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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Fidelity® OTC Portfolio
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
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. |
Showing Percentage of Net Assets
| 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 |
Any values shown as $0 in the Consolidated Schedule of Investments may reflect amounts less than $500.
Legend
| (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 95,649 | 589,173 | 601,000 | 492 | - | - | 83,822 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 411 | 304,377 | 267,383 | 138 | - | - | 37,405 | 0.2% |
| Total | 96,060 | 893,550 | 868,383 | 630 | - | - | 121,227 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | 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 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| (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 Financial Statements (Unaudited)
| 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 |
Consolidated Financial Highlights
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns for periods of less than one year are not annualized.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements (Unaudited) For the period ended January 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity OTC Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers OTC and Class K shares, each of which has equal rights as to assets and voting privileges.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity OTC Portfolio | $444 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Consolidated Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, redemptions in-kind, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $15,776,501 |
| Gross unrealized depreciation | (499,962) |
| Net unrealized appreciation (depreciation) | $15,276,539 |
| Tax cost | $11,537,070 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(150,119) |
Long-term | (120,995) |
| Total capital loss carryforward | $(271,114) |
The Fund intended to elect to defer to its next fiscal year $323 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| $ Amount | % of Net Assets | |
| Fidelity OTC Portfolio | -A | -B |
A In the amount of less than five hundred dollars.
B In the amount of less than 0.005%.
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity OTC Portfolio | 2,591,236 | 3,417,595 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
| Fidelity OTC Portfolio | 8,690 | 80,520 | 126,282 | Class K |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of OTC as compared to its benchmark index, the Nasdaq Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .61% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| OTC | .1300 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund except for Class K. FIIOC received an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net AssetsA | |
| OTC | $12,090 | .13 |
| Class K | 1,335 | .04 |
| $13,425 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity OTC Portfolio | .0071 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity OTC Portfolio | .01 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
The management fee will be determined by calculating a basic fee and then applying a performance adjustment.
When determining a class's basic fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual basic fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
| OTC | .68 |
| Class K | .59 |
One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.
The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index | |
| Fidelity OTC Portfolio | Nasdaq Composite Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of OTC. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.
The performance period is the most recent 36 month period.
The maximum annualized performance adjustment rate will be ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate will be divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount will be proportionately added to or subtracted from a class's basic fee.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity OTC Portfolio | $ 31 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity OTC Portfolio | Borrower | $15,181 | 5.57% | $253 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity OTC Portfolio | 125,299 | 101,997 | 14,931 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity OTC Portfolio | $20 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
A Represents amount less than five hundred dollars.
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Consolidated Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
| Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity OTC Portfolio | $3,803 | 5.83% | $5 |
9. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,069.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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) |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
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 |
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.700332.126
OTC-SANN-0324
Fidelity® Real Estate Income Fund
Semi-Annual Report
January 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
Showing Percentage of 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 |
Legend
| (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 $1,035,449,751 or 22.6% of net assets. |
| (i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (j) | Non-income producing - Security is in default. |
| (k) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
| (l) | The coupon rate will be determined upon settlement of the loan after period end. |
| (m) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
| (n) | Security is perpetual in nature with no stated maturity date. |
| (o) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (p) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| Affiliate | Value, beginning of period ($) | 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 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
| Equities: | ||||
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 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| 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. | |||
Financial Statements (Unaudited)
| 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 |
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| 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% |
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| 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% |
AFor the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Real Estate Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain conversion ratio adjustments, equity-debt classifications, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $336,421,238 |
| Gross unrealized depreciation | (367,933,230) |
| Net unrealized appreciation (depreciation) | $(31,511,992) |
| Tax cost | $4,636,346,670 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term | $(27,960,936) |
| Long-term | (62,321,674) |
Total capital loss carryforward | $(90,282,610) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
LIBOR Accounting Pronouncement. In March 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other IBOR-based reference rates. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2024. Management does not expect the adoption of ASU 2020-04 to have a material impact on the Fund's financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Real Estate Income Fund | 729,324,603 | 634,158,556 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .52% of the Fund's average net assets.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| 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 |
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC | |
| Class A | $3,652 |
| Class M | 605 |
Class C A | 360 |
| $4,617 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| Class A | .1777 |
| Class M | .1975 |
| Class C | .1799 |
| Real Estate Income | .1674 |
| Class I | .1660 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net 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 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity Blue Chip Growth Fund | .0278 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Real Estate Income Fund | .03 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
When determining a class's management fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual management fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
| Class A | .70 |
| Class M | .72 |
| Class C | .70 |
| Real Estate Income | .69 |
| Class I | .69 |
| Class Z | .56 |
One-twelfth of the management fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Real Estate Income Fund | $5,426 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Real Estate Income Fund | - | 8,241,772 | (181,282) |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| Amount ($) | |
| Fidelity Real Estate Income Fund | 44,700 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Real Estate Income Fund | $3,531 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,909.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $189,886.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity Core Income Fund | |
| Fidelity Real Estate Income Fund | 24% |
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
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 |
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.789716.120
REI-SANN-0324
Fidelity® OTC K6 Portfolio
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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. |
Showing Percentage of Net Assets
| 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 |
Legend
| (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 13,190,730 | 153,271,719 | 151,712,006 | 219,259 | - | - | 14,750,443 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 6,208,769 | 31,757,625 | 30,946,900 | 132,847 | - | - | 7,019,494 | 0.0% |
| Total | 19,399,499 | 185,029,344 | 182,658,906 | 352,106 | - | - | 21,769,937 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
| Equities: | ||||
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 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| 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. | |||
Financial Statements (Unaudited)
| 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) | ||
Financial Highlights
| 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 |
AFor the period June 13, 2019 (commencement of operations) through July 31, 2019.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
MAmount not annualized.
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity OTC K6 Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $795,853,237 |
| Gross unrealized depreciation | (48,543,313) |
| Net unrealized appreciation (depreciation) | $747,309,924 |
| Tax cost | $1,520,912,183 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(134,247,833) |
Long-term | (8,933,841) |
| Total capital loss carryforward | $(143,181,674) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity OTC K6 Portfolio | 260,379,204 | 292,418,507 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
| Fidelity OTC K6 Portfolio | 13,676,855 | 71,430,269 | 211,033,879 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) | |
| Fidelity OTC K6 Portfolio | 5,832,617 | 89,538,335 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity OTC K6 Portfolio | $2,691 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity OTC K6 Portfolio | Borrower | $ 7,604,750 | 5.57% | $4,702 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity OTC K6 Portfolio | 23,716,352 | 7,488,919 | 331,168 |
Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $90.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.9893896.104
OTC-K6-SANN-0324
Fidelity® Small Cap Growth Fund
Semi-Annual Report
January 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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)% |
Showing Percentage of Net Assets
| 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 |
Legend
| (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 21 | 735,603,100 | 733,671,352 | 995,595 | - | - | 1,931,769 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 347,027,293 | 882,571,120 | 825,236,699 | 926,888 | - | - | 404,361,714 | 1.6% |
| Total | 347,027,314 | 1,618,174,220 | 1,558,908,051 | 1,922,483 | - | - | 406,293,483 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
| Lovesac | 32,183,727 | 1,679,394 | 8,692,741 | - | (15,266,741) | 7,387,455 | - |
| Total | 32,183,727 | 1,679,394 | 8,692,741 | - | (15,266,741) | 7,387,455 | - |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | 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 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| 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 Financial Statements (Unaudited)
| 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 |
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.91)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.17)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.68)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.66)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.52)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Small Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Small Cap Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, redemptions in kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,348,653,821 |
| Gross unrealized depreciation | (311,070,627) |
| Net unrealized appreciation (depreciation) | $1,037,583,194 |
| Tax cost | $5,118,801,959 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(362,913,920) |
| Total capital loss carryforward | $(362,913,920) |
The Fund elected to defer to its next fiscal year approximately $13,057,286 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| $ Amount | % of Net Assets | |
| Fidelity Small Cap Growth Fund | 10,799,092 | .19 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Small Cap Growth Fund | 2,241,176,905 | 2,181,394,018 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| 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 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| 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 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Small Cap Growth as compared to its benchmark index, the Russell 2000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .83% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| 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 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC | |
| Class A | $ 47,579 |
| Class M | 3,062 |
Class CA | 114 |
| $50,755 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| Class A | .1883 |
| Class M | .1896 |
| Class C | .2000 |
| Small Cap Growth | .1646 |
| Class I | .1817 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net 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 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity Small Cap Growth Fund | .0180 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Small Cap Growth Fund | .02 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
The management fee will be determined by calculating a basic fee and then applying a performance adjustment.
When determining a class's basic fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual basic fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
| Class A | .85 |
| Class M | .85 |
| Class C | .86 |
| Small Cap Growth | .83 |
| Class I | .84 |
| Class Z | .70 |
One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.
The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index | |
| Fidelity Small Cap Growth Fund | Russell 2000 Growth Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of Small Cap Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.
The performance period is the most recent 36 month period.
The maximum annualized performance adjustment rate will be ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate will be divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount will be proportionately added to or subtracted from a class's basic fee.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Small Cap Growth Fund | $ 39,960 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity Small Cap Growth Fund | Borrower | $ 7,115,293 | 5.57% | $45,117 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Small Cap Growth Fund | 106,575,471 | 146,383,035 | 19,134,762 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Small Cap Growth Fund | $4,091 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $325. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction | |
| Class M | $17 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $226,361.
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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 |
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
| Strategic Advisers Fidelity U.S. Total Stock Fund | |
| Fidelity Small Cap Growth Fund | 14% |
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
| Fund | % of shares held |
| Fidelity Small Cap Growth Fund | 23% |
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
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 |
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.803700.119
SCP-SANN-0324
Fidelity® Leveraged Company Stock Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
Showing Percentage of 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 |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (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 $4,228,000 or 0.2% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
Description (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 | - |
Financial Statements (Unaudited)
| 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 |
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.05)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .16%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 11.96%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .05%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .27%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 12.06%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Leveraged Company Stock Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Leveraged Company Stock and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $684,787 |
| Gross unrealized depreciation | (25,330) |
| Net unrealized appreciation (depreciation) | $659,457 |
| Tax cost | $1,518,901 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Leveraged Company Stock Fund | 527,573 | 571,827 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .57% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| Leveraged Company Stock | .1341 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of Leveraged Company Stock, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net AssetsA | |
| Leveraged Company Stock | $ 1,251 | .14 |
| Class K | 27 | .04 |
$ 1,278 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity Leveraged Company Stock Fund | .0267 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Leveraged Company Stock Fund | .03 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to Fidelity Real Estate Investment Portfolio in this note shall mean Fidelity Real Estate Investment Portfolio as the Fund currently offers only one class of shares. The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
When determining a class's management fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual management fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
| Fidelity Leveraged Company Stock Fund | 0.70 |
| Fidelity Leveraged Company Stock Fund - Class K | 0.61 |
One-twelfth of the management fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Leveraged Company Stock Fund | $5 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Leveraged Company Stock Fund | 18,162 | 30,681 | 4,239 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Leveraged Company Stock Fund | $2 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $ - | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by less than five-hundred dollars.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $85.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
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 |
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.753758.124
LSF-SANN-0324
Fidelity® Small Cap Value Fund
Semi-Annual Report
January 31, 2024
Includes Fidelity and Fidelity Advisor share classes
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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)% |
Showing Percentage of Net Assets
| 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 $4,386,057,803) | 4,865,134,789 |
NET OTHER ASSETS (LIABILITIES) - (4.4)% | (203,310,773) |
| NET ASSETS - 100.0% | 4,661,824,016 |
Legend
| (a) | Security or a portion of the security is on loan at period end. |
| (b) | Non-income producing |
| (c) | Affiliated company |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| Affiliate | Value, beginning of period ($) | 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 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
| Equities: | ||||
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 | - | - |
Financial Statements (Unaudited)
| 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 |
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .13%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .71%.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.10)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .46%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the sales charges.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.64)%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.05)%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ITotal returns do not include the effect of the contingent deferred sales charge.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .98%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| 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% |
AFor the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
ENet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
FNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.82)%.
GTotal distributions per share do not sum due to rounding.
HTotal returns for periods of less than one year are not annualized.
ITotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
JFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
KExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
LAnnualized.
MAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnership and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $879,151,425 |
| Gross unrealized depreciation | (400,684,365) |
| Net unrealized appreciation (depreciation) | $478,467,060 |
| Tax cost | $4,386,667,729 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Small Cap Value Fund | 947,343,253 | 1,110,049,194 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Small Cap Value as compared to its benchmark index, the Russell 2000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| 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 |
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC | |
| Class A | $ 25,222 |
| Class M | 1,503 |
Class CA | 133 |
| $26,858 |
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| Class A | .1833 |
| Class M | .1774 |
| Class C | .1964 |
| Small Cap Value | .1738 |
| Class I | .1726 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net 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 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity Small Cap Value Fund | .0198 |
Prior to December 1, 2023 the accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Small Cap Value Fund | .02 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
The management fee will be determined by calculating a basic fee and then applying a performance adjustment.
When determining a class's basic fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual basic fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| 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 |
One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.
The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index | |
| Fidelity Small Cap Value Fund | Russell 2000 Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of Small Cap Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.
The performance period is the most recent 36 month period.
The maximum annualized performance adjustment rate will be ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate will be divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount will be proportionately added to or subtracted from a class's basic fee.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Small Cap Value Fund | $ 19,541 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity Small Cap Value Fund | Borrower | $ 5,666,000 | 5.57% | $1,752 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Small Cap Value Fund | 70,647,840 | 77,387,262 | (14,700,132) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Small Cap Value Fund | $3,648 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $198,513.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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 |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
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 |
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, Rule 12b-1 fees, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.803709.119
SCV-SANN-0324
Fidelity® Series Real Estate Income Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
Showing Percentage of 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 |
Legend
| (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 $74,082,266 or 28.8% of net assets. |
| (h) | Non-income producing - Security is in default. |
| (i) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
| (j) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
| (k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (l) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
| Equities: | ||||
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 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| 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. | |||
Financial Statements (Unaudited)
| 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) | ||
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount represents less than .005%.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Series Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, and bank loan obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain conversion ratio adjustments, equity-debt classifications, partnerships, capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $9,275,992 |
| Gross unrealized depreciation | (35,895,503) |
| Net unrealized appreciation (depreciation) | $(26,619,511) |
| Tax cost | $277,176,156 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(2,093,107) |
Long-term | (7,188,134) |
| Total capital loss carryforward | $(9,281,241) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Series Real Estate Income Fund | 41,235,139 | 81,976,777 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Series Real Estate Income Fund | $ 1,998 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| Amount ($) | |
| Fidelity Series Real Estate Income Fund | 2,900 |
Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $ - | $- |
8. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through November 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $2,008.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,629
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.924313.112
SRE-SANN-0324
Fidelity® Blue Chip Growth Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
Showing Percentage of 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 |
Any values shown as $0 in the Consolidated Schedule of Investments may reflect amounts less than $500.
Legend
| (a) | Non-income producing |
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Restricted securities (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 35,306 | 1,042,090 | 1,002,991 | 1,138 | - | - | 74,405 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 735,437 | 1,221,240 | 1,486,207 | 670 | - | - | 470,470 | 1.9% |
| Total | 770,743 | 2,263,330 | 2,489,198 | 1,808 | - | - | 544,875 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| 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 ($) |
| Abercrombie & Fitch Co. Class A | 45,361 | 69,019 | 20,733 | - | 6,866 | 148,523 | - |
| American Eagle Outfitters, Inc. | 166,179 | 2,398 | 18,197 | 2,466 | (12,856) | 77,664 | 215,188 |
| The Real Good Food Co. LLC Class B | - | - | - | - | - | - | - |
| The Real Good Food Co. LLC Class B unit | 5,301 | - | - | - | - | (3,837) | 1,464 |
| Warby Parker, Inc. | 83,231 | - | 134 | - | 40 | (12,228) | 70,909 |
| Total | 300,072 | 71,417 | 39,064 | 2,466 | (5,950) | 210,122 | 287,561 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | 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 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| (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 Financial Statements (Unaudited)
| 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 |
Consolidated Financial Highlights
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GProxy expenses are not annualized.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HProxy expenses are not annualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements (Unaudited) For the period ended January 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Blue Chip Growth and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 | |||
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Blue Chip Growth Fund | $850 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred Trustee compensation, net operating losses, losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $32,219,897 |
| Gross unrealized depreciation | (2,087,229) |
| Net unrealized appreciation (depreciation) | $30,132,668 |
| Tax cost | $24,066,381 |
The Fund elected to defer to its next fiscal year approximately $33,470 of ordinary losses recognized during the period January 1, 2023 to July 31, 2023.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| $ Amount | % of Net Assets | |
| Fidelity Blue Chip Growth Fund | 63,616 | .12 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Blue Chip Growth Fund | 4,253,060 | 4,779,831 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| 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 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| 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 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Blue Chip Growth as compared to its benchmark index, the Russell 1000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .36% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| Blue Chip Growth | .1305 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC received an asset-based fee of Class Z's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net AssetsA | |
| Blue Chip Growth | $29,396 | .13 |
| Class K | 897 | .04 |
| $30,293 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity Blue Chip Growth Fund | .0045 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Blue Chip Growth Fund | -A |
A Amount represents less than .005%
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
The management fee will be determined by calculating a basic fee and then applying a performance adjustment.
When determining a class's basic fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual basic fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
| Blue Chip Growth | .63 |
| Class K | .54 |
One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.
The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index | |
| Blue Chip Growth | Russell 1000 Growth Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of the Blue Chip Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.
The performance period is the most recent 36 month period.
The maximum annualized performance adjustment rate will be ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate will be divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount will be proportionately added to or subtracted from a class's basic fee.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Blue Chip Growth Fund | $74 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity Blue Chip Growth Fund | Borrower | $14,838 | 5.57% | $140 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Blue Chip Growth Fund | 279,618 | 223,504 | 35,356 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Blue Chip Growth Fund | $38 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $2,107.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
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 |
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.700126.127
BCF-SANN-0324
Fidelity® Blue Chip Growth K6 Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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% |
Showing Percentage of Net Assets
| 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% | |||||
Legend
| (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 665,660,945 | 1,968,991,407 | 1,508,336,432 | 25,078,768 | - | - | 1,126,315,920 | 2.2% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 161,527,112 | 282,044,430 | 345,742,995 | 122,609 | - | - | 97,828,547 | 0.4% |
| Total | 827,188,057 | 2,251,035,837 | 1,854,079,427 | 25,201,377 | - | - | 1,224,144,467 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | 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 | - | - |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| 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. | |||
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Consolidated Financial Statements.
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 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Consolidated Financial Statements (Unaudited)
| 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 | ||
Consolidated Financial Highlights
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HProxy expenses are not annualized.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Blue Chip Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price or official closing price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards, losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $4,588,580,951 |
| Gross unrealized depreciation | (349,473,572) |
| Net unrealized appreciation (depreciation) | $4,239,107,379 |
| Tax cost | $8,623,880,370 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(400,810,722) |
Long-term | (-) |
| Total capital loss carryforward | $(400,810,722) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| $ Amount | % of Net Assets | |
| Fidelity Blue Chip Growth K6 Fund | 3,535,018 | .03 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| 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. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.
Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Blue Chip Growth K6 Fund | 2,198,505,911 | 705,507,064 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
| Fidelity Blue Chip Growth K6 Fund | 5,899,040 | 83,615,488 | 154,982,942 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) | |
| Fidelity Blue Chip Growth K6 Fund | 1,777,872 | 42,260,010 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
| Fidelity Blue Chip Growth K6 Fund | 9,258,498 | 74,495,434 | 187,379,094 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) | |
| Fidelity Blue Chip Growth K6 Fund | 19,728,593 | 383,753,808 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Blue Chip Growth K6 Fund | $20,392 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Blue Chip Growth K6 Fund | 163,596,375 | 13,883,790 | (1,118,254) |
Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $934.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.9884006.106
BCFK6-SANN-0324
Fidelity® Small Cap Growth K6 Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
Showing Percentage of 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 |
Security Type Abbreviations
| ETF | - | EXCHANGE-TRADED FUND |
Legend
| (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 7,708,078 | 405,006,695 | 403,871,610 | 758,262 | - | - | 8,843,163 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 99,066,859 | 369,965,122 | 329,048,322 | 288,363 | - | - | 139,983,659 | 0.6% |
| Total | 106,774,937 | 774,971,817 | 732,919,932 | 1,046,625 | - | - | 148,826,822 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | 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 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| 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 Financial Statements (Unaudited)
| 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 | ||
Consolidated Financial Highlights
| 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 |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.22)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Small Cap Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $463,419,599 |
| Gross unrealized depreciation | (87,808,081) |
| Net unrealized appreciation (depreciation) | $375,611,518 |
| Tax cost | $1,907,614,907 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(102,215,500) |
| Total capital loss carryforward | $(102,215,500) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| $ Amount | % of Net Assets | |
| Fidelity Small Cap Growth K6 Fund | 3,876,965 | .18 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Small Cap Growth K6 Fund | 925,708,697 | 772,507,287 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) | |
| Fidelity Small Cap Growth K6 Fund | 872,087 | 12,004,327 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
| Shares | Total Proceeds ($) | ||
| Fidelity Small Cap Growth K6 Fund | 9,092,844 | 120,866,697 | |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Series Sustainable U.S. Market Fund | $ 98 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Small Cap Growth K6 Fund | 34,068,802 | 52,208,386 | 3,444,888 |
Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6.Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $578.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.9884010.106
SCPK6-SANN-0324
Fidelity® Series Small Cap Opportunities Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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. |
Showing Percentage of Net Assets
| 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% | |||||
Legend
| (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 83,542,137 | 977,338,651 | 948,135,759 | 2,768,207 | - | - | 112,745,029 | 0.2% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 139,488,836 | 718,547,873 | 747,826,044 | 156,737 | - | - | 110,210,665 | 0.4% |
| Total | 223,030,973 | 1,695,886,524 | 1,695,961,803 | 2,924,944 | - | - | 222,955,694 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
| Equities: | ||||
Communication Services | 76,690,959 | 76,690,959 | - | - |
Consumer Discretionary | 582,316,125 | 582,316,125 | - | - |
Consumer Staples | 169,775,503 | 169,775,503 | - | - |
Energy | 304,266,862 | 304,266,862 | - | - |
Financials | 793,473,414 | 793,473,414 | - | - |
Health Care | 778,116,056 | 766,562,631 | 8,113,980 | 3,439,445 |
Industrials | 1,000,081,138 | 1,000,081,138 | - | - |
Information Technology | 733,824,614 | 733,824,614 | - | - |
Materials | 301,661,933 | 301,661,933 | - | - |
Real Estate | 217,541,796 | 217,541,796 | - | - |
Utilities | 93,435,036 | 93,435,036 | - | - |
| Money Market Funds | 222,955,694 | 222,955,694 | - | - |
| Total Investments in Securities: | 5,274,139,130 | 5,262,585,705 | 8,113,980 | 3,439,445 |
Derivative Instruments: Assets | ||||
Futures Contracts | 544,981 | 544,981 | - | - |
| Total Assets | 544,981 | 544,981 | - | - |
| Total Derivative Instruments: | 544,981 | 544,981 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value | |
| Asset ($) | Liability ($) | |
| Equity Risk | ||
Futures Contracts (a) | 544,981 | 0 |
| Total Equity Risk | 544,981 | 0 |
| Total Value of Derivatives | 544,981 | 0 |
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
| 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) | ||
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount represents less than .005%.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Series Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to primarily due to futures contracts, foreign currency transactions, partnerships, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,591,659,128 |
| Gross unrealized depreciation | (257,909,793) |
| Net unrealized appreciation (depreciation) | $1,333,749,335 |
| Tax cost | $3,940,934,776 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| Short-term | $(148,779,330) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| 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. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Series Small Cap Opportunities Fund | 1,073,527,179 | 1,077,944,545 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Series Small Cap Opportunities Fund | $23,022 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Small Cap Opportunities Fund | Borrower | $ 12,163,000 | 5.59% | $ 1,887 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Series Small Cap Opportunities Fund | 61,461,863 | 65,330,718 | (1,898,936) |
Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
D Amount represents less than .005%.
E Amount represents less than $.005.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.839810.116
SMO-SANN-0324
Fidelity® Growth & Income Portfolio
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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. |
Showing Percentage of Net Assets
| 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) | |||||
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (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 $159,707,000. |
| (c) | Non-income producing |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
Description (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) | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2024. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
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) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
| 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 |
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 2.14%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 2.23%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Growth & Income Portfolio (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth & Income Portfolio and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Growth & Income Portfolio | $362 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, partnerships, deferred trustees compensation, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $3,567,514 |
| Gross unrealized depreciation | (211,996) |
| Net unrealized appreciation (depreciation) | $3,355,518 |
| Tax cost | $6,570,582 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
| 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. |
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period unless an average contracts amount is presented.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Growth & Income Portfolio | 889,849 | 666,021 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .42% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| Growth and Income | 0.1316 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of Growth & Income, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net AssetsA | |
| Growth and Income | $5,311 | .13 |
| Class K | 245 | .04 |
| $5,556 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows.
| % of Average Net Assets | |
| Fidelity Growth & Income Portfolio | 0.0125 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Growth & Income Portfolio | .01 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
When determining a class's management fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual management fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
| Growth and Income | 0.54 |
| Class K | 0.45 |
One-twelfth of the management fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Growth & Income Portfolio | $11 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Growth & Income Portfolio | 59,784 | 29,365 | 6,300 |
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Growth & Income Portfolio | $7 |
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
A Amount represents less than five hundred dollars.
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $4.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $397.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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 |
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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 |
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as third-party expenses and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.700483.127
GAI-SANN-0324
Fidelity® Dividend Growth Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
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. |
Showing Percentage of Net Assets
| 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 |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (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 $44,003,000 or 0.7% of net assets. |
| (b) | Non-income producing |
| (c) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated company |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
Description (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 | - |
Financial Statements (Unaudited)
| 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 |
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 5.19%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 5.31%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
(Amounts in thousands except percentages)
1. Organization.
Fidelity Dividend Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Dividend Growth and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Dividend Growth Fund | $352 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $1,599,964 |
| Gross unrealized depreciation | (178,789) |
| Net unrealized appreciation (depreciation) | $1,421,175 |
| Tax cost | $5,077,955 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Dividend Growth Fund | 1,512,150 | 1,620,029 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating Classes | ||
| Fidelity Dividend Growth Fund | 5,897 | 72,578 | 188,231 | Dividend Growth |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Dividend Growth as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .60% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund.
During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of class-level average net assets as follows:
| % of Class-Level Average Net Assets | |
| Dividend Growth | .1342 |
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to the account size and type of account of the shareholders of Dividend Growth, except for Class K. FIIOC received an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net AssetsA | |
| Dividend Growth | $3,776 | .14 |
| Class K | 101 | .04 |
| $3,877 |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity Dividend Growth Fund | .0159 |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Dividend Growth Fund | .02 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
The management fee will be determined by calculating a basic fee and then applying a performance adjustment.
When determining a class's basic fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual basic fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
| Dividend Growth | 0.64 |
| Class K | 0.55 |
One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.
The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index | |
| Fidelity Dividend Growth Fund | S&P 500 Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of Dividend Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.
The performance period is the most recent 36 month period.
The maximum annualized performance adjustment rate will be ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate will be divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount will be proportionately added to or subtracted from a class's basic fee.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Dividend Growth Fund | $25 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity Dividend Growth Fund | Borrower | $7,265 | 5.58% | $2 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Dividend Growth Fund | 81,550 | 87,068 | 3,334 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| Amount ($) | |
| Fidelity Dividend Growth Fund | 19 |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Dividend Growth Fund | $5 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 |
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $3.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $262.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
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 |
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| 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) |
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
** If fees and changes to the expense contract and/or expense cap, effective March 1, 2024, had been in effect during the current period, the restated annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
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 |
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund and each class into a single class-level fee based on tiered schedules and subject to a maximum class-level rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for each class of the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee. The Board considered that, under the Management Contract, a different management fee rate will be applicable to each class of the fund. The Board noted that Fidelity has represented that the difference in expenses between classes is based on differences in class-specific expenses and not due to any difference in advisory or third-party custodial fees or other expenses related to the management of the fund's assets.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.470802.127
DGF-SANN-0324
Fidelity® Blue Chip Value Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Showing Percentage of Net Assets
| 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 $587,505,045) | 722,027,161 |
NET OTHER ASSETS (LIABILITIES) - 0.1% | 445,824 |
| NET ASSETS - 100.0% | 722,472,985 |
Legend
| (a) | Non-income producing |
| (b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
| Equities: | ||||
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 | - |
Financial Statements (Unaudited)
| 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) | ||
Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been .91%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
Notes to Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Blue Chip Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $149,734,782 |
| Gross unrealized depreciation | (16,512,109) |
| Net unrealized appreciation (depreciation) | $133,222,673 |
| Tax cost | $588,804,488 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Blue Chip Value Fund | 142,249,324 | 149,208,939 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .22% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 1000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .67% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. During November 2023, the Board approved a change in the transfer agent fees effective December 1, 2023 to a fixed annual rate of .1688% of average net assets.
Prior to December 1, 2023, FIIOC received account fees and asset-based fees that varied according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .17% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records.
During November 2023, the Board approved a change in the accounting fees effective December 1, 2023 to a fixed annual rate of average net assets as follows:
| % of Average Net Assets | |
| Fidelity Blue Chip Value Fund | .0316% |
Prior to December 1, 2023, the accounting fee was based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets | |
| Fidelity Blue Chip Value Fund | .03 |
Subsequent Event - Management Fee. Effective March 1, 2024, the Fund's management contract will be amended to incorporate administrative services previously covered under separate services agreements (Transfer Agent and Accounting agreements). Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The amended contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate will pay certain expenses of managing and operating the Fund out of each class's management fee.
Each class of the Fund will pay a management fee to the investment adviser. The management fee will be calculated and paid to the investment adviser every month.
The management fee will be determined by calculating a basic fee and then applying a performance adjustment.
When determining a class's basic fee, a mandate rate will be calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate will be subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class.
The annual basic fee rate for a class of shares of the Fund will be the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
| Maximum Management Fee Rate % | |
Fidelity Blue Chip Value Fund | .68 |
One-twelfth of the basic fee rate for a class will be applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month.
The performance adjustment rate will be calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
| Performance Adjustment Index | |
Fidelity Blue Chip Value Fund | Russell 1000 Value Index |
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance will be based on the performance of Fidelity Blue Chip Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered.
The performance period is the most recent 36 month period.
The maximum annualized performance adjustment rate will be ±.20 of the Fund's average net assets over the performance period. The performance adjustment rate will be divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount will be proportionately added to or subtracted from a class's basic fee.
A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
Effective March 1, 2024, the Fund's sub-advisory agreements with FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Blue Chip Value Fund | $ 831 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Blue Chip Value Fund | 451,060 | 7,335,262 | (189,333) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Blue Chip Value Fund | $575 |
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- | $- |
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $30,636.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) (the Management Contract), and amended and restated sub-advisory agreements (the Sub-Advisory Contracts, and together with the Management Contract, the Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the fund's Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
Management Contract. The Board approved the Management Contract, which implements a new fee structure combining the management fee, transfer agent fee (TA Fee), and pricing and bookkeeping fee (P&B Fee) of the fund into a single fee based on tiered schedules and subject to a maximum rate (the Unified Fee). In exchange for the Unified Fee, the fund will receive investment advisory, management, administrative, transfer agent, pricing and bookkeeping services under a single agreement - the Management Contract.
In its consideration of the Management Contract over several meetings, the Board received, reviewed and discussed a comprehensive set of analyses regarding the Unified Fee including (i) the legal framework, (ii) design goals for the Unified Fee, (iii) calculation methodology for the Unified Fee and illustrative examples, (iv) annual and cumulative projected impacts under various scenarios, both in the aggregate and at the fund/class level, (v) explanations of schedules, rate levers and maximum rates and (vi) shareholder benefits and projected savings.
The Board considered that the maximum Unified Fee for the fund would be no higher than the sum of (i) the lowest contractual management fee rate under the fund's existing management contract, which is the individual fund fee rate, if any, plus the lowest contractual marginal group fee rate and (ii) the TA and P&B Fee rates, which are fixed fee rates since December 1, 2023 (together, the Unified Fee Cap). The Board noted that Fidelity has represented that, as a result of this Unified Fee Cap, the Unified Fee would be no greater than the fee rates previously authorized to be charged to the fund for the same services. The Board noted that certain expenses such as performance adjustments, third-party expenses, and certain other miscellaneous expenses would be outside the scope of the Unified Fee and the calculation of such fees would not change as a result of the Unified Fee.
The Board considered Fidelity's representations that implementation of the Unified Fee, which includes the Unified Fee Cap, would cause all funds subject to the Unified Fee, including the fund, to experience an immediate reduction on contractual fee rates for services provided under the current management contracts. The Board considered that some funds would not experience lower net total fees as a result of existing fee caps. The Board further considered that, in addition to the contractual fee savings, the Unified Fee offers funds and their shareholders greater protection from future rate increases for services previously offered under separate agreements that are now covered by the Management Contract because such rate increases would require shareholder approval.
Sub-Advisory Contracts. In connection with the Unified Fee changes, the Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser.
The Board further considered that the approval of the fund's Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Management Contract would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of advisory, management, administration, transfer agent, and pricing and bookkeeping services provided to the fund by FMR, its affiliates, and each applicable sub-adviser.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions and representations noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.789715.121
BCV-SANN-0324
Fidelity® Series Blue Chip Growth Fund
Semi-Annual Report
January 31, 2024
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2024 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
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) |
 |
Showing Percentage of 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 |
Legend
| (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 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
| Fidelity Cash Central Fund 5.39% | 5,676,177 | 506,110,928 | 511,786,846 | 1,045,162 | - | - | 259 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 5.39% | 97,203,814 | 500,204,883 | 537,266,833 | 123,923 | - | - | 60,141,864 | 0.2% |
| Total | 102,879,991 | 1,006,315,811 | 1,049,053,679 | 1,169,085 | - | - | 60,142,123 | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2024, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total ($) | 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 |
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value:
| 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 Financial Statements (Unaudited)
| 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 | ||
Consolidated Financial Highlights
| 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% |
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IProxy expenses are not annualized.
JAmount represents less than .005%.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements (Unaudited)
For the period ended January 31, 2024
1. Organization.
Fidelity Series Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| 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% |
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in 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 |
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2024, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets & Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $5,219,697,924 |
| Gross unrealized depreciation | (208,842,204) |
| Net unrealized appreciation (depreciation) | $5,010,855,720 |
| Tax cost | $4,387,600,529 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(205,565,600) |
Long-term | - |
| Total capital loss carryforward | $(205,565,600) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
| $ Amount | % of Net Assets | |
| Fidelity Series Blue Chip Growth Fund | 11,040,728 | .12 |
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Series Blue Chip Growth Fund | 989,314,388 | 1,369,988,641 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
| Amount | |
| Fidelity Series Blue Chip Growth Fund | $ 18,186 |
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
| Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
| Fidelity Series Blue Chip Growth Fund | Borrower | $ 102,056,077 | 5.57% | $205,377 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Series Blue Chip Growth Fund | 63,305,493 | 50,627,877 | 5,388,494 |
Subsequent Event - Sub-Advisory Arrangements. Effective March 1, 2024, the Fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited will be amended to provide that the investment adviser will pay each sub-adviser monthly fees equal to 110% of the sub-adviser's costs for providing sub-advisory services.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
| 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 | $- |
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
| The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2023 to January 31, 2024). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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 | |||||||
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
Board Approval of Investment Advisory Contracts
At its January 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with Fidelity Management & Research (Hong Kong) Limited (FMR H.K.) and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective March 1, 2024. The Board will consider the annual renewal of the funds' Sub-Advisory Contracts in May 2024, following its review of additional materials provided by FMR.
The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid by FMR to the sub-advisers under the agreements. The Board noted that the agreements with FMR H.K. and FMR Japan were amended to provide that FMR will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FMR, and not the fund, will continue to pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FMR will remain unchanged.
The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FMR and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FMR and its affiliates.
In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- 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
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2022 through November 30, 2023. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
 |
1.967988.110
XS1-SANN-0324
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 |