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)
Cynthia Lo Bessette, 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, 2023 |
Item 1.
Reports to Stockholders
Fidelity® Small Cap Value Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Tempur Sealy International, Inc. | 3.2 | |
| TechnipFMC PLC | 2.4 | |
| KB Home | 2.3 | |
| Univar Solutions, Inc. | 2.2 | |
| FirstCash Holdings, Inc. | 2.2 | |
| Light & Wonder, Inc. Class A | 2.2 | |
| Insight Enterprises, Inc. | 2.1 | |
| U.S. Foods Holding Corp. | 2.1 | |
| Old Republic International Corp. | 1.9 | |
| Churchill Downs, Inc. | 1.9 | |
| | 22.5 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 28.6 | |
| Consumer Discretionary | 16.0 | |
| Industrials | 15.1 | |
| Real Estate | 8.7 | |
| Information Technology | 6.7 | |
| Health Care | 6.5 | |
| Energy | 5.4 | |
| Materials | 5.3 | |
| Utilities | 3.1 | |
| Consumer Staples | 2.1 | |
| Communication Services | 1.7 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 15.2% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 99.2% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.7% | | | |
| Media - 1.7% | | | |
| Nexstar Broadcasting Group, Inc. Class A | | 426,800 | 87,395,836 |
| CONSUMER DISCRETIONARY - 16.0% | | | |
| Auto Components - 1.8% | | | |
| Adient PLC (a) | | 2,060,000 | 92,741,200 |
| Hotels, Restaurants & Leisure - 5.5% | | | |
| Brinker International, Inc. (a) | | 1,860,036 | 73,397,021 |
| Churchill Downs, Inc. | | 397,700 | 98,669,370 |
| Light & Wonder, Inc. Class A (a) | | 1,735,200 | 113,221,800 |
| | | | 285,288,191 |
| Household Durables - 6.0% | | | |
| KB Home | | 3,065,000 | 117,849,250 |
| Tempur Sealy International, Inc. | | 4,095,000 | 166,871,248 |
| Traeger, Inc. (a)(b)(c) | | 6,605,000 | 23,976,150 |
| | | | 308,696,648 |
| Specialty Retail - 2.7% | | | |
| Rent-A-Center, Inc. (b)(c) | | 3,155,100 | 84,840,639 |
| Williams-Sonoma, Inc. (b) | | 430,100 | 58,037,694 |
| | | | 142,878,333 |
TOTAL CONSUMER DISCRETIONARY | | | 829,604,372 |
| CONSUMER STAPLES - 2.1% | | | |
| Food & Staples Retailing - 2.1% | | | |
| U.S. Foods Holding Corp. (a) | | 2,830,000 | 107,907,900 |
| ENERGY - 5.4% | | | |
| Energy Equipment & Services - 2.4% | | | |
| TechnipFMC PLC (a) | | 9,000,000 | 125,010,000 |
| Oil, Gas & Consumable Fuels - 3.0% | | | |
| Antero Resources Corp. (a) | | 737,000 | 21,255,080 |
| Parkland Corp. | | 1,750,000 | 41,114,577 |
| Sitio Royalties Corp. | | 3,546,403 | 94,227,928 |
| | | | 156,597,585 |
TOTAL ENERGY | | | 281,607,585 |
| FINANCIALS - 28.6% | | | |
| Banks - 13.3% | | | |
| BOK Financial Corp. | | 440,000 | 44,220,000 |
| Cadence Bank | | 2,700,000 | 69,066,000 |
| Comerica, Inc. | | 608,300 | 44,594,473 |
| Cullen/Frost Bankers, Inc. | | 250,000 | 32,570,000 |
| Eastern Bankshares, Inc. (b) | | 5,870,100 | 94,919,517 |
| First Foundation, Inc. | | 2,280,975 | 35,423,542 |
| First Interstate Bancsystem, Inc. | | 1,300,000 | 46,644,000 |
| Independent Bank Group, Inc. (b) | | 1,141,196 | 69,955,315 |
| Synovus Financial Corp. | | 1,156,700 | 48,523,565 |
| The Bank of NT Butterfield & Son Ltd. | | 1,760,000 | 56,249,600 |
| Trico Bancshares | | 1,309,400 | 66,190,170 |
| Webster Financial Corp. | | 998,829 | 52,588,347 |
| Western Alliance Bancorp. | | 379,700 | 28,617,989 |
| | | | 689,562,518 |
| Capital Markets - 1.7% | | | |
| AllianceBernstein Holding LP | | 1,238,200 | 46,940,162 |
| Lazard Ltd. Class A (b) | | 1,029,300 | 41,254,344 |
| | | | 88,194,506 |
| Consumer Finance - 3.6% | | | |
| Encore Capital Group, Inc. (a)(b)(c) | | 1,250,200 | 69,661,144 |
| FirstCash Holdings, Inc. | | 1,237,300 | 114,054,314 |
| | | | 183,715,458 |
| Diversified Financial Services - 0.4% | | | |
| ECN Capital Corp. | | 9,283,651 | 20,373,726 |
| Insurance - 9.6% | | | |
| Assurant, Inc. | | 541,800 | 71,837,262 |
| Enstar Group Ltd. (a) | | 271,049 | 65,675,173 |
| First American Financial Corp. | | 1,133,000 | 70,098,710 |
| Old Republic International Corp. | | 3,758,700 | 99,192,093 |
| Primerica, Inc. (b) | | 512,424 | 82,884,582 |
| Reinsurance Group of America, Inc. | | 348,200 | 52,846,314 |
| Selective Insurance Group, Inc. | | 580,000 | 55,100,000 |
| | | | 497,634,134 |
TOTAL FINANCIALS | | | 1,479,480,342 |
| HEALTH CARE - 6.5% | | | |
| Biotechnology - 1.8% | | | |
| ALX Oncology Holdings, Inc. (a) | | 970,000 | 9,021,000 |
| Blueprint Medicines Corp. (a) | | 200,000 | 9,348,000 |
| Celldex Therapeutics, Inc. (a) | | 200,000 | 8,812,000 |
| Cytokinetics, Inc. (a) | | 175,000 | 7,434,000 |
| Day One Biopharmaceuticals, Inc. (a) | | 510,000 | 11,102,700 |
| Exelixis, Inc. (a) | | 720,000 | 12,686,400 |
| Instil Bio, Inc. (a) | | 534,701 | 435,193 |
| Janux Therapeutics, Inc. (a) | | 375,000 | 8,328,750 |
| Keros Therapeutics, Inc. (a) | | 265,000 | 15,521,050 |
| Vaxcyte, Inc. (a) | | 242,096 | 10,979,054 |
| | | | 93,668,147 |
| Health Care Equipment & Supplies - 1.5% | | | |
| Envista Holdings Corp. (a) | | 1,920,000 | 74,860,800 |
| Health Care Providers & Services - 1.7% | | | |
| Owens & Minor, Inc. | | 2,689,000 | 53,080,860 |
| Premier, Inc. | | 1,000,000 | 33,360,000 |
| | | | 86,440,860 |
| Pharmaceuticals - 1.5% | | | |
| Arvinas Holding Co. LLC (a) | | 179,000 | 5,865,830 |
| Edgewise Therapeutics, Inc. (a) | | 600,000 | 6,138,000 |
| Jazz Pharmaceuticals PLC (a) | | 133,600 | 20,929,776 |
| Prestige Brands Holdings, Inc. (a) | | 710,000 | 46,689,600 |
| | | | 79,623,206 |
TOTAL HEALTH CARE | | | 334,593,013 |
| INDUSTRIALS - 15.1% | | | |
| Aerospace & Defense - 1.3% | | | |
| Curtiss-Wright Corp. | | 407,000 | 67,480,600 |
| Building Products - 3.1% | | | |
| Builders FirstSource, Inc. (a)(b) | | 1,200,000 | 95,640,000 |
| Hayward Holdings, Inc. (a)(b) | | 4,744,560 | 64,004,114 |
| | | | 159,644,114 |
| Commercial Services & Supplies - 0.4% | | | |
| KAR Auction Services, Inc. (a)(b) | | 1,350,600 | 19,664,736 |
| Machinery - 2.6% | | | |
| EnPro Industries, Inc. | | 497,000 | 60,171,790 |
| ITT, Inc. | | 800,000 | 73,272,000 |
| | | | 133,443,790 |
| Professional Services - 4.3% | | | |
| ASGN, Inc. (a) | | 550,000 | 50,022,500 |
| CACI International, Inc. Class A (a) | | 145,000 | 44,673,050 |
| First Advantage Corp. (a)(b) | | 2,430,000 | 33,728,400 |
| KBR, Inc. | | 1,160,000 | 59,426,800 |
| Science Applications International Corp. | | 350,000 | 36,323,000 |
| | | | 224,173,750 |
| Trading Companies & Distributors - 3.4% | | | |
| Beacon Roofing Supply, Inc. (a) | | 1,111,000 | 63,193,680 |
| Univar Solutions, Inc. (a) | | 3,340,000 | 115,163,200 |
| | | | 178,356,880 |
TOTAL INDUSTRIALS | | | 782,763,870 |
| INFORMATION TECHNOLOGY - 6.7% | | | |
| Electronic Equipment & Components - 3.8% | | | |
| Insight Enterprises, Inc. (a) | | 968,000 | 109,112,960 |
| TD SYNNEX Corp. | | 865,000 | 88,359,750 |
| | | | 197,472,710 |
| IT Services - 2.9% | | | |
| Concentrix Corp. | | 650,800 | 92,289,948 |
| Genpact Ltd. | | 1,250,000 | 59,100,000 |
| | | | 151,389,948 |
TOTAL INFORMATION TECHNOLOGY | | | 348,862,658 |
| MATERIALS - 5.3% | | | |
| Chemicals - 2.3% | | | |
| Tronox Holdings PLC | | 2,125,000 | 36,443,750 |
| Valvoline, Inc. | | 2,170,800 | 79,581,528 |
| | | | 116,025,278 |
| Construction Materials - 1.6% | | | |
| RHI Magnesita NV | | 583,441 | 19,349,042 |
| Summit Materials, Inc. | | 1,932,300 | 63,495,378 |
| | | | 82,844,420 |
| Containers & Packaging - 1.4% | | | |
| O-I Glass, Inc. (a) | | 3,800,000 | 73,150,000 |
TOTAL MATERIALS | | | 272,019,698 |
| REAL ESTATE - 8.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 4.0% | | | |
| Corporate Office Properties Trust (SBI) | | 1,320,000 | 37,052,400 |
| Douglas Emmett, Inc. | | 3,078,000 | 51,556,500 |
| LXP Industrial Trust (REIT) | | 5,850,000 | 67,567,500 |
| National Storage Affiliates Trust | | 1,200,000 | 48,960,000 |
| | | | 205,136,400 |
| Real Estate Management & Development - 4.7% | | | |
| Anywhere Real Estate, Inc. (a) | | 4,133,900 | 35,055,472 |
| Cushman & Wakefield PLC (a)(b) | | 5,690,779 | 82,117,941 |
| DIC Asset AG | | 3,000,000 | 28,765,989 |
| Jones Lang LaSalle, Inc. (a) | | 525,000 | 97,056,750 |
| | | | 242,996,152 |
TOTAL REAL ESTATE | | | 448,132,552 |
| UTILITIES - 3.1% | | | |
| Gas Utilities - 1.9% | | | |
| Brookfield Infrastructure Corp. A Shares (b) | | 2,167,850 | 95,862,327 |
| Independent Power and Renewable Electricity Producers - 1.2% | | | |
| NextEra Energy Partners LP | | 841,600 | 61,689,280 |
TOTAL UTILITIES | | | 157,551,607 |
| TOTAL COMMON STOCKS (Cost $4,541,188,592) | | | 5,129,919,433 |
| | | | |
| Money Market Funds - 6.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (d) | | 44,170,984 | 44,179,818 |
| Fidelity Securities Lending Cash Central Fund 4.38% (d)(e) | | 312,064,418 | 312,095,624 |
| TOTAL MONEY MARKET FUNDS (Cost $356,275,442) | | | 356,275,442 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 106.1% (Cost $4,897,464,034) | 5,486,194,875 |
NET OTHER ASSETS (LIABILITIES) - (6.1)% | (314,474,207) |
| NET ASSETS - 100.0% | 5,171,720,668 |
| | |
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 4.38% | 55,623,648 | 546,427,076 | 557,870,906 | 873,843 | - | - | 44,179,818 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 261,350,857 | 521,674,941 | 470,930,174 | 250,500 | - | - | 312,095,624 | 1.0% |
| Total | 316,974,505 | 1,068,102,017 | 1,028,801,080 | 1,124,343 | - | - | 356,275,442 | |
| | | | | | | | | |
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.
Amount 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) ($) | Value, end of period ($) |
| Brigham Minerals, Inc. Class A | 83,104,155 | - | 52,421,693 | 4,945,558 | - | (30,682,462) | - |
| Encore Capital Group, Inc. | 90,551,986 | - | - | - | - | (20,890,842) | 69,661,144 |
| Rent-A-Center, Inc. | 78,943,150 | - | 4,710,177 | 2,213,434 | (5,055,615) | 15,663,281 | 84,840,639 |
| Traeger, Inc. | 16,132,850 | 4,825,050 | - | - | - | 3,018,250 | 23,976,150 |
| Total | 268,732,141 | 4,825,050 | 57,131,870 | 7,158,992 | (5,055,615) | (32,891,773) | 178,477,933 |
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, 2023, 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 | 87,395,836 | 87,395,836 | - | - |
Consumer Discretionary | 829,604,372 | 829,604,372 | - | - |
Consumer Staples | 107,907,900 | 107,907,900 | - | - |
Energy | 281,607,585 | 281,607,585 | - | - |
Financials | 1,479,480,342 | 1,479,480,342 | - | - |
Health Care | 334,593,013 | 334,593,013 | - | - |
Industrials | 782,763,870 | 782,763,870 | - | - |
Information Technology | 348,862,658 | 348,862,658 | - | - |
Materials | 272,019,698 | 272,019,698 | - | - |
Real Estate | 448,132,552 | 448,132,552 | - | - |
Utilities | 157,551,607 | 157,551,607 | - | - |
|
| Money Market Funds | 356,275,442 | 356,275,442 | - | - |
| Total Investments in Securities: | 5,486,194,875 | 5,486,194,875 | - | - |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $312,583,062) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,358,859,399) | $ | 4,951,441,500 | | |
Fidelity Central Funds (cost $356,275,442) | | 356,275,442 | | |
Other affiliated issuers (cost $182,329,193) | | 178,477,933 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $4,897,464,034) | | | $ | 5,486,194,875 |
| Foreign currency held at value (cost $356,126) | | | | 383,820 |
| Receivable for investments sold | | | | 20,061 |
| Receivable for fund shares sold | | | | 9,120,317 |
| Dividends receivable | | | | 1,163,333 |
| Distributions receivable from Fidelity Central Funds | | | | 203,215 |
| Prepaid expenses | | | | 4,524 |
Total assets | | | | 5,497,090,145 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 9,018,780 | | |
| Accrued management fee | | 3,394,930 | | |
| Distribution and service plan fees payable | | 121,745 | | |
| Other affiliated payables | | 703,567 | | |
| Other payables and accrued expenses | | 40,412 | | |
| Collateral on securities loaned | | 312,090,043 | | |
| Total Liabilities | | | | 325,369,477 |
| Net Assets | | | $ | 5,171,720,668 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 4,610,729,214 |
| Total accumulated earnings (loss) | | | | 560,991,454 |
| Net Assets | | | $ | 5,171,720,668 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($278,238,385 ÷ 14,690,790 shares) (a) | | | $ | 18.94 |
| Maximum offering price per share (100/94.25 of $18.94) | | | $ | 20.10 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($86,642,560 ÷ 4,766,902 shares) (a) | | | $ | 18.18 |
| Maximum offering price per share (100/96.50 of $18.18) | | | $ | 18.84 |
| Class C : | | | | |
Net Asset Value and offering price per share ($39,660,400 ÷ 2,479,527 shares) (a) | | | $ | 16.00 |
| Small Cap Value : | | | | |
Net Asset Value , offering price and redemption price per share ($2,755,984,763 ÷ 140,968,380 shares) | | | $ | 19.55 |
| Class I : | | | | |
Net Asset Value , offering price and redemption price per share ($1,363,119,748 ÷ 69,726,041 shares) | | | $ | 19.55 |
| Class Z : | | | | |
Net Asset Value , offering price and redemption price per share ($648,074,812 ÷ 33,121,604 shares) | | | $ | 19.57 |
(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, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends (including $7,158,992 earned from affiliated issuers) | | | $ | 40,365,478 |
| Income from Fidelity Central Funds (including $250,500 from security lending) | | | | 1,124,343 |
| Total Income | | | | 41,489,821 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 16,063,318 | | |
| Performance adjustment | | 3,462,491 | | |
| Transfer agent fees | | 3,766,157 | | |
| Distribution and service plan fees | | 706,900 | | |
| Accounting fees | | 473,987 | | |
| Custodian fees and expenses | | 18,601 | | |
| Independent trustees' fees and expenses | | 8,222 | | |
| Registration fees | | 176,885 | | |
| Audit | | 31,979 | | |
| Legal | | 3,462 | | |
| Miscellaneous | | 14,265 | | |
| Total expenses before reductions | | 24,726,267 | | |
| Expense reductions | | (88,942) | | |
| Total expenses after reductions | | | | 24,637,325 |
| Net Investment income (loss) | | | | 16,852,496 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 9,384,453 | | |
| Affiliated issuers | | (5,055,615) | | |
| Foreign currency transactions | | (1,988) | | |
| Total net realized gain (loss) | | | | 4,326,850 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 257,524,881 | | |
| Affiliated issuers | | (32,891,773) | | |
| Assets and liabilities in foreign currencies | | 62,615 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 224,695,723 |
| Net gain (loss) | | | | 229,022,573 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 245,875,069 |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 16,852,496 | $ | 55,544,775 |
| Net realized gain (loss) | | 4,326,850 | | 374,457,965 |
| Change in net unrealized appreciation (depreciation) | | 224,695,723 | | (540,117,107) |
| Net increase (decrease) in net assets resulting from operations | | 245,875,069 | | (110,114,367) |
| Distributions to shareholders | | (265,224,226) | | (359,250,603) |
| Share transactions - net increase (decrease) | | 251,522,272 | | 1,138,061,901 |
| Total increase (decrease) in net assets | | 232,173,115 | | 668,696,931 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 4,939,547,553 | | 4,270,850,622 |
| End of period | $ | 5,171,720,668 | $ | 4,939,547,553 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity Advisor® Small Cap Value Fund Class A |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.13 | $ | 21.03 | $ | 12.33 | $ | 14.68 | $ | 20.33 | $ | 19.05 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .18 C | | .09 D | | .11 | | .14 E | | .10 F |
| Net realized and unrealized gain (loss) | | .82 | | (.41) | | 8.66 | | (1.96) | | (.98) | | 1.87 |
| Total from investment operations | | .86 | | (.23) | | 8.75 | | (1.85) | | (.84) | | 1.97 |
| Distributions from net investment income | | - | | (.39) | | (.05) | | (.09) | | (.10) | | (.17) |
| Distributions from net realized gain | | (1.05) | | (1.28) | | - | | (.41) | | (4.71) | | (.52) |
| Total distributions | | (1.05) | | (1.67) | | (.05) | | (.50) | | (4.81) | | (.69) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - G |
| Net asset value, end of period | $ | 18.94 | $ | 19.13 | $ | 21.03 | $ | 12.33 | $ | 14.68 | $ | 20.33 |
Total Return H,I,J | | 4.90% | | (1.50)% | | 71.07% | | (13.09)% | | (4.85)% | | 10.65% |
Ratios to Average Net Assets B,K,L | | | | | | | | | | | | |
| Expenses before reductions | | 1.29% M | | 1.26% | | 1.24% | | 1.22% | | .92% | | 1.18% |
| Expenses net of fee waivers, if any | | 1.28% M | | 1.25% | | 1.24% | | 1.22% | | .92% | | 1.17% |
| Expenses net of all reductions | | 1.28% M | | 1.25% | | 1.23% | | 1.20% | | .91% | | 1.17% |
| Net investment income (loss) | | .47% M | | .90% C | | .50% D | | .84% | | .91% E | | .49% F |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 278,238 | $ | 267,854 | $ | 232,920 | $ | 101,675 | $ | 129,115 | $ | 162,572 |
Portfolio turnover rate N | | 17% M | | 40% | | 54% | | 109% | | 79% | | 55% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Net 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%.
E Net 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%.
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .29%.
G Amount represents less than $.005 per share.
H Total returns for periods of less than one year are not annualized.
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
J Total returns do not include the effect of the sales charges.
K Fees 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.
L Expense 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.
M Annualized.
N Amount 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, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.42 | $ | 20.31 | $ | 11.93 | $ | 14.22 | $ | 19.84 | $ | 18.61 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .02 | | .13 C | | .05 D | | .08 | | .10 E | | .05 F |
| Net realized and unrealized gain (loss) | | .79 | | (.40) | | 8.37 | | (1.91) | | (.96) | | 1.82 |
| Total from investment operations | | .81 | | (.27) | | 8.42 | | (1.83) | | (.86) | | 1.87 |
| Distributions from net investment income | | - | | (.35) | | (.04) | | (.05) | | (.05) | | (.13) |
| Distributions from net realized gain | | (1.05) | | (1.28) | | - | | (.41) | | (4.71) | | (.52) |
| Total distributions | | (1.05) | | (1.62) G | | (.04) | | (.46) | | (4.76) | | (.64) G |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - H |
| Net asset value, end of period | $ | 18.18 | $ | 18.42 | $ | 20.31 | $ | 11.93 | $ | 14.22 | $ | 19.84 |
Total Return I,J,K | | 4.82% | | (1.74)% | | 70.63% | | (13.29)% | | (5.08)% | | 10.39% |
Ratios to Average Net Assets B,L,M | | | | | | | | | | | | |
| Expenses before reductions | | 1.53% N | | 1.50% | | 1.48% | | 1.46% | | 1.17% | | 1.42% |
| Expenses net of fee waivers, if any | | 1.53% N | | 1.49% | | 1.48% | | 1.46% | | 1.17% | | 1.42% |
| Expenses net of all reductions | | 1.53% N | | 1.49% | | 1.47% | | 1.44% | | 1.16% | | 1.41% |
| Net investment income (loss) | | .22% N | | .66% C | | .26% D | | .59% | | .66% E | | .25% F |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 86,643 | $ | 81,790 | $ | 80,182 | $ | 38,049 | $ | 53,612 | $ | 69,380 |
Portfolio turnover rate O | | 17% N | | 40% | | 54% | | 109% | | 79% | | 55% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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)%.
D Net 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)%.
E Net 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%.
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .04%.
G Total distributions per share do not sum due to rounding.
H Amount represents less than $.005 per share.
I Total returns for periods of less than one year are not annualized.
J Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
K Total returns do not include the effect of the sales charges.
L Fees 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.
M Expense 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.
N Annualized.
O Amount 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, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 16.38 | $ | 18.25 | $ | 10.76 | $ | 12.91 | $ | 18.50 | $ | 17.39 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.02) | | .03 C | | (.04) D | | .01 | | .02 E | | (.05) F |
| Net realized and unrealized gain (loss) | | .69 | | (.36) | | 7.55 | | (1.72) | | (.89) | | 1.71 |
| Total from investment operations | | .67 | | (.33) | | 7.51 | | (1.71) | | (.87) | | 1.66 |
| Distributions from net investment income | | - | | (.31) | | (.02) | | (.03) | | (.02) | | (.03) |
| Distributions from net realized gain | | (1.05) | | (1.24) | | - | | (.41) | | (4.71) | | (.52) |
| Total distributions | | (1.05) | | (1.54) G | | (.02) | | (.44) | | (4.72) G | | (.55) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - H |
| Net asset value, end of period | $ | 16.00 | $ | 16.38 | $ | 18.25 | $ | 10.76 | $ | 12.91 | $ | 18.50 |
Total Return I,J,K | | 4.55% | | (2.27)% | | 69.84% | | (13.74)% | | (5.63)% | | 9.84% |
Ratios to Average Net Assets B,L,M | | | | | | | | | | | | |
| Expenses before reductions | | 2.05% N | | 2.02% | | 2.01% | | 2.00% | | 1.68% | | 1.93% |
| Expenses net of fee waivers, if any | | 2.05% N | | 2.01% | | 2.01% | | 1.99% | | 1.68% | | 1.93% |
| Expenses net of all reductions | | 2.05% N | | 2.01% | | 2.00% | | 1.97% | | 1.67% | | 1.92% |
| Net investment income (loss) | | (.30)% N | | .14% C | | (.26)% D | | .06% | | .15% E | | (.26)% F |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 39,660 | $ | 38,832 | $ | 32,469 | $ | 13,748 | $ | 22,187 | $ | 44,396 |
Portfolio turnover rate O | | 17% N | | 40% | | 54% | | 109% | | 79% | | 55% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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)%.
D Net 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)%.
E Net 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)%.
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.47)%.
G Total distributions per share do not sum due to rounding.
H Amount represents less than $.005 per share.
I Total returns for periods of less than one year are not annualized.
J Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
K Total returns do not include the effect of the contingent deferred sales charge.
L Fees 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.
M Expense 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.
N Annualized.
O Amount 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, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.69 | $ | 21.59 | $ | 12.64 | $ | 15.04 | $ | 20.71 | $ | 19.41 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .24 C | | .14 D | | .15 | | .18 E | | .15 F |
| Net realized and unrealized gain (loss) | | .84 | | (.42) | | 8.89 | | (2.01) | | (1.00) | | 1.89 |
| Total from investment operations | | .91 | | (.18) | | 9.03 | | (1.86) | | (.82) | | 2.04 |
| Distributions from net investment income | | - | | (.44) | | (.08) | | (.12) | | (.15) | | (.22) |
| Distributions from net realized gain | | (1.05) | | (1.28) | | - | | (.41) | | (4.71) | | (.52) |
| Total distributions | | (1.05) | | (1.72) | | (.08) | | (.54) G | | (4.85) G | | (.74) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - H |
| Net asset value, end of period | $ | 19.55 | $ | 19.69 | $ | 21.59 | $ | 12.64 | $ | 15.04 | $ | 20.71 |
Total Return I,J | | 5.02% | | (1.23)% | | 71.64% | | (12.88)% | | (4.58)% | | 10.88% |
Ratios to Average Net Assets B,K,L | | | | | | | | | | | | |
| Expenses before reductions | | 1.03% M | | .99% | | .97% | | .96% | | .66% | | .91% |
| Expenses net of fee waivers, if any | | 1.02% M | | .98% | | .97% | | .96% | | .66% | | .91% |
| Expenses net of all reductions | | 1.02% M | | .98% | | .96% | | .94% | | .64% | | .91% |
| Net investment income (loss) | | .72% M | | 1.17% C | | .77% D | | 1.10% | | 1.17% E | | .76% F |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,755,985 | $ | 2,691,063 | $ | 2,715,703 | $ | 1,231,427 | $ | 1,611,032 | $ | 2,052,664 |
Portfolio turnover rate N | | 17% M | | 40% | | 54% | | 109% | | 79% | | 55% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Net 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%.
E Net 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%.
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .55%.
G Total distributions per share do not sum due to rounding.
H Amount represents less than $.005 per share.
I Total returns for periods of less than one year are not annualized.
J Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
K Fees 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.
L Expense 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.
M Annualized.
N Amount 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, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.04 | $ | 20.72 | $ | 19.41 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .07 | | .24 C | | .15 D | | .15 | | .18 E | | .15 F |
| Net realized and unrealized gain (loss) | | .84 | | (.42) | | 8.87 | | (2.01) | | (1.01) | | 1.90 |
| Total from investment operations | | .91 | | (.18) | | 9.02 | | (1.86) | | (.83) | | 2.05 |
| Distributions from net investment income | | - | | (.44) | | (.08) | | (.12) | | (.15) | | (.22) |
| Distributions from net realized gain | | (1.05) | | (1.28) | | - | | (.41) | | (4.71) | | (.52) |
| Total distributions | | (1.05) | | (1.72) | | (.08) | | (.53) | | (4.85) G | | (.74) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - H |
| Net asset value, end of period | $ | 19.55 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.04 | $ | 20.72 |
Total Return I,J | | 5.02% | | (1.22)% | | 71.55% | | (12.82)% | | (4.63)% | | 10.93% |
Ratios to Average Net Assets B,K,L | | | | | | | | | | | | |
| Expenses before reductions | | 1.02% M | | .99% | | .97% | | .95% | | .66% | | .91% |
| Expenses net of fee waivers, if any | | 1.02% M | | .99% | | .97% | | .95% | | .66% | | .91% |
| Expenses net of all reductions | | 1.02% M | | .99% | | .96% | | .93% | | .65% | | .90% |
| Net investment income (loss) | | .73% M | | 1.17% C | | .77% D | | 1.10% | | 1.17% E | | .76% F |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,363,120 | $ | 1,319,154 | $ | 845,012 | $ | 214,538 | $ | 243,571 | $ | 459,332 |
Portfolio turnover rate N | | 17% M | | 40% | | 54% | | 109% | | 79% | | 55% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Net 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%.
E Net 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%.
F Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .55%.
G Total distributions per share do not sum due to rounding.
H Amount represents less than $.005 per share.
I Total returns for periods of less than one year are not annualized.
J Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
K Fees 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.
L Expense 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.
M Annualized.
N Amount 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, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.05 | $ | 16.90 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .08 | | .27 D | | .17 E | | .17 | | (.08) F |
| Net realized and unrealized gain (loss) | | .85 | | (.43) | | 8.87 | | (2.01) | | (.66) |
| Total from investment operations | | .93 | | (.16) | | 9.04 | | (1.84) | | (.74) |
| Distributions from net investment income | | - | | (.47) | | (.10) | | (.15) | | (.09) |
| Distributions from net realized gain | | (1.05) | | (1.28) | | - | | (.41) | | (1.02) |
| Total distributions | | (1.05) | | (1.74) G | | (.10) | | (.56) | | (1.11) |
| Net asset value, end of period | $ | 19.57 | $ | 19.69 | $ | 21.59 | $ | 12.65 | $ | 15.05 |
Total Return H,I | | 5.13% | | (1.11)% | | 71.75% | | (12.73)% | | (3.75)% |
Ratios to Average Net Assets C,J,K | | | | | | | | | | |
| Expenses before reductions | | .90% L | | .86% | | .84% | | .81% | | .52% L |
| Expenses net of fee waivers, if any | | .89% L | | .86% | | .84% | | .81% | | .52% L |
| Expenses net of all reductions | | .89% L | | .86% | | .83% | | .79% | | .51% L |
| Net investment income (loss) | | .86% L | | 1.30% D | | .90% E | | 1.25% | | (.63)% F,L |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 648,075 | $ | 540,854 | $ | 364,564 | $ | 93,849 | $ | 26,006 |
Portfolio turnover rate M | | 17% L | | 40% | | 54% | | 109% | | 79% L |
A For the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.
B Calculated based on average shares outstanding during the period.
C Net 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.
D Net 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%.
E Net 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%.
F Net 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)%.
G Total distributions per share do not sum due to rounding.
H Total returns for periods of less than one year are not annualized.
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
J Fees 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.
K Expense 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.
L Annualized.
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended January 31, 2023
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. 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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, 2023 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. 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. 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 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, partnerships, passive foreign investment companies (PFIC) 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 | $946,260,576 |
| Gross unrealized depreciation | (358,752,363) |
| Net unrealized appreciation (depreciation) | $587,508,213 |
| Tax cost | $4,898,686,662 |
The Fund elected to defer to its next fiscal year approximately $11,047,968 of capital losses recognized during the period November 1, 2021 to July 31, 2022 and $21,047,590 of ordinary losses during the period January 1, 2021 to July 31, 2022.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Small Cap Value Fund | 432,128,653 | 390,384,737 |
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 .23% 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 .82% 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% | $320,767 | $14,691 |
| Class M | .25% | .25% | 198,124 | - |
| Class C | .75% | .25% | 188,009 | 57,144 |
| | | | $706,900 | $71,835 |
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 | $39,822 |
| Class M | 1,735 |
Class C A | 518 |
| | $42,075 |
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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives 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 Assets A |
| Class A | $234,682 | .18 |
| Class M | 71,013 | .18 |
| Class C | 37,098 | .20 |
| Small Cap Value | 2,242,092 | .17 |
| Class I | 1,063,286 | .17 |
| Class Z | 117,986 | .04 |
| | $3,766,157 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Small Cap Value Fund | .02 |
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 | $20,466 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Small Cap Value Fund | 43,090,858 | 16,230,582 | (11,131,480) |
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 | $6,360 |
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 | $25,972 | $1 | $- |
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 $431. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction |
| Class M | $40 |
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 $88,471.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Small Cap Value Fund | | |
| Distributions to shareholders | | |
| Class A | $14,784,241 | $19,708,729 |
| Class M | 4,753,937 | 6,431,794 |
| Class C | 2,573,149 | 2,894,329 |
| Small Cap Value | 143,553,970 | 219,284,330 |
| Class I | 70,449,681 | 78,004,957 |
| Class Z | 29,109,248 | 32,926,464 |
Total | $265,224,226 | $359,250,603 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Small Cap Value Fund | | | | |
| Class A | | | | |
| Shares sold | 1,601,791 | 5,298,721 | $28,299,466 | $108,496,696 |
| Reinvestment of distributions | 821,346 | 931,850 | 14,511,110 | 19,175,840 |
| Shares redeemed | (1,733,827) | (3,305,265) | (30,390,777) | (66,717,629) |
| Net increase (decrease) | 689,310 | 2,925,306 | $12,419,799 | $60,954,907 |
| Class M | | | | |
| Shares sold | 509,240 | 1,378,126 | $8,690,308 | $27,066,436 |
| Reinvestment of distributions | 277,763 | 320,905 | 4,713,039 | 6,377,160 |
| Shares redeemed | (459,436) | (1,207,147) | (7,700,083) | (23,647,044) |
| Net increase (decrease) | 327,567 | 491,884 | $5,703,264 | $9,796,552 |
| Class C | | | | |
| Shares sold | 352,099 | 1,199,095 | $5,284,731 | $21,139,005 |
| Reinvestment of distributions | 162,730 | 159,909 | 2,435,861 | 2,839,061 |
| Shares redeemed | (405,632) | (768,069) | (5,926,317) | (13,253,131) |
| Net increase (decrease) | 109,197 | 590,935 | $1,794,275 | $10,724,935 |
| Small Cap Value | | | | |
| Shares sold | 14,282,318 | 47,561,130 | $258,858,279 | $1,004,315,420 |
| Reinvestment of distributions | 7,490,939 | 9,867,950 | 136,467,165 | 208,631,722 |
| Shares redeemed | (17,488,326) | (46,550,420) | (315,919,467) | (975,621,735) |
| Net increase (decrease) | 4,284,931 | 10,878,660 | $79,405,977 | $237,325,407 |
| Class I | | | | |
| Shares sold | 18,780,867 | 50,555,646 | $340,932,726 | $1,058,311,814 |
| Reinvestment of distributions | 3,613,120 | 3,478,382 | 65,821,608 | 73,471,142 |
| Shares redeemed | (19,673,657) | (26,168,822) | (354,582,242) | (534,982,261) |
| Net increase (decrease) | 2,720,330 | 27,865,206 | $52,172,092 | $596,800,695 |
| Class Z | | | | |
| Shares sold | 9,206,484 | 17,011,053 | $164,862,530 | $355,253,994 |
| Reinvestment of distributions | 1,366,081 | 1,279,957 | 24,883,951 | 27,023,961 |
| Shares redeemed | (4,918,002) | (7,709,768) | (89,719,616) | (159,818,550) |
| Net increase (decrease) | 5,654,563 | 10,581,242 | $100,026,865 | $222,459,405 |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® Small Cap Value Fund | | | | | | | | | | |
| Class A | | | | 1.28% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,049.00 | | $ 6.61 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,018.75 | | $ 6.51 |
| Class M | | | | 1.53% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,048.20 | | $ 7.90 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,017.49 | | $ 7.78 |
| Class C | | | | 2.05% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,045.50 | | $ 10.57 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,014.87 | | $ 10.41 |
| Fidelity® Small Cap Value Fund | | | | 1.02% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,050.20 | | $ 5.27 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.06 | | $ 5.19 |
| Class I | | | | 1.02% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,050.20 | | $ 5.27 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.06 | | $ 5.19 |
| Class Z | | | | .89% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,051.30 | | $ 4.60 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.72 | | $ 4.53 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.803709.118
SCV-SANN-0423
Fidelity® Series Small Cap Opportunities Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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. | 1.6 | |
| Commercial Metals Co. | 1.5 | |
| Denbury, Inc. | 1.5 | |
| Atkore, Inc. | 1.5 | |
| ExlService Holdings, Inc. | 1.4 | |
| Northern Oil & Gas, Inc. | 1.3 | |
| Brookfield Infrastructure Corp. A Shares | 1.1 | |
| SPX Technologies, Inc. | 1.1 | |
| Axcelis Technologies, Inc. | 1.1 | |
| WNS Holdings Ltd. sponsored ADR | 1.0 | |
| | 13.1 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Industrials | 17.5 | |
| Financials | 15.5 | |
| Health Care | 15.3 | |
| Consumer Discretionary | 12.8 | |
| Information Technology | 12.7 | |
| Energy | 7.2 | |
| Materials | 5.5 | |
| Real Estate | 5.4 | |
| Consumer Staples | 3.5 | |
| Utilities | 2.1 | |
| Communication Services | 1.6 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 13.7% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.6% | | | |
| Interactive Media & Services - 0.3% | | | |
| Ziff Davis, Inc. (a) | | 173,300 | 15,506,884 |
| Media - 1.2% | | | |
| Nexstar Broadcasting Group, Inc. Class A | | 133,600 | 27,357,272 |
| TechTarget, Inc. (a) | | 302,329 | 14,974,355 |
| Thryv Holdings, Inc. (a)(b) | | 697,500 | 15,603,075 |
| | | | 57,934,702 |
| Wireless Telecommunication Services - 0.1% | | | |
| Gogo, Inc. (a) | | 371,100 | 6,223,347 |
TOTAL COMMUNICATION SERVICES | | | 79,664,933 |
| CONSUMER DISCRETIONARY - 12.8% | | | |
| Auto Components - 2.5% | | | |
| Adient PLC (a) | | 880,500 | 39,640,110 |
| Fox Factory Holding Corp. (a) | | 275,079 | 32,484,079 |
| Gentherm, Inc. (a) | | 105,300 | 7,837,479 |
| LCI Industries (b) | | 188,900 | 21,198,358 |
| Patrick Industries, Inc. | | 298,000 | 21,149,060 |
| | | | 122,309,086 |
| Diversified Consumer Services - 0.4% | | | |
| Laureate Education, Inc. Class A | | 1,052,420 | 11,555,572 |
| Strategic Education, Inc. | | 110,500 | 10,315,175 |
| | | | 21,870,747 |
| Hotels, Restaurants & Leisure - 2.1% | | | |
| Brinker International, Inc. (a) | | 567,725 | 22,402,429 |
| Churchill Downs, Inc. | | 186,800 | 46,345,080 |
| Everi Holdings, Inc. (a) | | 724,800 | 12,589,776 |
| Hilton Grand Vacations, Inc. (a) | | 419,300 | 19,858,048 |
| | | | 101,195,333 |
| Household Durables - 1.5% | | | |
| Green Brick Partners, Inc. (a) | | 165,088 | 5,150,746 |
| M.D.C. Holdings, Inc. | | 349,550 | 13,199,008 |
| Skyline Champion Corp. (a) | | 594,798 | 35,063,342 |
| Tempur Sealy International, Inc. | | 525,600 | 21,418,200 |
| | | | 74,831,296 |
| Internet & Direct Marketing Retail - 0.3% | | | |
| Vivid Seats, Inc. Class A (a)(b) | | 1,715,316 | 14,597,339 |
| Leisure Products - 0.5% | | | |
| Acushnet Holdings Corp. (b) | | 245,000 | 11,502,750 |
| Clarus Corp. | | 1,311,984 | 13,185,439 |
| | | | 24,688,189 |
| Specialty Retail - 3.2% | | | |
| Academy Sports & Outdoors, Inc. (b) | | 1,364,072 | 79,689,084 |
| Dick's Sporting Goods, Inc. | | 196,950 | 25,753,182 |
| Murphy U.S.A., Inc. | | 156,391 | 42,543,044 |
| Rent-A-Center, Inc. | | 342,052 | 9,197,778 |
| | | | 157,183,088 |
| Textiles, Apparel & Luxury Goods - 2.3% | | | |
| Capri Holdings Ltd. (a) | | 366,300 | 24,355,287 |
| Crocs, Inc. (a) | | 356,600 | 43,423,182 |
| Deckers Outdoor Corp. (a) | | 43,700 | 18,680,876 |
| Kontoor Brands, Inc. (b) | | 586,000 | 27,987,360 |
| | | | 114,446,705 |
TOTAL CONSUMER DISCRETIONARY | | | 631,121,783 |
| CONSUMER STAPLES - 3.5% | | | |
| Beverages - 0.5% | | | |
| Primo Water Corp. | | 1,583,700 | 24,784,905 |
| Food & Staples Retailing - 1.5% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 450,917 | 32,677,955 |
| Performance Food Group Co. (a) | | 450,400 | 27,618,528 |
| Sprouts Farmers Market LLC (a) | | 430,400 | 13,751,280 |
| | | | 74,047,763 |
| Food Products - 1.2% | | | |
| Flowers Foods, Inc. | | 373,700 | 10,347,753 |
| Nomad Foods Ltd. (a) | | 1,981,978 | 35,259,389 |
| The Simply Good Foods Co. (a) | | 418,300 | 15,184,290 |
| | | | 60,791,432 |
| Personal Products - 0.3% | | | |
| BellRing Brands, Inc. (a) | | 511,733 | 14,512,748 |
TOTAL CONSUMER STAPLES | | | 174,136,848 |
| ENERGY - 7.2% | | | |
| Energy Equipment & Services - 2.1% | | | |
| Championx Corp. | | 780,300 | 25,765,506 |
| Liberty Oilfield Services, Inc. Class A | | 2,940,654 | 46,550,553 |
| TechnipFMC PLC (a) | | 2,250,100 | 31,253,889 |
| | | | 103,569,948 |
| Oil, Gas & Consumable Fuels - 5.1% | | | |
| Antero Resources Corp. (a) | | 1,491,226 | 43,006,958 |
| Denbury, Inc. (a) | | 868,900 | 75,403,142 |
| Enviva, Inc. (b) | | 221,260 | 10,062,905 |
| HF Sinclair Corp. | | 602,890 | 34,304,441 |
| Magnolia Oil & Gas Corp. Class A | | 995,100 | 23,494,311 |
| Northern Oil & Gas, Inc. (b) | | 1,840,545 | 61,695,068 |
| | | | 247,966,825 |
TOTAL ENERGY | | | 351,536,773 |
| FINANCIALS - 15.5% | | | |
| Banks - 8.4% | | | |
| East West Bancorp, Inc. | | 290,900 | 22,841,468 |
| First Bancorp, Puerto Rico | | 2,837,400 | 38,163,030 |
| Glacier Bancorp, Inc. (b) | | 435,750 | 19,865,843 |
| Independent Bank Group, Inc. | | 342,300 | 20,982,990 |
| Metropolitan Bank Holding Corp. (a) | | 205,900 | 12,226,342 |
| PacWest Bancorp | | 1,326,500 | 36,690,990 |
| Pathward Financial, Inc. | | 836,702 | 41,517,153 |
| Pinnacle Financial Partners, Inc. | | 247,900 | 19,517,167 |
| Preferred Bank, Los Angeles | | 274,750 | 19,542,968 |
| ServisFirst Bancshares, Inc. | | 199,542 | 13,604,774 |
| Synovus Financial Corp. | | 1,172,795 | 49,198,750 |
| Trico Bancshares | | 775,208 | 39,186,764 |
| United Community Bank, Inc. | | 1,447,800 | 47,111,412 |
| Webster Financial Corp. | | 370,171 | 19,489,503 |
| Western Alliance Bancorp. | | 164,650 | 12,409,671 |
| | | | 412,348,825 |
| Capital Markets - 3.1% | | | |
| Focus Financial Partners, Inc. Class A (a) | | 498,752 | 22,518,653 |
| Houlihan Lokey (b) | | 375,879 | 37,238,333 |
| Lazard Ltd. Class A | | 944,840 | 37,869,187 |
| LPL Financial | | 71,250 | 16,894,800 |
| TMX Group Ltd. | | 366,664 | 36,138,677 |
| | | | 150,659,650 |
| Consumer Finance - 0.6% | | | |
| FirstCash Holdings, Inc. | | 318,424 | 29,352,324 |
| Insurance - 1.7% | | | |
| First American Financial Corp. | | 222,300 | 13,753,701 |
| Primerica, Inc. | | 267,700 | 43,300,475 |
| Selective Insurance Group, Inc. | | 270,957 | 25,740,915 |
| | | | 82,795,091 |
| Thrifts & Mortgage Finance - 1.7% | | | |
| Essent Group Ltd. | | 1,122,800 | 49,436,884 |
| Walker & Dunlop, Inc. | | 383,216 | 36,551,142 |
| | | | 85,988,026 |
TOTAL FINANCIALS | | | 761,143,916 |
| HEALTH CARE - 15.1% | | | |
| Biotechnology - 6.9% | | | |
| ALX Oncology Holdings, Inc. (a) | | 337,600 | 3,139,680 |
| Arcutis Biotherapeutics, Inc. (a) | | 686,789 | 11,380,094 |
| Argenx SE ADR (a) | | 51,800 | 19,800,550 |
| Ascendis Pharma A/S sponsored ADR (a) | | 96,248 | 11,942,452 |
| Astria Therapeutics, Inc. (a) | | 620,500 | 8,531,875 |
| BioCryst Pharmaceuticals, Inc. (a)(b) | | 1,123,400 | 11,851,870 |
| Blueprint Medicines Corp. (a) | | 427,000 | 19,957,980 |
| Celldex Therapeutics, Inc. (a) | | 337,200 | 14,857,032 |
| Cerevel Therapeutics Holdings (a) | | 450,200 | 15,374,330 |
| Cytokinetics, Inc. (a) | | 572,400 | 24,315,552 |
| Day One Biopharmaceuticals, Inc. (a) | | 769,400 | 16,749,838 |
| Exelixis, Inc. (a) | | 789,600 | 13,912,752 |
| Icosavax, Inc. (a)(b) | | 803,800 | 8,480,090 |
| Instil Bio, Inc. (a) | | 533,407 | 434,140 |
| Janux Therapeutics, Inc. (a)(b) | | 579,800 | 12,877,358 |
| Keros Therapeutics, Inc. (a) | | 408,200 | 23,908,274 |
| Madrigal Pharmaceuticals, Inc. (a) | | 17,100 | 4,929,075 |
| Morphic Holding, Inc. (a) | | 288,262 | 9,434,815 |
| PepGen, Inc. | | 566,000 | 8,840,920 |
| PTC Therapeutics, Inc. (a) | | 355,300 | 16,304,717 |
| Scholar Rock Holding Corp. warrants 12/31/25 (a)(c) | | 18,825 | 122,870 |
| Tango Therapeutics, Inc. (a) | | 1,398,900 | 9,232,740 |
| Tyra Biosciences, Inc. (a) | | 1,030,200 | 10,940,724 |
| Vaxcyte, Inc. (a) | | 345,772 | 15,680,760 |
| Vera Therapeutics, Inc. (a) | | 619,682 | 5,254,903 |
| Verve Therapeutics, Inc. (a)(b) | | 543,200 | 12,357,800 |
| Xenon Pharmaceuticals, Inc. (a) | | 480,030 | 18,764,373 |
| Zentalis Pharmaceuticals, Inc. (a) | | 442,982 | 10,454,375 |
| | | | 339,831,939 |
| Health Care Equipment & Supplies - 2.7% | | | |
| Envista Holdings Corp. (a) | | 617,200 | 24,064,628 |
| Globus Medical, Inc. (a) | | 149,500 | 11,287,250 |
| Haemonetics Corp. (a) | | 397,400 | 33,620,040 |
| Inspire Medical Systems, Inc. (a) | | 100,843 | 25,519,330 |
| Omnicell, Inc. (a) | | 211,900 | 11,754,093 |
| TransMedics Group, Inc. (a) | | 393,124 | 24,774,674 |
| | | | 131,020,015 |
| Health Care Providers & Services - 2.9% | | | |
| Acadia Healthcare Co., Inc. (a) | | 360,300 | 30,272,406 |
| agilon health, Inc. (a) | | 1,055,200 | 22,961,152 |
| Molina Healthcare, Inc. (a) | | 103,400 | 32,243,222 |
| Owens & Minor, Inc. | | 580,040 | 11,449,990 |
| R1 Rcm, Inc. (a) | | 1,163,747 | 16,653,220 |
| Surgery Partners, Inc. (a) | | 645,392 | 21,427,014 |
| Tenet Healthcare Corp. (a) | | 115,500 | 6,335,175 |
| The Oncology Institute, Inc. (a)(c) | | 1,126,158 | 1,666,714 |
| | | | 143,008,893 |
| Health Care Technology - 0.6% | | | |
| Evolent Health, Inc. (a) | | 933,417 | 30,074,696 |
| Life Sciences Tools & Services - 0.2% | | | |
| Olink Holding AB ADR (a) | | 555,595 | 10,878,550 |
| Pharmaceuticals - 1.8% | | | |
| Acelyrin, Inc. (d) | | 541,165 | 3,366,100 |
| Acelyrin, Inc. rights (a)(d) | | 65,759 | 389,721 |
| Axsome Therapeutics, Inc. (a)(b) | | 154,500 | 11,587,500 |
| DICE Therapeutics, Inc. (a) | | 304,900 | 9,686,673 |
| Edgewise Therapeutics, Inc. (a) | | 1,271,900 | 13,011,537 |
| Enliven Therapeutics, Inc. (e) | | 895,300 | 3,722,657 |
| Intra-Cellular Therapies, Inc. (a) | | 334,000 | 16,005,280 |
| Terns Pharmaceuticals, Inc. (a) | | 1,029,500 | 9,337,565 |
| Ventyx Biosciences, Inc. (a) | | 437,907 | 18,392,094 |
| Verona Pharma PLC ADR (a) | | 208,512 | 4,595,604 |
| | | | 90,094,731 |
TOTAL HEALTH CARE | | | 744,908,824 |
| INDUSTRIALS - 17.5% | | | |
| Building Products - 1.9% | | | |
| Builders FirstSource, Inc. (a) | | 439,549 | 35,032,055 |
| Masonite International Corp. (a) | | 268,034 | 24,450,061 |
| Simpson Manufacturing Co. Ltd. | | 334,799 | 35,860,321 |
| | | | 95,342,437 |
| Commercial Services & Supplies - 0.8% | | | |
| Casella Waste Systems, Inc. Class A (a) | | 260,332 | 20,857,800 |
| The Brink's Co. | | 247,500 | 16,236,000 |
| | | | 37,093,800 |
| Construction & Engineering - 3.5% | | | |
| Comfort Systems U.S.A., Inc. | | 249,822 | 30,238,455 |
| Construction Partners, Inc. Class A (a) | | 391,459 | 11,074,375 |
| Dycom Industries, Inc. (a) | | 221,010 | 21,077,724 |
| EMCOR Group, Inc. | | 300,760 | 44,587,670 |
| Granite Construction, Inc. | | 893,400 | 38,040,972 |
| IES Holdings, Inc. (a) | | 629,318 | 25,053,150 |
| | | | 170,072,346 |
| Electrical Equipment - 1.8% | | | |
| Atkore, Inc. (a) | | 548,924 | 71,497,351 |
| Regal Rexnord Corp. | | 72,400 | 10,078,080 |
| Thermon Group Holdings, Inc. (a) | | 303,446 | 7,015,672 |
| | | | 88,591,103 |
| Machinery - 3.9% | | | |
| Federal Signal Corp. | | 867,219 | 46,179,412 |
| ITT, Inc. | | 211,100 | 19,334,649 |
| Kadant, Inc. | | 101,356 | 20,653,312 |
| Oshkosh Corp. | | 159,300 | 16,054,254 |
| SPX Technologies, Inc. (a) | | 708,544 | 53,147,885 |
| Terex Corp. | | 429,200 | 21,876,324 |
| Timken Co. | | 189,700 | 15,621,795 |
| | | | 192,867,631 |
| Professional Services - 3.0% | | | |
| ASGN, Inc. (a) | | 518,392 | 47,147,752 |
| CACI International, Inc. Class A (a) | | 69,200 | 21,319,828 |
| CRA International, Inc. | | 165,074 | 19,617,394 |
| KBR, Inc. | | 426,600 | 21,854,718 |
| NV5 Global, Inc. (a) | | 175,195 | 23,351,742 |
| TriNet Group, Inc. (a) | | 198,500 | 14,976,825 |
| | | | 148,268,259 |
| Trading Companies & Distributors - 2.6% | | | |
| Beacon Roofing Supply, Inc. (a) | | 381,957 | 21,725,714 |
| Finning International, Inc. | | 562,350 | 15,866,085 |
| GMS, Inc. (a) | | 314,900 | 18,679,868 |
| Rush Enterprises, Inc. Class A | | 842,201 | 45,318,836 |
| Univar Solutions, Inc. (a) | | 797,954 | 27,513,454 |
| | | | 129,103,957 |
TOTAL INDUSTRIALS | | | 861,339,533 |
| INFORMATION TECHNOLOGY - 12.7% | | | |
| Communications Equipment - 0.4% | | | |
| Extreme Networks, Inc. (a) | | 1,112,500 | 20,058,375 |
| Electronic Equipment & Components - 3.6% | | | |
| Advanced Energy Industries, Inc. | | 500,599 | 46,425,551 |
| Fabrinet (a) | | 386,556 | 50,893,963 |
| Insight Enterprises, Inc. (a) | | 356,907 | 40,230,557 |
| Napco Security Technologies, Inc. (a) | | 613,000 | 17,758,610 |
| TD SYNNEX Corp. | | 193,600 | 19,776,240 |
| | | | 175,084,921 |
| IT Services - 3.6% | | | |
| Cyxtera Technologies, Inc. Class A (a) | | 1,625,595 | 5,234,416 |
| Endava PLC ADR (a) | | 273,803 | 24,059,070 |
| ExlService Holdings, Inc. (a) | | 395,776 | 67,519,386 |
| Maximus, Inc. | | 66,000 | 4,940,100 |
| Perficient, Inc. (a) | | 310,700 | 23,035,298 |
| WNS Holdings Ltd. sponsored ADR (a) | | 612,390 | 51,887,805 |
| | | | 176,676,075 |
| Semiconductors & Semiconductor Equipment - 2.5% | | | |
| Axcelis Technologies, Inc. (a) | | 478,000 | 52,556,100 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 448,100 | 30,031,662 |
| Onto Innovation, Inc. (a) | | 298,092 | 23,444,936 |
| Synaptics, Inc. (a) | | 133,200 | 16,653,996 |
| | | | 122,686,694 |
| Software - 2.4% | | | |
| Five9, Inc. (a) | | 115,300 | 9,083,334 |
| Intapp, Inc. (a) | | 562,918 | 16,313,364 |
| Manhattan Associates, Inc. (a) | | 72,400 | 9,438,064 |
| NCR Corp. (a) | | 339,900 | 9,320,058 |
| Qualys, Inc. (a) | | 145,700 | 16,807,952 |
| Rapid7, Inc. (a) | | 166,600 | 6,642,342 |
| SPS Commerce, Inc. (a) | | 117,150 | 15,941,772 |
| Tenable Holdings, Inc. (a) | | 862,900 | 34,714,467 |
| | | | 118,261,353 |
| Technology Hardware, Storage & Peripherals - 0.2% | | | |
| Avid Technology, Inc. (a) | | 387,448 | 11,743,549 |
TOTAL INFORMATION TECHNOLOGY | | | 624,510,967 |
| MATERIALS - 5.5% | | | |
| Chemicals - 0.8% | | | |
| Element Solutions, Inc. | | 1,199,817 | 24,572,252 |
| Tronox Holdings PLC | | 999,647 | 17,143,946 |
| | | | 41,716,198 |
| Construction Materials - 0.9% | | | |
| Eagle Materials, Inc. | | 293,100 | 42,816,048 |
| Containers & Packaging - 0.4% | | | |
| O-I Glass, Inc. (a) | | 1,039,000 | 20,000,750 |
| Metals & Mining - 2.7% | | | |
| Arconic Corp. (a) | | 515,300 | 12,114,703 |
| Commercial Metals Co. | | 1,397,630 | 75,849,380 |
| Constellium NV (a) | | 1,427,300 | 20,738,669 |
| Lundin Mining Corp. | | 3,041,100 | 23,015,954 |
| | | | 131,718,706 |
| Paper & Forest Products - 0.7% | | | |
| Louisiana-Pacific Corp. | | 303,800 | 20,685,742 |
| Sylvamo Corp. | | 245,400 | 11,663,862 |
| | | | 32,349,604 |
TOTAL MATERIALS | | | 268,601,306 |
| REAL ESTATE - 5.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 4.4% | | | |
| EastGroup Properties, Inc. | | 169,700 | 28,552,025 |
| Elme Communities (SBI) | | 1,653,700 | 31,751,040 |
| Equity Commonwealth | | 447,000 | 11,407,440 |
| Essential Properties Realty Trust, Inc. | | 1,855,100 | 47,267,948 |
| Lamar Advertising Co. Class A | | 195,400 | 20,817,916 |
| LXP Industrial Trust (REIT) | | 3,499,899 | 40,423,833 |
| Sunstone Hotel Investors, Inc. | | 2,074,200 | 22,795,458 |
| Terreno Realty Corp. | | 214,496 | 13,819,977 |
| | | | 216,835,637 |
| Real Estate Management & Development - 1.0% | | | |
| Cushman & Wakefield PLC (a) | | 1,249,200 | 18,025,956 |
| Jones Lang LaSalle, Inc. (a) | | 161,800 | 29,911,966 |
| | | | 47,937,922 |
TOTAL REAL ESTATE | | | 264,773,559 |
| UTILITIES - 2.1% | | | |
| Electric Utilities - 0.3% | | | |
| IDACORP, Inc. | | 155,800 | 16,485,198 |
| Gas Utilities - 1.5% | | | |
| Brookfield Infrastructure Corp. A Shares | | 1,263,900 | 55,889,658 |
| ONE Gas, Inc. | | 241,700 | 19,906,412 |
| | | | 75,796,070 |
| Independent Power and Renewable Electricity Producers - 0.3% | | | |
| Clearway Energy, Inc. Class C | | 382,575 | 12,927,209 |
TOTAL UTILITIES | | | 105,208,477 |
| TOTAL COMMON STOCKS (Cost $3,809,914,588) | | | 4,866,946,919 |
| | | | |
| Convertible Preferred Stocks - 0.2% |
| | | Shares | Value ($) |
| HEALTH CARE - 0.2% | | | |
| Biotechnology - 0.1% | | | |
| Dianthus Therapeutics, Inc. Series A (c)(d) | | 1,102,127 | 4,772,210 |
| Pharmaceuticals - 0.1% | | | |
| Aristea Therapeutics, Inc. Series B (a)(c)(d) | | 733,075 | 4,039,243 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $8,832,351) | | | 8,811,453 |
| | | | |
| U.S. Treasury Obligations - 0.0% |
| | | Principal Amount (f) | Value ($) |
U.S. Treasury Bills, yield at date of purchase 4.16% to 4.18% 2/16/23 (g) (Cost $1,337,698) | | 1,340,000 | 1,337,601 |
| | | | |
| Money Market Funds - 3.0% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (h) | | 50,815,239 | 50,825,402 |
| Fidelity Securities Lending Cash Central Fund 4.38% (h)(i) | | 97,950,865 | 97,960,660 |
| TOTAL MONEY MARKET FUNDS (Cost $148,786,062) | | | 148,786,062 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.1% (Cost $3,968,870,699) | 5,025,882,035 |
NET OTHER ASSETS (LIABILITIES) - (2.1)% | (101,776,405) |
| NET ASSETS - 100.0% | 4,924,105,630 |
| | |
| Futures Contracts |
| | Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) |
| Purchased | | | | | |
| | | | | | |
| Equity Index Contracts | | | | | |
| CME E-mini Russell 2000 Index Contracts (United States) | 324 | Mar 2023 | 31,418,280 | 1,701,591 | 1,701,591 |
| | | | | | |
| The notional amount of futures purchased as a percentage of Net Assets is 0.6% |
Legend
| (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 $10,601,037 or 0.2% of net assets. |
| (e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,167,905. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Aristea Therapeutics, Inc. Series B | 10/06/20 - 7/27/21 | 4,041,955 |
| | | |
| Dianthus Therapeutics, Inc. Series A | 4/06/22 | 4,790,395 |
| | | |
| Scholar Rock Holding Corp. warrants 12/31/25 | 6/17/22 | 0 |
| | | |
| The Oncology Institute, Inc. | 6/28/21 | 11,261,580 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | 56,163,679 | 739,489,339 | 744,827,615 | 939,696 | - | (1) | 50,825,402 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 83,308,212 | 883,585,659 | 868,933,211 | 247,881 | - | - | 97,960,660 | 0.3% |
| Total | 139,471,891 | 1,623,074,998 | 1,613,760,826 | 1,187,577 | - | (1) | 148,786,062 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 79,664,933 | 79,664,933 | - | - |
Consumer Discretionary | 631,121,783 | 631,121,783 | - | - |
Consumer Staples | 174,136,848 | 174,136,848 | - | - |
Energy | 351,536,773 | 351,536,773 | - | - |
Financials | 761,143,916 | 761,143,916 | - | - |
Health Care | 753,720,277 | 737,307,476 | 3,845,527 | 12,567,274 |
Industrials | 861,339,533 | 861,339,533 | - | - |
Information Technology | 624,510,967 | 624,510,967 | - | - |
Materials | 268,601,306 | 268,601,306 | - | - |
Real Estate | 264,773,559 | 264,773,559 | - | - |
Utilities | 105,208,477 | 105,208,477 | - | - |
|
| U.S. Government and Government Agency Obligations | 1,337,601 | - | 1,337,601 | - |
|
| Money Market Funds | 148,786,062 | 148,786,062 | - | - |
| Total Investments in Securities: | 5,025,882,035 | 5,008,131,633 | 5,183,128 | 12,567,274 |
Derivative Instruments: | | | | |
|
| Assets | | | | |
Futures Contracts | 1,701,591 | 1,701,591 | - | - |
| Total Assets | 1,701,591 | 1,701,591 | - | - |
| Total Derivative Instruments: | 1,701,591 | 1,701,591 | - | - |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type | Value |
| Asset ($) | Liability ($) |
| Equity Risk | | |
Futures Contracts (a) | 1,701,591 | 0 |
| Total Equity Risk | 1,701,591 | 0 |
| Total Value of Derivatives | 1,701,591 | 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).
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $97,919,622) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $3,820,084,637) | $ | 4,877,095,973 | | |
Fidelity Central Funds (cost $148,786,062) | | 148,786,062 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $3,968,870,699) | | | $ | 5,025,882,035 |
| Cash | | | | 21,475 |
| Receivable for investments sold | | | | 44,862,063 |
| Receivable for fund shares sold | | | | 950,751 |
| Dividends receivable | | | | 265,331 |
| Distributions receivable from Fidelity Central Funds | | | | 201,686 |
| Receivable for daily variation margin on futures contracts | | | | 521,778 |
| Other receivables | | | | 50,568 |
Total assets | | | | 5,072,755,687 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | $ | 2,369,875 | | |
Delayed delivery | | 3,438,829 | | |
| Payable for fund shares redeemed | | 44,862,922 | | |
| Other payables and accrued expenses | | 28,207 | | |
| Collateral on securities loaned | | 97,950,224 | | |
| Total Liabilities | | | | 148,650,057 |
| Net Assets | | | $ | 4,924,105,630 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 4,103,768,003 |
| Total accumulated earnings (loss) | | | | 820,337,627 |
| Net Assets | | | $ | 4,924,105,630 |
Net Asset Value , offering price and redemption price per share ($4,924,105,630 ÷ 385,747,999 shares) | | | $ | 12.77 |
| Statement of Operations |
| | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 24,068,338 |
| Interest | | | | 48,277 |
| Income from Fidelity Central Funds (including $247,881 from security lending) | | | | 1,187,577 |
| Total Income | | | | 25,304,192 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 18,926 | | |
| Independent trustees' fees and expenses | | 8,284 | | |
| Interest | | 3,767 | | |
| Total Expenses | | | | 30,977 |
| Net Investment income (loss) | | | | 25,273,215 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (44,983,930) | | |
| Foreign currency transactions | | 7,192 | | |
| Futures contracts | | (3,745,796) | | |
| Total net realized gain (loss) | | | | (48,722,534) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 326,285,233 | | |
| Fidelity Central Funds | | (1) | | |
| Assets and liabilities in foreign currencies | | (766) | | |
| Futures contracts | | 537,022 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 326,821,488 |
| Net gain (loss) | | | | 278,098,954 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 303,372,169 |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 25,273,215 | $ | 48,514,660 |
| Net realized gain (loss) | | (48,722,534) | | 123,754,493 |
| Change in net unrealized appreciation (depreciation) | | 326,821,488 | | (570,952,732) |
| Net increase (decrease) in net assets resulting from operations | | 303,372,169 | | (398,683,579) |
| Distributions to shareholders | | (230,929,095) | | (1,511,145,723) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 282,375,192 | | 772,983,933 |
| Reinvestment of distributions | | 230,929,095 | | 1,511,145,723 |
| Cost of shares redeemed | | (701,599,128) | | (1,346,757,031) |
Net increase (decrease) in net assets resulting from share transactions | | (188,294,841) | | 937,372,625 |
| Total increase (decrease) in net assets | | (115,851,767) | | (972,456,677) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 5,039,957,397 | | 6,012,414,074 |
| End of period | $ | 4,924,105,630 | $ | 5,039,957,397 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 23,907,188 | | 57,044,933 |
| Issued in reinvestment of distributions | | 19,053,605 | | 106,014,574 |
| Redeemed | | (58,216,078) | | (94,592,767) |
| Net increase (decrease) | | (15,255,285) | | 68,466,740 |
| | | | | |
Financial Highlights
| Fidelity® Series Small Cap Opportunities Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.57 | $ | 18.08 | $ | 12.66 | $ | 14.04 | $ | 15.46 | $ | 14.42 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .06 | | .12 | | .12 | | .15 | | .15 | | .16 |
| Net realized and unrealized gain (loss) | | .74 | | (1.03) | | 5.62 | | (.60) | | .12 | | 2.44 |
| Total from investment operations | | .80 | | (.91) | | 5.74 | | (.45) | | .27 | | 2.60 |
| Distributions from net investment income | | (.14) | | (.12) | | (.14) | | (.16) | | (.14) | | (.12) |
| Distributions from net realized gain | | (.47) | | (4.48) | | (.19) | | (.77) | | (1.55) | | (1.45) |
| Total distributions | | (.60) C | | (4.60) | | (.32) C | | (.93) | | (1.69) | | (1.56) C |
| Net asset value, end of period | $ | 12.77 | $ | 12.57 | $ | 18.08 | $ | 12.66 | $ | 14.04 | $ | 15.46 |
Total Return D,E | | 6.67% | | (7.62)% | | 45.98% | | (3.44)% | | 1.98% | | 19.84% |
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) | | 1.07% I | | .86% | | .77% | | 1.17% | | 1.13% | | 1.10% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 4,924,106 | $ | 5,039,957 | $ | 6,012,414 | $ | 4,931,192 | $ | 5,667,458 | $ | 5,997,330 |
Portfolio turnover rate J | | 24% I | | 39% | | 96% | | 61% K | | 59% | | 68% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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.
G Expense 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.
H Amount represents less than .005%.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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. 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.
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, 2023 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.
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 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 | $1,361,034,225 |
| Gross unrealized depreciation | (310,598,264) |
| Net unrealized appreciation (depreciation) | $1,050,435,961 |
| Tax cost | $3,977,147,665 |
The Fund elected to defer to its next fiscal year approximately $168,106,150 of capital losses recognized during the period November 1, 2021 to July 31, 2022.
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Small Cap Opportunities Fund | 570,223,488 | 980,898,357 |
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 | $28,362 |
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 | $ 52,969,000 | 2.56% | $3,767 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Small Cap Opportunities Fund | 16,394,851 | 72,787,641 | 392,646 |
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 | $25,740 | $135 | $- |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| | | | | | | | | | |
| Fidelity® Series Small Cap Opportunities Fund | | | | -%- D | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,066.70 | | $- E |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,025.21 | | $- 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/ 365 (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.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.839810.115
SMO-SANN-0423
Fidelity® Series Real Estate Income Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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. | 1.5 | |
| Great Ajax Corp. 7.25% | 1.4 | |
| American Tower Corp. | 1.3 | |
| iStar Financial, Inc. Series I, 7.50% | 1.3 | |
| Digitalbridge Group, Inc. Series I, 7.15% | 1.1 | |
| Crown Castle International Corp. | 1.0 | |
| Chimera Investment Corp. Series B, 8.00% | 0.9 | |
| Annaly Capital Management, Inc. Series F, 6.95% | 0.9 | |
| Digitalbridge Group, Inc. Series J, 7.15% | 0.9 | |
| Rithm Capital Corp. 7.125% | 0.9 | |
| | 11.2 | |
| |
| Top Five REIT Sectors (% of Fund's net assets) |
| |
| REITs - Mortgage | 15.3 | |
| REITs - Diversified | 15.1 | |
| REITs - Health Care | 6.1 | |
| REITs - Management/Investment | 4.8 | |
| REITs - Hotels | 4.5 | |
| |
Quality Diversification (% of Fund's net assets) |
|
| |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 0.9% |
|
Showing Percentage of Net Assets
| Common Stocks - 13.7% |
| | | Shares | Value ($) |
| FINANCIALS - 0.7% | | | |
| Mortgage Real Estate Investment Trusts - 0.7% | | | |
| Great Ajax Corp. | | 256,346 | 2,248,154 |
| MFA Financial, Inc. | | 78,075 | 928,312 |
| | | | 3,176,466 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| IT Services - 0.0% | | | |
| Cyxtera Technologies, Inc. Class A (a) | | 37,800 | 121,716 |
| REAL ESTATE - 13.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 12.9% | | | |
| Acadia Realty Trust (SBI) | | 300 | 4,659 |
| American Homes 4 Rent Class A | | 38,900 | 1,333,881 |
| American Tower Corp. | | 26,900 | 6,009,191 |
| AvalonBay Communities, Inc. | | 8,100 | 1,437,264 |
| Crown Castle International Corp. | | 30,700 | 4,546,977 |
| CubeSmart | | 22,500 | 1,030,275 |
| Digital Realty Trust, Inc. | | 2,200 | 252,164 |
| Douglas Emmett, Inc. | | 12,000 | 201,000 |
| Easterly Government Properties, Inc. | | 62,900 | 1,021,496 |
| EastGroup Properties, Inc. | | 500 | 84,125 |
| Elme Communities (SBI) | | 40,100 | 769,920 |
| Equinix, Inc. | | 3,600 | 2,657,268 |
| Equity Lifestyle Properties, Inc. | | 92,700 | 6,654,006 |
| Essex Property Trust, Inc. | | 9,700 | 2,192,879 |
| Extra Space Storage, Inc. | | 6,400 | 1,010,112 |
| Farmland Partners, Inc. | | 11,915 | 153,465 |
| Gaming & Leisure Properties | | 19,804 | 1,060,702 |
| Healthcare Trust of America, Inc. | | 3,250 | 69,973 |
| Invitation Homes, Inc. | | 27,100 | 880,750 |
| iStar Financial, Inc. | | 6,787 | 62,983 |
| Lamar Advertising Co. Class A | | 11,000 | 1,171,940 |
| Life Storage, Inc. | | 3,200 | 345,728 |
| LXP Industrial Trust (REIT) | | 317,022 | 3,661,604 |
| Mid-America Apartment Communities, Inc. | | 13,714 | 2,286,398 |
| National Retail Properties, Inc. | | 3,700 | 175,195 |
| NexPoint Residential Trust, Inc. | | 1,000 | 50,500 |
| Postal Realty Trust, Inc. | | 51,200 | 791,552 |
| Prologis (REIT), Inc. | | 15,420 | 1,993,498 |
| Public Storage | | 6,100 | 1,856,474 |
| Retail Value, Inc. | | 24,066 | 6,017 |
| RLJ Lodging Trust | | 14,700 | 184,779 |
| Sabra Health Care REIT, Inc. | | 33,800 | 456,300 |
| Safehold, Inc. | | 519 | 18,144 |
| SITE Centers Corp. | | 118,800 | 1,621,620 |
| Spirit Realty Capital, Inc. | | 39,800 | 1,746,424 |
| Sunstone Hotel Investors, Inc. | | 17,100 | 187,929 |
| Terreno Realty Corp. | | 25,980 | 1,673,891 |
| UDR, Inc. | | 5,600 | 238,504 |
| UMH Properties, Inc. | | 29,000 | 519,680 |
| Ventas, Inc. | | 62,555 | 3,240,975 |
| VICI Properties, Inc. | | 34,700 | 1,186,046 |
| Welltower, Inc. | | 40,900 | 3,069,136 |
| Weyerhaeuser Co. | | 13,700 | 471,691 |
| | | | 58,387,115 |
| Real Estate Management & Development - 0.1% | | | |
| Cushman & Wakefield PLC (a) | | 11,300 | 163,059 |
| Digitalbridge Group, Inc. | | 4,374 | 64,735 |
| | | | 227,794 |
TOTAL REAL ESTATE | | | 58,614,909 |
| TOTAL COMMON STOCKS (Cost $48,060,937) | | | 61,913,091 |
| | | | |
| Preferred Stocks - 32.9% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 2.4% | | | |
| FINANCIALS - 1.4% | | | |
| Mortgage Real Estate Investment Trusts - 1.4% | | | |
| Great Ajax Corp. 7.25% | | 260,550 | 6,386,081 |
| | | | |
| REAL ESTATE - 1.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.0% | | | |
| LXP Industrial Trust (REIT) Series C, 6.50% | | 71,519 | 3,417,454 |
| RLJ Lodging Trust Series A, 1.95% | | 38,950 | 985,435 |
| | | | 4,402,889 |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 10,788,970 |
| Nonconvertible Preferred Stocks - 30.5% | | | |
| ENERGY - 1.6% | | | |
| Oil, Gas & Consumable Fuels - 1.6% | | | |
| DCP Midstream Partners LP: | | | |
| 7.95%(b) | | 36,975 | 928,073 |
| Series B, 7.875%(b) | | 34,150 | 858,873 |
| Enbridge, Inc.: | | | |
| Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(b)(c) | | 97,425 | 2,189,140 |
| Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(b)(c) | | 19,600 | 393,372 |
| Energy Transfer LP 7.60% (b) | | 98,525 | 2,359,674 |
| Global Partners LP: | | | |
| 9.75%(b) | | 1,825 | 48,655 |
| Series B, 9.50% | | 12,200 | 307,688 |
| | | | 7,085,475 |
| FINANCIALS - 12.5% | | | |
| Mortgage Real Estate Investment Trusts - 12.5% | | | |
| AG Mortgage Investment Trust, Inc. 8.00% | | 50,109 | 919,500 |
| AGNC Investment Corp.: | | | |
| 6.125%(b) | | 102,400 | 2,207,744 |
| 6.875%(b) | | 85,750 | 1,896,790 |
| Series C, 7.00%(b)(c) | | 136,199 | 3,429,491 |
| Series E, 6.50%(b) | | 141,450 | 3,165,651 |
| Annaly Capital Management, Inc.: | | | |
| 6.75%(b) | | 40,700 | 947,496 |
| Series F, 6.95%(b)(c) | | 164,300 | 4,091,070 |
| Series G, 6.50%(b) | | 149,490 | 3,593,740 |
| Arbor Realty Trust, Inc.: | | | |
| Series D, 6.375% | | 12,400 | 254,820 |
| Series F, 6.25%(b) | | 14,100 | 287,358 |
| Cherry Hill Mortgage Investment Corp.: | | | |
| 8.25%(b) | | 13,175 | 296,899 |
| Series A, 8.20% | | 16,350 | 372,780 |
| Chimera Investment Corp.: | | | |
| 8.00%(b) | | 81,500 | 1,776,700 |
| Series B, 8.00%(b) | | 189,358 | 4,241,619 |
| Series C, 7.75%(b) | | 172,766 | 3,527,882 |
| Dynex Capital, Inc. Series C 6.90% (b) | | 89,500 | 2,057,605 |
| Ellington Financial LLC 6.75% (b) | | 73,722 | 1,621,884 |
| Franklin BSP Realty Trust, Inc. 7.50% | | 55,316 | 1,172,948 |
| MFA Financial, Inc.: | | | |
| 6.50%(b) | | 179,800 | 3,480,928 |
| Series B, 7.50% | | 66,349 | 1,358,164 |
| PennyMac Mortgage Investment Trust: | | | |
| 6.75% | | 26,000 | 515,840 |
| 8.125%(b) | | 66,075 | 1,601,658 |
| Series B, 8.00%(b) | | 119,505 | 2,837,049 |
| Rithm Capital Corp.: | | | |
| 7.125%(b) | | 183,967 | 4,010,481 |
| Series A, 7.50%(b) | | 110,359 | 2,462,109 |
| Series C, 6.375%(b) | | 55,446 | 1,106,148 |
| Series D, 7.00%(b) | | 17,100 | 363,204 |
| Two Harbors Investment Corp.: | | | |
| Series A, 8.125%(b) | | 41,635 | 920,550 |
| Series B, 7.625%(b) | | 89,612 | 1,855,865 |
| | | | 56,373,973 |
| Real Estate Management & Development - 0.0% | | | |
| Brookfield Properties Corp. Series EE, 5.10% (b) | | 7,675 | 107,233 |
| | | | |
TOTAL FINANCIALS | | | 56,481,206 |
| | | | |
| REAL ESTATE - 16.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 13.6% | | | |
| Agree Realty Corp. 4.375% | | 38,700 | 708,597 |
| American Homes 4 Rent: | | | |
| 6.25% | | 18,925 | 477,856 |
| Series G, 5.875% | | 37,050 | 874,380 |
| Armada Hoffler Properties, Inc. 6.75% | | 33,250 | 759,098 |
| Ashford Hospitality Trust, Inc.: | | | |
| Series D, 8.45% | | 50,274 | 1,168,669 |
| Series F, 7.375% | | 66,735 | 1,262,626 |
| Series G, 7.375% | | 9,129 | 188,796 |
| Series H, 7.50% | | 35,575 | 693,713 |
| Series I, 7.50% | | 28,111 | 538,326 |
| Braemar Hotels & Resorts, Inc. Series D, 8.25% | | 35,150 | 862,581 |
| Cedar Realty Trust, Inc.: | | | |
| 7.25% | | 28,635 | 443,843 |
| Series C, 6.50% | | 53,500 | 658,585 |
| Centerspace Series C, 6.625% | | 57,700 | 1,540,590 |
| City Office REIT, Inc. Series A, 6.625% | | 27,525 | 605,825 |
| CTO Realty Growth, Inc. 6.375% | | 20,000 | 435,290 |
| DiamondRock Hospitality Co. 8.25% | | 34,900 | 899,024 |
| Gladstone Commercial Corp.: | | | |
| 6.625% | | 41,125 | 966,438 |
| Series G, 6.00% | | 81,700 | 1,755,733 |
| Gladstone Land Corp. Series D, 5.00% | | 60,000 | 1,449,000 |
| Global Medical REIT, Inc. Series A, 7.50% | | 27,461 | 693,116 |
| Global Net Lease, Inc.: | | | |
| Series A, 7.25% | | 129,625 | 3,088,964 |
| Series B 6.875% | | 47,200 | 1,118,640 |
| Healthcare Trust, Inc.: | | | |
| 7.125% | | 48,000 | 1,041,120 |
| Series A 7.375% | | 33,000 | 766,590 |
| Hersha Hospitality Trust: | | | |
| Series C, 6.875% | | 550 | 11,631 |
| Series D, 6.50% | | 42,250 | 869,928 |
| Hudson Pacific Properties, Inc. Series C, 4.75% | | 40,000 | 595,200 |
| iStar Financial, Inc.: | | | |
| Series D, 8.00% | | 65,856 | 1,664,181 |
| Series G, 7.65% | | 141,700 | 3,563,755 |
| Series I, 7.50% | | 234,523 | 5,891,218 |
| National Storage Affiliates Trust Series A, 6.00% | | 12,325 | 310,344 |
| Necessity Retail (REIT), Inc./The: | | | |
| 7.50% | | 143,698 | 3,418,575 |
| Series C 7.375% | | 145,000 | 3,393,000 |
| Pebblebrook Hotel Trust: | | | |
| 6.30% | | 53,702 | 1,140,899 |
| 6.375% | | 55,192 | 1,159,032 |
| 6.375% | | 20,200 | 426,018 |
| Series H, 5.70% | | 104,200 | 1,976,674 |
| Pennsylvania (REIT): | | | |
| Series B, 7.375%(a) | | 56,533 | 106,847 |
| Series C, 7.20%(a) | | 9,575 | 17,044 |
| Series D, 6.875%(a) | | 27,400 | 51,649 |
| Plymouth Industrial REIT, Inc. Series A, 7.50% | | 30,350 | 760,268 |
| Prologis (REIT), Inc. Series Q, 8.54% | | 16,850 | 968,707 |
| Rexford Industrial Realty, Inc.: | | | |
| Series B, 5.875% | | 50,000 | 1,234,000 |
| Series C, 5.625% | | 11,775 | 286,250 |
| Saul Centers, Inc.: | | | |
| Series D, 6.125% | | 15,958 | 374,375 |
| Series E, 6.00% | | 13,475 | 309,521 |
| SITE Centers Corp. 6.375% | | 15,100 | 377,047 |
| Sotherly Hotels, Inc.: | | | |
| Series B, 8.00% | | 12,750 | 322,575 |
| Series C, 7.875% | | 19,300 | 492,150 |
| Spirit Realty Capital, Inc. Series A, 6.00% | | 16,575 | 400,784 |
| Summit Hotel Properties, Inc.: | | | |
| Series E, 6.25% | | 60,784 | 1,390,118 |
| Series F, 5.875% | | 61,000 | 1,345,032 |
| Sunstone Hotel Investors, Inc.: | | | |
| Series H, 6.125% | | 20,000 | 429,000 |
| Series I, 5.70% | | 38,700 | 797,607 |
| UMH Properties, Inc. Series D, 6.375% | | 63,875 | 1,478,706 |
| Urstadt Biddle Properties, Inc.: | | | |
| Series H, 6.25% | | 51,175 | 1,166,790 |
| Series K 5.875% | | 28,775 | 631,324 |
| Vornado Realty Trust: | | | |
| Series N, 5.25% | | 19,600 | 360,052 |
| Series O, 4.45% | | 55,300 | 896,413 |
| | | | 61,614,114 |
| Real Estate Management & Development - 2.8% | | | |
| Brookfield Property Partners LP: | | | |
| 5.75% | | 7,000 | 127,750 |
| 6.50% | | 5,875 | 119,791 |
| Digitalbridge Group, Inc.: | | | |
| Series H, 7.125% | | 147,310 | 3,310,056 |
| Series I, 7.15% | | 225,785 | 5,095,967 |
| Series J, 7.15% | | 185,049 | 4,078,480 |
| Seritage Growth Properties Series A, 7.00% | | 1,050 | 25,232 |
| | | | 12,757,276 |
TOTAL REAL ESTATE | | | 74,371,390 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 137,938,071 |
| TOTAL PREFERRED STOCKS (Cost $145,695,875) | | | 148,727,041 |
| | | | |
| Corporate Bonds - 19.4% |
| | | Principal Amount (d) | Value ($) |
| Convertible Bonds - 1.6% | | | |
| FINANCIALS - 0.9% | | | |
| Mortgage Real Estate Investment Trusts - 0.9% | | | |
| PennyMac Corp. 5.5% 11/1/24 | | 1,728,000 | 1,598,400 |
| Redwood Trust, Inc. 5.625% 7/15/24 | | 1,847,000 | 1,747,724 |
| Two Harbors Investment Corp. 6.25% 1/15/26 | | 904,000 | 802,842 |
| | | | 4,148,966 |
| REAL ESTATE - 0.7% | | | |
| Real Estate Management & Development - 0.7% | | | |
| Digitalbridge Group, Inc. 5% 4/15/23 | | 3,062,000 | 3,033,294 |
| | | | |
| TOTAL CONVERTIBLE BONDS | | | 7,182,260 |
| Nonconvertible Bonds - 17.8% | | | |
| COMMUNICATION SERVICES - 0.5% | | | |
| Media - 0.5% | | | |
| Clear Channel Outdoor Holdings, Inc.: | | | |
| 7.5% 6/1/29(e) | | 1,140,000 | 929,100 |
| 7.75% 4/15/28(e) | | 1,555,000 | 1,322,885 |
| | | | 2,251,985 |
| CONSUMER DISCRETIONARY - 2.6% | | | |
| Hotels, Restaurants & Leisure - 0.8% | | | |
| Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (e) | | 925,000 | 802,142 |
| Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (e) | | 2,000,000 | 1,741,018 |
| Times Square Hotel Trust 8.528% 8/1/26 (e) | | 1,103,479 | 1,098,979 |
| | | | 3,642,139 |
| Household Durables - 1.8% | | | |
| Adams Homes, Inc. 7.5% 2/15/25 (e) | | 1,550,000 | 1,333,096 |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | | | |
| 4.625% 8/1/29(e) | | 605,000 | 505,175 |
| 4.625% 4/1/30(e) | | 930,000 | 772,284 |
| Century Communities, Inc.: | | | |
| 3.875% 8/15/29(e) | | 1,930,000 | 1,622,464 |
| 6.75% 6/1/27 | | 1,330,000 | 1,311,546 |
| M/I Homes, Inc. 3.95% 2/15/30 | | 1,430,000 | 1,203,002 |
| New Home Co., Inc. 7.25% 10/15/25 (e) | | 1,495,000 | 1,296,913 |
| | | | 8,044,480 |
TOTAL CONSUMER DISCRETIONARY | | | 11,686,619 |
| | | | |
| ENERGY - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| EG Global Finance PLC 8.5% 10/30/25 (e) | | 305,000 | 287,463 |
| | | | |
| FINANCIALS - 0.4% | | | |
| Diversified Financial Services - 0.4% | | | |
| Brixmor Operating Partnership LP 3.85% 2/1/25 | | 1,753,000 | 1,698,660 |
| | | | |
| HEALTH CARE - 1.4% | | | |
| Health Care Providers & Services - 1.4% | | | |
| Sabra Health Care LP 5.125% 8/15/26 | | 6,615,000 | 6,397,993 |
| | | | |
| INDUSTRIALS - 0.3% | | | |
| Trading Companies & Distributors - 0.3% | | | |
| Williams Scotsman International, Inc.: | | | |
| 4.625% 8/15/28(e) | | 750,000 | 694,916 |
| 6.125% 6/15/25(e) | | 648,000 | 651,188 |
| | | | 1,346,104 |
| REAL ESTATE - 12.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 9.3% | | | |
| American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (e) | | 450,000 | 341,819 |
| American Homes 4 Rent LP 4.25% 2/15/28 | | 2,000,000 | 1,916,975 |
| CBL & Associates LP: | | | |
| 4.6% 10/15/24(f)(g) | | 3,930,000 | 0 |
| 5.25% 12/1/23(f)(g) | | 3,629,000 | 0 |
| 5.95% 12/15/26(f)(g) | | 2,551,000 | 0 |
| CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (e) | | 2,135,000 | 1,911,700 |
| Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (e) | | 925,000 | 781,863 |
| GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 | | 2,375,000 | 2,357,378 |
| iStar Financial, Inc.: | | | |
| 4.25% 8/1/25 | | 2,405,000 | 2,386,963 |
| 5.5% 2/15/26 | | 3,015,000 | 3,035,201 |
| MPT Operating Partnership LP/MPT Finance Corp.: | | | |
| 4.625% 8/1/29 | | 1,506,000 | 1,170,915 |
| 5% 10/15/27 | | 4,237,000 | 3,581,684 |
| Office Properties Income Trust: | | | |
| 4.25% 5/15/24 | | 946,000 | 918,073 |
| 4.5% 2/1/25 | | 3,695,000 | 3,437,662 |
| Omega Healthcare Investors, Inc.: | | | |
| 4.5% 4/1/27 | | 483,000 | 465,961 |
| 4.75% 1/15/28 | | 1,616,000 | 1,551,484 |
| 4.95% 4/1/24 | | 659,000 | 653,819 |
| 5.25% 1/15/26 | | 22,000 | 21,868 |
| Realty Income Corp.: | | | |
| 3.1% 12/15/29 | | 1,000,000 | 908,778 |
| 4.6% 2/6/24 | | 1,757,000 | 1,749,750 |
| 4.875% 6/1/26 | | 1,593,000 | 1,603,711 |
| Senior Housing Properties Trust: | | | |
| 4.75% 5/1/24 | | 1,725,000 | 1,505,063 |
| 4.75% 2/15/28 | | 3,067,000 | 1,869,091 |
| Service Properties Trust: | | | |
| 4.65% 3/15/24 | | 1,556,000 | 1,515,148 |
| 7.5% 9/15/25 | | 1,480,000 | 1,455,269 |
| Uniti Group LP / Uniti Group Finance, Inc. 6.5% 2/15/29 (e) | | 4,000,000 | 2,780,000 |
| Uniti Group, Inc.: | | | |
| 6% 1/15/30(e) | | 1,040,000 | 689,356 |
| 7.875% 2/15/25(e) | | 1,000,000 | 986,921 |
| VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (e) | | 1,095,000 | 1,019,706 |
| WP Carey, Inc.: | | | |
| 4% 2/1/25 | | 422,000 | 412,997 |
| 4.25% 10/1/26 | | 459,000 | 449,757 |
| XHR LP 6.375% 8/15/25 (e) | | 750,000 | 738,807 |
| | | | 42,217,719 |
| Real Estate Management & Development - 3.2% | | | |
| DTZ U.S. Borrower LLC 6.75% 5/15/28 (e) | | 875,000 | 844,664 |
| Forestar Group, Inc. 3.85% 5/15/26 (e) | | 1,000,000 | 891,095 |
| Greystar Real Estate Partners 5.75% 12/1/25 (e) | | 2,025,000 | 1,991,446 |
| Howard Hughes Corp.: | | | |
| 4.125% 2/1/29(e) | | 1,000,000 | 863,520 |
| 4.375% 2/1/31(e) | | 1,090,000 | 905,718 |
| 5.375% 8/1/28(e) | | 970,000 | 898,598 |
| Kennedy-Wilson, Inc.: | | | |
| 4.75% 3/1/29 | | 3,800,000 | 3,192,000 |
| 4.75% 2/1/30 | | 3,170,000 | 2,600,145 |
| Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (e) | | 2,500,000 | 1,956,250 |
| Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (e) | | 202,000 | 198,556 |
| | | | 14,341,992 |
TOTAL REAL ESTATE | | | 56,559,711 |
| | | | |
| TOTAL NONCONVERTIBLE BONDS | | | 80,228,535 |
| TOTAL CORPORATE BONDS (Cost $93,281,833) | | | 87,410,795 |
| | | | |
| Asset-Backed Securities - 4.5% |
| | | Principal Amount (d) | Value ($) |
| American Homes 4 Rent: | | | |
| Series 2014-SFR3 Class E, 6.418% 12/17/36 (e) | | 1,841,000 | 1,826,280 |
| Series 2015-SFR2: | | | |
Class E, 6.07% 10/17/52 (e) | | 1,624,000 | 1,600,399 |
Class XS, 0% 10/17/52 (b)(e)(g)(h) | | 892,434 | 9 |
| Conseco Finance Securitizations Corp.: | | | |
| Series 2002-1 Class M2, 9.546% 12/1/33 | | 1,216,000 | 1,117,169 |
| Series 2002-2 Class M2, 9.163% 3/1/33 | | 1,552,682 | 1,427,511 |
| FirstKey Homes Trust: | | | |
| Series 2021-SFR1 Class F1, 3.238% 8/17/38 (e) | | 1,250,000 | 1,077,312 |
| Series 2021-SFR2 Class F1, 2.908% 9/17/38 (e) | | 500,000 | 422,876 |
| GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 7.4584% 2/22/36 (b)(c)(e) | | 358,000 | 353,723 |
| Green Tree Financial Corp.: | | | |
| Series 1996-4 Class M1, 7.75% 6/15/27 (b) | | 2,618 | 2,612 |
| Series 1997-3 Class M1, 7.53% 3/15/28 | | 25,200 | 23,756 |
| Home Partners of America Trust: | | | |
| Series 2021-1 Class F, 3.325% 9/17/41 (e) | | 436,304 | 347,417 |
| Series 2021-2 Class G, 4.505% 12/17/26 (e) | | 970,583 | 815,232 |
| Series 2021-3 Class F, 4.242% 1/17/41 (e) | | 1,343,025 | 1,131,112 |
| Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 | | 1,698,364 | 1,200,440 |
| Progress Residential Trust: | | | |
| Series 2019-SFR3 Class F, 3.867% 9/17/36 (e) | | 1,000,000 | 945,550 |
| Series 2019-SFR4 Class F, 3.684% 10/17/36 (e) | | 1,000,000 | 952,185 |
| Series 2020-SFR1 Class H, 5.268% 4/17/37 (e) | | 588,000 | 545,316 |
| Series 2021-SFR2 Class H, 4.998% 4/19/38 (e) | | 1,533,000 | 1,337,854 |
| Series 2021-SFR6: | | | |
Class F, 3.422% 7/17/38 (e) | | 1,449,000 | 1,236,926 |
Class G, 4.003% 7/17/38 (e) | | 749,000 | 645,821 |
| Series 2021-SFR8: | | | |
Class F, 3.181% 10/17/38 (e) | | 934,000 | 788,056 |
Class G, 4.005% 10/17/38 (e) | | 2,351,000 | 2,014,623 |
| Tricon American Homes Series 2017-SFR2 Class F, 5.104% 1/17/36 (e) | | 628,000 | 610,581 |
| TOTAL ASSET-BACKED SECURITIES (Cost $22,772,925) | | | 20,422,760 |
| | | | |
| Commercial Mortgage Securities - 22.9% |
| | | Principal Amount (d) | Value ($) |
| BANK: | | | |
| Series 2017-BNK4 Class D, 3.357% 5/15/50 (e) | | 625,000 | 449,135 |
| Series 2017-BNK8 Class E, 2.8% 11/15/50 (e) | | 1,848,000 | 1,048,454 |
| Series 2018-BN12 Class D, 3% 5/15/61 (e) | | 318,000 | 212,627 |
| Benchmark Mortgage Trust: | | | |
| sequential payer Series 2019-B14: | | | |
Class 225D, 3.2943% 12/15/62 (b)(e)(g) | | 573,000 | 477,930 |
Class 225E, 3.2943% 12/15/62 (b)(e)(g) | | 859,000 | 581,282 |
| Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (b)(e) | | 2,058,000 | 1,737,053 |
| Series 2022-B35 Class D, 2.5% 5/15/55 (e) | | 1,000,000 | 565,324 |
| BHP Trust floater Series 2019-BXHP Class F, 1 month U.S. LIBOR + 2.930% 7.397% 8/15/36 (b)(c)(e) | | 1,050,000 | 980,507 |
| BSREP Commercial Mortgage Trust floater Series 2021-DC: | | | |
| Class F, 1 month U.S. LIBOR + 2.850% 7.31% 8/15/38 (b)(c)(e) | | 107,000 | 87,637 |
| Class G, 1 month U.S. LIBOR + 3.850% 8.31% 8/15/38 (b)(c)(e) | | 250,000 | 202,467 |
| Bx 2021-Xl2 floater Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 8.349% 10/15/38 (b)(c)(e) | | 570,856 | 532,452 |
| BX Commercial Mortgage Trust: | | | |
| floater Series 2021-VINO Class G, 1 month U.S. LIBOR + 3.950% 8.4113% 5/15/38 (b)(c)(e) | | 2,499,000 | 2,334,902 |
| Series 2020-VIVA: | | | |
Class D, 3.5488% 3/11/44 (b)(e) | | 1,505,000 | 1,201,498 |
Class E, 3.5488% 3/11/44 (b)(e) | | 2,018,000 | 1,553,863 |
| BX Trust: | | | |
| floater: | | | |
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 8.059% 4/15/34 (b)(c)(e) | | 819,000 | 765,277 |
Series 2019-XL Class J, CME Term SOFR 1 Month Index + 2.760% 7.2425% 10/15/36 (b)(c)(e) | | 1,592,900 | 1,540,902 |
Series 2021-21M Class H, 1 month U.S. LIBOR + 4.010% 8.469% 10/15/36 (b)(c)(e) | | 745,012 | 685,285 |
Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 7.755% 11/15/38 (b)(c)(e) | | 250,000 | 236,717 |
Series 2021-SDMF Class F, 1 month U.S. LIBOR + 1.930% 6.396% 9/15/34 (b)(c)(e) | | 73,000 | 68,432 |
Series 2021-SOAR Class G, 7.26% 6/15/38 (b)(e) | | 992,482 | 945,678 |
Series 2022-LBA6: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.350% 7.828% 1/15/39 (b)(c)(e) | | 700,000 | 648,704 |
| Class G, CME Term SOFR 1 Month Index + 4.200% 8.678% 1/15/39 (b)(c)(e) | | 1,491,000 | 1,392,749 |
| floater sequential payer Series 2021-LGCY Class J, 1 month U.S. LIBOR + 3.190% 7.652% 10/15/36 (b)(c)(e) | | 1,558,000 | 1,402,387 |
| Series 2019-OC11 Class E, 3.944% 12/9/41 (b)(e) | | 3,666,000 | 2,946,976 |
| BXSC Commercial Mortgage Trust floater Series 2022-WSS Class F, 9.808% 3/15/35 (b)(e) | | 2,384,000 | 2,300,436 |
| CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 7.709% 12/15/37 (b)(c)(e) | | 1,021,000 | 956,725 |
| COMM Mortgage Trust: | | | |
| floater Series 2018-HCLV: | | | |
Class F, 1 month U.S. LIBOR + 3.150% 7.609% 9/15/33 (b)(c)(e) | | 735,000 | 576,526 |
Class G, 1 month U.S. LIBOR + 5.150% 9.6153% 9/15/33 (b)(c)(e) | | 735,000 | 561,736 |
| sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (e) | | 1,299,000 | 1,112,752 |
| Series 2012-CR1: | | | |
Class C, 5.3527% 5/15/45 (b) | | 3,011,000 | 2,679,543 |
Class D, 5.3527% 5/15/45 (b)(e) | | 1,917,000 | 1,403,540 |
Class G, 2.462% 5/15/45 (e)(g) | | 1,133,000 | 324,147 |
| Series 2014-UBS2 Class D, 4.9814% 3/10/47 (b)(e) | | 537,000 | 479,344 |
| Series 2017-CD4 Class D, 3.3% 5/10/50 (e) | | 1,192,000 | 884,431 |
| COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (e) | | 31,000 | 22,628 |
| Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | | | |
| Class D, 4.871% 8/15/45 (b)(e) | | 335,313 | 309,349 |
| Class F, 4.25% 8/15/45 (e) | | 783,000 | 555,197 |
| Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 8.6759% 6/15/34 (c)(e) | | 800,000 | 718,980 |
| Credit Suisse Mortgage Trust: | | | |
| floater Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 8.4455% 11/15/23 (b)(c)(e) | | 1,000,000 | 968,358 |
| Series 2020-NET: | | | |
Class E, 3.7042% 8/15/37 (b)(e) | | 500,000 | 432,758 |
Class F, 3.7042% 8/15/37 (b)(e) | | 1,057,000 | 898,783 |
| CSAIL Commercial Mortgage Trust Series 2017-C8 Class D, 4.4378% 6/15/50 (b)(e) | | 1,766,000 | 1,291,327 |
| DBGS Mortgage Trust Series 2018-C1 Class C, 4.6319% 10/15/51 (b) | | 1,000,000 | 861,811 |
| DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.3553% 8/10/44 (b)(e)(g) | | 539,622 | 505,850 |
| GS Mortgage Securities Trust: | | | |
| floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 7.059% 7/15/35 (b)(c)(e)(g) | | 669,000 | 443,939 |
| Series 2011-GC5: | | | |
Class C, 5.1538% 8/10/44 (b)(e) | | 101,000 | 73,266 |
Class D, 5.1538% 8/10/44 (b)(e) | | 759,236 | 315,254 |
Class E, 5.1538% 8/10/44 (b)(e)(g) | | 848,000 | 76,507 |
Class F, 4.5% 8/10/44 (e)(g) | | 677,000 | 2,375 |
| Series 2012-GCJ9: | | | |
Class D, 4.8029% 11/10/45 (b)(e) | | 1,388,758 | 1,284,740 |
Class E, 4.8029% 11/10/45 (b)(e) | | 355,000 | 305,290 |
| Series 2013-GC16 Class F, 3.5% 11/10/46 (e) | | 1,510,000 | 1,375,416 |
| Series 2016-GS2 Class D, 2.753% 5/10/49 (e) | | 1,964,000 | 1,512,066 |
| Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (b)(e) | | 2,515,000 | 2,178,274 |
| IMT Trust Series 2017-APTS Class EFX, 3.4966% 6/15/34 (b)(e) | | 1,693,000 | 1,567,805 |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (e) | | 504,000 | 473,897 |
| JPMBB Commercial Mortgage Securities Trust: | | | |
| Series 2014-C23 Class UH5, 4.7094% 9/15/47 (e) | | 1,624,000 | 1,190,954 |
| Series 2014-C26 Class D, 3.8743% 1/15/48 (b)(e) | | 602,000 | 488,668 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.3107% 6/15/51 (b)(e) | | 302,000 | 206,198 |
| JPMorgan Chase Commercial Mortgage Securities Trust: | | | |
| sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (b)(e) | | 500,000 | 316,355 |
| Series 2011-C3: | | | |
Class E, 5.5251% 2/15/46 (b)(e)(g) | | 3,467,000 | 1,518,681 |
Class G, 4.409% 2/15/46 (b)(e) | | 1,680,000 | 143,244 |
Class H, 4.409% 2/15/46 (b)(e)(g) | | 1,320,000 | 115,343 |
| Series 2012-CBX: | | | |
Class E, 4.6896% 6/15/45 (b)(e)(g) | | 906,367 | 753,566 |
Class G 4% 6/15/45 (e) | | 805,000 | 186,909 |
| Series 2013-LC11: | | | |
Class D, 4.2611% 4/15/46 (b)(g) | | 1,316,000 | 1,102,995 |
Class F, 3.25% 4/15/46 (b)(e)(g) | | 482,000 | 66,805 |
| Series 2014-DSTY Class E, 3.8046% 6/10/27 (b)(e)(g) | | 924,000 | 2,278 |
| Series 2018-AON Class F, 4.6132% 7/5/31 (b)(e) | | 961,000 | 679,093 |
| Series 2020-NNN Class FFX, 4.6254% 1/16/37 (e) | | 1,406,000 | 1,162,465 |
| LIFE Mortgage Trust floater Series 2021-BMR Class G, 1 month U.S. LIBOR + 2.950% 7.409% 3/15/38 (b)(c)(e) | | 1,816,529 | 1,734,642 |
| MED Trust floater Series 2021-MDLN Class G, 1 month U.S. LIBOR + 5.250% 9.71% 11/15/38 (b)(c)(e) | | 1,236,327 | 1,150,068 |
| Merit floater Series 2021-STOR Class G, 1 month U.S. LIBOR + 2.750% 7.209% 7/15/38 (b)(c)(e) | | 250,000 | 237,482 |
| MHC Commercial Mortgage Trust floater Series 2021-MHC: | | | |
| Class F, 1 month U.S. LIBOR + 2.600% 7.06% 4/15/38 (b)(c)(e) | | 694,000 | 669,690 |
| Class G, 1 month U.S. LIBOR + 3.200% 7.66% 4/15/38 (b)(c)(e) | | 846,000 | 810,016 |
| MHP Commercial Mortgage Trust floater Series 2022-MHIL Class G, CME Term SOFR 1 Month Index + 3.950% 8.4355% 1/15/27 (b)(c)(e) | | 2,489,389 | 2,323,622 |
| Morgan Stanley BAML Trust: | | | |
| Series 2012-C6 Class D, 4.5398% 11/15/45 (b)(e) | | 2,000,000 | 1,760,549 |
| Series 2012-C6, Class F, 4.5398% 11/15/45 (b)(e) | | 1,000,000 | 775,085 |
| Series 2013-C12 Class D, 4.7613% 10/15/46 (b)(e) | | 1,500,000 | 1,335,775 |
| Series 2013-C13: | | | |
Class D, 4.8952% 11/15/46 (b)(e) | | 2,994,000 | 2,768,055 |
Class E, 4.8952% 11/15/46 (b)(e) | | 659,000 | 574,870 |
| Series 2013-C9 Class C, 4.014% 5/15/46 (b) | | 625,000 | 563,161 |
| Series 2016-C30 Class D, 3% 9/15/49 (e) | | 522,000 | 339,359 |
| Morgan Stanley Capital I Trust: | | | |
| Series 1998-CF1 Class G, 7.35% 7/15/32 (b)(e) | | 10,001 | 9,915 |
| Series 2011-C2: | | | |
Class D, 5.2113% 6/15/44 (b)(e) | | 1,504,772 | 1,417,601 |
Class F, 5.2113% 6/15/44 (b)(e)(g) | | 1,467,000 | 941,084 |
Class XB, 0.445% 6/15/44 (b)(e)(h) | | 23,392,544 | 85,502 |
| Series 2011-C3: | | | |
Class C, 5.0825% 7/15/49 (b)(e) | | 368,958 | 364,159 |
Class D, 5.0825% 7/15/49 (b)(e) | | 83,000 | 80,440 |
Class E, 5.0825% 7/15/49 (b)(e)(g) | | 652,000 | 562,161 |
Class F, 5.0825% 7/15/49 (b)(e)(g) | | 636,000 | 405,181 |
Class G, 5.0825% 7/15/49 (b)(e)(g) | | 979,600 | 546,438 |
| Series 2015-MS1 Class D, 4.024% 5/15/48 (b)(e) | | 2,045,000 | 1,690,282 |
| Series 2016-BNK2 Class C, 3% 11/15/49 (e)(g) | | 2,346,000 | 1,736,223 |
| MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (b)(e) | | 1,000,000 | 693,016 |
| Natixis Commercial Mortgage Securities Trust floater Series 2018-FL1 Class WAN2, 1 month U.S. LIBOR + 3.750% 8.209% 6/15/35 (b)(c)(e) | | 113,725 | 87,020 |
| OPG Trust floater Series 2021-PORT Class J, 1 month U.S. LIBOR + 3.340% 7.805% 10/15/36 (b)(c)(e) | | 342,687 | 318,336 |
| PKHL Commercial Mortgage Trust floater Series 2021-MF Class G, 1 month U.S. LIBOR + 4.350% 8.81% 7/15/38 (b)(c)(e) | | 500,000 | 454,886 |
| Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (e) | | 250,000 | 188,896 |
| Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (e) | | 813,490 | 842,836 |
| ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 7.4059% 3/25/34 (b)(c)(e) | | 599,000 | 588,412 |
| SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/39 (b)(e) | | 2,000,000 | 1,468,735 |
| SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 7.829% 1/15/39 (b)(c)(e) | | 1,633,000 | 1,512,307 |
| SREIT Trust floater: | | | |
| Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 7.7248% 10/15/38 (b)(c)(e) | | 1,573,000 | 1,443,604 |
| Series 2021-MFP2 Class J, 1 month U.S. LIBOR + 3.910% 8.3745% 11/15/36 (b)(c)(e) | | 1,000,000 | 936,991 |
| STWD Trust floater sequential payer Series 2021-LIH Class G, 1 month U.S. LIBOR + 4.200% 8.659% 11/15/36 (b)(c)(e) | | 1,280,000 | 1,193,336 |
| TPGI Trust floater Series 2021-DGWD Class G, 1 month U.S. LIBOR + 3.850% 8.31% 6/15/26 (b)(c)(e) | | 1,176,000 | 1,114,783 |
| UBS Commercial Mortgage Trust Series 2012-C1: | | | |
| Class D, 6.6333% 5/10/45 (b)(e) | | 68,841 | 62,574 |
| Class E, 5% 5/10/45 (b)(e)(g) | | 1,236,000 | 481,793 |
| Class F, 5% 5/10/45 (b)(e)(g) | | 399,000 | 19,083 |
| UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (b)(e)(g) | | 1,817,000 | 1,640,483 |
| VMC Finance Ltd. floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 8.97% 1/18/37 (b)(c)(e) | | 2,528,000 | 2,381,829 |
| Wells Fargo Commercial Mortgage Trust: | | | |
| Series 2016-BNK1 Class D, 3% 8/15/49 (e) | | 1,260,000 | 758,902 |
| Series 2016-NXS6 Class D, 3.059% 11/15/49 (e) | | 963,000 | 724,500 |
| WF-RBS Commercial Mortgage Trust: | | | |
| sequential payer Series 2011-C4I Class G, 5% 6/15/44 (b)(g) | | 45,000 | 2,861 |
| Series 2011-C3: | | | |
Class D, 5.3781% 3/15/44 (b)(e) | | 2,576,132 | 966,050 |
Class E, 5% 3/15/44 (e)(g) | | 34,000 | 169 |
| Series 2011-C5: | | | |
Class E, 5.5718% 11/15/44 (b)(e) | | 365,213 | 346,372 |
Class F, 5.25% 11/15/44 (b)(e) | | 2,000,000 | 1,816,454 |
Class G, 5.25% 11/15/44 (b)(e) | | 1,000,000 | 867,820 |
| Series 2013-C11 Class E, 4.2033% 3/15/45 (b)(e) | | 53,000 | 42,930 |
| Series 2013-C13 Class D, 4.2111% 5/15/45 (b)(e) | | 45,000 | 43,909 |
| WP Glimcher Mall Trust Series 2015-WPG: | | | |
| Class PR1, 3.516% 6/5/35 (b)(e) | | 1,168,000 | 947,260 |
| Class PR2, 3.516% 6/5/35 (b)(e) | | 459,000 | 350,172 |
| TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $120,573,212) | | | 103,162,521 |
| | | | |
| Bank Loan Obligations - 4.3% |
| | | Principal Amount (d) | Value ($) |
| CONSUMER DISCRETIONARY - 0.3% | | | |
| Hotels, Restaurants & Leisure - 0.3% | | | |
| BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 9.4299% 9/9/26 (b)(c)(i) | | 1,155,000 | 1,145,379 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 3.000% 7.5697% 8/2/28 (b)(c)(i) | | 354,733 | 354,669 |
| | | | 1,500,048 |
| FINANCIALS - 4.0% | | | |
| Diversified Financial Services - 4.0% | | | |
| Agellan Portfolio 9% 8/7/25 (g)(i) | | 1,217,000 | 1,217,000 |
| Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 9.478% 1/9/24 (b)(c)(g)(i) | | 7,578,870 | 7,199,917 |
| Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 8.8986% 1/21/27 (b)(c)(g)(i) | | 4,575,631 | 4,575,631 |
| Veritas Multifamily Portfolio 1 month U.S. LIBOR + 8.500% 12.8179% 11/15/23 (b)(c)(g)(i) | | 5,305,035 | 4,827,581 |
| | | | 17,820,129 |
| TOTAL BANK LOAN OBLIGATIONS (Cost $20,178,074) | | | 19,320,177 |
| | | | |
| Money Market Funds - 1.7% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.38% (j) (Cost $7,851,469) | | 7,849,899 | 7,851,469 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $458,414,325) | 448,807,854 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 2,789,896 |
| NET ASSETS - 100.0% | 451,597,750 |
| | |
Legend
| (b) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
| (c) | Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors. |
| (d) | Amount is stated in United States dollars unless otherwise noted. |
| (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 $145,461,064 or 32.2% of net assets. |
| (f) | Non-income producing - Security is in default. |
| (h) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
| (i) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
| (j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 4.38% | 74,307,966 | 191,623,820 | 258,080,317 | 620,916 | - | - | 7,851,469 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.38% | - | 61,616 | 61,616 | 2 | - | - | - | 0.0% |
| Total | 74,307,966 | 191,685,436 | 258,141,933 | 620,918 | - | - | 7,851,469 | |
| | | | | | | | | |
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.
Amount 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, 2023, 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 | 7,085,475 | 7,085,475 | - | - |
Financials | 66,043,753 | 59,657,672 | 6,386,081 | - |
Information Technology | 121,716 | 121,716 | - | - |
Real Estate | 137,389,188 | 132,986,299 | 4,402,889 | - |
|
| Corporate Bonds | 87,410,795 | - | 87,410,795 | - |
|
| Asset-Backed Securities | 20,422,760 | - | 20,422,751 | 9 |
|
| Commercial Mortgage Securities | 103,162,521 | - | 90,855,347 | 12,307,174 |
|
| Bank Loan Obligations | 19,320,177 | - | 1,500,048 | 17,820,129 |
|
| Money Market Funds | 7,851,469 | 7,851,469 | - | - |
| Total Investments in Securities: | 448,807,854 | 207,702,631 | 210,977,911 | 30,127,312 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Bank Loan Obligations | | | |
| Beginning Balance | $ | 18,584,090 | |
| Net Realized Gain (Loss) on Investment Securities | | 38 | |
| Net Unrealized Gain (Loss) on Investment Securities | | (543,428) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (221,168) | |
| Amortization/Accretion | | 597 | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 17,820,129 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (543,428) | |
| Commercial Mortgage Securities | | | |
| Beginning Balance | $ | 8,801,478 | |
| Net Realized Gain (Loss) on Investment Securities | | (348,424) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 579,001 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (397,982) | |
| Amortization/Accretion | | (56,175) | |
| Transfers into Level 3 | | 7,712,672 | |
| Transfers out of Level 3 | | (3,983,396) | |
| Ending Balance | $ | 12,307,174 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 298,932 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 9 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | - | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| 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, 2023 | $ | - | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $450,562,856) | $ | 440,956,385 | | |
Fidelity Central Funds (cost $7,851,469) | | 7,851,469 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $458,414,325) | | | $ | 448,807,854 |
| Receivable for investments sold | | | | 11,035 |
| Receivable for fund shares sold | | | | 19,900,622 |
| Dividends receivable | | | | 332,426 |
| Interest receivable | | | | 2,564,086 |
| Distributions receivable from Fidelity Central Funds | | | | 68,226 |
Total assets | | | | 471,684,249 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 20,085,876 | | |
| Other payables and accrued expenses | | 623 | | |
| Total Liabilities | | | | 20,086,499 |
| Net Assets | | | $ | 451,597,750 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 475,734,848 |
| Total accumulated earnings (loss) | | | | (24,137,098) |
| Net Assets | | | $ | 451,597,750 |
Net Asset Value , offering price and redemption price per share ($451,597,750 ÷ 45,245,689 shares) | | | $ | 9.98 |
| Statement of Operations |
| | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 7,162,692 |
| Interest | | | | 9,095,037 |
| Income from Fidelity Central Funds (including $2 from security lending) | | | | 620,918 |
| Total Income | | | | 16,878,647 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 5,336 | | |
| Independent trustees' fees and expenses | | 1,041 | | |
| Total expenses before reductions | | 6,377 | | |
| Expense reductions | | (1,802) | | |
| Total expenses after reductions | | | | 4,575 |
| Net Investment income (loss) | | | | 16,874,072 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (14,587,115) | | |
| Foreign currency transactions | | (62) | | |
| Total net realized gain (loss) | | | | (14,587,177) |
| Change in net unrealized appreciation (depreciation) on investment securities | | | | (13,108,026) |
| Net gain (loss) | | | | (27,695,203) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (10,821,131) |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 16,874,072 | $ | 45,858,726 |
| Net realized gain (loss) | | (14,587,177) | | 23,716,854 |
| Change in net unrealized appreciation (depreciation) | | (13,108,026) | | (106,111,925) |
| Net increase (decrease) in net assets resulting from operations | | (10,821,131) | | (36,536,345) |
| Distributions to shareholders | | (42,077,380) | | (50,959,619) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 59,127,646 | | 53,121,264 |
| Reinvestment of distributions | | 42,077,380 | | 50,959,619 |
| Cost of shares redeemed | | (278,350,531) | | (382,144,760) |
Net increase (decrease) in net assets resulting from share transactions | | (177,145,505) | | (278,063,877) |
| Total increase (decrease) in net assets | | (230,044,016) | | (365,559,841) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 681,641,766 | | 1,047,201,607 |
| End of period | $ | 451,597,750 | $ | 681,641,766 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 6,027,689 | | 4,694,984 |
| Issued in reinvestment of distributions | | 4,251,729 | | 4,460,414 |
| Redeemed | | (28,495,465) | | (34,667,147) |
| Net increase (decrease) | | (18,216,047) | | (25,511,749) |
| | | | | |
Financial Highlights
| Fidelity® Series Real Estate Income Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 10.74 | $ | 11.77 | $ | 9.94 | $ | 11.21 | $ | 10.97 | $ | 11.34 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .30 | | .55 | | .45 | | .56 | | .61 | | .59 |
| Net realized and unrealized gain (loss) | | (.32) | | (.97) | | 1.90 | | (1.16) | | .42 | | (.20) |
| Total from investment operations | | (.02) | | (.42) | | 2.35 | | (.60) | | 1.03 | | .39 |
| Distributions from net investment income | | (.42) | | (.52) | | (.45) | | (.55) | | (.62) | | (.60) |
| Distributions from net realized gain | | (.32) | | (.09) | | (.07) | | (.12) | | (.17) | | (.16) |
| Total distributions | | (.74) | | (.61) | | (.52) | | (.67) | | (.79) | | (.76) |
| Net asset value, end of period | $ | 9.98 | $ | 10.74 | $ | 11.77 | $ | 9.94 | $ | 11.21 | $ | 10.97 |
Total Return C,D | | (.04)% | | (3.78)% | | 24.48% | | (5.68)% | | 9.91% | | 3.61% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions G | | -% H | | -% | | -% | | -% | | -% | | -% |
Expenses net of fee waivers, if any G | | -% H | | -% | | -% | | -% | | -% | | -% |
Expenses net of all reductions G | | -% H | | -% | | -% | | -% | | -% | | -% |
| Net investment income (loss) | | 6.11% H | | 4.83% | | 4.21% | | 5.36% | | 5.67% | | 5.36% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 451,598 | $ | 681,642 | $ | 1,047,202 | $ | 935,054 | $ | 971,641 | $ | 907,388 |
Portfolio turnover rate I | | -% H | | 19% | | 23% | | 25% J | | 16% | | 27% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying 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.
F Expense 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.
G Amount represents less than .005%.
H Annualized.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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 Input A |
| Corporate Bonds | $- | Recovery value | Recovery value | $0.00 | Increase |
| Asset-Backed Securities | $9 | Indicative market price | Evaluated bid | $0.00 | Increase |
| Commercial Mortgage Securities | $12,307,174 | Indicative market price | Evaluated bid | $0.25 - $93.74 / $69.08 | Increase |
| Bank Loan Obligations | $17,820,129 | Discounted cash flow | Yield | 8.4% - 20.7% / 12.7% | 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, 2023, 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. 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 equity-debt classifications, certain conversion ratio adjustments, foreign currency transactions, 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 | $31,237,977 |
| Gross unrealized depreciation | (40,872,369) |
| Net unrealized appreciation (depreciation) | $(9,634,392) |
| Tax cost | $458,442,246 |
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 Series Real Estate Income Fund | 498,498 | 178,198,978 |
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 | $168 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Real Estate Income Fund | - | 272,347 | 120,137 |
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 | $- A | $- | $- |
A Represents Amount less than five hundred dollars
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 $1,802.
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.
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| | | | | | | | | | |
| Fidelity® Series Real Estate Income Fund | | | | -%- D | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 999.60 | | $- E |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,025.21 | | $- 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/ 365 (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.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.924313.111
SRE-SANN-0423
Fidelity® Blue Chip Value Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Exxon Mobil Corp. | 6.8 | |
| Berkshire Hathaway, Inc. Class B | 4.7 | |
| Cigna Corp. | 4.7 | |
| Comcast Corp. Class A | 4.1 | |
| Alphabet, Inc. Class A | 3.8 | |
| JPMorgan Chase & Co. | 3.6 | |
| Activision Blizzard, Inc. | 3.5 | |
| Centene Corp. | 3.3 | |
| PG&E Corp. | 3.1 | |
| Samsung Electronics Co. Ltd. | 3.0 | |
| | 40.6 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Financials | 19.7 | |
| Health Care | 19.0 | |
| Communication Services | 11.4 | |
| Energy | 11.4 | |
| Utilities | 8.4 | |
| Industrials | 8.2 | |
| Information Technology | 7.0 | |
| Consumer Discretionary | 4.7 | |
| Consumer Staples | 4.6 | |
| Materials | 3.3 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 17.3% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 94.7% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 11.4% | | | |
| Entertainment - 3.5% | | | |
| Activision Blizzard, Inc. | | 381,800 | 29,234,426 |
| Interactive Media & Services - 3.8% | | | |
| Alphabet, Inc. Class A (a) | | 317,600 | 31,391,584 |
| Media - 4.1% | | | |
| Comcast Corp. Class A | | 878,700 | 34,576,845 |
TOTAL COMMUNICATION SERVICES | | | 95,202,855 |
| CONSUMER DISCRETIONARY - 4.7% | | | |
| Diversified Consumer Services - 2.8% | | | |
| H&R Block, Inc. | | 613,720 | 23,922,806 |
| Multiline Retail - 1.0% | | | |
| Dollar General Corp. | | 35,600 | 8,316,160 |
| Specialty Retail - 0.9% | | | |
| Ross Stores, Inc. | | 62,400 | 7,375,056 |
TOTAL CONSUMER DISCRETIONARY | | | 39,614,022 |
| CONSUMER STAPLES - 4.6% | | | |
| Food Products - 2.8% | | | |
| Mondelez International, Inc. | | 230,800 | 15,103,552 |
| Tyson Foods, Inc. Class A | | 128,800 | 8,468,600 |
| | | | 23,572,152 |
| Household Products - 1.8% | | | |
| Reckitt Benckiser Group PLC | | 178,800 | 12,741,456 |
| Spectrum Brands Holdings, Inc. | | 27,200 | 1,846,336 |
| | | | 14,587,792 |
TOTAL CONSUMER STAPLES | | | 38,159,944 |
| ENERGY - 11.4% | | | |
| Oil, Gas & Consumable Fuels - 11.4% | | | |
| ConocoPhillips Co. | | 202,800 | 24,715,236 |
| Exxon Mobil Corp. | | 490,400 | 56,891,304 |
| Ovintiv, Inc. | | 166,000 | 8,172,180 |
| Parex Resources, Inc. | | 317,300 | 5,401,409 |
| | | | 95,180,129 |
| FINANCIALS - 19.7% | | | |
| Banks - 9.4% | | | |
| Bank of America Corp. | | 586,700 | 20,816,116 |
| JPMorgan Chase & Co. | | 216,800 | 30,343,328 |
| M&T Bank Corp. | | 73,900 | 11,528,400 |
| PNC Financial Services Group, Inc. | | 95,200 | 15,748,936 |
| | | | 78,436,780 |
| Diversified Financial Services - 4.7% | | | |
| Berkshire Hathaway, Inc. Class B (a) | | 127,100 | 39,594,192 |
| Insurance - 5.6% | | | |
| Chubb Ltd. | | 73,800 | 16,788,762 |
| The Travelers Companies, Inc. | | 68,100 | 13,015,272 |
| Willis Towers Watson PLC | | 65,500 | 16,649,445 |
| | | | 46,453,479 |
TOTAL FINANCIALS | | | 164,484,451 |
| HEALTH CARE - 19.0% | | | |
| Biotechnology - 1.0% | | | |
| Regeneron Pharmaceuticals, Inc. (a) | | 11,200 | 8,494,864 |
| Health Care Providers & Services - 13.8% | | | |
| Centene Corp. (a) | | 360,200 | 27,461,648 |
| Cigna Corp. | | 123,100 | 38,982,077 |
| Elevance Health, Inc. | | 34,100 | 17,049,659 |
| Humana, Inc. | | 26,700 | 13,662,390 |
| UnitedHealth Group, Inc. | | 36,100 | 18,020,759 |
| | | | 115,176,533 |
| Pharmaceuticals - 4.2% | | | |
| AstraZeneca PLC sponsored ADR | | 186,667 | 12,202,422 |
| Roche Holding AG (participation certificate) | | 29,570 | 9,230,879 |
| Sanofi SA sponsored ADR | | 266,900 | 13,115,466 |
| | | | 34,548,767 |
TOTAL HEALTH CARE | | | 158,220,164 |
| INDUSTRIALS - 8.2% | | | |
| Aerospace & Defense - 3.6% | | | |
| Northrop Grumman Corp. | | 29,500 | 13,217,180 |
| The Boeing Co. (a) | | 78,500 | 16,720,500 |
| | | | 29,937,680 |
| Electrical Equipment - 1.6% | | | |
| Regal Rexnord Corp. | | 96,600 | 13,446,720 |
| Industrial Conglomerates - 1.5% | | | |
| Siemens AG | | 80,700 | 12,605,766 |
| Machinery - 1.5% | | | |
| Oshkosh Corp. | | 123,900 | 12,486,642 |
TOTAL INDUSTRIALS | | | 68,476,808 |
| INFORMATION TECHNOLOGY - 4.0% | | | |
| IT Services - 2.4% | | | |
| Amdocs Ltd. | | 127,300 | 11,702,689 |
| Cognizant Technology Solutions Corp. Class A | | 133,400 | 8,904,450 |
| | | | 20,607,139 |
| Software - 1.6% | | | |
| Gen Digital, Inc. | | 570,300 | 13,122,603 |
TOTAL INFORMATION TECHNOLOGY | | | 33,729,742 |
| MATERIALS - 3.3% | | | |
| Chemicals - 2.3% | | | |
| DuPont de Nemours, Inc. | | 260,600 | 19,271,370 |
| Metals & Mining - 1.0% | | | |
| Lundin Mining Corp. | | 1,117,600 | 8,458,331 |
TOTAL MATERIALS | | | 27,729,701 |
| UTILITIES - 8.4% | | | |
| Electric Utilities - 7.3% | | | |
| Constellation Energy Corp. | | 178,533 | 15,239,577 |
| NextEra Energy, Inc. | | 91,000 | 6,791,330 |
| PG&E Corp. (a) | | 1,617,200 | 25,713,480 |
| Southern Co. | | 200,800 | 13,590,144 |
| | | | 61,334,531 |
| Independent Power and Renewable Electricity Producers - 1.1% | | | |
| The AES Corp. | | 329,700 | 9,037,077 |
TOTAL UTILITIES | | | 70,371,608 |
| TOTAL COMMON STOCKS (Cost $639,040,476) | | | 791,169,424 |
| | | | |
| Nonconvertible Preferred Stocks - 3.0% |
| | | Shares | Value ($) |
| INFORMATION TECHNOLOGY - 3.0% | | | |
| Technology Hardware, Storage & Peripherals - 3.0% | | | |
Samsung Electronics Co. Ltd. (Cost $24,360,771) | | 555,470 | 24,895,795 |
| | | | |
| Money Market Funds - 2.3% |
| | | Shares | Value ($) |
Fidelity Cash Central Fund 4.38% (b) (Cost $19,091,003) | | 19,087,186 | 19,091,003 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $682,492,250) | 835,156,222 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | 90,058 |
| NET ASSETS - 100.0% | 835,246,280 |
| | |
Legend
| (b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 4.38% | 27,866,227 | 128,474,003 | 137,249,227 | 640,706 | - | - | 19,091,003 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.38% | - | 61,719,668 | 61,719,668 | 4,585 | - | - | - | 0.0% |
| Total | 27,866,227 | 190,193,671 | 198,968,895 | 645,291 | - | - | 19,091,003 | |
| | | | | | | | | |
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.
Amount 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, 2023, 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 | 95,202,855 | 95,202,855 | - | - |
Consumer Discretionary | 39,614,022 | 39,614,022 | - | - |
Consumer Staples | 38,159,944 | 25,418,488 | 12,741,456 | - |
Energy | 95,180,129 | 95,180,129 | - | - |
Financials | 164,484,451 | 164,484,451 | - | - |
Health Care | 158,220,164 | 148,989,285 | 9,230,879 | - |
Industrials | 68,476,808 | 55,871,042 | 12,605,766 | - |
Information Technology | 58,625,537 | 33,729,742 | 24,895,795 | - |
Materials | 27,729,701 | 27,729,701 | - | - |
Utilities | 70,371,608 | 70,371,608 | - | - |
|
| Money Market Funds | 19,091,003 | 19,091,003 | - | - |
| Total Investments in Securities: | 835,156,222 | 775,682,326 | 59,473,896 | - |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $663,401,247) | $ | 816,065,219 | | |
Fidelity Central Funds (cost $19,091,003) | | 19,091,003 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $682,492,250) | | | $ | 835,156,222 |
| Receivable for fund shares sold | | | | 512,383 |
| Dividends receivable | | | | 668,704 |
| Distributions receivable from Fidelity Central Funds | | | | 137,223 |
| Prepaid expenses | | | | 690 |
| Other receivables | | | | 5 |
Total assets | | | | 836,475,227 |
| Liabilities | | | | |
| Payable for fund shares redeemed | $ | 669,435 | | |
| Accrued management fee | | 392,653 | | |
| Transfer agent fee payable | | 111,291 | | |
| Other affiliated payables | | 21,209 | | |
| Other payables and accrued expenses | | 34,359 | | |
| Total Liabilities | | | | 1,228,947 |
| Net Assets | | | $ | 835,246,280 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 690,275,894 |
| Total accumulated earnings (loss) | | | | 144,970,386 |
| Net Assets | | | $ | 835,246,280 |
Net Asset Value , offering price and redemption price per share ($835,246,280 ÷ 33,771,724 shares) | | | $ | 24.73 |
| Statement of Operations |
| | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 6,321,617 |
| Income from Fidelity Central Funds (including $4,585 from security lending) | | | | 645,291 |
| Total Income | | | | 6,966,908 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 2,009,612 | | |
| Performance adjustment | | 93,540 | | |
| Transfer agent fees | | 632,675 | | |
| Accounting fees | | 119,964 | | |
| Custodian fees and expenses | | 17,602 | | |
| Independent trustees' fees and expenses | | 1,302 | | |
| Registration fees | | 37,577 | | |
| Audit | | 31,186 | | |
| Legal | | 1,679 | | |
| Miscellaneous | | 2,125 | | |
| Total expenses before reductions | | 2,947,262 | | |
| Expense reductions | | (14,590) | | |
| Total expenses after reductions | | | | 2,932,672 |
| Net Investment income (loss) | | | | 4,034,236 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (7,740,418) | | |
| Foreign currency transactions | | 24,910 | | |
| Total net realized gain (loss) | | | | (7,715,508) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 52,288,006 | | |
| Assets and liabilities in foreign currencies | | 13,538 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 52,301,544 |
| Net gain (loss) | | | | 44,586,036 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 48,620,272 |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 4,034,236 | $ | 8,269,156 |
| Net realized gain (loss) | | (7,715,508) | | 43,550,463 |
| Change in net unrealized appreciation (depreciation) | | 52,301,544 | | (27,921,066) |
| Net increase (decrease) in net assets resulting from operations | | 48,620,272 | | 23,898,553 |
| Distributions to shareholders | | (19,890,909) | | (7,053,848) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 261,824,061 | | 365,164,911 |
| Reinvestment of distributions | | 12,947,154 | | 5,127,250 |
| Cost of shares redeemed | | (209,239,504) | | (171,960,863) |
Net increase (decrease) in net assets resulting from share transactions | | 65,531,711 | | 198,331,298 |
| Total increase (decrease) in net assets | | 94,261,074 | | 215,176,003 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 740,985,206 | | 525,809,203 |
| End of period | $ | 835,246,280 | $ | 740,985,206 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 11,338,286 | | 15,508,949 |
| Issued in reinvestment of distributions | | 548,797 | | 216,360 |
| Redeemed | | (9,266,440) | | (7,331,297) |
| Net increase (decrease) | | 2,620,643 | | 8,394,012 |
| | | | | |
Financial Highlights
| Fidelity® Blue Chip Value Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 23.79 | $ | 23.11 | $ | 17.02 | $ | 19.71 | $ | 19.90 | $ | 18.85 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .13 | | .33 | | .27 | | .31 | | .32 | | .26 |
| Net realized and unrealized gain (loss) | | 1.43 | | .66 | | 6.03 | | (2.63) | | (.14) C | | 1.01 |
| Total from investment operations | | 1.56 | | .99 | | 6.30 | | (2.32) | | .18 | | 1.27 |
| Distributions from net investment income | | (.26) | | (.31) | | (.21) | | (.31) | | (.29) | | (.21) |
| Distributions from net realized gain | | (.37) | | - | | - | | (.06) | | (.09) | | - D |
| Total distributions | | (.62) E | | (.31) | | (.21) | | (.37) | | (.37) E | | (.22) E |
| Net asset value, end of period | $ | 24.73 | $ | 23.79 | $ | 23.11 | $ | 17.02 | $ | 19.71 | $ | 19.90 |
Total Return F,G | | 6.71% | | 4.28% | | 37.36% | | (12.03)% | | .99% C | | 6.79% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .77% J | | .63% | | .58% | | .63% | | .65% | | .70% |
| Expenses net of fee waivers, if any | | .77% J | | .63% | | .58% | | .63% | | .65% | | .70% |
| Expenses net of all reductions | | .77% J | | .63% | | .58% | | .61% | | .65% | | .70% |
| Net investment income (loss) | | 1.06% J | | 1.38% | | 1.35% | | 1.71% | | 1.67% | | 1.34% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 835,246 | $ | 740,985 | $ | 525,809 | $ | 375,786 | $ | 477,706 | $ | 393,503 |
Portfolio turnover rate K | | 28% J | | 41% | | 52% | | 119% | | 44% | | 45% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Amount represents less than $.005 per share.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended January 31, 2023
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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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, 2023 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.
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, 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 | $163,481,097 |
| Gross unrealized depreciation | (12,094,966) |
| Net unrealized appreciation (depreciation) | $151,386,131 |
| Tax cost | $683,770,091 |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Blue Chip Value Fund | 164,290,248 | 103,911,411 |
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 .23% 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 .55% 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. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .17% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Blue Chip Value Fund | .03 |
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 | $1,439 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Blue Chip Value Fund | 12,683,606 | 2,187,546 | (438,921) |
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 | $953 |
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 | $476 | $- | $- |
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 $44.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $14,546.
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| | | | | | | | | | |
| Fidelity® Blue Chip Value Fund | | | | .77% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,067.10 | | $ 4.01 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.32 | | $ 3.92 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.789715.120
BCV-SANN-0423
Fidelity® Small Cap Growth Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Crocs, Inc. | 1.5 | |
| Performance Food Group Co. | 1.3 | |
| Applied Industrial Technologies, Inc. | 1.2 | |
| Fanatics, Inc. Class A | 1.2 | |
| Haemonetics Corp. | 1.1 | |
| Sprout Social, Inc. | 1.1 | |
| Avid Technology, Inc. | 1.0 | |
| U.S. Foods Holding Corp. | 1.0 | |
| Cabot Corp. | 1.0 | |
| Insulet Corp. | 1.0 | |
| | 11.4 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Health Care | 22.3 | |
| Industrials | 21.1 | |
| Information Technology | 20.3 | |
| Consumer Discretionary | 13.7 | |
| Energy | 5.7 | |
| Consumer Staples | 4.7 | |
| Materials | 4.4 | |
| Financials | 3.5 | |
| Communication Services | 3.1 | |
| Utilities | 0.6 | |
| Real Estate | 0.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 9.2% |
|
Showing Percentage of Net Assets
| Common Stocks - 97.5% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 2.9% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| IDT Corp. Class B (a) | | 327,514 | 9,625,636 |
| Iridium Communications, Inc. | | 61,511 | 3,680,818 |
| | | | 13,306,454 |
| Entertainment - 0.3% | | | |
| World Wrestling Entertainment, Inc. Class A (b) | | 195,346 | 16,530,179 |
| Interactive Media & Services - 0.9% | | | |
| Bumble, Inc. (a) | | 612,161 | 15,763,146 |
| Cars.com, Inc. (a) | | 1,738,355 | 29,725,871 |
| | | | 45,489,017 |
| Media - 0.9% | | | |
| Integral Ad Science Holding Corp. (a) | | 996,943 | 10,248,574 |
| TechTarget, Inc. (a)(b) | | 769,013 | 38,089,214 |
| | | | 48,337,788 |
| Wireless Telecommunication Services - 0.5% | | | |
| Gogo, Inc. (a) | | 1,665,635 | 27,932,699 |
TOTAL COMMUNICATION SERVICES | | | 151,596,137 |
| CONSUMER DISCRETIONARY - 13.7% | | | |
| Auto Components - 0.9% | | | |
| Autoliv, Inc. | | 265,096 | 24,420,644 |
| Gentherm, Inc. (a) | | 295,665 | 22,006,346 |
| | | | 46,426,990 |
| Diversified Consumer Services - 1.8% | | | |
| Duolingo, Inc. (a)(b) | | 182,377 | 17,415,180 |
| Grand Canyon Education, Inc. (a) | | 341,713 | 39,830,067 |
| H&R Block, Inc. | | 600,534 | 23,408,815 |
| Rover Group, Inc. Class A (a)(b)(c) | | 3,665,901 | 14,993,535 |
| | | | 95,647,597 |
| Hotels, Restaurants & Leisure - 3.6% | | | |
| Brinker International, Inc. (a) | | 913,771 | 36,057,404 |
| Churchill Downs, Inc. | | 88,576 | 21,975,706 |
| Dutch Bros, Inc. (a)(b) | | 444,270 | 16,931,130 |
| Everi Holdings, Inc. (a) | | 844,290 | 14,665,317 |
| Kura Sushi U.S.A., Inc. Class A (a)(b) | | 203,782 | 12,663,013 |
| Lindblad Expeditions Holdings (a)(c) | | 3,772,274 | 44,890,061 |
| SeaWorld Entertainment, Inc. (a) | | 674,501 | 42,082,117 |
| | | | 189,264,748 |
| Household Durables - 1.2% | | | |
| Helen of Troy Ltd. (a) | | 262,977 | 29,745,328 |
| LGI Homes, Inc. (a) | | 201,511 | 22,942,027 |
| Lovesac (a)(b) | | 555,238 | 14,291,826 |
| | | | 66,979,181 |
| Internet & Direct Marketing Retail - 0.1% | | | |
| BARK, Inc. warrants 8/29/25 (a) | | 571,317 | 128,946 |
| thredUP, Inc. (a)(b) | | 2,621,385 | 4,534,996 |
| | | | 4,663,942 |
| Leisure Products - 0.6% | | | |
| YETI Holdings, Inc. (a)(b) | | 756,385 | 33,855,793 |
| Specialty Retail - 3.6% | | | |
| Aritzia, Inc. (a) | | 575,626 | 20,761,559 |
| Boot Barn Holdings, Inc. (a) | | 139,800 | 11,671,902 |
| Dick's Sporting Goods, Inc. (b) | | 333,017 | 43,545,303 |
| Fanatics, Inc. Class A (a)(d)(e) | | 726,062 | 59,950,939 |
| Floor & Decor Holdings, Inc. Class A (a)(b) | | 400,907 | 36,390,328 |
| Lithia Motors, Inc. Class A (sub. vtg.) (b) | | 62,828 | 16,536,330 |
| | | | 188,856,361 |
| Textiles, Apparel & Luxury Goods - 1.9% | | | |
| Crocs, Inc. (a)(b) | | 632,679 | 77,041,307 |
| Kontoor Brands, Inc. (b) | | 505,605 | 24,147,695 |
| | | | 101,189,002 |
TOTAL CONSUMER DISCRETIONARY | | | 726,883,614 |
| CONSUMER STAPLES - 4.7% | | | |
| Beverages - 0.6% | | | |
| Boston Beer Co., Inc. Class A (a) | | 78,458 | 30,489,563 |
| Food & Staples Retailing - 3.6% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 213,771 | 15,491,984 |
| Casey's General Stores, Inc. (b) | | 86,646 | 20,440,658 |
| Performance Food Group Co. (a) | | 1,180,361 | 72,379,737 |
| Sprouts Farmers Market LLC (a) | | 986,785 | 31,527,781 |
| U.S. Foods Holding Corp. (a) | | 1,401,689 | 53,446,402 |
| | | | 193,286,562 |
| Food Products - 0.2% | | | |
| Freshpet, Inc. (a)(b) | | 93,610 | 5,928,321 |
| Nomad Foods Ltd. (a) | | 66,026 | 1,174,603 |
| The Real Good Food Co. LLC: | | | |
| Class B (e) | | 248,958 | 2 |
| Class B unit (f) | | 248,958 | 1,384,206 |
| | | | 8,487,132 |
| Personal Products - 0.3% | | | |
| BellRing Brands, Inc. (a) | | 134,057 | 3,801,857 |
| The Beauty Health Co. (a)(b) | | 982,156 | 11,196,578 |
| | | | 14,998,435 |
TOTAL CONSUMER STAPLES | | | 247,261,692 |
| ENERGY - 5.7% | | | |
| Energy Equipment & Services - 2.0% | | | |
| Championx Corp. | | 529,643 | 17,488,812 |
| Liberty Oilfield Services, Inc. Class A | | 1,510,800 | 23,915,964 |
| Nextier Oilfield Solutions, Inc. (a) | | 2,375,000 | 22,372,500 |
| TechnipFMC PLC (a) | | 3,054,974 | 42,433,589 |
| | | | 106,210,865 |
| Oil, Gas & Consumable Fuels - 3.7% | | | |
| Antero Resources Corp. (a) | | 928,128 | 26,767,212 |
| Civitas Resources, Inc. | | 221,058 | 14,711,410 |
| Denbury, Inc. (a) | | 540,592 | 46,912,574 |
| Enviva, Inc. (b) | | 178,618 | 8,123,547 |
| Genesis Energy LP | | 2,540,190 | 28,678,745 |
| HF Sinclair Corp. | | 25,815 | 1,468,874 |
| Northern Oil & Gas, Inc. | | 1,081,199 | 36,241,790 |
| PDC Energy, Inc. | | 149,552 | 10,129,157 |
| Range Resources Corp. | | 891,331 | 22,301,102 |
| | | | 195,334,411 |
TOTAL ENERGY | | | 301,545,276 |
| FINANCIALS - 3.5% | | | |
| Banks - 1.0% | | | |
| First Interstate Bancsystem, Inc. | | 271,505 | 9,741,599 |
| Glacier Bancorp, Inc. | | 237,277 | 10,817,458 |
| PacWest Bancorp | | 375,924 | 10,398,058 |
| Pinnacle Financial Partners, Inc. | | 164,127 | 12,921,719 |
| Starling Bank Ltd. Series D (a)(d)(e) | | 1,942,800 | 8,095,712 |
| | | | 51,974,546 |
| Capital Markets - 1.1% | | | |
| Impax Asset Management Group PLC | | 4,681 | 44,783 |
| Lazard Ltd. Class A | | 375,208 | 15,038,337 |
| Perella Weinberg Partners (a)(d) | | 2,039,500 | 20,904,875 |
| StepStone Group, Inc. Class A | | 732,197 | 21,372,830 |
| | | | 57,360,825 |
| Consumer Finance - 0.3% | | | |
| OneMain Holdings, Inc. | | 334,400 | 14,426,016 |
| Insurance - 0.8% | | | |
| Assurant, Inc. | | 58,568 | 7,765,531 |
| BRP Group, Inc. (a) | | 1,122,218 | 32,151,546 |
| | | | 39,917,077 |
| Thrifts & Mortgage Finance - 0.3% | | | |
| Walker & Dunlop, Inc. | | 194,600 | 18,560,948 |
TOTAL FINANCIALS | | | 182,239,412 |
| HEALTH CARE - 21.8% | | | |
| Biotechnology - 7.3% | | | |
| Absci Corp. (a)(b) | | 819,062 | 2,571,855 |
| ALX Oncology Holdings, Inc. (a)(b) | | 788,867 | 7,336,463 |
| Arcellx, Inc. | | 316,990 | 10,590,636 |
| Argenx SE ADR (a) | | 52,346 | 20,009,259 |
| Ascendis Pharma A/S sponsored ADR (a) | | 224,190 | 27,817,495 |
| Blueprint Medicines Corp. (a) | | 467,885 | 21,868,945 |
| Celldex Therapeutics, Inc. (a) | | 537,619 | 23,687,493 |
| Cyteir Therapeutics, Inc. (a) | | 632,443 | 967,638 |
| Cytokinetics, Inc. (a) | | 789,237 | 33,526,788 |
| Day One Biopharmaceuticals, Inc. (a) | | 695,347 | 15,137,704 |
| Exelixis, Inc. (a) | | 694,825 | 12,242,817 |
| Halozyme Therapeutics, Inc. (a) | | 394,563 | 20,426,527 |
| Immunocore Holdings PLC ADR (a) | | 316,681 | 19,403,045 |
| Instil Bio, Inc. (a) | | 765,800 | 623,285 |
| Janux Therapeutics, Inc. (a) | | 423,829 | 9,413,242 |
| Keros Therapeutics, Inc. (a) | | 263,576 | 15,437,646 |
| Monte Rosa Therapeutics, Inc. (a)(b) | | 632,927 | 4,683,660 |
| Morphic Holding, Inc. (a) | | 363,830 | 11,908,156 |
| Nuvalent, Inc. Class A (a) | | 555,728 | 16,810,772 |
| PepGen, Inc. | | 174,705 | 2,728,892 |
| Prelude Therapeutics, Inc. (a) | | 683,633 | 4,361,579 |
| PTC Therapeutics, Inc. (a) | | 457,130 | 20,977,696 |
| Relay Therapeutics, Inc. (a)(b) | | 447,517 | 9,603,715 |
| Tango Therapeutics, Inc. (a) | | 1,408,642 | 9,297,037 |
| Tenaya Therapeutics, Inc. (a) | | 801,045 | 2,739,574 |
| Tyra Biosciences, Inc. (a) | | 690,224 | 7,330,179 |
| Vaxcyte, Inc. (a) | | 513,759 | 23,298,971 |
| Vericel Corp. (a)(b) | | 293,174 | 8,053,490 |
| Verve Therapeutics, Inc. (a)(b) | | 541,601 | 12,321,423 |
| Xenon Pharmaceuticals, Inc. (a) | | 343,318 | 13,420,301 |
| | | | 388,596,283 |
| Health Care Equipment & Supplies - 5.3% | | | |
| Envista Holdings Corp. (a) | | 380,718 | 14,844,195 |
| Figs, Inc. Class A (a)(b) | | 1,990,781 | 17,817,490 |
| Globus Medical, Inc. (a)(b) | | 217,189 | 16,397,770 |
| Haemonetics Corp. (a) | | 695,578 | 58,845,899 |
| Inspire Medical Systems, Inc. (a) | | 153,704 | 38,896,334 |
| Insulet Corp. (a) | | 181,487 | 52,144,845 |
| Neogen Corp. (a) | | 545,800 | 11,685,578 |
| NeuroPace, Inc. (a)(b) | | 1,147,035 | 5,356,653 |
| Nevro Corp. (a) | | 261,122 | 9,588,400 |
| PROCEPT BioRobotics Corp. (a) | | 474,600 | 18,457,194 |
| TransMedics Group, Inc. (a) | | 566,243 | 35,684,634 |
| | | | 279,718,992 |
| Health Care Providers & Services - 4.8% | | | |
| 1Life Healthcare, Inc. (a) | | 642,572 | 10,274,726 |
| Acadia Healthcare Co., Inc. (a) | | 537,236 | 45,138,569 |
| AdaptHealth Corp. (a) | | 455,501 | 9,761,386 |
| agilon health, Inc. (a)(b) | | 1,709,614 | 37,201,201 |
| Molina Healthcare, Inc. (a) | | 159,008 | 49,583,465 |
| Option Care Health, Inc. (a) | | 1,114,875 | 32,186,441 |
| Owens & Minor, Inc. | | 533,639 | 10,534,034 |
| R1 Rcm, Inc. (a) | | 1,955,473 | 27,982,819 |
| Surgery Partners, Inc. (a) | | 903,876 | 30,008,683 |
| | | | 252,671,324 |
| Health Care Technology - 1.6% | | | |
| Doximity, Inc. (a)(b) | | 232,546 | 8,201,897 |
| Evolent Health, Inc. (a) | | 1,056,903 | 34,053,415 |
| Phreesia, Inc. (a) | | 985,618 | 36,950,819 |
| Schrodinger, Inc. (a) | | 218,778 | 5,290,052 |
| | | | 84,496,183 |
| Life Sciences Tools & Services - 0.6% | | | |
| Olink Holding AB ADR (a)(b) | | 812,794 | 15,914,507 |
| Sotera Health Co. (a) | | 300,300 | 5,177,172 |
| Veterinary Emergency Group LLC Class A (a)(d)(e)(g) | | 190,561 | 10,825,770 |
| | | | 31,917,449 |
| Pharmaceuticals - 2.2% | | | |
| Arvinas Holding Co. LLC (a) | | 408,138 | 13,374,682 |
| Axsome Therapeutics, Inc. (a)(b) | | 198,827 | 14,912,025 |
| DICE Therapeutics, Inc. (a)(b) | | 396,533 | 12,597,853 |
| Edgewise Therapeutics, Inc. (a) | | 1,376,795 | 14,084,613 |
| Enliven Therapeutics, Inc. (c)(h) | | 2,068,309 | 8,600,029 |
| Ikena Oncology, Inc. (a) | | 687,964 | 2,930,727 |
| Intra-Cellular Therapies, Inc. (a) | | 481,204 | 23,059,296 |
| Pharvaris BV (a)(b) | | 688,282 | 6,194,538 |
| Terns Pharmaceuticals, Inc. (a) | | 2,397,767 | 21,747,747 |
| | | | 117,501,510 |
TOTAL HEALTH CARE | | | 1,154,901,741 |
| INDUSTRIALS - 20.6% | | | |
| Aerospace & Defense - 1.7% | | | |
| BWX Technologies, Inc. | | 394,078 | 23,983,587 |
| Curtiss-Wright Corp. | | 210,352 | 34,876,362 |
| Dassault Aviation SA | | 76,352 | 13,007,052 |
| V2X, Inc. (a) | | 406,465 | 17,949,494 |
| | | | 89,816,495 |
| Air Freight & Logistics - 0.5% | | | |
| Air Transport Services Group, Inc. (a) | | 510,830 | 14,461,597 |
| Hub Group, Inc. Class A (a) | | 137,904 | 11,759,074 |
| | | | 26,220,671 |
| Building Products - 1.8% | | | |
| Builders FirstSource, Inc. (a) | | 324,313 | 25,847,746 |
| Carlisle Companies, Inc. | | 53,411 | 13,398,683 |
| The AZEK Co., Inc. (a)(b) | | 829,154 | 20,007,486 |
| UFP Industries, Inc. | | 403,823 | 37,777,642 |
| | | | 97,031,557 |
| Commercial Services & Supplies - 0.9% | | | |
| ACV Auctions, Inc. Class A (a) | | 795,776 | 7,798,605 |
| Driven Brands Holdings, Inc. (a) | | 874,711 | 25,532,814 |
| Montrose Environmental Group, Inc. (a) | | 238,900 | 12,938,824 |
| | | | 46,270,243 |
| Construction & Engineering - 2.0% | | | |
| Bowman Consulting Group Ltd. (a) | | 120,049 | 3,060,049 |
| EMCOR Group, Inc. | | 164,877 | 24,443,015 |
| Valmont Industries, Inc. (b) | | 94,159 | 31,047,047 |
| Willscot Mobile Mini Holdings (a) | | 984,745 | 47,720,743 |
| | | | 106,270,854 |
| Electrical Equipment - 3.7% | | | |
| Acuity Brands, Inc. | | 97,498 | 18,380,323 |
| Array Technologies, Inc. (a)(b) | | 1,512,054 | 33,612,960 |
| Atkore, Inc. (a) | | 309,898 | 40,364,215 |
| nVent Electric PLC | | 660,278 | 26,246,051 |
| Regal Rexnord Corp. | | 344,011 | 47,886,331 |
| Sensata Technologies, Inc. PLC | | 261,700 | 13,307,445 |
| Sunrun, Inc. (a)(b) | | 561,512 | 14,756,535 |
| | | | 194,553,860 |
| Machinery - 3.7% | | | |
| Chart Industries, Inc. (a)(b) | | 149,595 | 20,042,738 |
| Crane Holdings Co. | | 324,669 | 37,632,384 |
| EnPro Industries, Inc. | | 141,039 | 17,075,592 |
| Federal Signal Corp. | | 767,782 | 40,884,392 |
| ITT, Inc. | | 225,160 | 20,622,404 |
| Mueller Industries, Inc. | | 367,752 | 24,106,144 |
| Terex Corp. | | 689,770 | 35,157,577 |
| | | | 195,521,231 |
| Marine - 0.4% | | | |
| Kirby Corp. (a) | | 305,325 | 21,610,904 |
| Professional Services - 3.7% | | | |
| ASGN, Inc. (a) | | 338,685 | 30,803,401 |
| CACI International, Inc. Class A (a) | | 136,843 | 42,159,960 |
| FTI Consulting, Inc. (a) | | 152,985 | 24,404,167 |
| ICF International, Inc. | | 152,567 | 15,590,822 |
| Insperity, Inc. | | 234,651 | 25,940,668 |
| KBR, Inc. | | 839,673 | 43,016,448 |
| NV5 Global, Inc. (a) | | 103,571 | 13,804,979 |
| | | | 195,720,445 |
| Road & Rail - 0.5% | | | |
| U-Haul Holding Co. (b) | | 180,766 | 12,116,745 |
| U-Haul Holding Co. (non-vtg.) | | 208,734 | 12,897,674 |
| | | | 25,014,419 |
| Trading Companies & Distributors - 1.7% | | | |
| Applied Industrial Technologies, Inc. | | 441,519 | 63,229,936 |
| Custom Truck One Source, Inc. Class A (a)(b) | | 1,656,727 | 11,729,627 |
| Hudson Technologies, Inc. (a) | | 636,765 | 6,501,371 |
| WESCO International, Inc. (a) | | 80,267 | 11,960,586 |
| | | | 93,421,520 |
TOTAL INDUSTRIALS | | | 1,091,452,199 |
| INFORMATION TECHNOLOGY - 19.6% | | | |
| Communications Equipment - 0.8% | | | |
| Harmonic, Inc. (a) | | 974,500 | 12,834,165 |
| Lumentum Holdings, Inc. (a)(b) | | 248,499 | 14,954,670 |
| NetScout Systems, Inc. (a) | | 358,281 | 11,500,820 |
| | | | 39,289,655 |
| Electronic Equipment & Components - 3.2% | | | |
| Fabrinet (a) | | 366,597 | 48,266,161 |
| Flex Ltd. (a) | | 871,000 | 20,337,850 |
| Insight Enterprises, Inc. (a) | | 338,487 | 38,154,255 |
| Napco Security Technologies, Inc. (a) | | 561,720 | 16,273,028 |
| Richardson Electronics Ltd. (b) | | 412,533 | 9,220,113 |
| TD SYNNEX Corp. | | 241,532 | 24,672,494 |
| Vontier Corp. | | 630,220 | 14,513,967 |
| | | | 171,437,868 |
| IT Services - 3.2% | | | |
| Concentrix Corp. | | 319,981 | 45,376,506 |
| ExlService Holdings, Inc. (a) | | 292,934 | 49,974,540 |
| Flywire Corp. (a) | | 204,186 | 5,506,896 |
| Genpact Ltd. | | 483,117 | 22,841,772 |
| Maximus, Inc. | | 389,489 | 29,153,252 |
| Wix.com Ltd. (a)(b) | | 196,939 | 17,129,754 |
| | | | 169,982,720 |
| Semiconductors & Semiconductor Equipment - 4.2% | | | |
| AEHR Test Systems (a)(b) | | 595,605 | 20,822,351 |
| Allegro MicroSystems LLC (a) | | 746,562 | 28,496,272 |
| Axcelis Technologies, Inc. (a) | | 251,842 | 27,690,028 |
| Cirrus Logic, Inc. (a) | | 269,925 | 24,398,521 |
| eMemory Technology, Inc. | | 278,000 | 15,229,111 |
| Impinj, Inc. (a) | | 124,926 | 16,212,896 |
| Lattice Semiconductor Corp. (a) | | 430,267 | 32,609,936 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 503,718 | 33,759,180 |
| Nova Ltd. (a) | | 230,214 | 20,880,410 |
| | | | 220,098,705 |
| Software - 7.2% | | | |
| Agilysys, Inc. (a) | | 126,800 | 10,595,408 |
| Algolia, Inc. (a)(d)(e) | | 234,640 | 3,676,809 |
| Alkami Technology, Inc. (a)(b) | | 878,284 | 14,377,509 |
| Braze, Inc. (a)(b) | | 192,305 | 6,153,760 |
| CCC Intelligent Solutions Holdings, Inc. (a)(d) | | 48,511 | 448,484 |
| Confluent, Inc. (a)(b) | | 285,534 | 6,595,835 |
| Coupa Software, Inc. (a)(b) | | 587,373 | 46,942,850 |
| Cvent Holding Corp. (a)(b) | | 2,923,144 | 23,589,772 |
| CyberArk Software Ltd. (a)(b) | | 160,685 | 22,637,303 |
| DoubleVerify Holdings, Inc. (a) | | 1,213,622 | 32,998,382 |
| Dynatrace, Inc. (a) | | 782,021 | 30,053,067 |
| Elastic NV (a) | | 274,460 | 16,149,226 |
| Five9, Inc. (a) | | 141,198 | 11,123,578 |
| Sprout Social, Inc. (a) | | 909,277 | 58,166,450 |
| TECSYS, Inc. (b) | | 696,032 | 14,846,032 |
| Tenable Holdings, Inc. (a) | | 998,859 | 40,184,098 |
| WalkMe Ltd. (a)(b) | | 848,406 | 8,645,257 |
| Workiva, Inc. (a) | | 397,701 | 34,413,068 |
| | | | 381,596,888 |
| Technology Hardware, Storage & Peripherals - 1.0% | | | |
| Avid Technology, Inc. (a) | | 1,765,239 | 53,504,394 |
TOTAL INFORMATION TECHNOLOGY | | | 1,035,910,230 |
| MATERIALS - 4.4% | | | |
| Chemicals - 3.1% | | | |
| Avient Corp. | | 410,500 | 16,633,460 |
| Axalta Coating Systems Ltd. (a) | | 363,300 | 10,935,330 |
| Cabot Corp. | | 709,464 | 53,443,923 |
| Element Solutions, Inc. | | 728,450 | 14,918,656 |
| Olin Corp. | | 178,537 | 11,531,705 |
| The Chemours Co. LLC | | 707,716 | 25,753,785 |
| Valvoline, Inc. | | 867,710 | 31,810,249 |
| | | | 165,027,108 |
| Construction Materials - 0.3% | | | |
| Eagle Materials, Inc. | | 94,628 | 13,823,258 |
| Containers & Packaging - 0.8% | | | |
| Ardagh Metal Packaging SA (a)(d) | | 1,634,000 | 9,183,080 |
| O-I Glass, Inc. (a) | | 1,757,098 | 33,824,137 |
| | | | 43,007,217 |
| Metals & Mining - 0.2% | | | |
| Lynas Rare Earths Ltd. (a) | | 1,677,428 | 11,228,928 |
TOTAL MATERIALS | | | 233,086,511 |
| REAL ESTATE - 0.0% | | | |
| Real Estate Management & Development - 0.0% | | | |
| Compass, Inc. (a) | | 13 | 52 |
| UTILITIES - 0.6% | | | |
| Independent Power and Renewable Electricity Producers - 0.6% | | | |
| NextEra Energy Partners LP | | 224,240 | 16,436,792 |
| Sunnova Energy International, Inc. (a)(b) | | 717,006 | 13,967,277 |
| | | | 30,404,069 |
| TOTAL COMMON STOCKS (Cost $4,567,679,649) | | | 5,155,280,933 |
| | | | |
| Convertible Preferred Stocks - 1.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 0.2% | | | |
| Interactive Media & Services - 0.2% | | | |
| Reddit, Inc. Series F (a)(d)(e) | | 253,500 | 9,518,925 |
| HEALTH CARE - 0.5% | | | |
| Biotechnology - 0.4% | | | |
| Bright Peak Therapeutics AG Series B (a)(d)(e) | | 1,079,522 | 3,173,795 |
| Caris Life Sciences, Inc. Series D (a)(d)(e) | | 780,603 | 4,371,377 |
| LifeMine Therapeutics, Inc. Series C (d)(e) | | 2,048,403 | 3,769,062 |
| Sonoma Biotherapeutics, Inc.: | | | |
| Series B (a)(d)(e) | | 2,370,360 | 3,958,501 |
| Series B1 (a)(d)(e) | | 1,264,171 | 2,566,267 |
| T-Knife Therapeutics, Inc. Series B (a)(d)(e) | | 1,097,257 | 4,202,494 |
| Treeline Biosciences Series A (a)(d)(e) | | 115,000 | 967,150 |
| | | | 23,008,646 |
| Health Care Providers & Services - 0.1% | | | |
| Boundless Bio, Inc. Series B (a)(d)(e) | | 3,017,761 | 2,746,163 |
| Health Care Technology - 0.0% | | | |
| Wugen, Inc. Series B (a)(d)(e) | | 326,496 | 1,704,309 |
TOTAL HEALTH CARE | | | 27,459,118 |
| INDUSTRIALS - 0.5% | | | |
| Construction & Engineering - 0.5% | | | |
| Beta Technologies, Inc.: | | | |
| Series A (a)(d)(e) | | 278,129 | 21,171,179 |
| Series B, 6.00% (d)(e) | | 85,106 | 6,675,715 |
| | | | 27,846,894 |
| INFORMATION TECHNOLOGY - 0.7% | | | |
| Communications Equipment - 0.2% | | | |
| Astranis Space Technologies Corp. Series C (a)(d)(e) | | 557,717 | 7,138,778 |
| IT Services - 0.2% | | | |
| Yanka Industries, Inc.: | | | |
| Series E (a)(d)(e) | | 869,641 | 9,409,516 |
| Series F (a)(d)(e) | | 127,716 | 1,381,887 |
| | | | 10,791,403 |
| Software - 0.3% | | | |
| Algolia, Inc. Series D (a)(d)(e) | | 53,800 | 843,046 |
| Convoy, Inc. Series D (a)(d)(e) | | 913,444 | 6,558,528 |
| Mountain Digital, Inc. Series D (a)(d)(e) | | 729,676 | 8,216,152 |
| Skyryse, Inc. Series B (a)(d)(e) | | 62,100 | 1,255,662 |
| | | | 16,873,388 |
TOTAL INFORMATION TECHNOLOGY | | | 34,803,569 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $140,835,839) | | | 99,628,506 |
| | | | |
| Investment Companies - 0.0% |
| | | Shares | Value ($) |
iShares Russell 2000 Growth Index ETF (Cost $238,480) | | 1,100 | 259,556 |
| | | | |
| Money Market Funds - 6.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (i) | | 50,529,093 | 50,539,199 |
| Fidelity Securities Lending Cash Central Fund 4.38% (i)(j) | | 314,546,821 | 314,578,276 |
| TOTAL MONEY MARKET FUNDS (Cost $365,117,475) | | | 365,117,475 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 106.3% (Cost $5,073,871,443) | 5,620,286,470 |
NET OTHER ASSETS (LIABILITIES) - (6.3)% | (332,230,160) |
| NET ASSETS - 100.0% | 5,288,056,310 |
| | |
Security Type Abbreviations
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (d) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $212,714,175 or 4.0% of net assets. |
| (f) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,384,206 or 0.0% of net assets. |
| (g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (h) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Algolia, Inc. | 10/27/21 | 6,862,059 |
| | | |
| Algolia, Inc. Series D | 7/23/21 | 1,573,384 |
| | | |
| Ardagh Metal Packaging SA | 2/22/21 | 16,340,000 |
| | | |
| Astranis Space Technologies Corp. Series C | 3/19/21 | 12,225,675 |
| | | |
| 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 |
| | | |
| Bright Peak Therapeutics AG Series B | 5/14/21 | 4,216,613 |
| | | |
| Caris Life Sciences, Inc. Series D | 5/11/21 | 6,322,884 |
| | | |
| CCC Intelligent Solutions Holdings, Inc. | 2/02/21 | 485,110 |
| | | |
| Convoy, Inc. Series D | 10/30/19 | 12,368,032 |
| | | |
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | 52,799,304 | 647,812,428 | 650,072,533 | 782,684 | - | - | 50,539,199 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 400,159,025 | 594,445,368 | 680,026,117 | 1,843,393 | - | - | 314,578,276 | 1.0% |
| Total | 452,958,329 | 1,242,257,796 | 1,330,098,650 | 2,626,077 | - | - | 365,117,475 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| Avid Technology, Inc. | 65,716,436 | 3,491,053 | 18,829,832 | - | (5,048,754) | 8,175,491 | - |
| BARK, Inc. | 3,021,230 | - | 5,925,292 | - | (27,712,366) | 18,664,428 | - |
| BARK, Inc. | 1,709,136 | - | - | - | - | 10,242,864 | - |
| BARK, Inc. warrants 8/29/25 | 92,317 | - | 1,557 | - | (13,697) | 51,883 | - |
| Enliven Therapeutics, Inc. | - | 7,944,334 | - | - | - | 655,695 | 8,600,029 |
| Lindblad Expeditions Holdings | 25,014,078 | 9,158,370 | 3,046,545 | - | (2,301,502) | 16,065,660 | 44,890,061 |
| Rover Group, Inc. Class A | 10,653,724 | 6,035,100 | 172,319 | - | 5,520 | (1,528,490) | 14,993,535 |
| Total | 106,206,921 | 26,628,857 | 27,975,545 | - | (35,070,799) | 52,327,531 | 68,483,625 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 161,115,062 | 151,596,137 | - | 9,518,925 |
Consumer Discretionary | 726,883,614 | 666,932,675 | - | 59,950,939 |
Consumer Staples | 247,261,692 | 247,261,690 | - | 2 |
Energy | 301,545,276 | 301,545,276 | - | - |
Financials | 182,239,412 | 174,143,700 | - | 8,095,712 |
Health Care | 1,182,360,859 | 1,135,475,942 | 8,600,029 | 38,284,888 |
Industrials | 1,119,299,093 | 1,091,452,199 | - | 27,846,894 |
Information Technology | 1,070,713,799 | 1,017,004,310 | 15,229,111 | 38,480,378 |
Materials | 233,086,511 | 221,857,583 | 11,228,928 | - |
Real Estate | 52 | 52 | - | - |
Utilities | 30,404,069 | 30,404,069 | - | - |
|
| Investment Companies | 259,556 | 259,556 | - | - |
|
| Money Market Funds | 365,117,475 | 365,117,475 | - | - |
| Total Investments in Securities: | 5,620,286,470 | 5,403,050,664 | 35,058,068 | 182,177,738 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Consumer Discretionary | | | |
| Beginning Balance | $ | 52,216,769 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | 7,734,170 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 59,950,939 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 7,734,170 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 147,460,140 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (25,237,471) | |
| Cost of Purchases | | 4,130 | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 122,226,799 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (25,237,471) | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $317,937,416) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,642,636,221) | $ | 5,186,685,371 | | |
Fidelity Central Funds (cost $365,117,474) | | 365,117,474 | | |
Other affiliated issuers (cost $66,117,748) | | 68,483,625 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,073,871,443) | | | $ | 5,620,286,470 |
| Receivable for investments sold | | | | 31,289,905 |
| Receivable for fund shares sold | | | | 2,599,949 |
| Dividends receivable | | | | 701,013 |
| Distributions receivable from Fidelity Central Funds | | | | 405,249 |
| Prepaid expenses | | | | 4,824 |
Total assets | | | | 5,655,287,410 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 621 | | |
| Payable for investments purchased | | | | |
Regular delivery | | 36,940,133 | | |
Delayed delivery | | 7,944,334 | | |
| Payable for fund shares redeemed | | 3,418,834 | | |
| Accrued management fee | | 3,548,628 | | |
| Distribution and service plan fees payable | | 129,237 | | |
| Other affiliated payables | | 650,955 | | |
| Other payables and accrued expenses | | 31,031 | | |
| Collateral on securities loaned | | 314,567,327 | | |
| Total Liabilities | | | | 367,231,100 |
| Net Assets | | | $ | 5,288,056,310 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,156,719,115 |
| Total accumulated earnings (loss) | | | | 131,337,195 |
| Net Assets | | | $ | 5,288,056,310 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($281,740,267 ÷ 11,701,905 shares) (a) | | | $ | 24.08 |
| Maximum offering price per share (100/94.25 of $24.08) | | | $ | 25.55 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($72,028,902 ÷ 3,171,874 shares) (a) | | | $ | 22.71 |
| Maximum offering price per share (100/96.50 of $22.71) | | | $ | 23.53 |
| Class C : | | | | |
Net Asset Value and offering price per share ($55,509,587 ÷ 2,830,306 shares) (a) | | | $ | 19.61 |
| Small Cap Growth : | | | | |
Net Asset Value , offering price and redemption price per share ($2,739,835,066 ÷ 105,878,814 shares) | | | $ | 25.88 |
| Class I : | | | | |
Net Asset Value , offering price and redemption price per share ($603,078,821 ÷ 23,230,283 shares) | | | $ | 25.96 |
| Class Z : | | | | |
Net Asset Value , offering price and redemption price per share ($1,535,863,667 ÷ 58,768,634 shares) | | | $ | 26.13 |
(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, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 12,912,061 |
| Income from Fidelity Central Funds (including $1,843,393 from security lending) | | | | 2,626,077 |
| Total Income | | | | 15,538,138 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 17,031,857 | | |
| Performance adjustment | | 4,644,264 | | |
| Transfer agent fees | | 3,479,345 | | |
| Distribution and service plan fees | | 790,506 | | |
| Accounting fees | | 479,849 | | |
| Custodian fees and expenses | | 18,734 | | |
| Independent trustees' fees and expenses | | 8,790 | | |
| Registration fees | | 113,687 | | |
| Audit | | 47,240 | | |
| Legal | | 7,823 | | |
| Interest | | 16,876 | | |
| Miscellaneous | | 16,168 | | |
| Total expenses before reductions | | 26,655,139 | | |
| Expense reductions | | (96,814) | | |
| Total expenses after reductions | | | | 26,558,325 |
| Net Investment income (loss) | | | | (11,020,187) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (110,388,484) | | |
| Redemptions in-kind | | 13,951,066 | | |
| Affiliated issuers | | (35,070,799) | | |
| Foreign currency transactions | | (206,583) | | |
| Total net realized gain (loss) | | | | (131,714,800) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 302,873,037 | | |
| Affiliated issuers | | 52,327,531 | | |
| Assets and liabilities in foreign currencies | | 2,703 | | |
| Total change in net unrealized appreciation (depreciation) | | | | 355,203,271 |
| Net gain (loss) | | | | 223,488,471 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 212,468,284 |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (11,020,187) | $ | (20,508,198) |
| Net realized gain (loss) | | (131,714,800) | | (11,495,189) |
| Change in net unrealized appreciation (depreciation) | | 355,203,271 | | (1,319,578,419) |
| Net increase (decrease) in net assets resulting from operations | | 212,468,284 | | (1,351,581,806) |
| Distributions to shareholders | | - | | (1,068,881,678) |
| Share transactions - net increase (decrease) | | (161,002,369) | | 1,399,956,604 |
| Total increase (decrease) in net assets | | 51,465,915 | | (1,020,506,880) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 5,236,590,395 | | 6,257,097,275 |
| End of period | $ | 5,288,056,310 | $ | 5,236,590,395 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity Advisor® Small Cap Growth Fund Class A |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 23.12 | $ | 34.89 | $ | 26.64 | $ | 26.03 | $ | 27.45 | $ | 22.99 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.08) | | (.17) | | (.26) C | | (.20) | | (.21) | | (.18) |
| Net realized and unrealized gain (loss) | | 1.04 | | (5.58) | | 11.27 | | 2.26 | | 1.79 | | 6.32 |
| Total from investment operations | | .96 | | (5.75) | | 11.01 | | 2.06 | | 1.58 | | 6.14 |
| Distributions from net realized gain | | - | | (6.02) | | (2.76) | | (1.45) | | (3.00) | | (1.68) |
| Total distributions | | - | | (6.02) | | (2.76) | | (1.45) | | (3.00) | | (1.68) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - D |
| Net asset value, end of period | $ | 24.08 | $ | 23.12 | $ | 34.89 | $ | 26.64 | $ | 26.03 | $ | 27.45 |
Total Return E,F,G | | 4.15% | | (20.62)% | | 44.21% | | 8.39% | | 5.88% | | 28.47% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.33% J | | 1.29% | | 1.29% | | 1.37% | | 1.33% | | 1.31% |
| Expenses net of fee waivers, if any | | 1.33% J | | 1.29% | | 1.29% | | 1.37% | | 1.33% | | 1.31% |
| Expenses net of all reductions | | 1.33% J | | 1.29% | | 1.28% | | 1.36% | | 1.32% | | 1.30% |
| Net investment income (loss) | | (.71)% J | | (.61)% | | (.82)% C | | (.80)% | | (.85)% | | (.74)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 281,740 | $ | 287,905 | $ | 387,793 | $ | 268,448 | $ | 285,554 | $ | 315,894 |
Portfolio turnover rate K | | 60% J,L | | 79% L | | 107% | | 126% L | | 91% L | | 106% L |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Small Cap Growth Fund Class M |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 21.83 | $ | 33.27 | $ | 25.56 | $ | 25.09 | $ | 26.59 | $ | 22.35 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.10) | | (.22) | | (.33) C | | (.25) | | (.26) | | (.24) |
| Net realized and unrealized gain (loss) | | .98 | | (5.28) | | 10.77 | | 2.17 | | 1.72 | | 6.13 |
| Total from investment operations | | .88 | | (5.50) | | 10.44 | | 1.92 | | 1.46 | | 5.89 |
| Distributions from net realized gain | | - | | (5.94) | | (2.73) | | (1.45) | | (2.96) | | (1.65) |
| Total distributions | | - | | (5.94) | | (2.73) | | (1.45) | | (2.96) | | (1.65) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - D |
| Net asset value, end of period | $ | 22.71 | $ | 21.83 | $ | 33.27 | $ | 25.56 | $ | 25.09 | $ | 26.59 |
Total Return E,F,G | | 4.03% | | (20.85)% | | 43.82% | | 8.14% | | 5.60% | | 28.15% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.58% J | | 1.54% | | 1.55% | | 1.63% | | 1.60% | | 1.58% |
| Expenses net of fee waivers, if any | | 1.58% J | | 1.54% | | 1.55% | | 1.63% | | 1.60% | | 1.58% |
| Expenses net of all reductions | | 1.58% J | | 1.54% | | 1.53% | | 1.62% | | 1.59% | | 1.57% |
| Net investment income (loss) | | (.96)% J | | (.86)% | | (1.08)% C | | (1.06)% | | (1.12)% | | (1.01)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 72,029 | $ | 70,182 | $ | 98,005 | $ | 70,605 | $ | 75,030 | $ | 82,567 |
Portfolio turnover rate K | | 60% J,L | | 79% L | | 107% | | 126% L | | 91% L | | 106% L |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Small Cap Growth Fund Class C |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 18.90 | $ | 29.58 | $ | 23.07 | $ | 22.89 | $ | 24.56 | $ | 20.83 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.14) | | (.31) | | (.43) C | | (.34) | | (.35) | | (.34) |
| Net realized and unrealized gain (loss) | | .85 | | (4.54) | | 9.62 | | 1.97 | | 1.58 | | 5.69 |
| Total from investment operations | | .71 | | (4.85) | | 9.19 | | 1.63 | | 1.23 | | 5.35 |
| Distributions from net realized gain | | - | | (5.83) | | (2.68) | | (1.45) | | (2.90) | | (1.62) |
| Total distributions | | - | | (5.83) | | (2.68) | | (1.45) | | (2.90) | | (1.62) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - D |
| Net asset value, end of period | $ | 19.61 | $ | 18.90 | $ | 29.58 | $ | 23.07 | $ | 22.89 | $ | 24.56 |
Total Return E,F,G | | 3.76% | | (21.24)% | | 43.07% | | 7.62% | | 5.06% | | 27.51% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 2.09% J | | 2.05% | | 2.06% | | 2.13% | | 2.09% | | 2.07% |
| Expenses net of fee waivers, if any | | 2.09% J | | 2.05% | | 2.06% | | 2.13% | | 2.09% | | 2.07% |
| Expenses net of all reductions | | 2.09% J | | 2.05% | | 2.05% | | 2.12% | | 2.08% | | 2.06% |
| Net investment income (loss) | | (1.47)% J | | (1.37)% | | (1.59)% C | | (1.56)% | | (1.61)% | | (1.50)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 55,510 | $ | 59,768 | $ | 88,239 | $ | 77,850 | $ | 96,449 | $ | 139,375 |
Portfolio turnover rate K | | 60% J,L | | 79% L | | 107% | | 126% L | | 91% L | | 106% L |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the contingent deferred sales charge.
H Fees 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity® Small Cap Growth Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 24.81 | $ | 37.02 | $ | 28.07 | $ | 27.27 | $ | 28.59 | $ | 23.84 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.05) | | (.10) | | (.18) C | | (.13) | | (.15) | | (.12) |
| Net realized and unrealized gain (loss) | | 1.12 | | (6.00) | | 11.92 | | 2.38 | | 1.87 | | 6.57 |
| Total from investment operations | | 1.07 | | (6.10) | | 11.74 | | 2.25 | | 1.72 | | 6.45 |
| Distributions from net realized gain | | - | | (6.11) | | (2.79) | | (1.45) | | (3.04) | | (1.70) |
| Total distributions | | - | | (6.11) | | (2.79) | | (1.45) | | (3.04) | | (1.70) |
Redemption fees added to paid in capital B | | - | | - | | - | | - | | - | | - D |
| Net asset value, end of period | $ | 25.88 | $ | 24.81 | $ | 37.02 | $ | 28.07 | $ | 27.27 | $ | 28.59 |
Total Return E,F | | 4.31% | | (20.42)% | | 44.60% | | 8.72% | | 6.17% | | 28.81% |
Ratios to Average Net Assets A,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.06% I | | 1.02% | | 1.00% | | 1.08% | | 1.05% | | 1.02% |
| Expenses net of fee waivers, if any | | 1.06% I | | 1.01% | | 1.00% | | 1.08% | | 1.05% | | 1.02% |
| Expenses net of all reductions | | 1.06% I | | 1.01% | | .99% | | 1.07% | | 1.04% | | 1.01% |
| Net investment income (loss) | | (.44)% I | | (.33)% | | (.53)% C | | (.52)% | | (.57)% | | (.45)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 2,739,835 | $ | 2,747,002 | $ | 4,540,695 | $ | 2,839,506 | $ | 2,888,038 | $ | 3,269,548 |
Portfolio turnover rate J | | 60% I,K | | 79% K | | 107% | | 126% K | | 91% K | | 106% K |
A Net 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.
B Calculated based on average shares outstanding during the period.
C Net 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)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Small Cap Growth Fund Class I |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 24.90 | $ | 37.13 | $ | 28.15 | $ | 27.35 | $ | 28.66 | $ | 23.90 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.06) | | (.10) | | (.19) C | | (.14) | | (.15) | | (.12) |
| Net realized and unrealized gain (loss) | | 1.12 | | (6.03) | | 11.96 | | 2.39 | | 1.88 | | 6.58 |
| Total from investment operations | | 1.06 | | (6.13) | | 11.77 | | 2.25 | | 1.73 | | 6.46 |
| Distributions from net realized gain | | - | | (6.10) | | (2.79) | | (1.45) | | (3.04) | | (1.70) |
| Total distributions | | - | | (6.10) | | (2.79) | | (1.45) | | (3.04) | | (1.70) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - D |
| Net asset value, end of period | $ | 25.96 | $ | 24.90 | $ | 37.13 | $ | 28.15 | $ | 27.35 | $ | 28.66 |
Total Return E,F | | 4.26% | | (20.42)% | | 44.57% | | 8.70% | | 6.18% | | 28.78% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | 1.07% I | | 1.04% | | 1.04% | | 1.11% | | 1.06% | | 1.03% |
| Expenses net of fee waivers, if any | | 1.07% I | | 1.03% | | 1.04% | | 1.11% | | 1.06% | | 1.03% |
| Expenses net of all reductions | | 1.07% I | | 1.03% | | 1.03% | | 1.10% | | 1.06% | | 1.02% |
| Net investment income (loss) | | (.45)% I | | (.35)% | | (.57)% C | | (.54)% | | (.58)% | | (.46)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 603,079 | $ | 606,422 | $ | 775,746 | $ | 540,553 | $ | 590,311 | $ | 678,576 |
Portfolio turnover rate J | | 60% I,K | | 79% K | | 107% | | 126% K | | 91% K | | 106% K |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Small Cap Growth Fund Class Z |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 25.04 | $ | 37.32 | $ | 28.26 | $ | 27.41 | $ | 28.71 | $ | 23.91 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.04) | | (.06) | | (.15) C | | (.10) | | (.11) | | (.09) |
| Net realized and unrealized gain (loss) | | 1.13 | | (6.06) | | 12.01 | | 2.40 | | 1.87 | | 6.61 |
| Total from investment operations | | 1.09 | | (6.12) | | 11.86 | | 2.30 | | 1.76 | | 6.52 |
| Distributions from net realized gain | | - | | (6.16) | | (2.80) | | (1.45) | | (3.06) | | (1.72) |
| Total distributions | | - | | (6.16) | | (2.80) | | (1.45) | | (3.06) | | (1.72) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - D |
| Net asset value, end of period | $ | 26.13 | $ | 25.04 | $ | 37.32 | $ | 28.26 | $ | 27.41 | $ | 28.71 |
Total Return E,F | | 4.35% | | (20.33)% | | 44.75% | | 8.87% | | 6.29% | | 29.02% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .93% I | | .90% | | .90% | | .97% | | .92% | | .89% |
| Expenses net of fee waivers, if any | | .93% I | | .90% | | .90% | | .96% | | .92% | | .89% |
| Expenses net of all reductions | | .93% I | | .90% | | .89% | | .95% | | .92% | | .88% |
| Net investment income (loss) | | (.31)% I | | (.22)% | | (.43)% C | | (.40)% | | (.44)% | | (.32)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,535,864 | $ | 1,465,312 | $ | 366,620 | $ | 197,764 | $ | 183,552 | $ | 132,928 |
Portfolio turnover rate J | | 60% I,K | | 79% K | | 107% | | 126% K | | 91% K | | 106% K |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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)%.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
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, Small Cap Growth, Class I and Class Z 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. 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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.
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 Techniques | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input A |
| Equities | $ 182,177,738 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 6.5 / 6.3 | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 2.0 - 9.4 / 5.3 | Increase |
| | | | Enterprise value/Net income multiple (EV/NI) | 16.8 | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $1.35 - $8.61 / $3.85 | Increase |
| | | | Discount rate | 10.0% - 33.6% / 26.3% | Decrease |
| | | Black scholes | Discount rate | 3.9% | Increase |
| | | | Volatility | 50.0% - 90.0% / 79.3% | Increase |
| | | | Term | 3.0 | 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, 2023, 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. 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. 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, redemptions in-kind, net operating losses 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 | $1,050,722,227 |
| Gross unrealized depreciation | (519,082,378) |
| Net unrealized appreciation (depreciation) | $531,639,849 |
| Tax cost | $5,088,646,621 |
The Fund elected to defer to its next fiscal year approximately $241,802,824 of capital losses recognized during the period November 1,2021 to July 31, 2022, and $7,253,749 of ordinary losses recognized during the period January 1, 2022 to July 31, 2022.
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (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 Small Cap Growth Fund | 10,825,770 | .20 |
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 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 Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the 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 Small Cap Growth Fund | 1,503,143,878 | 1,607,228,984 |
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 Small Cap Growth Fund | 2,811,508 | 13,951,066 | 71,358,120 | Fidelity Small Cap Growth, and Class Z |
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 Small Cap Growth Fund | 1,267,055 | 6,413,331 | 32,229,577 | Fidelity Small Cap Growth and Class I |
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 .23% 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 .86% 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% | $342,647 | $12,993 |
| Class M | .25% | .25% | 171,062 | - |
| Class C | .75% | .25% | 276,797 | 28,866 |
| | | | $790,506 | $41,859 |
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 | $30,537 |
| Class M | 2,834 |
Class C A | 264 |
| | $33,635 |
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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives 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 Assets A |
| Class A | $261,974 | .19 |
| Class M | 67,043 | .20 |
| Class C | 56,206 | .20 |
| Small Cap Growth | 2,258,533 | .17 |
| Class I | 537,782 | .18 |
| Class Z | 297,807 | .04 |
| | $3,479,345 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Small Cap Growth Fund | .02 |
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 Growth Fund | $47,065 |
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 Growth Fund | Borrower | $ 11,244,000 | 3.60% | $16,876 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Small Cap Growth Fund | 75,068,774 | 109,842,349 | 12,302,415 |
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 Growth Fund | $6,816 |
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 Growth Fund | $185,925 | $47,626 | $4,052,847 |
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 $2,288. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction |
| | |
| Class M | $398 |
| | |
| | |
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 $94,128.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Small Cap Growth Fund | | |
| Distributions to shareholders | | |
| Class A | $- | $67,979,799 |
| Class M | - | 17,907,670 |
| Class C | - | 17,539,783 |
| Small Cap Growth | - | 638,250,356 |
| Class I | - | 130,451,281 |
| Class Z | - | 196,752,789 |
Total | $- | $1,068,881,678 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Small Cap Growth Fund | | | | |
| Class A | | | | |
| Shares sold | 904,138 | 2,718,612 | $20,418,551 | $74,995,450 |
| Reinvestment of distributions | - | 2,151,573 | - | 67,245,012 |
| Shares redeemed | (1,655,708) | (3,530,802) | (37,459,407) | (96,163,790) |
| Net increase (decrease) | (751,570) | 1,339,383 | $(17,040,856) | $46,076,672 |
| Class M | | | | |
| Shares sold | 172,159 | 431,115 | $3,675,271 | $11,263,605 |
| Reinvestment of distributions | - | 597,527 | - | 17,701,076 |
| Shares redeemed | (214,908) | (760,045) | (4,568,356) | (19,559,813) |
| Net increase (decrease) | (42,749) | 268,597 | $(893,085) | $9,404,868 |
| Class C | | | | |
| Shares sold | 137,009 | 571,841 | $2,531,726 | $13,494,292 |
| Reinvestment of distributions | - | 673,112 | - | 17,397,814 |
| Shares redeemed | (468,414) | (1,065,945) | (8,690,095) | (24,414,238) |
| Net increase (decrease) | (331,405) | 179,008 | $(6,158,369) | $6,477,868 |
| Small Cap Growth | | | | |
| Shares sold | 7,139,644 | 20,198,332 | $175,058,226 | $601,187,332 |
| Reinvestment of distributions | - | 18,119,358 | - | 605,852,496 |
| Shares redeemed | (11,968,636) | (50,251,214) | (290,590,591) | (1,631,982,649) |
| Net increase (decrease) | (4,828,992) | (11,933,524) | $(115,532,365) | $(424,942,821) |
| Class I | | | | |
| Shares sold | 3,387,761 | 9,200,827 | $82,797,579 | $260,264,783 |
| Reinvestment of distributions | - | 3,793,722 | - | 127,231,880 |
| Shares redeemed | (4,516,492) | (9,529,628) | (109,909,772) | (270,197,792) |
| Net increase (decrease) | (1,128,731) | 3,464,921 | $(27,112,193) | $117,298,871 |
| Class Z | | | | |
| Shares sold | 5,290,876 | 47,704,858 | $130,706,411 | $1,587,489,270 |
| Reinvestment of distributions | - | 5,572,104 | - | 186,739,643 |
| Shares redeemed | (5,033,947) | (4,588,101) | (124,971,912) | (128,587,767) |
| Net increase (decrease) | 256,929 | 48,688,861 | $5,734,499 | $1,645,641,146 |
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 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 | 22% |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® Small Cap Growth Fund | | | | | | | | | | |
| Class A | | | | 1.33% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,041.50 | | $ 6.84 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,018.50 | | $ 6.77 |
| Class M | | | | 1.58% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,040.30 | | $ 8.13 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,017.24 | | $ 8.03 |
| Class C | | | | 2.09% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,037.60 | | $ 10.73 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,014.67 | | $ 10.61 |
| Fidelity® Small Cap Growth Fund | | | | 1.06% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,043.10 | | $ 5.46 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,019.86 | | $ 5.40 |
| Class I | | | | 1.07% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,042.60 | | $ 5.51 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,019.81 | | $ 5.45 |
| Class Z | | | | .93% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,043.50 | | $ 4.79 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.52 | | $ 4.74 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.803700.118
SCP-SANN-0423
Fidelity® OTC K6 Portfolio
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Apple, Inc. | 12.6 | |
| Microsoft Corp. | 11.4 | |
| Amazon.com, Inc. | 6.1 | |
| Alphabet, Inc. Class A | 4.9 | |
| Alphabet, Inc. Class C | 3.0 | |
| Meta Platforms, Inc. Class A | 2.8 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2.3 | |
| Marvell Technology, Inc. | 2.1 | |
| Comcast Corp. Class A | 2.0 | |
| Regeneron Pharmaceuticals, Inc. | 2.0 | |
| | 49.2 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 43.5 | |
| Communication Services | 18.1 | |
| Consumer Discretionary | 15.2 | |
| Health Care | 9.4 | |
| Energy | 5.7 | |
| Consumer Staples | 4.6 | |
| Financials | 2.4 | |
| Industrials | 1.2 | |
| Real Estate | 0.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%* |
Foreign investments - 12.4% |
Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart. |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 99.1% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 17.8% | | | |
| Diversified Telecommunication Services - 0.0% | | | |
| Starry Group Holdings, Inc. Class A (a) | | 88 | 4 |
| Entertainment - 2.2% | | | |
| Activision Blizzard, Inc. | | 50,517 | 3,868,087 |
| Electronic Arts, Inc. | | 166 | 21,361 |
| NetEase, Inc. ADR | | 1,097 | 97,205 |
| Netflix, Inc. (a) | | 88,771 | 31,412,506 |
| Take-Two Interactive Software, Inc. (a) | | 1,562 | 176,865 |
| | | | 35,576,024 |
| Interactive Media & Services - 11.8% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 814,610 | 80,516,052 |
| Class C (a) | | 495,647 | 49,500,266 |
| Epic Games, Inc. (a)(b)(c) | | 5,200 | 4,398,524 |
| Match Group, Inc. (a) | | 19,157 | 1,036,777 |
| Meta Platforms, Inc. Class A (a) | | 304,679 | 45,388,031 |
| Tencent Holdings Ltd. sponsored ADR | | 226,076 | 11,021,205 |
| Vimeo, Inc. (a) | | 23,769 | 107,911 |
| Yandex NV Series A (a)(c)(d) | | 253,404 | 869,135 |
| | | | 192,837,901 |
| Media - 3.8% | | | |
| Charter Communications, Inc. Class A (a) | | 76,101 | 29,246,375 |
| Comcast Corp. Class A | | 833,714 | 32,806,646 |
| | | | 62,053,021 |
| Wireless Telecommunication Services - 0.0% | | | |
| T-Mobile U.S., Inc. (a) | | 5,200 | 776,412 |
TOTAL COMMUNICATION SERVICES | | | 291,243,362 |
| CONSUMER DISCRETIONARY - 14.8% | | | |
| Automobiles - 0.1% | | | |
| Rivian Automotive, Inc. (a) | | 1,192 | 23,125 |
| Tesla, Inc. (a) | | 7,283 | 1,261,561 |
| | | | 1,284,686 |
| Hotels, Restaurants & Leisure - 1.4% | | | |
| Airbnb, Inc. Class A (a) | | 1,449 | 160,998 |
| Churchill Downs, Inc. | | 82,839 | 20,552,356 |
| Domino's Pizza, Inc. | | 2,200 | 776,600 |
| Marriott International, Inc. Class A | | 3,813 | 664,148 |
| Vail Resorts, Inc. | | 1,569 | 411,611 |
| Wynn Resorts Ltd. (a) | | 10,561 | 1,094,542 |
| | | | 23,660,255 |
| Internet & Direct Marketing Retail - 7.3% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 20,127 | 2,217,995 |
| Amazon.com, Inc. (a) | | 964,896 | 99,509,724 |
| ContextLogic, Inc. (a) | | 16,321 | 11,227 |
| Etsy, Inc. (a) | | 10,846 | 1,492,193 |
| Global-e Online Ltd. (a) | | 24,503 | 734,355 |
| JD.com, Inc. Class A | | 703 | 20,874 |
| Meituan Class B (a)(e) | | 410,921 | 9,186,500 |
| Pinduoduo, Inc. ADR (a) | | 61,339 | 6,009,995 |
| thredUP, Inc. (a) | | 7,155 | 12,378 |
| Zomato Ltd. (a) | | 368,500 | 226,285 |
| | | | 119,421,526 |
| Multiline Retail - 0.2% | | | |
| Dollar Tree, Inc. (a) | | 22,546 | 3,385,958 |
| Specialty Retail - 3.3% | | | |
| Five Below, Inc. (a) | | 72,237 | 14,240,080 |
| Lowe's Companies, Inc. | | 74,341 | 15,481,513 |
| Ross Stores, Inc. | | 192,303 | 22,728,292 |
| TJX Companies, Inc. | | 15,421 | 1,262,363 |
| | | | 53,712,248 |
| Textiles, Apparel & Luxury Goods - 2.5% | | | |
| Kontoor Brands, Inc. | | 451 | 21,540 |
| lululemon athletica, Inc. (a) | | 68,253 | 20,945,481 |
| LVMH Moet Hennessy Louis Vuitton SE | | 20,843 | 18,195,427 |
| NIKE, Inc. Class B | | 12,714 | 1,618,874 |
| | | | 40,781,322 |
TOTAL CONSUMER DISCRETIONARY | | | 242,245,995 |
| CONSUMER STAPLES - 4.6% | | | |
| Beverages - 3.0% | | | |
| Diageo PLC | | 213,731 | 9,345,625 |
| Keurig Dr. Pepper, Inc. | | 557,847 | 19,680,842 |
| Monster Beverage Corp. (a) | | 198,988 | 20,710,671 |
| | | | 49,737,138 |
| Food & Staples Retailing - 0.3% | | | |
| Costco Wholesale Corp. | | 9,779 | 4,998,438 |
| Food Products - 1.3% | | | |
| Mondelez International, Inc. | | 322,764 | 21,121,676 |
| Personal Products - 0.0% | | | |
| The Honest Co., Inc. (a) | | 506 | 1,670 |
TOTAL CONSUMER STAPLES | | | 75,858,922 |
| ENERGY - 5.7% | | | |
| Energy Equipment & Services - 1.8% | | | |
| Halliburton Co. | | 281,845 | 11,617,651 |
| Schlumberger Ltd. | | 251,462 | 14,328,305 |
| TGS ASA ADR | | 186,860 | 2,989,760 |
| | | | 28,935,716 |
| Oil, Gas & Consumable Fuels - 3.9% | | | |
| Cenovus Energy, Inc. (Canada) | | 11,807 | 235,865 |
| Diamondback Energy, Inc. | | 108,499 | 15,853,874 |
| EOG Resources, Inc. | | 942 | 124,580 |
| Hess Corp. | | 78,338 | 11,763,234 |
| Reliance Industries Ltd. | | 987,613 | 28,550,626 |
| Reliance Industries Ltd. sponsored GDR (e) | | 141,765 | 8,123,135 |
| | | | 64,651,314 |
TOTAL ENERGY | | | 93,587,030 |
| FINANCIALS - 2.1% | | | |
| Banks - 2.1% | | | |
| Bank of America Corp. | | 153,254 | 5,437,452 |
| Fifth Third Bancorp | | 236,052 | 8,566,327 |
| Huntington Bancshares, Inc. | | 1,026,556 | 15,572,855 |
| Wells Fargo & Co. | | 100,377 | 4,704,670 |
| Wintrust Financial Corp. | | 2,901 | 265,354 |
| | | | 34,546,658 |
| Capital Markets - 0.0% | | | |
| S&P Global, Inc. | | 146 | 54,741 |
TOTAL FINANCIALS | | | 34,601,399 |
| HEALTH CARE - 9.4% | | | |
| Biotechnology - 5.3% | | | |
| Alnylam Pharmaceuticals, Inc. (a) | | 91,455 | 20,705,412 |
| Amgen, Inc. | | 46,767 | 11,803,991 |
| Arcutis Biotherapeutics, Inc. (a) | | 68,061 | 1,127,771 |
| Ascendis Pharma A/S sponsored ADR (a) | | 20,988 | 2,604,191 |
| GenSight Biologics SA (a) | | 15,138 | 56,448 |
| Ionis Pharmaceuticals, Inc. (a) | | 2,295 | 91,502 |
| Regeneron Pharmaceuticals, Inc. (a) | | 42,716 | 32,398,805 |
| Relay Therapeutics, Inc. (a)(d) | | 86,456 | 1,855,346 |
| Trevena, Inc. (a) | | 1,273 | 2,113 |
| Vertex Pharmaceuticals, Inc. (a) | | 50,639 | 16,361,461 |
| | | | 87,007,040 |
| Health Care Equipment & Supplies - 1.4% | | | |
| DexCom, Inc. (a) | | 47,433 | 5,079,600 |
| Figs, Inc. Class A (a) | | 3,752 | 33,580 |
| Insulet Corp. (a) | | 58,238 | 16,732,942 |
| Neuronetics, Inc. (a) | | 2,758 | 16,217 |
| Outset Medical, Inc. (a) | | 3,001 | 84,388 |
| Pulmonx Corp. (a) | | 2,777 | 24,688 |
| Tandem Diabetes Care, Inc. (a) | | 14,467 | 589,386 |
| | | | 22,560,801 |
| Health Care Providers & Services - 1.1% | | | |
| agilon health, Inc. (a) | | 35,902 | 781,228 |
| Cigna Corp. | | 6,044 | 1,913,953 |
| Guardant Health, Inc. (a) | | 166,127 | 5,221,372 |
| Humana, Inc. | | 20,240 | 10,356,808 |
| | | | 18,273,361 |
| Health Care Technology - 0.0% | | | |
| Certara, Inc. (a) | | 20,173 | 391,356 |
| Life Sciences Tools & Services - 1.1% | | | |
| 10X Genomics, Inc. (a)(d) | | 23,967 | 1,122,375 |
| Bruker Corp. | | 195,976 | 13,741,837 |
| Illumina, Inc. (a) | | 3,001 | 642,814 |
| Olink Holding AB ADR (a) | | 84,991 | 1,664,124 |
| Seer, Inc. (a) | | 35,614 | 162,044 |
| | | | 17,333,194 |
| Pharmaceuticals - 0.5% | | | |
| AstraZeneca PLC sponsored ADR | | 133,990 | 8,758,926 |
| Elanco Animal Health, Inc. (a) | | 6,317 | 86,732 |
| TherapeuticsMD, Inc. (a)(d) | | 490 | 2,582 |
| | | | 8,848,240 |
TOTAL HEALTH CARE | | | 154,413,992 |
| INDUSTRIALS - 1.2% | | | |
| Airlines - 0.0% | | | |
| Wheels Up Experience, Inc. Class A (a) | | 67,407 | 82,911 |
| Professional Services - 1.1% | | | |
| Verisk Analytics, Inc. | | 96,172 | 17,483,108 |
| Road & Rail - 0.1% | | | |
| Canadian Pacific Railway Ltd. | | 11,198 | 883,522 |
| CSX Corp. | | 25,171 | 778,287 |
| | | | 1,661,809 |
TOTAL INDUSTRIALS | | | 19,227,828 |
| INFORMATION TECHNOLOGY - 43.5% | | | |
| Communications Equipment - 0.4% | | | |
| Cisco Systems, Inc. | | 139,652 | 6,796,863 |
| IT Services - 3.6% | | | |
| Gartner, Inc. (a) | | 84,828 | 28,683,740 |
| MasterCard, Inc. Class A | | 67,763 | 25,112,968 |
| MongoDB, Inc. Class A (a) | | 8,044 | 1,723,105 |
| PayPal Holdings, Inc. (a) | | 12,959 | 1,056,029 |
| Twilio, Inc. Class A (a) | | 129 | 7,719 |
| X Holdings I, Inc. (b)(c) | | 5,783 | 2,294,290 |
| | | | 58,877,851 |
| Semiconductors & Semiconductor Equipment - 12.1% | | | |
| Advanced Micro Devices, Inc. (a) | | 165,655 | 12,448,973 |
| Analog Devices, Inc. | | 17,340 | 2,973,290 |
| Applied Materials, Inc. | | 184,079 | 20,522,968 |
| ASML Holding NV | | 45,580 | 30,121,087 |
| Lam Research Corp. | | 38,271 | 19,139,327 |
| Marvell Technology, Inc. | | 788,781 | 34,035,900 |
| NVIDIA Corp. | | 128,219 | 25,050,146 |
| NXP Semiconductors NV | | 43,110 | 7,945,604 |
| Skyworks Solutions, Inc. | | 7,819 | 857,510 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 403,227 | 37,391,240 |
| Texas Instruments, Inc. | | 46,967 | 8,323,022 |
| | | | 198,809,067 |
| Software - 14.6% | | | |
| Adobe, Inc. (a) | | 10,807 | 4,002,264 |
| ANSYS, Inc. (a) | | 4,416 | 1,176,246 |
| Aspen Technology, Inc. (a) | | 66,937 | 13,303,729 |
| Autodesk, Inc. (a) | | 19,277 | 4,147,639 |
| Cadence Design Systems, Inc. (a) | | 69,794 | 12,760,437 |
| Dropbox, Inc. Class A (a) | | 18,113 | 420,765 |
| Duck Creek Technologies, Inc. (a) | | 1,791 | 33,904 |
| Dynatrace, Inc. (a) | | 2,995 | 115,098 |
| Intuit, Inc. | | 24,324 | 10,281,025 |
| Microsoft Corp. | | 753,679 | 186,769,193 |
| Salesforce.com, Inc. (a) | | 609 | 102,294 |
| Stripe, Inc. Class B (a)(b)(c) | | 7,800 | 209,586 |
| Synopsys, Inc. (a) | | 13,742 | 4,861,233 |
| Workday, Inc. Class A (a) | | 6,047 | 1,097,107 |
| | | | 239,280,520 |
| Technology Hardware, Storage & Peripherals - 12.8% | | | |
| Apple, Inc. | | 1,437,966 | 207,484,114 |
| Samsung Electronics Co. Ltd. | | 19,210 | 955,687 |
| Western Digital Corp. (a) | | 21,766 | 956,616 |
| | | | 209,396,417 |
TOTAL INFORMATION TECHNOLOGY | | | 713,160,718 |
| REAL ESTATE - 0.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.0% | | | |
| Equinix, Inc. | | 749 | 552,859 |
| TOTAL COMMON STOCKS (Cost $1,430,992,269) | | | 1,624,892,105 |
| | | | |
| Preferred Stocks - 0.7% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 0.4% | | | |
| COMMUNICATION SERVICES - 0.3% | | | |
| Interactive Media & Services - 0.3% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 6,135 | 1,214,239 |
| Reddit, Inc.: | | | |
| Series E(a)(b)(c) | | 2,900 | 108,895 |
| Series F(a)(b)(c) | | 108,712 | 4,082,136 |
| | | | 5,405,270 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Hotels, Restaurants & Leisure - 0.0% | | | |
| Discord, Inc. Series I (a)(b)(c) | | 300 | 114,897 |
| | | | |
| Internet & Direct Marketing Retail - 0.1% | | | |
| Circle Internet Financial Ltd. Series F (b)(c) | | 33,481 | 1,131,658 |
| | | | |
TOTAL CONSUMER DISCRETIONARY | | | 1,246,555 |
| | | | |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Software - 0.0% | | | |
| Stripe, Inc. Series H (a)(b)(c) | | 3,000 | 80,610 |
| Tenstorrent, Inc. Series C1 (a)(b)(c) | | 3,400 | 177,412 |
| | | | 258,022 |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 6,909,847 |
| Nonconvertible Preferred Stocks - 0.3% | | | |
| CONSUMER DISCRETIONARY - 0.3% | | | |
| Automobiles - 0.1% | | | |
| Waymo LLC: | | | |
| Series A2(a)(b)(c) | | 2,467 | 119,427 |
| Series B2(a)(b)(c) | | 15,200 | 769,272 |
| | | | 888,699 |
| Internet & Direct Marketing Retail - 0.2% | | | |
| Circle Internet Financial Ltd. Series E (b)(c) | | 108,317 | 3,661,115 |
| | | | |
TOTAL CONSUMER DISCRETIONARY | | | 4,549,814 |
| | | | |
| TOTAL PREFERRED STOCKS (Cost $12,775,810) | | | 11,459,661 |
| | | | |
| Convertible Bonds - 0.3% |
| | | Principal Amount (f) | Value ($) |
| FINANCIALS - 0.3% | | | |
| Capital Markets - 0.3% | | | |
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $5,202,699) | | 7,223,542 | 4,893,950 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (f) | Value ($) |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Software - 0.0% | | | |
Tenstorrent, Inc. 0% (b)(c)(g) (Cost $190,000) | | 190,000 | 166,820 |
| | | | |
| Money Market Funds - 0.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (h) | | 2,405,238 | 2,405,719 |
| Fidelity Securities Lending Cash Central Fund 4.38% (h)(i) | | 5,823,163 | 5,823,745 |
| TOTAL MONEY MARKET FUNDS (Cost $8,229,464) | | | 8,229,464 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.6% (Cost $1,457,390,242) | 1,649,642,000 |
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (9,291,209) |
| NET ASSETS - 100.0% | 1,640,350,791 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $18,528,881 or 1.1% 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 $17,309,635 or 1.1% of net assets. |
| (f) | Amount is stated in United States dollars unless otherwise noted. |
| (g) | Security is perpetual in nature with no stated maturity date. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| ByteDance Ltd. Series E1 | 11/18/20 | 672,238 |
| | | |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 1,758,000 |
| | | |
| Circle Internet Financial Ltd. Series F | 5/09/22 | 1,410,889 |
| | | |
| Discord, Inc. Series I | 9/15/21 | 165,187 |
| | | |
| Epic Games, Inc. | 7/13/20 - 3/29/21 | 4,292,000 |
| | | |
| Reddit, Inc. Series E | 5/18/21 | 123,175 |
| | | |
| Reddit, Inc. Series F | 8/11/21 | 6,717,793 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 313,001 |
| | | |
| Stripe, Inc. Series H | 3/15/21 | 120,375 |
| | | |
| Tenstorrent, Inc. Series C1 | 4/23/21 | 202,145 |
| | | |
| Tenstorrent, Inc. 0% | 4/23/21 | 190,000 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 211,834 |
| | | |
| Waymo LLC Series B2 | 6/11/21 | 1,394,174 |
| | | |
| X Holdings I, Inc. | 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | 25,867,719 | 97,722,423 | 121,184,423 | 144,527 | - | - | 2,405,719 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 24,755,878 | 73,303,887 | 92,236,020 | 202,965 | - | - | 5,823,745 | 0.0% |
| Total | 50,623,597 | 171,026,310 | 213,420,443 | 347,492 | - | - | 8,229,464 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 296,648,632 | 285,975,703 | - | 10,672,929 |
Consumer Discretionary | 248,042,364 | 214,616,909 | 27,629,086 | 5,796,369 |
Consumer Staples | 75,858,922 | 66,513,297 | 9,345,625 | - |
Energy | 93,587,030 | 65,036,404 | 28,550,626 | - |
Financials | 34,601,399 | 34,601,399 | - | - |
Health Care | 154,413,992 | 154,413,992 | - | - |
Industrials | 19,227,828 | 19,227,828 | - | - |
Information Technology | 713,418,740 | 709,701,155 | 955,687 | 2,761,898 |
Real Estate | 552,859 | 552,859 | - | - |
|
| Corporate Bonds | 4,893,950 | - | 4,893,950 | - |
|
| Preferred Securities | 166,820 | - | - | 166,820 |
|
| Money Market Funds | 8,229,464 | 8,229,464 | - | - |
| Total Investments in Securities: | 1,649,642,000 | 1,558,869,010 | 71,374,974 | 19,398,016 |
| | | | | |
|
| Net Unrealized Depreciation on Unfunded Commitments | (152,895) | - | - | (152,895) |
| Total | (152,895) | - | - | (152,895) |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Beginning Balance | $ | 13,213,584 | |
| Net Realized Gain (Loss) on Investment Securities | | 101,575 | |
| Net Unrealized Gain (Loss) on Investment Securities | | (6,205,454) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (325,654) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | 12,613,965 | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 19,398,016 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (6,205,454) | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $4,896,661) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,449,160,778) | $ | 1,641,412,536 | | |
Fidelity Central Funds (cost $8,229,464) | | 8,229,464 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,457,390,242) | | | $ | 1,649,642,000 |
| Receivable for fund shares sold | | | | 2,181,907 |
| Dividends receivable | | | | 693,190 |
| Interest receivable | | | | 6,151 |
| Distributions receivable from Fidelity Central Funds | | | | 73,459 |
| Other receivables | | | | 5 |
Total assets | | | | 1,652,596,712 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 3 | | |
| Unrealized depreciation on unfunded commitments | | 152,895 | | |
| Payable for fund shares redeemed | | 5,524,945 | | |
| Accrued management fee | | 656,126 | | |
| Other payables and accrued expenses | | 87,926 | | |
| Collateral on securities loaned | | 5,824,026 | | |
| Total Liabilities | | | | 12,245,921 |
| Net Assets | | | $ | 1,640,350,791 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,552,535,713 |
| Total accumulated earnings (loss) | | | | 87,815,078 |
| Net Assets | | | $ | 1,640,350,791 |
Net Asset Value , offering price and redemption price per share ($1,640,350,791 ÷ 106,563,096 shares) | | | $ | 15.39 |
| Statement of Operations |
| | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 6,750,764 |
| Interest | | | | 263,322 |
| Income from Fidelity Central Funds (including $202,965 from security lending) | | | | 347,492 |
| Total Income | | | | 7,361,578 |
| Expenses | | | | |
| Management fee | $ | 4,049,043 | | |
| Independent trustees' fees and expenses | | 2,910 | | |
| Interest | | 1,774 | | |
| Total expenses before reductions | | 4,053,727 | | |
| Expense reductions | | (1,068) | | |
| Total expenses after reductions | | | | 4,052,659 |
| Net Investment income (loss) | | | | 3,308,919 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $547,103) | | (86,291,072) | | |
| Redemptions in-kind | | 71,430,269 | | |
| Foreign currency transactions | | 105,112 | | |
| Total net realized gain (loss) | | | | (14,755,691) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $352,425) | | (16,878,373) | | |
| Unfunded commitments | | 29,530 | | |
| Assets and liabilities in foreign currencies | | (99,932) | | |
| Total change in net unrealized appreciation (depreciation) | | | | (16,948,775) |
| Net gain (loss) | | | | (31,704,466) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (28,395,547) |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 3,308,919 | $ | (1,238,319) |
| Net realized gain (loss) | | (14,755,691) | | (64,095,382) |
| Change in net unrealized appreciation (depreciation) | | (16,948,775) | | (428,382,919) |
| Net increase (decrease) in net assets resulting from operations | | (28,395,547) | | (493,716,620) |
| Distributions to shareholders | | (1,170,775) | | (102,430,536) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 103,113,441 | | 603,778,476 |
| Reinvestment of distributions | | 1,170,775 | | 102,430,536 |
| Cost of shares redeemed | | (358,715,932) | | (816,272,268) |
Net increase (decrease) in net assets resulting from share transactions | | (254,431,716) | | (110,063,256) |
| Total increase (decrease) in net assets | | (283,998,038) | | (706,210,412) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,924,348,829 | | 2,630,559,241 |
| End of period | $ | 1,640,350,791 | $ | 1,924,348,829 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 7,059,108 | | 33,021,590 |
| Issued in reinvestment of distributions | | 76,322 | | 4,958,146 |
| Redeemed | | (23,727,735) | | (44,040,760) |
| Net increase (decrease) | | (16,592,305) | | (6,061,024) |
| | | | | |
Financial Highlights
| Fidelity® OTC K6 Portfolio |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.63 | $ | 20.36 | $ | 14.29 | $ | 10.50 | $ | 10.00 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .03 | | (.01) | | (.01) | | .02 | | - D |
| Net realized and unrealized gain (loss) | | (.26) | | (3.93) | | 6.15 | | 3.81 | | .50 |
| Total from investment operations | | (.23) | | (3.94) | | 6.14 | | 3.83 | | .50 |
| Distributions from net investment income | | (.01) | | - | | (.01) | | (.01) | | - |
| Distributions from net realized gain | | - | | (.79) | | (.06) | | (.02) | | - |
| Total distributions | | (.01) | | (.79) | | (.07) | | (.04) E | | - |
| Net asset value, end of period | $ | 15.39 | $ | 15.63 | $ | 20.36 | $ | 14.29 | $ | 10.50 |
Total Return F,G | | (1.46)% | | (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% J |
| Expenses net of fee waivers, if any | | .50% J | | .50% | | .50% | | .50% | | .50% J |
| Expenses net of all reductions | | .50% J | | .50% | | .50% | | .49% | | .50% J |
| Net investment income (loss) | | .41% J | | (.05)% | | (.05)% | | .16% | | .08% J |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,640,351 | $ | 1,924,349 | $ | 2,630,559 | $ | 1,026,111 | $ | 1,050 |
Portfolio turnover rate K | | 16% J,J,L | | 39% L | | 36% L | | 102% L | | 5% J,M |
A For the period June 13, 2019 (commencement of operations) through July 31, 2019.
B Calculated based on average shares outstanding during the period.
C Net 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.
D Amount represents less than $.005 per share.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
M Amount not annualized.
For the period ended January 31, 2023
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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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 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 Input A |
| Equities | $19,231,196 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 19.3 | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 4.0 - 20.5 / 6.8 | Increase |
| | | Market approach | Transaction price | $59.45 - $91.72 / $86.35 | Increase |
| | | | Discount rate | 15.0% - 50.0% / 46.8% | Decrease |
| | | Black scholes | Discount rate | 3.5% - 4.1% / 3.6% | Increase |
| | | | Probability rate | 50.0% | Increase |
| | | | Volatility | 65.0% - 80.0% / 78.3% | Increase |
| | | | Term | 2.0 - 5.0 / 4.5 | Increase |
| Preferred Securities | $166,820 | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 15.0% | Decrease |
| | | Black scholes | Discount rate | 4.1% | Increase |
| | | | Volatility | 70.0% | Increase |
| | | | Term | 2.0 | 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, 2023, 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, net operating losses 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 | $294,207,486 |
| Gross unrealized depreciation | (123,688,636) |
| Net unrealized appreciation (depreciation) | $170,518,850 |
| Tax cost | $1,479,123,150 |
The Fund elected to defer to its next fiscal year approximately $62,425,355 of capital losses recognized during the period November 1, 2021 to July 31, 2022. The Fund elected to defer to its next fiscal year $662,092 of ordinary losses recognized during the period January 1, 2022 to July 31, 2022.
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.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) |
| Fidelity OTC K6 Portfolio | Stripe, Inc. | $152,895 | $(152,895) |
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity OTC K6 Portfolio | 132,591,102 | 161,496,696 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity OTC K6 Portfolio | 13,676,855 | 71,430,269 | 211,033,879 |
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity OTC K6 Portfolio | 354,291 | 4,952,989 |
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 | 8,003,342 | 144,799,277 |
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 | $3,099 |
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 | $2,652,143 | 3.32% | $1,710 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity OTC K6 Portfolio | 3,789,257 | 8,613,019 | (5,204,649) |
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 | $21,479 | $18 | $- |
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 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 K6 Portfolio | $646,000 | 3.58% | $64 |
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 $1,068.
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| | | | | | | | | | |
| Fidelity® OTC K6 Portfolio | | | | .50% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 985.40 | | $ 2.50 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.68 | | $ 2.55 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9893896.103
OTC-K6-SANN-0423
Fidelity® Growth & Income Portfolio
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Exxon Mobil Corp.* | 7.7 | |
| Microsoft Corp. | 5.6 | |
| Wells Fargo & Co. | 5.4 | |
| General Electric Co.* | 4.5 | |
| Apple, Inc. | 2.9 | |
| Bank of America Corp. | 2.8 | |
| Comcast Corp. Class A | 1.9 | |
| Visa, Inc. Class A | 1.9 | |
| Hess Corp.* | 1.8 | |
| Bristol-Myers Squibb Co. | 1.8 | |
| | 36.3 | |
| |
*Security or a portion of the security is pledged as collateral for call options written.
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 18.2 | |
| Industrials | 16.3 | |
| Financials | 16.0 | |
| Health Care | 13.3 | |
| Energy | 12.8 | |
| Communication Services | 5.1 | |
| Consumer Staples | 5.0 | |
| Consumer Discretionary | 2.9 | |
| Materials | 2.8 | |
| Utilities | 1.5 | |
| Real Estate | 1.3 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 13.6% |
Written options - (0.1)% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 94.9% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 5.0% | | | |
| Diversified Telecommunication Services - 0.8% | | | |
| Cellnex Telecom SA (a) | | 706,400 | 27,682 |
| Elisa Corp. (A Shares) | | 113,800 | 6,480 |
| Verizon Communications, Inc. | | 749,174 | 31,143 |
| | | | 65,305 |
| Entertainment - 1.6% | | | |
| Activision Blizzard, Inc. | | 131,350 | 10,057 |
| Nintendo Co. Ltd. ADR | | 1,036,800 | 11,166 |
| The Walt Disney Co. (b) | | 453,490 | 49,199 |
| Universal Music Group NV | | 1,751,900 | 44,783 |
| Warner Music Group Corp. Class A | | 411,600 | 15,003 |
| | | | 130,208 |
| Media - 2.6% | | | |
| Comcast Corp. Class A | | 4,001,612 | 157,463 |
| Interpublic Group of Companies, Inc. | | 1,606,331 | 58,567 |
| | | | 216,030 |
TOTAL COMMUNICATION SERVICES | | | 411,543 |
| CONSUMER DISCRETIONARY - 2.9% | | | |
| Auto Components - 0.4% | | | |
| BorgWarner, Inc. (c) | | 673,452 | 31,841 |
| Hotels, Restaurants & Leisure - 0.8% | | | |
| Churchill Downs, Inc. | | 111,500 | 27,663 |
| Marriott International, Inc. Class A | | 117,423 | 20,453 |
| Starbucks Corp. | | 143,260 | 15,635 |
| | | | 63,751 |
| Household Durables - 0.2% | | | |
| Sony Group Corp. sponsored ADR | | 128,714 | 11,515 |
| Whirlpool Corp. | | 31,894 | 4,962 |
| | | | 16,477 |
| Multiline Retail - 0.3% | | | |
| Target Corp. | | 122,300 | 21,053 |
| Specialty Retail - 0.9% | | | |
| Lowe's Companies, Inc. (c) | | 357,814 | 74,515 |
| TJX Companies, Inc. | | 24,500 | 2,006 |
| Williams-Sonoma, Inc. | | 11,200 | 1,511 |
| | | | 78,032 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| NIKE, Inc. Class B | | 102,700 | 13,077 |
| Puma AG | | 158,954 | 10,776 |
| Tapestry, Inc. | | 3,700 | 169 |
| | | | 24,022 |
TOTAL CONSUMER DISCRETIONARY | | | 235,176 |
| CONSUMER STAPLES - 5.0% | | | |
| Beverages - 2.3% | | | |
| Diageo PLC sponsored ADR (d) | | 221,511 | 39,174 |
| Keurig Dr. Pepper, Inc. | | 1,155,800 | 40,777 |
| Pernod Ricard SA | | 62,400 | 12,882 |
| Remy Cointreau SA | | 36,547 | 6,858 |
| The Coca-Cola Co. | | 1,406,710 | 86,259 |
| | | | 185,950 |
| Food & Staples Retailing - 1.2% | | | |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 44,400 | 2,028 |
| Sysco Corp. | | 708,136 | 54,852 |
| Walmart, Inc. | | 260,700 | 37,507 |
| | | | 94,387 |
| Food Products - 0.2% | | | |
| Lamb Weston Holdings, Inc. (c) | | 146,360 | 14,620 |
| Household Products - 0.2% | | | |
| Colgate-Palmolive Co. | | 62,300 | 4,643 |
| Kimberly-Clark Corp. | | 12,500 | 1,625 |
| Procter & Gamble Co. | | 28,700 | 4,086 |
| Spectrum Brands Holdings, Inc. | | 139,983 | 9,502 |
| | | | 19,856 |
| Personal Products - 0.2% | | | |
| Haleon PLC ADR (b) | | 2,494,511 | 20,206 |
| Tobacco - 0.9% | | | |
| Altria Group, Inc. | | 1,720,967 | 77,512 |
TOTAL CONSUMER STAPLES | | | 412,531 |
| ENERGY - 12.8% | | | |
| Energy Equipment & Services - 0.0% | | | |
| Baker Hughes Co. Class A | | 59,500 | 1,889 |
| Oil, Gas & Consumable Fuels - 12.8% | | | |
| Canadian Natural Resources Ltd. | | 514,415 | 31,575 |
| Cenovus Energy, Inc. (Canada) | | 5,389,173 | 107,658 |
| Energy Transfer LP | | 323,500 | 4,296 |
| Enterprise Products Partners LP | | 190,200 | 4,869 |
| Exxon Mobil Corp. (c) | | 5,432,499 | 630,228 |
| Hess Corp. (c) | | 987,164 | 148,233 |
| Imperial Oil Ltd. | | 939,326 | 51,338 |
| Kosmos Energy Ltd. (b) | | 4,047,555 | 32,016 |
| Phillips 66 Co. | | 78,887 | 7,910 |
| Tourmaline Oil Corp. | | 644,400 | 30,032 |
| | | | 1,048,155 |
TOTAL ENERGY | | | 1,050,044 |
| FINANCIALS - 16.0% | | | |
| Banks - 11.9% | | | |
| Bank of America Corp. | | 6,425,136 | 227,964 |
| Comerica, Inc. | | 36,100 | 2,646 |
| JPMorgan Chase & Co. | | 579,375 | 81,089 |
| M&T Bank Corp. | | 119,194 | 18,594 |
| PNC Financial Services Group, Inc. | | 509,701 | 84,320 |
| Truist Financial Corp. | | 1,395,932 | 68,945 |
| U.S. Bancorp | | 1,071,537 | 53,363 |
| Wells Fargo & Co. | | 9,452,070 | 443,019 |
| | | | 979,940 |
| Capital Markets - 2.6% | | | |
| Ashmore Group PLC | | 1,225,000 | 4,020 |
| Brookfield Asset Management Ltd. Class A (b) | | 75,747 | 2,473 |
| Brookfield Corp. Class A | | 324,202 | 12,060 |
| CME Group, Inc. | | 4,500 | 795 |
| Intercontinental Exchange, Inc. | | 12,600 | 1,355 |
| KKR & Co. LP | | 536,752 | 29,956 |
| Morgan Stanley | | 325,051 | 31,637 |
| Northern Trust Corp. | | 822,453 | 79,753 |
| Raymond James Financial, Inc. | | 386,170 | 43,548 |
| S&P Global, Inc. | | 1,100 | 412 |
| State Street Corp. | | 87,991 | 8,036 |
| | | | 214,045 |
| Consumer Finance - 0.2% | | | |
| Discover Financial Services | | 121,068 | 14,132 |
| Insurance - 1.0% | | | |
| American Financial Group, Inc. | | 40,800 | 5,818 |
| Brookfield Asset Management Reinsurance Partners Ltd. | | 2,086 | 77 |
| Chubb Ltd. | | 109,856 | 24,991 |
| Marsh & McLennan Companies, Inc. | | 162,070 | 28,348 |
| Old Republic International Corp. | | 213,800 | 5,642 |
| The Travelers Companies, Inc. | | 72,627 | 13,880 |
| | | | 78,756 |
| Thrifts & Mortgage Finance - 0.3% | | | |
| Essent Group Ltd. | | 246,323 | 10,846 |
| Radian Group, Inc. | | 703,868 | 15,555 |
| | | | 26,401 |
TOTAL FINANCIALS | | | 1,313,274 |
| HEALTH CARE - 13.1% | | | |
| Health Care Equipment & Supplies - 2.5% | | | |
| Abbott Laboratories | | 42,500 | 4,698 |
| Becton, Dickinson & Co. | | 102,086 | 25,748 |
| Boston Scientific Corp. (b) | | 1,274,696 | 58,955 |
| GE HealthCare Technologies, Inc. (b)(c) | | 1,282,336 | 89,148 |
| GN Store Nord A/S | | 48,000 | 1,177 |
| Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) | | 936,551 | 16,034 |
| Sonova Holding AG | | 24,692 | 6,147 |
| | | | 201,907 |
| Health Care Providers & Services - 5.7% | | | |
| Cardinal Health, Inc. | | 669,011 | 51,681 |
| Cigna Corp. | | 348,254 | 110,282 |
| CVS Health Corp. | | 739,712 | 65,257 |
| Humana, Inc. | | 37,100 | 18,984 |
| McKesson Corp. | | 264,634 | 100,212 |
| UnitedHealth Group, Inc. | | 239,187 | 119,400 |
| | | | 465,816 |
| Life Sciences Tools & Services - 0.4% | | | |
| Danaher Corp. | | 129,703 | 34,291 |
| Pharmaceuticals - 4.5% | | | |
| Bristol-Myers Squibb Co. | | 1,982,436 | 144,024 |
| Eli Lilly & Co. | | 85,448 | 29,407 |
| GSK PLC sponsored ADR | | 1,599,128 | 56,385 |
| Johnson & Johnson | | 605,389 | 98,933 |
| Perrigo Co. PLC | | 126,800 | 4,745 |
| Sanofi SA sponsored ADR | | 202,097 | 9,931 |
| UCB SA | | 248,600 | 20,373 |
| Viatris, Inc. | | 86,400 | 1,051 |
| Zoetis, Inc. Class A | | 13,900 | 2,300 |
| | | | 367,149 |
TOTAL HEALTH CARE | | | 1,069,163 |
| INDUSTRIALS - 16.3% | | | |
| Aerospace & Defense - 3.5% | | | |
| Airbus Group NV | | 356,400 | 44,680 |
| General Dynamics Corp. | | 138,461 | 32,270 |
| Huntington Ingalls Industries, Inc. | | 103,184 | 22,756 |
| MTU Aero Engines AG | | 51,500 | 12,810 |
| Raytheon Technologies Corp. | | 189,325 | 18,904 |
| Safran SA | | 123,300 | 17,730 |
| Textron, Inc. | | 46,400 | 3,380 |
| The Boeing Co. (b) | | 618,720 | 131,787 |
| | | | 284,317 |
| Air Freight & Logistics - 1.8% | | | |
| DSV A/S | | 48,200 | 7,932 |
| Expeditors International of Washington, Inc. | | 8,400 | 908 |
| FedEx Corp. | | 114,974 | 22,289 |
| United Parcel Service, Inc. Class B | | 636,199 | 117,843 |
| | | | 148,972 |
| Airlines - 0.1% | | | |
| Copa Holdings SA Class A (b) | | 30,400 | 2,799 |
| Building Products - 0.5% | | | |
| A.O. Smith Corp. | | 177,500 | 12,017 |
| Johnson Controls International PLC | | 447,411 | 31,126 |
| | | | 43,143 |
| Commercial Services & Supplies - 0.6% | | | |
| GFL Environmental, Inc. | | 1,290,200 | 39,815 |
| Healthcare Services Group, Inc. | | 647,914 | 8,727 |
| Ritchie Bros. Auctioneers, Inc. | | 15,600 | 943 |
| | | | 49,485 |
| Electrical Equipment - 1.2% | | | |
| Acuity Brands, Inc. | | 133,315 | 25,133 |
| Hubbell, Inc. Class B | | 130,472 | 29,866 |
| Regal Rexnord Corp. | | 140,200 | 19,516 |
| Rockwell Automation, Inc. | | 19,318 | 5,448 |
| Vertiv Holdings Co. | | 1,153,300 | 16,400 |
| | | | 96,363 |
| Industrial Conglomerates - 4.6% | | | |
| 3M Co. | | 103,466 | 11,907 |
| General Electric Co. (c) | | 4,572,211 | 367,972 |
| | | | 379,879 |
| Machinery - 1.9% | | | |
| Allison Transmission Holdings, Inc. | | 287,900 | 12,979 |
| Caterpillar, Inc. | | 35,023 | 8,836 |
| Cummins, Inc. | | 54,176 | 13,519 |
| Donaldson Co., Inc. | | 604,812 | 37,710 |
| Epiroc AB (A Shares) | | 32,700 | 636 |
| Flowserve Corp. | | 342,178 | 11,778 |
| Fortive Corp. | | 273,088 | 18,578 |
| Kardex AG | | 6,600 | 1,282 |
| Nordson Corp. | | 97,427 | 23,704 |
| Otis Worldwide Corp. | | 87,573 | 7,201 |
| Stanley Black & Decker, Inc. | | 82,218 | 7,343 |
| Westinghouse Air Brake Tech Co. | | 120,047 | 12,462 |
| | | | 156,028 |
| Professional Services - 0.6% | | | |
| Equifax, Inc. | | 85,323 | 18,959 |
| RELX PLC (London Stock Exchange) | | 861,901 | 25,606 |
| Robert Half International, Inc. | | 9,500 | 798 |
| | | | 45,363 |
| Road & Rail - 0.5% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 727,509 | 42,996 |
| Trading Companies & Distributors - 0.9% | | | |
| Brenntag SE | | 74,700 | 5,576 |
| Fastenal Co. | | 126,376 | 6,388 |
| MSC Industrial Direct Co., Inc. Class A | | 16,600 | 1,373 |
| Watsco, Inc. (d) | | 203,991 | 58,621 |
| WESCO International, Inc. (b) | | 27,500 | 4,098 |
| | | | 76,056 |
| Transportation Infrastructure - 0.1% | | | |
| Aena SME SA (a)(b) | | 49,200 | 7,392 |
TOTAL INDUSTRIALS | | | 1,332,793 |
| INFORMATION TECHNOLOGY - 18.2% | | | |
| Electronic Equipment & Components - 0.3% | | | |
| CDW Corp. | | 101,864 | 19,968 |
| IT Services - 4.3% | | | |
| Amadeus IT Holding SA Class A (b) | | 575,300 | 36,246 |
| DXC Technology Co. (b) | | 112,900 | 3,244 |
| Edenred SA | | 610,100 | 33,157 |
| Fidelity National Information Services, Inc. | | 469,232 | 35,211 |
| Genpact Ltd. | | 525,271 | 24,835 |
| Global Payments, Inc. | | 121,500 | 13,695 |
| IBM Corp. | | 196,242 | 26,440 |
| MasterCard, Inc. Class A | | 52,867 | 19,593 |
| Unisys Corp. (b) | | 805,430 | 4,357 |
| Visa, Inc. Class A | | 676,475 | 155,731 |
| | | | 352,509 |
| Semiconductors & Semiconductor Equipment - 3.4% | | | |
| Analog Devices, Inc. | | 153,108 | 26,253 |
| Applied Materials, Inc. | | 163,900 | 18,273 |
| Intel Corp. | | 408,516 | 11,545 |
| Lam Research Corp. | | 38,430 | 19,219 |
| Marvell Technology, Inc. | | 776,451 | 33,504 |
| Microchip Technology, Inc. | | 23,700 | 1,840 |
| NVIDIA Corp. | | 124,800 | 24,382 |
| NXP Semiconductors NV | | 208,226 | 38,378 |
| Qualcomm, Inc. | | 656,472 | 87,449 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 135,200 | 12,537 |
| Teradyne, Inc. | | 78,000 | 7,933 |
| | | | 281,313 |
| Software - 7.2% | | | |
| Intuit, Inc. | | 120,700 | 51,016 |
| Microsoft Corp. | | 1,841,182 | 456,263 |
| Open Text Corp. | | 165,128 | 5,539 |
| SAP SE sponsored ADR (d) | | 569,745 | 67,532 |
| Temenos Group AG | | 123,020 | 8,732 |
| | | | 589,082 |
| Technology Hardware, Storage & Peripherals - 3.0% | | | |
| Apple, Inc. | | 1,647,512 | 237,720 |
| FUJIFILM Holdings Corp. | | 62,600 | 3,313 |
| Samsung Electronics Co. Ltd. | | 162,180 | 8,068 |
| | | | 249,101 |
TOTAL INFORMATION TECHNOLOGY | | | 1,491,973 |
| MATERIALS - 2.8% | | | |
| Chemicals - 0.7% | | | |
| DuPont de Nemours, Inc. | | 635,998 | 47,032 |
| PPG Industries, Inc. | | 54,322 | 7,080 |
| | | | 54,112 |
| Metals & Mining - 2.1% | | | |
| First Quantum Minerals Ltd. | | 1,799,500 | 41,750 |
| Freeport-McMoRan, Inc. | | 1,998,212 | 89,160 |
| Glencore PLC | | 6,444,800 | 43,160 |
| | | | 174,070 |
| Paper & Forest Products - 0.0% | | | |
| Louisiana-Pacific Corp. | | 28,300 | 1,927 |
TOTAL MATERIALS | | | 230,109 |
| REAL ESTATE - 1.3% | | | |
| Equity Real Estate Investment Trusts (REITs) - 1.3% | | | |
| American Tower Corp. | | 174,278 | 38,932 |
| Crown Castle International Corp. | | 104,700 | 15,507 |
| Equinix, Inc. | | 1,100 | 812 |
| Public Storage | | 2,400 | 730 |
| Simon Property Group, Inc. | | 406,060 | 52,162 |
| | | | 108,143 |
| UTILITIES - 1.5% | | | |
| Electric Utilities - 1.4% | | | |
| Constellation Energy Corp. | | 47,813 | 4,081 |
| Duke Energy Corp. | | 116,721 | 11,958 |
| Entergy Corp. | | 134,863 | 14,603 |
| Exelon Corp. | | 143,440 | 6,052 |
| PG&E Corp. (b) | | 1,045,700 | 16,627 |
| Southern Co. | | 854,166 | 57,810 |
| | | | 111,131 |
| Multi-Utilities - 0.1% | | | |
| Sempra Energy | | 68,596 | 10,998 |
TOTAL UTILITIES | | | 122,129 |
| TOTAL COMMON STOCKS (Cost $5,005,916) | | | 7,776,878 |
| | | | |
| Convertible Preferred Stocks - 0.2% |
| | | Shares | Value ($) (000s) |
| HEALTH CARE - 0.2% | | | |
| Health Care Equipment & Supplies - 0.2% | | | |
| Becton, Dickinson & Co. 6.50% | | 154,800 | 7,773 |
| Boston Scientific Corp. Series A, 5.50% | | 92,400 | 10,538 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $16,980) | | | 18,311 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (e) (000s) | Value ($) (000s) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
Snap, Inc. 0.125% 3/1/28 (a) (Cost $6,314) | | 8,929 | 6,433 |
| | | | |
| Money Market Funds - 5.9% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.38% (f) | | 399,296,894 | 399,377 |
| Fidelity Securities Lending Cash Central Fund 4.38% (f)(g) | | 86,873,863 | 86,883 |
| TOTAL MONEY MARKET FUNDS (Cost $486,260) | | | 486,260 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $5,515,470) | 8,287,882 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (87,050) |
| NET ASSETS - 100.0% | 8,200,832 |
| | |
| Written Options |
| | Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) |
| Call Options | | | | | | |
| BorgWarner, Inc. | Chicago Board Options Exchange | 1,620 | 7,659 | 50.00 | 03/17/23 | (122) |
| Exxon Mobil Corp. | Chicago Board Options Exchange | 5,619 | 65,186 | 115.00 | 03/17/23 | (2,655) |
| GE HealthCare Technologies, Inc. | Chicago Board Options Exchange | 1,987 | 13,814 | 70.00 | 04/21/23 | (775) |
| GE HealthCare Technologies, Inc. | Chicago Board Options Exchange | 663 | 4,609 | 65.00 | 02/17/23 | (348) |
| GE HealthCare Technologies, Inc. | Chicago Board Options Exchange | 664 | 4,616 | 70.00 | 03/17/23 | (201) |
| GE HealthCare Technologies, Inc. | Chicago Board Options Exchange | 6 | 42 | 75.00 | 03/17/23 | (1) |
| General Electric Co. | Chicago Board Options Exchange | 4,515 | 36,337 | 75.00 | 03/17/23 | (3,172) |
| General Electric Co. | Chicago Board Options Exchange | 2,221 | 17,875 | 85.00 | 03/17/23 | (325) |
| General Electric Co. | Chicago Board Options Exchange | 2,221 | 17,875 | 80.00 | 02/24/23 | (600) |
| General Electric Co. | Chicago Board Options Exchange | 2,221 | 17,875 | 82.00 | 02/24/23 | (370) |
| Hess Corp. | Chicago Board Options Exchange | 961 | 14,430 | 150.00 | 03/17/23 | (783) |
| Lamb Weston Holdings, Inc. | Chicago Board Options Exchange | 872 | 8,710 | 90.00 | 02/17/23 | (824) |
| Lamb Weston Holdings, Inc. | Chicago Board Options Exchange | 295 | 2,947 | 105.00 | 04/21/23 | (83) |
| Lowe's Companies, Inc. | Chicago Board Options Exchange | 149 | 3,103 | 220.00 | 03/17/23 | (67) |
| Lowe's Companies, Inc. | Chicago Board Options Exchange | 149 | 3,103 | 230.00 | 03/17/23 | (30) |
| | | | | | | |
| TOTAL WRITTEN OPTIONS | | | | | | (10,356) |
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 $41,507,000 or 0.5% of net assets. |
| (c) | Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $218,181,000. |
| (d) | Security or a portion of the security is on loan at period end. |
| (e) | Amount is stated in United States dollars unless otherwise noted. |
| (f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (g) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.38% | 214,836 | 342,442 | 157,901 | 5,604 | - | - | 399,377 | 0.9% |
| Fidelity Securities Lending Cash Central Fund 4.38% | - | 301,799 | 214,916 | 31 | - | - | 86,883 | 0.3% |
| Total | 214,836 | 644,241 | 372,817 | 5,635 | - | - | 486,260 | |
| | | | | | | | | |
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.
Amount 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, 2023, 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 | 411,543 | 339,078 | 72,465 | - |
Consumer Discretionary | 235,176 | 235,176 | - | - |
Consumer Staples | 412,531 | 412,531 | - | - |
Energy | 1,050,044 | 1,050,044 | - | - |
Financials | 1,313,274 | 1,313,274 | - | - |
Health Care | 1,087,474 | 1,069,163 | 18,311 | - |
Industrials | 1,332,793 | 1,231,173 | 101,620 | - |
Information Technology | 1,491,973 | 1,444,346 | 47,627 | - |
Materials | 230,109 | 186,949 | 43,160 | - |
Real Estate | 108,143 | 108,143 | - | - |
Utilities | 122,129 | 122,129 | - | - |
|
| Corporate Bonds | 6,433 | - | 6,433 | - |
|
| Money Market Funds | 486,260 | 486,260 | - | - |
| Total Investments in Securities: | 8,287,882 | 7,998,266 | 289,616 | - |
Derivative Instruments: | | | | |
|
| Liabilities | | | | |
Written Options | (10,356) | (10,356) | - | - |
| Total Liabilities | (10,356) | (10,356) | - | - |
| Total Derivative Instruments: | (10,356) | (10,356) | - | - |
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, 2023. 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 | (10,356) |
| Total Equity Risk | 0 | (10,356) |
| Total Value of Derivatives | 0 | (10,356) |
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $88,276) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,029,210) | $ | 7,801,622 | | |
Fidelity Central Funds (cost $486,260) | | 486,260 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,515,470) | | | $ | 8,287,882 |
| Receivable for investments sold | | | | |
Regular delivery | | | | 10,465 |
Delayed delivery | | | | 5,441 |
| Receivable for fund shares sold | | | | 2,161 |
| Dividends receivable | | | | 7,536 |
| Interest receivable | | | | 5 |
| Distributions receivable from Fidelity Central Funds | | | | 1,368 |
| Prepaid expenses | | | | 7 |
| Other receivables | | | | 334 |
Total assets | | | | 8,315,199 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 56 | | |
| Payable for investments purchased | | 9,977 | | |
| Payable for fund shares redeemed | | 2,853 | | |
| Accrued management fee | | 2,831 | | |
| Written options, at value (premium received $7,412) | | 10,356 | | |
| Other affiliated payables | | 926 | | |
| Other payables and accrued expenses | | 485 | | |
| Collateral on securities loaned | | 86,883 | | |
| Total Liabilities | | | | 114,367 |
| Net Assets | | | $ | 8,200,832 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,431,034 |
| Total accumulated earnings (loss) | | | | 2,769,798 |
| Net Assets | | | $ | 8,200,832 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Growth and Income : | | | | |
Net Asset Value , offering price and redemption price per share ($7,804,389 ÷ 153,210 shares) | | | $ | 50.94 |
| Class K : | | | | |
Net Asset Value , offering price and redemption price per share ($396,443 ÷ 7,791 shares) | | | $ | 50.88 |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 80,962 |
| Interest | | | | 188 |
| Income from Fidelity Central Funds (including $31 from security lending) | | | | 5,635 |
| Total Income | | | | 86,785 |
| Expenses | | | | |
| Management fee | $ | 16,247 | | |
| Transfer agent fees | | 4,938 | | |
| Accounting fees | | 533 | | |
| Custodian fees and expenses | | 126 | | |
| Independent trustees' fees and expenses | | 13 | | |
| Registration fees | | 50 | | |
| Audit | | 52 | | |
| Legal | | 7 | | |
| Miscellaneous | | 22 | | |
| Total expenses before reductions | | 21,988 | | |
| Expense reductions | | (143) | | |
| Total expenses after reductions | | | | 21,845 |
| Net Investment income (loss) | | | | 64,940 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 20,620 | | |
| Foreign currency transactions | | 1,456 | | |
| Written options | | 2,532 | | |
| Total net realized gain (loss) | | | | 24,608 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 448,068 | | |
| Assets and liabilities in foreign currencies | | 79 | | |
| Written options | | (3,814) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 444,333 |
| Net gain (loss) | | | | 468,941 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 533,881 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 64,940 | $ | 119,515 |
| Net realized gain (loss) | | 24,608 | | 276,478 |
| Change in net unrealized appreciation (depreciation) | | 444,333 | | (392,829) |
| Net increase (decrease) in net assets resulting from operations | | 533,881 | | 3,164 |
| Distributions to shareholders | | (198,350) | | (483,440) |
| Share transactions - net increase (decrease) | | 181,570 | | 94,863 |
| Total increase (decrease) in net assets | | 517,101 | | (385,413) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 7,683,731 | | 8,069,144 |
| End of period | $ | 8,200,832 | $ | 7,683,731 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity® Growth & Income Portfolio |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 48.92 | $ | 51.87 | $ | 38.15 | $ | 38.98 | $ | 39.34 | $ | 35.31 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .41 | | .76 | | .78 | | .83 | | .87 | | .65 |
| Net realized and unrealized gain (loss) | | 2.87 | | (.61) | | 14.49 | | (.37) | | (.05) C | | 4.12 |
| Total from investment operations | | 3.28 | | .15 | | 15.27 | | .46 | | .82 | | 4.77 |
| Distributions from net investment income | | (.42) | | (1.06) | | (.79) | | (.84) | | (.77) | | (.74) |
| Distributions from net realized gain | | (.83) | | (2.05) | | (.75) | | (.46) | | (.42) | | - |
| Total distributions | | (1.26) D | | (3.10) D | | (1.55) D | | (1.29) D | | (1.18) D | | (.74) |
| Net asset value, end of period | $ | 50.94 | $ | 48.92 | $ | 51.87 | $ | 38.15 | $ | 38.98 | $ | 39.34 |
Total Return E,F | | 6.94% | | .26% | | 41.01% | | 1.27% | | 2.26% C | | 13.66% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .58% I | | .57% | | .58% | | .60% | | .61% | | .61% |
| Expenses net of fee waivers, if any | | .58% I | | .57% | | .58% | | .60% | | .61% | | .61% |
| Expenses net of all reductions | | .58% I | | .57% | | .58% | | .60% | | .61% | | .61% |
| Net investment income (loss) | | 1.70% I | | 1.51% | | 1.71% | | 2.18% | | 2.31% | | 1.76% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 7,804 | $ | 7,360 | $ | 7,219 | $ | 5,451 | $ | 5,927 | $ | 6,280 |
Portfolio turnover rate J | | 9% I | | 12% | | 16% | | 32% | | 36% | | 38% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount 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, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 48.86 | $ | 51.82 | $ | 38.11 | $ | 38.94 | $ | 39.31 | $ | 35.28 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .43 | | .81 | | .81 | | .86 | | .91 | | .69 |
| Net realized and unrealized gain (loss) | | 2.87 | | (.62) | | 14.48 | | (.35) | | (.06) C | | 4.12 |
| Total from investment operations | | 3.30 | | .19 | | 15.29 | | .51 | | .85 | | 4.81 |
| Distributions from net investment income | | (.45) | | (1.10) | | (.83) | | (.88) | | (.81) | | (.78) |
| Distributions from net realized gain | | (.83) | | (2.05) | | (.75) | | (.46) | | (.42) | | - |
| Total distributions | | (1.28) | | (3.15) | | (1.58) | | (1.34) | | (1.22) D | | (.78) |
| Net asset value, end of period | $ | 50.88 | $ | 48.86 | $ | 51.82 | $ | 38.11 | $ | 38.94 | $ | 39.31 |
Total Return E,F | | 7.00% | | .33% | | 41.15% | | 1.39% | | 2.35% C | | 13.79% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .49% I | | .49% | | .49% | | .50% | | .51% | | .51% |
| Expenses net of fee waivers, if any | | .49% I | | .48% | | .49% | | .50% | | .51% | | .51% |
| Expenses net of all reductions | | .49% I | | .48% | | .49% | | .50% | | .50% | | .50% |
| Net investment income (loss) | | 1.80% I | | 1.60% | | 1.80% | | 2.28% | | 2.41% | | 1.86% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 396 | $ | 323 | $ | 850 | $ | 1,020 | $ | 497 | $ | 591 |
Portfolio turnover rate J | | 9% I | | 12% | | 16% | | 32% | | 36% | | 38% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended January 31, 2023
( 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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.
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, 2023 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. 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.
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 | $334 |
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.
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, 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 | $2,935,088 |
| Gross unrealized depreciation | (213,847) |
| Net unrealized appreciation (depreciation) | $2,721,241 |
| Tax cost | $5,563,697 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (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 on 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 | 315,409 | 429,857 |
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 .23% 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 .43% 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth & Income, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets A |
| Growth and Income | $4,865 | .13 |
| Class K | 73 | .04 |
| | $4,938 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Growth & Income Portfolio | .01 |
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 | $5 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Growth & Income Portfolio | 23,979 | 23,482 | 4,228 |
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 | $10 |
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 | $3 | $- | $- |
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 $143.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Growth & Income Portfolio | | |
| Distributions to shareholders | | |
| Growth and Income | $189,638 | $441,736 |
| Class K | 8,712 | 41,704 |
Total | $198,350 | $483,440 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Growth & Income Portfolio | | | | |
| Growth and Income | | | | |
| Shares sold | 6,777 | 18,506 | $325,687 | $948,009 |
| Reinvestment of distributions | 3,778 | 8,279 | 176,749 | 415,917 |
| Shares redeemed | (7,818) | (15,495) | (371,460) | (779,035) |
| Net increase (decrease) | 2,737 | 11,290 | $130,976 | $584,891 |
| Class K | | | | |
| Shares sold | 1,898 | 1,472 | $85,353 | $75,794 |
| Reinvestment of distributions | 187 | 827 | 8,712 | 41,704 |
| Shares redeemed | (910) | (12,089) | (43,471) | (607,526) |
| Net increase (decrease) | 1,175 | (9,790) | $50,594 | $(490,028) |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® Growth & Income Portfolio | | | | | | | | | | |
| Fidelity® Growth & Income Portfolio | | | | .58% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,069.40 | | $ 3.03 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.28 | | $ 2.96 |
| Class K | | | | .49% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,070.00 | | $ 2.56 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.74 | | $ 2.50 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.700483.126
GAI-SANN-0423
Fidelity® Leveraged Company Stock Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| IQVIA Holdings, Inc. | 3.6 | |
| Boyd Gaming Corp. | 3.3 | |
| Caesars Entertainment, Inc. | 3.1 | |
| UnitedHealth Group, Inc. | 3.0 | |
| Nexstar Broadcasting Group, Inc. Class A | 2.8 | |
| Cheniere Energy, Inc. | 2.6 | |
| PG&E Corp. | 2.5 | |
| The Chemours Co. LLC | 2.5 | |
| Thermo Fisher Scientific, Inc. | 2.5 | |
| Microsoft Corp. | 2.4 | |
| | 28.3 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 20.8 | |
| Consumer Discretionary | 16.7 | |
| Health Care | 14.4 | |
| Materials | 8.5 | |
| Communication Services | 7.9 | |
| Energy | 6.8 | |
| Financials | 6.7 | |
| Industrials | 6.1 | |
| Consumer Staples | 4.5 | |
| Utilities | 4.0 | |
| Real Estate | 0.5 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 5.7% |
|
Showing Percentage of Net Assets
| Common Stocks - 96.9% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 7.9% | | | |
| Entertainment - 1.2% | | | |
| Netflix, Inc. (a) | | 64,500 | 22,824 |
| Interactive Media & Services - 2.8% | | | |
| Alphabet, Inc. Class A (a) | | 294,000 | 29,059 |
| Cars.com, Inc. (a) | | 482,700 | 8,254 |
| Meta Platforms, Inc. Class A (a) | | 112,200 | 16,714 |
| | | | 54,027 |
| Media - 2.8% | | | |
| Nexstar Broadcasting Group, Inc. Class A (b) | | 272,363 | 55,772 |
| Wireless Telecommunication Services - 1.1% | | | |
| T-Mobile U.S., Inc. (a) | | 150,100 | 22,411 |
TOTAL COMMUNICATION SERVICES | | | 155,034 |
| CONSUMER DISCRETIONARY - 16.7% | | | |
| Automobiles - 1.7% | | | |
| Tesla, Inc. (a) | | 195,100 | 33,795 |
| Hotels, Restaurants & Leisure - 6.8% | | | |
| Boyd Gaming Corp. | | 1,026,299 | 63,949 |
| Caesars Entertainment, Inc. (a) | | 1,157,171 | 60,242 |
| Studio City International Holdings Ltd.: | | | |
| ADR (c) | | 631,958 | 4,342 |
| (NYSE) ADR (a) | | 692,929 | 4,760 |
| | | | 133,293 |
| Household Durables - 1.6% | | | |
| Tempur Sealy International, Inc. | | 751,032 | 30,605 |
| Multiline Retail - 0.9% | | | |
| Dollar General Corp. | | 76,700 | 17,917 |
| Specialty Retail - 4.6% | | | |
| Dick's Sporting Goods, Inc. (b) | | 172,400 | 22,543 |
| Lowe's Companies, Inc. | | 166,000 | 34,570 |
| Ulta Beauty, Inc. (a) | | 40,100 | 20,610 |
| Victoria's Secret & Co. (a) | | 63,900 | 2,693 |
| Williams-Sonoma, Inc. (b) | | 67,200 | 9,068 |
| | | | 89,484 |
| Textiles, Apparel & Luxury Goods - 1.1% | | | |
| Tapestry, Inc. | | 493,000 | 22,466 |
TOTAL CONSUMER DISCRETIONARY | | | 327,560 |
| CONSUMER STAPLES - 4.5% | | | |
| Food & Staples Retailing - 1.5% | | | |
| Albertsons Companies, Inc. | | 346,200 | 7,339 |
| BJ's Wholesale Club Holdings, Inc. (a) | | 239,000 | 17,320 |
| Performance Food Group Co. (a) | | 77,000 | 4,722 |
| | | | 29,381 |
| Food Products - 3.0% | | | |
| Darling Ingredients, Inc. (a) | | 271,601 | 18,004 |
| JBS SA | | 10,149,000 | 40,146 |
| | | | 58,150 |
TOTAL CONSUMER STAPLES | | | 87,531 |
| ENERGY - 6.8% | | | |
| Energy Equipment & Services - 0.3% | | | |
| Halliburton Co. | | 142,400 | 5,870 |
| Oil, Gas & Consumable Fuels - 6.5% | | | |
| Antero Resources Corp. (a) | | 582,800 | 16,808 |
| Cheniere Energy, Inc. | | 340,400 | 52,010 |
| Chesapeake Energy Corp. | | 223,800 | 19,408 |
| Denbury, Inc. (a) | | 230,600 | 20,011 |
| Diamondback Energy, Inc. | | 76,500 | 11,178 |
| Occidental Petroleum Corp. | | 138,400 | 8,967 |
| | | | 128,382 |
TOTAL ENERGY | | | 134,252 |
| FINANCIALS - 6.7% | | | |
| Banks - 3.5% | | | |
| Bank of America Corp. | | 916,499 | 32,517 |
| JPMorgan Chase & Co. | | 193,800 | 27,124 |
| Wells Fargo & Co. | | 193,200 | 9,055 |
| | | | 68,696 |
| Consumer Finance - 1.6% | | | |
| OneMain Holdings, Inc. | | 737,900 | 31,833 |
| Insurance - 1.6% | | | |
| Arthur J. Gallagher & Co. | | 164,200 | 32,137 |
TOTAL FINANCIALS | | | 132,666 |
| HEALTH CARE - 14.4% | | | |
| Biotechnology - 0.9% | | | |
| Regeneron Pharmaceuticals, Inc. (a) | | 24,300 | 18,431 |
| Health Care Providers & Services - 5.6% | | | |
| HCA Holdings, Inc. | | 43,700 | 11,147 |
| Humana, Inc. | | 58,400 | 29,883 |
| Tenet Healthcare Corp. (a) | | 167,709 | 9,199 |
| UnitedHealth Group, Inc. | | 118,200 | 59,004 |
| | | | 109,233 |
| Life Sciences Tools & Services - 6.7% | | | |
| Charles River Laboratories International, Inc. (a) | | 52,500 | 12,771 |
| IQVIA Holdings, Inc. (a) | | 306,600 | 70,340 |
| Thermo Fisher Scientific, Inc. | | 85,000 | 48,478 |
| | | | 131,589 |
| Pharmaceuticals - 1.2% | | | |
| AstraZeneca PLC sponsored ADR | | 136,200 | 8,903 |
| Bristol-Myers Squibb Co. | | 201,900 | 14,668 |
| | | | 23,571 |
TOTAL HEALTH CARE | | | 282,824 |
| INDUSTRIALS - 6.1% | | | |
| Aerospace & Defense - 0.7% | | | |
| Lockheed Martin Corp. | | 28,900 | 13,388 |
| Building Products - 1.5% | | | |
| Builders FirstSource, Inc. (a) | | 159,900 | 12,744 |
| Carrier Global Corp. | | 382,062 | 17,395 |
| | | | 30,139 |
| Electrical Equipment - 1.4% | | | |
| Generac Holdings, Inc. (a) | | 49,800 | 6,006 |
| Regal Rexnord Corp. | | 160,600 | 22,356 |
| | | | 28,362 |
| Marine - 0.0% | | | |
| Genco Shipping & Trading Ltd. | | 831 | 15 |
| Professional Services - 1.3% | | | |
| ASGN, Inc. (a) | | 276,834 | 25,178 |
| Trading Companies & Distributors - 1.2% | | | |
| United Rentals, Inc. | | 53,300 | 23,503 |
TOTAL INDUSTRIALS | | | 120,585 |
| INFORMATION TECHNOLOGY - 20.8% | | | |
| Electronic Equipment & Components - 2.0% | | | |
| CDW Corp. | | 200,000 | 39,206 |
| IT Services - 6.0% | | | |
| EPAM Systems, Inc. (a) | | 50,100 | 16,666 |
| Fiserv, Inc. (a) | | 201,500 | 21,496 |
| Global Payments, Inc. | | 179,700 | 20,256 |
| MasterCard, Inc. Class A | | 30,100 | 11,155 |
| SS&C Technologies Holdings, Inc. | | 352,897 | 21,297 |
| Visa, Inc. Class A | | 115,900 | 26,681 |
| | | | 117,551 |
| Semiconductors & Semiconductor Equipment - 8.4% | | | |
| Advanced Micro Devices, Inc. (a) | | 66,300 | 4,982 |
| ASML Holding NV | | 19,600 | 12,952 |
| Broadcom, Inc. | | 17,200 | 10,062 |
| Lam Research Corp. | | 24,300 | 12,152 |
| Marvell Technology, Inc. | | 502,700 | 21,692 |
| Microchip Technology, Inc. | | 494,000 | 38,344 |
| NXP Semiconductors NV | | 138,600 | 25,545 |
| onsemi (a) | | 522,359 | 38,367 |
| | | | 164,096 |
| Software - 4.4% | | | |
| Adobe, Inc. (a) | | 30,000 | 11,110 |
| Microsoft Corp. | | 187,800 | 46,539 |
| Palo Alto Networks, Inc. (a) | | 186,100 | 29,523 |
| | | | 87,172 |
TOTAL INFORMATION TECHNOLOGY | | | 408,025 |
| MATERIALS - 8.5% | | | |
| Chemicals - 3.8% | | | |
| CF Industries Holdings, Inc. | | 308,100 | 26,096 |
| The Chemours Co. LLC | | 1,346,928 | 49,015 |
| | | | 75,111 |
| Containers & Packaging - 2.8% | | | |
| Berry Global Group, Inc. | | 307,900 | 19,007 |
| Graphic Packaging Holding Co. | | 668,800 | 16,111 |
| WestRock Co. | | 483,700 | 18,980 |
| | | | 54,098 |
| Metals & Mining - 1.9% | | | |
| ATI, Inc. (a) | | 151,200 | 5,502 |
| Cleveland-Cliffs, Inc. (a) | | 349,800 | 7,468 |
| First Quantum Minerals Ltd. | | 648,800 | 15,053 |
| Freeport-McMoRan, Inc. | | 218,400 | 9,745 |
| | | | 37,768 |
TOTAL MATERIALS | | | 166,977 |
| REAL ESTATE - 0.5% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.5% | | | |
| Crown Castle International Corp. | | 61,100 | 9,050 |
| UTILITIES - 4.0% | | | |
| Electric Utilities - 2.9% | | | |
| NRG Energy, Inc. | | 227,609 | 7,789 |
| PG&E Corp. (a) | | 3,118,902 | 49,591 |
| | | | 57,380 |
| Independent Power and Renewable Electricity Producers - 1.1% | | | |
| Vistra Corp. | | 927,700 | 21,393 |
TOTAL UTILITIES | | | 78,773 |
| TOTAL COMMON STOCKS (Cost $1,240,176) | | | 1,903,277 |
| | | | |
| Money Market Funds - 5.8% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.38% (d) | | 44,276,640 | 44,285 |
| Fidelity Securities Lending Cash Central Fund 4.38% (d)(e) | | 68,491,176 | 68,498 |
| TOTAL MONEY MARKET FUNDS (Cost $112,780) | | | 112,783 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.7% (Cost $1,352,956) | 2,016,060 |
NET OTHER ASSETS (LIABILITIES) - (2.7)% | (52,320) |
| NET ASSETS - 100.0% | 1,963,740 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Security or a portion of the security is on loan at period end. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,342,000 or 0.2% of net assets. |
| (d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (e) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.38% | 129,463 | 390,335 | 475,513 | 1,281 | - | - | 44,285 | 0.1% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 39,227 | 310,858 | 281,587 | 24 | - | - | 68,498 | 0.2% |
| Total | 168,690 | 701,193 | 757,100 | 1,305 | - | - | 112,783 | |
| | | | | | | | | |
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.
Amount 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, 2023, 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 | 155,034 | 155,034 | - | - |
Consumer Discretionary | 327,560 | 327,560 | - | - |
Consumer Staples | 87,531 | 87,531 | - | - |
Energy | 134,252 | 134,252 | - | - |
Financials | 132,666 | 132,666 | - | - |
Health Care | 282,824 | 282,824 | - | - |
Industrials | 120,585 | 120,585 | - | - |
Information Technology | 408,025 | 408,025 | - | - |
Materials | 166,977 | 166,977 | - | - |
Real Estate | 9,050 | 9,050 | - | - |
Utilities | 78,773 | 78,773 | - | - |
|
| Money Market Funds | 112,783 | 112,783 | - | - |
| Total Investments in Securities: | 2,016,060 | 2,016,060 | - | - |
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $68,406) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $1,240,176) | $ | 1,903,277 | | |
Fidelity Central Funds (cost $112,780) | | 112,783 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,352,956) | | | $ | 2,016,060 |
| Receivable for investments sold | | | | 26,116 |
| Receivable for fund shares sold | | | | 224 |
| Dividends receivable | | | | 619 |
| Distributions receivable from Fidelity Central Funds | | | | 192 |
| Prepaid expenses | | | | 2 |
| Other receivables | | | | 94 |
Total assets | | | | 2,043,307 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 8,445 | | |
| Payable for fund shares redeemed | | 1,425 | | |
| Accrued management fee | | 908 | | |
| Other affiliated payables | | 253 | | |
| Other payables and accrued expenses | | 38 | | |
| Collateral on securities loaned | | 68,498 | | |
| Total Liabilities | | | | 79,567 |
| Net Assets | | | $ | 1,963,740 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,274,658 |
| Total accumulated earnings (loss) | | | | 689,082 |
| Net Assets | | | $ | 1,963,740 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Leveraged Company Stock : | | | | |
Net Asset Value , offering price and redemption price per share ($1,828,223 ÷ 53,805 shares) | | | $ | 33.98 |
| Class K : | | | | |
Net Asset Value , offering price and redemption price per share ($135,517 ÷ 3,968 shares) | | | $ | 34.15 |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 16,173 |
| Interest | | | | 1 |
| Income from Fidelity Central Funds (including $24 from security lending) | | | | 1,305 |
| Total Income | | | | 17,479 |
| Expenses | | | | |
| Management fee | $ | 5,720 | | |
| Transfer agent fees | | 1,294 | | |
| Accounting fees | | 266 | | |
| Custodian fees and expenses | | 14 | | |
| Independent trustees' fees and expenses | | 4 | | |
| Registration fees | | 28 | | |
| Audit | | 33 | | |
| Legal | | 3 | | |
| Miscellaneous | | 6 | | |
| Total expenses before reductions | | 7,368 | | |
| Expense reductions | | (37) | | |
| Total expenses after reductions | | | | 7,331 |
| Net Investment income (loss) | | | | 10,148 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 127,479 | | |
| Foreign currency transactions | | 2 | | |
| Total net realized gain (loss) | | | | 127,481 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (148,634) | | |
| Assets and liabilities in foreign currencies | | 2 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (148,632) |
| Net gain (loss) | | | | (21,151) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (11,003) |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 10,148 | $ | 10,222 |
| Net realized gain (loss) | | 127,481 | | 320,112 |
| Change in net unrealized appreciation (depreciation) | | (148,632) | | (607,754) |
| Net increase (decrease) in net assets resulting from operations | | (11,003) | | (277,420) |
| Distributions to shareholders | | (321,039) | | (239,412) |
| Share transactions - net increase (decrease) | | 85,410 | | (168,539) |
| Total increase (decrease) in net assets | | (246,632) | | (685,371) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 2,210,372 | | 2,895,743 |
| End of period | $ | 1,963,740 | $ | 2,210,372 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity® Leveraged Company Stock Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.65 | $ | 48.37 | $ | 30.88 | $ | 29.94 | $ | 34.31 | $ | 37.25 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .17 | | .17 | | .03 C | | .08 D | | (.02) | | .02 |
| Net realized and unrealized gain (loss) | | (.07) E | | (4.89) | | 17.50 | | .89 | | .42 | | 3.42 F |
| Total from investment operations | | .10 | | (4.72) | | 17.53 | | .97 | | .40 | | 3.44 |
| Distributions from net investment income | | (.25) | | (.12) | | (.04) | | (.03) | | - | | (.07) |
| Distributions from net realized gain | | (5.52) | | (3.89) | | - | | - | | (4.77) | | (6.32) |
| Total distributions | | (5.77) | | (4.00) G | | (.04) | | (.03) | | (4.77) | | (6.38) G |
| Net asset value, end of period | $ | 33.98 | $ | 39.65 | $ | 48.37 | $ | 30.88 | $ | 29.94 | $ | 34.31 |
Total Return H,I | | .50% E | | (10.85)% | | 56.84% | | 3.24% | | 1.93% | | 10.91% F |
Ratios to Average Net Assets A,J,K | | | | | | | | | | | | |
| Expenses before reductions | | .75% L | | .74% | | .75% | | .78% | | .78% | | .78% |
| Expenses net of fee waivers, if any | | .75% L | | .74% | | .75% | | .78% | | .78% | | .78% |
| Expenses net of all reductions | | .75% L | | .74% | | .75% | | .77% | | .78% | | .77% |
| Net investment income (loss) | | 1.01% L | | .38% | | .06% C | | .27% D | | (.06)% | | .07% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 1,828 | $ | 1,937 | $ | 2,534 | $ | 1,631 | $ | 1,945 | $ | 2,372 |
Portfolio turnover rate M | | 60% L | | 26% | | 15% | | 31% | | 53% | | 67% |
A Net 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.
B Calculated based on average shares outstanding during the period.
C Net 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)%.
D Net 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%.
E Net 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 .45%.
F Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.06 per share. Excluding this reimbursement, the total return would have been 10.73%.
G Total distributions per share do not sum due to rounding.
H Total returns for periods of less than one year are not annualized.
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
J Fees 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.
K Expense 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.
L Annualized.
M Amount 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, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 39.84 | $ | 48.58 | $ | 31.01 | $ | 30.04 | $ | 34.40 | $ | 37.34 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .19 | | .21 | | .06 C | | .11 D | | .01 | | .06 |
| Net realized and unrealized gain (loss) | | (.07) E | | (4.91) | | 17.59 | | .91 | | .42 | | 3.42 F |
| Total from investment operations | | .12 | | (4.70) | | 17.65 | | 1.02 | | .43 | | 3.48 |
| Distributions from net investment income | | (.28) | | (.16) | | (.08) | | (.05) | | - | | (.11) |
| Distributions from net realized gain | | (5.52) | | (3.89) | | - | | - | | (4.79) | | (6.32) |
| Total distributions | | (5.81) G | | (4.04) G | | (.08) | | (.05) | | (4.79) | | (6.42) G |
| Net asset value, end of period | $ | 34.15 | $ | 39.84 | $ | 48.58 | $ | 31.01 | $ | 30.04 | $ | 34.40 |
Total Return H,I | | .54% E | | (10.77)% | | 57.00% | | 3.38% | | 2.03% | | 11.01% F |
Ratios to Average Net Assets B,J,K | | | | | | | | | | | | |
| Expenses before reductions | | .65% L | | .65% | | .66% | | .67% | | .67% | | .67% |
| Expenses net of fee waivers, if any | | .65% L | | .65% | | .66% | | .67% | | .67% | | .67% |
| Expenses net of all reductions | | .65% L | | .65% | | .66% | | .66% | | .67% | | .66% |
| Net investment income (loss) | | 1.11% L | | .47% | | .15% C | | .38% D | | .05% | | .18% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 136 | $ | 274 | $ | 362 | $ | 285 | $ | 347 | $ | 431 |
Portfolio turnover rate M | | 60% L | | 26% | | 15% | | 31% | | 53% | | 67% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Net 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%.
E Net 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 .49%.
F Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.06 per share. Excluding this reimbursement, the total return would have been 10.83%.
G Total distributions per share do not sum due to rounding.
H Total returns for periods of less than one year are not annualized.
I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
J Fees 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.
K Expense 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.
L Annualized.
M Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended January 31, 2023
( 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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, 2023 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. 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 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 | $712,941 |
| Gross unrealized depreciation | (59,117) |
| Net unrealized appreciation (depreciation) | $653,824 |
| Tax cost | $1,362,236 |
The Fund elected to defer to its next fiscal year approximately $36,386 of capital losses recognized during the period November 1, 2021 to July 31, 2022.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Leveraged Company Stock Fund | 571,609 | 728,356 |
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 .23% 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 .58% 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Leveraged Company Stock, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets A |
| Leveraged Company Stock | $1,255 | .14 |
| Class K | 39 | .04 |
| | $1,294 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Leveraged Company Stock Fund | .03 |
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 | $9 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Leveraged Company Stock Fund | 28,929 | 25,269 | 5,201 |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity Leveraged Company Stock Fund | 21 |
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 | $3 |
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 | $3 | $- | $- |
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 $37.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Leveraged Company Stock Fund | | |
| Distributions to shareholders | | |
| Leveraged Company Stock | $284,888 | $209,842 |
| Class K | 36,151 | 29,570 |
| Total | $321,039 | $239,412 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Leveraged Company Stock Fund | | | | |
| Leveraged Company Stock | | | | |
| Shares sold | 695 | 1,890 | $24,482 | $85,159 |
| Reinvestment of distributions | 7,834 | 4,268 | 268,740 | 199,167 |
| Shares redeemed | (3,564) | (9,699) | (120,688) | (427,361) |
| Net increase (decrease) | 4,965 | (3,541) | $172,534 | $(143,035) |
| Class K | | | | |
| Shares sold | 160 | 517 | $5,473 | $23,487 |
| Reinvestment of distributions | 1,038 | 631 | 36,151 | 29,570 |
| Shares redeemed | (4,101) | (1,729) | (128,748) | (78,561) |
| Net increase (decrease) | (2,903) | (581) | $(87,124) | $(25,504) |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® Leveraged Company Stock Fund | | | | | | | | | | |
| Fidelity® Leveraged Company Stock Fund | | | | .75% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,005.00 | | $ 3.79 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.42 | | $ 3.82 |
| Class K | | | | .65% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,005.40 | | $ 3.29 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.93 | | $ 3.31 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.753758.123
LSF-SANN-0423
Fidelity® Real Estate Income Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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. | 2.7 | |
| American Tower Corp. | 2.5 | |
| Prologis (REIT), Inc. | 2.0 | |
| Crown Castle International Corp. | 1.8 | |
| Welltower, Inc. | 1.2 | |
| Equinix, Inc. | 1.1 | |
| Mid-America Apartment Communities, Inc. | 1.1 | |
| LXP Industrial Trust (REIT) | 1.1 | |
| Public Storage | 1.0 | |
| Ventas, Inc. | 1.0 | |
| | 15.5 | |
| |
| Top Five REIT Sectors (% of Fund's net assets) |
| |
| REITs - Diversified | 13.7 | |
| REITs - Mortgage | 10.1 | |
| REITs - Management/Investment | 5.5 | |
| REITs - Apartments | 5.1 | |
| REITs - Health Care | 4.8 | |
| |
Quality Diversification (% of Fund's net assets) |
|
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
| |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 0.5% |
|
Showing Percentage of Net Assets
| Common Stocks - 25.8% |
| | | Shares | Value ($) |
| FINANCIALS - 0.8% | | | |
| Capital Markets - 0.0% | | | |
| Brookfield Asset Management Ltd. Class A (a) | | 21,775 | 710,914 |
| Brookfield Corp. (Canada) Class A | | 12,700 | 472,474 |
| | | | 1,183,388 |
| Mortgage Real Estate Investment Trusts - 0.8% | | | |
| Great Ajax Corp. (b) | | 1,663,364 | 14,587,702 |
| MFA Financial, Inc. | | 1,492,885 | 17,750,403 |
| Rithm Capital Corp. | | 500,199 | 4,706,873 |
| | | | 37,044,978 |
TOTAL FINANCIALS | | | 38,228,366 |
| INDUSTRIALS - 0.4% | | | |
| Construction & Engineering - 0.4% | | | |
| Willscot Mobile Mini Holdings (a) | | 381,100 | 18,468,106 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| IT Services - 0.0% | | | |
| Cyxtera Technologies, Inc. Class A (a) | | 740,700 | 2,385,054 |
| REAL ESTATE - 24.6% | | | |
| Equity Real Estate Investment Trusts (REITs) - 24.4% | | | |
| Acadia Realty Trust (SBI) | | 510,426 | 7,926,916 |
| American Homes 4 Rent Class A | | 661,200 | 22,672,548 |
| American Tower Corp. | | 551,900 | 123,288,941 |
| AvalonBay Communities, Inc. | | 128,900 | 22,872,016 |
| Crown Castle International Corp. | | 603,310 | 89,356,244 |
| CubeSmart | | 378,600 | 17,336,094 |
| Digital Realty Trust, Inc. | | 83,900 | 9,616,618 |
| Douglas Emmett, Inc. | | 271,700 | 4,550,975 |
| Easterly Government Properties, Inc. (c) | | 1,062,300 | 17,251,752 |
| EastGroup Properties, Inc. | | 68,600 | 11,541,950 |
| Elme Communities (SBI) | | 807,347 | 15,501,062 |
| Equinix, Inc. | | 75,500 | 55,728,815 |
| Equity Lifestyle Properties, Inc. | | 1,850,596 | 132,835,768 |
| Equity Residential (SBI) | | 103,700 | 6,600,505 |
| Essex Property Trust, Inc. | | 169,800 | 38,386,686 |
| Extra Space Storage, Inc. | | 111,000 | 17,519,130 |
| Farmland Partners, Inc. | | 115,756 | 1,490,937 |
| Gaming & Leisure Properties | | 386,846 | 20,719,472 |
| Healthcare Trust of America, Inc. | | 186,360 | 4,012,331 |
| Invitation Homes, Inc. | | 611,100 | 19,860,750 |
| iStar Financial, Inc. | | 77,413 | 718,393 |
| Lamar Advertising Co. Class A | | 201,900 | 21,510,426 |
| Life Storage, Inc. | | 128,100 | 13,839,924 |
| LXP Industrial Trust (REIT) | | 4,593,174 | 53,051,160 |
| Mid-America Apartment Communities, Inc. | | 325,706 | 54,301,704 |
| National Retail Properties, Inc. | | 73,200 | 3,466,020 |
| NexPoint Residential Trust, Inc. | | 10,300 | 520,150 |
| Postal Realty Trust, Inc. | | 878,500 | 13,581,610 |
| Prologis (REIT), Inc. | | 764,330 | 98,812,582 |
| Public Storage | | 170,700 | 51,950,838 |
| Retail Value, Inc. | | 274,131 | 68,533 |
| Rexford Industrial Realty, Inc. | | 67,700 | 4,296,919 |
| RLJ Lodging Trust | | 607,000 | 7,629,990 |
| Sabra Health Care REIT, Inc. | | 604,175 | 8,156,363 |
| Safehold, Inc. | | 5,925 | 207,138 |
| SITE Centers Corp. | | 1,379,438 | 18,829,329 |
| Spirit Realty Capital, Inc. | | 676,600 | 29,689,208 |
| Sunstone Hotel Investors, Inc. | | 372,700 | 4,095,973 |
| Terreno Realty Corp. | | 346,628 | 22,333,242 |
| UDR, Inc. | | 414,200 | 17,640,778 |
| UMH Properties, Inc. | | 335,723 | 6,016,156 |
| Ventas, Inc. | | 987,086 | 51,140,926 |
| VICI Properties, Inc. | | 825,700 | 28,222,426 |
| Welltower, Inc. | | 828,300 | 62,155,632 |
| Weyerhaeuser Co. | | 178,300 | 6,138,869 |
| | | | 1,217,443,799 |
| Real Estate Management & Development - 0.2% | | | |
| Cushman & Wakefield PLC (a) | | 201,400 | 2,906,202 |
| Digitalbridge Group, Inc. | | 457,988 | 6,778,222 |
| | | | 9,684,424 |
TOTAL REAL ESTATE | | | 1,227,128,223 |
| TOTAL COMMON STOCKS (Cost $924,153,534) | | | 1,286,209,749 |
| | | | |
| Preferred Stocks - 19.7% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 0.7% | | | |
| FINANCIALS - 0.3% | | | |
| Mortgage Real Estate Investment Trusts - 0.3% | | | |
| Great Ajax Corp. 7.25% (b) | | 611,442 | 14,986,443 |
| | | | |
| REAL ESTATE - 0.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.4% | | | |
| LXP Industrial Trust (REIT) Series C, 6.50% | | 440,102 | 21,029,772 |
| RLJ Lodging Trust Series A, 1.95% | | 31,585 | 799,101 |
| | | | 21,828,873 |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 36,815,316 |
| Nonconvertible Preferred Stocks - 19.0% | | | |
| ENERGY - 0.9% | | | |
| Oil, Gas & Consumable Fuels - 0.9% | | | |
| DCP Midstream Partners LP: | | | |
| 7.95%(d) | | 328,262 | 8,239,376 |
| Series B, 7.875%(d) | | 256,314 | 6,446,297 |
| Enbridge, Inc.: | | | |
| Series 1, 5 year U.S. Treasury Index + 3.140% 5.949%(d)(e) | | 498,275 | 11,196,239 |
| Series L, 5 year U.S. Treasury Index + 3.150% 4.959%(d)(e) | | 111,400 | 2,235,798 |
| Energy Transfer LP 7.60% (d) | | 525,651 | 12,589,341 |
| Global Partners LP: | | | |
| 9.75%(d) | | 161,507 | 4,305,793 |
| Series B, 9.50% | | 67,800 | 1,709,936 |
| | | | 46,722,780 |
| FINANCIALS - 9.3% | | | |
| Mortgage Real Estate Investment Trusts - 9.1% | | | |
| AG Mortgage Investment Trust, Inc.: | | | |
| 8.00% | | 256,862 | 4,713,418 |
| Series C, 8.00%(d) | | 467,638 | 8,702,743 |
| AGNC Investment Corp.: | | | |
| 6.125%(d) | | 930,100 | 20,052,956 |
| 6.875%(d) | | 673,972 | 14,908,261 |
| Series C, 7.00%(d)(e) | | 653,202 | 16,447,626 |
| Series E, 6.50%(d) | | 1,424,834 | 31,887,785 |
| Series G, 7.75%(d) | | 320,000 | 7,433,600 |
| Annaly Capital Management, Inc.: | | | |
| 6.75%(d) | | 192,992 | 4,492,854 |
| Series F, 6.95%(d)(e) | | 1,599,843 | 39,836,091 |
| Series G, 6.50%(d) | | 1,069,599 | 25,713,160 |
| Arbor Realty Trust, Inc.: | | | |
| Series D, 6.375% | | 126,100 | 2,591,355 |
| Series F, 6.25%(d) | | 447,536 | 9,120,784 |
| Cherry Hill Mortgage Investment Corp.: | | | |
| 8.25%(d) | | 58,325 | 1,314,354 |
| Series A, 8.20% | | 63,650 | 1,451,220 |
| Chimera Investment Corp.: | | | |
| 8.00%(d) | | 672,531 | 14,661,176 |
| Series B, 8.00%(d) | | 1,484,504 | 33,252,890 |
| Series C, 7.75%(d) | | 1,962,186 | 40,067,838 |
| Dynex Capital, Inc. Series C 6.90% (d) | | 286,688 | 6,590,957 |
| Ellington Financial LLC 6.75% (d) | | 212,370 | 4,672,140 |
| Franklin BSP Realty Trust, Inc. 7.50% | | 240,633 | 5,102,502 |
| KKR Real Estate Finance Trust, Inc. 6.50% | | 188,372 | 3,663,835 |
| MFA Financial, Inc.: | | | |
| 6.50%(d) | | 1,117,351 | 21,631,915 |
| Series B, 7.50% | | 447,732 | 9,165,074 |
| PennyMac Mortgage Investment Trust: | | | |
| 6.75% | | 217,700 | 4,319,168 |
| 8.125%(d) | | 410,254 | 9,944,557 |
| Series B, 8.00%(d) | | 639,908 | 15,191,416 |
| Ready Capital Corp. Series C, 6.20% | | 214,250 | 4,962,030 |
| Rithm Capital Corp.: | | | |
| 7.125%(d) | | 1,184,542 | 25,823,016 |
| Series A, 7.50%(d) | | 580,904 | 12,959,968 |
| Series C, 6.375%(d) | | 1,149,554 | 22,933,602 |
| Series D, 7.00%(d) | | 151,200 | 3,211,488 |
| Two Harbors Investment Corp.: | | | |
| Series A, 8.125%(d) | | 363,526 | 8,037,560 |
| Series B, 7.625%(d) | | 776,859 | 16,088,750 |
| | | | 450,946,089 |
| Real Estate Management & Development - 0.2% | | | |
| Brookfield Properties Corp. Series EE, 5.10% (d) | | 679,025 | 9,487,110 |
| | | | |
TOTAL FINANCIALS | | | 460,433,199 |
| | | | |
| REAL ESTATE - 8.8% | | | |
| Equity Real Estate Investment Trusts (REITs) - 7.2% | | | |
| Agree Realty Corp. 4.375% | | 240,000 | 4,394,400 |
| American Homes 4 Rent: | | | |
| 6.25% | | 98,905 | 2,497,351 |
| Series G, 5.875% | | 199,750 | 4,714,100 |
| Armada Hoffler Properties, Inc. 6.75% | | 255,050 | 5,822,792 |
| Ashford Hospitality Trust, Inc.: | | | |
| Series D, 8.45% | | 190,073 | 4,418,437 |
| Series F, 7.375% | | 127,400 | 2,410,408 |
| Series G, 7.375% | | 63,168 | 1,306,371 |
| Series H, 7.50% | | 231,565 | 4,515,518 |
| Series I, 7.50% | | 154,709 | 2,962,677 |
| Braemar Hotels & Resorts, Inc. Series D, 8.25% | | 173,050 | 4,246,647 |
| Cedar Realty Trust, Inc.: | | | |
| 7.25% | | 130,101 | 2,016,566 |
| Series C, 6.50% | | 291,600 | 3,589,596 |
| Centerspace Series C, 6.625% | | 317,300 | 8,471,910 |
| City Office REIT, Inc. Series A, 6.625% | | 178,475 | 3,928,235 |
| CTO Realty Growth, Inc. 6.375% | | 120,000 | 2,611,740 |
| DiamondRock Hospitality Co. 8.25% | | 448,231 | 11,546,431 |
| Digital Realty Trust, Inc.: | | | |
| 5.25% | | 32,900 | 779,730 |
| Series L, 5.20% | | 33,700 | 795,657 |
| Gladstone Commercial Corp.: | | | |
| 6.625% | | 145,116 | 3,410,226 |
| Series G, 6.00% | | 516,000 | 11,088,840 |
| Gladstone Land Corp. Series D, 5.00% | | 30,000 | 724,500 |
| Global Medical REIT, Inc. Series A, 7.50% | | 150,848 | 3,807,404 |
| Global Net Lease, Inc.: | | | |
| Series A, 7.25% | | 531,595 | 12,667,909 |
| Series B 6.875% | | 294,000 | 6,967,800 |
| Healthcare Trust, Inc.: | | | |
| 7.125% | | 190,000 | 4,121,100 |
| Series A 7.375% | | 364,800 | 8,474,304 |
| Hersha Hospitality Trust: | | | |
| Series C, 6.875% | | 49,450 | 1,045,759 |
| Series D, 6.50% | | 197,750 | 4,071,673 |
| Hudson Pacific Properties, Inc. Series C, 4.75% | | 790,100 | 11,756,688 |
| iStar Financial, Inc.: | | | |
| Series D, 8.00% | | 291,621 | 7,369,263 |
| Series G, 7.65% | | 305,973 | 7,695,221 |
| Series I, 7.50% | | 471,496 | 11,843,980 |
| Kimco Realty Corp.: | | | |
| 5.125% | | 14,000 | 327,390 |
| Series M, 5.25% | | 48,100 | 1,137,565 |
| National Storage Affiliates Trust Series A, 6.00% | | 91,575 | 2,305,859 |
| Necessity Retail (REIT), Inc./The: | | | |
| 7.50% | | 874,787 | 20,811,183 |
| Series C 7.375% | | 379,839 | 8,888,233 |
| Pebblebrook Hotel Trust: | | | |
| 6.30% | | 281,697 | 5,984,653 |
| 6.375% | | 372,994 | 7,832,874 |
| 6.375% | | 666,800 | 14,062,812 |
| Series H, 5.70% | | 717,200 | 13,605,284 |
| Pennsylvania (REIT): | | | |
| Series B, 7.375%(a) | | 99,385 | 187,838 |
| Series C, 7.20%(a) | | 50,325 | 89,579 |
| Series D, 6.875%(a) | | 150,100 | 282,939 |
| Plymouth Industrial REIT, Inc. Series A, 7.50% | | 171,625 | 4,299,206 |
| Prologis (REIT), Inc. Series Q, 8.54% | | 93,396 | 5,369,336 |
| Public Storage: | | | |
| 4.00% | | 331,800 | 6,264,384 |
| 4.00% | | 37,000 | 708,180 |
| Series F, 5.15% | | 25,800 | 623,844 |
| Series G, 5.05% | | 43,800 | 1,048,572 |
| Series I, 4.875% | | 75,000 | 1,695,000 |
| Series J, 4.70% | | 303,800 | 6,577,270 |
| Series K, 4.75% | | 174,000 | 3,810,600 |
| Series L, 4.625% | | 139,600 | 2,986,044 |
| Series S, 4.10% | | 200,000 | 3,786,000 |
| Rexford Industrial Realty, Inc.: | | | |
| Series B, 5.875% | | 88,600 | 2,186,648 |
| Series C, 5.625% | | 78,225 | 1,901,650 |
| Saul Centers, Inc.: | | | |
| Series D, 6.125% | | 82,775 | 1,941,902 |
| Series E, 6.00% | | 76,841 | 1,765,038 |
| SITE Centers Corp. 6.375% | | 104,400 | 2,606,868 |
| Sotherly Hotels, Inc.: | | | |
| Series B, 8.00% | | 67,250 | 1,701,425 |
| Series C, 7.875% | | 107,000 | 2,728,500 |
| Spirit Realty Capital, Inc. Series A, 6.00% | | 101,125 | 2,445,203 |
| Summit Hotel Properties, Inc.: | | | |
| Series E, 6.25% | | 457,602 | 10,465,266 |
| Series F, 5.875% | | 377,000 | 8,312,737 |
| Sunstone Hotel Investors, Inc.: | | | |
| Series H, 6.125% | | 180,000 | 3,861,000 |
| Series I, 5.70% | | 240,000 | 4,946,400 |
| UMH Properties, Inc. Series D, 6.375% | | 650,125 | 15,050,394 |
| Urstadt Biddle Properties, Inc.: | | | |
| Series H, 6.25% | | 281,325 | 6,414,210 |
| Series K 5.875% | | 69,225 | 1,518,797 |
| Vornado Realty Trust: | | | |
| Series L, 5.40% | | 30,100 | 572,803 |
| Series M, 5.25% | | 2,000 | 37,600 |
| Series N, 5.25% | | 147,400 | 2,707,738 |
| Series O, 4.45% | | 342,900 | 5,558,409 |
| | | | 355,480,466 |
| Real Estate Management & Development - 1.6% | | | |
| Brookfield Property Partners LP: | | | |
| 5.75% | | 43,000 | 784,750 |
| 6.50% | | 34,125 | 695,809 |
| Digitalbridge Group, Inc.: | | | |
| Series H, 7.125% | | 965,305 | 21,690,403 |
| Series I, 7.15% | | 1,074,492 | 24,251,284 |
| Series J, 7.15% | | 1,387,346 | 30,577,106 |
| Seritage Growth Properties Series A, 7.00% | | 91,986 | 2,210,424 |
| | | | 80,209,776 |
TOTAL REAL ESTATE | | | 435,690,242 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 942,846,221 |
| TOTAL PREFERRED STOCKS (Cost $1,078,172,406) | | | 979,661,537 |
| | | | |
| Corporate Bonds - 17.7% |
| | | Principal Amount (f) | Value ($) |
| Convertible Bonds - 1.3% | | | |
| FINANCIALS - 0.9% | | | |
| Mortgage Real Estate Investment Trusts - 0.9% | | | |
| MFA Financial, Inc. 6.25% 6/15/24 | | 9,700,000 | 9,190,750 |
| PennyMac Corp. 5.5% 11/1/24 | | 18,167,000 | 16,804,475 |
| Redwood Trust, Inc. 5.625% 7/15/24 | | 8,631,000 | 8,167,084 |
| RWT Holdings, Inc. 5.75% 10/1/25 | | 4,474,000 | 3,961,277 |
| Two Harbors Investment Corp. 6.25% 1/15/26 | | 4,896,000 | 4,348,138 |
| | | | 42,471,724 |
| REAL ESTATE - 0.4% | | | |
| Real Estate Management & Development - 0.4% | | | |
| Digitalbridge Group, Inc. 5% 4/15/23 | | 21,416,000 | 21,215,225 |
| | | | |
| TOTAL CONVERTIBLE BONDS | | | 63,686,949 |
| Nonconvertible Bonds - 16.4% | | | |
| COMMUNICATION SERVICES - 0.2% | | | |
| Media - 0.2% | | | |
| Clear Channel Outdoor Holdings, Inc. 7.5% 6/1/29 (g) | | 13,965,000 | 11,381,475 |
| | | | |
| CONSUMER DISCRETIONARY - 3.3% | | | |
| Hotels, Restaurants & Leisure - 1.7% | | | |
| Caesars Entertainment, Inc. 8.125% 7/1/27 (g) | | 17,465,000 | 17,726,975 |
| Hilton Domestic Operating Co., Inc.: | | | |
| 3.625% 2/15/32(g) | | 13,965,000 | 11,727,109 |
| 4% 5/1/31(g) | | 6,000,000 | 5,199,000 |
| Hilton Grand Vacations Borrower Escrow LLC 4.875% 7/1/31 (g) | | 22,890,000 | 19,849,750 |
| Marriott Ownership Resorts, Inc. 4.5% 6/15/29 (g) | | 20,315,000 | 17,684,394 |
| Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875% 5/15/25 (g) | | 8,000,000 | 7,500,187 |
| Times Square Hotel Trust 8.528% 8/1/26 (g) | | 3,387,595 | 3,373,780 |
| | | | 83,061,195 |
| Household Durables - 1.6% | | | |
| Adams Homes, Inc. 7.5% 2/15/25 (g) | | 7,530,000 | 6,476,266 |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.: | | | |
| 4.625% 8/1/29(g) | | 4,015,000 | 3,352,525 |
| 4.625% 4/1/30(g) | | 6,840,000 | 5,680,026 |
| 6.625% 1/15/28(g) | | 7,925,000 | 7,229,185 |
| Century Communities, Inc.: | | | |
| 3.875% 8/15/29(g) | | 13,005,000 | 10,932,718 |
| 6.75% 6/1/27 | | 4,670,000 | 4,605,203 |
| LGI Homes, Inc. 4% 7/15/29 (g) | | 13,310,000 | 10,781,100 |
| M/I Homes, Inc. 3.95% 2/15/30 | | 17,070,000 | 14,360,308 |
| New Home Co., Inc. 7.25% 10/15/25 (g) | | 6,180,000 | 5,361,150 |
| TRI Pointe Homes, Inc. 5.25% 6/1/27 | | 11,458,000 | 10,780,374 |
| | | | 79,558,855 |
TOTAL CONSUMER DISCRETIONARY | | | 162,620,050 |
| | | | |
| ENERGY - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| EG Global Finance PLC 8.5% 10/30/25 (g) | | 1,682,000 | 1,585,285 |
| Global Partners LP/GLP Finance Corp. 7% 8/1/27 | | 3,955,000 | 3,797,303 |
| | | | 5,382,588 |
| FINANCIALS - 0.2% | | | |
| Diversified Financial Services - 0.2% | | | |
| Brixmor Operating Partnership LP 4.05% 7/1/30 | | 4,000,000 | 3,658,222 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. 5.25% 5/15/27 | | 5,000,000 | 4,668,750 |
| | | | 8,326,972 |
| HEALTH CARE - 0.4% | | | |
| Health Care Providers & Services - 0.4% | | | |
| Sabra Health Care LP: | | | |
| 3.9% 10/15/29 | | 989,000 | 845,578 |
| 5.125% 8/15/26 | | 20,264,000 | 19,599,235 |
| | | | 20,444,813 |
| INDUSTRIALS - 0.1% | | | |
| Trading Companies & Distributors - 0.1% | | | |
| Williams Scotsman International, Inc.: | | | |
| 4.625% 8/15/28(g) | | 4,250,000 | 3,937,859 |
| 6.125% 6/15/25(g) | | 3,240,000 | 3,255,941 |
| | | | 7,193,800 |
| REAL ESTATE - 12.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 9.3% | | | |
| American Finance Trust, Inc./American Finance Operating Partnership LP 4.5% 9/30/28 (g) | | 28,405,000 | 21,576,365 |
| American Homes 4 Rent LP: | | | |
| 2.375% 7/15/31 | | 7,000,000 | 5,713,236 |
| 3.625% 4/15/32 | | 17,000,000 | 15,115,655 |
| 4.9% 2/15/29 | | 5,000,000 | 4,865,008 |
| American Tower Corp.: | | | |
| 2.7% 4/15/31 | | 2,000,000 | 1,686,312 |
| 3.8% 8/15/29 | | 23,000,000 | 21,495,567 |
| 4.05% 3/15/32 | | 27,000,000 | 25,017,165 |
| Boston Properties, Inc.: | | | |
| 3.25% 1/30/31 | | 11,000,000 | 9,456,812 |
| 6.75% 12/1/27 | | 37,000 | 39,175 |
| CBL & Associates LP: | | | |
| 4.6% 10/15/24(h)(i) | | 18,229,000 | 2 |
| 5.25% 12/1/23(h)(i) | | 11,371,000 | 1 |
| 5.95% 12/15/26(h)(i) | | 10,317,000 | 1 |
| Crown Castle International Corp.: | | | |
| 2.25% 1/15/31 | | 5,000,000 | 4,173,198 |
| 2.5% 7/15/31 | | 5,000,000 | 4,207,026 |
| 3.8% 2/15/28 | | 2,000,000 | 1,908,555 |
| CTR Partnership LP/CareTrust Capital Corp. 3.875% 6/30/28 (g) | | 26,490,000 | 23,719,411 |
| EPR Properties: | | | |
| 3.6% 11/15/31 | | 2,000,000 | 1,546,153 |
| 4.95% 4/15/28 | | 8,000,000 | 7,233,956 |
| Equinix, Inc.: | | | |
| 3.2% 11/18/29 | | 5,000,000 | 4,526,066 |
| 3.9% 4/15/32 | | 17,000,000 | 15,631,351 |
| Global Net Lease, Inc. / Global Net Lease Operating Partnership LP 3.75% 12/15/27 (g) | | 5,075,000 | 4,289,681 |
| GLP Capital LP/GLP Financing II, Inc.: | | | |
| 5.3% 1/15/29 | | 19,193,000 | 18,713,367 |
| 5.375% 4/15/26 | | 3,000,000 | 2,996,940 |
| Hudson Pacific Properties LP 4.65% 4/1/29 | | 6,000,000 | 5,226,453 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/32 | | 30,000,000 | 27,511,004 |
| MPT Operating Partnership LP/MPT Finance Corp.: | | | |
| 3.5% 3/15/31 | | 6,000,000 | 4,199,926 |
| 4.625% 8/1/29 | | 19,835,000 | 15,421,713 |
| 5% 10/15/27 | | 5,000,000 | 4,226,675 |
| Office Properties Income Trust: | | | |
| 4.25% 5/15/24 | | 4,974,000 | 4,827,162 |
| 4.5% 2/1/25 | | 21,056,000 | 19,589,557 |
| Omega Healthcare Investors, Inc.: | | | |
| 3.375% 2/1/31 | | 2,000,000 | 1,618,199 |
| 4.5% 4/1/27 | | 2,434,000 | 2,348,135 |
| 4.95% 4/1/24 | | 2,866,000 | 2,843,469 |
| Park Intermediate Holdings LLC 4.875% 5/15/29 (g) | | 12,000,000 | 10,374,008 |
| Realty Income Corp. 4.875% 6/1/26 | | 436,000 | 438,932 |
| RLJ Lodging Trust LP: | | | |
| 3.75% 7/1/26(g) | | 8,000,000 | 7,307,759 |
| 4% 9/15/29(g) | | 22,550,000 | 18,912,685 |
| SBA Communications Corp. 3.125% 2/1/29 | | 5,000,000 | 4,235,913 |
| Senior Housing Properties Trust: | | | |
| 4.75% 5/1/24 | | 19,148,000 | 16,706,630 |
| 4.75% 2/15/28 | | 9,933,000 | 6,053,369 |
| Service Properties Trust: | | | |
| 4.65% 3/15/24 | | 3,500,000 | 3,408,110 |
| 7.5% 9/15/25 | | 7,950,000 | 7,817,156 |
| Sun Communities Operating LP 4.2% 4/15/32 | | 439,000 | 402,299 |
| Uniti Group LP / Uniti Group Finance, Inc. 6.5% 2/15/29 (g) | | 31,820,000 | 22,114,900 |
| Uniti Group, Inc.: | | | |
| 6% 1/15/30(g) | | 18,035,000 | 11,954,364 |
| 7.875% 2/15/25(g) | | 5,000,000 | 4,934,604 |
| VICI Properties LP 5.125% 5/15/32 | | 34,000,000 | 32,524,400 |
| VICI Properties LP / VICI Note Co. 4.625% 12/1/29 (g) | | 14,000,000 | 13,037,340 |
| Vornado Realty LP 3.4% 6/1/31 | | 6,000,000 | 4,597,230 |
| Welltower, Inc. 4% 6/1/25 | | 5,000,000 | 4,888,460 |
| XHR LP: | | | |
| 4.875% 6/1/29(g) | | 10,000,000 | 8,875,000 |
| 6.375% 8/15/25(g) | | 4,250,000 | 4,186,572 |
| | | | 464,493,027 |
| Real Estate Management & Development - 2.8% | | | |
| DTZ U.S. Borrower LLC 6.75% 5/15/28 (g) | | 11,165,000 | 10,777,909 |
| Five Point Operation Co. LP 7.875% 11/15/25 (g) | | 6,133,000 | 5,512,723 |
| Forestar Group, Inc.: | | | |
| 3.85% 5/15/26(g) | | 9,000,000 | 8,019,854 |
| 5% 3/1/28(g) | | 5,000,000 | 4,362,514 |
| Greystar Real Estate Partners 5.75% 12/1/25 (g) | | 6,885,000 | 6,770,915 |
| Howard Hughes Corp.: | | | |
| 4.125% 2/1/29(g) | | 14,960,000 | 12,918,259 |
| 4.375% 2/1/31(g) | | 22,625,000 | 18,799,873 |
| 5.375% 8/1/28(g) | | 11,900,000 | 11,024,041 |
| Kennedy-Wilson, Inc.: | | | |
| 4.75% 3/1/29 | | 19,075,000 | 16,023,000 |
| 4.75% 2/1/30 | | 26,715,000 | 21,912,578 |
| 5% 3/1/31 | | 6,960,000 | 5,677,307 |
| Realogy Group LLC/Realogy Co-Issuer Corp. 5.75% 1/15/29 (g) | | 4,965,000 | 3,885,113 |
| Realogy Group LLC/Realogy Co.-Issuer Corp. 5.25% 4/15/30 (g) | | 15,000,000 | 11,250,000 |
| Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 6/15/27 (g) | | 1,798,000 | 1,767,344 |
| | | | 138,701,430 |
TOTAL REAL ESTATE | | | 603,194,457 |
| | | | |
| TOTAL NONCONVERTIBLE BONDS | | | 818,544,155 |
| TOTAL CORPORATE BONDS (Cost $974,802,263) | | | 882,231,104 |
| | | | |
| Asset-Backed Securities - 1.5% |
| | | Principal Amount (f) | Value ($) |
| American Homes 4 Rent: | | | |
| Series 2015-SFR1 Class F, 5.885% 4/17/52 (g) | | 2,000,000 | 1,949,125 |
| Series 2015-SFR2: | | | |
Class E, 6.07% 10/17/52 (g) | | 8,259,000 | 8,138,974 |
Class XS, 0% 10/17/52 (d)(g)(i)(j) | | 4,514,831 | 45 |
| Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (d)(e)(g)(i) | | 2,250,000 | 0 |
| Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 | | 377,473 | 347,043 |
| GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 7.4584% 2/22/36 (d)(e)(g) | | 2,142,000 | 2,116,412 |
| Green Tree Financial Corp.: | | | |
| Series 1996-4 Class M1, 7.75% 6/15/27 (d) | | 235,351 | 234,821 |
| Series 1997-3 Class M1, 7.53% 3/15/28 | | 2,224,405 | 2,096,953 |
| Home Partners of America Trust: | | | |
| Series 2019-2 Class F, 3.866% 10/19/39 (g) | | 2,769,158 | 2,364,616 |
| Series 2021-1 Class F, 3.325% 9/17/41 (g) | | 6,769,690 | 5,390,526 |
| Series 2021-2 Class G, 4.505% 12/17/26 (g) | | 27,963,465 | 23,487,655 |
| Series 2021-3 Class F, 4.242% 1/17/41 (g) | | 10,079,208 | 8,488,830 |
| Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 | | 497,467 | 351,620 |
| Merit Securities Corp. Series 13 Class M1, 7.88% 12/28/33 (d) | | 733,697 | 721,331 |
| New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/39 (g) | | 2,900,000 | 2,431,629 |
| Progress Residential Trust Series 2019-SFR3 Class F, 3.867% 9/17/36 (g) | | 1,000,000 | 945,550 |
| Tricon American Homes: | | | |
| Series 2017-SFR2 Class F, 5.104% 1/17/36 (g) | | 3,785,000 | 3,680,014 |
| Series 2018-SFR1 Class F, 4.96% 5/17/37 (g) | | 8,282,000 | 7,835,998 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/38 (g) | | 3,000,000 | 2,559,292 |
| TOTAL ASSET-BACKED SECURITIES (Cost $83,658,108) | | | 73,140,434 |
| | | | |
| Collateralized Mortgage Obligations - 0.0% |
| | | Principal Amount (f) | Value ($) |
| U.S. Government Agency - 0.0% | | | |
| Fannie Mae REMIC Trust: | | | |
| Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.4962% 2/25/42 (d)(g)(i) | | 24,467 | 8,028 |
| Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.4293% 6/25/43 (d)(g) | | 42,602 | 30,438 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $48,668) | | | 38,466 |
| | | | |
| Commercial Mortgage Securities - 24.0% |
| | | Principal Amount (f) | Value ($) |
| BANK sequential payer Series 2021-BN33 Class A5, 2.556% 5/15/64 | | 14,931,000 | 12,773,926 |
| Bank sequential payer Series 2021-BN36 Class A5, 2.47% 9/15/64 | | 25,000,000 | 21,099,068 |
| BANK: | | | |
| sequential payer: | | | |
Series 2022-BNK39 Class A4, 2.928% 2/15/55 | | 13,750,000 | 12,020,518 |
Series 2022-BNK42 Class D, 2.5% 6/15/55 (g) | | 2,000,000 | 1,146,914 |
Series 2022-BNK42, Class A5, 4.493% 6/15/55 (d) | | 20,000,000 | 19,759,460 |
Series 2022-BNK43 Class A5, 4.399% 8/15/55 | | 10,485,000 | 10,269,706 |
Series 2022-BNK44, Class A5, 5.7462% 11/15/55 | | 10,000,000 | 10,821,301 |
| Series 2017-BNK8 Class E, 2.8% 11/15/50 (g) | | 11,374,393 | 6,453,207 |
| Series 2018-BN12 Class D, 3% 5/15/61 (g) | | 1,682,000 | 1,124,652 |
| Series 2020-BN30 Class MCDG, 2.9182% 12/15/53 (d) | | 2,000,000 | 1,174,947 |
| Series 2021-BN38 Class C, 3.2171% 12/15/64 (d) | | 3,505,000 | 2,535,100 |
| Series 2022-BNK41, Class C, 3.79% 4/15/65 (d) | | 4,433,000 | 3,338,486 |
| Series 2022-BNK42 Class C, 4.7217% 6/15/55 (d) | | 6,500,000 | 5,384,504 |
| Series 2022-BNK43 Class D, 3% 8/15/55 (g) | | 5,344,000 | 3,147,393 |
| Bank of America Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8383% 7/15/49 (d) | | 3,030,000 | 2,763,748 |
| Barclays Commercial Mortgage Securities sequential payer Series 2021-C12 Class A5, 2.689% 11/15/54 | | 25,000,000 | 21,424,388 |
| BBCMS Series 2022-C15 Class C, 3.8309% 4/15/55 (d) | | 3,094,000 | 2,338,681 |
| BBCMS Mortgage Trust: | | | |
| sequential payer Series 2022-C17: | | | |
Class C, 5.45% 9/15/55 | | 2,000,000 | 1,708,372 |
Class D, 2.5% 9/15/55 (g) | | 2,000,000 | 1,128,823 |
| Series 2019-C3 Class C, 4.178% 5/15/52 | | 6,775,000 | 5,619,386 |
| Series 2020-C6 Class C, 3.045% 2/15/53 | | 1,129,000 | 847,643 |
| Series 2020-C7 Class C, 3.6034% 4/15/53 (d) | | 2,067,000 | 1,619,092 |
| Series 2022-C16 Class C, 4.6% 6/15/55 (d) | | 5,250,000 | 4,188,641 |
| Benchmark Mortgage Trust: | | | |
| sequential payer: | | | |
Series 2019-B13 Class A4, 2.952% 8/15/57 | | 19,715,000 | 17,679,949 |
Series 2019-B14: | | | |
| Class 225D, 3.2943% 12/15/62 (d)(g)(i) | | 3,427,000 | 2,858,402 |
| Class 225E, 3.2943% 12/15/62 (d)(g)(i) | | 5,141,000 | 3,478,893 |
Series 2021-B28 Class A5, 2.2237% 8/15/54 | | 10,000,000 | 8,274,141 |
Series 2021-B29, Class A5, 2.3879% 9/15/54 | | 15,000,000 | 12,575,060 |
Series 2022-B34 Class A5, 3.786% 4/15/55 | | 22,168,402 | 20,615,592 |
Series 2022-B35 Class A5, 4.4452% 5/15/55 (d) | | 27,302,000 | 26,930,294 |
| Series 2019-B13 Class D, 2.5% 8/15/57 (g) | | 1,000,000 | 614,347 |
| Series 2020-B18 Class AGNG, 4.3885% 7/15/53 (d)(g) | | 11,379,000 | 9,604,434 |
| Series 2022-B32 Class A5, 3.0019% 1/15/55 | | 26,618,000 | 23,183,471 |
| Series 2022-B35: | | | |
Class C, 4.4452% 5/15/55 (d) | | 9,500,000 | 7,662,954 |
Class D, 2.5% 5/15/55 (g) | | 3,500,000 | 1,978,632 |
| Series 2022-B36: | | | |
Class C, 5.1189% 7/15/55 (d) | | 2,000,000 | 1,714,069 |
Class D, 2.5% 7/15/55 (g) | | 3,828,000 | 2,062,103 |
| Bx 2021-Xl2 floater Series 2021-XL2 Class J, 1 month U.S. LIBOR + 3.890% 8.349% 10/15/38 (d)(e)(g) | | 7,254,325 | 6,766,293 |
| BX Commercial Mortgage Trust: | | | |
| floater: | | | |
Series 2021-CIP Class F, 1 month U.S. LIBOR + 3.210% 7.678% 12/15/38 (d)(e)(g) | | 7,790,000 | 7,205,161 |
Series 2021-PAC Class G, 1 month U.S. LIBOR + 2.940% 7.4061% 10/15/36 (d)(e)(g) | | 17,232,000 | 16,170,974 |
Series 2021-VINO Class G, 1 month U.S. LIBOR + 3.950% 8.4113% 5/15/38 (d)(e)(g) | | 20,979,000 | 19,601,403 |
| Series 2020-VIVA Class E, 3.5488% 3/11/44 (d)(g) | | 20,898,990 | 16,092,258 |
| Bx Commercial Mortgage Trust 2 floater Series 2022-LP2 Class G, CME Term SOFR 1 Month Index + 4.100% 8.5838% 2/15/39 (d)(e)(g) | | 5,106,145 | 4,805,020 |
| BX Trust: | | | |
| floater: | | | |
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 8.059% 4/15/34 (d)(e)(g) | | 5,181,000 | 4,841,147 |
Series 2019-XL: | | | |
| Class G, CME Term SOFR 1 Month Index + 2.410% 6.8925% 10/15/36 (d)(e)(g) | | 13,391,750 | 13,030,814 |
| Class J, CME Term SOFR 1 Month Index + 2.760% 7.2425% 10/15/36 (d)(e)(g) | | 15,217,550 | 14,720,790 |
Series 2021-21M Class H, 1 month U.S. LIBOR + 4.010% 8.469% 10/15/36 (d)(e)(g) | | 2,172,454 | 1,998,290 |
Series 2021-ACNT Class G, 1 month U.S. LIBOR + 3.290% 7.755% 11/15/38 (d)(e)(g) | | 20,581,000 | 19,487,517 |
Series 2021-BXMF Class G, 1 month U.S. LIBOR + 3.340% 7.8085% 10/15/26 (d)(e)(g) | | 23,874,000 | 21,894,635 |
Series 2021-SOAR Class J, 8.21% 6/15/38 (d)(g) | | 18,862,116 | 17,741,966 |
Series 2021-VOLT Class G, 1 month U.S. LIBOR + 2.850% 7.309% 9/15/36 (d)(e)(g) | | 5,000,000 | 4,741,542 |
Series 2022-LBA6: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.350% 7.828% 1/15/39 (d)(e)(g) | | 6,200,000 | 5,745,667 |
| Class G, CME Term SOFR 1 Month Index + 4.200% 8.678% 1/15/39 (d)(e)(g) | | 11,340,000 | 10,592,742 |
Series 2022-VAMF Class F, CME Term SOFR 1 Month Index + 3.290% 7.777% 1/15/39 (d)(e)(g) | | 4,367,000 | 4,071,760 |
| floater sequential payer Series 2021-LGCY Class J, 1 month U.S. LIBOR + 3.190% 7.652% 10/15/36 (d)(e)(g) | | 19,151,000 | 17,238,196 |
| Series 2019-OC11 Class E, 3.944% 12/9/41 (d)(g) | | 22,521,000 | 18,103,884 |
| BXP Trust Series 2021-601L Class E, 2.7755% 1/15/44 (d)(g) | | 5,754,000 | 3,245,064 |
| CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 7.709% 12/15/37 (d)(e)(g) | | 14,973,000 | 14,030,411 |
| CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (g) | | 3,353,000 | 2,226,397 |
| Citigroup Commercial Mortgage Trust: | | | |
| sequential payer Series 2019-C7 Class A4, 3.102% 12/15/72 | | 14,820,000 | 13,283,702 |
| Series 2016-C3 Class D, 3% 11/15/49 (g) | | 7,010,000 | 4,396,784 |
| Series 2022-GC48: | | | |
Class D, 2.5% 6/15/55 (g) | | 4,000,000 | 2,251,961 |
Class E, 2.5% 6/15/55 (g) | | 2,000,000 | 1,017,693 |
| COMM Mortgage Trust: | | | |
| floater Series 2018-HCLV: | | | |
Class F, 1 month U.S. LIBOR + 3.150% 7.609% 9/15/33 (d)(e)(g) | | 4,265,000 | 3,345,422 |
Class G, 1 month U.S. LIBOR + 5.150% 9.6153% 9/15/33 (d)(e)(g) | | 4,265,000 | 3,259,597 |
| sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (g) | | 4,741,000 | 4,061,243 |
| Series 2012-CR1: | | | |
Class D, 5.3527% 5/15/45 (d)(g) | | 5,550,000 | 4,063,457 |
Class G, 2.462% 5/15/45 (g)(i) | | 6,346,000 | 1,815,566 |
| Series 2014-UBS2 Class D, 4.9814% 3/10/47 (d)(g) | | 3,713,000 | 3,314,349 |
| Series 2017-CD4 Class D, 3.3% 5/10/50 (g) | | 2,769,000 | 2,054,520 |
| Series 2019-CD4 Class C, 4.3497% 5/10/50 (d) | | 3,000,000 | 2,458,110 |
| COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (g) | | 2,769,000 | 2,021,218 |
| Commercial Mortgage Trust pass-thru certificates Series 2012-CR2: | | | |
| Class D, 4.871% 8/15/45 (d)(g) | | 1,804,916 | 1,665,157 |
| Class E, 4.871% 8/15/45 (d)(g) | | 8,000,000 | 6,632,354 |
| Class F, 4.25% 8/15/45 (g) | | 2,000,000 | 1,418,128 |
| Credit Suisse Commercial Mortgage Trust floater Series 2021-SOP2 Class F, 1 month U.S. LIBOR + 4.210% 8.6759% 6/15/34 (e)(g) | | 7,120,000 | 6,398,920 |
| Credit Suisse Mortgage Trust: | | | |
| floater: | | | |
Series 2021-4SZN Class A, CME Term SOFR 1 Month Index + 3.960% 8.4455% 11/15/23 (d)(e)(g) | | 906,000 | 877,332 |
Series 2021-BPNY Class A, 1 month U.S. LIBOR + 3.710% 8.1744% 8/15/23 (d)(e)(g) | | 18,000,000 | 17,385,615 |
| Series 2020-NET: | | | |
Class E, 3.7042% 8/15/37 (d)(g) | | 9,400,000 | 8,135,841 |
Class F, 3.7042% 8/15/37 (d)(g) | | 7,050,000 | 5,994,718 |
| Series 2021-BRIT Class A, CME Term SOFR 1 Month Index + 3.570% 8.0517% 5/15/23 (d)(e)(g) | | 9,280,000 | 8,745,088 |
| CSAIL Commercial Mortgage Trust: | | | |
| sequential payer Series 2019-C15 Class A4, 4.0529% 3/15/52 | | 9,425,000 | 8,948,741 |
| Series 2017-C8 Class D, 4.4378% 6/15/50 (d)(g) | | 4,297,000 | 3,142,035 |
| DBUBS Mortgage Trust Series 2011-LC3A Class D, 5.3553% 8/10/44 (d)(g)(i) | | 2,924,187 | 2,741,179 |
| ELP Commercial Mortgage Trust floater Series 2021-ELP Class J, 1 month U.S. LIBOR + 3.610% 8.0749% 11/15/38 (d)(e)(g) | | 15,448,000 | 14,490,433 |
| GS Mortgage Securities Corp. Trust floater Series 2019-70P Class E, 1 month U.S. LIBOR + 2.200% 6.659% 10/15/36 (d)(e)(g) | | 7,437,000 | 6,727,474 |
| GS Mortgage Securities Trust: | | | |
| floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 7.059% 7/15/35 (d)(e)(g)(i) | | 3,808,000 | 2,526,935 |
| sequential payer: | | | |
Series 2019-GSA1 Class A4, 3.0479% 11/10/52 | | 25,860,000 | 23,194,426 |
Series 2021-GSA3 Class A5, 2.6183% 12/15/54 | | 12,657,000 | 10,647,981 |
| Series 2011-GC5: | | | |
Class C, 5.1538% 8/10/44 (d)(g) | | 8,899,000 | 6,455,362 |
Class D, 5.1538% 8/10/44 (d)(g) | | 2,733,635 | 1,135,075 |
Class E, 5.1538% 8/10/44 (d)(g)(i) | | 8,138,000 | 734,219 |
Class F, 4.5% 8/10/44 (g)(i) | | 7,897,000 | 27,699 |
| Series 2012-GCJ9: | | | |
Class D, 4.8029% 11/10/45 (d)(g) | | 4,870,833 | 4,506,008 |
Class E, 4.8029% 11/10/45 (d)(g) | | 1,908,000 | 1,640,828 |
| Series 2013-GC16: | | | |
Class D, 5.3111% 11/10/46 (d)(g) | | 3,708,000 | 3,498,311 |
Class F, 3.5% 11/10/46 (g) | | 7,221,000 | 6,577,404 |
| Series 2021-RENT Class G, 1 month U.S. LIBOR + 5.700% 10.2084% 11/21/35 (d)(e)(g)(i) | | 6,938,114 | 5,810,524 |
| Hilton U.S.A. Trust Series 2016-HHV Class F, 4.1935% 11/5/38 (d)(g) | | 20,270,000 | 17,556,108 |
| IMT Trust Series 2017-APTS Class EFX, 3.4966% 6/15/34 (d)(g) | | 9,213,000 | 8,531,712 |
| Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (g) | | 2,896,000 | 2,723,028 |
| Intown Mortgage Trust floater Series 2022-STAY Class E, CME Term SOFR 1 Month Index + 5.030% 9.5094% 8/15/39 (d)(e)(g) | | 2,000,000 | 1,978,110 |
| JPMBB Commercial Mortgage Securities Trust: | | | |
| Series 2014-C23 Class UH5, 4.7094% 9/15/47 (g) | | 8,640,000 | 6,336,108 |
| Series 2014-C26 Class D, 3.8743% 1/15/48 (d)(g) | | 3,398,000 | 2,758,297 |
| JPMDB Commercial Mortgage Securities Trust: | | | |
| sequential payer Series 2019-COR6 Class A4, 3.0565% 11/13/52 | | 13,000,000 | 11,342,010 |
| Series 2018-C8 Class D, 3.3107% 6/15/51 (d)(g) | | 1,698,000 | 1,159,352 |
| JPMorgan Chase Commercial Mortgage Securities Trust: | | | |
| sequential payer Series 2021-1MEM Class E, 2.6535% 10/9/42 (d)(g) | | 9,552,000 | 6,043,653 |
| Series 2011-C3: | | | |
Class E, 5.5251% 2/15/46 (d)(g)(i) | | 13,774,000 | 6,033,548 |
Class G, 4.409% 2/15/46 (d)(g) | | 4,671,000 | 398,270 |
Class H, 4.409% 2/15/46 (d)(g)(i) | | 7,077,000 | 618,398 |
| Series 2012-CBX: | | | |
Class E, 4.6896% 6/15/45 (d)(g)(i) | | 4,953,910 | 4,118,749 |
Class F, 4% 6/15/45 (g)(i) | | 8,192,000 | 2,927,362 |
Class G 4% 6/15/45 (g) | | 4,044,000 | 938,958 |
| Series 2013-LC11: | | | |
Class D, 4.2611% 4/15/46 (d)(i) | | 7,722,000 | 6,472,134 |
Class E, 3.25% 4/15/46 (d)(g) | | 472,000 | 221,795 |
Class F, 3.25% 4/15/46 (d)(g)(i) | | 2,518,000 | 348,995 |
| Series 2014-DSTY Class E, 3.8046% 6/10/27 (d)(g)(i) | | 8,161,000 | 20,120 |
| Series 2018-AON Class F, 4.6132% 7/5/31 (d)(g) | | 5,039,000 | 3,560,820 |
| Series 2020-NNN Class FFX, 4.6254% 1/16/37 (g) | | 2,000,000 | 1,653,578 |
| KNDR Trust floater Series 2021-KIND Class F, 1 month U.S. LIBOR + 3.950% 8.409% 8/15/38 (d)(e)(g) | | 7,103,659 | 6,380,613 |
| MED Trust floater Series 2021-MDLN Class G, 1 month U.S. LIBOR + 5.250% 9.71% 11/15/38 (d)(e)(g) | | 18,206,910 | 16,936,610 |
| Merit floater Series 2021-STOR Class J, 1 month U.S. LIBOR + 3.950% 8.409% 7/15/38 (d)(e)(g) | | 3,476,000 | 3,307,338 |
| MHC Commercial Mortgage Trust floater Series 2021-MHC Class G, 1 month U.S. LIBOR + 3.200% 7.66% 4/15/38 (d)(e)(g) | | 20,601,000 | 19,724,757 |
| MHP Commercial Mortgage Trust floater Series 2022-MHIL: | | | |
| Class F, CME Term SOFR 1 Month Index + 3.250% 7.7372% 1/15/27 (d)(e)(g) | | 4,182,990 | 3,942,083 |
| Class G, CME Term SOFR 1 Month Index + 3.950% 8.4355% 1/15/27 (d)(e)(g) | | 18,873,495 | 17,616,723 |
| Morgan Stanley BAML Trust: | | | |
| Series 2012-C6 Class D, 4.5398% 11/15/45 (d)(g) | | 2,000,000 | 1,760,549 |
| Series 2012-C6, Class F, 4.5398% 11/15/45 (d)(g) | | 2,500,000 | 1,937,712 |
| Series 2013-C12 Class D, 4.7613% 10/15/46 (d)(g) | | 7,164,000 | 6,379,659 |
| Series 2013-C13: | | | |
Class D, 4.8952% 11/15/46 (d)(g) | | 6,218,000 | 5,748,752 |
Class E, 4.8952% 11/15/46 (d)(g) | | 3,341,000 | 2,914,476 |
| Series 2013-C9: | | | |
Class C, 4.014% 5/15/46 (d) | | 3,302,000 | 2,975,291 |
Class D, 4.102% 5/15/46 (d)(g) | | 5,137,000 | 4,472,572 |
| Series 2016-C30 Class D, 3% 9/15/49 (g) | | 2,726,000 | 1,772,206 |
| Morgan Stanley Capital I Trust: | | | |
| Series 1998-CF1 Class G, 7.35% 7/15/32 (d)(g) | | 14,270 | 14,147 |
| Series 2011-C2: | | | |
Class D, 5.2113% 6/15/44 (d)(g) | | 3,403,110 | 3,205,968 |
Class F, 5.2113% 6/15/44 (d)(g)(i) | | 4,440,000 | 2,848,271 |
Class XB, 0.445% 6/15/44 (d)(g)(j) | | 28,858,802 | 105,482 |
| Series 2011-C3: | | | |
Class D, 5.0825% 7/15/49 (d)(g) | | 7,317,000 | 7,091,301 |
Class E, 5.0825% 7/15/49 (d)(g)(i) | | 3,456,000 | 2,979,798 |
Class F, 5.0825% 7/15/49 (d)(g)(i) | | 5,624,050 | 3,582,955 |
Class G, 5.0825% 7/15/49 (d)(g)(i) | | 5,049,500 | 2,816,697 |
| Series 2015-MS1 Class D, 4.024% 5/15/48 (d)(g) | | 10,833,000 | 8,953,948 |
| Series 2016-BNK2 Class C, 3% 11/15/49 (g)(i) | | 2,966,000 | 2,195,071 |
| Series 2017-H1: | | | |
Class C, 4.281% 6/15/50 | | 2,470,594 | 2,153,280 |
Class D, 2.546% 6/15/50 (g) | | 5,000,000 | 3,528,079 |
| Series 2018-H4 Class A4, 4.31% 12/15/51 | | 14,240,929 | 13,860,142 |
| Series 2020-L4, Class C, 3.536% 2/15/53 | | 2,765,000 | 2,137,093 |
| MSC sequential payer Series 2021-L7 Class A5, 2.574% 10/15/54 | | 10,055,000 | 8,403,015 |
| MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 4.851% 9/5/47 (d)(g) | | 1,500,000 | 1,039,524 |
| Natixis Commercial Mortgage Securities Trust: | | | |
| floater Series 2018-FL1 Class WAN2, 1 month U.S. LIBOR + 3.750% 8.209% 6/15/35 (d)(e)(g) | | 651,000 | 498,134 |
| Series 2020-2PAC Class AMZ3, 3.5% 1/15/37 (d)(g) | | 2,502,675 | 2,124,273 |
| OPG Trust floater Series 2021-PORT: | | | |
| Class G, 1 month U.S. LIBOR + 2.390% 6.857% 10/15/36 (d)(e)(g) | | 4,776,372 | 4,501,406 |
| Class J, 1 month U.S. LIBOR + 3.340% 7.805% 10/15/36 (d)(e)(g) | | 8,554,840 | 7,946,935 |
| PKHL Commercial Mortgage Trust floater Series 2021-MF: | | | |
| Class E, 1 month U.S. LIBOR + 2.600% 7.06% 7/15/38 (d)(e)(g) | | 500,000 | 460,841 |
| Class G, 1 month U.S. LIBOR + 4.350% 8.81% 7/15/38 (d)(e)(g) | | 5,944,000 | 5,407,687 |
| Prima Capital CRE Securitization Ltd. Series 2020-8A Class C, 3% 12/1/70 (g) | | 9,277,000 | 7,009,568 |
| Prima Capital Ltd. floater Series 2021-9A Class C, 1 month U.S. LIBOR + 2.350% 6.8357% 12/15/37 (d)(e)(g) | | 5,000,000 | 4,672,730 |
| Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g) | | 2,961,734 | 3,068,579 |
| ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 7.4059% 3/25/34 (d)(e)(g) | | 3,401,000 | 3,340,882 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/37 (d)(g) | | 5,000,000 | 4,370,250 |
| SLG Office Trust: | | | |
| sequential payer Series 2021-OVA Class A, 2.5854% 7/15/41 (g) | | 13,377,000 | 11,156,434 |
| Series 2021-OVA Class G, 2.8506% 7/15/41 (g) | | 5,000,000 | 3,195,622 |
| SMRT Commercial Mortgage Trust floater Series 2022-MINI Class F, CME Term SOFR 1 Month Index + 3.350% 7.829% 1/15/39 (d)(e)(g) | | 19,615,000 | 18,165,283 |
| SREIT Trust floater: | | | |
| Series 2021-IND Class G, 1 month U.S. LIBOR + 3.260% 7.7248% 10/15/38 (d)(e)(g) | | 12,754,000 | 11,704,844 |
| Series 2021-MFP Class G, 1 month U.S. LIBOR + 2.970% 7.4328% 11/15/38 (d)(e)(g) | | 3,874,000 | 3,628,217 |
| Series 2021-MFP2 Class J, 1 month U.S. LIBOR + 3.910% 8.3745% 11/15/36 (d)(e)(g) | | 10,872,000 | 10,186,963 |
| STWD Trust floater sequential payer Series 2021-LIH: | | | |
| Class E, 1 month U.S. LIBOR + 2.900% 7.362% 11/15/36 (d)(e)(g) | | 4,985,000 | 4,673,404 |
| Class F, 1 month U.S. LIBOR + 3.550% 8.01% 11/15/36 (d)(e)(g) | | 15,282,000 | 14,315,247 |
| Class G, 1 month U.S. LIBOR + 4.200% 8.659% 11/15/36 (d)(e)(g) | | 9,177,000 | 8,555,661 |
| SUMIT Mortgage Trust Series 2022-BVUE: | | | |
| Class D, 2.8925% 2/12/41 (d)(g) | | 6,000,000 | 4,306,920 |
| Class F, 2.8925% 2/12/41 (d)(g) | | 3,211,000 | 2,039,791 |
| TPGI Trust floater Series 2021-DGWD Class G, 1 month U.S. LIBOR + 3.850% 8.31% 6/15/26 (d)(e)(g) | | 7,308,000 | 6,927,581 |
| UBS Commercial Mortgage Trust Series 2012-C1: | | | |
| Class D, 6.6333% 5/10/45 (d)(g) | | 321,258 | 292,011 |
| Class E, 5% 5/10/45 (d)(g)(i) | | 6,268,000 | 2,443,266 |
| Class F, 5% 5/10/45 (d)(g)(i) | | 2,221,350 | 106,242 |
| UBS-BAMLL Trust Series 12-WRM Class D, 4.238% 6/10/30 (d)(g)(i) | | 2,143,000 | 1,934,813 |
| VASA Trust: | | | |
| floater Series 2021-VASA Class G, 1 month U.S. LIBOR + 5.000% 9.459% 7/15/39 (d)(e)(g) | | 800,000 | 712,607 |
| floater sequential payer Series 2021-VASA Class F, 1 month U.S. LIBOR + 3.900% 8.359% 7/15/39 (d)(e)(g) | | 6,685,000 | 6,009,851 |
| VMC Finance Ltd. floater Series 2021-HT1 Class B, 1 month U.S. LIBOR + 4.500% 8.97% 1/18/37 (d)(e)(g) | | 18,580,000 | 17,505,686 |
| Wells Fargo Commercial Mortgage Trust: | | | |
| Series 2016-BNK1 Class D, 3% 8/15/49 (g) | | 6,979,000 | 4,203,473 |
| Series 2016-NXS6 Class D, 3.059% 11/15/49 (g) | | 5,037,000 | 3,789,516 |
| Series 2019-C52 Class C, 3.561% 8/15/52 | | 883,000 | 681,141 |
| WF-RBS Commercial Mortgage Trust: | | | |
| sequential payer Series 2011-C4I Class G, 5% 6/15/44 (d)(i) | | 3,955,000 | 251,488 |
| Series 2011-C3: | | | |
Class D, 5.3781% 3/15/44 (d)(g) | | 1,537,072 | 576,402 |
Class E, 5% 3/15/44 (g)(i) | | 2,966,000 | 14,726 |
| Series 2011-C5: | | | |
Class E, 5.5718% 11/15/44 (d)(g) | | 2,061,452 | 1,955,100 |
Class F, 5.25% 11/15/44 (d)(g) | | 3,500,000 | 3,178,795 |
Class G, 5.25% 11/15/44 (d)(g) | | 2,000,000 | 1,735,640 |
| Series 2013-C11 Class E, 4.2033% 3/15/45 (d)(g) | | 4,727,000 | 3,828,856 |
| Series 2013-C13 Class D, 4.2111% 5/15/45 (d)(g) | | 3,955,000 | 3,859,085 |
| WP Glimcher Mall Trust Series 2015-WPG: | | | |
| Class PR1, 3.516% 6/5/35 (d)(g) | | 6,725,000 | 5,454,043 |
| Class PR2, 3.516% 6/5/35 (d)(g) | | 2,541,000 | 1,938,534 |
| TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $1,353,081,986) | | | 1,192,927,381 |
| | | | |
| Bank Loan Obligations - 1.8% |
| | | Principal Amount (f) | Value ($) |
| CONSUMER DISCRETIONARY - 0.2% | | | |
| Hotels, Restaurants & Leisure - 0.2% | | | |
| BRE/Everbright M6 Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 5.000% 9.4299% 9/9/26 (d)(e)(k) | | 8,341,200 | 8,271,718 |
| FINANCIALS - 1.5% | | | |
| Diversified Financial Services - 1.5% | | | |
| Agellan Portfolio 9% 8/7/25 (i)(k) | | 6,611,000 | 6,611,000 |
| Mhp 2022-Mhil Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 5.000% 9.478% 1/9/24 (d)(e)(i)(k) | | 24,679,910 | 23,445,915 |
| Sunbelt Mezz U.S. Secured Overnight Fin. Rate (SOFR) Index + 4.450% 8.8986% 1/21/27 (d)(e)(i)(k) | | 18,837,337 | 18,837,337 |
| Veritas Multifamily Portfolio 1 month U.S. LIBOR + 8.500% 12.8179% 11/15/23 (d)(e)(i)(k) | | 29,336,049 | 26,695,805 |
| | | | 75,590,057 |
| REAL ESTATE - 0.1% | | | |
| Real Estate Management & Development - 0.1% | | | |
| DTZ U.S. Borrower LLC Tranche B 1LN, term loan 1 month U.S. LIBOR + 2.750% 7.1336% 8/21/25 (d)(e)(k) | | 4,974,425 | 4,949,552 |
| TOTAL BANK LOAN OBLIGATIONS (Cost $92,595,120) | | | 88,811,327 |
| | | | |
| Preferred Securities - 0.1% |
| | | Principal Amount (f) | Value ($) |
| ENERGY - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| Energy Transfer LP 7.125% (d)(l) | | 6,000,000 | 5,573,113 |
| FINANCIALS - 0.0% | | | |
| Diversified Financial Services - 0.0% | | | |
| Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)(i) | | 1,220,000 | 12 |
| Thrifts & Mortgage Finance - 0.0% | | | |
| Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)(i) | | 500,000 | 0 |
TOTAL FINANCIALS | | | 12 |
| TOTAL PREFERRED SECURITIES (Cost $7,297,768) | | | 5,573,125 |
| | | | |
| Money Market Funds - 8.8% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (m) | | 437,328,412 | 437,415,878 |
| Fidelity Securities Lending Cash Central Fund 4.38% (m)(n) | | 680,807 | 680,875 |
| TOTAL MONEY MARKET FUNDS (Cost $438,049,734) | | | 438,096,753 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 99.4% (Cost $4,951,859,587) | 4,946,689,876 |
NET OTHER ASSETS (LIABILITIES) - 0.6% | 30,452,861 |
| NET ASSETS - 100.0% | 4,977,142,737 |
| | |
Legend
| (c) | Security or a portion of the security is on loan at period end. |
| (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 $1,296,629,433 or 26.1% of net assets. |
| (h) | Non-income producing - Security is in default. |
| (j) | Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period. |
| (k) | Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. |
| (l) | Security is perpetual in nature with no stated maturity date. |
| (m) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (n) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate | Value, beginning of period ($) | 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 4.38% | 750,712,446 | 582,977,203 | 896,273,771 | 8,747,195 | - | - | 437,415,878 | 0.9% |
| Fidelity Securities Lending Cash Central Fund 4.38% | - | 18,212,485 | 17,531,610 | 279 | - | - | 680,875 | 0.0% |
| Total | 750,712,446 | 601,189,688 | 913,805,381 | 8,747,474 | - | - | 438,096,753 | |
| | | | | | | | | |
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.
Amount 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. | 18,330,271 | - | - | 700,862 | 197,355 | (3,742,569) | 14,587,702 |
| Great Ajax Corp. 7.25% | 15,139,304 | - | - | 554,119 | - | (152,861) | 14,986,443 |
| Total | 33,469,575 | - | - | 1,254,981 | 197,355 | (3,895,430) | 29,574,145 |
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, 2023, 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 | 46,722,780 | 46,722,780 | - | - |
Financials | 513,648,008 | 498,661,565 | 14,986,443 | - |
Industrials | 18,468,106 | 18,468,106 | - | - |
Information Technology | 2,385,054 | 2,385,054 | - | - |
Real Estate | 1,684,647,338 | 1,662,818,465 | 21,828,873 | - |
|
| Corporate Bonds | 882,231,104 | - | 882,231,100 | 4 |
|
| Asset-Backed Securities | 73,140,434 | - | 73,140,389 | 45 |
|
| Collateralized Mortgage Obligations | 38,466 | - | 30,438 | 8,028 |
|
| Commercial Mortgage Securities | 1,192,927,381 | - | 1,133,221,331 | 59,706,050 |
|
| Bank Loan Obligations | 88,811,327 | - | 13,221,270 | 75,590,057 |
|
| Preferred Securities | 5,573,125 | - | 5,573,113 | 12 |
|
| Money Market Funds | 438,096,753 | 438,096,753 | - | - |
| Total Investments in Securities: | 4,946,689,876 | 2,667,152,723 | 2,144,232,957 | 135,304,196 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Bank Loan Obligations | | | |
| Beginning Balance | $ | 78,982,346 | |
| Net Realized Gain (Loss) on Investment Securities | | 38 | |
| Net Unrealized Gain (Loss) on Investment Securities | | (2,674,657) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (720,128) | |
| Amortization/Accretion | | 2,458 | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 75,590,057 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (2,674,657) | |
| Commercial Mortgage Securities | | | |
| Beginning Balance | $ | 43,384,637 | |
| Net Realized Gain (Loss) on Investment Securities | | (2,510,037) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 2,902,996 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (4,908,131) | |
| Amortization/Accretion | | (291,287) | |
| Transfers into Level 3 | | 40,180,968 | |
| Transfers out of Level 3 | | (19,053,096) | |
| Ending Balance | $ | 59,706,050 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 586,301 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 45,124 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (7,043) | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (1,530) | |
| Amortization/Accretion | | (280) | |
| Transfers into Level 3 | | 6,546 | |
| Transfers out of Level 3 | | (34,728) | |
| Ending Balance | $ | 8,089 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (7,043) | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $680,456) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $4,477,771,236) | $ | 4,479,018,978 | | |
Fidelity Central Funds (cost $438,049,734) | | 438,096,753 | | |
Other affiliated issuers (cost $36,038,617) | | 29,574,145 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $4,951,859,587) | | | $ | 4,946,689,876 |
| Cash | | | | 41,564 |
| Foreign currency held at value (cost $41) | | | | 41 |
| Receivable for investments sold | | | | 41,458 |
| Receivable for fund shares sold | | | | 12,728,858 |
| Dividends receivable | | | | 3,037,507 |
| Interest receivable | | | | 20,970,001 |
| Distributions receivable from Fidelity Central Funds | | | | 1,532,917 |
| Prepaid expenses | | | | 5,635 |
Total assets | | | | 4,985,047,857 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 243,335 | | |
| Payable for fund shares redeemed | | 4,002,638 | | |
| Accrued management fee | | 2,134,606 | | |
| Transfer agent fee payable | | 547,947 | | |
| Distribution and service plan fees payable | | 134,212 | | |
| Other affiliated payables | | 107,562 | | |
| Other payables and accrued expenses | | 53,945 | | |
| Collateral on securities loaned | | 680,875 | | |
| Total Liabilities | | | | 7,905,120 |
| Net Assets | | | $ | 4,977,142,737 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,041,510,053 |
| Total accumulated earnings (loss) | | | | (64,367,316) |
| Net Assets | | | $ | 4,977,142,737 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Class A : | | | | |
Net Asset Value and redemption price per share ($322,252,996 ÷ 27,428,966 shares) (a) | | | $ | 11.75 |
| Maximum offering price per share (100/96.00 of $11.75) | | | $ | 12.24 |
| Class M : | | | | |
Net Asset Value and redemption price per share ($46,004,029 ÷ 3,914,229 shares) (a) | | | $ | 11.75 |
| Maximum offering price per share (100/96.00 of $11.75) | | | $ | 12.24 |
| Class C : | | | | |
Net Asset Value and offering price per share ($71,010,000 ÷ 6,149,714 shares) (a) | | | $ | 11.55 |
| Real Estate Income : | | | | |
Net Asset Value , offering price and redemption price per share ($1,432,741,107 ÷ 121,040,684 shares) | | | $ | 11.84 |
| Class I : | | | | |
Net Asset Value , offering price and redemption price per share ($1,622,014,991 ÷ 137,650,988 shares) | | | $ | 11.78 |
| Class Z : | | | | |
Net Asset Value , offering price and redemption price per share ($1,483,119,614 ÷ 125,907,163 shares) | | | $ | 11.78 |
(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, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends (including $1,254,981 earned from affiliated issuers) | | | $ | 59,470,068 |
| Interest | | | | 73,390,826 |
| Income from Fidelity Central Funds (including $279 from security lending) | | | | 8,747,474 |
| Total Income | | | | 141,608,368 |
| Expenses | | | | |
| Management fee | $ | 13,532,509 | | |
| Transfer agent fees | | 3,408,138 | | |
| Distribution and service plan fees | | 857,074 | | |
| Accounting fees | | 650,969 | | |
| Custodian fees and expenses | | 15,039 | | |
| Independent trustees' fees and expenses | | 9,264 | | |
| Registration fees | | 84,995 | | |
| Audit | | 51,998 | | |
| Legal | | 4,158 | | |
| Miscellaneous | | 39,536 | | |
| Total expenses before reductions | | 18,653,680 | | |
| Expense reductions | | (104,992) | | |
| Total expenses after reductions | | | | 18,548,688 |
| Net Investment income (loss) | | | | 123,059,680 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (73,580,046) | | |
| Affiliated issuers | | 197,355 | | |
| Foreign currency transactions | | (3,825) | | |
| Total net realized gain (loss) | | | | (73,386,516) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (171,516,228) | | |
| Affiliated issuers | | (3,895,430) | | |
| Total change in net unrealized appreciation (depreciation) | | | | (175,411,658) |
| Net gain (loss) | | | | (248,798,174) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (125,738,494) |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 123,059,680 | $ | 227,811,336 |
| Net realized gain (loss) | | (73,386,516) | | 117,976,313 |
| Change in net unrealized appreciation (depreciation) | | (175,411,658) | | (691,088,380) |
| Net increase (decrease) in net assets resulting from operations | | (125,738,494) | | (345,300,731) |
| Distributions to shareholders | | (240,670,826) | | (182,301,772) |
| Share transactions - net increase (decrease) | | (615,604,918) | | (582,517,493) |
| Total increase (decrease) in net assets | | (982,014,238) | | (1,110,119,996) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 5,959,156,975 | | 7,069,276,971 |
| End of period | $ | 4,977,142,737 | $ | 5,959,156,975 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity Advisor® Real Estate Income Fund Class A |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 | $ | 12.32 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .26 | | .39 | | .33 | | .45 | | .51 | | .47 |
| Net realized and unrealized gain (loss) | | (.48) | | (1.03) | | 2.53 | | (1.25) | | .65 | | (.22) |
| Total from investment operations | | (.22) | | (.64) | | 2.86 | | (.80) | | 1.16 | | .25 |
| Distributions from net investment income | | (.30) | | (.28) | | (.42) C | | (.44) | | (.51) | | (.45) |
| Distributions from net realized gain | | (.22) | | (.02) | | (.03) C | | (.16) | | (.21) | | (.13) |
| Total distributions | | (.52) | | (.30) | | (.45) | | (.61) D | | (.72) | | (.58) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - E |
| Net asset value, end of period | $ | 11.75 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 |
Total Return F,G,H | | (1.68)% | | (4.83)% | | 26.64% | | (6.88)% | | 10.15% | | 2.13% |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
| Expenses before reductions | | .99% K | | .98% | | .99% | | 1.01% | | 1.01% | | 1.02% |
| Expenses net of fee waivers, if any | | .98% K | | .98% | | .99% | | 1.01% | | 1.01% | | 1.02% |
| Expenses net of all reductions | | .98% K | | .98% | | .99% | | 1.00% | | 1.01% | | 1.01% |
| Net investment income (loss) | | 4.52% K | | 2.97% | | 2.75% | | 3.85% | | 4.29% | | 3.98% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 322,253 | $ | 364,443 | $ | 384,382 | $ | 324,031 | $ | 325,296 | $ | 297,722 |
Portfolio turnover rate L | | 17% K | | 42% | | 26% | | 32% M | | 17% | | 27% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the sales charges.
I Fees 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.
J Expense 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.
K Annualized.
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Real Estate Income Fund Class M |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 | $ | 12.32 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .26 | | .39 | | .33 | | .45 | | .51 | | .47 |
| Net realized and unrealized gain (loss) | | (.48) | | (1.03) | | 2.53 | | (1.26) | | .65 | | (.22) |
| Total from investment operations | | (.22) | | (.64) | | 2.86 | | (.81) | | 1.16 | | .25 |
| Distributions from net investment income | | (.30) | | (.28) | | (.42) C | | (.44) | | (.51) | | (.45) |
| Distributions from net realized gain | | (.22) | | (.02) | | (.03) C | | (.16) | | (.21) | | (.13) |
| Total distributions | | (.52) | | (.30) | | (.45) | | (.60) | | (.72) | | (.58) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - D |
| Net asset value, end of period | $ | 11.75 | $ | 12.49 | $ | 13.43 | $ | 11.02 | $ | 12.43 | $ | 11.99 |
Total Return E,F,G | | (1.70)% | | (4.85)% | | 26.62% | | (6.89)% | | 10.12% | | 2.10% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | 1.00% J | | .99% | | 1.01% | | 1.03% | | 1.04% | | 1.04% |
| Expenses net of fee waivers, if any | | 1.00% J | | .99% | | 1.01% | | 1.03% | | 1.04% | | 1.04% |
| Expenses net of all reductions | | 1.00% J | | .99% | | 1.01% | | 1.03% | | 1.04% | | 1.04% |
| Net investment income (loss) | | 4.51% J | | 2.97% | | 2.73% | | 3.82% | | 4.26% | | 3.95% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 46,004 | $ | 52,919 | $ | 57,338 | $ | 49,387 | $ | 60,540 | $ | 55,175 |
Portfolio turnover rate K | | 17% J | | 42% | | 26% | | 32% L | | 17% | | 27% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Total returns do not include the effect of the sales charges.
H Fees 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Real Estate Income Fund Class C |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.27 | $ | 13.21 | $ | 10.88 | $ | 12.28 | $ | 11.85 | $ | 12.20 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .21 | | .29 | | .24 | | .36 | | .42 | | .38 |
| Net realized and unrealized gain (loss) | | (.47) | | (1.01) | | 2.48 | | (1.23) | | .64 | | (.22) |
| Total from investment operations | | (.26) | | (.72) | | 2.72 | | (.87) | | 1.06 | | .16 |
| Distributions from net investment income | | (.25) | | (.20) | | (.36) C | | (.36) | | (.42) | | (.37) |
| Distributions from net realized gain | | (.22) | | (.02) | | (.03) C | | (.16) | | (.21) | | (.13) |
| Total distributions | | (.46) D | | (.22) | | (.39) | | (.53) D | | (.63) | | (.51) D |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - E |
| Net asset value, end of period | $ | 11.55 | $ | 12.27 | $ | 13.21 | $ | 10.88 | $ | 12.28 | $ | 11.85 |
Total Return F,G,H | | (2.02)% | | (5.54)% | | 25.64% | | (7.50)% | | 9.34% | | 1.31% |
Ratios to Average Net Assets B,I,J | | | | | | | | | | | | |
| Expenses before reductions | | 1.74% K | | 1.72% | | 1.74% | | 1.76% | | 1.76% | | 1.76% |
| Expenses net of fee waivers, if any | | 1.73% K | | 1.72% | | 1.74% | | 1.76% | | 1.76% | | 1.76% |
| Expenses net of all reductions | | 1.73% K | | 1.72% | | 1.74% | | 1.76% | | 1.76% | | 1.76% |
| Net investment income (loss) | | 3.77% K | | 2.23% | | 2.00% | | 3.09% | | 3.54% | | 3.23% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 71,010 | $ | 89,135 | $ | 120,072 | $ | 150,653 | $ | 210,156 | $ | 227,458 |
Portfolio turnover rate L | | 17% K | | 42% | | 26% | | 32% M | | 17% | | 27% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Total returns do not include the effect of the contingent deferred sales charge.
I Fees 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.
J Expense 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.
K Annualized.
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
M Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity® Real Estate Income Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.58 | $ | 13.52 | $ | 11.09 | $ | 12.50 | $ | 12.05 | $ | 12.38 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .28 | | .43 | | .37 | | .48 | | .54 | | .51 |
| Net realized and unrealized gain (loss) | | (.48) | | (1.03) | | 2.53 | | (1.25) | | .66 | | (.22) |
| Total from investment operations | | (.20) | | (.60) | | 2.90 | | (.77) | | 1.20 | | .29 |
| Distributions from net investment income | | (.32) | | (.32) | | (.44) C | | (.48) | | (.54) | | (.48) |
| Distributions from net realized gain | | (.22) | | (.02) | | (.03) C | | (.16) | | (.21) | | (.13) |
| Total distributions | | (.54) | | (.34) | | (.47) | | (.64) | | (.75) | | (.62) D |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - E |
| Net asset value, end of period | $ | 11.84 | $ | 12.58 | $ | 13.52 | $ | 11.09 | $ | 12.50 | $ | 12.05 |
Total Return F,G | | (1.51)% | | (4.56)% | | 26.88% | | (6.58)% | | 10.47% | | 2.40% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .73% J | | .71% | | .72% | | .73% | | .75% | | .75% |
| Expenses net of fee waivers, if any | | .72% J | | .71% | | .72% | | .73% | | .75% | | .75% |
| Expenses net of all reductions | | .72% J | | .71% | | .72% | | .73% | | .75% | | .75% |
| Net investment income (loss) | | 4.78% J | | 3.24% | | 3.02% | | 4.12% | | 4.55% | | 4.24% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,432,741 | $ | 1,898,345 | $ | 2,777,243 | $ | 2,205,319 | $ | 2,691,820 | $ | 2,531,397 |
Portfolio turnover rate K | | 17% J | | 42% | | 26% | | 32% L | | 17% | | 27% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Real Estate Income Fund Class I |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 | $ | 12.01 | $ | 12.34 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .28 | | .43 | | .37 | | .48 | | .54 | | .51 |
| Net realized and unrealized gain (loss) | | (.49) | | (1.03) | | 2.53 | | (1.25) | | .65 | | (.22) |
| Total from investment operations | | (.21) | | (.60) | | 2.90 | | (.77) | | 1.19 | | .29 |
| Distributions from net investment income | | (.32) | | (.32) | | (.44) C | | (.47) | | (.54) | | (.49) |
| Distributions from net realized gain | | (.22) | | (.02) | | (.03) C | | (.16) | | (.21) | | (.13) |
| Total distributions | | (.54) | | (.34) | | (.47) | | (.64) D | | (.75) | | (.62) |
Redemption fees added to paid in capital A | | - | | - | | - | | - | | - | | - E |
| Net asset value, end of period | $ | 11.78 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 | $ | 12.01 |
Total Return F,G | | (1.59)% | | (4.57)% | | 27.03% | | (6.62)% | | 10.43% | | 2.41% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .72% J | | .71% | | .71% | | .74% | | .75% | | .75% |
| Expenses net of fee waivers, if any | | .72% J | | .71% | | .71% | | .74% | | .74% | | .75% |
| Expenses net of all reductions | | .72% J | | .71% | | .71% | | .74% | | .74% | | .75% |
| Net investment income (loss) | | 4.78% J | | 3.24% | | 3.03% | | 4.11% | | 4.55% | | 4.25% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,622,015 | $ | 1,946,852 | $ | 2,810,475 | $ | 1,782,594 | $ | 2,386,308 | $ | 2,142,260 |
Portfolio turnover rate K | | 17% J | | 42% | | 26% | | 32% L | | 17% | | 27% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
D Total distributions per share do not sum due to rounding.
E Amount represents less than $.005 per share.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity Advisor® Real Estate Income Fund Class Z |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 A |
Selected Per-Share Data | | | | | | | | | | |
| Net asset value, beginning of period | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 | $ | 11.74 |
| Income from Investment Operations | | | | | | | | | | |
Net investment income (loss) B,C | | .28 | | .44 | | .38 | | .49 | | .47 |
| Net realized and unrealized gain (loss) | | (.48) | | (1.02) | | 2.53 | | (1.25) | | .67 |
| Total from investment operations | | (.20) | | (.58) | | 2.91 | | (.76) | | 1.14 |
| Distributions from net investment income | | (.33) | | (.34) | | (.45) D | | (.49) | | (.42) |
| Distributions from net realized gain | | (.22) | | (.02) | | (.03) D | | (.16) | | (.02) |
| Total distributions | | (.55) | | (.36) | | (.48) | | (.65) | | (.43) E |
| Net asset value, end of period | $ | 11.78 | $ | 12.53 | $ | 13.47 | $ | 11.04 | $ | 12.45 |
Total Return F,G | | (1.51)% | | (4.44)% | | 27.15% | | (6.50)% | | 10.00% |
Ratios to Average Net Assets C,H,I | | | | | | | | | | |
| Expenses before reductions | | .60% J | | .59% | | .60% | | .62% | | .62% J |
| Expenses net of fee waivers, if any | | .60% J | | .59% | | .60% | | .62% | | .62% J |
| Expenses net of all reductions | | .60% J | | .59% | | .60% | | .61% | | .62% J |
| Net investment income (loss) | | 4.91% J | | 3.36% | | 3.14% | | 4.24% | | 4.71% J |
| Supplemental Data | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,483,120 | $ | 1,607,463 | $ | 919,766 | $ | 793,220 | $ | 467,324 |
Portfolio turnover rate K | | 17% J | | 42% | | 26% | | 32% L | | 17% |
A For the period October 2, 2018 (commencement of sale of shares) through July 31, 2019.
B Calculated based on average shares outstanding during the period.
C Net 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.
D The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
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. 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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, 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 Input A |
| Corporate Bonds | $4 | Recovery value | Recovery value | $0.00 | Increase |
| Asset-Backed Securities | $45 | Recovery value | Recovery value | $0.00 | Increase |
| | | Indicative market price | Evaluated bid | $0.00 | Increase |
| Commercial Mortgage Securities | $59,706,050 | Indicative market price | Evaluated bid | $0.25 - $93.74 / $67.14 | Increase |
| Collateralized Mortgage Obligations | $8,028 | Indicative market price | Evaluated bid | $32.81 | Increase |
| Preferred Securities | $12 | Recovery value | Recovery value | $0.00 | Increase |
| Bank Loan Obligations | $75,590,057 | Discounted cash flow | Yield | 8.4% - 20.7% / 13.5% | 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, 2023, 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. 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.
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. 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 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), market discount, partnerships, certain conversion ratio adjustments, equity-debt classifications 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 | $429,208,307 |
| Gross unrealized depreciation | (436,664,210) |
| Net unrealized appreciation (depreciation) | $(7,455,903) |
| Tax cost | $4,954,145,779 |
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 | 402,843,355 | 823,346,156 |
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 .23% 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 .53% 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% | $415,311 | $5,403 |
| Class M | - % | .25% | 59,711 | - |
| Class C | .75% | .25% | 382,052 | 22,122 |
| | | | $857,074 | $27,525 |
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 | $6,998 |
| Class M | 901 |
Class C A | 135 |
| | $8,034 |
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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class Z. FIIOC receives 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 Assets A |
| Class A | $294,235 | .18 |
| Class M | 46,789 | .20 |
| Class C | 69,016 | .18 |
| Real Estate Income | 1,286,464 | .17 |
| Class I | 1,411,807 | .17 |
| Class Z | 299,827 | .04 |
| | $3,408,138 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Real Estate Income Fund | .03 |
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 | $3,453 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Real Estate Income Fund | 8,164,525 | 5,900,264 | 339,438 |
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 | $7,593 |
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 | $234 | $- | $- |
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 $7,938. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| | Expense reduction |
| | |
| Class M | $42 |
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 $97,012.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Real Estate Income Fund | | |
| Distributions to shareholders | | |
| Class A | $14,875,257 | $8,818,580 |
| Class M | 2,123,703 | 1,275,531 |
| Class C | 3,163,929 | 1,818,918 |
| Real Estate Income | 72,244,463 | 67,601,059 |
| Class I | 80,526,731 | 55,434,062 |
| Class Z | 67,736,743 | 47,353,622 |
Total | $240,670,826 | $182,301,772 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Real Estate Income Fund | | | | |
| Class A | | | | |
| Shares sold | 2,021,777 | 5,531,610 | $23,282,249 | $72,570,914 |
| Reinvestment of distributions | 974,318 | 513,437 | 11,332,251 | 6,723,485 |
| Shares redeemed | (4,744,972) | (5,497,840) | (54,145,833) | (71,617,823) |
| Net increase (decrease) | (1,748,877) | 547,207 | $(19,531,333) | $7,676,576 |
| Class M | | | | |
| Shares sold | 89,937 | 573,436 | $1,039,250 | $7,485,522 |
| Reinvestment of distributions | 177,226 | 95,811 | 2,061,948 | 1,255,521 |
| Shares redeemed | (588,493) | (703,618) | (6,712,298) | (9,213,383) |
| Net increase (decrease) | (321,330) | (34,371) | $(3,611,100) | $(472,340) |
| Class C | | | | |
| Shares sold | 165,037 | 795,990 | $1,875,015 | $10,421,747 |
| Reinvestment of distributions | 270,593 | 137,493 | 3,101,186 | 1,780,331 |
| Shares redeemed | (1,549,476) | (2,761,921) | (17,459,295) | (35,374,652) |
| Net increase (decrease) | (1,113,846) | (1,828,438) | $(12,483,094) | $(23,172,574) |
| Real Estate Income | | | | |
| Shares sold | 9,963,218 | 45,578,678 | $115,009,514 | $609,828,801 |
| Reinvestment of distributions | 5,482,227 | 4,627,906 | 64,198,752 | 61,214,036 |
| Shares redeemed | (45,256,992) | (104,743,578) | (533,941,597) | (1,345,838,761) |
| Net increase (decrease) | (29,811,547) | (54,536,994) | $(354,733,331) | $(674,795,924) |
| Class I | | | | |
| Shares sold | 15,750,048 | 51,885,027 | $181,425,611 | $688,287,283 |
| Reinvestment of distributions | 6,382,155 | 3,827,145 | 74,401,393 | 50,268,241 |
| Shares redeemed | (39,857,582) | (109,053,815) | (453,285,802) | (1,441,761,631) |
| Net increase (decrease) | (17,725,379) | (53,341,643) | $(197,458,798) | $(703,206,107) |
| Class Z | | | | |
| Shares sold | 12,833,291 | 110,101,188 | $149,326,188 | $1,472,830,240 |
| Reinvestment of distributions | 5,150,187 | 3,202,845 | 59,988,226 | 42,119,423 |
| Shares redeemed | (20,378,564) | (53,304,114) | (237,101,676) | (703,496,787) |
| Net increase (decrease) | (2,395,086) | 59,999,919 | $(27,787,262) | $811,452,876 |
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 | 18% |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® Real Estate Income Fund | | | | | | | | | | |
| Class A | | | | .98% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 983.20 | | $ 4.90 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.27 | | $ 4.99 |
| Class M | | | | 1.00% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 983.00 | | $ 5.00 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,020.16 | | $ 5.09 |
| Class C | | | | 1.73% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 979.80 | | $ 8.63 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,016.48 | | $ 8.79 |
| Fidelity® Real Estate Income Fund | | | | .72% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 984.90 | | $ 3.60 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.58 | | $ 3.67 |
| Class I | | | | .72% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 984.10 | | $ 3.60 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.58 | | $ 3.67 |
| Class Z | | | | .60% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 984.90 | | $ 3.00 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.18 | | $ 3.06 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.789716.119
REI-SANN-0423
Fidelity® OTC Portfolio
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Apple, Inc. | 12.4 | |
| Microsoft Corp. | 11.2 | |
| Amazon.com, Inc. | 5.9 | |
| Alphabet, Inc. Class A | 4.9 | |
| Alphabet, Inc. Class C | 2.9 | |
| Meta Platforms, Inc. Class A | 2.7 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 2.2 | |
| Marvell Technology, Inc. | 2.1 | |
| Comcast Corp. Class A | 2.0 | |
| Regeneron Pharmaceuticals, Inc. | 1.9 | |
| | 48.2 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 42.6 | |
| Communication Services | 18.3 | |
| Consumer Discretionary | 15.0 | |
| Health Care | 9.2 | |
| Energy | 5.6 | |
| Consumer Staples | 4.5 | |
| Financials | 2.5 | |
| Industrials | 2.4 | |
| Real Estate | 0.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%* |
Foreign investments - 12.3% |
Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart. |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 98.1% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 17.5% | | | |
| Diversified Telecommunication Services - 0.0% | | | |
| Starry Group Holdings, Inc. Class A (a)(b) | | 333,301 | 14 |
| Entertainment - 2.1% | | | |
| Activision Blizzard, Inc. | | 645,221 | 49,405 |
| Electronic Arts, Inc. | | 2,332 | 300 |
| NetEase, Inc. ADR | | 14,659 | 1,299 |
| Netflix, Inc. (a) | | 1,128,410 | 399,299 |
| Take-Two Interactive Software, Inc. (a) | | 11,543 | 1,307 |
| | | | 451,610 |
| Interactive Media & Services - 11.6% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 10,392,333 | 1,027,178 |
| Class C (a) | | 6,249,988 | 624,186 |
| Epic Games, Inc. (a)(c)(d) | | 77,600 | 65,640 |
| Match Group, Inc. (a) | | 231,952 | 12,553 |
| Meta Platforms, Inc. Class A (a) | | 3,841,111 | 572,210 |
| Tencent Holdings Ltd. sponsored ADR (b) | | 2,867,271 | 139,779 |
| Vimeo, Inc. (a) | | 282,379 | 1,282 |
| Yandex NV Series A (a)(d) | | 2,813,567 | 9,650 |
| | | | 2,452,478 |
| Media - 3.7% | | | |
| Charter Communications, Inc. Class A (a) | | 959,439 | 368,722 |
| Comcast Corp. Class A | | 10,511,951 | 413,645 |
| | | | 782,367 |
| Wireless Telecommunication Services - 0.1% | | | |
| T-Mobile U.S., Inc. (a) | | 62,638 | 9,352 |
TOTAL COMMUNICATION SERVICES | | | 3,695,821 |
| CONSUMER DISCRETIONARY - 14.6% | | | |
| Automobiles - 0.1% | | | |
| Rivian Automotive, Inc. (a) | | 13,054 | 253 |
| Tesla, Inc. (a) | | 90,868 | 15,740 |
| | | | 15,993 |
| Hotels, Restaurants & Leisure - 1.4% | | | |
| Airbnb, Inc. Class A (a) | | 19,083 | 2,120 |
| Churchill Downs, Inc. | | 1,044,694 | 259,189 |
| Domino's Pizza, Inc. | | 28,700 | 10,131 |
| Marriott International, Inc. Class A | | 42,680 | 7,434 |
| Vail Resorts, Inc. | | 19,929 | 5,228 |
| Wynn Resorts Ltd. (a) | | 122,302 | 12,675 |
| | | | 296,777 |
| Internet & Direct Marketing Retail - 7.1% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 258,918 | 28,533 |
| Amazon.com, Inc. (a) | | 12,166,538 | 1,254,735 |
| ContextLogic, Inc. (a) | | 147,465 | 101 |
| Etsy, Inc. (a) | | 137,258 | 18,884 |
| Global-e Online Ltd. (a) | | 250,087 | 7,495 |
| JD.com, Inc. Class A | | 8,611 | 256 |
| Meituan Class B (a)(e) | | 5,221,647 | 116,735 |
| Pinduoduo, Inc. ADR (a) | | 771,895 | 75,630 |
| thredUP, Inc. (a) | | 86,924 | 150 |
| Zomato Ltd. (a) | | 7,745,200 | 4,756 |
| | | | 1,507,275 |
| Multiline Retail - 0.2% | | | |
| Dollar Tree, Inc. (a) | | 288,600 | 43,342 |
| Specialty Retail - 3.2% | | | |
| Five Below, Inc. (a) | | 909,771 | 179,343 |
| Lowe's Companies, Inc. | | 936,555 | 195,038 |
| Ross Stores, Inc. | | 2,424,715 | 286,577 |
| TJX Companies, Inc. | | 196,227 | 16,063 |
| | | | 677,021 |
| Textiles, Apparel & Luxury Goods - 2.6% | | | |
| Kontoor Brands, Inc. | | 5,843 | 279 |
| lululemon athletica, Inc. (a) | | 979,321 | 300,534 |
| LVMH Moet Hennessy Louis Vuitton SE | | 262,545 | 229,195 |
| NIKE, Inc. Class B | | 163,456 | 20,813 |
| | | | 550,821 |
TOTAL CONSUMER DISCRETIONARY | | | 3,091,229 |
| CONSUMER STAPLES - 4.5% | | | |
| Beverages - 3.0% | | | |
| Diageo PLC | | 2,691,952 | 117,709 |
| Keurig Dr. Pepper, Inc. | | 7,033,884 | 248,155 |
| Monster Beverage Corp. (a) | | 2,508,898 | 261,126 |
| | | | 626,990 |
| Food & Staples Retailing - 0.3% | | | |
| Costco Wholesale Corp. | | 121,270 | 61,986 |
| Food Products - 1.2% | | | |
| Mondelez International, Inc. | | 4,069,245 | 266,291 |
| Personal Products - 0.0% | | | |
| The Honest Co., Inc. (a) | | 158,539 | 523 |
TOTAL CONSUMER STAPLES | | | 955,790 |
| ENERGY - 5.6% | | | |
| Energy Equipment & Services - 1.7% | | | |
| Halliburton Co. | | 3,551,537 | 146,394 |
| Schlumberger Ltd. | | 3,171,467 | 180,710 |
| TGS ASA ADR | | 2,334,220 | 37,348 |
| | | | 364,452 |
| Oil, Gas & Consumable Fuels - 3.9% | | | |
| Cenovus Energy, Inc. (Canada) | | 165,947 | 3,315 |
| Diamondback Energy, Inc. | | 1,367,253 | 199,783 |
| EOG Resources, Inc. | | 13,762 | 1,820 |
| Hess Corp. | | 982,106 | 147,473 |
| Reliance Industries Ltd. | | 12,455,117 | 360,061 |
| Reliance Industries Ltd. sponsored GDR (e) | | 1,786,616 | 102,373 |
| | | | 814,825 |
TOTAL ENERGY | | | 1,179,277 |
| FINANCIALS - 2.2% | | | |
| Banks - 2.1% | | | |
| Bank of America Corp. | | 1,949,286 | 69,161 |
| Fifth Third Bancorp | | 2,955,780 | 107,265 |
| Huntington Bancshares, Inc. | | 12,944,296 | 196,365 |
| Wells Fargo & Co. | | 1,268,166 | 59,439 |
| Wintrust Financial Corp. | | 44,026 | 4,027 |
| | | | 436,257 |
| Capital Markets - 0.0% | | | |
| S&P Global, Inc. | | 683 | 256 |
| Diversified Financial Services - 0.1% | | | |
| Ant International Co. Ltd. Class C (a)(c)(d) | | 10,036,067 | 15,857 |
TOTAL FINANCIALS | | | 452,370 |
| HEALTH CARE - 9.2% | | | |
| Biotechnology - 5.2% | | | |
| Alnylam Pharmaceuticals, Inc. (a) | | 1,153,249 | 261,096 |
| Amgen, Inc. | | 588,345 | 148,498 |
| Arcutis Biotherapeutics, Inc. (a) | | 837,194 | 13,872 |
| Ascendis Pharma A/S sponsored ADR (a) | | 272,851 | 33,855 |
| GenSight Biologics SA (a)(b) | | 213,065 | 795 |
| Ionis Pharmaceuticals, Inc. (a) | | 31,805 | 1,268 |
| Regeneron Pharmaceuticals, Inc. (a) | | 538,231 | 408,232 |
| Relay Therapeutics, Inc. (a)(b) | | 1,107,450 | 23,766 |
| Trevena, Inc. (a) | | 17,913 | 30 |
| Vertex Pharmaceuticals, Inc. (a) | | 638,776 | 206,389 |
| | | | 1,097,801 |
| Health Care Equipment & Supplies - 1.4% | | | |
| DexCom, Inc. (a) | | 601,661 | 64,432 |
| Figs, Inc. Class A (a) | | 45,265 | 405 |
| Insulet Corp. (a) | | 747,700 | 214,829 |
| Neuronetics, Inc. (a) | | 38,742 | 228 |
| Outset Medical, Inc. (a) | | 40,161 | 1,129 |
| Pulmonx Corp. (a)(b) | | 26,206 | 233 |
| Tandem Diabetes Care, Inc. (a) | | 192,385 | 7,838 |
| | | | 289,094 |
| Health Care Providers & Services - 1.1% | | | |
| agilon health, Inc. (a) | | 435,676 | 9,480 |
| Cigna Corp. | | 75,285 | 23,841 |
| Guardant Health, Inc. (a) | | 2,094,647 | 65,835 |
| Humana, Inc. | | 252,363 | 129,134 |
| | | | 228,290 |
| Health Care Technology - 0.0% | | | |
| Certara, Inc. (a) | | 223,966 | 4,345 |
| Life Sciences Tools & Services - 1.0% | | | |
| 10X Genomics, Inc. (a) | | 286,891 | 13,435 |
| Bruker Corp. | | 2,470,522 | 173,233 |
| Illumina, Inc. (a) | | 39,013 | 8,357 |
| Olink Holding AB ADR (a) | | 1,015,432 | 19,882 |
| Seer, Inc. (a) | | 590,731 | 2,688 |
| | | | 217,595 |
| Pharmaceuticals - 0.5% | | | |
| AstraZeneca PLC sponsored ADR | | 1,688,117 | 110,352 |
| Elanco Animal Health, Inc. (a) | | 89,078 | 1,223 |
| TherapeuticsMD, Inc. (a)(b) | | 6,867 | 36 |
| | | | 111,611 |
TOTAL HEALTH CARE | | | 1,948,736 |
| INDUSTRIALS - 1.9% | | | |
| Aerospace & Defense - 0.8% | | | |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(c)(d) | | 2,034,880 | 156,686 |
| Class C (a)(c)(d) | | 70,920 | 5,461 |
| | | | 162,147 |
| Airlines - 0.0% | | | |
| Wheels Up Experience, Inc.: | | | |
| Class A (a) | | 807,578 | 993 |
| rights (a)(d) | | 11,102 | 2 |
| rights (a)(d) | | 11,102 | 2 |
| rights (a)(d) | | 11,103 | 2 |
| | | | 999 |
| Professional Services - 1.0% | | | |
| Verisk Analytics, Inc. | | 1,212,537 | 220,427 |
| Road & Rail - 0.1% | | | |
| Canadian Pacific Railway Ltd. | | 149,561 | 11,800 |
| CSX Corp. | | 287,352 | 8,885 |
| | | | 20,685 |
TOTAL INDUSTRIALS | | | 404,258 |
| INFORMATION TECHNOLOGY - 42.6% | | | |
| Communications Equipment - 0.4% | | | |
| Cisco Systems, Inc. | | 1,770,483 | 86,169 |
| IT Services - 3.5% | | | |
| Gartner, Inc. (a) | | 1,069,035 | 361,483 |
| MasterCard, Inc. Class A | | 854,564 | 316,701 |
| MongoDB, Inc. Class A (a) | | 96,389 | 20,647 |
| PayPal Holdings, Inc. (a) | | 171,176 | 13,949 |
| Twilio, Inc. Class A (a) | | 922 | 55 |
| X Holdings I, Inc. (c)(d) | | 70,915 | 28,134 |
| | | | 740,969 |
| Semiconductors & Semiconductor Equipment - 11.9% | | | |
| Advanced Micro Devices, Inc. (a) | | 2,095,989 | 157,514 |
| Analog Devices, Inc. | | 220,417 | 37,795 |
| Applied Materials, Inc. | | 2,320,382 | 258,699 |
| ASML Holding NV | | 574,426 | 379,604 |
| Lam Research Corp. | | 480,539 | 240,318 |
| Marvell Technology, Inc. | | 10,093,655 | 435,541 |
| NVIDIA Corp. | | 1,630,020 | 318,457 |
| NXP Semiconductors NV | | 540,660 | 99,649 |
| Skyworks Solutions, Inc. | | 93,562 | 10,261 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 5,084,628 | 471,498 |
| Texas Instruments, Inc. | | 589,545 | 104,473 |
| | | | 2,513,809 |
| Software - 14.3% | | | |
| Adobe, Inc. (a) | | 135,152 | 50,052 |
| ANSYS, Inc. (a) | | 53,425 | 14,230 |
| Aspen Technology, Inc. (a) | | 843,738 | 167,693 |
| Atom Tickets LLC (a)(c)(d)(f) | | 516,103 | 0 |
| Autodesk, Inc. (a) | | 238,574 | 51,332 |
| Cadence Design Systems, Inc. (a) | | 879,600 | 160,817 |
| Dropbox, Inc. Class A (a) | | 193,104 | 4,486 |
| Duck Creek Technologies, Inc. (a) | | 24,804 | 470 |
| Dynatrace, Inc. (a) | | 9,173 | 353 |
| Intuit, Inc. | | 305,182 | 128,991 |
| Microsoft Corp. | | 9,503,447 | 2,355,049 |
| Salesforce.com, Inc. (a) | | 8,600 | 1,445 |
| Stripe, Inc. Class B (a)(c)(d) | | 91,800 | 2,467 |
| Synopsys, Inc. (a) | | 170,213 | 60,213 |
| Workday, Inc. Class A (a) | | 70,529 | 12,796 |
| | | | 3,010,394 |
| Technology Hardware, Storage & Peripherals - 12.5% | | | |
| Apple, Inc. | | 18,131,166 | 2,616,152 |
| Samsung Electronics Co. Ltd. | | 252,120 | 12,543 |
| Western Digital Corp. (a) | | 286,132 | 12,576 |
| | | | 2,641,271 |
TOTAL INFORMATION TECHNOLOGY | | | 8,992,612 |
| REAL ESTATE - 0.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.0% | | | |
| Equinix, Inc. | | 8,108 | 5,985 |
| TOTAL COMMON STOCKS (Cost $11,298,199) | | | 20,726,078 |
| | | | |
| Preferred Stocks - 1.7% |
| | | Shares | Value ($) (000s) |
| Convertible Preferred Stocks - 1.4% | | | |
| COMMUNICATION SERVICES - 0.8% | | | |
| Interactive Media & Services - 0.8% | | | |
| ByteDance Ltd. Series E1 (a)(c)(d) | | 130,752 | 25,878 |
| Reddit, Inc.: | | | |
| Series B(a)(c)(d) | | 1,337,584 | 50,226 |
| Series C(a)(c)(d) | | 300,673 | 11,290 |
| Series D(a)(c)(d) | | 929,200 | 34,891 |
| Series E(a)(c)(d) | | 33,800 | 1,269 |
| Series F(a)(c)(d) | | 1,250,100 | 46,941 |
| | | | 170,495 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Hotels, Restaurants & Leisure - 0.0% | | | |
| Discord, Inc. Series I (a)(c)(d) | | 3,300 | 1,264 |
| | | | |
| Internet & Direct Marketing Retail - 0.1% | | | |
| Circle Internet Financial Ltd. Series F (c)(d) | | 391,560 | 13,235 |
| | | | |
TOTAL CONSUMER DISCRETIONARY | | | 14,499 |
| | | | |
| INDUSTRIALS - 0.5% | | | |
| Aerospace & Defense - 0.5% | | | |
| Space Exploration Technologies Corp.: | | | |
| Series G(a)(c)(d) | | 62,037 | 47,768 |
| Series H(a)(c)(d) | | 65,670 | 50,566 |
| | | | 98,334 |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| IT Services - 0.0% | | | |
| AppNexus, Inc.: | | | |
| Series E (Escrow)(a)(c)(d) | | 1,416,796 | 44 |
| Series F (Escrow)(a)(c)(d) | | 90,913 | 25 |
| | | | 69 |
| Software - 0.0% | | | |
| Stripe, Inc. Series H (a)(c)(d) | | 39,000 | 1,048 |
| Tenstorrent, Inc. Series C1 (a)(c)(d) | | 41,000 | 2,139 |
| | | | 3,187 |
TOTAL INFORMATION TECHNOLOGY | | | 3,256 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 286,584 |
| Nonconvertible Preferred Stocks - 0.3% | | | |
| CONSUMER DISCRETIONARY - 0.3% | | | |
| Automobiles - 0.1% | | | |
| Waymo LLC: | | | |
| Series A2(a)(c)(d) | | 103,940 | 5,032 |
| Series B2(a)(c)(d) | | 178,470 | 9,032 |
| | | | 14,064 |
| Internet & Direct Marketing Retail - 0.2% | | | |
| Circle Internet Financial Ltd. Series E (c)(d) | | 1,272,556 | 43,012 |
| | | | |
TOTAL CONSUMER DISCRETIONARY | | | 57,076 |
| | | | |
| HEALTH CARE - 0.0% | | | |
| Pharmaceuticals - 0.0% | | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(c)(d) | | 30,303 | 6,558 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 63,634 |
| TOTAL PREFERRED STOCKS (Cost $228,885) | | | 350,218 |
| | | | |
| Convertible Bonds - 0.3% |
| | | Principal Amount (g) (000s) | Value ($) (000s) |
| FINANCIALS - 0.3% | | | |
| Capital Markets - 0.3% | | | |
Coinbase Global, Inc. 0.5% 6/1/26 (Cost $63,083) | | 89,436 | 60,593 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (g) (000s) | Value ($) (000s) |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Software - 0.0% | | | |
Tenstorrent, Inc. 0% (c)(d)(h) (Cost $2,280) | | 2,280 | 2,002 |
| | | | |
| Money Market Funds - 0.4% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.38% (i) | | 11,807,367 | 11,810 |
| Fidelity Securities Lending Cash Central Fund 4.38% (i)(j) | | 72,923,601 | 72,931 |
| TOTAL MONEY MARKET FUNDS (Cost $84,741) | | | 84,741 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 100.5% (Cost $11,677,188) | 21,223,632 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (96,562) |
| NET ASSETS - 100.0% | 21,127,070 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (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 $626,465,000 or 3.0% of net assets. |
| (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 $219,108,000 or 1.0% of net assets. |
| (f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Security is perpetual in nature with no stated maturity date. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| Ant International Co. Ltd. Class C | 5/16/18 | 38,251 |
| | | |
| AppNexus, Inc. Series E (Escrow) | 8/01/14 - 9/17/14 | 0 |
| | | |
| AppNexus, Inc. Series F (Escrow) | 8/23/16 | 40 |
| | | |
| Atom Tickets LLC | 8/15/17 | 3,000 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 14,327 |
| | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | 10,011 |
| | | |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 20,654 |
| | | |
| Circle Internet Financial Ltd. Series F | 5/09/22 | 16,500 |
| | | |
| Discord, Inc. Series I | 9/15/21 | 1,817 |
| | | |
| Epic Games, Inc. | 7/13/20 - 3/29/21 | 61,546 |
| | | |
| Reddit, Inc. Series B | 7/26/17 | 18,989 |
| | | |
| Reddit, Inc. Series C | 7/24/17 | 4,743 |
| | | |
| Reddit, Inc. Series D | 2/04/19 | 20,151 |
| | | |
| Reddit, Inc. Series E | 5/18/21 | 1,436 |
| | | |
| Reddit, Inc. Series F | 8/11/21 | 77,249 |
| | | |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 9/11/17 | 21,156 |
| | | |
| Space Exploration Technologies Corp. Class C | 9/11/17 | 957 |
| | | |
| Space Exploration Technologies Corp. Series G | 1/20/15 | 4,805 |
| | | |
| Space Exploration Technologies Corp. Series H | 8/04/17 | 8,865 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 3,684 |
| | | |
| Stripe, Inc. Series H | 3/15/21 | 1,565 |
| | | |
| Tenstorrent, Inc. Series C1 | 4/23/21 | 2,438 |
| | | |
| Tenstorrent, Inc. 0% | 4/23/21 | 2,280 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 8,925 |
| | | |
| Waymo LLC Series B2 | 6/11/21 | 16,370 |
| | | |
| X Holdings I, Inc. | 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | 214,599 | 768,367 | 971,156 | 947 | - | - | 11,810 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 148,107 | 589,074 | 664,250 | 943 | - | - | 72,931 | 0.2% |
| Total | 362,706 | 1,357,441 | 1,635,406 | 1,890 | - | - | 84,741 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| Nanostring Technologies, Inc. | 31,085 | - | 22,083 | - | (76,619) | 67,617 | - |
| Total | 31,085 | - | 22,083 | - | (76,619) | 67,617 | - |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 3,866,316 | 3,620,531 | - | 245,785 |
Consumer Discretionary | 3,162,804 | 2,740,287 | 350,942 | 71,575 |
Consumer Staples | 955,790 | 838,081 | 117,709 | - |
Energy | 1,179,277 | 819,216 | 360,061 | - |
Financials | 452,370 | 436,513 | - | 15,857 |
Health Care | 1,955,294 | 1,948,736 | - | 6,558 |
Industrials | 502,592 | 242,105 | - | 260,487 |
Information Technology | 8,995,868 | 8,949,468 | 12,543 | 33,857 |
Real Estate | 5,985 | 5,985 | - | - |
|
| Corporate Bonds | 60,593 | - | 60,593 | - |
|
| Preferred Securities | 2,002 | - | - | 2,002 |
|
| Money Market Funds | 84,741 | 84,741 | - | - |
| Total Investments in Securities: | 21,223,632 | 19,685,663 | 901,848 | 636,121 |
| | | | | |
|
| Net Unrealized Depreciation on Unfunded Commitments | (1,996) | - | - | (1,996) |
| Total | (1,996) | - | - | (1,996) |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Communication Services | | | |
| Beginning Balance | $ | 161,163 | |
| Net Realized Gain (Loss) on Investment Securities | | 2,165 | |
| Net Unrealized Gain (Loss) on Investment Securities | | 89,397 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | (6,940) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 245,785 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 89,397 | |
| Industrials | | | |
| Beginning Balance | $ | 236,816 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | 23,671 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 260,487 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 23,671 | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 150,405 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (171,633) | |
| Cost of Purchases | | 28 | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | 151,049 | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 129,849 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (171,633) | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $71,376) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $11,592,447) | $ | 21,138,891 | | |
Fidelity Central Funds (cost $84,741) | | 84,741 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $11,677,188) | | | $ | 21,223,632 |
| Receivable for fund shares sold | | | | 5,203 |
| Dividends receivable | | | | 9,038 |
| Interest receivable | | | | 75 |
| Distributions receivable from Fidelity Central Funds | | | | 280 |
| Prepaid expenses | | | | 21 |
| Other receivables | | | | 404 |
Total assets | | | | 21,238,653 |
| Liabilities | | | | |
| Unrealized depreciation on unfunded commitments | $ | 1,996 | | |
| Payable for fund shares redeemed | | 8,475 | | |
| Accrued management fee | | 11,242 | | |
| Other affiliated payables | | 2,058 | | |
| Other payables and accrued expenses | | 14,905 | | |
| Collateral on securities loaned | | 72,907 | | |
| Total Liabilities | | | | 111,583 |
| Net Assets | | | $ | 21,127,070 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 12,561,315 |
| Total accumulated earnings (loss) | | | | 8,565,755 |
| Net Assets | | | $ | 21,127,070 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| OTC : | | | | |
Net Asset Value , offering price and redemption price per share ($15,631,989 ÷ 1,115,472 shares) | | | $ | 14.01 |
| Class K : | | | | |
Net Asset Value , offering price and redemption price per share ($5,495,081 ÷ 383,476 shares) | | | $ | 14.33 |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 85,089 |
| Interest | | | | 3,424 |
| Income from Fidelity Central Funds (including $943 from security lending) | | | | 1,890 |
| Total Income | | | | 90,403 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 59,837 | | |
| Performance adjustment | | 7,048 | | |
| Transfer agent fees | | 11,779 | | |
| Accounting fees | | 802 | | |
| Custodian fees and expenses | | 128 | | |
| Independent trustees' fees and expenses | | 37 | | |
| Registration fees | | 64 | | |
| Audit | | 66 | | |
| Legal | | 20 | | |
| Interest | | 77 | | |
| Miscellaneous | | 68 | | |
| Total expenses before reductions | | 79,926 | | |
| Expense reductions | | (391) | | |
| Total expenses after reductions | | | | 79,535 |
| Net Investment income (loss) | | | | 10,868 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $932) | | (617,150) | | |
| Redemptions in-kind | | 2,780 | | |
| Affiliated issuers | | (76,619) | | |
| Foreign currency transactions | | (80) | | |
| Total net realized gain (loss) | | | | (691,069) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $4,231) | | 247,149 | | |
| Affiliated issuers | | 67,617 | | |
| Unfunded commitments | | 385 | | |
| Assets and liabilities in foreign currencies | | (7) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 315,144 |
| Net gain (loss) | | | | (375,925) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (365,057) |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 10,868 | $ | (96,304) |
| Net realized gain (loss) | | (691,069) | | 1,601,620 |
| Change in net unrealized appreciation (depreciation) | | 315,144 | | (7,437,027) |
| Net increase (decrease) in net assets resulting from operations | | (365,057) | | (5,931,711) |
| Distributions to shareholders | | (782,062) | | (3,357,390) |
| Share transactions - net increase (decrease) | | (59,144) | | 1,278,068 |
| Total increase (decrease) in net assets | | (1,206,263) | | (8,011,033) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 22,333,333 | | 30,344,366 |
| End of period | $ | 21,127,070 | $ | 22,333,333 |
| | | | | |
| | | | | |
Financial Highlights
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 14.74 | $ | 20.67 | $ | 15.61 | $ | 12.45 | $ | 12.50 | $ | 10.57 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .01 | | (.07) | | (.06) | | (.01) | | (.01) | | (.02) |
| Net realized and unrealized gain (loss) | | (.22) | | (3.60) | | 6.21 | | 4.14 | | .75 | | 2.48 |
| Total from investment operations | | (.21) | | (3.67) | | 6.15 | | 4.13 | | .74 | | 2.46 |
| Distributions from net investment income | | - | | - | | (.01) | | - | | - | | - |
| Distributions from net realized gain | | (.52) | | (2.26) | | (1.08) | | (.97) | | (.79) | | (.53) |
| Total distributions | | (.52) | | (2.26) | | (1.09) | | (.97) | | (.79) | | (.53) |
| Net asset value, end of period | $ | 14.01 | $ | 14.74 | $ | 20.67 | $ | 15.61 | $ | 12.45 | $ | 12.50 |
Total Return D,E | | (1.44)% | | (20.30)% | | 41.90% | | 35.79% | | 6.43% | | 24.34% |
Ratios to Average Net Assets C,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .79% H | | .81% | | .80% | | .87% | | .88% | | .88% |
| Expenses net of fee waivers, if any | | .79% H | | .81% | | .80% | | .87% | | .88% | | .88% |
| Expenses net of all reductions | | .79% H | | .81% | | .80% | | .87% | | .88% | | .88% |
| Net investment income (loss) | | .08% H | | (.37)% | | (.33)% | | (.07)% | | (.10)% | | (.17)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 15,632 | $ | 16,626 | $ | 22,273 | $ | 16,817 | $ | 13,166 | $ | 13,340 |
Portfolio turnover rate I,J | | 12% H | | 32% | | 28% | | 48% | | 34% | | 38% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
B Calculated based on average shares outstanding during the period.
C Net 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.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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.
G Expense 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.
H Annualized.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity® OTC Portfolio Class K |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 A |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 15.06 | $ | 21.06 | $ | 15.88 | $ | 12.64 | $ | 12.67 | $ | 10.70 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) B,C | | .01 | | (.05) | | (.05) | | - D | | - D | | (.01) |
| Net realized and unrealized gain (loss) | | (.22) | | (3.68) | | 6.33 | | 4.21 | | .76 | | 2.52 |
| Total from investment operations | | (.21) | | (3.73) | | 6.28 | | 4.21 | | .76 | | 2.51 |
| Distributions from net investment income | | - | | - | | (.01) | | - D | | - | | - |
| Distributions from net realized gain | | (.52) | | (2.27) | | (1.09) | | (.97) | | (.79) | | (.54) |
| Total distributions | | (.52) | | (2.27) | | (1.10) | | (.97) | | (.79) | | (.54) |
| Net asset value, end of period | $ | 14.33 | $ | 15.06 | $ | 21.06 | $ | 15.88 | $ | 12.64 | $ | 12.67 |
Total Return E,F | | (1.41)% | | (20.21)% | | 42.05% | | 35.94% | | 6.50% | | 24.48% |
Ratios to Average Net Assets C,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .70% I | | .73% | | .72% | | .78% | | .79% | | .78% |
| Expenses net of fee waivers, if any | | .69% I | | .73% | | .71% | | .78% | | .79% | | .78% |
| Expenses net of all reductions | | .69% I | | .73% | | .71% | | .78% | | .78% | | .77% |
| Net investment income (loss) | | .18% I | | (.29)% | | (.25)% | | .03% | | (.01)% | | (.07)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 5,495 | $ | 5,707 | $ | 8,072 | $ | 7,074 | $ | 6,752 | $ | 7,288 |
Portfolio turnover rate J,K | | 12% I | | 32% | | 28% | | 48% | | 34% | | 38% |
A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.
B Calculated based on average shares outstanding during the period.
C Net 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.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
( 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. 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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 Input A |
| Equities | $634,119 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 19.3 | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 4.0 - 20.5 / 7.7 | Increase |
| | | Recovery Value | Recovery value | $0.00 - $0.28 / $0.12 | Increase |
| | | Market approach | Transaction price | $50.00 - $215.03 / $103.13 | Increase |
| | | | Discount rate | 5.3% - 50.0% / 34.2% | Decrease |
| | | Book value | Book value multiple | 1.5 | Increase |
| | | Black scholes | Discount rate | 3.5% - 4.1% / 3.6% | Increase |
| | | | Probability rate | 50.0% | Increase |
| | | | Volatility | 65.0% - 80.0% / 78.7% | Increase |
| | | | Term | 2.0 - 5.0 / 4.6 | Increase |
| Preferred Securities | $2,002 | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 15.0% | Decrease |
| | | Black scholes | Discount rate | 4.1% | Increase |
| | | | Volatility | 70.0% | Increase |
| | | | Term | 2.0 | 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, 2023, 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.
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. 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.
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 OTC Portfolio | $383 |
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, redemptions in-kind, net operating losses, certain foreign taxes, deferred Trustee compensation 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 | $10,273,115 |
| Gross unrealized depreciation | (895,737) |
| Net unrealized appreciation (depreciation) | $9,377,378 |
| Tax cost | $11,846,254 |
The Fund elected to defer to its next fiscal year approximately $51,086 of ordinary losses recognized during the period January 1, 2022 to July 31, 2022.
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.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) |
| Fidelity OTC Portfolio | Stripe, Inc. | $1,996 | $(1,996) |
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 Amount represents less than five hundred dollars.
B Amount represents less than .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 Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the 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 Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the 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 OTC Portfolio | 1,225,024 | 1,939,037 |
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 OTC Portfolio | 380 | 2,780 | 4,953 | 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 OTC Portfolio | 8,242 | 94,841 | 144,799 | 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 .23% 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 .64% 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets A |
| OTC | $10,657 | .14 |
| Class K | 1,122 | .04 |
| | $11,779 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity OTC Portfolio | .01 |
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 Portfolio | $37 |
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 | $15,456 | 3.54% | $71 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity OTC Portfolio | 42,504 | 107,971 | (68,508) |
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 OTC Portfolio | $29 |
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 Portfolio | $99 | $1 | $- |
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 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 | $11,322 | 3.51% | $6 |
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 $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 $388.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity OTC Portfolio | | |
| Distributions to shareholders | | |
| OTC | $584,667 | $2,483,169 |
| Class K | 197,395 | 874,221 |
| Total | $782,062 | $3,357,390 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity OTC Portfolio | | | | |
| OTC | | | | |
| Shares sold | 34,405 | 125,949 | $470,364 | $2,274,041 |
| Reinvestment of distributions | 38,691 | 119,609 | 545,928 | 2,344,237 |
| Shares redeemed | (85,356) | (195,138) | (1,147,766) | (3,377,430) |
| Net increase (decrease) | (12,260) | 50,420 | $(131,474) | $1,240,848 |
| Class K | | | | |
| Shares sold | 9,293 | 23,252 | $129,268 | $425,759 |
| Reinvestment of distributions | 13,689 | 43,712 | 197,395 | 874,221 |
| Shares redeemed | (18,559) | (71,161) | (254,333) | (1,262,760) |
| Net increase (decrease) | 4,423 | (4,197) | $72,330 | $37,220 |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® OTC Portfolio | | | | | | | | | | |
| Fidelity® OTC Portfolio | | | | .79% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 985.60 | | $ 3.95 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.22 | | $ 4.02 |
| Class K | | | | .69% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 985.90 | | $ 3.45 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.73 | | $ 3.52 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.700332.125
OTC-SANN-0423
Fidelity® Blue Chip Growth K6 Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Apple, Inc. | 9.4 | |
| Microsoft Corp. | 7.2 | |
| Amazon.com, Inc. | 7.0 | |
| NVIDIA Corp. | 6.2 | |
| Alphabet, Inc. Class A | 4.3 | |
| Marvell Technology, Inc. | 3.2 | |
| Meta Platforms, Inc. Class A | 3.0 | |
| Tesla, Inc. | 2.7 | |
| Netflix, Inc. | 2.2 | |
| UnitedHealth Group, Inc. | 2.1 | |
| | 47.3 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 38.0 | |
| Consumer Discretionary | 29.3 | |
| Communication Services | 12.1 | |
| Health Care | 9.9 | |
| Energy | 4.6 | |
| Industrials | 2.4 | |
| Consumer Staples | 1.4 | |
| Financials | 1.1 | |
| Materials | 0.8 | |
| Real Estate | 0.1 | |
| Utilities | 0.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 8.3% |
|
Showing Percentage of Net Assets
| Common Stocks - 98.5% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 12.0% | | | |
| Entertainment - 3.0% | | | |
| Activision Blizzard, Inc. | | 40,646 | 3,112,264 |
| Bilibili, Inc. ADR (a) | | 116,400 | 2,910,000 |
| Endeavor Group Holdings, Inc. (a) | | 104,195 | 2,337,094 |
| Netflix, Inc. (a) | | 413,282 | 146,243,969 |
| Sea Ltd. ADR (a) | | 577,310 | 37,207,630 |
| Universal Music Group NV | | 347,684 | 8,887,629 |
| | | | 200,698,586 |
| Interactive Media & Services - 8.9% | | | |
| Alphabet, Inc. Class A (a) | | 2,964,756 | 293,036,483 |
| Epic Games, Inc. (a)(b)(c) | | 607 | 513,443 |
| Meta Platforms, Inc. Class A (a) | | 1,352,722 | 201,514,996 |
| Pinterest, Inc. Class A (a) | | 139,609 | 3,670,321 |
| Snap, Inc. Class A (a) | | 8,664,847 | 100,165,631 |
| Tencent Holdings Ltd. sponsored ADR (d) | | 77,600 | 3,783,000 |
| | | | 602,683,874 |
| Wireless Telecommunication Services - 0.1% | | | |
| Rogers Communications, Inc. Class B (non-vtg.) | | 13,700 | 666,080 |
| T-Mobile U.S., Inc. (a) | | 43,643 | 6,516,336 |
| | | | 7,182,416 |
TOTAL COMMUNICATION SERVICES | | | 810,564,876 |
| CONSUMER DISCRETIONARY - 29.0% | | | |
| Auto Components - 0.1% | | | |
| Aptiv PLC (a) | | 51,714 | 5,848,336 |
| Autoliv, Inc. | | 3,600 | 331,632 |
| Mobileye Global, Inc. (d) | | 56,620 | 2,185,532 |
| | | | 8,365,500 |
| Automobiles - 2.9% | | | |
| Neutron Holdings, Inc. (a)(b)(c) | | 491,550 | 11,797 |
| Rad Power Bikes, Inc. (a)(b)(c) | | 101,681 | 408,758 |
| Rivian Automotive, Inc. (a) | | 587,869 | 11,404,659 |
| Tesla, Inc. (a) | | 1,047,471 | 181,442,927 |
| | | | 193,268,141 |
| Diversified Consumer Services - 0.0% | | | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 45,900 | 1,957,176 |
| Hotels, Restaurants & Leisure - 3.5% | | | |
| Airbnb, Inc. Class A (a) | | 567,456 | 63,050,036 |
| Caesars Entertainment, Inc. (a) | | 712,742 | 37,105,349 |
| Chipotle Mexican Grill, Inc. (a) | | 3,376 | 5,558,179 |
| Draftkings Holdings, Inc. (a)(d) | | 99,311 | 1,488,672 |
| Flutter Entertainment PLC (a) | | 18,100 | 2,800,480 |
| Hilton Worldwide Holdings, Inc. | | 132,704 | 19,254,023 |
| Marriott International, Inc. Class A | | 215,813 | 37,590,308 |
| Penn Entertainment, Inc. (a) | | 1,247,411 | 44,220,720 |
| Restaurant Brands International, Inc. | | 53,284 | 3,565,349 |
| Sonder Holdings, Inc.: | | | |
| rights (a)(c) | | 1,448 | 449 |
| rights (a)(c) | | 1,447 | 376 |
| rights (a)(c) | | 1,447 | 304 |
| rights (a)(c) | | 1,447 | 260 |
| rights (a)(c) | | 1,447 | 217 |
| rights (a)(c) | | 1,447 | 188 |
| Sweetgreen, Inc. Class A (a) | | 1,038,282 | 10,766,984 |
| Trip.com Group Ltd. ADR (a) | | 145,122 | 5,334,685 |
| Yum China Holdings, Inc. | | 71,400 | 4,398,954 |
| Yum! Brands, Inc. | | 17,217 | 2,246,991 |
| | | | 237,382,524 |
| Internet & Direct Marketing Retail - 11.1% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 256,763 | 28,295,283 |
| Amazon.com, Inc. (a) | | 4,571,640 | 471,473,233 |
| Deliveroo PLC Class A (a)(e) | | 1,141,311 | 1,308,008 |
| FSN E-Commerce Ventures Private Ltd. | | 3,776,400 | 6,355,928 |
| JD.com, Inc. sponsored ADR | | 335,496 | 19,972,077 |
| Lyft, Inc. (a) | | 3,485,930 | 56,646,363 |
| Pinduoduo, Inc. ADR (a) | | 169,790 | 16,636,024 |
| Uber Technologies, Inc. (a) | | 4,455,661 | 137,813,595 |
| Wayfair LLC Class A (a) | | 191,790 | 11,603,295 |
| | | | 750,103,806 |
| Multiline Retail - 1.2% | | | |
| Dollar Tree, Inc. (a) | | 421,067 | 63,235,842 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 147,345 | 8,068,612 |
| Target Corp. | | 32,542 | 5,601,780 |
| | | | 76,906,234 |
| Specialty Retail - 5.3% | | | |
| American Eagle Outfitters, Inc. | | 2,057,748 | 33,212,053 |
| Bath & Body Works, Inc. | | 93,124 | 4,284,635 |
| Burlington Stores, Inc. (a) | | 14,973 | 3,441,245 |
| Fanatics, Inc. Class A (a)(b)(c) | | 225,366 | 18,608,471 |
| Fast Retailing Co. Ltd. | | 1,100 | 668,095 |
| Five Below, Inc. (a) | | 200,589 | 39,542,110 |
| Foot Locker, Inc. | | 114,800 | 4,994,948 |
| Lowe's Companies, Inc. | | 631,772 | 131,566,519 |
| RH (a)(d) | | 128,954 | 40,232,358 |
| TJX Companies, Inc. | | 529,246 | 43,324,078 |
| Victoria's Secret & Co. (a) | | 529,459 | 22,316,697 |
| Warby Parker, Inc. (a) | | 791,230 | 12,778,365 |
| | | | 354,969,574 |
| Textiles, Apparel & Luxury Goods - 4.9% | | | |
| Capri Holdings Ltd. (a) | | 612,921 | 40,753,117 |
| Compagnie Financiere Richemont SA Series A | | 29,288 | 4,514,960 |
| Crocs, Inc. (a) | | 329,724 | 40,150,491 |
| Deckers Outdoor Corp. (a) | | 132,244 | 56,531,665 |
| Hermes International SCA | | 3,855 | 7,185,406 |
| lululemon athletica, Inc. (a) | | 242,888 | 74,537,469 |
| LVMH Moet Hennessy Louis Vuitton SE | | 25,402 | 22,175,322 |
| NIKE, Inc. Class B | | 591,018 | 75,254,322 |
| On Holding AG (a) | | 427,472 | 9,917,350 |
| | | | 331,020,102 |
TOTAL CONSUMER DISCRETIONARY | | | 1,953,973,057 |
| CONSUMER STAPLES - 1.3% | | | |
| Beverages - 1.2% | | | |
| Boston Beer Co., Inc. Class A (a) | | 33,760 | 13,119,474 |
| Celsius Holdings, Inc. (a)(d) | | 620,814 | 62,280,060 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 9,449 | 2,187,632 |
| | | | 77,587,166 |
| Food & Staples Retailing - 0.0% | | | |
| Costco Wholesale Corp. | | 1,294 | 661,415 |
| Food Products - 0.0% | | | |
| Sovos Brands, Inc. (a) | | 10,454 | 141,756 |
| The Real Good Food Co. LLC: | | | |
| Class B (c) | | 139,521 | 1 |
| Class B unit (e) | | 139,521 | 775,737 |
| The Real Good Food Co., Inc. (a) | | 8,627 | 47,966 |
| | | | 965,460 |
| Household Products - 0.1% | | | |
| Procter & Gamble Co. | | 32,330 | 4,603,145 |
| Personal Products - 0.0% | | | |
| Estee Lauder Companies, Inc. Class A | | 3,140 | 870,031 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc. Class A (a)(b)(c) | | 23,134 | 280,153 |
TOTAL CONSUMER STAPLES | | | 84,967,370 |
| ENERGY - 4.6% | | | |
| Energy Equipment & Services - 0.2% | | | |
| Halliburton Co. | | 220,709 | 9,097,625 |
| Oil, Gas & Consumable Fuels - 4.4% | | | |
| Antero Resources Corp. (a) | | 348,727 | 10,057,287 |
| Cenovus Energy, Inc. (Canada) | | 334,859 | 6,689,378 |
| Cheniere Energy, Inc. | | 50,008 | 7,640,722 |
| Denbury, Inc. (a) | | 124,790 | 10,829,276 |
| Devon Energy Corp. | | 322,840 | 20,416,402 |
| Diamondback Energy, Inc. | | 230,705 | 33,710,615 |
| EOG Resources, Inc. | | 296,622 | 39,228,260 |
| EQT Corp. | | 70,478 | 2,302,516 |
| Exxon Mobil Corp. | | 220,674 | 25,600,391 |
| Hess Corp. | | 358,499 | 53,832,210 |
| Marathon Oil Corp. | | 382,045 | 10,494,776 |
| Northern Oil & Gas, Inc. | | 83,959 | 2,814,306 |
| Occidental Petroleum Corp. | | 308,337 | 19,977,154 |
| Ovintiv, Inc. | | 41,438 | 2,039,993 |
| Pioneer Natural Resources Co. | | 125,333 | 28,870,457 |
| Reliance Industries Ltd. | | 747,491 | 21,609,007 |
| Reliance Industries Ltd. sponsored GDR (e) | | 37,854 | 2,169,034 |
| | | | 298,281,784 |
TOTAL ENERGY | | | 307,379,409 |
| FINANCIALS - 1.1% | | | |
| Banks - 0.4% | | | |
| Kotak Mahindra Bank Ltd. | | 72,602 | 1,544,710 |
| Wells Fargo & Co. | | 510,574 | 23,930,603 |
| | | | 25,475,313 |
| Consumer Finance - 0.6% | | | |
| American Express Co. | | 234,464 | 41,014,788 |
| Diversified Financial Services - 0.1% | | | |
| Ant International Co. Ltd. Class C (a)(b)(c) | | 403,977 | 638,284 |
| Berkshire Hathaway, Inc. Class B (a) | | 7,627 | 2,375,963 |
| Housing Development Finance Corp. Ltd. | | 65,160 | 2,102,117 |
| | | | 5,116,364 |
| Insurance - 0.0% | | | |
| The Travelers Companies, Inc. | | 2 | 382 |
TOTAL FINANCIALS | | | 71,606,847 |
| HEALTH CARE - 9.9% | | | |
| Biotechnology - 1.3% | | | |
| Alnylam Pharmaceuticals, Inc. (a) | | 112,860 | 25,551,504 |
| Arcutis Biotherapeutics, Inc. (a) | | 111,618 | 1,849,510 |
| Argenx SE ADR (a) | | 14,163 | 5,413,807 |
| Ascendis Pharma A/S sponsored ADR (a) | | 68,125 | 8,452,950 |
| Generation Bio Co. (a) | | 114,070 | 673,013 |
| Karuna Therapeutics, Inc. (a) | | 26,677 | 5,319,127 |
| Moderna, Inc. (a) | | 3,140 | 552,828 |
| Prometheus Biosciences, Inc. (a) | | 5,888 | 669,230 |
| Regeneron Pharmaceuticals, Inc. (a) | | 29,822 | 22,619,092 |
| Vertex Pharmaceuticals, Inc. (a) | | 50,678 | 16,374,062 |
| Verve Therapeutics, Inc. (a)(d) | | 73,624 | 1,674,946 |
| | | | 89,150,069 |
| Health Care Equipment & Supplies - 1.5% | | | |
| Axonics Modulation Technologies, Inc. (a) | | 92,236 | 5,663,290 |
| Blink Health LLC Series A1 (a)(b)(c) | | 5,757 | 248,702 |
| Boston Scientific Corp. (a) | | 340,310 | 15,739,338 |
| DexCom, Inc. (a) | | 441,426 | 47,272,310 |
| Insulet Corp. (a) | | 47,614 | 13,680,454 |
| Oddity Tech Ltd. (b)(c) | | 2,786 | 1,118,245 |
| Shockwave Medical, Inc. (a) | | 90,621 | 17,030,405 |
| TransMedics Group, Inc. (a) | | 17,124 | 1,079,154 |
| | | | 101,831,898 |
| Health Care Providers & Services - 3.0% | | | |
| agilon health, Inc. (a) | | 61,858 | 1,346,030 |
| Alignment Healthcare, Inc. (a) | | 147,511 | 1,821,761 |
| Cigna Corp. | | 23,097 | 7,314,127 |
| Elevance Health, Inc. | | 6,826 | 3,412,932 |
| Guardant Health, Inc. (a) | | 367,482 | 11,549,959 |
| Humana, Inc. | | 48,952 | 25,048,738 |
| LifeStance Health Group, Inc. (a) | | 183,178 | 967,180 |
| Surgery Partners, Inc. (a) | | 99,782 | 3,312,762 |
| UnitedHealth Group, Inc. | | 289,384 | 144,457,599 |
| Universal Health Services, Inc. Class B | | 12,364 | 1,832,468 |
| | | | 201,063,556 |
| Health Care Technology - 0.0% | | | |
| Certara, Inc. (a) | | 65,948 | 1,279,391 |
| MultiPlan Corp. warrants (a)(b) | | 13,856 | 57 |
| | | | 1,279,448 |
| Life Sciences Tools & Services - 0.9% | | | |
| Danaher Corp. | | 110,093 | 29,106,387 |
| ICON PLC (a) | | 17,638 | 4,069,263 |
| Olink Holding AB ADR (a) | | 101,493 | 1,987,233 |
| Seer, Inc. (a) | | 53,618 | 243,962 |
| Thermo Fisher Scientific, Inc. | | 34,265 | 19,542,357 |
| Veterinary Emergency Group LLC Class A (a)(b)(c)(f) | | 62,379 | 3,543,751 |
| | | | 58,492,953 |
| Pharmaceuticals - 3.2% | | | |
| AstraZeneca PLC sponsored ADR | | 51,378 | 3,358,580 |
| Eli Lilly & Co. | | 347,100 | 119,454,465 |
| Novo Nordisk A/S: | | | |
| Series B | | 23,845 | 3,299,907 |
| Series B sponsored ADR | | 194,264 | 26,959,958 |
| Roche Holding AG (participation certificate) | | 8,304 | 2,592,263 |
| Zoetis, Inc. Class A | | 347,629 | 57,529,123 |
| | | | 213,194,296 |
TOTAL HEALTH CARE | | | 665,012,220 |
| INDUSTRIALS - 2.2% | | | |
| Aerospace & Defense - 1.2% | | | |
| Airbus Group NV | | 47,251 | 5,923,663 |
| Howmet Aerospace, Inc. | | 192,631 | 7,838,155 |
| L3Harris Technologies, Inc. | | 22,378 | 4,807,242 |
| Lockheed Martin Corp. | | 12,091 | 5,601,277 |
| Northrop Grumman Corp. | | 9,409 | 4,215,608 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(b)(c) | | 201,490 | 15,514,730 |
| Class C (a)(b)(c) | | 70,540 | 5,431,580 |
| The Boeing Co. (a) | | 134,566 | 28,662,558 |
| | | | 77,994,813 |
| Air Freight & Logistics - 0.0% | | | |
| Delhivery Private Ltd. | | 271,900 | 1,007,537 |
| ZTO Express, Inc. sponsored ADR | | 65,300 | 1,861,703 |
| | | | 2,869,240 |
| Airlines - 0.1% | | | |
| Delta Air Lines, Inc. (a) | | 82,895 | 3,241,195 |
| United Airlines Holdings, Inc. (a) | | 131,703 | 6,448,179 |
| | | | 9,689,374 |
| Commercial Services & Supplies - 0.1% | | | |
| ACV Auctions, Inc. Class A (a) | | 415,183 | 4,068,793 |
| Electrical Equipment - 0.4% | | | |
| Acuity Brands, Inc. | | 112,425 | 21,194,361 |
| Array Technologies, Inc. (a) | | 64,300 | 1,429,389 |
| Regal Rexnord Corp. | | 4,600 | 640,320 |
| | | | 23,264,070 |
| Machinery - 0.2% | | | |
| Deere & Co. | | 36,507 | 15,436,620 |
| Professional Services - 0.0% | | | |
| Experian PLC | | 36,111 | 1,320,561 |
| Road & Rail - 0.2% | | | |
| Avis Budget Group, Inc. (a) | | 46,518 | 9,305,461 |
| Bird Global, Inc. (a)(b) | | 201,367 | 47,241 |
| Bird Global, Inc.: | | | |
| Class A (a)(d) | | 3,114,083 | 730,564 |
| Stage 1 rights (a)(c) | | 25,742 | 0 |
| Stage 2 rights (a)(c) | | 25,742 | 0 |
| Stage 3 rights (a)(c) | | 25,741 | 0 |
| Hertz Global Holdings, Inc. (a)(d) | | 308,717 | 5,563,080 |
| | | | 15,646,346 |
TOTAL INDUSTRIALS | | | 150,289,817 |
| INFORMATION TECHNOLOGY - 37.6% | | | |
| IT Services - 3.0% | | | |
| Adyen BV (a)(e) | | 995 | 1,504,348 |
| Block, Inc. Class A (a) | | 167,292 | 13,671,102 |
| Cloudflare, Inc. (a) | | 15,723 | 831,904 |
| MasterCard, Inc. Class A | | 286,929 | 106,335,887 |
| MongoDB, Inc. Class A (a) | | 38,632 | 8,275,361 |
| Okta, Inc. (a) | | 224,534 | 16,527,948 |
| PayPal Holdings, Inc. (a) | | 132,263 | 10,778,112 |
| Shopify, Inc. Class A (a) | | 14,400 | 709,637 |
| Snowflake, Inc. (a) | | 43,600 | 6,820,784 |
| Twilio, Inc. Class A (a) | | 193,039 | 11,551,454 |
| Visa, Inc. Class A | | 95,673 | 22,024,881 |
| X Holdings I, Inc. (b)(c) | | 2,471 | 980,320 |
| | | | 200,011,738 |
| Semiconductors & Semiconductor Equipment - 15.2% | | | |
| Advanced Micro Devices, Inc. (a) | | 670,655 | 50,399,723 |
| ASML Holding NV | | 15,809 | 10,447,220 |
| Cirrus Logic, Inc. (a) | | 113,977 | 10,302,381 |
| Enphase Energy, Inc. (a) | | 35,118 | 7,774,423 |
| GlobalFoundries, Inc. (a) | | 797,439 | 47,272,184 |
| Lam Research Corp. | | 29,883 | 14,944,488 |
| Marvell Technology, Inc. | | 4,990,159 | 215,325,361 |
| Microchip Technology, Inc. | | 36,994 | 2,871,474 |
| Monolithic Power Systems, Inc. | | 36,017 | 15,363,412 |
| NVIDIA Corp. | | 2,126,920 | 415,536,360 |
| NXP Semiconductors NV | | 674,659 | 124,346,400 |
| onsemi (a) | | 688,597 | 50,577,450 |
| SolarEdge Technologies, Inc. (a) | | 17,636 | 5,628,177 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 324,178 | 30,061,026 |
| Teradyne, Inc. | | 266,453 | 27,098,270 |
| Wolfspeed, Inc. (a) | | 3,186 | 245,354 |
| | | | 1,028,193,703 |
| Software - 10.0% | | | |
| Bill.Com Holdings, Inc. (a)(d) | | 88,970 | 10,286,711 |
| Confluent, Inc. (a) | | 42,800 | 988,680 |
| Datadog, Inc. Class A (a) | | 107,515 | 8,043,197 |
| HubSpot, Inc. (a) | | 79,326 | 27,526,915 |
| Intuit, Inc. | | 74,094 | 31,317,311 |
| Microsoft Corp. | | 1,966,308 | 487,270,785 |
| Paycom Software, Inc. (a) | | 30,047 | 9,733,425 |
| Pine Labs Private Ltd. (a)(b)(c) | | 1,109 | 634,270 |
| Salesforce.com, Inc. (a) | | 360,755 | 60,596,017 |
| ServiceNow, Inc. (a) | | 42,352 | 19,275,666 |
| Splunk, Inc. (a) | | 90,769 | 8,692,947 |
| Stripe, Inc. Class B (a)(b)(c) | | 19,200 | 515,904 |
| Zoom Video Communications, Inc. Class A (a) | | 142,508 | 10,688,100 |
| | | | 675,569,928 |
| Technology Hardware, Storage & Peripherals - 9.4% | | | |
| Apple, Inc. | | 4,376,165 | 631,436,851 |
TOTAL INFORMATION TECHNOLOGY | | | 2,535,212,220 |
| MATERIALS - 0.7% | | | |
| Chemicals - 0.1% | | | |
| Cibus Corp.: | | | |
| Series C (a)(b)(c)(f) | | 133,810 | 267,620 |
| Series D (a)(b)(c)(f) | | 134,400 | 268,800 |
| Series E (a)(b)(c)(f) | | 232,441 | 464,882 |
| Series F (a)(b)(c)(f) | | 47,626 | 95,252 |
| Linde PLC | | 11,383 | 3,767,090 |
| | | | 4,863,644 |
| Metals & Mining - 0.6% | | | |
| Freeport-McMoRan, Inc. | | 986,961 | 44,038,200 |
TOTAL MATERIALS | | | 48,901,844 |
| REAL ESTATE - 0.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.0% | | | |
| Welltower, Inc. | | 9,617 | 721,660 |
| Real Estate Management & Development - 0.1% | | | |
| WeWork, Inc. (a)(d) | | 2,109,652 | 3,354,347 |
TOTAL REAL ESTATE | | | 4,076,007 |
| UTILITIES - 0.0% | | | |
| Electric Utilities - 0.0% | | | |
| NextEra Energy, Inc. | | 17,800 | 1,328,414 |
| TOTAL COMMON STOCKS (Cost $5,464,934,137) | | | 6,633,312,081 |
| | | | |
| Preferred Stocks - 1.2% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 1.0% | | | |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 31,950 | 6,323,544 |
| Reddit, Inc.: | | | |
| Series E(a)(b)(c) | | 4,835 | 181,554 |
| Series F(a)(b)(c) | | 51,156 | 1,920,908 |
| | | | 8,426,006 |
| CONSUMER DISCRETIONARY - 0.2% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc.: | | | |
| Series A(a)(b)(c) | | 13,256 | 53,289 |
| Series C(a)(b)(c) | | 52,162 | 209,691 |
| Series D(a)(b)(c) | | 102,800 | 413,256 |
| | | | 676,236 |
| Hotels, Restaurants & Leisure - 0.0% | | | |
| Discord, Inc. Series I (a)(b)(c) | | 700 | 268,093 |
| | | | |
| Internet & Direct Marketing Retail - 0.1% | | | |
| Instacart, Inc.: | | | |
| Series H(a)(b)(c) | | 27,205 | 1,199,741 |
| Series I(a)(b)(c) | | 13,064 | 576,122 |
| Meesho Series F (a)(b)(c) | | 63,600 | 5,039,028 |
| | | | 6,814,891 |
| Textiles, Apparel & Luxury Goods - 0.1% | | | |
| CelLink Corp. Series D (b)(c) | | 92,760 | 1,463,753 |
| | | | |
TOTAL CONSUMER DISCRETIONARY | | | 9,222,973 |
| | | | |
| CONSUMER STAPLES - 0.1% | | | |
| Food & Staples Retailing - 0.1% | | | |
| GoBrands, Inc.: | | | |
| Series G(a)(b)(c) | | 18,300 | 2,881,152 |
| Series H(a)(b)(c) | | 11,467 | 1,805,364 |
| | | | 4,686,516 |
| Food Products - 0.0% | | | |
| AgBiome LLC Series C (a)(b)(c) | | 68,700 | 448,611 |
| Bowery Farming, Inc. Series C1 (a)(b)(c) | | 17,874 | 363,021 |
| | | | 811,632 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc. Series E (a)(b)(c) | | 12,508 | 151,472 |
| | | | |
TOTAL CONSUMER STAPLES | | | 5,649,620 |
| | | | |
| HEALTH CARE - 0.0% | | | |
| Health Care Equipment & Supplies - 0.0% | | | |
| Blink Health LLC Series C (a)(b)(c) | | 16,970 | 733,104 |
| | | | |
| INDUSTRIALS - 0.2% | | | |
| Aerospace & Defense - 0.2% | | | |
| ABL Space Systems: | | | |
| Series B(a)(b)(c) | | 29,724 | 1,093,249 |
| Series B2(a)(b)(c) | | 17,155 | 623,070 |
| Relativity Space, Inc. Series E (a)(b)(c) | | 276,014 | 5,271,867 |
| Space Exploration Technologies Corp. Series N (a)(b)(c) | | 8,141 | 6,268,570 |
| | | | 13,256,756 |
| Construction & Engineering - 0.0% | | | |
| Beta Technologies, Inc. Series A (a)(b)(c) | | 11,104 | 845,236 |
| | | | |
TOTAL INDUSTRIALS | | | 14,101,992 |
| | | | |
| INFORMATION TECHNOLOGY - 0.3% | | | |
| Electronic Equipment & Components - 0.0% | | | |
| Enevate Corp. Series E (a)(b)(c) | | 1,325,513 | 729,032 |
| Menlo Micro, Inc. Series C (b)(c) | | 560,500 | 633,365 |
| | | | 1,362,397 |
| IT Services - 0.0% | | | |
| Yanka Industries, Inc. Series F (a)(b)(c) | | 55,991 | 605,823 |
| | | | |
| Semiconductors & Semiconductor Equipment - 0.2% | | | |
| Alif Semiconductor Series C (b)(c) | | 47,598 | 800,598 |
| Astera Labs, Inc.: | | | |
| Series A(b)(c) | | 84,721 | 853,140 |
| Series B(b)(c) | | 14,425 | 145,260 |
| Series C(a)(b)(c) | | 180,900 | 1,821,663 |
| Series D(b)(c) | | 330,609 | 3,329,233 |
| GaN Systems, Inc.: | | | |
| Series F1(a)(b)(c) | | 78,477 | 420,637 |
| Series F2(a)(b)(c) | | 41,439 | 222,113 |
| SiMa.ai: | | | |
| Series B(a)(b)(c) | | 313,000 | 2,028,240 |
| Series B1(b)(c) | | 20,966 | 157,874 |
| Xsight Labs Ltd. Series D (a)(b)(c) | | 130,900 | 1,006,621 |
| | | | 10,785,379 |
| Software - 0.1% | | | |
| Algolia, Inc. Series D (a)(b)(c) | | 30,436 | 476,932 |
| Bolt Technology OU Series E (a)(b)(c) | | 20,165 | 2,775,154 |
| Databricks, Inc.: | | | |
| Series G(a)(b)(c) | | 48,000 | 2,362,080 |
| Series H(a)(b)(c) | | 31,572 | 1,553,658 |
| Mountain Digital, Inc. Series D (a)(b)(c) | | 62,139 | 699,685 |
| Skyryse, Inc. Series B (a)(b)(c) | | 67,400 | 1,362,828 |
| Stripe, Inc. Series H (a)(b)(c) | | 8,086 | 217,271 |
| Tenstorrent, Inc. Series C1 (a)(b)(c) | | 8,600 | 448,748 |
| | | | 9,896,356 |
TOTAL INFORMATION TECHNOLOGY | | | 22,649,955 |
| | | | |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Diamond Foundry, Inc. Series C (a)(b)(c) | | 249,802 | 8,860,477 |
| | | | |
| UTILITIES - 0.0% | | | |
| Independent Power and Renewable Electricity Producers - 0.0% | | | |
| Redwood Materials Series C (a)(b)(c) | | 37,990 | 1,120,705 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 70,764,832 |
| Nonconvertible Preferred Stocks - 0.2% | | | |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc.: | | | |
| Series 1C(a)(b)(c) | | 3,178,083 | 76,274 |
| Series 1D(a)(b)(c) | | 5,904,173 | 141,700 |
| Waymo LLC Series A2 (a)(b)(c) | | 7,817 | 378,421 |
| | | | 596,395 |
| Internet & Direct Marketing Retail - 0.1% | | | |
| Circle Internet Financial Ltd. Series E (b)(c) | | 137,547 | 4,649,089 |
| ZKH Group Ltd. Series F (c) | | 2,521,782 | 1,185,238 |
| | | | 5,834,327 |
TOTAL CONSUMER DISCRETIONARY | | | 6,430,722 |
| | | | |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| IT Services - 0.0% | | | |
| Gupshup, Inc. (a)(b)(c) | | 78,911 | 1,436,180 |
| | | | |
| Software - 0.1% | | | |
| Pine Labs Private Ltd.: | | | |
| Series 1(a)(b)(c) | | 2,652 | 1,516,758 |
| Series A(a)(b)(c) | | 663 | 379,190 |
| Series B(a)(b)(c) | | 721 | 412,362 |
| Series B2(a)(b)(c) | | 583 | 333,435 |
| Series C(a)(b)(c) | | 1,085 | 620,544 |
| Series C1(a)(b)(c) | | 228 | 130,400 |
| Series D(a)(b)(c) | | 244 | 139,551 |
| | | | 3,532,240 |
TOTAL INFORMATION TECHNOLOGY | | | 4,968,420 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 11,399,142 |
| TOTAL PREFERRED STOCKS (Cost $89,192,887) | | | 82,163,974 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (g) | Value ($) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc.: | | | |
| 4% 10/27/25 (b)(c)(h) | | 2,430,300 | 2,243,896 |
| 4% 5/22/27 (b)(c) | | 237,400 | 228,782 |
| 4% 6/12/27 (b)(c) | | 64,200 | 61,870 |
| (Cost $2,731,900) | | | 2,534,548 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (g) | Value ($) |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| GaN Systems, Inc. 0% (b)(c)(i) | | 1,839,388 | 1,137,662 |
| Software - 0.0% | | | |
| Tenstorrent, Inc. 0% (b)(c)(i) | | 480,000 | 421,440 |
| TOTAL PREFERRED SECURITIES (Cost $2,319,388) | | | 1,559,102 |
| | | | |
| Money Market Funds - 1.5% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (j) | | 20,110,971 | 20,114,993 |
| Fidelity Securities Lending Cash Central Fund 4.38% (j)(k) | | 77,344,037 | 77,351,772 |
| TOTAL MONEY MARKET FUNDS (Cost $97,466,765) | | | 97,466,765 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.2% (Cost $5,656,645,077) | 6,817,036,470 |
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (78,525,603) |
| NET ASSETS - 100.0% | 6,738,510,867 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $134,664,646 or 2.0% 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 $5,757,127 or 0.1% of net assets. |
| (f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (g) | Amount is stated in United States dollars unless otherwise noted. |
| (h) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (i) | Security is perpetual in nature with no stated maturity date. |
| (j) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (k) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| ABL Space Systems Series B | 3/24/21 | 1,338,638 |
| | | |
| ABL Space Systems Series B2 | 10/22/21 | 1,166,473 |
| | | |
| AgBiome LLC Series C | 6/29/18 | 435,125 |
| | | |
| Algolia, Inc. Series D | 7/23/21 | 890,102 |
| | | |
| Alif Semiconductor Series C | 3/08/22 | 966,170 |
| | | |
| Ant International Co. Ltd. Class C | 5/16/18 | 1,539,709 |
| | | |
| Astera Labs, Inc. Series A | 5/17/22 | 861,570 |
| | | |
| Astera Labs, Inc. Series B | 5/17/22 | 146,695 |
| | | |
| Astera Labs, Inc. Series C | 8/24/21 | 608,150 |
| | | |
| Astera Labs, Inc. Series D | 5/17/22 - 5/27/22 | 3,362,128 |
| | | |
| Beta Technologies, Inc. Series A | 4/09/21 | 813,590 |
| | | |
| Bird Global, Inc. | 5/11/21 | 2,013,670 |
| | | |
| Blink Health LLC Series A1 | 12/30/20 | 155,957 |
| | | |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 647,847 |
| | | |
| Bolt Technology OU Series E | 1/03/22 | 5,238,796 |
| | | |
| Bowery Farming, Inc. Series C1 | 5/18/21 | 1,076,896 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 3,500,895 |
| | | |
| CelLink Corp. Series D | 1/20/22 | 1,931,625 |
| | | |
| Cibus Corp. Series C | 2/16/18 | 281,001 |
| | | |
| Cibus Corp. Series D | 5/10/19 | 168,000 |
| | | |
| Cibus Corp. Series E | 6/23/21 | 409,096 |
| | | |
| Cibus Corp. Series F | 12/02/22 | 95,252 |
| | | |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 2,232,400 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 2,837,886 |
| | | |
| Databricks, Inc. Series H | 8/31/21 | 2,320,041 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 5,995,248 |
| | | |
| Discord, Inc. Series I | 9/15/21 | 385,437 |
| | | |
| Enevate Corp. Series E | 1/29/21 | 1,469,576 |
| | | |
| Epic Games, Inc. | 7/30/20 | 349,025 |
| | | |
| Fanatics, Inc. Class A | 8/13/20 - 10/24/22 | 10,009,624 |
| | | |
| GaN Systems, Inc. Series F1 | 11/30/21 | 665,485 |
| | | |
| GaN Systems, Inc. Series F2 | 11/30/21 | 351,403 |
| | | |
| GaN Systems, Inc. 0% | 11/30/21 | 1,839,388 |
| | | |
| GoBrands, Inc. Series G | 3/02/21 | 4,569,827 |
| | | |
| GoBrands, Inc. Series H | 7/22/21 | 4,454,821 |
| | | |
| Gupshup, Inc. | 6/08/21 | 1,804,316 |
| | | |
| Instacart, Inc. Series H | 11/13/20 | 1,632,300 |
| | | |
| Instacart, Inc. Series I | 2/26/21 | 1,633,000 |
| | | |
| JUUL Labs, Inc. Class A | 12/20/17 - 7/06/18 | 645,585 |
| | | |
| JUUL Labs, Inc. Series E | 12/20/17 - 7/06/18 | 342,963 |
| | | |
| Meesho Series F | 9/21/21 | 4,876,358 |
| | | |
| Menlo Micro, Inc. Series C | 2/09/22 | 742,943 |
| | | |
| 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% 10/27/25 | 10/29/21 | 2,430,300 |
| | | |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 237,400 |
| | | |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 64,200 |
| | | |
| Oddity Tech Ltd. | 1/06/22 | 1,199,122 |
| | | |
| Pine Labs Private Ltd. | 6/30/21 | 413,502 |
| | | |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | 988,825 |
| | | |
| Pine Labs Private Ltd. Series A | 6/30/21 | 247,206 |
| | | |
| Pine Labs Private Ltd. Series B | 6/30/21 | 268,832 |
| | | |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | 217,377 |
| | | |
| Pine Labs Private Ltd. Series C | 6/30/21 | 404,553 |
| | | |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | 85,012 |
| | | |
| Pine Labs Private Ltd. Series D | 6/30/21 | 90,978 |
| | | |
| Rad Power Bikes, Inc. | 1/21/21 | 490,493 |
| | | |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 63,945 |
| | | |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 251,621 |
| | | |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 985,215 |
| | | |
| Reddit, Inc. Series E | 5/18/21 | 205,363 |
| | | |
| Reddit, Inc. Series F | 8/11/21 | 3,161,154 |
| | | |
| Redwood Materials Series C | 5/28/21 | 1,800,858 |
| | | |
| Relativity Space, Inc. Series E | 5/27/21 | 6,302,807 |
| | | |
| SiMa.ai Series B | 5/10/21 | 1,604,876 |
| | | |
| SiMa.ai Series B1 | 4/25/22 | 148,668 |
| | | |
| Skyryse, Inc. Series B | 10/21/21 | 1,663,430 |
| | | |
| Space Exploration Technologies Corp. Class A | 2/16/21 - 12/15/22 | 14,140,734 |
| | | |
| Space Exploration Technologies Corp. Class C | 12/15/22 | 5,431,580 |
| | | |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 2,198,070 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 770,465 |
| | | |
| Stripe, Inc. Series H | 3/15/21 | 324,451 |
| | | |
| Tenstorrent, Inc. Series C1 | 4/23/21 | 511,307 |
| | | |
| Tenstorrent, Inc. 0% | 4/23/21 | 480,000 |
| | | |
| Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 2,587,644 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 671,224 |
| | | |
| X Holdings I, Inc. | 10/25/22 | 2,471,000 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 1,046,676 |
| | | |
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | 91,389,124 | 317,678,012 | 388,952,143 | 730,782 | - | - | 20,114,993 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 84,008,097 | 311,782,758 | 318,439,083 | 253,643 | - | - | 77,351,772 | 0.3% |
| Total | 175,397,221 | 629,460,770 | 707,391,226 | 984,425 | - | - | 97,466,765 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 818,990,882 | 801,163,804 | 8,887,629 | 8,939,449 |
Consumer Discretionary | 1,969,626,752 | 1,901,227,932 | 33,714,305 | 34,684,515 |
Consumer Staples | 90,616,990 | 84,687,216 | - | 5,929,774 |
Energy | 307,379,409 | 285,770,402 | 21,609,007 | - |
Financials | 71,606,847 | 67,321,736 | 3,646,827 | 638,284 |
Health Care | 665,745,324 | 654,209,295 | 5,892,227 | 5,643,802 |
Industrials | 164,391,809 | 121,091,746 | 8,251,761 | 35,048,302 |
Information Technology | 2,562,830,595 | 2,531,577,378 | 1,504,348 | 29,748,869 |
Materials | 57,762,321 | 47,805,290 | - | 9,957,031 |
Real Estate | 4,076,007 | 4,076,007 | - | - |
Utilities | 2,449,119 | 1,328,414 | - | 1,120,705 |
|
| Corporate Bonds | 2,534,548 | - | - | 2,534,548 |
|
| Preferred Securities | 1,559,102 | - | - | 1,559,102 |
|
| Money Market Funds | 97,466,765 | 97,466,765 | - | - |
| Total Investments in Securities: | 6,817,036,470 | 6,597,725,985 | 83,506,104 | 135,804,381 |
| | | | | |
|
| Net Unrealized Depreciation on Unfunded Commitments | (244,073) | - | - | (244,073) |
| Total | (244,073) | - | - | (244,073) |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Beginning Balance | $ | 115,038,369 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (3,697,353) | |
| Cost of Purchases | | 18,350,230 | |
| Proceeds of Sales | | (564,345) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | 8,104,517 | |
| Transfers out of Level 3 | | (1,427,037) | |
| Ending Balance | $ | 135,804,381 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (3,697,353) | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $75,532,662) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,559,178,312) | $ | 6,719,569,705 | | |
Fidelity Central Funds (cost $97,466,765) | | 97,466,765 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,656,645,077) | | | $ | 6,817,036,470 |
| Foreign currency held at value (cost $710,616) | | | | 710,616 |
| Receivable for investments sold | | | | 6,402,856 |
| Receivable for fund shares sold | | | | 7,799,893 |
| Dividends receivable | | | | 1,569,198 |
| Interest receivable | | | | 106,603 |
| Distributions receivable from Fidelity Central Funds | | | | 77,305 |
Total assets | | | | 6,833,702,941 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 564,345 | | |
| Payable for investments purchased | | 4,019,463 | | |
| Unrealized depreciation on unfunded commitments | | 244,073 | | |
| Payable for fund shares redeemed | | 9,101,323 | | |
| Accrued management fee | | 2,367,188 | | |
| Other payables and accrued expenses | | 1,541,182 | | |
| Collateral on securities loaned | | 77,354,500 | | |
| Total Liabilities | | | | 95,192,074 |
| Net Assets | | | $ | 6,738,510,867 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,923,964,701 |
| Total accumulated earnings (loss) | | | | 814,546,166 |
| Net Assets | | | $ | 6,738,510,867 |
Net Asset Value , offering price and redemption price per share ($6,738,510,867 ÷ 344,799,314 shares) | | | $ | 19.54 |
| Statement of Operations |
| | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 21,776,015 |
| Interest | | | | 5,323 |
| Income from Fidelity Central Funds (including $253,643 from security lending) | | | | 984,425 |
| Total Income | | | | 22,765,763 |
| Expenses | | | | |
| Management fee | $ | 14,474,260 | | |
| Independent trustees' fees and expenses | | 11,259 | | |
| Interest | | 9,317 | | |
| Total expenses before reductions | | 14,494,836 | | |
| Expense reductions | | (265) | | |
| Total expenses after reductions | | | | 14,494,571 |
| Net Investment income (loss) | | | | 8,271,192 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $812) | | (132,041,753) | | |
| Redemptions in-kind | | 28,713,489 | | |
| Foreign currency transactions | | 4,152 | | |
| Total net realized gain (loss) | | | | (103,324,112) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $572,216) | | (120,119,027) | | |
| Unfunded commitments | | 47,139 | | |
| Assets and liabilities in foreign currencies | | (1,720) | | |
| Total change in net unrealized appreciation (depreciation) | | | | (120,073,608) |
| Net gain (loss) | | | | (223,397,720) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (215,126,528) |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 8,271,192 | $ | 715,037 |
| Net realized gain (loss) | | (103,324,112) | | (122,785,158) |
| Change in net unrealized appreciation (depreciation) | | (120,073,608) | | (1,443,162,254) |
| Net increase (decrease) in net assets resulting from operations | | (215,126,528) | | (1,565,232,375) |
| Distributions to shareholders | | (7,284,411) | | (450,387,568) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 911,254,654 | | 3,628,936,951 |
| Reinvestment of distributions | | 7,274,331 | | 450,387,568 |
| Cost of shares redeemed | | (778,891,660) | | (1,698,109,014) |
Net increase (decrease) in net assets resulting from share transactions | | 139,637,325 | | 2,381,215,505 |
| Total increase (decrease) in net assets | | (82,773,614) | | 365,595,562 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 6,821,284,481 | | 6,455,688,919 |
| End of period | $ | 6,738,510,867 | $ | 6,821,284,481 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 49,006,367 | | 162,418,203 |
| Issued in reinvestment of distributions | | 380,059 | | 16,489,637 |
| Redeemed | | (42,378,223) | | (72,616,870) |
| Net increase (decrease) | | 7,008,203 | | 106,290,970 |
| | | | | |
Financial Highlights
| Fidelity® Blue Chip Growth K6 Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 20.19 | $ | 27.89 | $ | 19.32 | $ | 13.69 | $ | 12.79 | $ | 10.32 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .02 | | - C | | (.03) | | .03 | | .04 | | .05 D |
| Net realized and unrealized gain (loss) | | (.65) | | (5.83) | | 8.91 | | 5.64 | | .91 | | 2.44 |
| Total from investment operations | | (.63) | | (5.83) | | 8.88 | | 5.67 | | .95 | | 2.49 |
| Distributions from net investment income | | (.02) | | - | | (.02) | | (.04) | | (.05) | | (.01) |
| Distributions from net realized gain | | - | | (1.87) | | (.29) | | - C | | - | | - C |
| Total distributions | | (.02) | | (1.87) | | (.31) | | (.04) | | (.05) | | (.02) E |
| Net asset value, end of period | $ | 19.54 | $ | 20.19 | $ | 27.89 | $ | 19.32 | $ | 13.69 | $ | 12.79 |
Total Return F,G | | (3.11)% | | (22.62)% | | 46.28% | | 41.55% | | 7.48% | | 24.10% |
Ratios to Average Net Assets B,H,I | | | | | | | | | | | | |
| Expenses before reductions | | .45% J | | .45% | | .45% | | .45% | | .45% | | .45% |
| Expenses net of fee waivers, if any | | .45% J | | .45% | | .45% | | .45% | | .45% | | .45% |
| Expenses net of all reductions | | .45% J | | .45% | | .45% | | .45% | | .45% | | .45% |
| Net investment income (loss) | | .26% J | | .01% | | (.10)% | | .19% | | .34% | | .45% D |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 6,738,511 | $ | 6,821,284 | $ | 6,455,689 | $ | 3,854,348 | $ | 2,290,237 | $ | 1,680,044 |
Portfolio turnover rate K | | 22% J,L | | 37% L | | 44% L | | 49% L | | 51% L | | 40% L |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Amount represents less than $.005 per share.
D Net 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 .29%.
E Total distributions per share do not sum due to rounding.
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
H Fees and expenses of any underlying 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.
I Expense 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.
J Annualized.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
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.
The Board of Trustees has approved, subject to shareholder approval, a proposal to reclassify the Fund as a non-diversified fund.
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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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 Input A |
| Equities | $131,710,731 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 23.0 / 8.1 | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 2.0 - 25.0 / 7.3 | Increase |
| | | | Enterprise value/Gross profit multiple (EV/GP) | 7.5 | Increase |
| | | | Probability rate | 25.0% - 75.0% / 50.0% | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $1.11 - $91.72 / $16.63 | Increase |
| | | | Discount rate | 5.0% - 50.0% / 24.2% | Decrease |
| | | | Premium rate | 10.0% | Increase |
| | | Book value | Book value multiple | 1.5 | Increase |
| | | Discounted cash flow | Weight average cost of capital (WACC) | 25.0% - 36.3% / 30.4% | Decrease |
| | | | Exit multiple | 1.8 - 7.3 / 3.1 | Increase |
| | | Black scholes | Discount rate | 3.5% - 4.1% / 3.7% | Increase |
| | | | Probability rate | 50.0% | Increase |
| | | | Volatility | 50.0% - 100.0% / 69.9% | Increase |
| | | | Term | 2.0 - 5.0 / 3.9 | Increase |
| Corporate Bonds | $2,534,548 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 | Increase |
| | | | Discount rate | 29.2% | Decrease |
| | | | Probability rate | 10.0% - 50.0% / 33.3% | Increase |
| | | Black scholes | Volatility | 75.0% | Increase |
| | | | Term | 0.9 | Increase |
| Preferred Securities | $1,559,102 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 4.6 | Increase |
| | | | Probability rate | 10.0% - 90.0% / 50.0% | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 15.0% | Decrease |
| | | Black scholes | Discount rate | 4.1% | Increase |
| | | | Volatility | 70.0% | Increase |
| | | | Term | 2.0 | 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, 2023 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.
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, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, 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 | $1,706,736,136 |
| Gross unrealized depreciation | (568,907,979) |
| Net unrealized appreciation (depreciation) | $1,137,828,157 |
| Tax cost | $5,678,964,240 |
The Fund elected to defer to its next fiscal year approximately $201,890,077 of capital losses recognized during the period November 1, 2021 to July 31, 2022.
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.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) |
| Fidelity Blue Chip Growth K6 Fund | Stripe, Inc. | $244,073 | $(244,073) |
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 | 4,640,305 | .07 |
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 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 Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the 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 Blue Chip Growth K6 Fund | 943,202,645 | 694,769,085 |
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 ($) | Total Proceeds ($) |
| Fidelity Blue Chip Growth K6 Fund | 4,451,595 | 28,713,489 | 77,012,597 |
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 ($) |
| Fidelity Blue Chip Growth K6 Fund | 3,026,462 | 53,810,496 |
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
| | Shares | Total net realized gain or loss ($) | Total Proceeds ($) |
| Fidelity Blue Chip Growth K6 Fund | 3,743,610 | 60,349,449 | 101,901,059 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity Blue Chip Growth K6 Fund | 63,577,402 | 1,334,865,017 |
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 .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 Statement of Operations. The commissions paid to these affiliated firms were as follows:
| | Amount |
| Fidelity Blue Chip Growth K6 Fund | $20,852 |
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, 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 K6 Fund | Borrower | $4,788,188 | 4.38% | $9,317 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Blue Chip Growth K6 Fund | 102,005,589 | 26,066,112 | (8,944,885) |
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 Blue Chip Growth K6 Fund | $26,693 | $16,465 | $81,570 |
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 $265.
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| | | | | | | | | | |
| Fidelity® Blue Chip Growth K6 Fund | | | | .45% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 968.90 | | $ 2.23 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.94 | | $ 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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9884006.105
BCFK6-SANN-0423
Fidelity® Dividend Growth Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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. | 5.2 | |
| UnitedHealth Group, Inc. | 2.2 | |
| Visa, Inc. Class A | 2.1 | |
| Cigna Corp. | 2.1 | |
| Bristol-Myers Squibb Co. | 1.6 | |
| The Boeing Co. | 1.5 | |
| Allison Transmission Holdings, Inc. | 1.5 | |
| Keurig Dr. Pepper, Inc. | 1.5 | |
| Energy Transfer LP | 1.4 | |
| Exxon Mobil Corp. | 1.4 | |
| | 20.5 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 15.8 | |
| Health Care | 14.4 | |
| Industrials | 10.8 | |
| Energy | 9.3 | |
| Consumer Staples | 8.6 | |
| Materials | 7.9 | |
| Utilities | 7.6 | |
| Financials | 7.2 | |
| Consumer Discretionary | 5.6 | |
| Communication Services | 5.1 | |
| Real Estate | 5.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 13% |
|
Geographic Diversification (% of Fund's net assets) |
|
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable. |
| |
Showing Percentage of Net Assets
| Common Stocks - 97.3% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 5.1% | | | |
| Diversified Telecommunication Services - 1.6% | | | |
| Cellnex Telecom SA (a) | | 1,035,300 | 40,571 |
| Verizon Communications, Inc. | | 1,589,300 | 66,067 |
| | | | 106,638 |
| Entertainment - 1.1% | | | |
| Activision Blizzard, Inc. | | 928,600 | 71,103 |
| Interactive Media & Services - 1.5% | | | |
| Alphabet, Inc. Class A (b) | | 540,500 | 53,423 |
| Meta Platforms, Inc. Class A (b) | | 306,900 | 45,719 |
| | | | 99,142 |
| Media - 0.9% | | | |
| Comcast Corp. Class A | | 1,502,092 | 59,107 |
TOTAL COMMUNICATION SERVICES | | | 335,990 |
| CONSUMER DISCRETIONARY - 5.6% | | | |
| Diversified Consumer Services - 0.8% | | | |
| H&R Block, Inc. | | 1,286,600 | 50,152 |
| Hotels, Restaurants & Leisure - 2.5% | | | |
| Churchill Downs, Inc. | | 65,200 | 16,176 |
| Domino's Pizza, Inc. | | 240,200 | 84,791 |
| Hilton Worldwide Holdings, Inc. | | 48,200 | 6,993 |
| Krispy Kreme, Inc. (c) | | 416,800 | 5,085 |
| Restaurant Brands International, Inc. (c) | | 565,500 | 37,849 |
| Starbucks Corp. | | 800 | 87 |
| Yum China Holdings, Inc. | | 267,000 | 16,450 |
| | | | 167,431 |
| Household Durables - 1.0% | | | |
| D.R. Horton, Inc. | | 290,400 | 28,660 |
| Lennar Corp. Class A | | 348,900 | 35,727 |
| | | | 64,387 |
| Multiline Retail - 0.8% | | | |
| Dollar General Corp. | | 221,100 | 51,649 |
| Specialty Retail - 0.5% | | | |
| TJX Companies, Inc. | | 446,400 | 36,542 |
TOTAL CONSUMER DISCRETIONARY | | | 370,161 |
| CONSUMER STAPLES - 8.6% | | | |
| Beverages - 3.3% | | | |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 309,700 | 71,702 |
| Keurig Dr. Pepper, Inc. | | 2,709,600 | 95,595 |
| The Coca-Cola Co. | | 802,000 | 49,179 |
| | | | 216,476 |
| Food & Staples Retailing - 2.0% | | | |
| Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | | 909,500 | 41,533 |
| Walmart, Inc. | | 613,700 | 88,293 |
| | | | 129,826 |
| Food Products - 0.5% | | | |
| The J.M. Smucker Co. | | 215,500 | 32,928 |
| Household Products - 0.9% | | | |
| Reynolds Consumer Products, Inc. (c) | | 1,935,940 | 57,633 |
| Tobacco - 1.9% | | | |
| Altria Group, Inc. | | 1,637,214 | 73,740 |
| Philip Morris International, Inc. | | 527,100 | 54,945 |
| | | | 128,685 |
TOTAL CONSUMER STAPLES | | | 565,548 |
| ENERGY - 9.3% | | | |
| Energy Equipment & Services - 0.8% | | | |
| Baker Hughes Co. Class A (c) | | 1,800,700 | 57,154 |
| Oil, Gas & Consumable Fuels - 8.5% | | | |
| ARC Resources Ltd. | | 4,071,500 | 47,308 |
| Arch Resources, Inc. (c) | | 315,300 | 46,671 |
| Canadian Natural Resources Ltd. (c) | | 1,214,900 | 74,643 |
| Cheniere Energy, Inc. | | 61,500 | 9,397 |
| Cool Co. Ltd. (b) | | 1,561,400 | 16,491 |
| Energy Transfer LP | | 7,147,900 | 94,924 |
| Enterprise Products Partners LP | | 2,979,000 | 76,262 |
| Exxon Mobil Corp. | | 772,097 | 89,571 |
| Reliance Industries Ltd. sponsored GDR (a) | | 642,300 | 36,804 |
| Sitio Royalties Corp. (c) | | 919,600 | 24,434 |
| Viper Energy Partners LP | | 1,371,522 | 43,546 |
| | | | 560,051 |
TOTAL ENERGY | | | 617,205 |
| FINANCIALS - 7.2% | | | |
| Banks - 2.1% | | | |
| Bank of America Corp. | | 1,301,800 | 46,188 |
| Wells Fargo & Co. | | 1,894,993 | 88,818 |
| | | | 135,006 |
| Capital Markets - 1.9% | | | |
| BlackRock, Inc. Class A | | 14,900 | 11,312 |
| Brookfield Corp. Class A | | 500,400 | 18,615 |
| Intercontinental Exchange, Inc. | | 667,100 | 71,747 |
| S&P Global, Inc. | | 70,668 | 26,496 |
| | | | 128,170 |
| Diversified Financial Services - 0.2% | | | |
| Apollo Global Management, Inc. | | 176,400 | 12,486 |
| Insurance - 3.0% | | | |
| Arthur J. Gallagher & Co. | | 361,600 | 70,772 |
| Brookfield Asset Management Reinsurance Partners Ltd. (c) | | 2,825 | 105 |
| Marsh & McLennan Companies, Inc. | | 293,700 | 51,371 |
| The Travelers Companies, Inc. | | 405,500 | 77,499 |
| | | | 199,747 |
TOTAL FINANCIALS | | | 475,409 |
| HEALTH CARE - 14.4% | | | |
| Biotechnology - 0.5% | | | |
| AbbVie, Inc. | | 201,000 | 29,698 |
| Health Care Equipment & Supplies - 1.3% | | | |
| Baxter International, Inc. | | 882,500 | 40,321 |
| Becton, Dickinson & Co. | | 139,700 | 35,235 |
| GE HealthCare Technologies, Inc. (b) | | 193,850 | 13,476 |
| | | | 89,032 |
| Health Care Providers & Services - 7.6% | | | |
| Cigna Corp. | | 442,800 | 140,221 |
| CVS Health Corp. | | 631,900 | 55,746 |
| Elevance Health, Inc. | | 92,500 | 46,249 |
| HCA Holdings, Inc. | | 134,900 | 34,409 |
| Humana, Inc. | | 158,300 | 81,002 |
| UnitedHealth Group, Inc. | | 291,806 | 145,667 |
| | | | 503,294 |
| Life Sciences Tools & Services - 1.4% | | | |
| Danaher Corp. | | 72,700 | 19,220 |
| Thermo Fisher Scientific, Inc. | | 126,900 | 72,375 |
| | | | 91,595 |
| Pharmaceuticals - 3.6% | | | |
| Bristol-Myers Squibb Co. | | 1,454,800 | 105,691 |
| Eli Lilly & Co. | | 142,200 | 48,938 |
| Perrigo Co. PLC | | 1,233,800 | 46,169 |
| Roche Holding AG (participation certificate) | | 53,550 | 16,717 |
| Royalty Pharma PLC | | 492,068 | 19,284 |
| | | | 236,799 |
TOTAL HEALTH CARE | | | 950,418 |
| INDUSTRIALS - 10.8% | | | |
| Aerospace & Defense - 4.1% | | | |
| Airbus Group NV | | 231,200 | 28,985 |
| L3Harris Technologies, Inc. | | 102,500 | 22,019 |
| Lockheed Martin Corp. | | 94,100 | 43,593 |
| Northrop Grumman Corp. | | 97,400 | 43,639 |
| Textron, Inc. | | 462,700 | 33,708 |
| The Boeing Co. (b) | | 470,300 | 100,174 |
| | | | 272,118 |
| Air Freight & Logistics - 0.2% | | | |
| United Parcel Service, Inc. Class B | | 61,600 | 11,410 |
| Commercial Services & Supplies - 1.0% | | | |
| GFL Environmental, Inc. (c) | | 2,213,100 | 68,295 |
| Industrial Conglomerates - 1.0% | | | |
| General Electric Co. | | 817,550 | 65,796 |
| Machinery - 3.2% | | | |
| Allison Transmission Holdings, Inc. | | 2,200,702 | 99,208 |
| Caterpillar, Inc. | | 104,400 | 26,339 |
| Deere & Co. | | 101,300 | 42,834 |
| Fortive Corp. | | 133,300 | 9,068 |
| PACCAR, Inc. | | 299,900 | 32,782 |
| | | | 210,231 |
| Marine - 0.2% | | | |
| 2020 Bulkers Ltd. (c)(d) | | 1,128,200 | 11,054 |
| Professional Services - 0.6% | | | |
| Equifax, Inc. | | 119,300 | 26,508 |
| Leidos Holdings, Inc. | | 146,900 | 14,520 |
| | | | 41,028 |
| Road & Rail - 0.5% | | | |
| Canadian Pacific Railway Ltd. (c) | | 409,400 | 32,302 |
TOTAL INDUSTRIALS | | | 712,234 |
| INFORMATION TECHNOLOGY - 15.8% | | | |
| Electronic Equipment & Components - 0.3% | | | |
| Jabil, Inc. | | 247,000 | 19,422 |
| Vontier Corp. | | 6,702 | 154 |
| | | | 19,576 |
| IT Services - 6.0% | | | |
| DXC Technology Co. (b) | | 387,400 | 11,130 |
| Fidelity National Information Services, Inc. | | 598,600 | 44,919 |
| Genpact Ltd. | | 822,630 | 38,894 |
| Global Payments, Inc. | | 115,600 | 13,030 |
| MasterCard, Inc. Class A | | 200,500 | 74,305 |
| SS&C Technologies Holdings, Inc. (c) | | 1,194,100 | 72,064 |
| Visa, Inc. Class A | | 620,400 | 142,822 |
| | | | 397,164 |
| Semiconductors & Semiconductor Equipment - 2.0% | | | |
| Broadcom, Inc. | | 64,300 | 37,616 |
| Marvell Technology, Inc. | | 1,299,600 | 56,078 |
| Microchip Technology, Inc. | | 82,700 | 6,419 |
| NVIDIA Corp. | | 40,400 | 7,893 |
| NXP Semiconductors NV | | 84,400 | 15,556 |
| Universal Display Corp. | | 53,150 | 7,044 |
| | | | 130,606 |
| Software - 6.6% | | | |
| Intuit, Inc. | | 112,700 | 47,635 |
| Microsoft Corp. | | 1,389,400 | 344,308 |
| Oracle Corp. | | 517,400 | 45,769 |
| | | | 437,712 |
| Technology Hardware, Storage & Peripherals - 0.9% | | | |
| Apple, Inc. | | 258,972 | 37,367 |
| Samsung Electronics Co. Ltd. | | 357,160 | 17,769 |
| | | | 55,136 |
TOTAL INFORMATION TECHNOLOGY | | | 1,040,194 |
| MATERIALS - 7.9% | | | |
| Chemicals - 1.5% | | | |
| CF Industries Holdings, Inc. | | 257,100 | 21,776 |
| International Flavors & Fragrances, Inc. | | 199,200 | 22,402 |
| Valvoline, Inc. | | 1,465,300 | 53,718 |
| | | | 97,896 |
| Metals & Mining - 5.7% | | | |
| Agnico Eagle Mines Ltd. (Canada) | | 932,900 | 52,684 |
| Barrick Gold Corp. | | 2,861,700 | 55,946 |
| Freeport-McMoRan, Inc. | | 1,179,100 | 52,611 |
| Glencore PLC | | 10,789,500 | 72,256 |
| Newmont Corp. | | 1,571,500 | 83,179 |
| Wheaton Precious Metals Corp. | | 1,250,500 | 57,180 |
| | | | 373,856 |
| Paper & Forest Products - 0.7% | | | |
| Louisiana-Pacific Corp. | | 731,800 | 49,828 |
TOTAL MATERIALS | | | 521,580 |
| REAL ESTATE - 5.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.0% | | | |
| American Tower Corp. | | 234,300 | 52,340 |
| Crown Castle International Corp. | | 332,200 | 49,202 |
| CubeSmart | | 312,700 | 14,319 |
| Digital Realty Trust, Inc. | | 274,000 | 31,406 |
| Four Corners Property Trust, Inc. | | 1,246,225 | 35,841 |
| National Retail Properties, Inc. | | 667,300 | 31,597 |
| Prologis (REIT), Inc. | | 173,800 | 22,469 |
| Public Storage | | 78,800 | 23,982 |
| Simon Property Group, Inc. | | 240,300 | 30,869 |
| Welltower, Inc. | | 495,300 | 37,167 |
| | | | 329,192 |
| UTILITIES - 7.6% | | | |
| Electric Utilities - 4.3% | | | |
| Constellation Energy Corp. | | 638,676 | 54,517 |
| Edison International | | 816,400 | 56,250 |
| Exelon Corp. | | 1,111,130 | 46,879 |
| FirstEnergy Corp. | | 1,487,000 | 60,893 |
| PG&E Corp. (b) | | 408,624 | 6,497 |
| Southern Co. | | 826,800 | 55,958 |
| | | | 280,994 |
| Gas Utilities - 0.5% | | | |
| Brookfield Infrastructure Corp. A Shares | | 767,700 | 33,948 |
| Independent Power and Renewable Electricity Producers - 2.0% | | | |
| NextEra Energy Partners LP | | 700,900 | 51,376 |
| The AES Corp. | | 2,300,200 | 63,048 |
| Vistra Corp. | | 894,300 | 20,623 |
| | | | 135,047 |
| Multi-Utilities - 0.8% | | | |
| CenterPoint Energy, Inc. | | 767,900 | 23,129 |
| Dominion Energy, Inc. | | 440,600 | 28,040 |
| | | | 51,169 |
TOTAL UTILITIES | | | 501,158 |
| TOTAL COMMON STOCKS (Cost $5,545,775) | | | 6,419,089 |
| | | | |
| Money Market Funds - 5.2% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.38% (e) | | 137,130,882 | 137,158 |
| Fidelity Securities Lending Cash Central Fund 4.38% (e)(f) | | 203,550,626 | 203,571 |
| TOTAL MONEY MARKET FUNDS (Cost $340,729) | | | 340,729 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.5% (Cost $5,886,504) | 6,759,818 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (162,228) |
| NET ASSETS - 100.0% | 6,597,590 |
| | |
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 $77,375,000 or 1.2% of net assets. |
| (c) | Security or a portion of the security is on loan at period end. |
| (e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Affiliate (Amounts in thousands) | Value, beginning of period ($) | 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 4.38% | 176,927 | 879,076 | 918,845 | 4,395 | - | - | 137,158 | 0.3% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 114,743 | 996,756 | 907,928 | 467 | - | - | 203,571 | 0.7% |
| Total | 291,670 | 1,875,832 | 1,826,773 | 4,862 | - | - | 340,729 | |
| | | | | | | | | |
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.
Amount 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. | 13,190 | - | - | 643 | - | (2,136) | 11,054 |
| Total | 13,190 | - | - | 643 | - | (2,136) | 11,054 |
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, 2023, 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 | 335,990 | 295,419 | 40,571 | - |
Consumer Discretionary | 370,161 | 370,161 | - | - |
Consumer Staples | 565,548 | 565,548 | - | - |
Energy | 617,205 | 617,205 | - | - |
Financials | 475,409 | 475,409 | - | - |
Health Care | 950,418 | 933,701 | 16,717 | - |
Industrials | 712,234 | 683,249 | 28,985 | - |
Information Technology | 1,040,194 | 1,022,425 | 17,769 | - |
Materials | 521,580 | 449,324 | 72,256 | - |
Real Estate | 329,192 | 329,192 | - | - |
Utilities | 501,158 | 501,158 | - | - |
|
| Money Market Funds | 340,729 | 340,729 | - | - |
| Total Investments in Securities: | 6,759,818 | 6,583,520 | 176,298 | - |
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $199,600) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,532,364) | $ | 6,408,035 | | |
Fidelity Central Funds (cost $340,729) | | 340,729 | | �� |
Other affiliated issuers (cost $13,411) | | 11,054 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $5,886,504) | | | $ | 6,759,818 |
| Foreign currency held at value (cost $101) | | | | 101 |
| Receivable for investments sold | | | | 80,322 |
| Receivable for fund shares sold | | | | 2,479 |
| Dividends receivable | | | | 8,089 |
| Distributions receivable from Fidelity Central Funds | | | | 931 |
| Prepaid expenses | | | | 6 |
| Other receivables | | | | 327 |
Total assets | | | | 6,852,073 |
| Liabilities | | | | |
| Payable to custodian bank | $ | 5 | | |
| Payable for investments purchased | | 45,765 | | |
| Payable for fund shares redeemed | | 2,012 | | |
| Accrued management fee | | 2,030 | | |
| Other affiliated payables | | 743 | | |
| Other payables and accrued expenses | | 362 | | |
| Collateral on securities loaned | | 203,566 | | |
| Total Liabilities | | | | 254,483 |
| Net Assets | | | $ | 6,597,590 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 5,665,918 |
| Total accumulated earnings (loss) | | | | 931,672 |
| Net Assets | | | $ | 6,597,590 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Dividend Growth : | | | | |
Net Asset Value , offering price and redemption price per share ($5,552,846 ÷ 183,205 shares) | | | $ | 30.31 |
| Class K : | | | | |
Net Asset Value , offering price and redemption price per share ($1,044,744 ÷ 34,526 shares) | | | $ | 30.26 |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends (including $643 earned from affiliated issuers) | | | $ | 63,247 |
| Income from Fidelity Central Funds (including $467 from security lending) | | | | 4,862 |
| Total Income | | | | 68,109 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 16,257 | | |
| Performance adjustment | | (5,905) | | |
| Transfer agent fees | | 3,885 | | |
| Accounting fees | | 503 | | |
| Custodian fees and expenses | | 28 | | |
| Independent trustees' fees and expenses | | 11 | | |
| Registration fees | | 61 | | |
| Audit | | 42 | | |
| Legal | | 6 | | |
| Miscellaneous | | 18 | | |
| Total expenses before reductions | | 14,906 | | |
| Expense reductions | | (120) | | |
| Total expenses after reductions | | | | 14,786 |
| Net Investment income (loss) | | | | 53,323 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 88,534 | | |
| Foreign currency transactions | | 2,841 | | |
| Total net realized gain (loss) | | | | 91,375 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (1,507) | | |
| Affiliated issuers | | (2,136) | | |
| Assets and liabilities in foreign currencies | | 86 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (3,557) |
| Net gain (loss) | | | | 87,818 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 141,141 |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 53,323 | $ | 83,538 |
| Net realized gain (loss) | | 91,375 | | 673,133 |
| Change in net unrealized appreciation (depreciation) | | (3,557) | | (940,202) |
| Net increase (decrease) in net assets resulting from operations | | 141,141 | | (183,531) |
| Distributions to shareholders | | (620,859) | | (571,295) |
| Share transactions - net increase (decrease) | | 873,892 | | 37,007 |
| Total increase (decrease) in net assets | | 394,174 | | (717,819) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 6,203,416 | | 6,921,235 |
| End of period | $ | 6,597,590 | $ | 6,203,416 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity® Dividend Growth Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.82 | $ | 36.80 | $ | 26.38 | $ | 29.59 | $ | 33.79 | $ | 35.06 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .26 | | .44 | | .42 | | .58 | | .59 | | .65 |
| Net realized and unrealized gain (loss) | | .38 | | (1.37) | | 10.59 | | (2.29) | | 1.01 C | | 3.72 |
| Total from investment operations | | .64 | | (.93) | | 11.01 | | (1.71) | | 1.60 | | 4.37 |
| Distributions from net investment income | | (.29) | | (.55) | | (.59) | | (.49) | | (.60) | | (.60) |
| Distributions from net realized gain | | (2.85) | | (2.50) | | - | | (1.01) | | (5.20) | | (5.04) |
| Total distributions | | (3.15) D | | (3.05) | | (.59) | | (1.50) | | (5.80) | | (5.64) |
| Net asset value, end of period | $ | 30.31 | $ | 32.82 | $ | 36.80 | $ | 26.38 | $ | 29.59 | $ | 33.79 |
Total Return E,F | | 2.30% | | (2.83)% | | 42.42% | | (6.24)% | | 5.38% C | | 13.60% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .50% I | | .48% | | .49% | | .49% | | .50% | | .50% |
| Expenses net of fee waivers, if any | | .49% I | | .47% | | .49% | | .49% | | .50% | | .50% |
| Expenses net of all reductions | | .49% I | | .47% | | .48% | | .48% | | .49% | | .49% |
| Net investment income (loss) | | 1.72% I | | 1.27% | | 1.31% | | 2.11% | | 2.05% | | 1.94% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 5,553 | $ | 5,661 | $ | 6,114 | $ | 4,685 | $ | 5,728 | $ | 6,055 |
Portfolio turnover rate J | | 48% I | | 52% | | 93% | | 69% | | 101% | | 115% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
| Fidelity® Dividend Growth Fund Class K |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 32.77 | $ | 36.76 | $ | 26.36 | $ | 29.56 | $ | 33.76 | $ | 35.04 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .27 | | .47 | | .44 | | .61 | | .63 | | .69 |
| Net realized and unrealized gain (loss) | | .38 | | (1.37) | | 10.57 | | (2.28) | | 1.01 C | | 3.71 |
| Total from investment operations | | .65 | | (.90) | | 11.01 | | (1.67) | | 1.64 | | 4.40 |
| Distributions from net investment income | | (.31) | | (.59) | | (.61) | | (.52) | | (.63) | | (.64) |
| Distributions from net realized gain | | (2.85) | | (2.50) | | - | | (1.01) | | (5.20) | | (5.04) |
| Total distributions | | (3.16) | | (3.09) | | (.61) | | (1.53) | | (5.84) D | | (5.68) |
| Net asset value, end of period | $ | 30.26 | $ | 32.77 | $ | 36.76 | $ | 26.36 | $ | 29.56 | $ | 33.76 |
Total Return E,F | | 2.36% | | (2.75)% | | 42.53% | | (6.11)% | | 5.50% C | | 13.70% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | .40% I | | .38% | | .39% | | .39% | | .40% | | .40% |
| Expenses net of fee waivers, if any | | .40% I | | .38% | | .39% | | .39% | | .39% | | .40% |
| Expenses net of all reductions | | .40% I | | .38% | | .38% | | .38% | | .38% | | .39% |
| Net investment income (loss) | | 1.81% I | | 1.36% | | 1.41% | | 2.22% | | 2.16% | | 2.05% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 1,045 | $ | 542 | $ | 807 | $ | 1,228 | $ | 1,480 | $ | 1,212 |
Portfolio turnover rate J | | 48% I | | 52% | | 93% | | 69% | | 101% | | 115% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended January 31, 2023
( 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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, 2023 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. 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.
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 | $326 |
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, deferred Trustee compensation, 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 | $1,095,902 |
| Gross unrealized depreciation | (236,897) |
| Net unrealized appreciation (depreciation) | $859,005 |
| Tax cost | $5,900,813 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Dividend Growth Fund | 1,744,301 | 1,423,197 |
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 .23% 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 .34% 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Dividend Growth, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets A |
| Dividend Growth | $3,723 | .14 |
| Class K | 162 | .04 |
| | $3,885 | |
A Annualized
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Dividend Growth Fund | .02 |
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 | $35 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Dividend Growth Fund | 119,513 | 83,786 | 4,206 |
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 | $8 |
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 | $49 | $- A | $- |
A In the amount of less than five hundred dollars.
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 $117.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Dividend Growth Fund | | |
| Distributions to shareholders | | |
| Dividend Growth | $544,794 | $510,637 |
| Class K | 76,065 | 60,658 |
| Total | $620,859 | $571,295 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Dividend Growth Fund | | | | |
| Dividend Growth | | | | |
| Shares sold | 3,224 | 9,180 | $96,142 | $317,840 |
| Reinvestment of distributions | 17,485 | 14,043 | 517,869 | 487,723 |
| Shares redeemed | (9,995) | (16,893) | (295,782) | (581,352) |
| Net increase (decrease) | 10,714 | 6,330 | $318,229 | $224,211 |
| Class K | | | | |
| Shares sold | 17,157 | 3,443 | $531,354 | $117,316 |
| Reinvestment of distributions | 2,576 | 1,749 | 76,065 | 60,658 |
| Shares redeemed | (1,761) | (10,595) | (51,756) | (365,178) |
| Net increase (decrease) | 17,972 | (5,403) | $555,663 | $(187,204) |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® Dividend Growth Fund | | | | | | | | | | |
| Fidelity® Dividend Growth Fund | | | | .49% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,023.00 | | $ 2.50 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.74 | | $ 2.50 |
| Class K | | | | .40% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,023.60 | | $ 2.04 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,023.19 | | $ 2.04 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.470802.126
DGF-SANN-0423
Fidelity® Blue Chip Growth Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Apple, Inc. | 9.3 | |
| Microsoft Corp. | 8.0 | |
| Amazon.com, Inc. | 7.0 | |
| NVIDIA Corp. | 6.2 | |
| Alphabet, Inc. Class A | 4.9 | |
| Marvell Technology, Inc. | 3.0 | |
| Tesla, Inc. | 2.8 | |
| Meta Platforms, Inc. Class A | 2.6 | |
| Netflix, Inc. | 2.1 | |
| Uber Technologies, Inc. | 1.9 | |
| | 47.8 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 38.1 | |
| Consumer Discretionary | 29.3 | |
| Communication Services | 12.4 | |
| Health Care | 9.2 | |
| Energy | 4.6 | |
| Industrials | 3.0 | |
| Consumer Staples | 1.4 | |
| Financials | 1.1 | |
| Materials | 0.9 | |
| Real Estate | 0.1 | |
| Utilities | 0.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%* |
Foreign investments - 9.2% |
Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart. |
|
Showing Percentage of Net Assets
| Common Stocks - 97.6% |
| | | Shares | Value ($) (000s) |
| COMMUNICATION SERVICES - 12.1% | | | |
| Entertainment - 2.8% | | | |
| Activision Blizzard, Inc. | | 238,673 | 18,275 |
| Bilibili, Inc. ADR (a) | | 672,761 | 16,819 |
| Endeavor Group Holdings, Inc. (a) | | 1,152,011 | 25,840 |
| Netflix, Inc. (a) | | 2,250,507 | 796,364 |
| Sea Ltd. ADR (a) | | 2,962,483 | 190,932 |
| Universal Music Group NV | | 2,007,914 | 51,327 |
| | | | 1,099,557 |
| Interactive Media & Services - 9.2% | | | |
| Alphabet, Inc. Class A (a) | | 19,275,960 | 1,905,236 |
| Epic Games, Inc. (a)(b)(c) | | 6,131 | 5,186 |
| Meta Platforms, Inc. Class A (a) | | 6,858,503 | 1,021,711 |
| Pinterest, Inc. Class A (a)(d) | | 826,518 | 21,729 |
| Snap, Inc. Class A (a) | | 50,206,436 | 580,386 |
| Tencent Holdings Ltd. sponsored ADR | | 459,200 | 22,386 |
| | | | 3,556,634 |
| Wireless Telecommunication Services - 0.1% | | | |
| Rogers Communications, Inc. Class B (non-vtg.) | | 79,000 | 3,841 |
| T-Mobile U.S., Inc. (a) | | 237,903 | 35,521 |
| | | | 39,362 |
TOTAL COMMUNICATION SERVICES | | | 4,695,553 |
| CONSUMER DISCRETIONARY - 28.7% | | | |
| Auto Components - 0.1% | | | |
| Aptiv PLC (a) | | 302,552 | 34,216 |
| Autoliv, Inc. | | 21,000 | 1,935 |
| Mobileye Global, Inc. (d) | | 333,037 | 12,855 |
| | | | 49,006 |
| Automobiles - 3.0% | | | |
| Neutron Holdings, Inc. (a)(b)(c) | | 7,152,433 | 172 |
| Rad Power Bikes, Inc. (a)(b)(c) | | 928,091 | 3,731 |
| Rivian Automotive, Inc. (a)(d) | | 3,779,754 | 73,327 |
| Tesla, Inc. (a) | | 6,187,241 | 1,071,754 |
| | | | 1,148,984 |
| Diversified Consumer Services - 0.0% | | | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 264,100 | 11,261 |
| Hotels, Restaurants & Leisure - 3.5% | | | |
| Airbnb, Inc. Class A (a) | | 3,249,825 | 361,088 |
| Caesars Entertainment, Inc. (a) | | 3,973,136 | 206,841 |
| Chipotle Mexican Grill, Inc. (a) | | 18,485 | 30,433 |
| Draftkings Holdings, Inc. (a)(d) | | 578,855 | 8,677 |
| Flutter Entertainment PLC (a) | | 103,700 | 16,045 |
| Hilton Worldwide Holdings, Inc. | | 729,483 | 105,841 |
| Marriott International, Inc. Class A | | 1,203,036 | 209,545 |
| Penn Entertainment, Inc. (a) | | 6,811,262 | 241,459 |
| Restaurant Brands International, Inc. | | 312,300 | 20,897 |
| Sonder Holdings, Inc.: | | | |
| rights (a)(c) | | 16,222 | 5 |
| rights (a)(c) | | 16,221 | 4 |
| rights (a)(c) | | 16,222 | 3 |
| rights (a)(c) | | 16,221 | 3 |
| rights (a)(c) | | 16,221 | 2 |
| rights (a)(c) | | 16,221 | 2 |
| Sweetgreen, Inc. Class A (a)(d) | | 7,085,594 | 73,478 |
| Trip.com Group Ltd. ADR (a) | | 848,600 | 31,195 |
| Yum China Holdings, Inc. | | 413,500 | 25,476 |
| Yum! Brands, Inc. | | 100,686 | 13,141 |
| | | | 1,344,135 |
| Internet & Direct Marketing Retail - 11.1% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 1,455,459 | 160,392 |
| Amazon.com, Inc. (a) | | 26,404,200 | 2,723,065 |
| Deliveroo PLC Class A (a)(e) | | 11,846,838 | 13,577 |
| FSN E-Commerce Ventures Private Ltd. | | 36,842,580 | 62,008 |
| JD.com, Inc. sponsored ADR | | 1,883,309 | 112,113 |
| Lyft, Inc. (a) | | 19,353,816 | 314,500 |
| Pinduoduo, Inc. ADR (a) | | 909,433 | 89,106 |
| Uber Technologies, Inc. (a) | | 24,246,757 | 749,952 |
| Wayfair LLC Class A (a) | | 1,065,608 | 64,469 |
| | | | 4,289,182 |
| Multiline Retail - 1.0% | | | |
| Dollar Tree, Inc. (a) | | 2,257,489 | 339,030 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 786,369 | 43,062 |
| Target Corp. | | 85,880 | 14,783 |
| | | | 396,875 |
| Specialty Retail - 5.2% | | | |
| American Eagle Outfitters, Inc. (f) | | 11,961,903 | 193,065 |
| Bath & Body Works, Inc. | | 548,623 | 25,242 |
| Burlington Stores, Inc. (a) | | 73,431 | 16,877 |
| Fanatics, Inc. Class A (a)(b)(c) | | 1,938,909 | 160,096 |
| Fast Retailing Co. Ltd. | | 6,400 | 3,887 |
| Five Below, Inc. (a) | | 1,143,710 | 225,460 |
| Foot Locker, Inc. | | 661,600 | 28,786 |
| Lowe's Companies, Inc. | | 3,389,650 | 705,895 |
| RH (a)(d) | | 691,447 | 215,725 |
| TJX Companies, Inc. | | 2,891,818 | 236,724 |
| Victoria's Secret & Co. (a) | | 2,747,683 | 115,815 |
| Warby Parker, Inc. (a)(d) | | 4,446,295 | 71,808 |
| | | | 1,999,380 |
| Textiles, Apparel & Luxury Goods - 4.8% | | | |
| Capri Holdings Ltd. (a) | | 3,452,239 | 229,539 |
| Compagnie Financiere Richemont SA Series A | | 170,970 | 26,356 |
| Crocs, Inc. (a) | | 1,874,824 | 228,297 |
| Deckers Outdoor Corp. (a) | | 743,035 | 317,633 |
| Hermes International SCA | | 21,912 | 40,842 |
| lululemon athletica, Inc. (a) | | 1,402,665 | 430,450 |
| LVMH Moet Hennessy Louis Vuitton SE | | 146,980 | 128,310 |
| NIKE, Inc. Class B | | 3,236,220 | 412,068 |
| On Holding AG (a) | | 2,316,704 | 53,748 |
| Tory Burch LLC (a)(b)(c)(g) | | 293,611 | 9,131 |
| | | | 1,876,374 |
TOTAL CONSUMER DISCRETIONARY | | | 11,115,197 |
| CONSUMER STAPLES - 1.2% | | | |
| Beverages - 1.1% | | | |
| Boston Beer Co., Inc. Class A (a) | | 190,910 | 74,190 |
| Celsius Holdings, Inc. (a)(d) | | 3,511,286 | 352,252 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 58,270 | 13,491 |
| | | | 439,933 |
| Food & Staples Retailing - 0.0% | | | |
| Costco Wholesale Corp. | | 7,645 | 3,908 |
| Food Products - 0.0% | | | |
| Sovos Brands, Inc. (a) | | 62,457 | 847 |
| The Real Good Food Co. LLC: | | | |
| Class B (c)(f) | | 1,262,073 | 0 |
| Class B unit (e)(f) | | 1,262,073 | 7,017 |
| The Real Good Food Co., Inc. (a) | | 47,899 | 266 |
| | | | 8,130 |
| Household Products - 0.1% | | | |
| Procter & Gamble Co. | | 149,376 | 21,268 |
| Personal Products - 0.0% | | | |
| Estee Lauder Companies, Inc. Class A | | 18,491 | 5,123 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc.: | | | |
| Class A (a)(b)(c) | | 21,148 | 256 |
| Class B (a)(b)(c) | | 6,625 | 80 |
| | | | 336 |
TOTAL CONSUMER STAPLES | | | 478,698 |
| ENERGY - 4.6% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Halliburton Co. | | 974,626 | 40,174 |
| Oil, Gas & Consumable Fuels - 4.5% | | | |
| Antero Resources Corp. (a) | | 1,991,547 | 57,436 |
| Cenovus Energy, Inc. (Canada) | | 1,871,854 | 37,393 |
| Cheniere Energy, Inc. | | 287,145 | 43,873 |
| Denbury, Inc. (a) | | 700,134 | 60,758 |
| Devon Energy Corp. (d) | | 1,638,598 | 103,625 |
| Diamondback Energy, Inc. | | 1,277,151 | 186,617 |
| EOG Resources, Inc. | | 1,685,971 | 222,970 |
| EQT Corp. | | 389,693 | 12,731 |
| Exxon Mobil Corp. | | 1,235,859 | 143,372 |
| Hess Corp. | | 1,960,985 | 294,462 |
| Marathon Oil Corp. | | 2,144,160 | 58,900 |
| Northern Oil & Gas, Inc. | | 508,176 | 17,034 |
| Occidental Petroleum Corp. | | 1,781,195 | 115,404 |
| Ovintiv, Inc. | | 255,715 | 12,589 |
| Pioneer Natural Resources Co. | | 705,552 | 162,524 |
| Reliance Industries Ltd. | | 6,959,093 | 201,178 |
| Reliance Industries Ltd. sponsored GDR (e) | | 224,529 | 12,866 |
| | | | 1,743,732 |
TOTAL ENERGY | | | 1,783,906 |
| FINANCIALS - 1.1% | | | |
| Banks - 0.3% | | | |
| Kotak Mahindra Bank Ltd. | | 779,186 | 16,578 |
| Wells Fargo & Co. | | 2,169,117 | 101,667 |
| | | | 118,245 |
| Consumer Finance - 0.6% | | | |
| American Express Co. | | 1,328,581 | 232,409 |
| Diversified Financial Services - 0.2% | | | |
| Ant International Co. Ltd. Class C (a)(b)(c) | | 6,428,801 | 10,158 |
| Berkshire Hathaway, Inc. Class B (a) | | 41,969 | 13,074 |
| Housing Development Finance Corp. Ltd. | | 697,722 | 22,509 |
| Rapyd Financial Network 2016 Ltd. (a)(b)(c) | | 204,327 | 14,507 |
| | | | 60,248 |
TOTAL FINANCIALS | | | 410,902 |
| HEALTH CARE - 9.2% | | | |
| Biotechnology - 1.4% | | | |
| Alnylam Pharmaceuticals, Inc. (a) | | 665,155 | 150,591 |
| Arcutis Biotherapeutics, Inc. (a) | | 674,708 | 11,180 |
| Argenx SE ADR (a) | | 88,816 | 33,950 |
| Ascendis Pharma A/S sponsored ADR (a) | | 428,366 | 53,152 |
| CytomX Therapeutics, Inc. (a)(e) | | 378,621 | 1,022 |
| Generation Bio Co. (a) | | 792,134 | 4,674 |
| Instil Bio, Inc. (a) | | 158,873 | 129 |
| Karuna Therapeutics, Inc. (a) | | 169,467 | 33,790 |
| Moderna, Inc. (a) | | 18,100 | 3,187 |
| Prometheus Biosciences, Inc. (a) | | 34,300 | 3,899 |
| Regeneron Pharmaceuticals, Inc. (a) | | 168,491 | 127,795 |
| Vertex Pharmaceuticals, Inc. (a) | | 288,718 | 93,285 |
| Verve Therapeutics, Inc. (a) | | 428,562 | 9,750 |
| | | | 526,404 |
| Health Care Equipment & Supplies - 1.5% | | | |
| Axonics Modulation Technologies, Inc. (a) | | 583,297 | 35,814 |
| Blink Health LLC Series A1 (a)(b)(c) | | 51,117 | 2,208 |
| Boston Scientific Corp. (a) | | 1,993,687 | 92,208 |
| DexCom, Inc. (a) | | 2,330,566 | 249,580 |
| Insulet Corp. (a) | | 316,197 | 90,850 |
| Oddity Tech Ltd. (b)(c) | | 23,418 | 9,400 |
| Shockwave Medical, Inc. (a) | | 534,475 | 100,444 |
| TransMedics Group, Inc. (a) | | 102,274 | 6,445 |
| | | | 586,949 |
| Health Care Providers & Services - 2.5% | | | |
| agilon health, Inc. (a) | | 369,598 | 8,042 |
| Alignment Healthcare, Inc. (a) | | 902,361 | 11,144 |
| Cigna Corp. | | 136,133 | 43,109 |
| Elevance Health, Inc. | | 38,751 | 19,375 |
| Guardant Health, Inc. (a) | | 2,082,131 | 65,441 |
| Humana, Inc. | | 287,512 | 147,120 |
| LifeStance Health Group, Inc. (a) | | 1,233,896 | 6,515 |
| Surgery Partners, Inc. (a) | | 572,616 | 19,011 |
| UnitedHealth Group, Inc. | | 1,318,087 | 657,976 |
| Universal Health Services, Inc. Class B | | 72,600 | 10,760 |
| | | | 988,493 |
| Health Care Technology - 0.0% | | | |
| Certara, Inc. (a) | | 378,347 | 7,340 |
| MultiPlan Corp. warrants (a)(b) | | 138,859 | 1 |
| | | | 7,341 |
| Life Sciences Tools & Services - 0.9% | | | |
| Danaher Corp. | | 604,304 | 159,766 |
| ICON PLC (a) | | 99,384 | 22,929 |
| Olink Holding AB ADR (a) | | 584,547 | 11,445 |
| Seer, Inc. (a) | | 313,100 | 1,425 |
| Thermo Fisher Scientific, Inc. | | 203,713 | 116,184 |
| Veterinary Emergency Group LLC Class A (a)(b)(c)(g) | | 524,494 | 29,797 |
| | | | 341,546 |
| Pharmaceuticals - 2.9% | | | |
| AstraZeneca PLC sponsored ADR | | 263,545 | 17,228 |
| Eli Lilly & Co. | | 1,718,975 | 591,585 |
| Novo Nordisk A/S: | | | |
| Series B | | 139,500 | 19,305 |
| Series B sponsored ADR | | 1,133,100 | 157,252 |
| Roche Holding AG (participation certificate) | | 45,578 | 14,228 |
| Zoetis, Inc. Class A | | 1,908,835 | 315,893 |
| | | | 1,115,491 |
TOTAL HEALTH CARE | | | 3,566,224 |
| INDUSTRIALS - 2.4% | | | |
| Aerospace & Defense - 1.5% | | | |
| Airbus Group NV | | 274,003 | 34,351 |
| Howmet Aerospace, Inc. | | 1,108,640 | 45,111 |
| L3Harris Technologies, Inc. | | 136,376 | 29,296 |
| Lockheed Martin Corp. | | 72,220 | 33,457 |
| Northrop Grumman Corp. | | 52,881 | 23,693 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(b)(c) | | 2,961,836 | 228,061 |
| Class C (a)(b)(c) | | 27,830 | 2,143 |
| The Boeing Co. (a) | | 775,623 | 165,208 |
| | | | 561,320 |
| Air Freight & Logistics - 0.1% | | | |
| Delhivery Private Ltd. | | 2,469,600 | 9,151 |
| ZTO Express, Inc. sponsored ADR | | 378,300 | 10,785 |
| | | | 19,936 |
| Airlines - 0.1% | | | |
| Delta Air Lines, Inc. (a) | | 484,500 | 18,944 |
| United Airlines Holdings, Inc. (a) | | 767,300 | 37,567 |
| | | | 56,511 |
| Commercial Services & Supplies - 0.1% | | | |
| ACV Auctions, Inc. Class A (a) | | 2,429,145 | 23,806 |
| Electrical Equipment - 0.3% | | | |
| Acuity Brands, Inc. | | 646,338 | 121,848 |
| Array Technologies, Inc. (a) | | 374,100 | 8,316 |
| Regal Rexnord Corp. | | 26,600 | 3,703 |
| | | | 133,867 |
| Machinery - 0.1% | | | |
| Deere & Co. | | 76,354 | 32,286 |
| Professional Services - 0.0% | | | |
| Experian PLC | | 211,100 | 7,720 |
| Road & Rail - 0.2% | | | |
| Avis Budget Group, Inc. (a) | | 263,783 | 52,767 |
| Bird Global, Inc. (a)(b) | | 1,821,129 | 427 |
| Bird Global, Inc.: | | | |
| Class A (a)(d) | | 18,328,735 | 4,300 |
| Stage 1 rights (a)(c) | | 262,923 | 0 |
| Stage 2 rights (a)(c) | | 262,922 | 0 |
| Stage 3 rights (a)(c) | | 262,922 | 0 |
| Hertz Global Holdings, Inc. (a)(d) | | 1,466,783 | 26,431 |
| | | | 83,925 |
TOTAL INDUSTRIALS | | | 919,371 |
| INFORMATION TECHNOLOGY - 37.5% | | | |
| IT Services - 2.7% | | | |
| Adyen BV (a)(e) | | 5,560 | 8,406 |
| Block, Inc. Class A (a) | | 974,300 | 79,620 |
| Cloudflare, Inc. (a) | | 92,349 | 4,886 |
| MasterCard, Inc. Class A | | 1,427,782 | 529,136 |
| MongoDB, Inc. Class A (a) | | 188,309 | 40,338 |
| Okta, Inc. (a) | | 1,316,950 | 96,941 |
| PayPal Holdings, Inc. (a) | | 774,356 | 63,102 |
| Shopify, Inc. Class A (a) | | 82,900 | 4,085 |
| Snowflake, Inc. (a)(d) | | 235,746 | 36,880 |
| Twilio, Inc. Class A (a) | | 942,067 | 56,373 |
| Visa, Inc. Class A | | 545,207 | 125,512 |
| X Holdings I, Inc. (b)(c) | | 19,660 | 7,800 |
| | | | 1,053,079 |
| Semiconductors & Semiconductor Equipment - 14.9% | | | |
| Advanced Micro Devices, Inc. (a) | | 3,700,250 | 278,074 |
| ASML Holding NV | | 87,447 | 57,788 |
| Cirrus Logic, Inc. (a) | | 681,400 | 61,592 |
| Enphase Energy, Inc. (a) | | 203,700 | 45,095 |
| GlobalFoundries, Inc. (a) | | 4,376,500 | 259,439 |
| Lam Research Corp. | | 163,606 | 81,819 |
| Marvell Technology, Inc. | | 27,350,916 | 1,180,192 |
| Microchip Technology, Inc. | | 215,894 | 16,758 |
| Monolithic Power Systems, Inc. | | 222,717 | 95,002 |
| NVIDIA Corp. | | 12,197,413 | 2,383,009 |
| NXP Semiconductors NV | | 3,662,899 | 675,109 |
| onsemi (a) | | 3,854,165 | 283,088 |
| SolarEdge Technologies, Inc. (a) | | 103,800 | 33,126 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 1,848,168 | 171,381 |
| Teradyne, Inc. | | 1,368,359 | 139,162 |
| Wolfspeed, Inc. (a) | | 19,264 | 1,484 |
| | | | 5,762,118 |
| Software - 10.6% | | | |
| Atom Tickets LLC (a)(b)(c)(g) | | 1,204,239 | 0 |
| Bill.Com Holdings, Inc. (a)(d) | | 506,773 | 58,593 |
| Confluent, Inc. (a) | | 246,700 | 5,699 |
| Datadog, Inc. Class A (a)(d) | | 614,297 | 45,956 |
| HubSpot, Inc. (a) | | 436,223 | 151,374 |
| Intuit, Inc. | | 375,640 | 158,772 |
| Microsoft Corp. | | 12,528,839 | 3,104,772 |
| Paycom Software, Inc. (a) | | 182,158 | 59,008 |
| Pine Labs Private Ltd. (a)(b)(c) | | 9,912 | 5,669 |
| Salesforce.com, Inc. (a) | | 2,010,637 | 337,727 |
| ServiceNow, Inc. (a) | | 171,474 | 78,043 |
| Splunk, Inc. (a) | | 532,476 | 50,995 |
| Stripe, Inc. Class B (a)(b)(c) | | 173,600 | 4,665 |
| Tanium, Inc. Class B (a)(b)(c) | | 554,900 | 4,040 |
| Zoom Video Communications, Inc. Class A (a) | | 673,550 | 50,516 |
| | | | 4,115,829 |
| Technology Hardware, Storage & Peripherals - 9.3% | | | |
| Apple, Inc. | | 25,111,775 | 3,623,374 |
TOTAL INFORMATION TECHNOLOGY | | | 14,554,400 |
| MATERIALS - 0.7% | | | |
| Chemicals - 0.1% | | | |
| Cibus Corp.: | | | |
| Series C (a)(b)(c)(g) | | 3,045,600 | 6,091 |
| Series D (a)(b)(c)(g) | | 1,716,640 | 3,433 |
| Series E (a)(b)(c)(g) | | 2,099,645 | 4,199 |
| Series F (a)(b)(c)(g) | | 652,756 | 1,306 |
| Linde PLC | | 67,184 | 22,234 |
| | | | 37,263 |
| Metals & Mining - 0.6% | | | |
| Freeport-McMoRan, Inc. | | 5,405,639 | 241,200 |
TOTAL MATERIALS | | | 278,463 |
| REAL ESTATE - 0.1% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.0% | | | |
| Welltower, Inc. | | 56,100 | 4,210 |
| Real Estate Management & Development - 0.1% | | | |
| WeWork, Inc. (a)(d) | | 11,955,558 | 19,009 |
TOTAL REAL ESTATE | | | 23,219 |
| UTILITIES - 0.0% | | | |
| Electric Utilities - 0.0% | | | |
| NextEra Energy, Inc. | | 102,600 | 7,657 |
| TOTAL COMMON STOCKS (Cost $22,265,276) | | | 37,833,590 |
| | | | |
| Preferred Stocks - 2.4% |
| | | Shares | Value ($) (000s) |
| Convertible Preferred Stocks - 2.1% | | | |
| COMMUNICATION SERVICES - 0.3% | | | |
| Interactive Media & Services - 0.3% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 293,038 | 57,998 |
| Reddit, Inc.: | | | |
| Series B(a)(b)(c) | | 524,232 | 19,685 |
| Series E(a)(b)(c) | | 43,813 | 1,645 |
| Series F(a)(b)(c) | | 457,142 | 17,166 |
| | | | 96,494 |
| CONSUMER DISCRETIONARY - 0.3% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc.: | | | |
| Series A(a)(b)(c) | | 120,997 | 486 |
| Series C(a)(b)(c) | | 476,111 | 1,914 |
| Series D(a)(b)(c) | | 867,000 | 3,485 |
| | | | 5,885 |
| Hotels, Restaurants & Leisure - 0.1% | | | |
| Discord, Inc. Series I (a)(b)(c) | | 6,100 | 2,336 |
| MOD Super Fast Pizza Holdings LLC: | | | |
| Series 3(a)(b)(c)(g) | | 68,723 | 19,106 |
| Series 4(a)(b)(c)(g) | | 6,272 | 1,670 |
| Series 5(a)(b)(c)(g) | | 25,187 | 6,299 |
| | | | 29,411 |
| Internet & Direct Marketing Retail - 0.2% | | | |
| Instacart, Inc.: | | | |
| Series H(a)(b)(c) | | 245,379 | 10,821 |
| Series I(a)(b)(c) | | 118,846 | 5,241 |
| Meesho Series F (a)(b)(c) | | 546,589 | 43,306 |
| | | | 59,368 |
| Textiles, Apparel & Luxury Goods - 0.0% | | | |
| CelLink Corp. Series D (b)(c) | | 771,513 | 12,174 |
| | | | |
TOTAL CONSUMER DISCRETIONARY | | | 106,838 |
| | | | |
| CONSUMER STAPLES - 0.2% | | | |
| Food & Staples Retailing - 0.1% | | | |
| GoBrands, Inc.: | | | |
| Series G(a)(b)(c) | | 166,200 | 26,167 |
| Series H(a)(b)(c) | | 104,029 | 16,378 |
| | | | 42,545 |
| Food Products - 0.0% | | | |
| AgBiome LLC Series C (a)(b)(c) | | 1,091,300 | 7,126 |
| Bowery Farming, Inc. Series C1 (a)(b)(c) | | 161,262 | 3,275 |
| | | | 10,401 |
| Tobacco - 0.1% | | | |
| JUUL Labs, Inc.: | | | |
| Series C(a)(b)(c) | | 2,570,575 | 31,130 |
| Series D(a)(b)(c) | | 13,822 | 167 |
| Series E(a)(b)(c) | | 14,959 | 181 |
| | | | 31,478 |
TOTAL CONSUMER STAPLES | | | 84,424 |
| | | | |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| Castle Creek Biosciences, Inc. Series D2 (b)(c) | | 5,347 | 1,089 |
| | | | |
| Health Care Equipment & Supplies - 0.0% | | | |
| Blink Health LLC Series C (a)(b)(c) | | 170,685 | 7,374 |
| | | | |
| Pharmaceuticals - 0.0% | | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(b)(c) | | 3,301 | 731 |
| | | | |
TOTAL HEALTH CARE | | | 9,194 |
| | | | |
| INDUSTRIALS - 0.6% | | | |
| Aerospace & Defense - 0.6% | | | |
| ABL Space Systems: | | | |
| Series B(a)(b)(c) | | 270,130 | 9,935 |
| Series B2(a)(b)(c) | | 141,569 | 5,142 |
| Relativity Space, Inc. Series E (a)(b)(c) | | 2,480,614 | 47,380 |
| Space Exploration Technologies Corp.: | | | |
| Series G(a)(b)(c) | | 97,277 | 74,903 |
| Series H(a)(b)(c) | | 25,767 | 19,841 |
| Series N(a)(b)(c) | | 79,406 | 61,143 |
| | | | 218,344 |
| Construction & Engineering - 0.0% | | | |
| Beta Technologies, Inc. Series A (a)(b)(c) | | 101,010 | 7,689 |
| | | | |
TOTAL INDUSTRIALS | | | 226,033 |
| | | | |
| INFORMATION TECHNOLOGY - 0.5% | | | |
| Electronic Equipment & Components - 0.0% | | | |
| Enevate Corp. Series E (a)(b)(c) | | 12,084,432 | 6,646 |
| Menlo Micro, Inc. Series C (b)(c) | | 4,680,700 | 5,289 |
| | | | 11,935 |
| IT Services - 0.0% | | | |
| AppNexus, Inc. Series E (Escrow) (a)(b)(c) | | 646,522 | 20 |
| Yanka Industries, Inc. Series F (a)(b)(c) | | 508,854 | 5,506 |
| | | | 5,526 |
| Semiconductors & Semiconductor Equipment - 0.2% | | | |
| Alif Semiconductor Series C (b)(c) | | 391,847 | 6,591 |
| Astera Labs, Inc.: | | | |
| Series A(b)(c) | | 672,992 | 6,777 |
| Series B(b)(c) | | 114,587 | 1,154 |
| Series C(a)(b)(c) | | 1,572,300 | 15,833 |
| Series D(b)(c) | | 2,623,426 | 26,418 |
| GaN Systems, Inc.: | | | |
| Series F1(a)(b)(c) | | 661,660 | 3,546 |
| Series F2(a)(b)(c) | | 349,385 | 1,873 |
| SiMa.ai: | | | |
| Series B(a)(b)(c) | | 2,821,200 | 18,281 |
| Series B1(b)(c) | | 188,978 | 1,423 |
| Xsight Labs Ltd. Series D (a)(b)(c) | | 1,192,000 | 9,166 |
| | | | 91,062 |
| Software - 0.3% | | | |
| Algolia, Inc. Series D (a)(b)(c) | | 276,495 | 4,333 |
| Bolt Technology OU Series E (a)(b)(c) | | 170,267 | 23,433 |
| Databricks, Inc.: | | | |
| Series G(a)(b)(c) | | 437,958 | 21,552 |
| Series H(a)(b)(c) | | 273,924 | 13,480 |
| Dataminr, Inc. Series D (a)(b)(c) | | 277,250 | 4,278 |
| Delphix Corp. Series D (a)(b)(c) | | 675,445 | 3,472 |
| Mountain Digital, Inc. Series D (a)(b)(c) | | 524,265 | 5,903 |
| Skyryse, Inc. Series B (a)(b)(c) | | 560,000 | 11,323 |
| Stripe, Inc. Series H (a)(b)(c) | | 73,100 | 1,964 |
| Tenstorrent, Inc. Series C1 (a)(b)(c) | | 77,800 | 4,060 |
| | | | 93,798 |
TOTAL INFORMATION TECHNOLOGY | | | 202,321 |
| | | | |
| MATERIALS - 0.2% | | | |
| Metals & Mining - 0.2% | | | |
| Diamond Foundry, Inc. Series C (a)(b)(c) | | 2,271,329 | 80,564 |
| | | | |
| UTILITIES - 0.0% | | | |
| Independent Power and Renewable Electricity Producers - 0.0% | | | |
| Redwood Materials Series C (a)(b)(c) | | 341,408 | 10,072 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 815,940 |
| Nonconvertible Preferred Stocks - 0.3% | | | |
| CONSUMER DISCRETIONARY - 0.2% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc.: | | | |
| Series 1C(a)(b)(c) | | 50,654,200 | 1,216 |
| Series 1D(a)(b)(c) | | 85,315,542 | 2,048 |
| Waymo LLC Series A2 (a)(b)(c) | | 81,316 | 3,937 |
| | | | 7,201 |
| Internet & Direct Marketing Retail - 0.2% | | | |
| Circle Internet Financial Ltd. Series E (b)(c) | | 1,244,183 | 42,053 |
| ZKH Group Ltd. Series F (c) | | 21,325,985 | 10,023 |
| | | | 52,076 |
TOTAL CONSUMER DISCRETIONARY | | | 59,277 |
| | | | |
| HEALTH CARE - 0.0% | | | |
| Pharmaceuticals - 0.0% | | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(b)(c) | | 29,758 | 6,440 |
| | | | |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| IT Services - 0.0% | | | |
| Gupshup, Inc. (a)(b)(c) | | 709,497 | 12,913 |
| | | | |
| Software - 0.1% | | | |
| Pine Labs Private Ltd.: | | | |
| Series 1(a)(b)(c) | | 23,689 | 13,548 |
| Series A(a)(b)(c) | | 5,920 | 3,386 |
| Series B(a)(b)(c) | | 6,440 | 3,683 |
| Series B2(a)(b)(c) | | 5,209 | 2,979 |
| Series C(a)(b)(c) | | 9,690 | 5,542 |
| Series C1(a)(b)(c) | | 2,041 | 1,167 |
| Series D(a)(b)(c) | | 2,183 | 1,249 |
| | | | 31,554 |
TOTAL INFORMATION TECHNOLOGY | | | 44,467 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 110,184 |
| TOTAL PREFERRED STOCKS (Cost $857,302) | | | 926,124 |
| | | | |
| Convertible Bonds - 0.1% |
| | | Principal Amount (h) (000s) | Value ($) (000s) |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.1% | | | |
| Neutron Holdings, Inc.: | | | |
| 4% 10/27/25 (b)(c)(i) | | 20,045 | 18,507 |
| 4% 5/22/27 (b)(c) | | 2,433 | 2,344 |
| 4% 6/12/27 (b)(c) | | 647 | 624 |
| (Cost $23,125) | | | 21,475 |
| | | | |
| Preferred Securities - 0.0% |
| | | Principal Amount (h) (000s) | Value ($) (000s) |
| INFORMATION TECHNOLOGY - 0.0% | | | |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| GaN Systems, Inc. 0% (b)(c)(j) | | 15,508 | 9,592 |
| Software - 0.0% | | | |
| Tenstorrent, Inc. 0% (b)(c)(j) | | 4,320 | 3,793 |
| TOTAL PREFERRED SECURITIES (Cost $19,828) | | | 13,385 |
| | | | |
| Money Market Funds - 1.4% |
| | | Shares | Value ($) (000s) |
| Fidelity Cash Central Fund 4.38% (k) | | 14,593,872 | 14,597 |
| Fidelity Securities Lending Cash Central Fund 4.38% (k)(l) | | 539,776,966 | 539,831 |
| TOTAL MONEY MARKET FUNDS (Cost $554,428) | | | 554,428 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $23,719,959) | 39,349,002 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (566,440) |
| NET ASSETS - 100.0% | 38,782,562 |
| | |
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,463,518,000 or 3.8% 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 $42,888,000 or 0.1% of net assets. |
| (g) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (h) | Amount is stated in United States dollars unless otherwise noted. |
| (i) | Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
| (j) | Security is perpetual in nature with no stated maturity date. |
| (k) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (l) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) (000s) |
| ABL Space Systems Series B | 3/24/21 | 12,165 |
| | | |
| ABL Space Systems Series B2 | 10/22/21 | 9,626 |
| | | |
| AgBiome LLC Series C | 6/29/18 | 6,912 |
| | | |
| Algolia, Inc. Series D | 7/23/21 | 8,086 |
| | | |
| Alif Semiconductor Series C | 3/08/22 | 7,954 |
| | | |
| Ant International Co. Ltd. Class C | 5/16/18 | 24,503 |
| | | |
| AppNexus, Inc. Series E (Escrow) | 8/01/14 | 0 |
| | | |
| Astera Labs, Inc. Series A | 5/17/22 | 6,844 |
| | | |
| Astera Labs, Inc. Series B | 5/17/22 | 1,165 |
| | | |
| Astera Labs, Inc. Series C | 8/24/21 | 5,286 |
| | | |
| Astera Labs, Inc. Series D | 5/17/22 - 5/27/22 | 26,679 |
| | | |
| Atom Tickets LLC | 8/15/17 | 7,000 |
| | | |
| Beta Technologies, Inc. Series A | 4/09/21 | 7,401 |
| | | |
| Bird Global, Inc. | 5/11/21 | 18,211 |
| | | |
| Blink Health LLC Series A1 | 12/30/20 | 1,385 |
| | | |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 6,515 |
| | | |
| Bolt Technology OU Series E | 1/03/22 | 44,235 |
| | | |
| Bowery Farming, Inc. Series C1 | 5/18/21 | 9,716 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 32,109 |
| | | |
| Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 917 |
| | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | 9,831 |
| | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series B | 10/09/18 | 1,360 |
| | | |
| CelLink Corp. Series D | 1/20/22 | 16,066 |
| | | |
| Cibus Corp. Series C | 2/16/18 | 6,396 |
| | | |
| Cibus Corp. Series D | 5/10/19 | 2,146 |
| | | |
| Cibus Corp. Series E | 6/23/21 | 3,695 |
| | | |
| Cibus Corp. Series F | 12/02/22 | 1,306 |
| | | |
| Circle Internet Financial Ltd. Series E | 5/11/21 | 20,193 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 25,893 |
| | | |
| Databricks, Inc. Series H | 8/31/21 | 20,129 |
| | | |
| Dataminr, Inc. Series D | 3/06/15 | 3,535 |
| | | |
| Delphix Corp. Series D | 7/10/15 | 6,079 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 54,512 |
| | | |
| Discord, Inc. Series I | 9/15/21 | 3,359 |
| | | |
| Enevate Corp. Series E | 1/29/21 | 13,398 |
| | | |
| Epic Games, Inc. | 7/30/20 | 3,525 |
| | | |
| Fanatics, Inc. Class A | 8/13/20 - 10/24/22 | 78,990 |
| | | |
| GaN Systems, Inc. Series F1 | 11/30/21 | 5,611 |
| | | |
| GaN Systems, Inc. Series F2 | 11/30/21 | 2,963 |
| | | |
| GaN Systems, Inc. 0% | 11/30/21 | 15,508 |
| | | |
| GoBrands, Inc. Series G | 3/02/21 | 41,503 |
| | | |
| GoBrands, Inc. Series H | 7/22/21 | 40,414 |
| | | |
| Gupshup, Inc. | 6/08/21 | 16,223 |
| | | |
| Instacart, Inc. Series H | 11/13/20 | 14,723 |
| | | |
| Instacart, Inc. Series I | 2/26/21 | 14,856 |
| | | |
| JUUL Labs, Inc. Class A | 12/20/17 | 453 |
| | | |
| JUUL Labs, Inc. Class B | 11/21/17 | 0 |
| | | |
| JUUL Labs, Inc. Series C | 5/22/15 - 7/06/18 | 0 |
| | | |
| JUUL Labs, Inc. Series D | 6/25/18 - 7/06/18 | 0 |
| | | |
| JUUL Labs, Inc. Series E | 12/20/17 | 321 |
| | | |
| 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 |
| | | |
| 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% 10/27/25 | 10/29/21 | 20,045 |
| | | |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 2,433 |
| | | |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 647 |
| | | |
| Oddity Tech Ltd. | 1/06/22 | 10,079 |
| | | |
| Pine Labs Private Ltd. | 6/30/21 | 3,696 |
| | | |
| Pine Labs Private Ltd. Series 1 | 6/30/21 | 8,833 |
| | | |
| Pine Labs Private Ltd. Series A | 6/30/21 | 2,207 |
| | | |
| Pine Labs Private Ltd. Series B | 6/30/21 | 2,401 |
| | | |
| Pine Labs Private Ltd. Series B2 | 6/30/21 | 1,942 |
| | | |
| Pine Labs Private Ltd. Series C | 6/30/21 | 3,613 |
| | | |
| Pine Labs Private Ltd. Series C1 | 6/30/21 | 761 |
| | | |
| Pine Labs Private Ltd. Series D | 6/30/21 | 814 |
| | | |
| Rad Power Bikes, Inc. | 1/21/21 | 4,477 |
| | | |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 584 |
| | | |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 2,297 |
| | | |
| Rad Power Bikes, Inc. Series D | 9/17/21 | 8,309 |
| | | |
| Rapyd Financial Network 2016 Ltd. | 3/30/21 | 15,000 |
| | | |
| Reddit, Inc. Series B | 7/26/17 | 7,442 |
| | | |
| Reddit, Inc. Series E | 5/18/21 | 1,861 |
| | | |
| Reddit, Inc. Series F | 8/11/21 | 28,249 |
| | | |
| Redwood Materials Series C | 5/28/21 | 16,184 |
| | | |
| Relativity Space, Inc. Series E | 5/27/21 | 56,645 |
| | | |
| SiMa.ai Series B | 5/10/21 | 14,465 |
| | | |
| SiMa.ai Series B1 | 4/25/22 | 1,340 |
| | | |
| Skyryse, Inc. Series B | 10/21/21 | 13,821 |
| | | |
| Space Exploration Technologies Corp. Class A | 10/16/15 - 5/24/22 | 55,406 |
| | | |
| Space Exploration Technologies Corp. Class C | 9/11/17 | 376 |
| | | |
| Space Exploration Technologies Corp. Series G | 1/20/15 | 7,535 |
| | | |
| Space Exploration Technologies Corp. Series H | 8/04/17 | 3,479 |
| | | |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 21,440 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 6,966 |
| | | |
| Stripe, Inc. Series H | 3/15/21 | 2,933 |
| | | |
| Tanium, Inc. Class B | 4/21/17 | 2,755 |
| | | |
| Tenstorrent, Inc. Series C1 | 4/23/21 | 4,626 |
| | | |
| Tenstorrent, Inc. 0% | 4/23/21 | 4,320 |
| | | |
| Tory Burch LLC | 5/14/15 | 20,890 |
| | | |
| Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 21,636 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 6,982 |
| | | |
| X Holdings I, Inc. | 10/25/22 | 19,660 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 9,531 |
| | | |
| 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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | - | 1,244,965 | 1,230,368 | 1,230 | - | - | 14,597 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 776,449 | 1,719,996 | 1,956,614 | 1,650 | - | - | 539,831 | 1.8% |
| Total | 776,449 | 2,964,961 | 3,186,982 | 2,880 | - | - | 554,428 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) 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 ($) |
| American Eagle Outfitters, Inc. | 116,007 | 27,166 | 882 | - | 24 | 50,750 | 193,065 |
| The Real Good Food Co. LLC Class B | - | - | - | - | - | - | - |
| The Real Good Food Co. LLC Class B unit | 8,203 | - | - | - | - | (1,186) | 7,017 |
| The Real Good Food Co., Inc. | 314 | - | 2 | - | (2) | (44) | - |
| Total | 124,524 | 27,166 | 884 | - | 22 | 49,520 | 200,082 |
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 4,792,047 | 4,639,040 | 51,327 | 101,680 |
Consumer Discretionary | 11,281,312 | 10,721,487 | 220,561 | 339,264 |
Consumer Staples | 563,122 | 478,362 | - | 84,760 |
Energy | 1,783,906 | 1,582,728 | 201,178 | - |
Financials | 410,902 | 347,150 | 39,087 | 24,665 |
Health Care | 3,581,858 | 3,491,285 | 33,534 | 57,039 |
Industrials | 1,145,404 | 637,945 | 51,222 | 456,237 |
Information Technology | 14,801,188 | 14,523,820 | 8,406 | 268,962 |
Materials | 359,027 | 263,434 | - | 95,593 |
Real Estate | 23,219 | 23,219 | - | - |
Utilities | 17,729 | 7,657 | - | 10,072 |
|
| Corporate Bonds | 21,475 | - | - | 21,475 |
|
| Preferred Securities | 13,385 | - | - | 13,385 |
|
| Money Market Funds | 554,428 | 554,428 | - | - |
| Total Investments in Securities: | 39,349,002 | 37,270,555 | 605,315 | 1,473,132 |
| | | | | |
|
| Net Unrealized Depreciation on Unfunded Commitments | (2,214) | - | - | (2,214) |
| Total | (2,214) | - | - | (2,214) |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| (Amounts in thousands) | |
| Investments in Securities: | |
| Industrials | | | |
| Beginning Balance | $ | 432,551 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | 23,686 | |
| Cost of Purchases | | - | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 456,237 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 23,686 | |
| Information Technology | | | |
| Beginning Balance | $ | 392,120 | |
| Net Realized Gain (Loss) on Investment Securities | | (1,257) | |
| Net Unrealized Gain (Loss) on Investment Securities | | (131,860) | |
| Cost of Purchases | | 19,660 | |
| Proceeds of Sales | | (9,701) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 268,962 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (122,558) | |
| Other Investments in Securities | | | |
| Beginning Balance | $ | 580,432 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | 92,270 | |
| Cost of Purchases | | 19,975 | |
| Proceeds of Sales | | (5,145) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | 72,469 | |
| Transfers out of Level 3 | | (12,068) | |
| Ending Balance | $ | 747,933 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 92,270 | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| Amounts in thousands (except per-share amounts) | | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $540,200) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $22,946,369) | $ | 38,594,492 | | |
Fidelity Central Funds (cost $554,428) | | 554,428 | | |
Other affiliated issuers (cost $219,162) | | 200,082 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $23,719,959) | | | $ | 39,349,002 |
| Cash | | | | 831 |
| Foreign currency held at value (cost $75) | | | | 75 |
| Receivable for investments sold | | | | 34,864 |
| Receivable for fund shares sold | | | | 15,489 |
| Dividends receivable | | | | 9,386 |
| Interest receivable | | | | 941 |
| Distributions receivable from Fidelity Central Funds | | | | 109 |
| Prepaid expenses | | | | 37 |
| Other receivables | | | | 772 |
Total assets | | | | 39,411,506 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 20,705 | | |
| Unrealized depreciation on unfunded commitments | | 2,214 | | |
| Payable for fund shares redeemed | | 26,734 | | |
| Accrued management fee | | 16,730 | | |
| Other affiliated payables | | 4,163 | | |
| Other payables and accrued expenses | | 18,605 | | |
| Collateral on securities loaned | | 539,793 | | |
| Total Liabilities | | | | 628,944 |
| Net Assets | | | $ | 38,782,562 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 23,081,794 |
| Total accumulated earnings (loss) | | | | 15,700,768 |
| Net Assets | | | $ | 38,782,562 |
| | | | | |
| Net Asset Value and Maximum Offering Price | | | | |
| Blue Chip Growth : | | | | |
Net Asset Value , offering price and redemption price per share ($34,964,241 ÷ 275,740 shares) | | | $ | 126.80 |
| Class K : | | | | |
Net Asset Value , offering price and redemption price per share ($3,818,321 ÷ 29,972 shares) (a) | | | $ | 127.39 |
(a)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares |
| Statement of Operations |
| Amounts in thousands | | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 116,974 |
| Interest | | | | 45 |
| Income from Fidelity Central Funds (including $1,650 from security lending) | | | | 2,880 |
| Total Income | | | | 119,899 |
| Expenses | | | | |
| Management fee | | | | |
| Basic fee | $ | 98,800 | | |
| Performance adjustment | | 7,804 | | |
| Transfer agent fees | | 24,520 | | |
| Accounting fees | | 1,008 | | |
| Custodian fees and expenses | | 242 | | |
| Independent trustees' fees and expenses | | 66 | | |
| Registration fees | | 148 | | |
| Audit | | 90 | | |
| Legal | | 34 | | |
| Interest | | 131 | | |
| Miscellaneous | | 128 | | |
| Total expenses before reductions | | 132,971 | | |
| Expense reductions | | (707) | | |
| Total expenses after reductions | | | | 132,264 |
| Net Investment income (loss) | | | | (12,365) |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 336,205 | | |
| Redemptions in-kind | | 73,492 | | |
| Affiliated issuers | | 22 | | |
| Foreign currency transactions | | (129) | | |
| Total net realized gain (loss) | | | | 409,590 |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $5,499) | | (2,163,470) | | |
| Affiliated issuers | | 49,520 | | |
| Unfunded commitments | | 428 | | |
| Assets and liabilities in foreign currencies | | 81 | | |
| Total change in net unrealized appreciation (depreciation) | | | | (2,113,441) |
| Net gain (loss) | | | | (1,703,851) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (1,716,216) |
| Statement of Changes in Net Assets |
| |
| Amount in thousands | | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | (12,365) | $ | (156,441) |
| Net realized gain (loss) | | 409,590 | | 1,694,904 |
| Change in net unrealized appreciation (depreciation) | | (2,113,441) | | (14,698,589) |
| Net increase (decrease) in net assets resulting from operations | | (1,716,216) | | (13,160,126) |
| Distributions to shareholders | | (195,822) | | (4,919,350) |
| Share transactions - net increase (decrease) | | (412,346) | | 2,233,155 |
| Total increase (decrease) in net assets | | (2,324,384) | | (15,846,321) |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 41,106,946 | | 56,953,267 |
| End of period | $ | 38,782,562 | $ | 41,106,946 |
| | | | | |
| | | | | |
Financial Highlights
| Fidelity® Blue Chip Growth Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 132.94 | $ | 187.79 | $ | 138.12 | $ | 103.05 | $ | 99.75 | $ | 83.20 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | (.05) | | (.50) | | (.73) | | (.17) | | (.04) | | .11 C |
| Net realized and unrealized gain (loss) | | (5.45) | | (38.32) | | 60.84 | | 39.23 | | 8.65 | | 20.20 |
| Total from investment operations | | (5.50) | | (38.82) | | 60.11 | | 39.06 | | 8.61 | | 20.31 |
| Distributions from net investment income | | - | | - | | - | | - | | (.11) | | (.08) |
| Distributions from net realized gain | | (.64) | | (16.03) | | (10.44) | | (3.99) | | (5.20) | | (3.68) |
| Total distributions | | (.64) | | (16.03) | | (10.44) | | (3.99) | | (5.31) | | (3.76) |
| Net asset value, end of period | $ | 126.80 | $ | 132.94 | $ | 187.79 | $ | 138.12 | $ | 103.05 | $ | 99.75 |
Total Return D,E | | (4.16)% | | (22.85)% | | 45.70% | | 39.45% | | 9.09% | | 25.21% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .72% H | | .76% | | .79% | | .79% | | .80% | | .72% |
| Expenses net of fee waivers, if any | | .71% H | | .76% | | .79% | | .79% | | .80% | | .72% |
| Expenses net of all reductions | | .71% H | | .76% | | .78% | | .78% | | .80% | | .72% |
| Net investment income (loss) | | (.08)% H | | (.31)% | | (.44)% | | (.16)% | | (.04)% | | .12% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 34,964 | $ | 36,726 | $ | 48,318 | $ | 31,023 | $ | 23,023 | $ | 20,714 |
Portfolio turnover rate I | | 23% H,J | | 34% J | | 41% J | | 49% J | | 45% J | | 41% J |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .02%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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.
G Expense 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.
H Annualized.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
| Fidelity® Blue Chip Growth Fund Class K |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 133.48 | $ | 188.45 | $ | 138.50 | $ | 103.24 | $ | 99.92 | $ | 83.34 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .01 | | (.37) | | (.60) | | (.08) | | .05 | | .20 C |
| Net realized and unrealized gain (loss) | | (5.46) | | (38.45) | | 61.04 | | 39.33 | | 8.66 | | 20.22 |
| Total from investment operations | | (5.45) | | (38.82) | | 60.44 | | 39.25 | | 8.71 | | 20.42 |
| Distributions from net investment income | | - | | - | | - | | - | | (.19) | | (.16) |
| Distributions from net realized gain | | (.64) | | (16.15) | | (10.49) | | (3.99) | | (5.20) | | (3.68) |
| Total distributions | | (.64) | | (16.15) | | (10.49) | | (3.99) | | (5.39) | | (3.84) |
| Net asset value, end of period | $ | 127.39 | $ | 133.48 | $ | 188.45 | $ | 138.50 | $ | 103.24 | $ | 99.92 |
Total Return D,E | | (4.10)% | | (22.78)% | | 45.83% | | 39.57% | | 9.20% | | 25.33% |
Ratios to Average Net Assets B,F,G | | | | | | | | | | | | |
| Expenses before reductions | | .62% H | | .68% | | .71% | | .70% | | .70% | | .62% |
| Expenses net of fee waivers, if any | | .62% H | | .68% | | .71% | | .69% | | .70% | | .62% |
| Expenses net of all reductions | | .62% H | | .68% | | .70% | | .69% | | .70% | | .62% |
| Net investment income (loss) | | .02% H | | (.23)% | | (.36)% | | (.07)% | | .05% | | .22% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (in millions) | $ | 3,818 | $ | 4,380 | $ | 8,635 | $ | 6,625 | $ | 5,316 | $ | 5,669 |
Portfolio turnover rate I | | 23% H,J | | 34% J | | 41% J | | 49% J | | 45% J | | 41% J |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .12%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying 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.
G Expense 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.
H Annualized.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
( Amounts in thousands except percentages)
1. Organization.
Fidelity Blue Chip 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 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.
The Board of Trustees has approved, subject to shareholder approval, a proposal to reclassify the Fund as a non-diversified fund.
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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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 Input A |
| Equities | $1,438,272 | Market comparable | Enterprise value/EBITDA multiple (EVEBITDA) | 6.0 - 23.0 / 8.2 | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 2.0 - 25.0 / 7.6 | Increase |
| | | | Enterprise value/Gross profit multiple (EV/GP) | 7.5 | Increase |
| | | | Probability rate | 25.0% - 75.0% / 50.0% | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 2.1 | Increase |
| | | | Liquidity preference | $250.08 - $278.02 / $264.79 | Increase |
| | | Recovery value | Recovery value | $0.00 - $0.03 / $0.00 | Increase |
| | | Market approach | Transaction price | $1.11 - $215.03 / $39.84 | Increase |
| | | | Discount rate | 5.0% - 50.0% / 21.8% | Decrease |
| | | | Premium rate | 10.0% | Increase |
| | | Book value | Book value multiple | 1.5 | Increase |
| | | Discounted cash flow | Weighted average cost of capital (WACC) | 25.0% - 36.3% / 30.9% | Decrease |
| | | | Exit multiple | 1.8 - 7.3 / 3.2 | Increase |
| | | Black scholes | Discount rate | 3.5% - 4.1% / 3.7% | Increase |
| | | | Probability rate | 50.0% | Increase |
| | | | Volatility | 50.0% - 100.0% / 70.2% | Increase |
| | | | Term | 2.0 - 5.0 / 3.9 | Increase |
| Corporate Bonds | $21,475 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 | Increase |
| | | | Discount rate | 29.2% | Decrease |
| | | | Probability rate | 10.0% - 50.0% / 33.3% | Increase |
| | | Black scholes | Volatility | 75.0% | Increase |
| | | | Term | 0.9 | Increase |
| Preferred Securities | $13,385 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 4.6 | Increase |
| | | | Probability rate | 10.0% - 90.0% / 50.0% | Increase |
| | | Market approach | Transaction price | $100.00 | Increase |
| | | | Discount rate | 15.0% | Decrease |
| | | Black scholes | Discount rate | 4.1% | Increase |
| | | | Volatility | 70.0% | Increase |
| | | | Term | 2.0 | 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, 2023, 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. 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.
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 | $735 |
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, 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 | $18,509,971 |
| Gross unrealized depreciation | (2,994,083) |
| Net unrealized appreciation (depreciation) | $15,515,888 |
| Tax cost | $23,830,900 |
The Fund elected to defer to its next fiscal year approximately $68,789 of ordinary losses recognized during the period January 1, 2022 to July 31, 2022.
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.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) |
| Fidelity Blue Chip Growth Fund | Stripe, Inc. | $2,214 | $(2,214) |
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 | 81,032 | .21 |
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 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 Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the 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 Blue Chip Growth Fund | 4,267,621 | 4,718,153 |
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 | 1,332 | 73,492 | 157,282 | 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 | 10,273 | 673,294 | 1,424,375 | 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 .23% 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 .57% 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. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.
For the period, transfer agent fees for each class were as follows:
| | Amount | % of Class-Level Average Net Assets |
| Blue Chip Growth | $23,717 | .14 |
| Class K | 803 | .04 |
| | $24,520 | |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Blue Chip Growth Fund | .01 |
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 | $128 |
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 | $15,249 | 3.26% | $120 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Blue Chip Growth Fund | 499,062 | 137,160 | 2,238 |
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 | $53 |
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 | $167 | $59 | $138 |
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 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 Blue Chip Growth Fund | $10,843 | 3.76% | $11 |
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 $9.
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 $698.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Blue Chip Growth Fund | | |
| Distributions to shareholders | | |
| Blue Chip Growth | $175,348 | $4,200,150 |
| Class K | 20,474 | 719,200 |
Total | $195,822 | $4,919,350 |
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, 2023 | Year ended July 31, 2022 | Six months ended January 31, 2023 | Year ended July 31, 2022 |
| Fidelity Blue Chip Growth Fund | | | | |
| Blue Chip Growth | | | | |
| Shares sold | 24,696 | 59,594 | $2,949,072 | $9,796,348 |
| Reinvestment of distributions | 1,237 | 21,851 | 162,230 | 3,946,089 |
| Shares redeemed | (26,455) | (62,488) | (3,179,692) | (9,722,466) |
| Net increase (decrease) | (522) | 18,957 | $(68,391) | $4,019,971 |
| Class K | | | | |
| Shares sold | 2,553 | 6,939 | $309,992 | $1,053,095 |
| Reinvestment of distributions | 155 | 3,969 | 20,473 | 719,197 |
| Shares redeemed | (5,554) | (23,912) | (674,420) | (3,559,108) |
| Net increase (decrease) | (2,846) | (13,004) | $(343,955) | $(1,786,816) |
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| Fidelity® Blue Chip Growth Fund | | | | | | | | | | |
| Fidelity® Blue Chip Growth Fund | | | | .71% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 958.40 | | $ 3.50 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,021.63 | | $ 3.62 |
| Class K | | | | .62% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 959.00 | | $ 3.06 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.08 | | $ 3.16 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.700126.126
BCF-SANN-0423
Fidelity® Series Blue Chip Growth Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Apple, Inc. | 9.6 | |
| Microsoft Corp. | 8.3 | |
| Amazon.com, Inc. | 7.4 | |
| NVIDIA Corp. | 6.1 | |
| Alphabet, Inc. Class A | 4.8 | |
| Tesla, Inc. | 2.8 | |
| Meta Platforms, Inc. Class A | 2.7 | |
| Marvell Technology, Inc. | 2.6 | |
| lululemon athletica, Inc. | 2.1 | |
| Netflix, Inc. | 2.1 | |
| | 48.5 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Information Technology | 37.9 | |
| Consumer Discretionary | 29.4 | |
| Communication Services | 12.3 | |
| Health Care | 9.5 | |
| Energy | 4.4 | |
| Industrials | 2.5 | |
| Consumer Staples | 1.4 | |
| Financials | 1.0 | |
| Materials | 0.8 | |
| Real Estate | 0.0 | |
| Utilities | 0.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 7.9% |
|
Showing Percentage of Net Assets
| Common Stocks - 97.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 12.2% | | | |
| Entertainment - 2.9% | | | |
| Activision Blizzard, Inc. | | 45,400 | 3,476,278 |
| Bilibili, Inc. ADR (a) | | 149,100 | 3,727,500 |
| Endeavor Group Holdings, Inc. (a) | | 281,188 | 6,307,047 |
| Netflix, Inc. (a) | | 488,524 | 172,869,103 |
| Sea Ltd. ADR (a) | | 640,231 | 41,262,888 |
| Universal Music Group NV | | 423,076 | 10,814,828 |
| | | | 238,457,644 |
| Interactive Media & Services - 9.2% | | | |
| Alphabet, Inc. Class A (a) | | 4,011,060 | 396,453,170 |
| Epic Games, Inc. (a)(b)(c) | | 1,076 | 910,156 |
| Meta Platforms, Inc. Class A (a) | | 1,511,010 | 225,095,160 |
| Pinterest, Inc. Class A (a) | | 154,800 | 4,069,692 |
| Snap, Inc. Class A (a) | | 10,956,866 | 126,661,371 |
| Tencent Holdings Ltd. sponsored ADR | | 84,000 | 4,095,000 |
| | | | 757,284,549 |
| Wireless Telecommunication Services - 0.1% | | | |
| Rogers Communications, Inc. Class B (non-vtg.) | | 17,500 | 850,832 |
| T-Mobile U.S., Inc. (a) | | 44,700 | 6,674,157 |
| | | | 7,524,989 |
TOTAL COMMUNICATION SERVICES | | | 1,003,267,182 |
| CONSUMER DISCRETIONARY - 29.3% | | | |
| Auto Components - 0.1% | | | |
| Aptiv PLC (a) | | 58,500 | 6,615,765 |
| Autoliv, Inc. | | 4,700 | 432,964 |
| Mobileye Global, Inc. (d) | | 64,700 | 2,497,420 |
| | | | 9,546,149 |
| Automobiles - 3.0% | | | |
| Neutron Holdings, Inc. (a)(b)(c) | | 691,699 | 16,601 |
| Rad Power Bikes, Inc. (a)(b)(c) | | 110,210 | 443,044 |
| Rivian Automotive, Inc. (a) | | 540,995 | 10,495,303 |
| Tesla, Inc. (a) | | 1,342,705 | 232,583,360 |
| | | | 243,538,308 |
| Diversified Consumer Services - 0.0% | | | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | | 58,500 | 2,494,440 |
| Hotels, Restaurants & Leisure - 3.4% | | | |
| Airbnb, Inc. Class A (a) | | 727,700 | 80,854,747 |
| Caesars Entertainment, Inc. (a) | | 861,847 | 44,867,755 |
| Chipotle Mexican Grill, Inc. (a) | | 2,742 | 4,514,374 |
| Draftkings Holdings, Inc. (a) | | 118,500 | 1,776,315 |
| Flutter Entertainment PLC (a) | | 23,100 | 3,574,094 |
| Hilton Worldwide Holdings, Inc. | | 161,900 | 23,490,071 |
| Marriott International, Inc. Class A | | 262,700 | 45,757,086 |
| Penn Entertainment, Inc. (a) | | 1,318,644 | 46,745,930 |
| Restaurant Brands International, Inc. | | 62,300 | 4,168,629 |
| Sweetgreen, Inc. Class A (a) | | 1,164,526 | 12,076,135 |
| Trip.com Group Ltd. ADR (a) | | 176,600 | 6,491,816 |
| Yum China Holdings, Inc. | | 91,400 | 5,631,154 |
| Yum! Brands, Inc. | | 20,700 | 2,701,557 |
| | | | 282,649,663 |
| Internet & Direct Marketing Retail - 11.3% | | | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | | 316,200 | 34,845,240 |
| Amazon.com, Inc. (a) | | 5,956,400 | 614,283,532 |
| Deliveroo PLC Class A (a)(e) | | 400,600 | 459,111 |
| FSN E-Commerce Ventures Private Ltd. | | 4,910,760 | 8,265,130 |
| JD.com, Inc. sponsored ADR | | 373,500 | 22,234,455 |
| Lyft, Inc. (a) | | 3,413,608 | 55,471,130 |
| Pinduoduo, Inc. ADR (a) | | 203,200 | 19,909,536 |
| Uber Technologies, Inc. (a) | | 5,294,975 | 163,773,577 |
| Wayfair LLC Class A (a) | | 219,920 | 13,305,160 |
| | | | 932,546,871 |
| Multiline Retail - 1.1% | | | |
| Dollar Tree, Inc. (a) | | 494,600 | 74,279,028 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | | 135,500 | 7,419,980 |
| Target Corp. | | 34,800 | 5,990,472 |
| | | | 87,689,480 |
| Specialty Retail - 4.9% | | | |
| American Eagle Outfitters, Inc. | | 2,393,286 | 38,627,636 |
| Bath & Body Works, Inc. | | 106,700 | 4,909,267 |
| Burlington Stores, Inc. (a) | | 18,393 | 4,227,263 |
| Fanatics, Inc. Class A (a)(b)(c) | | 159,285 | 13,152,162 |
| Fast Retailing Co. Ltd. | | 1,400 | 850,303 |
| Five Below, Inc. (a) | | 244,784 | 48,254,270 |
| Foot Locker, Inc. | | 146,900 | 6,391,619 |
| Lowe's Companies, Inc. | | 741,606 | 154,439,450 |
| RH (a)(d) | | 148,604 | 46,362,962 |
| TJX Companies, Inc. | | 629,200 | 51,506,312 |
| Victoria's Secret & Co. (a) | | 564,427 | 23,790,598 |
| Warby Parker, Inc. (a) | | 928,979 | 15,003,011 |
| | | | 407,514,853 |
| Textiles, Apparel & Luxury Goods - 5.5% | | | |
| Capri Holdings Ltd. (a) | | 755,900 | 50,259,791 |
| Compagnie Financiere Richemont SA Series A | | 35,740 | 5,509,583 |
| Crocs, Inc. (a) | | 408,684 | 49,765,451 |
| Deckers Outdoor Corp. (a) | | 90,216 | 38,565,536 |
| Hermes International SCA | | 4,601 | 8,575,890 |
| lululemon athletica, Inc. (a) | | 563,474 | 172,918,901 |
| LVMH Moet Hennessy Louis Vuitton SE | | 30,361 | 26,504,408 |
| NIKE, Inc. Class B | | 707,813 | 90,125,829 |
| On Holding AG (a) | | 319,500 | 7,412,400 |
| Tory Burch LLC (a)(b)(c)(f) | | 106,817 | 3,322,009 |
| | | | 452,959,798 |
TOTAL CONSUMER DISCRETIONARY | | | 2,418,939,562 |
| CONSUMER STAPLES - 1.2% | | | |
| Beverages - 1.1% | | | |
| Boston Beer Co., Inc. Class A (a) | | 26,100 | 10,142,721 |
| Celsius Holdings, Inc. (a)(d) | | 771,000 | 77,346,720 |
| Constellation Brands, Inc. Class A (sub. vtg.) | | 14,200 | 3,287,584 |
| | | | 90,777,025 |
| Food & Staples Retailing - 0.0% | | | |
| Costco Wholesale Corp. | | 1,300 | 664,482 |
| Food Products - 0.0% | | | |
| Sovos Brands, Inc. (a) | | 10,900 | 147,804 |
| The Real Good Food Co., Inc. (a) | | 5,400 | 30,024 |
| | | | 177,828 |
| Household Products - 0.1% | | | |
| Procter & Gamble Co. | | 23,800 | 3,388,644 |
| Personal Products - 0.0% | | | |
| Estee Lauder Companies, Inc. Class A | | 3,600 | 997,488 |
| Tobacco - 0.0% | | | |
| JUUL Labs, Inc. Class B (a)(b)(c) | | 2,450 | 29,670 |
TOTAL CONSUMER STAPLES | | | 96,035,137 |
| ENERGY - 4.4% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Halliburton Co. | | 203,600 | 8,392,392 |
| Oil, Gas & Consumable Fuels - 4.3% | | | |
| Antero Resources Corp. (a) | | 421,300 | 12,150,292 |
| Cenovus Energy, Inc. (Canada) | | 381,300 | 7,617,116 |
| Cheniere Energy, Inc. | | 58,300 | 8,907,657 |
| Denbury, Inc. (a) | | 140,800 | 12,218,624 |
| Devon Energy Corp. | | 384,300 | 24,303,132 |
| Diamondback Energy, Inc. | | 275,600 | 40,270,672 |
| EOG Resources, Inc. | | 357,500 | 47,279,375 |
| EQT Corp. | | 53,700 | 1,754,379 |
| Exxon Mobil Corp. | | 266,300 | 30,893,463 |
| Hess Corp. | | 424,800 | 63,787,968 |
| Marathon Oil Corp. | | 452,500 | 12,430,175 |
| Northern Oil & Gas, Inc. | | 78,800 | 2,641,376 |
| Occidental Petroleum Corp. | | 389,600 | 25,242,184 |
| Ovintiv, Inc. | | 41,600 | 2,047,968 |
| Pioneer Natural Resources Co. | | 152,000 | 35,013,200 |
| Reliance Industries Ltd. | | 911,649 | 26,354,604 |
| Reliance Industries Ltd. sponsored GDR (e) | | 24,800 | 1,421,040 |
| | | | 354,333,225 |
TOTAL ENERGY | | | 362,725,617 |
| FINANCIALS - 1.0% | | | |
| Banks - 0.3% | | | |
| Kotak Mahindra Bank Ltd. | | 118,376 | 2,518,616 |
| Wells Fargo & Co. | | 486,300 | 22,792,881 |
| | | | 25,311,497 |
| Consumer Finance - 0.6% | | | |
| American Express Co. | | 290,500 | 50,817,165 |
| Diversified Financial Services - 0.1% | | | |
| Ant International Co. Ltd. Class C (a)(b)(c) | | 1,568,556 | 2,478,318 |
| Berkshire Hathaway, Inc. Class B (a) | | 5,300 | 1,651,056 |
| | | | 4,129,374 |
TOTAL FINANCIALS | | | 80,258,036 |
| HEALTH CARE - 9.4% | | | |
| Biotechnology - 1.4% | | | |
| Alnylam Pharmaceuticals, Inc. (a) | | 137,081 | 31,035,138 |
| Arcutis Biotherapeutics, Inc. (a) | | 125,300 | 2,076,221 |
| Argenx SE ADR (a) | | 11,437 | 4,371,793 |
| Ascendis Pharma A/S sponsored ADR (a) | | 145,496 | 18,053,144 |
| CytomX Therapeutics, Inc. (a)(e) | | 137,854 | 372,206 |
| Generation Bio Co. (a) | | 163,122 | 962,420 |
| Karuna Therapeutics, Inc. (a) | | 40,000 | 7,975,600 |
| Moderna, Inc. (a) | | 3,700 | 651,422 |
| Prometheus Biosciences, Inc. (a) | | 7,100 | 806,986 |
| Regeneron Pharmaceuticals, Inc. (a) | | 37,100 | 28,139,237 |
| Vertex Pharmaceuticals, Inc. (a) | | 61,400 | 19,838,340 |
| Verve Therapeutics, Inc. (a) | | 53,200 | 1,210,300 |
| | | | 115,492,807 |
| Health Care Equipment & Supplies - 1.5% | | | |
| Axonics Modulation Technologies, Inc. (a) | | 118,620 | 7,283,268 |
| Blink Health LLC Series A1 (a)(b)(c) | | 6,283 | 271,426 |
| Boston Scientific Corp. (a) | | 443,600 | 20,516,500 |
| DexCom, Inc. (a) | | 476,360 | 51,013,392 |
| Insulet Corp. (a) | | 92,698 | 26,633,989 |
| Shockwave Medical, Inc. (a) | | 68,033 | 12,785,442 |
| TransMedics Group, Inc. (a) | | 17,800 | 1,121,756 |
| | | | 119,625,773 |
| Health Care Providers & Services - 2.8% | | | |
| agilon health, Inc. (a) | | 47,000 | 1,022,720 |
| Alignment Healthcare, Inc. (a) | | 145,747 | 1,799,975 |
| Cigna Corp. | | 25,400 | 8,043,418 |
| Elevance Health, Inc. | | 6,100 | 3,049,939 |
| Guardant Health, Inc. (a) | | 341,409 | 10,730,485 |
| Humana, Inc. | | 62,300 | 31,878,910 |
| LifeStance Health Group, Inc. (a) | | 37,400 | 197,472 |
| Surgery Partners, Inc. (a) | | 54,700 | 1,816,040 |
| UnitedHealth Group, Inc. | | 341,400 | 170,423,466 |
| Universal Health Services, Inc. Class B | | 15,100 | 2,237,971 |
| | | | 231,200,396 |
| Health Care Technology - 0.0% | | | |
| Certara, Inc. (a) | | 50,700 | 983,580 |
| MultiPlan Corp. warrants (a)(b) | | 24,206 | 99 |
| | | | 983,679 |
| Life Sciences Tools & Services - 0.8% | | | |
| Danaher Corp. | | 130,900 | 34,607,342 |
| ICON PLC (a) | | 22,200 | 5,121,762 |
| Olink Holding AB ADR (a) | | 72,800 | 1,425,424 |
| Seer, Inc. (a) | | 39,619 | 180,266 |
| Thermo Fisher Scientific, Inc. | | 43,100 | 24,581,223 |
| | | | 65,916,017 |
| Pharmaceuticals - 2.9% | | | |
| AstraZeneca PLC sponsored ADR | | 60,500 | 3,954,885 |
| Eli Lilly & Co. | | 375,879 | 129,358,758 |
| Novo Nordisk A/S: | | | |
| Series B | | 28,700 | 3,971,789 |
| Series B sponsored ADR | | 241,500 | 33,515,370 |
| Roche Holding AG (participation certificate) | | 10,650 | 3,324,615 |
| Zoetis, Inc. Class A | | 416,779 | 68,972,757 |
| | | | 243,098,174 |
TOTAL HEALTH CARE | | | 776,316,846 |
| INDUSTRIALS - 1.9% | | | |
| Aerospace & Defense - 1.0% | | | |
| Airbus Group NV | | 24,100 | 3,021,318 |
| Howmet Aerospace, Inc. | | 236,900 | 9,639,461 |
| L3Harris Technologies, Inc. | | 26,700 | 5,735,694 |
| Lockheed Martin Corp. | | 15,600 | 7,226,856 |
| Northrop Grumman Corp. | | 11,600 | 5,197,264 |
| Space Exploration Technologies Corp.: | | | |
| Class A (a)(b)(c) | | 227,030 | 17,481,310 |
| Class C (a)(b)(c) | | 6,860 | 528,220 |
| The Boeing Co. (a) | | 166,600 | 35,485,800 |
| | | | 84,315,923 |
| Air Freight & Logistics - 0.0% | | | |
| Delhivery Private Ltd. | | 294,700 | 1,092,023 |
| ZTO Express, Inc. sponsored ADR | | 83,700 | 2,386,287 |
| | | | 3,478,310 |
| Airlines - 0.2% | | | |
| Delta Air Lines, Inc. (a) | | 100,000 | 3,910,000 |
| United Airlines Holdings, Inc. (a) | | 161,300 | 7,897,248 |
| | | | 11,807,248 |
| Commercial Services & Supplies - 0.1% | | | |
| ACV Auctions, Inc. Class A (a) | | 461,400 | 4,521,720 |
| Electrical Equipment - 0.3% | | | |
| Acuity Brands, Inc. | | 130,300 | 24,564,156 |
| Array Technologies, Inc. (a) | | 82,800 | 1,840,644 |
| Regal Rexnord Corp. | | 5,900 | 821,280 |
| | | | 27,226,080 |
| Machinery - 0.2% | | | |
| Deere & Co. | | 29,400 | 12,431,496 |
| Professional Services - 0.0% | | | |
| Experian PLC | | 41,200 | 1,506,664 |
| Road & Rail - 0.1% | | | |
| Avis Budget Group, Inc. (a) | | 26,600 | 5,321,064 |
| Bird Global, Inc.: | | | |
| Class A (a)(d) | | 2,367,933 | 555,517 |
| Stage 1 rights (a)(c) | | 13,740 | 0 |
| Stage 2 rights (a)(c) | | 13,740 | 0 |
| Stage 3 rights (a)(c) | | 13,740 | 0 |
| Hertz Global Holdings, Inc. (a) | | 100,600 | 1,812,812 |
| | | | 7,689,393 |
TOTAL INDUSTRIALS | | | 152,976,834 |
| INFORMATION TECHNOLOGY - 37.8% | | | |
| IT Services - 2.8% | | | |
| Adyen BV (a)(e) | | 1,100 | 1,663,098 |
| Block, Inc. Class A (a) | | 205,800 | 16,817,976 |
| Cloudflare, Inc. (a) | | 17,200 | 910,052 |
| MasterCard, Inc. Class A | | 339,600 | 125,855,760 |
| MongoDB, Inc. Class A (a) | | 43,080 | 9,228,167 |
| Okta, Inc. (a) | | 278,900 | 20,529,829 |
| PayPal Holdings, Inc. (a) | | 159,200 | 12,973,208 |
| Shopify, Inc. Class A (a) | | 18,400 | 906,759 |
| Snowflake, Inc. (a) | | 33,000 | 5,162,520 |
| Twilio, Inc. Class A (a) | | 192,456 | 11,516,567 |
| Visa, Inc. Class A | | 118,500 | 27,279,885 |
| | | | 232,843,821 |
| Semiconductors & Semiconductor Equipment - 14.5% | | | |
| Advanced Micro Devices, Inc. (a) | | 821,619 | 61,744,668 |
| ASML Holding NV | | 18,600 | 12,291,624 |
| Cirrus Logic, Inc. (a) | | 100,400 | 9,075,156 |
| Enphase Energy, Inc. (a) | | 42,100 | 9,320,098 |
| GlobalFoundries, Inc. (a) | | 948,360 | 56,218,781 |
| Lam Research Corp. | | 32,000 | 16,003,200 |
| Marvell Technology, Inc. | | 4,980,695 | 214,916,989 |
| Microchip Technology, Inc. | | 41,700 | 3,236,754 |
| Monolithic Power Systems, Inc. | | 46,700 | 19,920,352 |
| NVIDIA Corp. | | 2,580,396 | 504,131,967 |
| NXP Semiconductors NV | | 800,335 | 147,509,744 |
| onsemi (a) | | 844,900 | 62,057,905 |
| SolarEdge Technologies, Inc. (a)(d) | | 21,700 | 6,925,121 |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | | 397,300 | 36,841,629 |
| Teradyne, Inc. | | 333,200 | 33,886,440 |
| Wolfspeed, Inc. (a) | | 3,400 | 261,834 |
| | | | 1,194,342,262 |
| Software - 10.9% | | | |
| Atom Tickets LLC (a)(b)(c)(f) | | 344,068 | 3 |
| Bill.Com Holdings, Inc. (a) | | 111,200 | 12,856,944 |
| Confluent, Inc. (a) | | 54,800 | 1,265,880 |
| Datadog, Inc. Class A (a) | | 125,700 | 9,403,617 |
| HubSpot, Inc. (a) | | 93,592 | 32,477,360 |
| Intuit, Inc. | | 80,600 | 34,067,202 |
| Microsoft Corp. | | 2,752,100 | 681,997,901 |
| Paycom Software, Inc. (a) | | 41,000 | 13,281,540 |
| Salesforce.com, Inc. (a) | | 437,070 | 73,414,648 |
| ServiceNow, Inc. (a) | | 39,923 | 18,170,155 |
| Splunk, Inc. (a) | | 102,800 | 9,845,156 |
| Stripe, Inc. Class B (a)(b)(c) | | 19,900 | 534,713 |
| Tanium, Inc. Class B (a)(b)(c) | | 151,000 | 1,099,280 |
| Zoom Video Communications, Inc. Class A (a) | | 137,700 | 10,327,500 |
| | | | 898,741,899 |
| Technology Hardware, Storage & Peripherals - 9.6% | | | |
| Apple, Inc. | | 5,486,036 | 791,580,134 |
TOTAL INFORMATION TECHNOLOGY | | | 3,117,508,116 |
| MATERIALS - 0.7% | | | |
| Chemicals - 0.1% | | | |
| Cibus Corp.: | | | |
| Series C (a)(b)(c)(f) | | 726,554 | 1,453,108 |
| Series D (a)(b)(c)(f) | | 398,640 | 797,280 |
| Series E (a)(b)(c)(f) | | 251,468 | 502,936 |
| Series F (a)(b)(c)(f) | | 130,959 | 261,918 |
| Linde PLC | | 12,900 | 4,269,126 |
| | | | 7,284,368 |
| Metals & Mining - 0.6% | | | |
| Freeport-McMoRan, Inc. | | 1,092,200 | 48,733,964 |
TOTAL MATERIALS | | | 56,018,332 |
| REAL ESTATE - 0.0% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.0% | | | |
| Welltower, Inc. | | 11,600 | 870,464 |
| Real Estate Management & Development - 0.0% | | | |
| WeWork, Inc. (a)(d) | | 2,010,085 | 3,196,035 |
TOTAL REAL ESTATE | | | 4,066,499 |
| UTILITIES - 0.0% | | | |
| Electric Utilities - 0.0% | | | |
| NextEra Energy, Inc. | | 22,800 | 1,701,564 |
| TOTAL COMMON STOCKS (Cost $5,861,671,205) | | | 8,069,813,725 |
| | | | |
| Preferred Stocks - 1.3% |
| | | Shares | Value ($) |
| Convertible Preferred Stocks - 1.2% | | | |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| ByteDance Ltd. Series E1 (a)(b)(c) | | 37,119 | 7,346,592 |
| Reddit, Inc.: | | | |
| Series B(a)(b)(c) | | 129,280 | 4,854,464 |
| Series E(a)(b)(c) | | 5,005 | 187,938 |
| | | | 12,388,994 |
| CONSUMER DISCRETIONARY - 0.1% | | | |
| Automobiles - 0.0% | | | |
| Rad Power Bikes, Inc.: | | | |
| Series A(a)(b)(c) | | 14,368 | 57,759 |
| Series C(a)(b)(c) | | 56,537 | 227,279 |
| | | | 285,038 |
| Hotels, Restaurants & Leisure - 0.1% | | | |
| MOD Super Fast Pizza Holdings LLC: | | | |
| Series 3(a)(b)(c)(f) | | 22,518 | 6,260,460 |
| Series 4(a)(b)(c)(f) | | 2,055 | 547,185 |
| Series 5(a)(b)(c)(f) | | 8,253 | 2,063,910 |
| | | | 8,871,555 |
| Internet & Direct Marketing Retail - 0.0% | | | |
| Instacart, Inc.: | | | |
| Series H(a)(b)(c) | | 31,105 | 1,371,731 |
| Series I(a)(b)(c) | | 13,960 | 615,636 |
| | | | 1,987,367 |
TOTAL CONSUMER DISCRETIONARY | | | 11,143,960 |
| | | | |
| CONSUMER STAPLES - 0.2% | | | |
| Food & Staples Retailing - 0.1% | | | |
| GoBrands, Inc. Series G (a)(b)(c) | | 19,600 | 3,085,824 |
| | | | |
| Food Products - 0.0% | | | |
| AgBiome LLC Series C (a)(b)(c) | | 266,499 | 1,740,238 |
| | | | |
| Tobacco - 0.1% | | | |
| JUUL Labs, Inc.: | | | |
| Series C(a)(b)(c) | | 660,029 | 7,992,951 |
| Series D(a)(b)(c) | | 5,110 | 61,882 |
| | | | 8,054,833 |
TOTAL CONSUMER STAPLES | | | 12,880,895 |
| | | | |
| HEALTH CARE - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| Castle Creek Biosciences, Inc. Series D2 (b)(c) | | 642 | 130,801 |
| | | | |
| Health Care Equipment & Supplies - 0.0% | | | |
| Blink Health LLC Series C (a)(b)(c) | | 27,197 | 1,174,910 |
| | | | |
| Pharmaceuticals - 0.0% | | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(b)(c) | | 1,069 | 236,805 |
| | | | |
TOTAL HEALTH CARE | | | 1,542,516 |
| | | | |
| INDUSTRIALS - 0.6% | | | |
| Aerospace & Defense - 0.6% | | | |
| Space Exploration Technologies Corp.: | | | |
| Series G(a)(b)(c) | | 42,650 | 32,840,500 |
| Series H(a)(b)(c) | | 6,348 | 4,887,960 |
| Series N(a)(b)(c) | | 12,799 | 9,855,230 |
| | | | 47,583,690 |
| Construction & Engineering - 0.0% | | | |
| Beta Technologies, Inc. Series A (a)(b)(c) | | 12,033 | 915,952 |
| | | | |
TOTAL INDUSTRIALS | | | 48,499,642 |
| | | | |
| INFORMATION TECHNOLOGY - 0.1% | | | |
| Electronic Equipment & Components - 0.0% | | | |
| Enevate Corp. Series E (a)(b)(c) | | 1,441,706 | 792,938 |
| | | | |
| IT Services - 0.0% | | | |
| AppNexus, Inc. Series E (Escrow) (a)(b)(c) | | 307,049 | 9,617 |
| | | | |
| Semiconductors & Semiconductor Equipment - 0.0% | | | |
| Xsight Labs Ltd. Series D (a)(b)(c) | | 140,500 | 1,080,445 |
| | | | |
| Software - 0.1% | | | |
| Bolt Technology OU Series E (a)(b)(c) | | 18,160 | 2,499,221 |
| Databricks, Inc. Series G (a)(b)(c) | | 51,900 | 2,553,999 |
| Dataminr, Inc. Series D (a)(b)(c) | | 115,901 | 1,788,352 |
| Delphix Corp. Series D (a)(b)(c) | | 242,876 | 1,248,383 |
| Stripe, Inc. Series H (a)(b)(c) | | 8,700 | 233,769 |
| | | | 8,323,724 |
TOTAL INFORMATION TECHNOLOGY | | | 10,206,724 |
| | | | |
| MATERIALS - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Diamond Foundry, Inc. Series C (a)(b)(c) | | 125,000 | 4,433,750 |
| | | | |
| TOTAL CONVERTIBLE PREFERRED STOCKS | | | 101,096,481 |
| Nonconvertible Preferred Stocks - 0.1% | | | |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc. Series 1C (a)(b)(c) | | 12,405,800 | 297,739 |
| Waymo LLC Series A2 (a)(b)(c) | | 15,200 | 735,832 |
| | | | 1,033,571 |
| HEALTH CARE - 0.1% | | | |
| Pharmaceuticals - 0.1% | | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(b)(c) | | 9,636 | 2,085,327 |
| | | | |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 3,118,898 |
| TOTAL PREFERRED STOCKS (Cost $55,706,004) | | | 104,215,379 |
| | | | |
| Convertible Bonds - 0.0% |
| | | Principal Amount (g) | Value ($) |
| CONSUMER DISCRETIONARY - 0.0% | | | |
| Automobiles - 0.0% | | | |
| Neutron Holdings, Inc.: | | | |
| 4% 5/22/27 (b)(c) | | 433,800 | 418,053 |
| 4% 6/12/27 (b)(c) | | 115,200 | 111,018 |
| (Cost $549,000) | | | 529,071 |
| | | | |
| U.S. Treasury Obligations - 0.4% |
| | | Principal Amount (g) | Value ($) |
U.S. Treasury Bills, yield at date of purchase 4.27% 3/2/23 (h) (Cost $29,658,773) | | 29,760,000 | 29,654,098 |
| | | | |
| Money Market Funds - 2.9% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (i) | | 186,607,154 | 186,644,475 |
| Fidelity Securities Lending Cash Central Fund 4.38% (i)(j) | | 56,616,177 | 56,621,838 |
| TOTAL MONEY MARKET FUNDS (Cost $243,266,313) | | | 243,266,313 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 102.5% (Cost $6,190,851,295) | 8,447,478,586 |
NET OTHER ASSETS (LIABILITIES) - (2.5)% | (202,985,902) |
| NET ASSETS - 100.0% | 8,244,492,684 |
| | |
Legend
| (b) | Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $148,026,703 or 1.8% 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 $3,915,455 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 or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,321,283. |
| (i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (j) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| AgBiome LLC Series C | 6/29/18 | 1,687,925 |
| | | |
| Ant International Co. Ltd. Class C | 5/16/18 | 5,978,358 |
| | | |
| AppNexus, Inc. Series E (Escrow) | 8/01/14 | 0 |
| | | |
| Atom Tickets LLC | 8/15/17 | 1,999,998 |
| | | |
| Beta Technologies, Inc. Series A | 4/09/21 | 881,658 |
| | | |
| Blink Health LLC Series A1 | 12/30/20 | 170,206 |
| | | |
| Blink Health LLC Series C | 11/07/19 - 1/21/21 | 1,038,273 |
| | | |
| Bolt Technology OU Series E | 1/03/22 | 4,717,904 |
| | | |
| ByteDance Ltd. Series E1 | 11/18/20 | 4,067,284 |
| | | |
| Castle Creek Biosciences, Inc. Series D2 | 6/28/21 | 110,200 |
| | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series A4 | 9/29/16 | 3,185,523 |
| | | |
| Castle Creek Pharmaceutical Holdings, Inc. Series B | 10/09/18 | 440,268 |
| | | |
| Cibus Corp. Series C | 2/16/18 | 1,525,763 |
| | | |
| Cibus Corp. Series D | 5/10/19 | 498,300 |
| | | |
| Cibus Corp. Series E | 6/23/21 | 442,584 |
| | | |
| Cibus Corp. Series F | 12/02/22 | 261,918 |
| | | |
| Databricks, Inc. Series G | 2/01/21 | 3,068,465 |
| | | |
| Dataminr, Inc. Series D | 3/06/15 | 1,477,738 |
| | | |
| Delphix Corp. Series D | 7/10/15 | 2,185,884 |
| | | |
| Diamond Foundry, Inc. Series C | 3/15/21 | 3,000,000 |
| | | |
| Enevate Corp. Series E | 1/29/21 | 1,598,398 |
| | | |
| Epic Games, Inc. | 7/30/20 | 618,700 |
| | | |
| Fanatics, Inc. Class A | 8/13/20 | 2,754,038 |
| | | |
| GoBrands, Inc. Series G | 3/02/21 | 4,894,459 |
| | | |
| Instacart, Inc. Series H | 11/13/20 | 1,866,300 |
| | | |
| Instacart, Inc. Series I | 2/26/21 | 1,745,000 |
| | | |
| JUUL Labs, Inc. Class B | 11/21/17 | 0 |
| | | |
| JUUL Labs, Inc. Series C | 5/22/15 - 7/06/18 | 0 |
| | | |
| JUUL Labs, Inc. Series D | 6/25/18 - 7/06/18 | 0 |
| | | |
| 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 |
| | | |
| MultiPlan Corp. warrants | 10/08/20 | 0 |
| | | |
| Neutron Holdings, Inc. | 2/04/21 | 6,918 |
| | | |
| Neutron Holdings, Inc. Series 1C | 7/03/18 | 2,268,276 |
| | | |
| Neutron Holdings, Inc. 4% 5/22/27 | 6/04/20 | 433,800 |
| | | |
| Neutron Holdings, Inc. 4% 6/12/27 | 6/12/20 | 115,200 |
| | | |
| Rad Power Bikes, Inc. | 1/21/21 | 531,635 |
| | | |
| Rad Power Bikes, Inc. Series A | 1/21/21 | 69,309 |
| | | |
| Rad Power Bikes, Inc. Series C | 1/21/21 | 272,725 |
| | | |
| Reddit, Inc. Series B | 7/26/17 | 1,835,324 |
| | | |
| Reddit, Inc. Series E | 5/18/21 | 212,583 |
| | | |
| Space Exploration Technologies Corp. Class A | 4/06/17 - 9/11/17 | 2,534,625 |
| | | |
| Space Exploration Technologies Corp. Class C | 9/11/17 | 92,610 |
| | | |
| Space Exploration Technologies Corp. Series G | 1/20/15 | 3,303,669 |
| | | |
| Space Exploration Technologies Corp. Series H | 8/04/17 | 856,980 |
| | | |
| Space Exploration Technologies Corp. Series N | 8/04/20 | 3,455,730 |
| | | |
| Stripe, Inc. Class B | 5/18/21 | 798,555 |
| | | |
| Stripe, Inc. Series H | 3/15/21 | 349,088 |
| | | |
| Tanium, Inc. Class B | 4/21/17 | 749,609 |
| | | |
| Tory Burch LLC | 5/14/15 | 7,600,030 |
| | | |
| Waymo LLC Series A2 | 5/08/20 | 1,305,181 |
| | | |
| Xsight Labs Ltd. Series D | 2/16/21 | 1,123,438 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | 371,709,138 | 1,730,482,738 | 1,915,547,401 | 3,734,274 | - | - | 186,644,475 | 0.4% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 80,554,541 | 410,727,550 | 434,660,253 | 197,047 | - | - | 56,621,838 | 0.2% |
| Total | 452,263,679 | 2,141,210,288 | 2,350,207,654 | 3,931,321 | - | - | 243,266,313 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 1,015,656,176 | 991,542,198 | 10,814,828 | 13,299,150 |
Consumer Discretionary | 2,431,117,093 | 2,360,876,322 | 41,129,424 | 29,111,347 |
Consumer Staples | 108,916,032 | 96,005,467 | - | 12,910,565 |
Energy | 362,725,617 | 336,371,013 | 26,354,604 | - |
Financials | 80,258,036 | 75,261,102 | 2,518,616 | 2,478,318 |
Health Care | 779,944,689 | 768,748,917 | 7,296,503 | 3,899,269 |
Industrials | 201,476,476 | 129,347,299 | 5,620,005 | 66,509,172 |
Information Technology | 3,127,714,840 | 3,114,211,022 | 1,663,098 | 11,840,720 |
Materials | 60,452,082 | 53,003,090 | - | 7,448,992 |
Real Estate | 4,066,499 | 4,066,499 | - | - |
Utilities | 1,701,564 | 1,701,564 | - | - |
|
| Corporate Bonds | 529,071 | - | - | 529,071 |
|
| U.S. Government and Government Agency Obligations | 29,654,098 | - | 29,654,098 | - |
|
| Money Market Funds | 243,266,313 | 243,266,313 | - | - |
| Total Investments in Securities: | 8,447,478,586 | 8,174,400,806 | 125,051,176 | 148,026,604 |
| | | | | |
|
| Net Unrealized Depreciation on Unfunded Commitments | (264,823) | - | - | (264,823) |
| Total | (264,823) | - | - | (264,823) |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Beginning Balance | $ | 148,073,446 | |
| Net Realized Gain (Loss) on Investment Securities | | (392,091) | |
| Net Unrealized Gain (Loss) on Investment Securities | | 3,720,440 | |
| Cost of Purchases | | 263,530 | |
| Proceeds of Sales | | (3,638,721) | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 148,026,604 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | 6,620,367 | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $55,264,457) - See accompanying schedule: | | | | |
Unaffiliated issuers (cost $5,947,584,982) | $ | 8,204,212,273 | | |
Fidelity Central Funds (cost $243,266,313) | | 243,266,313 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $6,190,851,295) | | | $ | 8,447,478,586 |
| Cash | | | | 179,620 |
| Foreign currency held at value (cost $382,623) | | | | 382,611 |
| Receivable for investments sold | | | | 218,006,531 |
| Receivable for fund shares sold | | | | 98,455 |
| Dividends receivable | | | | 1,915,917 |
| Interest receivable | | | | 58,418 |
| Distributions receivable from Fidelity Central Funds | | | | 950,131 |
| Receivable for daily variation margin on futures contracts | | | | 970,894 |
| Other receivables | | | | 3,669 |
Total assets | | | | 8,670,044,832 |
| Liabilities | | | | |
| Payable for investments purchased | $ | 4,779,628 | | |
| Unrealized depreciation on unfunded commitments | | 264,823 | | |
| Payable for fund shares redeemed | | 361,551,229 | | |
| Other payables and accrued expenses | | 2,346,069 | | |
| Collateral on securities loaned | | 56,610,399 | | |
| Total Liabilities | | | | 425,552,148 |
| Net Assets | | | $ | 8,244,492,684 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 6,376,016,174 |
| Total accumulated earnings (loss) | | | | 1,868,476,510 |
| Net Assets | | | $ | 8,244,492,684 |
Net Asset Value , offering price and redemption price per share ($8,244,492,684 ÷ 734,762,364 shares) | | | $ | 11.22 |
| Statement of Operations |
| | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 23,029,289 |
| Interest | | | | 292,027 |
| Income from Fidelity Central Funds (including $197,047 from security lending) | | | | 3,931,321 |
| Total Income | | | | 27,252,637 |
| Expenses | | | | |
| Custodian fees and expenses | $ | 58,663 | | |
| Independent trustees' fees and expenses | | 12,378 | | |
| Total expenses before reductions | | 71,041 | | |
| Expense reductions | | (1,172) | | |
| Total expenses after reductions | | | | 69,869 |
| Net Investment income (loss) | | | | 27,182,768 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of foreign taxes of $1,003) | | (151,947,030) | | |
| Foreign currency transactions | | 352,531 | | |
| Futures contracts | | 4,492,981 | | |
| Total net realized gain (loss) | | | | (147,101,518) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $749,152) | | 10,491,565 | | |
| Unfunded commitments | | 51,147 | | |
| Assets and liabilities in foreign currencies | | (333,667) | | |
| Futures contracts | | (4,839,166) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 5,369,879 |
| Net gain (loss) | | | | (141,731,639) |
| Net increase (decrease) in net assets resulting from operations | | | $ | (114,548,871) |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 27,182,768 | $ | 27,984,322 |
| Net realized gain (loss) | | (147,101,518) | | 229,153,951 |
| Change in net unrealized appreciation (depreciation) | | 5,369,879 | | (1,572,176,010) |
| Net increase (decrease) in net assets resulting from operations | | (114,548,871) | | (1,315,037,737) |
| Distributions to shareholders | | (244,959,359) | | (1,312,935,433) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 2,194,561,793 | | 3,773,203,170 |
| Reinvestment of distributions | | 244,959,359 | | 1,312,935,433 |
| Cost of shares redeemed | | (960,455,783) | | (1,613,105,018) |
Net increase (decrease) in net assets resulting from share transactions | | 1,479,065,369 | | 3,473,033,585 |
| Total increase (decrease) in net assets | | 1,119,557,139 | | 845,060,415 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 7,124,935,545 | | 6,279,875,130 |
| End of period | $ | 8,244,492,684 | $ | 7,124,935,545 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 207,412,669 | | 297,595,283 |
| Issued in reinvestment of distributions | | 21,469,993 | | 78,714,050 |
| Redeemed | | (88,678,636) | | (106,486,525) |
| Net increase (decrease) | | 140,204,026 | | 269,822,808 |
| | | | | |
Financial Highlights
| Fidelity® Series Blue Chip Growth Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 11.98 | $ | 19.34 | $ | 19.25 | $ | 15.57 | $ | 15.90 | $ | 14.07 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .04 | | .07 | | .06 | | .09 | | .10 | | .12 C |
| Net realized and unrealized gain (loss) | | (.41) | | (3.37) | | 6.76 | | 5.30 | | 1.58 | | 3.28 |
| Total from investment operations | | (.37) | | (3.30) | | 6.82 | | 5.39 | | 1.68 | | 3.40 |
| Distributions from net investment income | | (.06) | | (.05) | | (.10) | | (.11) | | (.12) | | (.07) |
| Distributions from net realized gain | | (.33) | | (4.00) | | (6.63) | | (1.60) | | (1.89) | | (1.50) |
| Total distributions | | (.39) | | (4.06) D | | (6.73) | | (1.71) | | (2.01) | | (1.57) |
| Net asset value, end of period | $ | 11.22 | $ | 11.98 | $ | 19.34 | $ | 19.25 | $ | 15.57 | $ | 15.90 |
Total Return E,F | | (3.12)% | | (22.51)% | | 46.98% | | 39.00% | | 11.85% | | 26.54% |
Ratios to Average Net Assets B,G,H | | | | | | | | | | | | |
| Expenses before reductions | | -% I,J | | -% J | | -% J | | -% J | | -% J | | -% J |
| Expenses net of fee waivers, if any | | -% I,J | | -% J | | -% J | | -% J | | -% J | | -% J |
| Expenses net of all reductions | | -% I,J | | -% J | | -% J | | -% J | | -% J | | -% J |
| Net investment income (loss) | | .75% I | | .45% | | .31% | | .59% | | .71% | | .81% C |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 8,244,493 | $ | 7,124,936 | $ | 6,279,875 | $ | 5,789,434 | $ | 5,846,965 | $ | 6,005,980 |
Portfolio turnover rate K | | 25% I | | 48% | | 53% | | 52% L | | 53% | | 41% |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Net 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 .71%.
D Total distributions per share do not sum due to rounding.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount represents less than .005%.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
1. Organization.
Fidelity Series Blue Chip Growth 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.
The Board of Trustees has approved, subject to shareholder approval, a proposal to reclassify the Fund as a non-diversified fund.
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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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 U.S. government and government agency obligations 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.
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.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
| Asset Type | Fair Value | Valuation Technique(s) | Unobservable Input | Amount or Range/Weighted Average | Impact to Valuation from an Increase in Input A |
| Equities | $147,497,533 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 8.8 / 6.5 | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 2.0 - 25.0 / 7.4 | Increase |
| | | | Enterprise value/Gross profit multiple (EV/GP) | 7.5 | Increase |
| | | | Probability rate | 25.0% - 75.0% / 50.0% | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 2.1 | Increase |
| | | | Liquidity preference | $250.08 - $278.02 / $264.79 | Increase |
| | | Recovery value | Recovery value | $0.00 - $0.03 / $0.00 | Increase |
| | | Market approach | Transaction price | $1.11 - $215.03 / $119.41 | Increase |
| | | | Discount rate | 5.0% - 50.0% / 18.7% | Decrease |
| | | Book value | Book value multiple | 1.5 | Increase |
| | | Discounted cash flow | Weighted average cost of capital (WACC) | 34.0% - 36.3% / 35.5% | Decrease |
| | | | Exit multiple | 1.8 - 5.0 / 3.8 | Increase |
| | | Black scholes | Discount rate | 3.5% - 3.9% / 3.8% | Increase |
| | | | Probability rate | 50.0% | Increase |
| | | | Volatility | 65.0% - 100.0% / 81.9% | Increase |
| | | | Term | 3.0 - 5.0 / 3.6 | Increase |
| Corporate Bonds | $529,071 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 | 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, 2023, 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.
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 futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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 | $2,684,359,226 |
| Gross unrealized depreciation | (475,179,281) |
| Net unrealized appreciation (depreciation) | $2,209,179,945 |
| Tax cost | $6,238,033,818 |
The Fund elected to defer to its next fiscal year approximately $159,620,947 of capital losses recognized during the period November 1, 2021 to July 31, 2022.
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.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.
| | Investment to be Acquired | Commitment Amount | Unrealized Appreciation (Depreciation) |
| Fidelity Series Blue Chip Growth Fund | Stripe, Inc. | $264,823 | $(264,823) |
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 | 15,208,809 | .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 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 Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the financial statements.
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, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
| | Purchases ($) | Sales ($) |
| Fidelity Series Blue Chip Growth Fund | 2,199,600,802 | 900,306,723 |
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 Blue Chip Growth Fund | $30,993 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Series Blue Chip Growth Fund | 306,861,534 | 22,150,601 | (4,290,260) |
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
| | Amount ($) |
| Fidelity Series Blue Chip Growth Fund | 18,708 |
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 Blue Chip Growth Fund | $20,517 | $3,091 | $30,498 |
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 $1,172.
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, 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.
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| | | | | | | | | | |
| Fidelity® Series Blue Chip Growth Fund | | | | -%- D | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 968.80 | | $- E |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,025.21 | | $- 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/ 365 (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.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.967988.109
XS1-SANN-0423
Fidelity® Small Cap Growth K6 Fund
Semi-Annual Report
January 31, 2023
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. © 2023 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) |
| |
| Crocs, Inc. | 1.4 | |
| Performance Food Group Co. | 1.3 | |
| iShares Russell 2000 Growth Index ETF | 1.2 | |
| Applied Industrial Technologies, Inc. | 1.2 | |
| Haemonetics Corp. | 1.1 | |
| Sprout Social, Inc. | 1.1 | |
| Avid Technology, Inc. | 1.0 | |
| Cabot Corp. | 1.0 | |
| Insulet Corp. | 1.0 | |
| U.S. Foods Holding Corp. | 0.9 | |
| | 11.2 | |
| |
| Market Sectors (% of Fund's net assets) |
| |
| Health Care | 21.6 | |
| Industrials | 21.1 | |
| Information Technology | 19.8 | |
| Consumer Discretionary | 13.7 | |
| Energy | 5.6 | |
| Materials | 4.6 | |
| Consumer Staples | 4.5 | |
| Financials | 3.4 | |
| Communication Services | 3.0 | |
| Utilities | 0.6 | |
| Real Estate | 0.0 | |
| |
Asset Allocation (% of Fund's net assets) |
|
Foreign investments - 9% |
|
Showing Percentage of Net Assets
| Common Stocks - 96.6% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 2.9% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| IDT Corp. Class B (a) | | 91,850 | 2,699,472 |
| Iridium Communications, Inc. | | 17,200 | 1,029,248 |
| | | | 3,728,720 |
| Entertainment - 0.3% | | | |
| World Wrestling Entertainment, Inc. Class A (b) | | 54,627 | 4,622,537 |
| Interactive Media & Services - 0.9% | | | |
| Bumble, Inc. (a) | | 170,629 | 4,393,697 |
| Cars.com, Inc. (a) | | 484,427 | 8,283,702 |
| | | | 12,677,399 |
| Media - 0.9% | | | |
| Integral Ad Science Holding Corp. (a) | | 274,657 | 2,823,474 |
| TechTarget, Inc. (a) | | 215,216 | 10,659,648 |
| | | | 13,483,122 |
| Wireless Telecommunication Services - 0.5% | | | |
| Gogo, Inc. (a) | | 463,440 | 7,771,889 |
TOTAL COMMUNICATION SERVICES | | | 42,283,667 |
| CONSUMER DISCRETIONARY - 13.7% | | | |
| Auto Components - 0.9% | | | |
| Autoliv, Inc. | | 74,978 | 6,906,973 |
| Gentherm, Inc. (a) | | 82,428 | 6,135,116 |
| | | | 13,042,089 |
| Diversified Consumer Services - 1.8% | | | |
| Duolingo, Inc. (a)(b) | | 51,245 | 4,893,385 |
| Grand Canyon Education, Inc. (a) | | 95,557 | 11,138,124 |
| H&R Block, Inc. | | 168,713 | 6,576,433 |
| Rover Group, Inc. Class A (a) | | 1,028,976 | 4,208,512 |
| | | | 26,816,454 |
| Hotels, Restaurants & Leisure - 3.7% | | | |
| ARAMARK Holdings Corp. | | 82,500 | 3,673,725 |
| Brinker International, Inc. (a) | | 252,226 | 9,952,838 |
| Churchill Downs, Inc. | | 24,309 | 6,031,063 |
| Dutch Bros, Inc. (a)(b) | | 125,430 | 4,780,137 |
| Everi Holdings, Inc. (a) | | 179,004 | 3,109,299 |
| Kura Sushi U.S.A., Inc. Class A (a)(b) | | 56,129 | 3,487,856 |
| Lindblad Expeditions Holdings (a)(b) | | 1,054,875 | 12,553,013 |
| SeaWorld Entertainment, Inc. (a) | | 188,617 | 11,767,815 |
| | | | 55,355,746 |
| Household Durables - 1.3% | | | |
| Helen of Troy Ltd. (a) | | 73,964 | 8,366,068 |
| LGI Homes, Inc. (a) | | 55,813 | 6,354,310 |
| Lovesac (a)(b) | | 157,295 | 4,048,773 |
| | | | 18,769,151 |
| Internet & Direct Marketing Retail - 0.1% | | | |
| BARK, Inc. warrants 8/29/25 (a) | | 139,532 | 31,492 |
| thredUP, Inc. (a)(b) | | 710,659 | 1,229,440 |
| | | | 1,260,932 |
| Leisure Products - 0.6% | | | |
| YETI Holdings, Inc. (a) | | 211,515 | 9,467,411 |
| Specialty Retail - 3.4% | | | |
| Aritzia, Inc. (a) | | 161,163 | 5,812,793 |
| Boot Barn Holdings, Inc. (a) | | 39,100 | 3,264,459 |
| Dick's Sporting Goods, Inc. | | 86,605 | 11,324,470 |
| Fanatics, Inc. Class A (a)(c)(d) | | 163,048 | 13,462,873 |
| Floor & Decor Holdings, Inc. Class A (a) | | 108,559 | 9,853,900 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 23,467 | 6,176,514 |
| | | | 49,895,009 |
| Textiles, Apparel & Luxury Goods - 1.9% | | | |
| Crocs, Inc. (a) | | 177,183 | 21,575,580 |
| Kontoor Brands, Inc. | | 142,969 | 6,828,199 |
| | | | 28,403,779 |
TOTAL CONSUMER DISCRETIONARY | | | 203,010,571 |
| CONSUMER STAPLES - 4.5% | | | |
| Beverages - 0.6% | | | |
| Boston Beer Co., Inc. Class A (a) | | 21,242 | 8,254,854 |
| Food & Staples Retailing - 3.6% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 56,267 | 4,077,669 |
| Casey's General Stores, Inc. | | 23,713 | 5,594,134 |
| Performance Food Group Co. (a) | | 311,800 | 19,119,576 |
| Sprouts Farmers Market LLC (a) | | 312,354 | 9,979,710 |
| U.S. Foods Holding Corp. (a) | | 372,330 | 14,196,943 |
| | | | 52,968,032 |
| Food Products - 0.1% | | | |
| Freshpet, Inc. (a)(b) | | 27,149 | 1,719,346 |
| Nomad Foods Ltd. (a) | | 18,600 | 330,894 |
| The Real Good Food Co. LLC: | | | |
| Class B (d) | | 45,833 | 0 |
| Class B unit (e) | | 45,833 | 254,831 |
| | | | 2,305,071 |
| Personal Products - 0.2% | | | |
| BellRing Brands, Inc. (a) | | 37,585 | 1,065,911 |
| The Beauty Health Co. (a)(b) | | 208,144 | 2,372,842 |
| | | | 3,438,753 |
TOTAL CONSUMER STAPLES | | | 66,966,710 |
| ENERGY - 5.6% | | | |
| Energy Equipment & Services - 2.0% | | | |
| Championx Corp. | | 147,961 | 4,885,672 |
| Liberty Oilfield Services, Inc. Class A | | 424,200 | 6,715,086 |
| Nextier Oilfield Solutions, Inc. (a) | | 667,159 | 6,284,638 |
| TechnipFMC PLC (a) | | 854,290 | 11,866,088 |
| | | | 29,751,484 |
| Oil, Gas & Consumable Fuels - 3.6% | | | |
| Antero Resources Corp. (a) | | 241,333 | 6,960,044 |
| Civitas Resources, Inc. | | 62,562 | 4,163,501 |
| Denbury, Inc. (a) | | 146,122 | 12,680,467 |
| Enviva, Inc. (b) | | 51,406 | 2,337,945 |
| Genesis Energy LP | | 705,325 | 7,963,119 |
| HF Sinclair Corp. | | 6,923 | 393,919 |
| Northern Oil & Gas, Inc. | | 302,346 | 10,134,638 |
| PDC Energy, Inc. | | 41,129 | 2,785,667 |
| Range Resources Corp. | | 248,538 | 6,218,421 |
| | | | 53,637,721 |
TOTAL ENERGY | | | 83,389,205 |
| FINANCIALS - 3.4% | | | |
| Banks - 0.9% | | | |
| First Interstate Bancsystem, Inc. | | 74,507 | 2,673,311 |
| Glacier Bancorp, Inc. | | 69,155 | 3,152,776 |
| PacWest Bancorp | | 92,531 | 2,559,407 |
| Pinnacle Financial Partners, Inc. | | 46,880 | 3,690,862 |
| Starling Bank Ltd. Series D (a)(c)(d) | | 431,700 | 1,798,908 |
| | | | 13,875,264 |
| Capital Markets - 1.1% | | | |
| Impax Asset Management Group PLC | | 1,095 | 10,476 |
| Lazard Ltd. Class A | | 138,963 | 5,569,637 |
| Perella Weinberg Partners (a)(c) | | 457,262 | 4,686,936 |
| StepStone Group, Inc. Class A | | 204,792 | 5,977,878 |
| | | | 16,244,927 |
| Consumer Finance - 0.3% | | | |
| OneMain Holdings, Inc. | | 91,700 | 3,955,938 |
| Insurance - 0.8% | | | |
| Assurant, Inc. | | 16,346 | 2,167,316 |
| BRP Group, Inc. (a) | | 313,816 | 8,990,828 |
| | | | 11,158,144 |
| Thrifts & Mortgage Finance - 0.3% | | | |
| Walker & Dunlop, Inc. | | 54,648 | 5,212,326 |
TOTAL FINANCIALS | | | 50,446,599 |
| HEALTH CARE - 21.3% | | | |
| Biotechnology - 7.1% | | | |
| Absci Corp. (a) | | 207,829 | 652,583 |
| ALX Oncology Holdings, Inc. (a)(b) | | 218,649 | 2,033,436 |
| Arcellx, Inc. | | 87,710 | 2,930,391 |
| Argenx SE ADR (a) | | 14,369 | 5,492,550 |
| Ascendis Pharma A/S sponsored ADR (a) | | 57,957 | 7,191,305 |
| Blueprint Medicines Corp. (a) | | 114,485 | 5,351,029 |
| Celldex Therapeutics, Inc. (a) | | 116,684 | 5,141,097 |
| Cyteir Therapeutics, Inc. (a) | | 194,315 | 297,302 |
| Cytokinetics, Inc. (a) | | 220,702 | 9,375,421 |
| Day One Biopharmaceuticals, Inc. (a) | | 197,856 | 4,307,325 |
| Exelixis, Inc. (a) | | 191,386 | 3,372,221 |
| Halozyme Therapeutics, Inc. (a) | | 111,330 | 5,763,554 |
| Immunocore Holdings PLC ADR (a) | | 88,811 | 5,441,450 |
| Instil Bio, Inc. (a) | | 121,411 | 98,816 |
| Janux Therapeutics, Inc. (a) | | 118,925 | 2,641,324 |
| Keros Therapeutics, Inc. (a) | | 74,756 | 4,378,459 |
| Monte Rosa Therapeutics, Inc. (a) | | 169,610 | 1,255,114 |
| Morphic Holding, Inc. (a) | | 92,080 | 3,013,778 |
| Nuvalent, Inc. Class A (a) | | 141,083 | 4,267,761 |
| PepGen, Inc. | | 48,200 | 752,884 |
| Prelude Therapeutics, Inc. (a) | | 186,178 | 1,187,816 |
| PTC Therapeutics, Inc. (a) | | 127,584 | 5,854,830 |
| Relay Therapeutics, Inc. (a)(b) | | 124,304 | 2,667,564 |
| Tango Therapeutics, Inc. (a) | | 389,164 | 2,568,482 |
| Tenaya Therapeutics, Inc. (a) | | 223,702 | 765,061 |
| Tyra Biosciences, Inc. (a) | | 189,820 | 2,015,888 |
| Vaxcyte, Inc. (a) | | 143,849 | 6,523,552 |
| Vericel Corp. (a) | | 108,658 | 2,984,835 |
| Verve Therapeutics, Inc. (a)(b) | | 154,962 | 3,525,386 |
| Xenon Pharmaceuticals, Inc. (a) | | 84,569 | 3,305,802 |
| | | | 105,157,016 |
| Health Care Equipment & Supplies - 5.2% | | | |
| Envista Holdings Corp. (a) | | 106,506 | 4,152,669 |
| Figs, Inc. Class A (a)(b) | | 559,334 | 5,006,039 |
| Globus Medical, Inc. (a)(b) | | 61,770 | 4,663,635 |
| Haemonetics Corp. (a) | | 194,511 | 16,455,631 |
| Inspire Medical Systems, Inc. (a) | | 42,982 | 10,877,025 |
| Insulet Corp. (a) | | 49,743 | 14,292,159 |
| Neogen Corp. (a) | | 153,400 | 3,284,294 |
| NeuroPace, Inc. (a)(b) | | 302,891 | 1,414,501 |
| Nevro Corp. (a) | | 72,452 | 2,660,437 |
| PROCEPT BioRobotics Corp. (a) | | 130,489 | 5,074,717 |
| TransMedics Group, Inc. (a) | | 158,034 | 9,959,303 |
| | | | 77,840,410 |
| Health Care Providers & Services - 4.7% | | | |
| 1Life Healthcare, Inc. (a) | | 177,261 | 2,834,403 |
| Acadia Healthcare Co., Inc. (a) | | 146,128 | 12,277,675 |
| AdaptHealth Corp. (a) | | 122,962 | 2,635,076 |
| agilon health, Inc. (a) | | 505,948 | 11,009,428 |
| Molina Healthcare, Inc. (a) | | 43,086 | 13,435,507 |
| Option Care Health, Inc. (a) | | 311,763 | 9,000,598 |
| Owens & Minor, Inc. | | 144,173 | 2,845,975 |
| R1 Rcm, Inc. (a) | | 545,619 | 7,807,808 |
| Surgery Partners, Inc. (a) | | 240,961 | 7,999,905 |
| | | | 69,846,375 |
| Health Care Technology - 1.6% | | | |
| Doximity, Inc. (a) | | 67,166 | 2,368,945 |
| Evolent Health, Inc. (a)(b) | | 294,920 | 9,502,322 |
| Phreesia, Inc. (a) | | 278,492 | 10,440,665 |
| Schrodinger, Inc. (a) | | 63,719 | 1,540,725 |
| | | | 23,852,657 |
| Life Sciences Tools & Services - 0.5% | | | |
| Olink Holding AB ADR (a)(b) | | 177,535 | 3,476,135 |
| Sotera Health Co. (a) | | 84,400 | 1,455,056 |
| Veterinary Emergency Group LLC Class A (a)(c)(d)(f) | | 38,574 | 2,191,389 |
| | | | 7,122,580 |
| Pharmaceuticals - 2.2% | | | |
| Arvinas Holding Co. LLC (a) | | 115,612 | 3,788,605 |
| Axsome Therapeutics, Inc. (a)(b) | | 54,973 | 4,122,975 |
| DICE Therapeutics, Inc. (a) | | 109,254 | 3,471,000 |
| Edgewise Therapeutics, Inc. (a) | | 390,843 | 3,998,324 |
| Enliven Therapeutics, Inc. (g) | | 535,193 | 2,225,332 |
| Ikena Oncology, Inc. (a) | | 182,155 | 775,980 |
| Intra-Cellular Therapies, Inc. (a) | | 135,908 | 6,512,711 |
| Pharvaris BV (a) | | 149,616 | 1,346,544 |
| Terns Pharmaceuticals, Inc. (a)(b) | | 658,033 | 5,968,359 |
| | | | 32,209,830 |
TOTAL HEALTH CARE | | | 316,028,868 |
| INDUSTRIALS - 20.7% | | | |
| Aerospace & Defense - 1.7% | | | |
| BWX Technologies, Inc. | | 109,830 | 6,684,254 |
| Curtiss-Wright Corp. | | 58,918 | 9,768,604 |
| Dassault Aviation SA | | 20,448 | 3,483,448 |
| V2X, Inc. (a) | | 114,732 | 5,066,565 |
| | | | 25,002,871 |
| Air Freight & Logistics - 0.6% | | | |
| Air Transport Services Group, Inc. (a) | | 194,318 | 5,501,143 |
| Hub Group, Inc. Class A (a) | | 39,009 | 3,326,297 |
| | | | 8,827,440 |
| Building Products - 1.8% | | | |
| Builders FirstSource, Inc. (a) | | 88,851 | 7,081,425 |
| Carlisle Companies, Inc. | | 14,031 | 3,519,817 |
| The AZEK Co., Inc. (a)(b) | | 229,288 | 5,532,719 |
| UFP Industries, Inc. | | 112,329 | 10,508,378 |
| | | | 26,642,339 |
| Commercial Services & Supplies - 0.9% | | | |
| ACV Auctions, Inc. Class A (a) | | 222,481 | 2,180,314 |
| Driven Brands Holdings, Inc. (a) | | 245,843 | 7,176,157 |
| Montrose Environmental Group, Inc. (a) | | 66,700 | 3,612,472 |
| | | | 12,968,943 |
| Construction & Engineering - 1.9% | | | |
| Bowman Consulting Group Ltd. (a) | | 34,985 | 891,768 |
| EMCOR Group, Inc. | | 45,885 | 6,802,451 |
| Valmont Industries, Inc. | | 26,363 | 8,692,672 |
| Willscot Mobile Mini Holdings (a) | | 256,061 | 12,408,716 |
| | | | 28,795,607 |
| Electrical Equipment - 3.7% | | | |
| Acuity Brands, Inc. | | 27,518 | 5,187,693 |
| Array Technologies, Inc. (a)(b) | | 422,944 | 9,402,045 |
| Atkore, Inc. (a) | | 86,660 | 11,287,465 |
| nVent Electric PLC | | 184,915 | 7,350,371 |
| Regal Rexnord Corp. | | 96,366 | 13,414,147 |
| Sensata Technologies, Inc. PLC | | 73,200 | 3,722,220 |
| Sunrun, Inc. (a)(b) | | 157,406 | 4,136,630 |
| | | | 54,500,571 |
| Machinery - 3.8% | | | |
| Chart Industries, Inc. (a) | | 42,233 | 5,658,377 |
| Crane Holdings Co. | | 90,791 | 10,523,585 |
| EnPro Industries, Inc. | | 39,262 | 4,753,450 |
| Federal Signal Corp. | | 214,702 | 11,432,882 |
| ITT, Inc. | | 63,124 | 5,781,527 |
| Mueller Industries, Inc. | | 123,694 | 8,108,142 |
| Terex Corp. | | 192,887 | 9,831,450 |
| | | | 56,089,413 |
| Marine - 0.4% | | | |
| Kirby Corp. (a) | | 85,588 | 6,057,919 |
| Professional Services - 3.7% | | | |
| ASGN, Inc. (a) | | 94,044 | 8,553,302 |
| CACI International, Inc. Class A (a) | | 38,267 | 11,789,680 |
| FTI Consulting, Inc. (a) | | 42,379 | 6,760,298 |
| ICF International, Inc. | | 43,314 | 4,426,258 |
| Insperity, Inc. | | 65,199 | 7,207,749 |
| KBR, Inc. | | 234,806 | 12,029,111 |
| NV5 Global, Inc. (a) | | 29,351 | 3,912,195 |
| | | | 54,678,593 |
| Road & Rail - 0.4% | | | |
| U-Haul Holding Co. (b) | | 47,437 | 3,179,702 |
| U-Haul Holding Co. (non-vtg.) | | 54,963 | 3,396,164 |
| | | | 6,575,866 |
| Trading Companies & Distributors - 1.8% | | | |
| Applied Industrial Technologies, Inc. | | 123,283 | 17,655,358 |
| Custom Truck One Source, Inc. Class A (a)(b) | | 455,180 | 3,222,674 |
| Hudson Technologies, Inc. (a) | | 235,235 | 2,401,749 |
| WESCO International, Inc. (a) | | 27,683 | 4,125,044 |
| | | | 27,404,825 |
TOTAL INDUSTRIALS | | | 307,544,387 |
| INFORMATION TECHNOLOGY - 19.3% | | | |
| Communications Equipment - 0.7% | | | |
| Harmonic, Inc. (a) | | 276,807 | 3,645,548 |
| Lumentum Holdings, Inc. (a) | | 70,238 | 4,226,923 |
| NetScout Systems, Inc. (a) | | 98,422 | 3,159,346 |
| | | | 11,031,817 |
| Electronic Equipment & Components - 3.2% | | | |
| Fabrinet (a) | | 102,515 | 13,497,125 |
| Flex Ltd. (a) | | 229,100 | 5,349,485 |
| Insight Enterprises, Inc. (a) | | 95,339 | 10,746,612 |
| Napco Security Technologies, Inc. (a) | | 158,116 | 4,580,621 |
| Richardson Electronics Ltd. | | 111,952 | 2,502,127 |
| TD SYNNEX Corp. | | 66,169 | 6,759,163 |
| Vontier Corp. | | 174,297 | 4,014,060 |
| | | | 47,449,193 |
| IT Services - 3.1% | | | |
| Concentrix Corp. | | 78,236 | 11,094,647 |
| ExlService Holdings, Inc. (a) | | 81,916 | 13,974,870 |
| Flywire Corp. (a) | | 59,633 | 1,608,302 |
| Genpact Ltd. | | 128,024 | 6,052,975 |
| Maximus, Inc. | | 109,014 | 8,159,698 |
| Wix.com Ltd. (a) | | 55,824 | 4,855,572 |
| | | | 45,746,064 |
| Semiconductors & Semiconductor Equipment - 4.1% | | | |
| AEHR Test Systems (a) | | 168,968 | 5,907,121 |
| Allegro MicroSystems LLC (a) | | 210,815 | 8,046,809 |
| Axcelis Technologies, Inc. (a) | | 71,117 | 7,819,314 |
| Cirrus Logic, Inc. (a) | | 72,121 | 6,519,017 |
| eMemory Technology, Inc. | | 78,000 | 4,272,916 |
| Impinj, Inc. (a)(b) | | 34,891 | 4,528,154 |
| Lattice Semiconductor Corp. (a) | | 114,492 | 8,677,349 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 140,860 | 9,440,437 |
| Nova Ltd. (a) | | 64,395 | 5,840,627 |
| | | | 61,051,744 |
| Software - 7.2% | | | |
| Agilysys, Inc. (a) | | 35,600 | 2,974,736 |
| Algolia, Inc. (a)(c)(d) | | 43,269 | 678,025 |
| Alkami Technology, Inc. (a) | | 241,380 | 3,951,391 |
| Braze, Inc. (a) | | 51,925 | 1,661,600 |
| CCC Intelligent Solutions Holdings, Inc. (a)(c) | | 10,832 | 100,142 |
| Confluent, Inc. (a) | | 76,888 | 1,776,113 |
| Coupa Software, Inc. (a) | | 164,927 | 13,180,966 |
| Cvent Holding Corp. (a) | | 813,270 | 6,563,089 |
| CyberArk Software Ltd. (a)(b) | | 44,883 | 6,323,117 |
| DoubleVerify Holdings, Inc. (a) | | 337,266 | 9,170,263 |
| Dynatrace, Inc. (a) | | 214,296 | 8,235,395 |
| Elastic NV (a) | | 76,645 | 4,509,792 |
| Five9, Inc. (a) | | 39,734 | 3,130,245 |
| Sprout Social, Inc. (a) | | 254,270 | 16,265,652 |
| TECSYS, Inc. | | 197,233 | 4,206,886 |
| Tenable Holdings, Inc. (a) | | 279,770 | 11,255,147 |
| WalkMe Ltd. (a)(b) | | 236,921 | 2,414,225 |
| Workiva, Inc. (a)(b) | | 111,213 | 9,623,261 |
| | | | 106,020,045 |
| Technology Hardware, Storage & Peripherals - 1.0% | | | |
| Avid Technology, Inc. (a) | | 493,630 | 14,961,925 |
TOTAL INFORMATION TECHNOLOGY | | | 286,260,788 |
| MATERIALS - 4.6% | | | |
| Chemicals - 3.3% | | | |
| Avient Corp. | | 116,288 | 4,711,990 |
| Axalta Coating Systems Ltd. (a) | | 101,400 | 3,052,140 |
| Cabot Corp. | | 198,394 | 14,945,020 |
| Element Solutions, Inc. | | 271,763 | 5,565,706 |
| Olin Corp. | | 50,063 | 3,233,569 |
| The Chemours Co. LLC | | 226,744 | 8,251,214 |
| Valvoline, Inc. | | 242,646 | 8,895,402 |
| | | | 48,655,041 |
| Construction Materials - 0.3% | | | |
| Eagle Materials, Inc. | | 32,842 | 4,797,559 |
| Containers & Packaging - 0.8% | | | |
| Ardagh Metal Packaging SA (a)(c) | | 364,084 | 2,046,152 |
| O-I Glass, Inc. (a) | | 506,338 | 9,747,007 |
| | | | 11,793,159 |
| Metals & Mining - 0.2% | | | |
| Lynas Rare Earths Ltd. (a) | | 462,353 | 3,095,053 |
TOTAL MATERIALS | | | 68,340,812 |
| REAL ESTATE - 0.0% | | | |
| Real Estate Management & Development - 0.0% | | | |
| Compass, Inc. (a) | | 42 | 169 |
| UTILITIES - 0.6% | | | |
| Independent Power and Renewable Electricity Producers - 0.6% | | | |
| NextEra Energy Partners LP | | 63,620 | 4,663,346 |
| Sunnova Energy International, Inc. (a)(b) | | 201,083 | 3,917,097 |
| | | | 8,580,443 |
| TOTAL COMMON STOCKS (Cost $1,266,508,499) | | | 1,432,852,219 |
| | | | |
| Convertible Preferred Stocks - 1.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 0.1% | | | |
| Interactive Media & Services - 0.1% | | | |
| Reddit, Inc. Series F (a)(c)(d) | | 46,800 | 1,757,340 |
| HEALTH CARE - 0.3% | | | |
| Biotechnology - 0.3% | | | |
| Bright Peak Therapeutics AG Series B (a)(c)(d) | | 199,331 | 586,033 |
| Caris Life Sciences, Inc. Series D (a)(c)(d) | | 144,435 | 808,836 |
| LifeMine Therapeutics, Inc. Series C (c)(d) | | 402,743 | 741,047 |
| Sonoma Biotherapeutics, Inc.: | | | |
| Series B (a)(c)(d) | | 438,013 | 731,482 |
| Series B1 (a)(c)(d) | | 233,603 | 474,214 |
| T-Knife Therapeutics, Inc. Series B (a)(c)(d) | | 201,583 | 772,063 |
| Treeline Biosciences Series A (a)(c)(d) | | 21,246 | 178,679 |
| | | | 4,292,354 |
| Health Care Providers & Services - 0.0% | | | |
| Boundless Bio, Inc. Series B (a)(c)(d) | | 682,407 | 620,990 |
| Health Care Technology - 0.0% | | | |
| Wugen, Inc. Series B (a)(c)(d) | | 59,982 | 313,106 |
TOTAL HEALTH CARE | | | 5,226,450 |
| INDUSTRIALS - 0.4% | | | |
| Construction & Engineering - 0.4% | | | |
| Beta Technologies, Inc.: | | | |
| Series A (a)(c)(d) | | 62,752 | 4,776,682 |
| Series B, 6.00% (c)(d) | | 11,821 | 927,239 |
| | | | 5,703,921 |
| INFORMATION TECHNOLOGY - 0.5% | | | |
| Communications Equipment - 0.1% | | | |
| Astranis Space Technologies Corp. Series C (a)(c)(d) | | 125,912 | 1,611,674 |
| IT Services - 0.2% | | | |
| Yanka Industries, Inc.: | | | |
| Series E (a)(c)(d) | | 191,029 | 2,066,934 |
| Series F (a)(c)(d) | | 28,989 | 313,661 |
| | | | 2,380,595 |
| Software - 0.2% | | | |
| Algolia, Inc. Series D (a)(c)(d) | | 9,900 | 155,133 |
| Convoy, Inc. Series D (a)(c)(d) | | 192,936 | 1,385,280 |
| Mountain Digital, Inc. Series D (a)(c)(d) | | 140,383 | 1,580,713 |
| Skyryse, Inc. Series B (a)(c)(d) | | 12,000 | 242,640 |
| | | | 3,363,766 |
TOTAL INFORMATION TECHNOLOGY | | | 7,356,035 |
| TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $28,165,522) | | | 20,043,746 |
| | | | |
| Investment Companies - 1.2% |
| | | Shares | Value ($) |
iShares Russell 2000 Growth Index ETF (b) (Cost $16,433,626) | | 76,500 | 18,050,940 |
| | | | |
| Money Market Funds - 5.4% |
| | | Shares | Value ($) |
| Fidelity Cash Central Fund 4.38% (h) | | 13,358,348 | 13,361,020 |
| Fidelity Securities Lending Cash Central Fund 4.38% (h)(i) | | 66,211,346 | 66,217,967 |
| TOTAL MONEY MARKET FUNDS (Cost $79,578,987) | | | 79,578,987 |
| | | | |
| TOTAL INVESTMENT IN SECURITIES - 104.5% (Cost $1,390,686,634) | 1,550,525,892 |
NET OTHER ASSETS (LIABILITIES) - (4.5)% | (67,424,395) |
| NET ASSETS - 100.0% | 1,483,101,497 |
| | |
Security Type Abbreviations
Legend
| (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 $45,008,171 or 3.0% of net assets. |
| (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 $254,831 or 0.0% of net assets. |
| (f) | Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes. |
| (g) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
| (h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
| (i) | Investment made with cash collateral received from securities on loan. |
| Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($) |
| Algolia, Inc. | 10/27/21 | 1,265,404 |
| | | |
| Algolia, Inc. Series D | 7/23/21 | 289,526 |
| | | |
| Ardagh Metal Packaging SA | 2/22/21 | 3,640,840 |
| | | |
| Astranis Space Technologies Corp. Series C | 3/19/21 | 2,760,108 |
| | | |
| 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 |
| | | |
| Bright Peak Therapeutics AG Series B | 5/14/21 | 778,587 |
| | | |
| Caris Life Sciences, Inc. Series D | 5/11/21 | 1,169,924 |
| | | |
| CCC Intelligent Solutions Holdings, Inc. | 2/02/21 | 108,320 |
| | | |
| Convoy, Inc. Series D | 10/30/19 | 2,612,353 |
| | | |
| Fanatics, Inc. Class A | 8/13/20 - 3/22/21 | 2,891,600 |
| | | |
| LifeMine Therapeutics, Inc. Series C | 2/15/22 | 820,222 |
| | | |
| Mountain Digital, Inc. Series D | 11/05/21 | 3,223,938 |
| | | |
| Perella Weinberg Partners | 12/29/20 | 4,572,620 |
| | | |
| Reddit, Inc. Series F | 8/11/21 | 2,891,978 |
| | | |
| Skyryse, Inc. Series B | 10/21/21 | 296,160 |
| | | |
| Sonoma Biotherapeutics, Inc. Series B | 7/26/21 | 865,645 |
| | | |
| Sonoma Biotherapeutics, Inc. Series B1 | 7/26/21 | 692,516 |
| | | |
| Starling Bank Ltd. Series D | 6/18/21 - 4/05/22 | 824,189 |
| | | |
| T-Knife Therapeutics, Inc. Series B | 6/30/21 | 1,162,892 |
| | | |
| Treeline Biosciences Series A | 7/30/21 | 166,303 |
| | | |
| Veterinary Emergency Group LLC Class A | 9/16/21 - 3/17/22 | 1,901,246 |
| | | |
| Wugen, Inc. Series B | 7/09/21 | 465,154 |
| | | |
| Yanka Industries, Inc. Series E | 5/15/20 | 2,307,478 |
| | | |
| Yanka Industries, Inc. Series F | 4/08/21 | 924,077 |
| | | |
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 ($) | % ownership, end of period |
| Fidelity Cash Central Fund 4.38% | 71,258,038 | 256,241,637 | 314,138,655 | 489,977 | - | - | 13,361,020 | 0.0% |
| Fidelity Securities Lending Cash Central Fund 4.38% | 67,966,169 | 242,595,660 | 244,343,862 | 349,992 | - | - | 66,217,967 | 0.2% |
| Total | 139,224,207 | 498,837,297 | 558,482,517 | 839,969 | - | - | 79,578,987 | |
| | | | | | | | | |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: |
| Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
| Equities: | | | | |
Communication Services | 44,041,007 | 42,283,667 | - | 1,757,340 |
Consumer Discretionary | 203,010,571 | 189,547,698 | - | 13,462,873 |
Consumer Staples | 66,966,710 | 66,966,710 | - | - |
Energy | 83,389,205 | 83,389,205 | - | - |
Financials | 50,446,599 | 48,647,691 | - | 1,798,908 |
Health Care | 321,255,318 | 311,612,147 | 2,225,332 | 7,417,839 |
Industrials | 313,248,308 | 307,544,387 | - | 5,703,921 |
Information Technology | 293,616,823 | 281,309,847 | 4,272,916 | 8,034,060 |
Materials | 68,340,812 | 65,245,759 | 3,095,053 | - |
Real Estate | 169 | 169 | - | - |
Utilities | 8,580,443 | 8,580,443 | - | - |
|
| Investment Companies | 18,050,940 | 18,050,940 | - | - |
|
| Money Market Funds | 79,578,987 | 79,578,987 | - | - |
| Total Investments in Securities: | 1,550,525,892 | 1,502,757,650 | 9,593,301 | 38,174,941 |
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:
| |
| Investments in Securities: | |
| Beginning Balance | $ | 41,907,756 | |
| Net Realized Gain (Loss) on Investment Securities | | - | |
| Net Unrealized Gain (Loss) on Investment Securities | | (3,736,935) | |
| Cost of Purchases | | 4,120 | |
| Proceeds of Sales | | - | |
| Amortization/Accretion | | - | |
| Transfers into Level 3 | | - | |
| Transfers out of Level 3 | | - | |
| Ending Balance | $ | 38,174,941 | |
| The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2023 | $ | (3,736,935) | |
| 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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | |
| Statement of Assets and Liabilities |
| | | | January 31, 2023 (Unaudited) |
| | | | | |
| Assets | | | | |
| Investment in securities, at value (including securities loaned of $66,705,599) - See accompanying schedule: | $ | | | |
Unaffiliated issuers (cost $1,311,107,647) | | 1,470,946,905 | | |
Fidelity Central Funds (cost $79,578,987) | | 79,578,987 | | |
| | | | | |
| | | | | |
| Total Investment in Securities (cost $1,390,686,634) | | | $ | 1,550,525,892 |
| Foreign currency held at value (cost $157,842) | | | | 157,842 |
| Receivable for investments sold | | | | 8,508,990 |
| Receivable for fund shares sold | | | | 2,387,112 |
| Dividends receivable | | | | 194,081 |
| Distributions receivable from Fidelity Central Funds | | | | 113,761 |
Total assets | | | | 1,561,887,678 |
| Liabilities | | | | |
| Payable for investments purchased | | | | |
Regular delivery | | $9,312,700 | | |
Delayed delivery | | 2,055,666 | | |
| Payable for fund shares redeemed | | 501,758 | | |
| Accrued management fee | | 699,499 | | |
| Collateral on securities loaned | | 66,216,558 | | |
| Total Liabilities | | | | 78,786,181 |
| Net Assets | | | $ | 1,483,101,497 |
| Net Assets consist of: | | | | |
| Paid in capital | | | $ | 1,429,320,583 |
| Total accumulated earnings (loss) | | | | 53,780,914 |
| Net Assets | | | $ | 1,483,101,497 |
Net Asset Value , offering price and redemption price per share ($1,483,101,497 ÷ 107,346,915 shares) | | | $ | 13.82 |
| | | | | |
| Statement of Operations |
| | | | Six months ended January 31, 2023 (Unaudited) |
| Investment Income | | | | |
| Dividends | | | $ | 3,399,652 |
| Income from Fidelity Central Funds (including $349,992 from security lending) | | | | 839,969 |
| Total Income | | | | 4,239,621 |
| Expenses | | | | |
| Management fee | $ | 3,946,997 | | |
| Independent trustees' fees and expenses | | 2,237 | | |
| Interest | | 2,321 | | |
| Total expenses before reductions | | 3,951,555 | | |
| Expense reductions | | (644) | | |
| Total expenses after reductions | | | | 3,950,911 |
| Net Investment income (loss) | | | | 288,710 |
| Realized and Unrealized Gain (Loss) | | | | |
| Net realized gain (loss) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | (47,863,370) | | |
| Foreign currency transactions | | (50,199) | | |
| Total net realized gain (loss) | | | | (47,913,569) |
| Change in net unrealized appreciation (depreciation) on: | | | | |
| Investment Securities: | | | | |
| Unaffiliated issuers | | 112,403,743 | | |
| Assets and liabilities in foreign currencies | | (250) | | |
| Total change in net unrealized appreciation (depreciation) | | | | 112,403,493 |
| Net gain (loss) | | | | 64,489,924 |
| Net increase (decrease) in net assets resulting from operations | | | $ | 64,778,634 |
| Statement of Changes in Net Assets |
| |
| | Six months ended January 31, 2023 (Unaudited) | | Year ended July 31, 2022 |
| Increase (Decrease) in Net Assets | | | | |
| Operations | | | | |
| Net investment income (loss) | $ | 288,710 | $ | 1,038,598 |
| Net realized gain (loss) | | (47,913,569) | | (9,276,329) |
| Change in net unrealized appreciation (depreciation) | | 112,403,493 | | (249,246,651) |
| Net increase (decrease) in net assets resulting from operations | | 64,778,634 | | (257,484,382) |
| Distributions to shareholders | | (610,118) | | (287,761,100) |
| Share transactions | | | | |
| Proceeds from sales of shares | | 369,190,505 | | 651,115,115 |
| Reinvestment of distributions | | 609,972 | | 287,761,100 |
| Cost of shares redeemed | | (216,093,872) | | (282,783,905) |
Net increase (decrease) in net assets resulting from share transactions | | 153,706,605 | | 656,092,310 |
| Total increase (decrease) in net assets | | 217,875,121 | | 110,846,828 |
| | | | | |
| Net Assets | | | | |
| Beginning of period | | 1,265,226,376 | | 1,154,379,548 |
| End of period | $ | 1,483,101,497 | $ | 1,265,226,376 |
| | | | | |
| Other Information | | | | |
| Shares | | | | |
| Sold | | 28,168,755 | | 44,616,415 |
| Issued in reinvestment of distributions | | 45,351 | | 15,979,576 |
| Redeemed | | (16,597,995) | | (18,439,508) |
| Net increase (decrease) | | 11,616,111 | | 42,156,483 |
| | | | | |
Financial Highlights
| Fidelity® Small Cap Growth K6 Fund |
| |
| | Six months ended (Unaudited) January 31, 2023 | | Years ended July 31, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
| Net asset value, beginning of period | $ | 13.22 | $ | 21.55 | $ | 15.32 | $ | 13.96 | $ | 13.40 | $ | 10.42 |
| Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | - C | | .01 | | (.03) D | | - C | | (.01) | | (.01) |
| Net realized and unrealized gain (loss) | | .61 | | (3.11) | | 6.81 | | 1.36 | | .84 | | 3.00 |
| Total from investment operations | | .61 | | (3.10) | | 6.78 | | 1.36 | | .83 | | 2.99 |
| Distributions from net investment income | | (.01) | | - | | - | | - | | - | | - C |
| Distributions from net realized gain | | - | | (5.23) | | (.55) | | - | | (.27) | | (.01) |
| Total distributions | | (.01) | | (5.23) | | (.55) | | - | | (.27) | | (.01) |
| Net asset value, end of period | $ | 13.82 | $ | 13.22 | $ | 21.55 | $ | 15.32 | $ | 13.96 | $ | 13.40 |
Total Return E,F | | 4.59% | | (20.31)% | | 44.76% | | 9.74% | | 6.14% | | 28.72% |
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% | | .59% | | .59% | | .59% | | .59% |
| Net investment income (loss) | | .04% I | | .09% | | (.14)% D | | (.02)% | | (.09)% | | (.06)% |
| Supplemental Data | | | | | | | | | | | | |
| Net assets, end of period (000 omitted) | $ | 1,483,101 | $ | 1,265,226 | $ | 1,154,380 | $ | 899,926 | $ | 833,744 | $ | 562,817 |
Portfolio turnover rate J | | 62% I,K | | 81% K | | 119% | | 137% K | | 108% K | | 114% K |
A Calculated based on average shares outstanding during the period.
B Net 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.
C Amount represents less than $.005 per share.
D Net 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)%.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees 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.
H Expense 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.
I Annualized.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
For the period ended January 31, 2023
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 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 Ratio A |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
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.
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 Techniques | Unobservable Input | Amount or Range / Weighted Average | Impact to Valuation from an Increase in Input A |
| Equities | $ 38,174,941 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.0 - 6.5 / 6.25 | Increase |
| | | | Enterprise value/Revenue multiple (EV/R) | 2.0 - 9.4 / 5.2 | Increase |
| | | | Enterprise value/Net income multiple (EV/NI) | 16.8 | Increase |
| | | Recovery value | Recovery value | $0.00 | Increase |
| | | Market approach | Transaction price | $1.35 - $8.61 / $3.76 | Increase |
| | | | Discount rate | 10.0% - 33.6% / 26.3% | Decrease |
| | | Black scholes | Discount rate | 3.9% | Increase |
| | | | Volatility | 50.0% - 90.0% / 79.4% | Increase |
| | | | Term | 3.0 | 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, 2023, 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. 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.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships 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 | $268,820,315 |
| Gross unrealized depreciation | (115,468,134) |
| Net unrealized appreciation (depreciation) | $153,352,181 |
| Tax cost | $1,397,173,711 |
The Fund elected to defer to its next fiscal year approximately $49,703,950 of capital losses recognized during the period November 1,2021 to July 31, 2022.
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (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 Small Cap Growth K6 Fund | 2,191,389 | .15 |
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 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 Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncement. In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. They also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. They also require additional disclosures for equity securities subject to contractual sale restrictions. ASU 2022-03 will be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. ASU 2022-03 will only be applicable to an equity security in which the contractual arrangement that restricts its sale is executed or modified on or after the adoption date. Management is currently evaluating the potential impact of ASU 2022-03 to the 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 Small Cap Growth K6 Fund | 528,142,285 | 393,750,923 |
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 ($) |
| Fidelity Small Cap Growth K6 Fund | 5,311,056 | 71,358,120 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
| | Shares | Total Proceeds ($) |
| Fidelity Small Cap Growth K6 Fund | 2,375,229 | 32,229,577 |
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 Small Cap Growth K6 Fund | $13,656 |
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 Growth K6 Fund | Borrower | $ 2,852,286 | 4.07% | $2,254 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| | Purchases ($) | Sales ($) | Realized Gain (Loss) ($) |
| Fidelity Small Cap Growth K6 Fund | 24,837,587 | 22,254,420 | (401,887) |
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 Small Cap Growth K6 Fund | $35,808 | $199 | $4,550 |
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 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 Small Cap Growth K6 Fund | $554,000 | 4.33% | $67 |
9. Expense Reductions.
Through arrangements with the Fund's custodian and transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $576 and $68, respectively.
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.
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, 2022 to January 31, 2023). |
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, 2022 | | Ending Account Value January 31, 2023 | | Expenses Paid During Period- C August 1, 2022 to January 31, 2023 |
| | | | | | | | | | |
| Fidelity® Small Cap Growth K6 Fund | | | | .60% | | | | | | |
| Actual | | | | | | $ 1,000 | | $ 1,045.90 | | $ 3.09 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.18 | | $ 3.06 |
| |
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/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
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, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.9884010.105
SCPK6-SANN-0423
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 13.
Exhibits
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 23, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Stacie M. Smith |
| Stacie M. Smith |
| President and Treasurer |
|
|
Date: | March 23, 2023 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | March 23, 2023 |
