (a)(c)(d) | 115,901 | 1,401,243 | |
Delphix Corp. Series D (a)(c)(d) | 242,876 | 1,126,945 | |
Moloco, Inc. Series A (c)(d) | 19,537 | 999,904 | |
Stripe, Inc.: | |||
Series H(a)(c)(d) | 8,700 | 213,324 | |
Series I(c)(d) | 135,124 | 3,313,240 | |
13,200,076 | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Lightmatter, Inc.: | |||
Series C(c)(d) | 77,697 | 1,698,456 | |
Series C2(c)(d) | 12,204 | 317,182 | |
2,015,638 | |||
TOTAL INFORMATION TECHNOLOGY | 18,948,975 | ||
MATERIALS - 0.0% | |||
Metals & Mining - 0.0% | |||
Diamond Foundry, Inc. Series C (a)(c)(d) | 125,000 | 3,130,000 | |
TOTAL CONVERTIBLE PREFERRED STOCKS | 113,400,605 | ||
Nonconvertible Preferred Stocks - 0.1% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc. Series 1C (a)(c)(d) | 12,405,800 | 439,165 | |
Waymo LLC Series A2 (a)(c)(d) | 15,200 | 795,568 | |
1,234,733 | |||
HEALTH CARE - 0.1% | |||
Biotechnology - 0.1% | |||
Castle Creek Biosciences, Inc. Series A4 (a)(c)(d) | 9,636 | 1,964,106 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 3,198,839 | ||
TOTAL PREFERRED STOCKS (Cost $65,248,368) | 116,599,444 | ||
Corporate Bonds - 0.0% | |||
Principal Amount (g) | Value ($) | ||
Convertible Bonds - 0.0% | |||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Neutron Holdings, Inc.: | |||
4% 5/22/27(c)(d) | 433,800 | 644,280 | |
4% 6/12/27(c)(d) | 115,200 | 171,095 | |
815,375 | |||
Nonconvertible Bonds - 0.0% | |||
FINANCIALS - 0.0% | |||
Financial Services - 0.0% | |||
Ant International Co. Ltd. 3.55% 8/14/24 (c)(d) | 1,081,153 | 1,082,558 | |
TOTAL CORPORATE BONDS (Cost $1,630,153) | 1,897,933 | ||
Preferred Securities - 0.0% | |||
Principal Amount (g) | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Rad Power Bikes, Inc. 8% 12/31/25 (c)(d) | 74,246 | 131,710 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Electronic Equipment, Instruments & Components - 0.0% | |||
Enevate Corp. 6% (c)(d)(h) | 74,970 | 78,393 | |
TOTAL PREFERRED SECURITIES (Cost $149,216) | 210,103 | ||
Money Market Funds - 0.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.39% (i) | 259 | 259 | |
Fidelity Securities Lending Cash Central Fund 5.39% (i)(j) | 60,135,851 | 60,141,864 | |
TOTAL MONEY MARKET FUNDS (Cost $60,142,123) | 60,142,123 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $4,335,222,845) | 9,398,456,249 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (61,324,213) |
NET ASSETS - 100.0% | 9,337,132,036 |
(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 $169,450,332 or 1.8% 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 $2,115,874 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) | Security is perpetual in nature with no stated maturity date. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
(k) | Equity security is subject to lock-up or market standoff agreement and valued at a discount to the market price of the equivalent equity security. As of period end, the total fair value of equity securities discounted due to contractual sale restrictions is $1,047,604 and all restrictions are set to expire on or before June 30, 2024. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
AgBiome LLC Series C | 6/29/18 | 1,687,925 |
Akeana Series C | 1/23/24 | 829,452 |
Ant International Co. Ltd. Class C | 5/16/18 | 2,989,179 |
Ant International Co. Ltd. 3.55% 8/14/24 | 8/14/23 | 1,081,153 |
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 A4 | 9/29/16 | 3,185,523 |
Castle Creek Biosciences, Inc. Series B | 10/09/18 | 440,268 |
Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 110,200 |
CoreWeave, Inc. | 11/29/23 | 8,341,431 |
Databricks, Inc. Series G | 2/01/21 | 3,068,465 |
Databricks, Inc. Series I | 9/14/23 | 87,539 |
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 |
Enevate Corp. 6% | 11/02/23 | 74,970 |
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 |
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 |
Lightmatter, Inc. Series C2 | 12/18/23 | 317,326 |
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. warrants 10/6/33 | 10/06/23 | 0 |
Rad Power Bikes, Inc. Series A | 1/21/21 | 69,309 |
Rad Power Bikes, Inc. Series C | 1/21/21 | 272,725 |
Rad Power Bikes, Inc. 8% 12/31/25 | 10/06/23 | 74,246 |
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 - 9/07/23 | 3,949,239 |
Space Exploration Technologies Corp. Series H | 8/04/17 | 856,980 |
Space Exploration Technologies Corp. Series J | 9/07/23 | 4,354,560 |
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. warrants 1/11/34 | 1/11/24 | 0 |
Xsight Labs Ltd. Series D | 2/16/21 | 1,123,438 |
Xsight Labs Ltd. Series D1 | 1/11/24 | 411,010 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.39% | 5,676,177 | 506,110,928 | 511,786,846 | 1,045,162 | - | - | 259 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 97,203,814 | 500,204,883 | 537,266,833 | 123,923 | - | - | 60,141,864 | 0.2% |
Total | 102,879,991 | 1,006,315,811 | 1,049,053,679 | 1,169,085 | - | - | 60,142,123 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 1,513,438,029 | 1,488,916,824 | 11,302,770 | 13,218,435 |
Consumer Discretionary | 2,028,108,675 | 1,975,634,156 | 28,149,707 | 24,324,812 |
Consumer Staples | 186,488,435 | 179,940,093 | 4,934,770 | 1,613,572 |
Energy | 151,345,087 | 129,543,292 | 21,801,795 | - |
Financials | 219,666,907 | 215,249,284 | 2,168,628 | 2,248,995 |
Health Care | 819,501,707 | 806,022,840 | 9,593,306 | 3,885,561 |
Industrials | 480,954,035 | 385,747,084 | 5,436,200 | 89,770,751 |
Information Technology | 3,880,482,199 | 3,851,332,030 | - | 29,150,169 |
Materials | 34,826,946 | 31,696,946 | - | 3,130,000 |
Real Estate | 21,394,070 | 21,394,070 | - | - |
Corporate Bonds | 1,897,933 | - | - | 1,897,933 |
Preferred Securities | 210,103 | - | - | 210,103 |
Money Market Funds | 60,142,123 | 60,142,123 | - | - |
Total Investments in Securities: | 9,398,456,249 | 9,145,618,742 | 83,387,176 | 169,450,331 |
Investments in Securities: | |||
Beginning Balance | $ | 153,420,248 | |
Net Realized Gain (Loss) on Investment Securities | (1,444,675) | ||
Net Unrealized Gain (Loss) on Investment Securities | 7,122,288 | ||
Cost of Purchases | 16,243,037 | ||
Proceeds of Sales | (1,544,504) | ||
Amortization/Accretion | - | ||
Transfers into Level 3 | - | ||
Transfers out of Level 3 | (4,346,063) | ||
Ending Balance | $ | 169,450,331 | |
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2024 | $ | 7,122,288 | |
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |
Consolidated Statement of Assets and Liabilities | ||||
January 31, 2024 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $57,673,290) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,275,080,722) | $ | 9,338,314,126 | ||
Fidelity Central Funds (cost $60,142,123) | 60,142,123 | |||
Total Investment in Securities (cost $4,335,222,845) | $ | 9,398,456,249 | ||
Cash | 2,872 | |||
Foreign currency held at value (cost $147,897) | 148,022 | |||
Receivable for investments sold | 277,442,835 | |||
Receivable for fund shares sold | 5,500,395 | |||
Dividends receivable | 1,905,764 | |||
Interest receivable | 97,897 | |||
Distributions receivable from Fidelity Central Funds | 167,883 | |||
Other receivables | 672 | |||
Total assets | 9,683,722,589 | |||
Liabilities | ||||
Payable for investments purchased | $ | 24,608,539 | ||
Payable for fund shares redeemed | 254,121,620 | |||
Notes payable to affiliates | 5,875,000 | |||
Other payables and accrued expenses | 1,854,969 | |||
Collateral on securities loaned | 60,130,425 | |||
Total Liabilities | 346,590,553 | |||
Net Assets | $ | 9,337,132,036 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,312,411,779 | ||
Total accumulated earnings (loss) | 5,024,720,257 | |||
Net Assets | $ | 9,337,132,036 | ||
Net Asset Value, offering price and redemption price per share ($9,337,132,036 ÷ 581,325,328 shares) | $ | 16.06 |
Consolidated Statement of Operations | ||||
Six months ended January 31, 2024 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 20,876,221 | ||
Interest | 28,566 | |||
Income from Fidelity Central Funds (including $123,923 from security lending) | 1,169,085 | |||
Total Income | 22,073,872 | |||
Expenses | ||||
Custodian fees and expenses | $ | 61,187 | ||
Independent trustees' fees and expenses | 25,305 | |||
Legal | 8,982 | |||
Interest | 205,377 | |||
Miscellaneous | (759) | |||
Total Expenses | 300,092 | |||
Net Investment income (loss) | 21,773,780 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers (net of foreign taxes of $228,708) | 230,049,494 | |||
Foreign currency transactions | 27,837 | |||
Total net realized gain (loss) | 230,077,331 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers(net of increase in deferred foreign taxes of $171,254) | 637,431,943 | |||
Assets and liabilities in foreign currencies | (38,689) | |||
Total change in net unrealized appreciation (depreciation) | 637,393,254 | |||
Net gain (loss) | 867,470,585 | |||
Net increase (decrease) in net assets resulting from operations | $ | 889,244,365 |
Consolidated Statement of Changes in Net Assets | ||||
Six months ended January 31, 2024 (Unaudited) | Year ended July 31, 2023 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 21,773,780 | $ | 50,535,378 |
Net realized gain (loss) | 230,077,331 | (20,293,200) | ||
Change in net unrealized appreciation (depreciation) | 637,393,254 | 2,175,349,626 | ||
Net increase (decrease) in net assets resulting from operations | 889,244,365 | 2,205,591,804 | ||
Distributions to shareholders | (50,271,974) | (244,959,359) | ||
Share transactions | ||||
Proceeds from sales of shares | 837,161,753 | 2,616,003,821 | ||
Reinvestment of distributions | 50,271,974 | 244,959,359 | ||
Cost of shares redeemed | (1,249,693,169) | (3,086,112,083) | ||
Net increase (decrease) in net assets resulting from share transactions | (362,259,442) | (225,148,903) | ||
Total increase (decrease) in net assets | 476,712,949 | 1,735,483,542 | ||
Net Assets | ||||
Beginning of period | 8,860,419,087 | 7,124,935,545 | ||
End of period | $ | 9,337,132,036 | $ | 8,860,419,087 |
Other Information | ||||
Shares | ||||
Sold | 57,763,195 | 241,750,189 | ||
Issued in reinvestment of distributions | 3,456,580 | 21,469,993 | ||
Redeemed | (83,085,842) | (254,587,125) | ||
Net increase (decrease) | (21,866,067) | 8,633,057 | ||
Fidelity® Series Blue Chip Growth Fund |
Six months ended (Unaudited) January 31, 2024 | Years ended July 31, 2023 | 2022 | 2021 | 2020 | 2019 | |||||||
Selected Per-Share Data | ||||||||||||
Net asset value, beginning of period | $ | 14.69 | $ | 11.98 | $ | 19.34 | $ | 19.25 | $ | 15.57 | $ | 15.90 |
Income from Investment Operations | ||||||||||||
Net investment income (loss) A,B | .04 | .07 | .07 | .06 | .09 | .10 | ||||||
Net realized and unrealized gain (loss) | 1.41 | 3.03 | (3.37) | 6.76 | 5.30 | 1.58 | ||||||
Total from investment operations | 1.45 | 3.10 | (3.30) | 6.82 | 5.39 | 1.68 | ||||||
Distributions from net investment income | (.08) | (.06) | (.05) | (.10) | (.11) | (.12) | ||||||
Distributions from net realized gain | - | (.33) | (4.00) | (6.63) | (1.60) | (1.89) | ||||||
Total distributions | (.08) | (.39) | (4.06) C | (6.73) | (1.71) | (2.01) | ||||||
Net asset value, end of period | $ | 16.06 | $ | 14.69 | $ | 11.98 | $ | 19.34 | $ | 19.25 | $ | 15.57 |
Total Return D,E | 9.96% | 26.84% | (22.51)% | 46.98% | 39.00% | 11.85% | ||||||
Ratios to Average Net Assets B,F,G | ||||||||||||
Expenses before reductions | .01% H,I | -% J | -% J | -% J | -% J | -% J | ||||||
Expenses net of fee waivers, if any | .01% H,I | -% J | -% J | -% J | -% J | -% J | ||||||
Expenses net of all reductions | .01% H,I | -% J | -% J | -% J | -% J | -% J | ||||||
Net investment income (loss) | .50% H,I | .64% | .45% | .31% | .59% | .71% | ||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000 omitted) | $ | 9,337,132 | $ | 8,860,419 | $ | 7,124,936 | $ | 6,279,875 | $ | 5,789,434 | $ | 5,846,965 |
Portfolio turnover rate K | 23% H | 38% | 48% | 53% | 52% L | 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 | $167,342,295 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.5 - 18.5 / 15.0 | Increase |
Enterprise value/Revenue multiple (EV/R) | 1.0 - 30.8 / 6.3 | Increase | |||
Market approach | Transaction price | $1.11 - $215.03 / $93.78 | Increase | ||
Discount rate | 30.0% - 42.5% / 35.0% | Decrease | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.0% - 4.4% / 4.1% | Increase | ||
Volatility | 55.0% - 100.0% / 72.8% | Increase | |||
Term | 1.9 - 5.0 / 3.3 | Increase | |||
Book value | Book value multiple | 1.8 | Increase | ||
Corporate Bonds | $1,897,933 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.8 | Increase |
Discounted cash flow | Discount rate | 3.5% | Decrease | ||
Preferred Securities | $210,103 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 | Increase |
Market approach | Transaction price | $100.00 | Increase | ||
Discount rate | 35.4% | Decrease | |||
Probability rate | 40.0% - 60.0% / 50.0% | Increase | |||
Recovery value | Recovery value | $0.00 | Increase | ||
Black scholes | Discount rate | 4.2% - 4.4% / 4.3% | Increase | ||
Volatility | 60.0% - 100.0% / 74.9% | Increase | |||
Term | 1.9 - 3.0 / 2.3 | Increase |
Gross unrealized appreciation | $5,219,697,924 |
Gross unrealized depreciation | (208,842,204) |
Net unrealized appreciation (depreciation) | $5,010,855,720 |
Tax cost | $4,387,600,529 |
Short-term | $(205,565,600) |
Long-term | - |
Total capital loss carryforward | $(205,565,600) |
$ Amount | % of Net Assets | |
Fidelity Series Blue Chip Growth Fund | 11,040,728 | .12 |
Purchases ($) | Sales ($) | |
Fidelity Series Blue Chip Growth Fund | 989,314,388 | 1,369,988,641 |
Amount | |
Fidelity Series Blue Chip Growth Fund | $ 18,186 |
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Blue Chip Growth Fund | Borrower | $ 102,056,077 | 5.57% | $205,377 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Series Blue Chip Growth Fund | 63,305,493 | 50,627,877 | 5,388,494 |
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 | $13,235 | $13,553 | $- |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Annualized Expense Ratio- A | Beginning Account Value August 1, 2023 | Ending Account Value January 31, 2024 | Expenses Paid During Period- C August 1, 2023 to January 31, 2024 | |||||||
Fidelity® Series Blue Chip Growth Fund | .01% | |||||||||
Actual | $ 1,000 | $ 1,099.60 | $ .05 | |||||||
Hypothetical-B | $ 1,000 | $ 1,025.09 | $ .05 | |||||||
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Securities Fund’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that
material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Securities Fund
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | March 21, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | March 21, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | March 21, 2024 |