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iso4217:USD
xbrli:pure
xbrli:shares
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)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end:
| July 31
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Date of reporting period:
| January 31, 2025
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Item 1.
Reports to Stockholders
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
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Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class Z : FLEOX
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This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Class Z A
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$ 18
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0.61%
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AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,756,466,871
|
|
Number of Holdings
|
92
|
|
Portfolio Turnover
|
10%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
23.2
|
|
Financials
|
17.0
|
|
Industrials
|
16.9
|
|
Consumer Discretionary
|
14.0
|
|
Communication Services
|
10.7
|
|
Utilities
|
8.3
|
|
Materials
|
3.8
|
|
Health Care
|
2.1
|
|
Consumer Staples
|
1.6
|
|
Energy
|
1.4
|
|
|
|
Common Stocks
|
99.0
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.0
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
95.5
|
China
|
1.4
|
Taiwan
|
1.2
|
United Kingdom
|
0.7
|
Netherlands
|
0.6
|
Canada
|
0.4
|
Hong Kong
|
0.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.5
|
|
|
China - 1.4
|
|
|
Taiwan - 1.2
|
|
|
United Kingdom - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Canada - 0.4
|
|
|
Hong Kong - 0.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Meta Platforms Inc Class A
|
5.6
|
|
Vistra Corp
|
4.8
|
|
NVIDIA Corp
|
4.5
|
|
Apollo Global Management Inc
|
3.9
|
|
Arthur J Gallagher & Co
|
3.3
|
|
Constellation Energy Corp
|
2.6
|
|
Amazon.com Inc
|
2.5
|
|
Microsoft Corp
|
2.4
|
|
Alphabet Inc Class A
|
2.3
|
|
Comfort Systems USA Inc
|
2.2
|
|
|
|
34.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918406.100 7808-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth Fund
Fidelity® Blue Chip Growth Fund : FBGRX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Blue Chip Growth Fund
|
$ 29
|
0.54%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$75,881,215,024
|
|
Number of Holdings
|
405
|
|
Portfolio Turnover
|
32%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
42.0
|
|
Consumer Discretionary
|
22.2
|
|
Communication Services
|
18.2
|
|
Health Care
|
5.8
|
|
Financials
|
4.6
|
|
Industrials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.8
|
|
Real Estate
|
0.4
|
|
Energy
|
0.4
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
1.6
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 1.6
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
|
United States
|
94.5
|
China
|
1.5
|
Taiwan
|
0.9
|
India
|
0.9
|
Canada
|
0.6
|
Switzerland
|
0.2
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Israel
|
0.2
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.5
|
|
|
China - 1.5
|
|
|
Taiwan - 0.9
|
|
|
India - 0.9
|
|
|
Canada - 0.6
|
|
|
Switzerland - 0.2
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Israel - 0.2
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.6
|
|
Apple Inc
|
10.2
|
|
Amazon.com Inc
|
9.5
|
|
Alphabet Inc Class A
|
7.7
|
|
Microsoft Corp
|
6.5
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.3
|
|
Netflix Inc
|
2.7
|
|
Eli Lilly & Co
|
2.4
|
|
Tesla Inc
|
1.8
|
|
|
|
60.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915234.100 312-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® OTC Portfolio
Fidelity® OTC Portfolio : FOCPX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® OTC Portfolio
|
$ 37
|
0.69%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$32,913,469,548
|
|
Number of Holdings
|
158
|
|
Portfolio Turnover
|
55%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
47.0
|
|
Communication Services
|
21.7
|
|
Consumer Discretionary
|
12.2
|
|
Health Care
|
7.3
|
|
Industrials
|
3.1
|
|
Consumer Staples
|
2.3
|
|
Financials
|
1.9
|
|
Energy
|
1.2
|
|
Utilities
|
0.9
|
|
Real Estate
|
0.3
|
|
Materials
|
0.1
|
|
|
|
Common Stocks
|
96.8
|
Domestic Equity Funds
|
1.6
|
Preferred Stocks
|
1.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 96.8
|
|
|
Domestic Equity Funds - 1.6
|
|
|
Preferred Stocks - 1.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
94.0
|
Taiwan
|
3.1
|
Netherlands
|
1.1
|
China
|
0.6
|
United Kingdom
|
0.4
|
Brazil
|
0.3
|
Canada
|
0.2
|
Ireland
|
0.1
|
Korea (South)
|
0.1
|
Others
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.0
|
|
|
Taiwan - 3.1
|
|
|
Netherlands - 1.1
|
|
|
China - 0.6
|
|
|
United Kingdom - 0.4
|
|
|
Brazil - 0.3
|
|
|
Canada - 0.2
|
|
|
Ireland - 0.1
|
|
|
Korea (South) - 0.1
|
|
|
Others - 0.1
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Apple Inc
|
11.8
|
|
NVIDIA Corp
|
10.5
|
|
Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.0
|
|
Microsoft Corp
|
7.4
|
|
Meta Platforms Inc Class A
|
4.8
|
|
Marvell Technology Inc
|
4.0
|
|
Alphabet Inc Class C
|
3.1
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.1
|
|
Netflix Inc
|
2.9
|
|
|
|
64.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915185.100 93-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class C : FLEMX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C A
|
$ 51
|
1.74%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,756,466,871
|
|
Number of Holdings
|
92
|
|
Portfolio Turnover
|
10%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
23.2
|
|
Financials
|
17.0
|
|
Industrials
|
16.9
|
|
Consumer Discretionary
|
14.0
|
|
Communication Services
|
10.7
|
|
Utilities
|
8.3
|
|
Materials
|
3.8
|
|
Health Care
|
2.1
|
|
Consumer Staples
|
1.6
|
|
Energy
|
1.4
|
|
|
|
Common Stocks
|
99.0
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.0
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
95.5
|
China
|
1.4
|
Taiwan
|
1.2
|
United Kingdom
|
0.7
|
Netherlands
|
0.6
|
Canada
|
0.4
|
Hong Kong
|
0.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.5
|
|
|
China - 1.4
|
|
|
Taiwan - 1.2
|
|
|
United Kingdom - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Canada - 0.4
|
|
|
Hong Kong - 0.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Meta Platforms Inc Class A
|
5.6
|
|
Vistra Corp
|
4.8
|
|
NVIDIA Corp
|
4.5
|
|
Apollo Global Management Inc
|
3.9
|
|
Arthur J Gallagher & Co
|
3.3
|
|
Constellation Energy Corp
|
2.6
|
|
Amazon.com Inc
|
2.5
|
|
Microsoft Corp
|
2.4
|
|
Alphabet Inc Class A
|
2.3
|
|
Comfort Systems USA Inc
|
2.2
|
|
|
|
34.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918400.100 7806-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class I : FOTHX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I A
|
$ 25
|
0.75%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$32,913,469,548
|
|
Number of Holdings
|
158
|
|
Portfolio Turnover
|
55%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
47.0
|
|
Communication Services
|
21.7
|
|
Consumer Discretionary
|
12.2
|
|
Health Care
|
7.3
|
|
Industrials
|
3.1
|
|
Consumer Staples
|
2.3
|
|
Financials
|
1.9
|
|
Energy
|
1.2
|
|
Utilities
|
0.9
|
|
Real Estate
|
0.3
|
|
Materials
|
0.1
|
|
|
|
Common Stocks
|
96.8
|
Domestic Equity Funds
|
1.6
|
Preferred Stocks
|
1.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 96.8
|
|
|
Domestic Equity Funds - 1.6
|
|
|
Preferred Stocks - 1.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
94.0
|
Taiwan
|
3.1
|
Netherlands
|
1.1
|
China
|
0.6
|
United Kingdom
|
0.4
|
Brazil
|
0.3
|
Canada
|
0.2
|
Ireland
|
0.1
|
Korea (South)
|
0.1
|
Others
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.0
|
|
|
Taiwan - 3.1
|
|
|
Netherlands - 1.1
|
|
|
China - 0.6
|
|
|
United Kingdom - 0.4
|
|
|
Brazil - 0.3
|
|
|
Canada - 0.2
|
|
|
Ireland - 0.1
|
|
|
Korea (South) - 0.1
|
|
|
Others - 0.1
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Apple Inc
|
11.8
|
|
NVIDIA Corp
|
10.5
|
|
Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.0
|
|
Microsoft Corp
|
7.4
|
|
Meta Platforms Inc Class A
|
4.8
|
|
Marvell Technology Inc
|
4.0
|
|
Alphabet Inc Class C
|
3.1
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.1
|
|
Netflix Inc
|
2.9
|
|
|
|
64.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918495.100 7817-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class C : FCCGX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 100
|
1.92%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,983,462,426
|
|
Number of Holdings
|
294
|
|
Portfolio Turnover
|
75%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Health Care
|
24.9
|
|
Industrials
|
21.3
|
|
Information Technology
|
19.9
|
|
Consumer Discretionary
|
11.8
|
|
Financials
|
9.4
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.8
|
|
Energy
|
1.8
|
|
Communication Services
|
1.7
|
|
Real Estate
|
1.5
|
|
|
|
Common Stocks
|
98.1
|
Preferred Stocks
|
1.3
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.6
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.1
|
|
|
Preferred Stocks - 1.3
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
|
|
|
United States
|
91.7
|
Israel
|
2.9
|
Canada
|
1.4
|
United Kingdom
|
0.8
|
Thailand
|
0.7
|
Japan
|
0.6
|
Netherlands
|
0.4
|
Italy
|
0.4
|
Sweden
|
0.4
|
Others
|
0.7
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.7
|
|
|
Israel - 2.9
|
|
|
Canada - 1.4
|
|
|
United Kingdom - 0.8
|
|
|
Thailand - 0.7
|
|
|
Japan - 0.6
|
|
|
Netherlands - 0.4
|
|
|
Italy - 0.4
|
|
|
Sweden - 0.4
|
|
|
Others - 0.7
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Wix.com Ltd
|
1.4
|
|
ExlService Holdings Inc
|
1.3
|
|
Carpenter Technology Corp
|
1.2
|
|
OSI Systems Inc
|
1.2
|
|
Boot Barn Holdings Inc
|
1.2
|
|
BrightSpring Health Services Inc
|
1.1
|
|
Applied Industrial Technologies Inc
|
1.1
|
|
HealthEquity Inc
|
1.0
|
|
Brinker International Inc
|
1.0
|
|
FTAI Aviation Ltd
|
1.0
|
|
|
|
11.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915262.100 1379-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class M : FRIQX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 49
|
0.95%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$4,895,160,666
|
|
Number of Holdings
|
532
|
|
Portfolio Turnover
|
23%
|
|
What did the Fund invest in?
(as of January 31, 2025)
AAA
|
1.4
|
AA
|
1.7
|
A
|
5.0
|
BBB
|
20.8
|
BB
|
10.9
|
B
|
4.4
|
CCC,CC,C
|
2.3
|
Not Rated
|
12.9
|
Equities
|
36.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
AAA - 1.4
|
|
|
AA - 1.7
|
|
|
A - 5.0
|
|
|
BBB - 20.8
|
|
|
BB - 10.9
|
|
|
B - 4.4
|
|
|
CCC,CC,C - 2.3
|
|
|
Not Rated - 12.9
|
|
|
Equities - 36.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
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.
|
Corporate Bonds
|
32.2
|
CMOs and Other Mortgage Related Securities
|
22.8
|
Common Stocks
|
21.9
|
Preferred Stocks
|
14.9
|
Asset-Backed Securities
|
2.2
|
Bank Loan Obligations
|
2.1
|
Preferred Securities
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 32.2
|
|
|
CMOs and Other Mortgage Related Securities - 22.8
|
|
|
Common Stocks - 21.9
|
|
|
Preferred Stocks - 14.9
|
|
|
Asset-Backed Securities - 2.2
|
|
|
Bank Loan Obligations - 2.1
|
|
|
Preferred Securities - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
United States
|
99.5
|
Canada
|
0.3
|
United Kingdom
|
0.2
|
Grand Cayman (UK Overseas Ter)
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 99.5
|
|
|
Canada - 0.3
|
|
|
United Kingdom - 0.2
|
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
American Tower Corp
|
2.9
|
|
Prologis Inc
|
1.9
|
|
American Tower Corp
|
1.9
|
|
Crown Castle Inc
|
1.8
|
|
American Homes 4 Rent LP
|
1.7
|
|
Equinix Inc
|
1.7
|
|
Equity LifeStyle Properties Inc
|
1.6
|
|
Sun Communities Operating LP
|
1.4
|
|
Invitation Homes Operating Partnership LP
|
1.3
|
|
Welltower Inc
|
1.3
|
|
|
|
17.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915276.100 2225-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® OTC Portfolio
Fidelity® OTC Portfolio Class K : FOCKX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K
|
$ 33
|
0.62%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$32,913,469,548
|
|
Number of Holdings
|
158
|
|
Portfolio Turnover
|
55%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
47.0
|
|
Communication Services
|
21.7
|
|
Consumer Discretionary
|
12.2
|
|
Health Care
|
7.3
|
|
Industrials
|
3.1
|
|
Consumer Staples
|
2.3
|
|
Financials
|
1.9
|
|
Energy
|
1.2
|
|
Utilities
|
0.9
|
|
Real Estate
|
0.3
|
|
Materials
|
0.1
|
|
|
|
Common Stocks
|
96.8
|
Domestic Equity Funds
|
1.6
|
Preferred Stocks
|
1.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 96.8
|
|
|
Domestic Equity Funds - 1.6
|
|
|
Preferred Stocks - 1.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
94.0
|
Taiwan
|
3.1
|
Netherlands
|
1.1
|
China
|
0.6
|
United Kingdom
|
0.4
|
Brazil
|
0.3
|
Canada
|
0.2
|
Ireland
|
0.1
|
Korea (South)
|
0.1
|
Others
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.0
|
|
|
Taiwan - 3.1
|
|
|
Netherlands - 1.1
|
|
|
China - 0.6
|
|
|
United Kingdom - 0.4
|
|
|
Brazil - 0.3
|
|
|
Canada - 0.2
|
|
|
Ireland - 0.1
|
|
|
Korea (South) - 0.1
|
|
|
Others - 0.1
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Apple Inc
|
11.8
|
|
NVIDIA Corp
|
10.5
|
|
Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.0
|
|
Microsoft Corp
|
7.4
|
|
Meta Platforms Inc Class A
|
4.8
|
|
Marvell Technology Inc
|
4.0
|
|
Alphabet Inc Class C
|
3.1
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.1
|
|
Netflix Inc
|
2.9
|
|
|
|
64.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915184.100 2098-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Dividend Growth Fund
Fidelity® Dividend Growth Fund Class K : FDGKX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K
|
$ 33
|
0.63%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,841,859,516
|
|
Number of Holdings
|
123
|
|
Portfolio Turnover
|
87%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
26.0
|
|
Industrials
|
16.7
|
|
Financials
|
16.4
|
|
Communication Services
|
14.1
|
|
Energy
|
11.2
|
|
Health Care
|
5.5
|
|
Consumer Discretionary
|
3.0
|
|
Utilities
|
2.6
|
|
Consumer Staples
|
2.2
|
|
Materials
|
1.0
|
|
Real Estate
|
0.8
|
|
|
|
Common Stocks
|
99.5
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.5
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
|
|
|
United States
|
88.8
|
Canada
|
2.7
|
Taiwan
|
1.9
|
United Kingdom
|
1.5
|
Netherlands
|
0.8
|
India
|
0.7
|
Korea (South)
|
0.6
|
Zambia
|
0.5
|
Norway
|
0.5
|
Others
|
2.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 88.8
|
|
|
Canada - 2.7
|
|
|
Taiwan - 1.9
|
|
|
United Kingdom - 1.5
|
|
|
Netherlands - 0.8
|
|
|
India - 0.7
|
|
|
Korea (South) - 0.6
|
|
|
Zambia - 0.5
|
|
|
Norway - 0.5
|
|
|
Others - 2.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Alphabet Inc Class A
|
6.9
|
|
Microsoft Corp
|
6.1
|
|
Meta Platforms Inc Class A
|
5.2
|
|
NVIDIA Corp
|
5.1
|
|
Broadcom Inc
|
3.4
|
|
Allison Transmission Holdings Inc
|
2.8
|
|
Boeing Co
|
2.8
|
|
Marvell Technology Inc
|
2.7
|
|
Wells Fargo & Co
|
2.5
|
|
Bank of America Corp
|
2.3
|
|
|
|
39.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915240.100 2083-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class M : FBCEX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M A
|
$ 39
|
1.16%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$75,881,215,024
|
|
Number of Holdings
|
405
|
|
Portfolio Turnover
|
32%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
42.0
|
|
Consumer Discretionary
|
22.2
|
|
Communication Services
|
18.2
|
|
Health Care
|
5.8
|
|
Financials
|
4.6
|
|
Industrials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.8
|
|
Real Estate
|
0.4
|
|
Energy
|
0.4
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
1.6
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 1.6
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
|
United States
|
94.5
|
China
|
1.5
|
Taiwan
|
0.9
|
India
|
0.9
|
Canada
|
0.6
|
Switzerland
|
0.2
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Israel
|
0.2
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.5
|
|
|
China - 1.5
|
|
|
Taiwan - 0.9
|
|
|
India - 0.9
|
|
|
Canada - 0.6
|
|
|
Switzerland - 0.2
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Israel - 0.2
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.6
|
|
Apple Inc
|
10.2
|
|
Amazon.com Inc
|
9.5
|
|
Alphabet Inc Class A
|
7.7
|
|
Microsoft Corp
|
6.5
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.3
|
|
Netflix Inc
|
2.7
|
|
Eli Lilly & Co
|
2.4
|
|
Tesla Inc
|
1.8
|
|
|
|
60.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918463.100 7820-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class A : FCAGX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 61
|
1.17%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,983,462,426
|
|
Number of Holdings
|
294
|
|
Portfolio Turnover
|
75%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Health Care
|
24.9
|
|
Industrials
|
21.3
|
|
Information Technology
|
19.9
|
|
Consumer Discretionary
|
11.8
|
|
Financials
|
9.4
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.8
|
|
Energy
|
1.8
|
|
Communication Services
|
1.7
|
|
Real Estate
|
1.5
|
|
|
|
Common Stocks
|
98.1
|
Preferred Stocks
|
1.3
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.6
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.1
|
|
|
Preferred Stocks - 1.3
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
|
|
|
United States
|
91.7
|
Israel
|
2.9
|
Canada
|
1.4
|
United Kingdom
|
0.8
|
Thailand
|
0.7
|
Japan
|
0.6
|
Netherlands
|
0.4
|
Italy
|
0.4
|
Sweden
|
0.4
|
Others
|
0.7
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.7
|
|
|
Israel - 2.9
|
|
|
Canada - 1.4
|
|
|
United Kingdom - 0.8
|
|
|
Thailand - 0.7
|
|
|
Japan - 0.6
|
|
|
Netherlands - 0.4
|
|
|
Italy - 0.4
|
|
|
Sweden - 0.4
|
|
|
Others - 0.7
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Wix.com Ltd
|
1.4
|
|
ExlService Holdings Inc
|
1.3
|
|
Carpenter Technology Corp
|
1.2
|
|
OSI Systems Inc
|
1.2
|
|
Boot Barn Holdings Inc
|
1.2
|
|
BrightSpring Health Services Inc
|
1.1
|
|
Applied Industrial Technologies Inc
|
1.1
|
|
HealthEquity Inc
|
1.0
|
|
Brinker International Inc
|
1.0
|
|
FTAI Aviation Ltd
|
1.0
|
|
|
|
11.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915261.100 1377-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class M : FOTEX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M A
|
$ 43
|
1.28%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$32,913,469,548
|
|
Number of Holdings
|
158
|
|
Portfolio Turnover
|
55%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
47.0
|
|
Communication Services
|
21.7
|
|
Consumer Discretionary
|
12.2
|
|
Health Care
|
7.3
|
|
Industrials
|
3.1
|
|
Consumer Staples
|
2.3
|
|
Financials
|
1.9
|
|
Energy
|
1.2
|
|
Utilities
|
0.9
|
|
Real Estate
|
0.3
|
|
Materials
|
0.1
|
|
|
|
Common Stocks
|
96.8
|
Domestic Equity Funds
|
1.6
|
Preferred Stocks
|
1.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 96.8
|
|
|
Domestic Equity Funds - 1.6
|
|
|
Preferred Stocks - 1.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
94.0
|
Taiwan
|
3.1
|
Netherlands
|
1.1
|
China
|
0.6
|
United Kingdom
|
0.4
|
Brazil
|
0.3
|
Canada
|
0.2
|
Ireland
|
0.1
|
Korea (South)
|
0.1
|
Others
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.0
|
|
|
Taiwan - 3.1
|
|
|
Netherlands - 1.1
|
|
|
China - 0.6
|
|
|
United Kingdom - 0.4
|
|
|
Brazil - 0.3
|
|
|
Canada - 0.2
|
|
|
Ireland - 0.1
|
|
|
Korea (South) - 0.1
|
|
|
Others - 0.1
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Apple Inc
|
11.8
|
|
NVIDIA Corp
|
10.5
|
|
Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.0
|
|
Microsoft Corp
|
7.4
|
|
Meta Platforms Inc Class A
|
4.8
|
|
Marvell Technology Inc
|
4.0
|
|
Alphabet Inc Class C
|
3.1
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.1
|
|
Netflix Inc
|
2.9
|
|
|
|
64.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918493.100 7815-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class C : FBCHX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C A
|
$ 57
|
1.70%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$75,881,215,024
|
|
Number of Holdings
|
405
|
|
Portfolio Turnover
|
32%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
42.0
|
|
Consumer Discretionary
|
22.2
|
|
Communication Services
|
18.2
|
|
Health Care
|
5.8
|
|
Financials
|
4.6
|
|
Industrials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.8
|
|
Real Estate
|
0.4
|
|
Energy
|
0.4
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
1.6
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 1.6
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
|
United States
|
94.5
|
China
|
1.5
|
Taiwan
|
0.9
|
India
|
0.9
|
Canada
|
0.6
|
Switzerland
|
0.2
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Israel
|
0.2
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.5
|
|
|
China - 1.5
|
|
|
Taiwan - 0.9
|
|
|
India - 0.9
|
|
|
Canada - 0.6
|
|
|
Switzerland - 0.2
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Israel - 0.2
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.6
|
|
Apple Inc
|
10.2
|
|
Amazon.com Inc
|
9.5
|
|
Alphabet Inc Class A
|
7.7
|
|
Microsoft Corp
|
6.5
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.3
|
|
Netflix Inc
|
2.7
|
|
Eli Lilly & Co
|
2.4
|
|
Tesla Inc
|
1.8
|
|
|
|
60.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918461.100 7821-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Growth K6 Fund
Fidelity® Small Cap Growth K6 Fund : FOCSX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth K6 Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Small Cap Growth K6 Fund
|
$ 31
|
0.60%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,844,012,992
|
|
Number of Holdings
|
297
|
|
Portfolio Turnover
|
69%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Health Care
|
23.0
|
|
Industrials
|
20.7
|
|
Information Technology
|
19.2
|
|
Consumer Discretionary
|
11.3
|
|
Financials
|
8.5
|
|
Materials
|
4.2
|
|
Consumer Staples
|
2.8
|
|
Energy
|
1.6
|
|
Real Estate
|
1.6
|
|
Communication Services
|
1.4
|
|
|
|
Common Stocks
|
93.7
|
Domestic Equity Funds
|
4.0
|
Preferred Stocks
|
0.6
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.7
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 93.7
|
|
|
Domestic Equity Funds - 4.0
|
|
|
Preferred Stocks - 0.6
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.7
|
|
|
United States
|
92.1
|
Israel
|
2.8
|
Canada
|
1.4
|
United Kingdom
|
0.7
|
Thailand
|
0.7
|
Japan
|
0.6
|
Netherlands
|
0.4
|
Italy
|
0.4
|
Sweden
|
0.4
|
Others
|
0.5
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.1
|
|
|
Israel - 2.8
|
|
|
Canada - 1.4
|
|
|
United Kingdom - 0.7
|
|
|
Thailand - 0.7
|
|
|
Japan - 0.6
|
|
|
Netherlands - 0.4
|
|
|
Italy - 0.4
|
|
|
Sweden - 0.4
|
|
|
Others - 0.5
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
iShares Russell 2000 Growth ETF
|
4.0
|
|
Wix.com Ltd
|
1.3
|
|
Carpenter Technology Corp
|
1.3
|
|
OSI Systems Inc
|
1.3
|
|
ExlService Holdings Inc
|
1.2
|
|
GEO Group Inc/The
|
1.2
|
|
Applied Industrial Technologies Inc
|
1.1
|
|
Brinker International Inc
|
1.1
|
|
BrightSpring Health Services Inc
|
1.1
|
|
HealthEquity Inc
|
1.1
|
|
|
|
14.7
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915351.100 2957-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Growth Fund
Fidelity® Small Cap Growth Fund : FCPGX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Small Cap Growth Fund
|
$ 46
|
0.88%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,983,462,426
|
|
Number of Holdings
|
294
|
|
Portfolio Turnover
|
75%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Health Care
|
24.9
|
|
Industrials
|
21.3
|
|
Information Technology
|
19.9
|
|
Consumer Discretionary
|
11.8
|
|
Financials
|
9.4
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.8
|
|
Energy
|
1.8
|
|
Communication Services
|
1.7
|
|
Real Estate
|
1.5
|
|
|
|
Common Stocks
|
98.1
|
Preferred Stocks
|
1.3
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.6
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.1
|
|
|
Preferred Stocks - 1.3
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
|
|
|
United States
|
91.7
|
Israel
|
2.9
|
Canada
|
1.4
|
United Kingdom
|
0.8
|
Thailand
|
0.7
|
Japan
|
0.6
|
Netherlands
|
0.4
|
Italy
|
0.4
|
Sweden
|
0.4
|
Others
|
0.7
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.7
|
|
|
Israel - 2.9
|
|
|
Canada - 1.4
|
|
|
United Kingdom - 0.8
|
|
|
Thailand - 0.7
|
|
|
Japan - 0.6
|
|
|
Netherlands - 0.4
|
|
|
Italy - 0.4
|
|
|
Sweden - 0.4
|
|
|
Others - 0.7
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Wix.com Ltd
|
1.4
|
|
ExlService Holdings Inc
|
1.3
|
|
Carpenter Technology Corp
|
1.2
|
|
OSI Systems Inc
|
1.2
|
|
Boot Barn Holdings Inc
|
1.2
|
|
BrightSpring Health Services Inc
|
1.1
|
|
Applied Industrial Technologies Inc
|
1.1
|
|
HealthEquity Inc
|
1.0
|
|
Brinker International Inc
|
1.0
|
|
FTAI Aviation Ltd
|
1.0
|
|
|
|
11.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915265.100 1388-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Series Real Estate Income Fund
Fidelity® Series Real Estate Income Fund : FSREX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Series Real Estate Income Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Series Real Estate Income Fund
|
$ 0 A
|
0.00%B
|
|
A Amount represents less than $.50
B Amount represents less than 0.005%
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$266,660,114
|
|
Number of Holdings
|
293
|
|
Portfolio Turnover
|
11%
|
|
What did the Fund invest in?
(as of January 31, 2025)
AAA
|
0.8
|
AA
|
0.5
|
A
|
9.8
|
BBB
|
29.7
|
BB
|
8.3
|
B
|
5.8
|
CCC,CC,C
|
5.9
|
Not Rated
|
10.9
|
Equities
|
23.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
5.2
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
AAA - 0.8
|
|
|
AA - 0.5
|
|
|
A - 9.8
|
|
|
BBB - 29.7
|
|
|
BB - 8.3
|
|
|
B - 5.8
|
|
|
CCC,CC,C - 5.9
|
|
|
Not Rated - 10.9
|
|
|
Equities - 23.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 5.2
|
|
|
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.
|
Corporate Bonds
|
47.0
|
Preferred Stocks
|
23.1
|
CMOs and Other Mortgage Related Securities
|
20.0
|
Bank Loan Obligations
|
3.0
|
Asset-Backed Securities
|
1.7
|
Common Stocks
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
5.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 47.0
|
|
|
Preferred Stocks - 23.1
|
|
|
CMOs and Other Mortgage Related Securities - 20.0
|
|
|
Bank Loan Obligations - 3.0
|
|
|
Asset-Backed Securities - 1.7
|
|
|
Common Stocks - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 5.2
|
|
|
United States
|
99.6
|
United Kingdom
|
0.3
|
Canada
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 99.6
|
|
|
United Kingdom - 0.3
|
|
|
Canada - 0.1
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
American Tower Corp
|
3.7
|
|
Prologis LP
|
3.1
|
|
Crown Castle Inc
|
3.1
|
|
MHP Commercial Mortgage Trust
|
2.6
|
|
American Homes 4 Rent LP
|
2.3
|
|
Simon Property Group LP
|
2.2
|
|
Extra Space Storage LP
|
2.1
|
|
Invitation Homes Operating Partnership LP
|
1.8
|
|
Equinix Inc
|
1.7
|
|
MPT Operating Partnership LP / MPT Finance Corp
|
1.6
|
|
|
|
24.2
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915315.100 2277-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Leveraged Company Stock Fund
Fidelity® Leveraged Company Stock Fund : FLVCX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Leveraged Company Stock Fund
|
$ 37
|
0.69%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,756,466,871
|
|
Number of Holdings
|
92
|
|
Portfolio Turnover
|
10%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
23.2
|
|
Financials
|
17.0
|
|
Industrials
|
16.9
|
|
Consumer Discretionary
|
14.0
|
|
Communication Services
|
10.7
|
|
Utilities
|
8.3
|
|
Materials
|
3.8
|
|
Health Care
|
2.1
|
|
Consumer Staples
|
1.6
|
|
Energy
|
1.4
|
|
|
|
Common Stocks
|
99.0
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.0
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
95.5
|
China
|
1.4
|
Taiwan
|
1.2
|
United Kingdom
|
0.7
|
Netherlands
|
0.6
|
Canada
|
0.4
|
Hong Kong
|
0.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.5
|
|
|
China - 1.4
|
|
|
Taiwan - 1.2
|
|
|
United Kingdom - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Canada - 0.4
|
|
|
Hong Kong - 0.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Meta Platforms Inc Class A
|
5.6
|
|
Vistra Corp
|
4.8
|
|
NVIDIA Corp
|
4.5
|
|
Apollo Global Management Inc
|
3.9
|
|
Arthur J Gallagher & Co
|
3.3
|
|
Constellation Energy Corp
|
2.6
|
|
Amazon.com Inc
|
2.5
|
|
Microsoft Corp
|
2.4
|
|
Alphabet Inc Class A
|
2.3
|
|
Comfort Systems USA Inc
|
2.2
|
|
|
|
34.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915230.100 122-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class C : FCVCX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$ 99
|
1.95%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,036,538,667
|
|
Number of Holdings
|
110
|
|
Portfolio Turnover
|
80%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Financials
|
28.9
|
|
Industrials
|
15.7
|
|
Real Estate
|
11.0
|
|
Health Care
|
10.6
|
|
Energy
|
8.9
|
|
Information Technology
|
8.7
|
|
Consumer Discretionary
|
5.4
|
|
Materials
|
4.8
|
|
Utilities
|
2.4
|
|
Consumer Staples
|
2.0
|
|
Communication Services
|
0.9
|
|
|
|
Common Stocks
|
99.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.7
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
|
United States
|
92.8
|
Canada
|
4.8
|
Bermuda
|
1.3
|
Japan
|
1.1
|
Netherlands
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.8
|
|
|
Canada - 4.8
|
|
|
Bermuda - 1.3
|
|
|
Japan - 1.1
|
|
|
Netherlands - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Eastern Bankshares Inc
|
3.0
|
|
Insight Enterprises Inc
|
2.9
|
|
Graphic Packaging Holding CO
|
2.4
|
|
Brookfield Infrastructure Corp (United States)
|
2.4
|
|
Old Republic International Corp
|
2.2
|
|
Primerica Inc
|
2.1
|
|
Synovus Financial Corp
|
2.1
|
|
SouthState Corp
|
1.8
|
|
Cadence Bank
|
1.8
|
|
CareTrust REIT Inc
|
1.8
|
|
|
|
22.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915268.100 1385-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class Z : FBCKX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z A
|
$ 19
|
0.56%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$75,881,215,024
|
|
Number of Holdings
|
405
|
|
Portfolio Turnover
|
32%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
42.0
|
|
Consumer Discretionary
|
22.2
|
|
Communication Services
|
18.2
|
|
Health Care
|
5.8
|
|
Financials
|
4.6
|
|
Industrials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.8
|
|
Real Estate
|
0.4
|
|
Energy
|
0.4
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
1.6
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 1.6
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
|
United States
|
94.5
|
China
|
1.5
|
Taiwan
|
0.9
|
India
|
0.9
|
Canada
|
0.6
|
Switzerland
|
0.2
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Israel
|
0.2
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.5
|
|
|
China - 1.5
|
|
|
Taiwan - 0.9
|
|
|
India - 0.9
|
|
|
Canada - 0.6
|
|
|
Switzerland - 0.2
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Israel - 0.2
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.6
|
|
Apple Inc
|
10.2
|
|
Amazon.com Inc
|
9.5
|
|
Alphabet Inc Class A
|
7.7
|
|
Microsoft Corp
|
6.5
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.3
|
|
Netflix Inc
|
2.7
|
|
Eli Lilly & Co
|
2.4
|
|
Tesla Inc
|
1.8
|
|
|
|
60.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918467.100 7823-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Dividend Growth Fund
Fidelity® Dividend Growth Fund : FDGFX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Dividend Growth Fund
|
$ 37
|
0.70%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,841,859,516
|
|
Number of Holdings
|
123
|
|
Portfolio Turnover
|
87%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
26.0
|
|
Industrials
|
16.7
|
|
Financials
|
16.4
|
|
Communication Services
|
14.1
|
|
Energy
|
11.2
|
|
Health Care
|
5.5
|
|
Consumer Discretionary
|
3.0
|
|
Utilities
|
2.6
|
|
Consumer Staples
|
2.2
|
|
Materials
|
1.0
|
|
Real Estate
|
0.8
|
|
|
|
Common Stocks
|
99.5
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.5
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
|
|
|
United States
|
88.8
|
Canada
|
2.7
|
Taiwan
|
1.9
|
United Kingdom
|
1.5
|
Netherlands
|
0.8
|
India
|
0.7
|
Korea (South)
|
0.6
|
Zambia
|
0.5
|
Norway
|
0.5
|
Others
|
2.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 88.8
|
|
|
Canada - 2.7
|
|
|
Taiwan - 1.9
|
|
|
United Kingdom - 1.5
|
|
|
Netherlands - 0.8
|
|
|
India - 0.7
|
|
|
Korea (South) - 0.6
|
|
|
Zambia - 0.5
|
|
|
Norway - 0.5
|
|
|
Others - 2.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Alphabet Inc Class A
|
6.9
|
|
Microsoft Corp
|
6.1
|
|
Meta Platforms Inc Class A
|
5.2
|
|
NVIDIA Corp
|
5.1
|
|
Broadcom Inc
|
3.4
|
|
Allison Transmission Holdings Inc
|
2.8
|
|
Boeing Co
|
2.8
|
|
Marvell Technology Inc
|
2.7
|
|
Wells Fargo & Co
|
2.5
|
|
Bank of America Corp
|
2.3
|
|
|
|
39.8
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915241.100 330-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class A : FOTDX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A A
|
$ 35
|
1.04%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$32,913,469,548
|
|
Number of Holdings
|
158
|
|
Portfolio Turnover
|
55%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
47.0
|
|
Communication Services
|
21.7
|
|
Consumer Discretionary
|
12.2
|
|
Health Care
|
7.3
|
|
Industrials
|
3.1
|
|
Consumer Staples
|
2.3
|
|
Financials
|
1.9
|
|
Energy
|
1.2
|
|
Utilities
|
0.9
|
|
Real Estate
|
0.3
|
|
Materials
|
0.1
|
|
|
|
Common Stocks
|
96.8
|
Domestic Equity Funds
|
1.6
|
Preferred Stocks
|
1.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 96.8
|
|
|
Domestic Equity Funds - 1.6
|
|
|
Preferred Stocks - 1.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
94.0
|
Taiwan
|
3.1
|
Netherlands
|
1.1
|
China
|
0.6
|
United Kingdom
|
0.4
|
Brazil
|
0.3
|
Canada
|
0.2
|
Ireland
|
0.1
|
Korea (South)
|
0.1
|
Others
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.0
|
|
|
Taiwan - 3.1
|
|
|
Netherlands - 1.1
|
|
|
China - 0.6
|
|
|
United Kingdom - 0.4
|
|
|
Brazil - 0.3
|
|
|
Canada - 0.2
|
|
|
Ireland - 0.1
|
|
|
Korea (South) - 0.1
|
|
|
Others - 0.1
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Apple Inc
|
11.8
|
|
NVIDIA Corp
|
10.5
|
|
Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.0
|
|
Microsoft Corp
|
7.4
|
|
Meta Platforms Inc Class A
|
4.8
|
|
Marvell Technology Inc
|
4.0
|
|
Alphabet Inc Class C
|
3.1
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.1
|
|
Netflix Inc
|
2.9
|
|
|
|
64.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918489.100 7814-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class Z : FOTJX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z A
|
$ 22
|
0.67%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$32,913,469,548
|
|
Number of Holdings
|
158
|
|
Portfolio Turnover
|
55%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
47.0
|
|
Communication Services
|
21.7
|
|
Consumer Discretionary
|
12.2
|
|
Health Care
|
7.3
|
|
Industrials
|
3.1
|
|
Consumer Staples
|
2.3
|
|
Financials
|
1.9
|
|
Energy
|
1.2
|
|
Utilities
|
0.9
|
|
Real Estate
|
0.3
|
|
Materials
|
0.1
|
|
|
|
Common Stocks
|
96.8
|
Domestic Equity Funds
|
1.6
|
Preferred Stocks
|
1.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 96.8
|
|
|
Domestic Equity Funds - 1.6
|
|
|
Preferred Stocks - 1.2
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
94.0
|
Taiwan
|
3.1
|
Netherlands
|
1.1
|
China
|
0.6
|
United Kingdom
|
0.4
|
Brazil
|
0.3
|
Canada
|
0.2
|
Ireland
|
0.1
|
Korea (South)
|
0.1
|
Others
|
0.1
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.0
|
|
|
Taiwan - 3.1
|
|
|
Netherlands - 1.1
|
|
|
China - 0.6
|
|
|
United Kingdom - 0.4
|
|
|
Brazil - 0.3
|
|
|
Canada - 0.2
|
|
|
Ireland - 0.1
|
|
|
Korea (South) - 0.1
|
|
|
Others - 0.1
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Apple Inc
|
11.8
|
|
NVIDIA Corp
|
10.5
|
|
Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.0
|
|
Microsoft Corp
|
7.4
|
|
Meta Platforms Inc Class A
|
4.8
|
|
Marvell Technology Inc
|
4.0
|
|
Alphabet Inc Class C
|
3.1
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.1
|
|
Netflix Inc
|
2.9
|
|
|
|
64.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918497.100 7818-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Leveraged Company Stock Fund
Fidelity® Leveraged Company Stock Fund Class K : FLCKX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K
|
$ 33
|
0.61%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,756,466,871
|
|
Number of Holdings
|
92
|
|
Portfolio Turnover
|
10%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
23.2
|
|
Financials
|
17.0
|
|
Industrials
|
16.9
|
|
Consumer Discretionary
|
14.0
|
|
Communication Services
|
10.7
|
|
Utilities
|
8.3
|
|
Materials
|
3.8
|
|
Health Care
|
2.1
|
|
Consumer Staples
|
1.6
|
|
Energy
|
1.4
|
|
|
|
Common Stocks
|
99.0
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.0
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
95.5
|
China
|
1.4
|
Taiwan
|
1.2
|
United Kingdom
|
0.7
|
Netherlands
|
0.6
|
Canada
|
0.4
|
Hong Kong
|
0.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.5
|
|
|
China - 1.4
|
|
|
Taiwan - 1.2
|
|
|
United Kingdom - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Canada - 0.4
|
|
|
Hong Kong - 0.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Meta Platforms Inc Class A
|
5.6
|
|
Vistra Corp
|
4.8
|
|
NVIDIA Corp
|
4.5
|
|
Apollo Global Management Inc
|
3.9
|
|
Arthur J Gallagher & Co
|
3.3
|
|
Constellation Energy Corp
|
2.6
|
|
Amazon.com Inc
|
2.5
|
|
Microsoft Corp
|
2.4
|
|
Alphabet Inc Class A
|
2.3
|
|
Comfort Systems USA Inc
|
2.2
|
|
|
|
34.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915231.100 2094-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Value Fund
Fidelity® Blue Chip Value Fund : FBCVX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Blue Chip Value Fund
|
$ 32
|
0.64%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$645,292,820
|
|
Number of Holdings
|
38
|
|
Portfolio Turnover
|
42%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Financials
|
24.6
|
|
Health Care
|
20.2
|
|
Industrials
|
13.8
|
|
Energy
|
10.1
|
|
Information Technology
|
6.0
|
|
Communication Services
|
5.9
|
|
Consumer Staples
|
5.7
|
|
Utilities
|
5.6
|
|
Materials
|
3.3
|
|
Consumer Discretionary
|
3.3
|
|
|
|
Common Stocks
|
95.6
|
Preferred Stocks
|
2.9
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.5
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.6
|
|
|
Preferred Stocks - 2.9
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.5
|
|
|
United States
|
88.7
|
United Kingdom
|
4.7
|
Canada
|
3.7
|
Korea (South)
|
2.9
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 88.7
|
|
|
United Kingdom - 4.7
|
|
|
Canada - 3.7
|
|
|
Korea (South) - 2.9
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
UnitedHealth Group Inc
|
6.1
|
|
Cigna Group/The
|
6.0
|
|
Centene Corp
|
5.5
|
|
JPMorgan Chase & Co
|
5.0
|
|
Bank of America Corp
|
4.8
|
|
Shell PLC ADR
|
4.8
|
|
Deere & Co
|
4.0
|
|
Exxon Mobil Corp
|
3.7
|
|
The Travelers Companies, Inc.
|
3.7
|
|
Chubb Ltd
|
3.5
|
|
|
|
47.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915254.100 1271-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class Z : FIDGX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 42
|
0.80%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,983,462,426
|
|
Number of Holdings
|
294
|
|
Portfolio Turnover
|
75%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Health Care
|
24.9
|
|
Industrials
|
21.3
|
|
Information Technology
|
19.9
|
|
Consumer Discretionary
|
11.8
|
|
Financials
|
9.4
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.8
|
|
Energy
|
1.8
|
|
Communication Services
|
1.7
|
|
Real Estate
|
1.5
|
|
|
|
Common Stocks
|
98.1
|
Preferred Stocks
|
1.3
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.6
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.1
|
|
|
Preferred Stocks - 1.3
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
|
|
|
United States
|
91.7
|
Israel
|
2.9
|
Canada
|
1.4
|
United Kingdom
|
0.8
|
Thailand
|
0.7
|
Japan
|
0.6
|
Netherlands
|
0.4
|
Italy
|
0.4
|
Sweden
|
0.4
|
Others
|
0.7
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.7
|
|
|
Israel - 2.9
|
|
|
Canada - 1.4
|
|
|
United Kingdom - 0.8
|
|
|
Thailand - 0.7
|
|
|
Japan - 0.6
|
|
|
Netherlands - 0.4
|
|
|
Italy - 0.4
|
|
|
Sweden - 0.4
|
|
|
Others - 0.7
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Wix.com Ltd
|
1.4
|
|
ExlService Holdings Inc
|
1.3
|
|
Carpenter Technology Corp
|
1.2
|
|
OSI Systems Inc
|
1.2
|
|
Boot Barn Holdings Inc
|
1.2
|
|
BrightSpring Health Services Inc
|
1.1
|
|
Applied Industrial Technologies Inc
|
1.1
|
|
HealthEquity Inc
|
1.0
|
|
Brinker International Inc
|
1.0
|
|
FTAI Aviation Ltd
|
1.0
|
|
|
|
11.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915266.100 2891-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class A : FRINX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 49
|
0.95%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$4,895,160,666
|
|
Number of Holdings
|
532
|
|
Portfolio Turnover
|
23%
|
|
What did the Fund invest in?
(as of January 31, 2025)
AAA
|
1.4
|
AA
|
1.7
|
A
|
5.0
|
BBB
|
20.8
|
BB
|
10.9
|
B
|
4.4
|
CCC,CC,C
|
2.3
|
Not Rated
|
12.9
|
Equities
|
36.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
AAA - 1.4
|
|
|
AA - 1.7
|
|
|
A - 5.0
|
|
|
BBB - 20.8
|
|
|
BB - 10.9
|
|
|
B - 4.4
|
|
|
CCC,CC,C - 2.3
|
|
|
Not Rated - 12.9
|
|
|
Equities - 36.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
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.
|
Corporate Bonds
|
32.2
|
CMOs and Other Mortgage Related Securities
|
22.8
|
Common Stocks
|
21.9
|
Preferred Stocks
|
14.9
|
Asset-Backed Securities
|
2.2
|
Bank Loan Obligations
|
2.1
|
Preferred Securities
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 32.2
|
|
|
CMOs and Other Mortgage Related Securities - 22.8
|
|
|
Common Stocks - 21.9
|
|
|
Preferred Stocks - 14.9
|
|
|
Asset-Backed Securities - 2.2
|
|
|
Bank Loan Obligations - 2.1
|
|
|
Preferred Securities - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
United States
|
99.5
|
Canada
|
0.3
|
United Kingdom
|
0.2
|
Grand Cayman (UK Overseas Ter)
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 99.5
|
|
|
Canada - 0.3
|
|
|
United Kingdom - 0.2
|
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
American Tower Corp
|
2.9
|
|
Prologis Inc
|
1.9
|
|
American Tower Corp
|
1.9
|
|
Crown Castle Inc
|
1.8
|
|
American Homes 4 Rent LP
|
1.7
|
|
Equinix Inc
|
1.7
|
|
Equity LifeStyle Properties Inc
|
1.6
|
|
Sun Communities Operating LP
|
1.4
|
|
Invitation Homes Operating Partnership LP
|
1.3
|
|
Welltower Inc
|
1.3
|
|
|
|
17.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915274.100 2221-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class Z : FIKNX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 43
|
0.84%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,036,538,667
|
|
Number of Holdings
|
110
|
|
Portfolio Turnover
|
80%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Financials
|
28.9
|
|
Industrials
|
15.7
|
|
Real Estate
|
11.0
|
|
Health Care
|
10.6
|
|
Energy
|
8.9
|
|
Information Technology
|
8.7
|
|
Consumer Discretionary
|
5.4
|
|
Materials
|
4.8
|
|
Utilities
|
2.4
|
|
Consumer Staples
|
2.0
|
|
Communication Services
|
0.9
|
|
|
|
Common Stocks
|
99.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.7
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
|
United States
|
92.8
|
Canada
|
4.8
|
Bermuda
|
1.3
|
Japan
|
1.1
|
Netherlands
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.8
|
|
|
Canada - 4.8
|
|
|
Bermuda - 1.3
|
|
|
Japan - 1.1
|
|
|
Netherlands - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Eastern Bankshares Inc
|
3.0
|
|
Insight Enterprises Inc
|
2.9
|
|
Graphic Packaging Holding CO
|
2.4
|
|
Brookfield Infrastructure Corp (United States)
|
2.4
|
|
Old Republic International Corp
|
2.2
|
|
Primerica Inc
|
2.1
|
|
Synovus Financial Corp
|
2.1
|
|
SouthState Corp
|
1.8
|
|
Cadence Bank
|
1.8
|
|
CareTrust REIT Inc
|
1.8
|
|
|
|
22.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915272.100 3303-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class I : FCVIX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 49
|
0.95%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,036,538,667
|
|
Number of Holdings
|
110
|
|
Portfolio Turnover
|
80%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Financials
|
28.9
|
|
Industrials
|
15.7
|
|
Real Estate
|
11.0
|
|
Health Care
|
10.6
|
|
Energy
|
8.9
|
|
Information Technology
|
8.7
|
|
Consumer Discretionary
|
5.4
|
|
Materials
|
4.8
|
|
Utilities
|
2.4
|
|
Consumer Staples
|
2.0
|
|
Communication Services
|
0.9
|
|
|
|
Common Stocks
|
99.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.7
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
|
United States
|
92.8
|
Canada
|
4.8
|
Bermuda
|
1.3
|
Japan
|
1.1
|
Netherlands
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.8
|
|
|
Canada - 4.8
|
|
|
Bermuda - 1.3
|
|
|
Japan - 1.1
|
|
|
Netherlands - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Eastern Bankshares Inc
|
3.0
|
|
Insight Enterprises Inc
|
2.9
|
|
Graphic Packaging Holding CO
|
2.4
|
|
Brookfield Infrastructure Corp (United States)
|
2.4
|
|
Old Republic International Corp
|
2.2
|
|
Primerica Inc
|
2.1
|
|
Synovus Financial Corp
|
2.1
|
|
SouthState Corp
|
1.8
|
|
Cadence Bank
|
1.8
|
|
CareTrust REIT Inc
|
1.8
|
|
|
|
22.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915270.100 1387-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class A : FLEJX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A A
|
$ 29
|
0.98%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,756,466,871
|
|
Number of Holdings
|
92
|
|
Portfolio Turnover
|
10%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
23.2
|
|
Financials
|
17.0
|
|
Industrials
|
16.9
|
|
Consumer Discretionary
|
14.0
|
|
Communication Services
|
10.7
|
|
Utilities
|
8.3
|
|
Materials
|
3.8
|
|
Health Care
|
2.1
|
|
Consumer Staples
|
1.6
|
|
Energy
|
1.4
|
|
|
|
Common Stocks
|
99.0
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.0
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
95.5
|
China
|
1.4
|
Taiwan
|
1.2
|
United Kingdom
|
0.7
|
Netherlands
|
0.6
|
Canada
|
0.4
|
Hong Kong
|
0.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.5
|
|
|
China - 1.4
|
|
|
Taiwan - 1.2
|
|
|
United Kingdom - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Canada - 0.4
|
|
|
Hong Kong - 0.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Meta Platforms Inc Class A
|
5.6
|
|
Vistra Corp
|
4.8
|
|
NVIDIA Corp
|
4.5
|
|
Apollo Global Management Inc
|
3.9
|
|
Arthur J Gallagher & Co
|
3.3
|
|
Constellation Energy Corp
|
2.6
|
|
Amazon.com Inc
|
2.5
|
|
Microsoft Corp
|
2.4
|
|
Alphabet Inc Class A
|
2.3
|
|
Comfort Systems USA Inc
|
2.2
|
|
|
|
34.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918398.100 7776-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class I : FBCJX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I A
|
$ 23
|
0.68%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$75,881,215,024
|
|
Number of Holdings
|
405
|
|
Portfolio Turnover
|
32%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
42.0
|
|
Consumer Discretionary
|
22.2
|
|
Communication Services
|
18.2
|
|
Health Care
|
5.8
|
|
Financials
|
4.6
|
|
Industrials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.8
|
|
Real Estate
|
0.4
|
|
Energy
|
0.4
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
1.6
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 1.6
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
|
United States
|
94.5
|
China
|
1.5
|
Taiwan
|
0.9
|
India
|
0.9
|
Canada
|
0.6
|
Switzerland
|
0.2
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Israel
|
0.2
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.5
|
|
|
China - 1.5
|
|
|
Taiwan - 0.9
|
|
|
India - 0.9
|
|
|
Canada - 0.6
|
|
|
Switzerland - 0.2
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Israel - 0.2
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.6
|
|
Apple Inc
|
10.2
|
|
Amazon.com Inc
|
9.5
|
|
Alphabet Inc Class A
|
7.7
|
|
Microsoft Corp
|
6.5
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.3
|
|
Netflix Inc
|
2.7
|
|
Eli Lilly & Co
|
2.4
|
|
Tesla Inc
|
1.8
|
|
|
|
60.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918465.100 7822-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class M : FLELX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M A
|
$ 36
|
1.23%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,756,466,871
|
|
Number of Holdings
|
92
|
|
Portfolio Turnover
|
10%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
23.2
|
|
Financials
|
17.0
|
|
Industrials
|
16.9
|
|
Consumer Discretionary
|
14.0
|
|
Communication Services
|
10.7
|
|
Utilities
|
8.3
|
|
Materials
|
3.8
|
|
Health Care
|
2.1
|
|
Consumer Staples
|
1.6
|
|
Energy
|
1.4
|
|
|
|
Common Stocks
|
99.0
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.0
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
95.5
|
China
|
1.4
|
Taiwan
|
1.2
|
United Kingdom
|
0.7
|
Netherlands
|
0.6
|
Canada
|
0.4
|
Hong Kong
|
0.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.5
|
|
|
China - 1.4
|
|
|
Taiwan - 1.2
|
|
|
United Kingdom - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Canada - 0.4
|
|
|
Hong Kong - 0.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Meta Platforms Inc Class A
|
5.6
|
|
Vistra Corp
|
4.8
|
|
NVIDIA Corp
|
4.5
|
|
Apollo Global Management Inc
|
3.9
|
|
Arthur J Gallagher & Co
|
3.3
|
|
Constellation Energy Corp
|
2.6
|
|
Amazon.com Inc
|
2.5
|
|
Microsoft Corp
|
2.4
|
|
Alphabet Inc Class A
|
2.3
|
|
Comfort Systems USA Inc
|
2.2
|
|
|
|
34.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918402.100 7805-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Real Estate Income Fund
Fidelity® Real Estate Income Fund : FRIFX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Real Estate Income Fund
|
$ 34
|
0.66%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$4,895,160,666
|
|
Number of Holdings
|
532
|
|
Portfolio Turnover
|
23%
|
|
What did the Fund invest in?
(as of January 31, 2025)
AAA
|
1.4
|
AA
|
1.7
|
A
|
5.0
|
BBB
|
20.8
|
BB
|
10.9
|
B
|
4.4
|
CCC,CC,C
|
2.3
|
Not Rated
|
12.9
|
Equities
|
36.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
AAA - 1.4
|
|
|
AA - 1.7
|
|
|
A - 5.0
|
|
|
BBB - 20.8
|
|
|
BB - 10.9
|
|
|
B - 4.4
|
|
|
CCC,CC,C - 2.3
|
|
|
Not Rated - 12.9
|
|
|
Equities - 36.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
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.
|
Corporate Bonds
|
32.2
|
CMOs and Other Mortgage Related Securities
|
22.8
|
Common Stocks
|
21.9
|
Preferred Stocks
|
14.9
|
Asset-Backed Securities
|
2.2
|
Bank Loan Obligations
|
2.1
|
Preferred Securities
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 32.2
|
|
|
CMOs and Other Mortgage Related Securities - 22.8
|
|
|
Common Stocks - 21.9
|
|
|
Preferred Stocks - 14.9
|
|
|
Asset-Backed Securities - 2.2
|
|
|
Bank Loan Obligations - 2.1
|
|
|
Preferred Securities - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
United States
|
99.5
|
Canada
|
0.3
|
United Kingdom
|
0.2
|
Grand Cayman (UK Overseas Ter)
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 99.5
|
|
|
Canada - 0.3
|
|
|
United Kingdom - 0.2
|
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
American Tower Corp
|
2.9
|
|
Prologis Inc
|
1.9
|
|
American Tower Corp
|
1.9
|
|
Crown Castle Inc
|
1.8
|
|
American Homes 4 Rent LP
|
1.7
|
|
Equinix Inc
|
1.7
|
|
Equity LifeStyle Properties Inc
|
1.6
|
|
Sun Communities Operating LP
|
1.4
|
|
Invitation Homes Operating Partnership LP
|
1.3
|
|
Welltower Inc
|
1.3
|
|
|
|
17.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915279.100 833-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class M : FCTGX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 74
|
1.42%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,983,462,426
|
|
Number of Holdings
|
294
|
|
Portfolio Turnover
|
75%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Health Care
|
24.9
|
|
Industrials
|
21.3
|
|
Information Technology
|
19.9
|
|
Consumer Discretionary
|
11.8
|
|
Financials
|
9.4
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.8
|
|
Energy
|
1.8
|
|
Communication Services
|
1.7
|
|
Real Estate
|
1.5
|
|
|
|
Common Stocks
|
98.1
|
Preferred Stocks
|
1.3
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.6
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.1
|
|
|
Preferred Stocks - 1.3
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
|
|
|
United States
|
91.7
|
Israel
|
2.9
|
Canada
|
1.4
|
United Kingdom
|
0.8
|
Thailand
|
0.7
|
Japan
|
0.6
|
Netherlands
|
0.4
|
Italy
|
0.4
|
Sweden
|
0.4
|
Others
|
0.7
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.7
|
|
|
Israel - 2.9
|
|
|
Canada - 1.4
|
|
|
United Kingdom - 0.8
|
|
|
Thailand - 0.7
|
|
|
Japan - 0.6
|
|
|
Netherlands - 0.4
|
|
|
Italy - 0.4
|
|
|
Sweden - 0.4
|
|
|
Others - 0.7
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Wix.com Ltd
|
1.4
|
|
ExlService Holdings Inc
|
1.3
|
|
Carpenter Technology Corp
|
1.2
|
|
OSI Systems Inc
|
1.2
|
|
Boot Barn Holdings Inc
|
1.2
|
|
BrightSpring Health Services Inc
|
1.1
|
|
Applied Industrial Technologies Inc
|
1.1
|
|
HealthEquity Inc
|
1.0
|
|
Brinker International Inc
|
1.0
|
|
FTAI Aviation Ltd
|
1.0
|
|
|
|
11.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915263.100 1381-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class A : FBCCX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A A
|
$ 31
|
0.92%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$75,881,215,024
|
|
Number of Holdings
|
405
|
|
Portfolio Turnover
|
32%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
42.0
|
|
Consumer Discretionary
|
22.2
|
|
Communication Services
|
18.2
|
|
Health Care
|
5.8
|
|
Financials
|
4.6
|
|
Industrials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.8
|
|
Real Estate
|
0.4
|
|
Energy
|
0.4
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
1.6
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 1.6
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
|
United States
|
94.5
|
China
|
1.5
|
Taiwan
|
0.9
|
India
|
0.9
|
Canada
|
0.6
|
Switzerland
|
0.2
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Israel
|
0.2
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.5
|
|
|
China - 1.5
|
|
|
Taiwan - 0.9
|
|
|
India - 0.9
|
|
|
Canada - 0.6
|
|
|
Switzerland - 0.2
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Israel - 0.2
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.6
|
|
Apple Inc
|
10.2
|
|
Amazon.com Inc
|
9.5
|
|
Alphabet Inc Class A
|
7.7
|
|
Microsoft Corp
|
6.5
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.3
|
|
Netflix Inc
|
2.7
|
|
Eli Lilly & Co
|
2.4
|
|
Tesla Inc
|
1.8
|
|
|
|
60.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918459.100 7819-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class Z : FIKMX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$ 29
|
0.57%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$4,895,160,666
|
|
Number of Holdings
|
532
|
|
Portfolio Turnover
|
23%
|
|
What did the Fund invest in?
(as of January 31, 2025)
AAA
|
1.4
|
AA
|
1.7
|
A
|
5.0
|
BBB
|
20.8
|
BB
|
10.9
|
B
|
4.4
|
CCC,CC,C
|
2.3
|
Not Rated
|
12.9
|
Equities
|
36.8
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
AAA - 1.4
|
|
|
AA - 1.7
|
|
|
A - 5.0
|
|
|
BBB - 20.8
|
|
|
BB - 10.9
|
|
|
B - 4.4
|
|
|
CCC,CC,C - 2.3
|
|
|
Not Rated - 12.9
|
|
|
Equities - 36.8
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
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.
|
Corporate Bonds
|
32.2
|
CMOs and Other Mortgage Related Securities
|
22.8
|
Common Stocks
|
21.9
|
Preferred Stocks
|
14.9
|
Asset-Backed Securities
|
2.2
|
Bank Loan Obligations
|
2.1
|
Preferred Securities
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.8
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Corporate Bonds - 32.2
|
|
|
CMOs and Other Mortgage Related Securities - 22.8
|
|
|
Common Stocks - 21.9
|
|
|
Preferred Stocks - 14.9
|
|
|
Asset-Backed Securities - 2.2
|
|
|
Bank Loan Obligations - 2.1
|
|
|
Preferred Securities - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.8
|
|
|
United States
|
99.5
|
Canada
|
0.3
|
United Kingdom
|
0.2
|
Grand Cayman (UK Overseas Ter)
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 99.5
|
|
|
Canada - 0.3
|
|
|
United Kingdom - 0.2
|
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
American Tower Corp
|
2.9
|
|
Prologis Inc
|
1.9
|
|
American Tower Corp
|
1.9
|
|
Crown Castle Inc
|
1.8
|
|
American Homes 4 Rent LP
|
1.7
|
|
Equinix Inc
|
1.7
|
|
Equity LifeStyle Properties Inc
|
1.6
|
|
Sun Communities Operating LP
|
1.4
|
|
Invitation Homes Operating Partnership LP
|
1.3
|
|
Welltower Inc
|
1.3
|
|
|
|
17.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915278.100 3302-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class M : FCVTX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class M
|
$ 74
|
1.45%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,036,538,667
|
|
Number of Holdings
|
110
|
|
Portfolio Turnover
|
80%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Financials
|
28.9
|
|
Industrials
|
15.7
|
|
Real Estate
|
11.0
|
|
Health Care
|
10.6
|
|
Energy
|
8.9
|
|
Information Technology
|
8.7
|
|
Consumer Discretionary
|
5.4
|
|
Materials
|
4.8
|
|
Utilities
|
2.4
|
|
Consumer Staples
|
2.0
|
|
Communication Services
|
0.9
|
|
|
|
Common Stocks
|
99.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.7
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
|
United States
|
92.8
|
Canada
|
4.8
|
Bermuda
|
1.3
|
Japan
|
1.1
|
Netherlands
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.8
|
|
|
Canada - 4.8
|
|
|
Bermuda - 1.3
|
|
|
Japan - 1.1
|
|
|
Netherlands - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Eastern Bankshares Inc
|
3.0
|
|
Insight Enterprises Inc
|
2.9
|
|
Graphic Packaging Holding CO
|
2.4
|
|
Brookfield Infrastructure Corp (United States)
|
2.4
|
|
Old Republic International Corp
|
2.2
|
|
Primerica Inc
|
2.1
|
|
Synovus Financial Corp
|
2.1
|
|
SouthState Corp
|
1.8
|
|
Cadence Bank
|
1.8
|
|
CareTrust REIT Inc
|
1.8
|
|
|
|
22.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915269.100 1386-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth K6 Fund
Fidelity® Blue Chip Growth K6 Fund : FBCGX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth K6 Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Blue Chip Growth K6 Fund
|
$ 25
|
0.45%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$17,621,832,858
|
|
Number of Holdings
|
395
|
|
Portfolio Turnover
|
30%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
38.7
|
|
Consumer Discretionary
|
19.6
|
|
Communication Services
|
17.7
|
|
Health Care
|
7.0
|
|
Financials
|
5.3
|
|
Industrials
|
4.8
|
|
Consumer Staples
|
2.0
|
|
Materials
|
1.0
|
|
Real Estate
|
0.4
|
|
Energy
|
0.1
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
95.4
|
Preferred Stocks
|
1.2
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.4
|
|
|
Preferred Stocks - 1.2
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.4
|
|
|
United States
|
94.6
|
China
|
1.5
|
Taiwan
|
1.2
|
India
|
0.7
|
Canada
|
0.6
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Switzerland
|
0.2
|
Germany
|
0.2
|
Others
|
0.6
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.6
|
|
|
China - 1.5
|
|
|
Taiwan - 1.2
|
|
|
India - 0.7
|
|
|
Canada - 0.6
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Switzerland - 0.2
|
|
|
Germany - 0.2
|
|
|
Others - 0.6
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
12.0
|
|
Meta Platforms Inc Class A
|
6.3
|
|
Amazon.com Inc
|
6.0
|
|
Alphabet Inc Class A
|
5.9
|
|
Apple Inc
|
5.4
|
|
Microsoft Corp
|
4.9
|
|
Marvell Technology Inc
|
3.4
|
|
Netflix Inc
|
2.8
|
|
Broadcom Inc
|
2.8
|
|
Eli Lilly & Co
|
2.6
|
|
|
|
52.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915349.100 2945-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class I : FCIGX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$ 48
|
0.92%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$7,983,462,426
|
|
Number of Holdings
|
294
|
|
Portfolio Turnover
|
75%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Health Care
|
24.9
|
|
Industrials
|
21.3
|
|
Information Technology
|
19.9
|
|
Consumer Discretionary
|
11.8
|
|
Financials
|
9.4
|
|
Materials
|
4.3
|
|
Consumer Staples
|
2.8
|
|
Energy
|
1.8
|
|
Communication Services
|
1.7
|
|
Real Estate
|
1.5
|
|
|
|
Common Stocks
|
98.1
|
Preferred Stocks
|
1.3
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.6
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.1
|
|
|
Preferred Stocks - 1.3
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.6
|
|
|
United States
|
91.7
|
Israel
|
2.9
|
Canada
|
1.4
|
United Kingdom
|
0.8
|
Thailand
|
0.7
|
Japan
|
0.6
|
Netherlands
|
0.4
|
Italy
|
0.4
|
Sweden
|
0.4
|
Others
|
0.7
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 91.7
|
|
|
Israel - 2.9
|
|
|
Canada - 1.4
|
|
|
United Kingdom - 0.8
|
|
|
Thailand - 0.7
|
|
|
Japan - 0.6
|
|
|
Netherlands - 0.4
|
|
|
Italy - 0.4
|
|
|
Sweden - 0.4
|
|
|
Others - 0.7
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Wix.com Ltd
|
1.4
|
|
ExlService Holdings Inc
|
1.3
|
|
Carpenter Technology Corp
|
1.2
|
|
OSI Systems Inc
|
1.2
|
|
Boot Barn Holdings Inc
|
1.2
|
|
BrightSpring Health Services Inc
|
1.1
|
|
Applied Industrial Technologies Inc
|
1.1
|
|
HealthEquity Inc
|
1.0
|
|
Brinker International Inc
|
1.0
|
|
FTAI Aviation Ltd
|
1.0
|
|
|
|
11.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915264.100 1382-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
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Fidelity® OTC K6 Portfolio
Fidelity® OTC K6 Portfolio : FOKFX
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This semi-annual shareholder report contains information about Fidelity® OTC K6 Portfolio for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® OTC K6 Portfolio
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$ 27
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0.50%
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Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
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Fund Size
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$2,902,477,823
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Number of Holdings
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150
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Portfolio Turnover
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55%
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What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
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Information Technology
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46.7
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Communication Services
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20.4
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Consumer Discretionary
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12.5
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Health Care
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7.4
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Consumer Staples
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2.3
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Financials
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2.0
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Energy
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1.2
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Industrials
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1.1
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Utilities
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0.9
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Real Estate
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0.3
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Materials
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0.1
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Common Stocks
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94.6
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Domestic Equity Funds
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4.7
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Preferred Stocks
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0.3
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Short-Term Investments and Net Other Assets (Liabilities)
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0.4
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ASSET ALLOCATION (% of Fund's net assets)
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Common Stocks - 94.6
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Domestic Equity Funds - 4.7
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Preferred Stocks - 0.3
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Short-Term Investments and Net Other Assets (Liabilities) - 0.4
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United States
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94.1
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Taiwan
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3.0
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Netherlands
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1.2
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China
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0.5
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United Kingdom
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0.4
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Brazil
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0.3
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Canada
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0.2
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Ireland
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0.1
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Korea (South)
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0.1
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Others
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0.1
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 94.1
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Taiwan - 3.0
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Netherlands - 1.2
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China - 0.5
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United Kingdom - 0.4
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Brazil - 0.3
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Canada - 0.2
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Ireland - 0.1
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Korea (South) - 0.1
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Others - 0.1
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TOP HOLDINGS
(% of Fund's net assets)
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Apple Inc
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11.8
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NVIDIA Corp
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10.1
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Amazon.com Inc
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9.2
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Alphabet Inc Class A
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8.1
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Microsoft Corp
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7.6
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Meta Platforms Inc Class A
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4.8
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Invesco QQQ Trust ETF
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4.7
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Marvell Technology Inc
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3.9
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Alphabet Inc Class C
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3.2
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Taiwan Semiconductor Manufacturing Co Ltd ADR
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3.0
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66.4
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915355.100 3407-TSRS-0425
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
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Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class I : FRIRX
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This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Class I
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$ 36
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0.70%
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Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
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Fund Size
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$4,895,160,666
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Number of Holdings
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532
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Portfolio Turnover
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23%
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What did the Fund invest in?
(as of January 31, 2025)
AAA
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1.4
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AA
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1.7
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A
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5.0
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BBB
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20.8
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BB
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10.9
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B
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4.4
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CCC,CC,C
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2.3
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Not Rated
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12.9
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Equities
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36.8
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Short-Term Investments and Net Other Assets (Liabilities)
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3.8
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QUALITY DIVERSIFICATION (% of Fund's net assets)
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AAA - 1.4
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AA - 1.7
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A - 5.0
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BBB - 20.8
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BB - 10.9
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B - 4.4
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CCC,CC,C - 2.3
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Not Rated - 12.9
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Equities - 36.8
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Short-Term Investments and Net Other Assets (Liabilities) - 3.8
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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.
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Corporate Bonds
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32.2
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CMOs and Other Mortgage Related Securities
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22.8
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Common Stocks
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21.9
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Preferred Stocks
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14.9
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Asset-Backed Securities
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2.2
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Bank Loan Obligations
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2.1
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Preferred Securities
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0.1
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Short-Term Investments and Net Other Assets (Liabilities)
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3.8
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ASSET ALLOCATION (% of Fund's net assets)
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Corporate Bonds - 32.2
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CMOs and Other Mortgage Related Securities - 22.8
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Common Stocks - 21.9
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Preferred Stocks - 14.9
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Asset-Backed Securities - 2.2
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Bank Loan Obligations - 2.1
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Preferred Securities - 0.1
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Short-Term Investments and Net Other Assets (Liabilities) - 3.8
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United States
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99.5
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Canada
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0.3
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United Kingdom
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0.2
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Grand Cayman (UK Overseas Ter)
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0.0
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 99.5
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Canada - 0.3
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United Kingdom - 0.2
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Grand Cayman (UK Overseas Ter) - 0.0
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TOP HOLDINGS
(% of Fund's net assets)
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American Tower Corp
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2.9
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Prologis Inc
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1.9
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American Tower Corp
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1.9
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Crown Castle Inc
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1.8
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American Homes 4 Rent LP
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1.7
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Equinix Inc
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1.7
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Equity LifeStyle Properties Inc
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1.6
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Sun Communities Operating LP
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1.4
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Invitation Homes Operating Partnership LP
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1.3
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Welltower Inc
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1.3
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17.5
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915277.100 2227-TSRS-0425
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
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Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class C : FRIOX
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This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Class C
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$ 87
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1.70%
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Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
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Fund Size
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$4,895,160,666
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Number of Holdings
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532
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Portfolio Turnover
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23%
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What did the Fund invest in?
(as of January 31, 2025)
AAA
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1.4
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AA
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1.7
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A
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5.0
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BBB
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20.8
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BB
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10.9
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B
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4.4
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CCC,CC,C
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2.3
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Not Rated
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12.9
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Equities
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36.8
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Short-Term Investments and Net Other Assets (Liabilities)
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3.8
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QUALITY DIVERSIFICATION (% of Fund's net assets)
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AAA - 1.4
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AA - 1.7
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A - 5.0
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BBB - 20.8
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BB - 10.9
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B - 4.4
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CCC,CC,C - 2.3
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Not Rated - 12.9
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Equities - 36.8
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Short-Term Investments and Net Other Assets (Liabilities) - 3.8
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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.
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Corporate Bonds
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32.2
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CMOs and Other Mortgage Related Securities
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22.8
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Common Stocks
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21.9
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Preferred Stocks
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14.9
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Asset-Backed Securities
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2.2
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Bank Loan Obligations
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2.1
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Preferred Securities
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0.1
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Short-Term Investments and Net Other Assets (Liabilities)
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3.8
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ASSET ALLOCATION (% of Fund's net assets)
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Corporate Bonds - 32.2
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CMOs and Other Mortgage Related Securities - 22.8
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Common Stocks - 21.9
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Preferred Stocks - 14.9
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Asset-Backed Securities - 2.2
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Bank Loan Obligations - 2.1
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Preferred Securities - 0.1
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Short-Term Investments and Net Other Assets (Liabilities) - 3.8
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United States
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99.5
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Canada
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0.3
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United Kingdom
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0.2
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Grand Cayman (UK Overseas Ter)
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0.0
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 99.5
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Canada - 0.3
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United Kingdom - 0.2
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Grand Cayman (UK Overseas Ter) - 0.0
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TOP HOLDINGS
(% of Fund's net assets)
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American Tower Corp
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2.9
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Prologis Inc
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1.9
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American Tower Corp
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1.9
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Crown Castle Inc
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1.8
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American Homes 4 Rent LP
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1.7
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Equinix Inc
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1.7
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Equity LifeStyle Properties Inc
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1.6
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Sun Communities Operating LP
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1.4
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Invitation Homes Operating Partnership LP
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1.3
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Welltower Inc
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1.3
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17.5
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915275.100 2224-TSRS-0425
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
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Fidelity® Growth & Income Portfolio
Fidelity® Growth & Income Portfolio Class K : FGIKX
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This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Class K
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$ 24
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0.46%
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Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
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Fund Size
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$11,417,634,941
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Number of Holdings
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179
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Portfolio Turnover
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14%
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What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
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Information Technology
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21.9
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Financials
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21.0
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Industrials
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17.1
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Health Care
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11.2
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Energy
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8.8
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Consumer Staples
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5.6
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Communication Services
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4.8
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Utilities
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2.3
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Consumer Discretionary
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2.0
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Real Estate
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1.2
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Materials
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1.0
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Common Stocks
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95.9
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Preferred Stocks
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0.9
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Bonds
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0.1
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Short-Term Investments and Net Other Assets (Liabilities)
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3.1
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ASSET ALLOCATION (% of Fund's net assets)
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Common Stocks - 95.9
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Preferred Stocks - 0.9
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Bonds - 0.1
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Short-Term Investments and Net Other Assets (Liabilities) - 3.1
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United States
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90.7
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Canada
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1.7
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Germany
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1.5
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United Kingdom
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1.2
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Netherlands
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1.0
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Belgium
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0.9
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France
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0.8
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Zambia
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0.7
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Taiwan
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0.7
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Others
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0.8
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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United States - 90.7
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Canada - 1.7
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Germany - 1.5
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United Kingdom - 1.2
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Netherlands - 1.0
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Belgium - 0.9
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France - 0.8
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Zambia - 0.7
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Taiwan - 0.7
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Others - 0.8
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TOP HOLDINGS
(% of Fund's net assets)
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Microsoft Corp
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7.0
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Wells Fargo & Co
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7.0
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Exxon Mobil Corp
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5.5
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GE Aerospace
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5.2
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NVIDIA Corp
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3.5
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Bank of America Corp
|
3.0
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Apple Inc
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2.8
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GE Vernova Inc
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2.5
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Visa Inc Class A
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2.2
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UnitedHealth Group Inc
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1.9
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40.6
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915186.100 2089-TSRS-0425
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
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Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class C : FOTGX
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This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C A
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$ 58
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1.75%
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AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
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Fund Size
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$32,913,469,548
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Number of Holdings
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158
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Portfolio Turnover
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55%
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|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
47.0
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Communication Services
|
21.7
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|
Consumer Discretionary
|
12.2
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|
Health Care
|
7.3
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|
Industrials
|
3.1
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|
Consumer Staples
|
2.3
|
|
Financials
|
1.9
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|
Energy
|
1.2
|
|
Utilities
|
0.9
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|
Real Estate
|
0.3
|
|
Materials
|
0.1
|
|
|
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Common Stocks
|
96.8
|
Domestic Equity Funds
|
1.6
|
Preferred Stocks
|
1.2
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
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ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 96.8
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Domestic Equity Funds - 1.6
|
|
|
Preferred Stocks - 1.2
|
|
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Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
94.0
|
Taiwan
|
3.1
|
Netherlands
|
1.1
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China
|
0.6
|
United Kingdom
|
0.4
|
Brazil
|
0.3
|
Canada
|
0.2
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Ireland
|
0.1
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Korea (South)
|
0.1
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Others
|
0.1
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GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
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|
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United States - 94.0
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Taiwan - 3.1
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Netherlands - 1.1
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China - 0.6
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United Kingdom - 0.4
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Brazil - 0.3
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Canada - 0.2
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Ireland - 0.1
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Korea (South) - 0.1
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Others - 0.1
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TOP HOLDINGS
(% of Fund's net assets)
|
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Apple Inc
|
11.8
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NVIDIA Corp
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10.5
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Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.0
|
|
Microsoft Corp
|
7.4
|
|
Meta Platforms Inc Class A
|
4.8
|
|
Marvell Technology Inc
|
4.0
|
|
Alphabet Inc Class C
|
3.1
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3.1
|
|
Netflix Inc
|
2.9
|
|
|
|
64.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918491.100 7816-TSRS-0425
|
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|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
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Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class I : FLENX
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|
|
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I A
|
$ 22
|
0.73%
|
|
AExpenses for the full reporting period would be higher.
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$3,756,466,871
|
|
Number of Holdings
|
92
|
|
Portfolio Turnover
|
10%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
23.2
|
|
Financials
|
17.0
|
|
Industrials
|
16.9
|
|
Consumer Discretionary
|
14.0
|
|
Communication Services
|
10.7
|
|
Utilities
|
8.3
|
|
Materials
|
3.8
|
|
Health Care
|
2.1
|
|
Consumer Staples
|
1.6
|
|
Energy
|
1.4
|
|
|
|
Common Stocks
|
99.0
|
Bonds
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.0
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.0
|
|
|
Bonds - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
|
United States
|
95.5
|
China
|
1.4
|
Taiwan
|
1.2
|
United Kingdom
|
0.7
|
Netherlands
|
0.6
|
Canada
|
0.4
|
Hong Kong
|
0.2
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.5
|
|
|
China - 1.4
|
|
|
Taiwan - 1.2
|
|
|
United Kingdom - 0.7
|
|
|
Netherlands - 0.6
|
|
|
Canada - 0.4
|
|
|
Hong Kong - 0.2
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Meta Platforms Inc Class A
|
5.6
|
|
Vistra Corp
|
4.8
|
|
NVIDIA Corp
|
4.5
|
|
Apollo Global Management Inc
|
3.9
|
|
Arthur J Gallagher & Co
|
3.3
|
|
Constellation Energy Corp
|
2.6
|
|
Amazon.com Inc
|
2.5
|
|
Microsoft Corp
|
2.4
|
|
Alphabet Inc Class A
|
2.3
|
|
Comfort Systems USA Inc
|
2.2
|
|
|
|
34.1
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9918404.100 7807-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Series Small Cap Opportunities Fund
Fidelity® Series Small Cap Opportunities Fund : FSOPX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Series Small Cap Opportunities Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Series Small Cap Opportunities Fund
|
$ 0 A
|
0.00%B
|
|
A Amount represents less than $.50
B Amount represents less than 0.005%
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$4,569,646,013
|
|
Number of Holdings
|
222
|
|
Portfolio Turnover
|
43%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Industrials
|
18.0
|
|
Financials
|
17.6
|
|
Health Care
|
16.3
|
|
Information Technology
|
14.8
|
|
Consumer Discretionary
|
11.1
|
|
Energy
|
5.3
|
|
Materials
|
5.2
|
|
Real Estate
|
4.5
|
|
Consumer Staples
|
3.9
|
|
Utilities
|
2.2
|
|
Communication Services
|
0.7
|
|
|
|
Common Stocks
|
99.6
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.4
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.6
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
|
United States
|
89.5
|
Canada
|
3.8
|
United Kingdom
|
1.6
|
Israel
|
1.2
|
Puerto Rico
|
1.0
|
Thailand
|
0.9
|
Netherlands
|
0.7
|
Japan
|
0.5
|
India
|
0.3
|
Others
|
0.5
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 89.5
|
|
|
Canada - 3.8
|
|
|
United Kingdom - 1.6
|
|
|
Israel - 1.2
|
|
|
Puerto Rico - 1.0
|
|
|
Thailand - 0.9
|
|
|
Netherlands - 0.7
|
|
|
Japan - 0.5
|
|
|
India - 0.3
|
|
|
Others - 0.5
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Synovus Financial Corp
|
1.4
|
|
IES Holdings Inc
|
1.3
|
|
Academy Sports & Outdoors Inc
|
1.2
|
|
Insight Enterprises Inc
|
1.1
|
|
Primerica Inc
|
1.1
|
|
Rush Enterprises Inc Class A
|
1.1
|
|
FirstCash Holdings Inc
|
1.1
|
|
Advanced Energy Industries Inc
|
1.1
|
|
Liberty Energy Inc Class A
|
1.1
|
|
Murphy USA Inc
|
1.0
|
|
|
|
11.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915273.100 1799-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class A : FCVAX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$ 61
|
1.20%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,036,538,667
|
|
Number of Holdings
|
110
|
|
Portfolio Turnover
|
80%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Financials
|
28.9
|
|
Industrials
|
15.7
|
|
Real Estate
|
11.0
|
|
Health Care
|
10.6
|
|
Energy
|
8.9
|
|
Information Technology
|
8.7
|
|
Consumer Discretionary
|
5.4
|
|
Materials
|
4.8
|
|
Utilities
|
2.4
|
|
Consumer Staples
|
2.0
|
|
Communication Services
|
0.9
|
|
|
|
Common Stocks
|
99.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.7
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
|
United States
|
92.8
|
Canada
|
4.8
|
Bermuda
|
1.3
|
Japan
|
1.1
|
Netherlands
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.8
|
|
|
Canada - 4.8
|
|
|
Bermuda - 1.3
|
|
|
Japan - 1.1
|
|
|
Netherlands - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Eastern Bankshares Inc
|
3.0
|
|
Insight Enterprises Inc
|
2.9
|
|
Graphic Packaging Holding CO
|
2.4
|
|
Brookfield Infrastructure Corp (United States)
|
2.4
|
|
Old Republic International Corp
|
2.2
|
|
Primerica Inc
|
2.1
|
|
Synovus Financial Corp
|
2.1
|
|
SouthState Corp
|
1.8
|
|
Cadence Bank
|
1.8
|
|
CareTrust REIT Inc
|
1.8
|
|
|
|
22.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915267.100 1383-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Blue Chip Growth Fund
Fidelity® Blue Chip Growth Fund Class K : FBGKX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K
|
$ 26
|
0.47%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$75,881,215,024
|
|
Number of Holdings
|
405
|
|
Portfolio Turnover
|
32%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
42.0
|
|
Consumer Discretionary
|
22.2
|
|
Communication Services
|
18.2
|
|
Health Care
|
5.8
|
|
Financials
|
4.6
|
|
Industrials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.8
|
|
Real Estate
|
0.4
|
|
Energy
|
0.4
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
98.2
|
Preferred Stocks
|
1.6
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 98.2
|
|
|
Preferred Stocks - 1.6
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
|
United States
|
94.5
|
China
|
1.5
|
Taiwan
|
0.9
|
India
|
0.9
|
Canada
|
0.6
|
Switzerland
|
0.2
|
Finland
|
0.2
|
United Kingdom
|
0.2
|
Israel
|
0.2
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 94.5
|
|
|
China - 1.5
|
|
|
Taiwan - 0.9
|
|
|
India - 0.9
|
|
|
Canada - 0.6
|
|
|
Switzerland - 0.2
|
|
|
Finland - 0.2
|
|
|
United Kingdom - 0.2
|
|
|
Israel - 0.2
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.6
|
|
Apple Inc
|
10.2
|
|
Amazon.com Inc
|
9.5
|
|
Alphabet Inc Class A
|
7.7
|
|
Microsoft Corp
|
6.5
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.3
|
|
Netflix Inc
|
2.7
|
|
Eli Lilly & Co
|
2.4
|
|
Tesla Inc
|
1.8
|
|
|
|
60.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915233.100 2078-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Small Cap Value Fund
Fidelity® Small Cap Value Fund : FCPVX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Small Cap Value Fund
|
$ 47
|
0.91%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$5,036,538,667
|
|
Number of Holdings
|
110
|
|
Portfolio Turnover
|
80%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Financials
|
28.9
|
|
Industrials
|
15.7
|
|
Real Estate
|
11.0
|
|
Health Care
|
10.6
|
|
Energy
|
8.9
|
|
Information Technology
|
8.7
|
|
Consumer Discretionary
|
5.4
|
|
Materials
|
4.8
|
|
Utilities
|
2.4
|
|
Consumer Staples
|
2.0
|
|
Communication Services
|
0.9
|
|
|
|
Common Stocks
|
99.3
|
Short-Term Investments and Net Other Assets (Liabilities)
|
0.7
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 99.3
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
|
United States
|
92.8
|
Canada
|
4.8
|
Bermuda
|
1.3
|
Japan
|
1.1
|
Netherlands
|
0.0
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 92.8
|
|
|
Canada - 4.8
|
|
|
Bermuda - 1.3
|
|
|
Japan - 1.1
|
|
|
Netherlands - 0.0
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Eastern Bankshares Inc
|
3.0
|
|
Insight Enterprises Inc
|
2.9
|
|
Graphic Packaging Holding CO
|
2.4
|
|
Brookfield Infrastructure Corp (United States)
|
2.4
|
|
Old Republic International Corp
|
2.2
|
|
Primerica Inc
|
2.1
|
|
Synovus Financial Corp
|
2.1
|
|
SouthState Corp
|
1.8
|
|
Cadence Bank
|
1.8
|
|
CareTrust REIT Inc
|
1.8
|
|
|
|
22.5
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915271.100 1389-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Series Blue Chip Growth Fund
Fidelity® Series Blue Chip Growth Fund : FSBDX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Series Blue Chip Growth Fund for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Series Blue Chip Growth Fund
|
$ 0 A
|
0.00%B
|
|
A Amount represents less than $.50
B Amount represents less than 0.005%
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$12,230,262,168
|
|
Number of Holdings
|
354
|
|
Portfolio Turnover
|
43%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
41.8
|
|
Consumer Discretionary
|
21.5
|
|
Communication Services
|
18.7
|
|
Health Care
|
5.6
|
|
Industrials
|
4.5
|
|
Financials
|
4.4
|
|
Consumer Staples
|
1.0
|
|
Materials
|
0.7
|
|
Real Estate
|
0.4
|
|
Energy
|
0.2
|
|
Utilities
|
0.0
|
|
|
|
Common Stocks
|
97.0
|
Preferred Stocks
|
1.8
|
Bonds
|
0.0
|
Preferred Securities
|
0.0
|
Short-Term Investments and Net Other Assets (Liabilities)
|
1.2
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 97.0
|
|
|
Preferred Stocks - 1.8
|
|
|
Bonds - 0.0
|
|
|
Preferred Securities - 0.0
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
|
|
|
United States
|
95.0
|
China
|
1.5
|
Taiwan
|
0.8
|
Canada
|
0.6
|
India
|
0.6
|
United Kingdom
|
0.2
|
Finland
|
0.2
|
Switzerland
|
0.2
|
Germany
|
0.2
|
Others
|
0.7
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 95.0
|
|
|
China - 1.5
|
|
|
Taiwan - 0.8
|
|
|
Canada - 0.6
|
|
|
India - 0.6
|
|
|
United Kingdom - 0.2
|
|
|
Finland - 0.2
|
|
|
Switzerland - 0.2
|
|
|
Germany - 0.2
|
|
|
Others - 0.7
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
NVIDIA Corp
|
11.2
|
|
Apple Inc
|
9.9
|
|
Amazon.com Inc
|
9.0
|
|
Alphabet Inc Class A
|
8.3
|
|
Microsoft Corp
|
6.3
|
|
Meta Platforms Inc Class A
|
4.9
|
|
Marvell Technology Inc
|
3.8
|
|
Netflix Inc
|
2.6
|
|
Eli Lilly & Co
|
2.1
|
|
Tesla Inc
|
1.8
|
|
|
|
59.9
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915329.100 2611-TSRS-0425
|
|
|
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2025
|
|
|
|
Fidelity® Growth & Income Portfolio
Fidelity® Growth & Income Portfolio : FGRIX
|
|
|
|
|
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2024 to January 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Fidelity® Growth & Income Portfolio
|
$ 28
|
0.53%
|
|
Key Fund Statistics
(as of January 31, 2025)
KEY FACTS
|
|
|
Fund Size
|
$11,417,634,941
|
|
Number of Holdings
|
179
|
|
Portfolio Turnover
|
14%
|
|
What did the Fund invest in?
(as of January 31, 2025)
MARKET SECTORS
(% of Fund's net assets)
|
|
|
Information Technology
|
21.9
|
|
Financials
|
21.0
|
|
Industrials
|
17.1
|
|
Health Care
|
11.2
|
|
Energy
|
8.8
|
|
Consumer Staples
|
5.6
|
|
Communication Services
|
4.8
|
|
Utilities
|
2.3
|
|
Consumer Discretionary
|
2.0
|
|
Real Estate
|
1.2
|
|
Materials
|
1.0
|
|
|
|
Common Stocks
|
95.9
|
Preferred Stocks
|
0.9
|
Bonds
|
0.1
|
Short-Term Investments and Net Other Assets (Liabilities)
|
3.1
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
|
|
|
Common Stocks - 95.9
|
|
|
Preferred Stocks - 0.9
|
|
|
Bonds - 0.1
|
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.1
|
|
|
United States
|
90.7
|
Canada
|
1.7
|
Germany
|
1.5
|
United Kingdom
|
1.2
|
Netherlands
|
1.0
|
Belgium
|
0.9
|
France
|
0.8
|
Zambia
|
0.7
|
Taiwan
|
0.7
|
Others
|
0.8
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
|
|
|
United States - 90.7
|
|
|
Canada - 1.7
|
|
|
Germany - 1.5
|
|
|
United Kingdom - 1.2
|
|
|
Netherlands - 1.0
|
|
|
Belgium - 0.9
|
|
|
France - 0.8
|
|
|
Zambia - 0.7
|
|
|
Taiwan - 0.7
|
|
|
Others - 0.8
|
|
|
|
TOP HOLDINGS
(% of Fund's net assets)
|
|
|
Microsoft Corp
|
7.0
|
|
Wells Fargo & Co
|
7.0
|
|
Exxon Mobil Corp
|
5.5
|
|
GE Aerospace
|
5.2
|
|
NVIDIA Corp
|
3.5
|
|
Bank of America Corp
|
3.0
|
|
Apple Inc
|
2.8
|
|
GE Vernova Inc
|
2.5
|
|
Visa Inc Class A
|
2.2
|
|
UnitedHealth Group Inc
|
1.9
|
|
|
|
40.6
|
|
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
|
|
|
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915187.100 27-TSRS-0425
|
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.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® Real Estate Income Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Real Estate Income Fund
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Asset-Backed Securities - 2.2%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
|
|
|
|
Capital Trust RE CDO Ltd Series 2005-1A Class D, CME Term SOFR 1 month Index + 1.6145%, 6.2207% 3/20/2050 (b)(c)(d)(e)
|
|
2,250,000
|
0
|
Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (b)(c)(d)(e)
|
|
500,000
|
0
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
|
|
0
|
UNITED STATES - 2.2%
|
|
|
|
American Homes 4 Rent Series 2015-SFR2 Class E, 6.07% 10/17/2052 (b)
|
|
8,259,000
|
8,268,700
|
American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/2052 (b)(d)(e)(f)
|
|
4,400,032
|
44
|
Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (b)
|
|
2,747,554
|
2,535,239
|
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (b)
|
|
6,481,117
|
5,375,042
|
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (b)
|
|
27,670,252
|
26,337,646
|
Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (b)
|
|
9,808,503
|
8,672,483
|
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/2039 (b)
|
|
2,900,000
|
2,711,344
|
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2023-2A Class A2, 5.05% 9/15/2048 (b)
|
|
4,000,000
|
3,878,763
|
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class A2, 4.992% 9/15/2049 (b)
|
|
4,479,000
|
4,351,382
|
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (b)
|
|
10,151,000
|
9,949,599
|
Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (b)
|
|
8,000,000
|
8,266,878
|
Tricon Amern Homes Trust Series 2018-SFR1 Class F, 4.96% 5/17/2037 (b)
|
|
8,282,000
|
8,248,175
|
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (b)
|
|
3,000,000
|
2,881,141
|
Tricon Residential Trust Series 2023-SFR1 Class D, 5.1% 7/17/2040 (b)
|
|
5,000,000
|
4,881,457
|
Tricon Residential Trust Series 2023-SFR1 Class E, 7.977% 7/17/2040 (b)
|
|
2,000,000
|
2,040,506
|
Vantage Data Centers Issuer LLC Series 2024-1A Class A2, 5.1% 9/15/2054 (b)
|
|
8,000,000
|
7,866,392
|
TOTAL UNITED STATES
|
|
|
106,264,791
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $111,455,523)
|
|
|
106,264,791
|
|
|
|
|
|
Bank Loan Obligations - 2.1%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 2.1%
|
|
|
|
Communication Services - 0.6%
|
|
|
|
Diversified Telecommunication Services - 0.0%
|
|
|
|
Frontier Communications Holdings LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 3.5%, 7.837% 7/1/2031 (c)(d)(g)
|
|
1,431,413
|
1,437,381
|
Wireless Telecommunication Services - 0.6%
|
|
|
|
SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.07% 1/27/2031 (c)(d)(g)
|
|
25,739,601
|
25,760,965
|
TOTAL COMMUNICATION SERVICES
|
|
|
27,198,346
|
|
|
|
|
|
Consumer Discretionary - 0.5%
|
|
|
|
Hotels, Restaurants & Leisure - 0.5%
|
|
|
|
Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5616% 2/6/2031 (c)(d)(g)
|
|
4,401,738
|
4,410,893
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.357% 1/17/2031 (c)(d)(g)
|
|
3,970,000
|
3,974,327
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.357% 8/2/2028 (c)(d)(g)
|
|
674,995
|
675,927
|
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0606% 11/8/2030 (c)(d)(g)
|
|
13,500,000
|
13,581,000
|
|
|
|
|
22,642,147
|
Energy - 0.4%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.4%
|
|
|
|
CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.3288% 12/31/2030 (c)(d)(g)
|
|
9,950,063
|
9,965,883
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.2908% 10/30/2028 (c)(d)(g)
|
|
9,900,000
|
9,840,204
|
|
|
|
|
19,806,087
|
Financials - 0.6%
|
|
|
|
Financial Services - 0.6%
|
|
|
|
Agellan Portfolio 9% 8/7/2025 (e)(g)
|
|
6,611,000
|
6,611,000
|
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 9.3062% 1/9/2026 (c)(d)(e)(g)
|
|
23,154,831
|
22,344,412
|
|
|
|
|
28,955,412
|
Real Estate - 0.0%
|
|
|
|
Real Estate Management & Development - 0.0%
|
|
|
|
Cushman & Wakefield US Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5616% 1/31/2030 (c)(d)(g)
|
|
2,284,275
|
2,296,655
|
Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0616% 1/31/2030 (c)(d)(g)
|
|
2,611,460
|
2,621,253
|
|
|
|
|
4,917,908
|
TOTAL UNITED STATES
|
|
|
103,519,900
|
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $103,580,370)
|
|
|
103,519,900
|
|
|
|
|
|
Collateralized Mortgage Obligations - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Fannie Mae Guaranteed REMICS Series 2002-W1 Class 3B3, 3.6798% 2/25/2042 (b)(d)(e)
|
|
19,005
|
8,253
|
Fannie Mae Guaranteed REMICS Series 2003-W10 Class 2B3, 3.9397% 6/25/2043 (b)(d)(e)
|
|
32,827
|
25,750
|
TOTAL UNITED STATES
|
|
|
34,003
|
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $29,495)
|
|
|
34,003
|
|
|
|
|
|
Commercial Mortgage Securities - 22.8%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 22.8%
|
|
|
|
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8233% 7/15/2049 (d)
|
|
3,030,000
|
2,923,470
|
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (b)
|
|
11,374,393
|
5,054,194
|
BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (d)
|
|
2,000,000
|
971,842
|
BANK Series 2021-BN38 Class C, 3.2178% 12/15/2064 (d)
|
|
3,505,000
|
2,772,687
|
BANK Series 2022-BNK41 Class C, 3.7899% 4/15/2065 (d)
|
|
4,433,000
|
3,584,091
|
BANK Series 2022-BNK42 Class C, 4.7227% 6/15/2055 (d)
|
|
6,500,000
|
5,780,628
|
BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (b)
|
|
2,000,000
|
1,430,061
|
BANK Series 2022-BNK44 Class AS, 5.7443% 11/15/2055 (d)
|
|
5,000,000
|
5,080,164
|
BANK Series 2023-5YR3 Class AS, 7.3153% 9/15/2056 (d)
|
|
1,500,000
|
1,596,395
|
BANK Series 2023-5YR3 Class B, 7.3152% 9/15/2056 (d)
|
|
2,000,000
|
2,114,418
|
BANK Series 2023-5YR4 Class AS, 7.274% 12/15/2056 (d)
|
|
5,000,000
|
5,301,541
|
BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056
|
|
1,409,000
|
1,458,468
|
BANK Series 2023-BNK46 Class AS, 6.385% 8/15/2056
|
|
5,000,000
|
5,286,647
|
BBCMS Mortgage Trust Series 2020-C6 Class C, 3.045% 2/15/2053
|
|
1,129,000
|
901,904
|
BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5935% 4/15/2053 (d)
|
|
2,067,000
|
1,679,067
|
BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (d)
|
|
5,250,000
|
4,302,471
|
BBCMS Mortgage Trust Series 2022-C17 Class C, 5.45% 9/15/2055
|
|
2,000,000
|
1,853,809
|
BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (b)
|
|
2,000,000
|
1,412,132
|
BBCMS Mortgage Trust Series 2023-5C23 Class AS, 7.4547% 12/15/2056 (d)
|
|
2,500,000
|
2,669,334
|
BBCMS Mortgage Trust Series 2023-C20 Class A5, 5.576% 7/15/2056
|
|
14,250,000
|
14,590,256
|
BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2968% 9/15/2056 (d)
|
|
7,000,000
|
7,357,836
|
BBCMS Mortgage Trust Series 2023-C21 Class B, 6.2967% 9/15/2056 (d)
|
|
7,000,000
|
7,167,708
|
BBCMS Mortgage Trust Series 2023-C22 Class AS, 7.1256% 11/15/2056 (d)
|
|
10,000,000
|
11,012,968
|
BBCMS Mortgage Trust Series 2023-C22 Class B, 7.1256% 11/15/2056 (d)
|
|
10,000,000
|
10,693,317
|
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.2943% 12/15/2062 (b)(d)
|
|
3,427,000
|
82,214
|
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.2943% 12/15/2062 (b)(d)
|
|
5,141,000
|
65,889
|
Benchmark Mortgage Trust Series 2020-B18 Class AGNG, 4.3885% 7/15/2053 (b)(d)
|
|
11,379,000
|
10,806,351
|
Benchmark Mortgage Trust Series 2021-B28 Class A5, 2.2237% 8/15/2054
|
|
500,000
|
417,340
|
Benchmark Mortgage Trust Series 2022-B35 Class C, 4.4435% 5/15/2055 (d)
|
|
7,000,000
|
5,477,976
|
Benchmark Mortgage Trust Series 2022-B36 Class C, 5.1188% 7/15/2055 (d)(e)
|
|
2,000,000
|
1,755,659
|
Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (b)
|
|
3,828,000
|
2,575,187
|
Benchmark Mortgage Trust Series 2023-B39 Class A5, 5.7536% 7/15/2056
|
|
5,000,000
|
5,175,520
|
Benchmark Mortgage Trust Series 2023-B39 Class B, 6.192% 7/15/2056 (b)
|
|
5,000,000
|
5,072,781
|
Benchmark Mortgage Trust Series 2023-V3 Class AS, 7.0967% 7/15/2056
|
|
10,000,000
|
10,508,149
|
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.9971% 11/15/2041 (b)(c)(d)
|
|
7,035,000
|
7,065,778
|
BMO Mortgage Trust Series 2023-5C1 Class AS, 7.1176% 8/15/2056 (d)
|
|
3,500,000
|
3,687,433
|
BMO Mortgage Trust Series 2023-5C2 Class AS, 7.244% 11/15/2056 (d)
|
|
10,000,000
|
10,614,506
|
BMO Mortgage Trust Series 2023-C5 Class A5, 5.7653% 6/15/2056
|
|
12,850,000
|
13,274,680
|
BMO Mortgage Trust Series 2023-C5 Class B, 6.4748% 6/15/2056 (d)
|
|
4,750,000
|
4,990,560
|
BMO Mortgage Trust Series 2023-C6 Class AS, 6.5504% 9/15/2056 (d)
|
|
5,000,000
|
5,286,035
|
BMO Mortgage Trust Series 2023-C7 Class AS, 6.6738% 12/15/2056 (d)
|
|
5,000,000
|
5,383,295
|
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (b)(d)
|
|
5,597,000
|
5,681,936
|
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (b)(d)
|
|
4,690,000
|
4,614,199
|
BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (b)(d)
|
|
20,898,990
|
18,307,517
|
BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 7.9942% 5/15/2034 (b)(c)(d)
|
|
1,974,013
|
1,981,415
|
BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 7.9946% 3/15/2041 (b)(c)(d)
|
|
4,613,658
|
4,598,198
|
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.9523% 4/15/2034 (b)(c)(d)
|
|
5,181,000
|
4,999,845
|
BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.6395% 12/15/2038 (b)(c)(d)
|
|
7,136,722
|
7,116,650
|
BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 7.3666% 10/15/2036 (b)(c)(d)
|
|
17,232,000
|
16,993,837
|
BX Commercial Mortgage Trust Series 2021-SOAR Class J, CME Term SOFR 1 month Index + 3.8645%, 8.1715% 6/15/2038 (b)(c)(d)
|
|
16,662,402
|
16,526,294
|
BX Commercial Mortgage Trust Series 2021-VINO Class G, CME Term SOFR 1 month Index + 4.0668%, 8.3728% 5/15/2038 (b)(c)(d)
|
|
11,185,300
|
11,149,393
|
BX Commercial Mortgage Trust Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (b)(d)
|
|
6,547,000
|
6,650,813
|
BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (b)(d)
|
|
22,521,000
|
20,359,720
|
BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 7.1956% 7/15/2029 (b)(c)(d)
|
|
14,200,000
|
14,244,375
|
BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 8.2441% 7/15/2029 (b)(c)(d)
|
|
8,250,000
|
8,276,983
|
BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.7155% 11/15/2038 (b)(c)(d)
|
|
13,357,568
|
13,245,571
|
BX Trust Series 2021-VOLT Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8207% 9/15/2036 (b)(c)(d)
|
|
10,000,000
|
9,925,000
|
BX Trust Series 2021-VOLT Class G, CME Term SOFR 1 month Index + 2.9645%, 7.2707% 9/15/2036 (b)(c)(d)
|
|
5,000,000
|
4,962,508
|
BX Trust Series 2022-LBA6 Class E, CME Term SOFR 1 month Index + 2.7%, 7.0062% 1/15/2039 (b)(c)(d)
|
|
20,000,000
|
19,993,751
|
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.6562% 1/15/2039 (b)(c)(d)
|
|
6,200,000
|
6,196,995
|
BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 8.5062% 1/15/2039 (b)(c)(d)
|
|
11,340,000
|
11,334,187
|
BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 7.6052% 1/15/2039 (b)(c)(d)
|
|
4,367,000
|
4,325,919
|
BX Trust Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 7.9949% 4/15/2041 (b)(c)(d)
|
|
15,215,093
|
15,159,752
|
BX Trust Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 7.2464% 11/15/2041 (b)(c)(d)
|
|
4,848,150
|
4,851,179
|
BX Trust Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 8.245% 11/15/2041 (b)(c)(d)
|
|
16,306,132
|
16,348,674
|
BX Trust Series 2024-XL4 Class D, CME Term SOFR 1 month Index + 3.1396%, 7.4459% 2/15/2039 (b)(c)(d)
|
|
9,720,094
|
9,744,394
|
BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 8.4943% 2/15/2039 (b)(c)(d)
|
|
4,860,047
|
4,844,859
|
BX Trust Series 2025-DIME Class E, 7.159% 2/15/2030 (b)
|
|
15,000,000
|
15,000,000
|
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (b)(d)
|
|
5,754,000
|
4,101,921
|
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (b)(e)
|
|
3,353,000
|
707,540
|
Citigroup Commercial Mortgage Trust Series 2022-GC48 Class E, 2.5% 6/15/2055 (b)
|
|
2,000,000
|
1,218,073
|
Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class B, 6.3597% 7/10/2028 (b)(d)
|
|
5,000,000
|
5,134,648
|
Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class C, 6.3597% 7/10/2028 (b)(d)
|
|
5,500,000
|
5,588,707
|
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class B, 5.8524% 10/12/2040 (b)(d)
|
|
5,000,000
|
5,054,253
|
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 5.8524% 10/12/2040 (b)(d)
|
|
9,750,000
|
9,753,675
|
COMM Mortgage Trust Series 2012-CR1 Class D, 5.0962% 5/15/2045 (b)(d)
|
|
1,155,682
|
1,031,862
|
COMM Mortgage Trust Series 2013-LC6 Class E, 3.5% 1/10/2046 (b)
|
|
4,741,000
|
4,228,277
|
COMM Mortgage Trust Series 2014-UBS2 Class D, 4.7526% 3/10/2047 (b)(d)
|
|
2,406,373
|
1,802,374
|
COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (d)
|
|
3,000,000
|
2,728,937
|
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (b)
|
|
2,769,000
|
2,311,854
|
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (b)
|
|
2,769,000
|
2,365,247
|
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.652% 9/15/2033 (b)(c)(d)
|
|
4,265,000
|
302,271
|
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.6583% 9/15/2033 (b)(c)(d)
|
|
4,265,000
|
69,402
|
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 8.1947% 8/15/2041 (b)(c)(d)
|
|
10,200,000
|
10,187,250
|
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.7376% 6/15/2034 (b)(c)(e)
|
|
7,120,000
|
2,740,343
|
Credit Suisse Mortgage Capital Certificate Series 2021-BPNY Class A, CME Term SOFR 1 month Index + 3.8289%, 8.1359% 8/15/2026 (b)(c)(d)
|
|
17,320,755
|
15,599,697
|
Credit Suisse Mortgage Trust Series 2021-BRIT Class A, CME Term SOFR 1 month Index + 3.5737%, 7.8797% 5/9/2025 (b)(c)(d)
|
|
7,569,763
|
7,362,098
|
DTP Coml Mtg Trust Series 2023-STE2 Class C, 6.6891% 1/15/2041 (b)(d)
|
|
8,800,000
|
8,845,723
|
ELP Commercial Mortgage Trust Series 2021-ELP Class J, CME Term SOFR 1 month Index + 3.7294%, 8.0364% 11/15/2038 (b)(c)(d)
|
|
15,430,040
|
15,264,409
|
EQT Trust Series 2024-EXTR Class B, 1 month U.S. LIBOR + 0%, 5.6546% 7/5/2041 (b)(c)(d)
|
|
5,000,000
|
5,020,942
|
Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.9562% 12/15/2039 (b)(c)(d)
|
|
3,126,000
|
3,143,584
|
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1254% 8/10/2044 (b)(d)
|
|
8,899,000
|
7,049,731
|
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1254% 8/10/2044 (b)(d)
|
|
2,733,635
|
1,640,930
|
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1254% 8/10/2044 (b)(d)(e)
|
|
8,138,000
|
1,752,385
|
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (b)(e)
|
|
7,897,000
|
23,690
|
GS Mortgage Securities Trust Series 2012-GCJ9 Class D, 4.7543% 11/10/2045 (b)(d)
|
|
4,531,578
|
4,123,944
|
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.7543% 11/10/2045 (b)(d)
|
|
1,908,000
|
1,567,777
|
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 7.203% 7/15/2035 (b)(c)(d)(e)
|
|
3,808,000
|
9,601
|
GS Mortgage Securities Trust Series 2023-SHIP Class D, 6.0706% 9/10/2038 (b)(d)
|
|
9,000,000
|
8,961,940
|
GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (b)(d)
|
|
18,500,000
|
18,640,084
|
GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (b)(d)
|
|
4,300,000
|
4,256,996
|
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (b)(d)
|
|
20,270,000
|
19,395,781
|
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/2035 (b)
|
|
2,896,000
|
2,721,765
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (b)
|
|
8,640,000
|
8,292,099
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.7613% 1/15/2048 (b)(d)
|
|
2,398,000
|
2,014,320
|
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2564% 6/15/2051 (b)(d)
|
|
1,698,000
|
1,261,778
|
JPMDB Commercial Mortgage Securities Trust Series 2019-COR6 Class A4, 3.0565% 11/13/2052
|
|
8,000,000
|
6,965,038
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class E, 5.5248% 2/15/2046 (b)(d)
|
|
13,774,000
|
7,162,481
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class G, 4.409% 2/15/2046 (b)(d)
|
|
4,671,000
|
457,197
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class H, 4.409% 2/15/2046 (b)(d)(e)
|
|
7,077,000
|
489,268
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6896% 6/15/2045 (b)(d)(e)
|
|
3,837,881
|
3,471,865
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (b)(e)
|
|
8,192,000
|
6,774,255
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (b)(e)
|
|
4,044,000
|
2,250,449
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.417% 4/15/2046 (d)(e)
|
|
7,722,000
|
1,930,500
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class E, 3.25% 4/15/2046 (b)(d)
|
|
472,000
|
30,680
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (b)(d)
|
|
2,518,000
|
63,957
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (b)(d)(e)
|
|
8,161,000
|
20,099
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (b)(d)(e)
|
|
5,039,000
|
755,850
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (b)(e)
|
|
2,000,000
|
479,999
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 3.3145%, 7.6215% 4/15/2038 (b)(c)(d)
|
|
7,500,000
|
7,518,750
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (b)(d)
|
|
6,544,000
|
6,361,133
|
KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.7245% 8/15/2038 (b)(c)(d)
|
|
5,951,129
|
5,899,636
|
KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 8.3745% 8/15/2038 (b)(c)(d)
|
|
7,096,721
|
7,014,780
|
MCR Mortgage Trust Series 2024-TWA Class F, 10.382% 6/12/2039 (b)
|
|
5,500,000
|
5,566,050
|
MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.6214% 4/15/2038 (b)(c)(d)
|
|
12,480,800
|
12,293,987
|
MHC Trust Series 2021-MHC2 Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8205% 5/15/2038 (b)(c)(d)
|
|
2,400,000
|
2,376,000
|
MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 6.6215% 7/15/2038 (b)(c)(d)
|
|
3,182,000
|
3,166,090
|
MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 8.3715% 7/15/2038 (b)(c)(d)
|
|
3,476,000
|
3,448,994
|
MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 7.5654% 1/15/2027 (b)(c)(d)
|
|
3,924,498
|
3,909,781
|
MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 8.2637% 1/15/2027 (b)(c)(d)
|
|
13,149,119
|
13,033,505
|
MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (b)
|
|
4,200,000
|
4,282,081
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class D, 4.4956% 11/15/2045 (b)(d)(e)
|
|
2,000,000
|
1,603,101
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.4956% 11/15/2045 (b)(d)
|
|
2,500,000
|
338,052
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 Class D, 4.8029% 10/15/2046 (b)(d)
|
|
5,670,988
|
5,128,331
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7177% 5/15/2046 (d)
|
|
3,302,000
|
2,938,780
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.8057% 5/15/2046 (b)(d)
|
|
5,137,000
|
4,466,449
|
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (b)(d)
|
|
2,176,135
|
2,149,999
|
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (b)(d)
|
|
4,440,000
|
2,671,504
|
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4746% 6/15/2044 (b)(d)(f)
|
|
27,045,000
|
96,970
|
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.9421% 7/15/2049 (b)(d)
|
|
1,004,697
|
984,270
|
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.9421% 7/15/2049 (b)(d)
|
|
5,624,050
|
5,243,365
|
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.9421% 7/15/2049 (b)(d)
|
|
5,049,500
|
4,463,932
|
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.0186% 5/15/2048 (b)(d)
|
|
10,833,000
|
8,219,539
|
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (b)
|
|
2,966,000
|
1,718,276
|
Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050
|
|
2,470,594
|
2,214,693
|
Morgan Stanley Capital I Trust Series 2020-L4 Class C, 3.536% 2/15/2053
|
|
2,765,000
|
2,369,313
|
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (b)
|
|
8,946,028
|
9,277,172
|
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (b)(d)
|
|
13,568,000
|
12,558,621
|
MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (b)(d)
|
|
1,500,000
|
1,235,184
|
MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056
|
|
16,000,000
|
16,503,672
|
MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.6828% 5/15/2056 (d)
|
|
3,750,000
|
3,974,698
|
MSWF Commercial Mortgage Trust Series 2023-2 Class AS, 6.491% 12/15/2056
|
|
10,000,000
|
10,623,390
|
MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8761% 12/15/2056 (d)
|
|
10,000,000
|
10,795,120
|
Natixis Commercial Mortgage Securities Trust Series 2020-2PAC Class AMZ3, 3.5% 1/15/2037 (b)(d)
|
|
2,502,675
|
1,405,778
|
Nxpt Coml Mtg Tr Series 2024-STOR Class E, 6.7033% 11/5/2041 (b)(d)
|
|
18,754,000
|
18,935,578
|
OPEN Trust Series 2023-AIR Class D, CME Term SOFR 1 month Index + 6.6838%, 10.99% 11/15/2040 (b)(c)(d)
|
|
7,800,000
|
7,829,237
|
OPG Trust Series 2021-PORT Class G, CME Term SOFR 1 month Index + 2.5125%, 6.8195% 10/15/2036 (b)(c)(d)
|
|
4,529,850
|
4,512,863
|
OPG Trust Series 2021-PORT Class J, CME Term SOFR 1 month Index + 3.4605%, 7.7675% 10/15/2036 (b)(c)(d)
|
|
8,113,300
|
8,082,874
|
PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 7.0215% 7/15/2038 (b)(c)(d)
|
|
500,000
|
363,581
|
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.7715% 7/15/2038 (b)(c)(d)(e)
|
|
5,944,000
|
3,795,743
|
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (b)
|
|
13,870,000
|
11,247,183
|
Prima Capital Ltd Series 2021-9A Class C, CME Term SOFR 1 month Index + 2.4645%, 6.8308% 12/15/2037 (b)(c)(d)
|
|
2,253,941
|
2,259,156
|
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (b)
|
|
2,064,601
|
2,112,561
|
ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (b)
|
|
13,372,000
|
14,097,411
|
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 7.2465% 11/15/2034 (b)(c)(d)
|
|
5,597,000
|
5,606,241
|
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.4947% 11/15/2034 (b)(c)(d)
|
|
6,546,000
|
6,556,001
|
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (b)(d)
|
|
5,000,000
|
4,035,000
|
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.9062% 10/15/2041 (b)(c)(d)
|
|
9,376,000
|
9,458,040
|
SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.657% 1/15/2039 (b)(c)(d)
|
|
14,615,000
|
13,885,089
|
SREIT Trust Series 2021-IND Class G, CME Term SOFR 1 month Index + 3.3803%, 7.6863% 10/15/2038 (b)(c)(d)
|
|
12,754,000
|
12,523,749
|
SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 7.3945% 11/15/2038 (b)(c)(d)
|
|
3,560,900
|
3,566,808
|
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.336% 11/15/2036 (b)(c)(d)
|
|
10,872,000
|
10,714,874
|
STWD Trust Series 2021-LIH Class E, CME Term SOFR 1 month Index + 3.0175%, 7.324% 11/15/2036 (b)(c)(d)
|
|
4,985,000
|
4,935,549
|
STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.972% 11/15/2036 (b)(c)(d)
|
|
15,282,000
|
15,079,834
|
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.621% 11/15/2036 (b)(c)(d)
|
|
9,177,000
|
9,033,418
|
SUMIT Mortgage Trust Series 2022-BVUE Class D, 2.8925% 2/12/2041 (b)(d)
|
|
6,000,000
|
4,476,737
|
SUMIT Mortgage Trust Series 2022-BVUE Class F, 2.8925% 2/12/2041 (b)(d)
|
|
3,211,000
|
2,133,569
|
The Baha Trust Series 2024-MAR Class B, 7.0694% 12/10/2041 (b)(d)
|
|
10,000,000
|
10,360,126
|
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (b)(d)
|
|
4,699,074
|
4,414,217
|
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (b)(d)(e)
|
|
2,221,350
|
701,206
|
VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 8.3215% 7/15/2039 (b)(c)(d)
|
|
6,685,000
|
4,803,197
|
VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 9.4215% 7/15/2039 (b)(c)(d)(e)
|
|
800,000
|
437,054
|
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/2049 (b)
|
|
6,979,000
|
3,625,261
|
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6 Class D, 3.059% 11/15/2049 (b)
|
|
5,037,000
|
4,374,061
|
Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052
|
|
883,000
|
735,465
|
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class D, 6.9321% 7/15/2035 (b)(d)
|
|
5,250,000
|
5,284,297
|
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (b)(d)(e)
|
|
503,530
|
201,411
|
WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (d)(e)
|
|
3,955,000
|
1,277,951
|
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0636% 3/15/2045 (b)(d)
|
|
4,727,000
|
3,191,912
|
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9668% 5/15/2045 (b)(d)
|
|
3,218,710
|
2,844,844
|
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (b)(d)
|
|
6,725,000
|
6,131,549
|
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (b)(d)
|
|
2,541,000
|
2,287,935
|
TOTAL UNITED STATES
|
|
|
1,115,558,849
|
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $1,207,190,173)
|
|
|
1,115,558,849
|
|
|
|
|
|
Common Stocks - 21.9%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 21.9%
|
|
|
|
Financials - 0.8%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
DigitalBridge Group Inc Class A
|
|
76,688
|
841,267
|
Mortgage Real Estate Investment Trusts (REITs) - 0.8%
|
|
|
|
Dynex Capital Inc
|
|
1,340,200
|
17,784,454
|
MFA Financial Inc
|
|
1,187,185
|
12,465,443
|
Rithm Capital Corp (h)
|
|
385,699
|
4,439,395
|
Rithm Property Trust Inc
|
|
1,275,264
|
3,927,813
|
|
|
|
|
38,617,105
|
TOTAL FINANCIALS
|
|
|
39,458,372
|
|
|
|
|
|
Industrials - 0.0%
|
|
|
|
Construction & Engineering - 0.0%
|
|
|
|
WillScot Holdings Corp (i)
|
|
58,900
|
2,182,834
|
Real Estate - 21.1%
|
|
|
|
Health Care REITs - 2.3%
|
|
|
|
Sabra Health Care REIT Inc
|
|
604,175
|
10,095,764
|
Ventas Inc
|
|
650,286
|
39,290,280
|
Welltower Inc
|
|
460,100
|
62,794,448
|
|
|
|
|
112,180,492
|
Industrial REITs - 3.5%
|
|
|
|
Americold Realty Trust Inc
|
|
135,300
|
2,956,304
|
EastGroup Properties Inc
|
|
60,900
|
10,329,858
|
First Industrial Realty Trust Inc
|
|
416,500
|
22,236,935
|
LXP Industrial Trust
|
|
3,015,974
|
25,092,904
|
Prologis Inc
|
|
782,430
|
93,304,778
|
Rexford Industrial Realty Inc
|
|
104,200
|
4,236,772
|
Terreno Realty Corp
|
|
169,428
|
11,083,980
|
|
|
|
|
169,241,531
|
Office REITs - 0.3%
|
|
|
|
Easterly Government Properties Inc
|
|
853,700
|
9,698,032
|
Postal Realty Trust Inc Class A
|
|
878,500
|
11,561,060
|
|
|
|
|
21,259,092
|
Residential REITs - 5.8%
|
|
|
|
American Homes 4 Rent Class A
|
|
480,500
|
16,639,715
|
AvalonBay Communities Inc
|
|
78,700
|
17,432,837
|
Elme Communities
|
|
726,847
|
11,091,685
|
Equity LifeStyle Properties Inc
|
|
1,210,496
|
79,226,964
|
Equity Residential
|
|
82,400
|
5,819,912
|
Essex Property Trust Inc
|
|
101,100
|
28,770,027
|
Invitation Homes Inc
|
|
1,673,900
|
52,141,985
|
Mid-America Apartment Communities Inc
|
|
68,706
|
10,483,161
|
Sun Communities Inc
|
|
332,700
|
42,086,550
|
UDR Inc
|
|
296,600
|
12,380,084
|
UMH Properties Inc
|
|
335,723
|
6,039,657
|
|
|
|
|
282,112,577
|
Retail REITs - 1.5%
|
|
|
|
Acadia Realty Trust
|
|
280,626
|
6,465,623
|
Brixmor Property Group Inc
|
|
230,300
|
6,001,618
|
Curbline Properties Corp
|
|
592,918
|
14,508,703
|
Kimco Realty Corp
|
|
771,700
|
17,324,665
|
NNN REIT Inc
|
|
86,800
|
3,419,052
|
Realty Income Corp
|
|
356,182
|
19,461,785
|
Retail Opportunity Investments Corp
|
|
74,700
|
1,305,009
|
Retail Value Inc (e)(i)
|
|
274,131
|
3
|
SITE Centers Corp
|
|
296,459
|
4,440,956
|
|
|
|
|
72,927,414
|
Specialized REITs - 7.7%
|
|
|
|
American Tower Corp
|
|
484,300
|
89,571,285
|
Crown Castle Inc
|
|
460,810
|
41,141,117
|
CubeSmart
|
|
231,100
|
9,636,870
|
Digital Realty Trust Inc
|
|
63,900
|
10,470,654
|
Equinix Inc
|
|
84,800
|
77,478,368
|
Extra Space Storage Inc
|
|
137,349
|
21,151,746
|
Gaming and Leisure Properties Inc
|
|
454,946
|
22,014,837
|
Lamar Advertising Co Class A
|
|
143,000
|
18,078,060
|
Public Storage Operating Co
|
|
113,700
|
33,937,176
|
VICI Properties Inc
|
|
1,561,800
|
46,494,786
|
Weyerhaeuser Co
|
|
147,500
|
4,516,450
|
|
|
|
|
374,491,349
|
TOTAL REAL ESTATE
|
|
|
1,032,212,455
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
1,073,853,661
|
|
TOTAL COMMON STOCKS
(Cost $853,307,869)
|
|
|
1,073,853,661
|
|
|
|
|
|
Convertible Corporate Bonds - 0.1%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.1%
|
|
|
|
Financials - 0.1%
|
|
|
|
Mortgage Real Estate Investment Trusts (REITs) - 0.1%
|
|
|
|
Two Harbors Investment Corp 6.25% 1/15/2026
(Cost $4,896,000)
|
|
4,896,000
|
4,837,248
|
|
|
|
|
|
Convertible Preferred Stocks - 2.6%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 2.6%
|
|
|
|
Financials - 2.2%
|
|
|
|
Mortgage Real Estate Investment Trusts (REITs) - 2.2%
|
|
|
|
AGNC Investment Corp 3 month U.S. LIBOR + 4.993%, 0% (c)(d)
|
|
1,202,034
|
30,363,379
|
AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (c)(d)
|
|
673,972
|
16,903,218
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (c)(d)
|
|
192,992
|
4,934,805
|
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (c)(d)
|
|
626,604
|
15,815,485
|
Rithm Capital Corp 3 month U.S. LIBOR + 5.64%, 7.125% (c)(d)
|
|
1,023,942
|
25,700,944
|
Rithm Capital Corp 3 month U.S. LIBOR + 5.802%, 7.5% (c)(d)
|
|
505,904
|
12,745,189
|
|
|
|
|
106,463,020
|
Real Estate - 0.4%
|
|
|
|
Hotel & Resort REITs - 0.0%
|
|
|
|
RLJ Lodging Trust 1.95%
|
|
31,585
|
791,836
|
Industrial REITs - 0.4%
|
|
|
|
LXP Industrial Trust 6.5%
|
|
440,102
|
20,462,996
|
TOTAL REAL ESTATE
|
|
|
21,254,832
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
127,717,852
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $111,984,438)
|
|
|
127,717,852
|
|
|
|
|
|
Non-Convertible Corporate Bonds - 32.1%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED KINGDOM - 0.2%
|
|
|
|
Energy - 0.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|
|
|
eG Global Finance PLC 12% 11/30/2028 (b)
|
|
10,000,000
|
11,215,140
|
UNITED STATES - 31.9%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Media - 0.1%
|
|
|
|
Lamar Media Corp 4% 2/15/2030
|
|
5,875,000
|
5,419,950
|
Consumer Discretionary - 3.0%
|
|
|
|
Hotels, Restaurants & Leisure - 1.7%
|
|
|
|
Caesars Entertainment Inc 8.125% 7/1/2027 (b)
|
|
5,899,000
|
5,961,423
|
Choice Hotels International Inc 5.85% 8/1/2034
|
|
7,000,000
|
6,977,095
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (b)
|
|
13,965,000
|
12,279,228
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (b)
|
|
12,000,000
|
10,938,815
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (b)
|
|
18,265,000
|
16,575,678
|
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027
|
|
3,000,000
|
2,978,342
|
Hyatt Hotels Corp 5.5% 6/30/2034
|
|
5,000,000
|
4,950,099
|
Marriott Ownership Resorts Inc 4.5% 6/15/2029 (b)
|
|
15,960,000
|
15,027,267
|
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp 5.875% 5/15/2025 (b)
|
|
8,000,000
|
7,998,163
|
Times Square Hotel Trust 8.528% 8/1/2026 (b)
|
|
1,624,700
|
1,632,677
|
|
|
|
|
85,318,787
|
Household Durables - 1.3%
|
|
|
|
Ashton Woods USA LLC / Ashton Woods Finance Co 6.625% 1/15/2028 (b)
|
|
7,925,000
|
7,953,268
|
Century Communities Inc 3.875% 8/15/2029 (b)
|
|
13,005,000
|
11,844,582
|
Century Communities Inc 6.75% 6/1/2027
|
|
4,670,000
|
4,702,494
|
LGI Homes Inc 4% 7/15/2029 (b)
|
|
13,310,000
|
12,088,137
|
M/I Homes Inc 3.95% 2/15/2030
|
|
17,070,000
|
15,655,933
|
Tri Pointe Homes Inc 5.25% 6/1/2027
|
|
11,458,000
|
11,412,343
|
|
|
|
|
63,656,757
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
148,975,544
|
|
|
|
|
|
Financials - 0.1%
|
|
|
|
Financial Services - 0.1%
|
|
|
|
Rexford Industrial Realty LP 2.15% 9/1/2031
|
|
6,188,000
|
5,126,017
|
Health Care - 0.4%
|
|
|
|
Health Care Providers & Services - 0.4%
|
|
|
|
Sabra Health Care LP 3.9% 10/15/2029
|
|
989,000
|
928,851
|
Sabra Health Care LP 5.125% 8/15/2026
|
|
17,264,000
|
17,278,095
|
|
|
|
|
18,206,946
|
Industrials - 0.2%
|
|
|
|
Commercial Services & Supplies - 0.2%
|
|
|
|
Williams Scotsman Inc 6.125% 6/15/2025 (b)
|
|
3,240,000
|
3,234,265
|
Williams Scotsman Inc 6.625% 6/15/2029 (b)
|
|
5,000,000
|
5,122,940
|
|
|
|
|
8,357,205
|
Real Estate - 28.1%
|
|
|
|
Diversified REITs - 5.0%
|
|
|
|
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
|
|
5,000,000
|
5,009,605
|
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (b)
|
|
5,075,000
|
4,716,987
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2030
|
|
3,000,000
|
2,807,949
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
|
|
2,000,000
|
1,841,759
|
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
|
|
19,193,000
|
19,090,360
|
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
|
|
5,000,000
|
4,908,223
|
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
|
|
7,000,000
|
6,926,527
|
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
|
|
4,500,000
|
4,760,474
|
Necessity Retail REIT Inc/The / American Finance Operating Partner LP 4.5% 9/30/2028 (b)
|
|
13,405,000
|
12,530,137
|
Safehold GL Holdings LLC 2.8% 6/15/2031
|
|
7,000,000
|
6,011,951
|
Safehold GL Holdings LLC 2.85% 1/15/2032
|
|
18,250,000
|
15,417,250
|
Safehold GL Holdings LLC 6.1% 4/1/2034
|
|
22,410,000
|
22,878,891
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (b)
|
|
18,035,000
|
15,839,576
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (b)
|
|
7,000,000
|
7,484,274
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (b)
|
|
8,875,000
|
8,096,542
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (b)
|
|
26,000,000
|
24,976,793
|
VICI Properties LP 5.125% 5/15/2032
|
|
38,000,000
|
36,944,003
|
VICI Properties LP 5.625% 5/15/2052
|
|
11,000,000
|
10,133,183
|
VICI Properties LP 5.75% 4/1/2034
|
|
575,000
|
577,343
|
VICI Properties LP 6.125% 4/1/2054
|
|
8,532,000
|
8,442,900
|
WP Carey Inc 2.25% 4/1/2033
|
|
5,000,000
|
3,949,852
|
WP Carey Inc 2.45% 2/1/2032
|
|
2,000,000
|
1,660,648
|
WP Carey Inc 3.85% 7/15/2029
|
|
3,000,000
|
2,864,251
|
WP Carey Inc 5.375% 6/30/2034
|
|
7,000,000
|
6,919,757
|
XHR LP 4.875% 6/1/2029 (b)
|
|
10,000,000
|
9,501,864
|
|
|
|
|
244,291,099
|
Health Care REITs - 2.2%
|
|
|
|
CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (b)
|
|
21,865,000
|
20,765,750
|
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
|
13,000,000
|
8,716,806
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
|
|
19,835,000
|
15,152,907
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
|
5,000,000
|
4,477,668
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b)(j)
|
|
6,285,000
|
6,382,467
|
Omega Healthcare Investors Inc 3.25% 4/15/2033
|
|
18,000,000
|
15,163,368
|
Omega Healthcare Investors Inc 3.375% 2/1/2031
|
|
5,000,000
|
4,457,255
|
Ventas Realty LP 2.5% 9/1/2031
|
|
1,500,000
|
1,275,525
|
Ventas Realty LP 4.4% 1/15/2029
|
|
10,000,000
|
9,760,368
|
Ventas Realty LP 5.625% 7/1/2034
|
|
15,000,000
|
15,105,479
|
Ventas Realty LP 5.7% 9/30/2043
|
|
3,000,000
|
2,930,277
|
Welltower OP LLC 4.125% 3/15/2029
|
|
3,000,000
|
2,911,013
|
|
|
|
|
107,098,883
|
Hotel & Resort REITs - 0.5%
|
|
|
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (b)
|
|
7,000,000
|
6,687,398
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (b)
|
|
3,115,000
|
3,188,383
|
RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (b)
|
|
8,000,000
|
8,060,840
|
RLJ Lodging Trust LP 3.75% 7/1/2026 (b)
|
|
4,000,000
|
3,914,087
|
RLJ Lodging Trust LP 4% 9/15/2029 (b)
|
|
4,835,000
|
4,438,608
|
|
|
|
|
26,289,316
|
Industrial REITs - 1.2%
|
|
|
|
LXP Industrial Trust 2.375% 10/1/2031
|
|
7,500,000
|
6,163,965
|
LXP Industrial Trust 2.7% 9/15/2030
|
|
1,422,000
|
1,235,895
|
LXP Industrial Trust 6.75% 11/15/2028
|
|
1,000,000
|
1,050,916
|
Prologis LP 5% 1/31/2035
|
|
5,000,000
|
4,890,590
|
Prologis LP 5% 3/15/2034
|
|
15,000,000
|
14,687,040
|
Prologis LP 5.125% 1/15/2034
|
|
15,000,000
|
14,804,841
|
Prologis LP 5.25% 3/15/2054
|
|
3,000,000
|
2,813,980
|
Prologis LP 5.25% 6/15/2053
|
|
15,000,000
|
14,077,583
|
|
|
|
|
59,724,810
|
Office REITs - 0.2%
|
|
|
|
Boston Properties LP 3.25% 1/30/2031
|
|
8,000,000
|
7,069,598
|
Boston Properties LP 6.75% 12/1/2027
|
|
37,000
|
38,504
|
Hudson Pacific Properties LP 4.65% 4/1/2029
|
|
6,000,000
|
4,820,335
|
|
|
|
|
11,928,437
|
Real Estate Management & Development - 3.1%
|
|
|
|
Americold Realty Operating Partnership LP 5.409% 9/12/2034
|
|
16,000,000
|
15,414,685
|
CBRE Services Inc 5.95% 8/15/2034
|
|
22,250,000
|
22,889,102
|
CoStar Group Inc 2.8% 7/15/2030 (b)
|
|
2,000,000
|
1,757,710
|
Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (b)
|
|
11,165,000
|
11,257,322
|
Essex Portfolio LP 2.55% 6/15/2031
|
|
2,000,000
|
1,714,900
|
Essex Portfolio LP 2.65% 3/15/2032
|
|
3,000,000
|
2,546,699
|
Essex Portfolio LP 5.5% 4/1/2034
|
|
22,077,000
|
22,115,468
|
Extra Space Storage LP 2.35% 3/15/2032
|
|
12,000,000
|
9,867,109
|
Extra Space Storage LP 2.55% 6/1/2031
|
|
2,000,000
|
1,712,803
|
Extra Space Storage LP 5.4% 2/1/2034
|
|
15,000,000
|
14,894,500
|
Extra Space Storage LP 5.5% 7/1/2030
|
|
5,000,000
|
5,078,919
|
Extra Space Storage LP 5.9% 1/15/2031
|
|
9,000,000
|
9,310,932
|
Forestar Group Inc 5% 3/1/2028 (b)
|
|
5,000,000
|
4,850,325
|
Kennedy-Wilson Inc 4.75% 2/1/2030
|
|
8,130,000
|
7,317,141
|
Kennedy-Wilson Inc 4.75% 3/1/2029
|
|
12,075,000
|
11,163,048
|
Kennedy-Wilson Inc 5% 3/1/2031
|
|
6,960,000
|
6,163,116
|
Taylor Morrison Communities Inc 5.875% 6/15/2027 (b)
|
|
1,798,000
|
1,813,408
|
|
|
|
|
149,867,187
|
Residential REITs - 4.7%
|
|
|
|
American Homes 4 Rent LP 2.375% 7/15/2031
|
|
9,000,000
|
7,595,480
|
American Homes 4 Rent LP 3.625% 4/15/2032
|
|
27,000,000
|
24,234,184
|
American Homes 4 Rent LP 4.9% 2/15/2029
|
|
13,000,000
|
12,925,858
|
American Homes 4 Rent LP 5.25% 3/15/2035
|
|
10,000,000
|
9,711,008
|
American Homes 4 Rent LP 5.5% 2/1/2034
|
|
25,000,000
|
24,853,876
|
American Homes 4 Rent LP 5.5% 7/15/2034
|
|
47,000
|
46,521
|
ERP Operating LP 4.65% 9/15/2034
|
|
5,000,000
|
4,739,166
|
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
|
|
35,000,000
|
32,363,139
|
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
|
|
33,000,000
|
32,857,176
|
Sun Communities Operating LP 2.7% 7/15/2031
|
|
9,000,000
|
7,622,029
|
Sun Communities Operating LP 4.2% 4/15/2032
|
|
18,439,000
|
16,834,910
|
Sun Communities Operating LP 5.5% 1/15/2029
|
|
9,000,000
|
9,092,572
|
Sun Communities Operating LP 5.7% 1/15/2033
|
|
36,750,000
|
36,629,402
|
UDR Inc 3% 8/15/2031
|
|
1,500,000
|
1,322,877
|
UDR Inc 5.125% 9/1/2034
|
|
10,000,000
|
9,688,723
|
|
|
|
|
230,516,921
|
Retail REITs - 3.9%
|
|
|
|
Agree LP 2.6% 6/15/2033
|
|
6,100,000
|
4,917,164
|
Agree LP 2.9% 10/1/2030
|
|
1,500,000
|
1,334,320
|
Agree LP 4.8% 10/1/2032
|
|
1,288,000
|
1,240,003
|
Agree LP 5.625% 6/15/2034
|
|
372,000
|
373,973
|
Brixmor Operating Partnership LP 2.5% 8/16/2031
|
|
9,000,000
|
7,589,817
|
Brixmor Operating Partnership LP 4.05% 7/1/2030
|
|
4,000,000
|
3,782,458
|
Brixmor Operating Partnership LP 4.125% 5/15/2029
|
|
1,872,000
|
1,800,988
|
Brixmor Operating Partnership LP 5.5% 2/15/2034
|
|
10,000,000
|
9,948,559
|
CBL & Associates LP 4.6% (e)(k)
|
|
18,229,000
|
2
|
CBL & Associates LP 5.25% (e)(k)
|
|
11,371,000
|
1
|
CBL & Associates LP 5.95% (e)(k)
|
|
10,317,000
|
0
|
Kimco Realty OP LLC 4.6% 2/1/2033
|
|
9,000,000
|
8,570,483
|
Kimco Realty OP LLC 6.4% 3/1/2034
|
|
13,424,000
|
14,282,961
|
Kite Realty Group LP 5.5% 3/1/2034
|
|
9,007,000
|
8,940,446
|
NNN REIT Inc 5.6% 10/15/2033
|
|
9,575,000
|
9,653,767
|
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
|
|
16,500,000
|
13,921,360
|
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
|
|
3,021,000
|
2,851,804
|
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
|
|
17,507,000
|
17,570,126
|
Realty Income Corp 3.4% 1/15/2030
|
|
7,000,000
|
6,504,741
|
Realty Income Corp 4% 7/15/2029
|
|
3,000,000
|
2,888,742
|
Realty Income Corp 5.125% 2/15/2034
|
|
11,000,000
|
10,788,084
|
Realty Income Corp 5.625% 10/13/2032
|
|
5,000,000
|
5,105,318
|
Regency Centers LP 5.25% 1/15/2034
|
|
5,000,000
|
4,942,627
|
Simon Property Group LP 4.75% 9/26/2034
|
|
24,000,000
|
22,725,192
|
Simon Property Group LP 5.85% 3/8/2053
|
|
9,000,000
|
9,061,034
|
Simon Property Group LP 6.25% 1/15/2034
|
|
15,000,000
|
15,919,285
|
Simon Property Group LP 6.65% 1/15/2054
|
|
5,000,000
|
5,555,907
|
|
|
|
|
190,269,162
|
Specialized REITs - 7.3%
|
|
|
|
American Tower Corp 2.7% 4/15/2031
|
|
2,000,000
|
1,737,558
|
American Tower Corp 3.8% 8/15/2029
|
|
23,000,000
|
21,807,971
|
American Tower Corp 4.05% 3/15/2032
|
|
22,000,000
|
20,438,351
|
American Tower Corp 5.4% 1/31/2035
|
|
10,000,000
|
9,919,064
|
American Tower Corp 5.45% 2/15/2034
|
|
34,000,000
|
34,058,173
|
American Tower Corp 5.55% 7/15/2033
|
|
28,000,000
|
28,194,160
|
American Tower Corp 5.65% 3/15/2033
|
|
20,000,000
|
20,337,783
|
American Tower Corp 5.9% 11/15/2033
|
|
5,000,000
|
5,160,252
|
Crown Castle Inc 2.1% 4/1/2031
|
|
4,000,000
|
3,339,109
|
Crown Castle Inc 2.25% 1/15/2031
|
|
14,000,000
|
11,842,645
|
Crown Castle Inc 2.5% 7/15/2031
|
|
5,000,000
|
4,233,714
|
Crown Castle Inc 3.8% 2/15/2028
|
|
2,000,000
|
1,937,557
|
Crown Castle Inc 5% 1/11/2028
|
|
3,000,000
|
3,008,008
|
Crown Castle Inc 5.1% 5/1/2033
|
|
35,000,000
|
34,185,411
|
Crown Castle Inc 5.8% 3/1/2034
|
|
30,000,000
|
30,552,737
|
CubeSmart LP 2.5% 2/15/2032
|
|
10,000,000
|
8,369,359
|
CubeSmart LP 4.375% 2/15/2029
|
|
12,000,000
|
11,698,926
|
EPR Properties 3.6% 11/15/2031
|
|
2,000,000
|
1,762,496
|
EPR Properties 4.95% 4/15/2028
|
|
8,000,000
|
7,896,437
|
Equinix Inc 3% 7/15/2050
|
|
10,000,000
|
6,258,169
|
Equinix Inc 3.2% 11/18/2029
|
|
10,000,000
|
9,226,033
|
Equinix Inc 3.9% 4/15/2032
|
|
23,000,000
|
21,231,507
|
Iron Mountain Inc 4.875% 9/15/2027 (b)
|
|
3,000,000
|
2,944,465
|
Iron Mountain Inc 5.25% 7/15/2030 (b)
|
|
5,000,000
|
4,808,680
|
Iron Mountain Inc 6.25% 1/15/2033 (b)
|
|
10,000,000
|
10,017,601
|
Public Storage Operating Co 5.1% 8/1/2033
|
|
10,000,000
|
9,933,311
|
Public Storage Operating Co 5.35% 8/1/2053
|
|
4,000,000
|
3,800,108
|
SBA Communications Corp 3.125% 2/1/2029
|
|
25,000,000
|
22,745,043
|
SBA Communications Corp 3.875% 2/15/2027
|
|
5,000,000
|
4,837,973
|
|
|
|
|
356,282,601
|
TOTAL REAL ESTATE
|
|
|
1,376,268,416
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
1,562,354,078
|
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $1,572,939,003)
|
|
|
1,573,569,218
|
|
|
|
|
|
Non-Convertible Preferred Stocks - 12.3%
|
|
|
|
Shares
|
Value ($)
|
CANADA - 0.3%
|
|
|
|
Energy - 0.3%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.3%
|
|
|
|
Enbridge Inc 5 year U.S. Treasury Index + 3.14%, 5.9491% (c)(d)
|
|
498,275
|
11,958,600
|
Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (c)(d)
|
|
111,400
|
2,542,148
|
|
|
|
|
|
TOTAL CANADA
|
|
|
14,500,748
|
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Crest Dartmouth Street 0% (b)(d)(e)(i)
|
|
1,220,000
|
12
|
UNITED STATES - 12.0%
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Global Partners LP/MA 9.5%
|
|
67,800
|
1,794,598
|
Financials - 6.9%
|
|
|
|
Capital Markets - 1.7%
|
|
|
|
DigitalBridge Group Inc 7.125%
|
|
942,305
|
22,718,974
|
DigitalBridge Group Inc 7.125%
|
|
1,362,346
|
32,669,057
|
DigitalBridge Group Inc 7.15%
|
|
1,074,492
|
25,927,492
|
|
|
|
|
81,315,523
|
Mortgage Real Estate Investment Trusts (REITs) - 5.2%
|
|
|
|
AGNC Investment Corp 6.125% (d)
|
|
930,100
|
23,019,975
|
AGNC Investment Corp 7.75% (d)
|
|
320,000
|
7,776,000
|
AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (c)(d)
|
|
653,202
|
16,780,759
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (c)(d)
|
|
1,069,599
|
27,039,463
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (c)(d)
|
|
1,452,443
|
37,153,492
|
Arbor Realty Trust Inc 6.25% (d)
|
|
447,536
|
9,989,004
|
Arbor Realty Trust Inc 6.375%
|
|
126,100
|
2,294,389
|
Chimera Investment Corp Series C, 7.75% (d)
|
|
773,686
|
17,934,041
|
Dynex Capital Inc Series C, 6.9% (d)
|
|
298,683
|
7,502,917
|
Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (c)(d)
|
|
212,370
|
5,362,342
|
MFA Financial Inc 6.5% (d)
|
|
838,551
|
20,594,813
|
MFA Financial Inc 7.5%
|
|
211,532
|
4,660,325
|
Pennymac Mortgage Investment Trust 3 month U.S. Treasury Index + 8%, 0% (c)(d)
|
|
309,033
|
7,497,141
|
Pennymac Mortgage Investment Trust 6.75%
|
|
217,700
|
4,299,575
|
Pennymac Mortgage Investment Trust 8.125% (d)
|
|
194,805
|
4,640,255
|
Rithm Capital Corp 6.375% (d)
|
|
1,074,554
|
26,541,484
|
Rithm Capital Corp 7% (d)
|
|
151,200
|
3,587,976
|
Two Harbors Investment Corp 7.625% (d)
|
|
776,859
|
18,341,641
|
Two Harbors Investment Corp 8.125% (d)
|
|
363,526
|
8,906,351
|
|
|
|
|
253,921,943
|
Real Estate - 5.1%
|
|
|
|
Diversified REITs - 1.3%
|
|
|
|
Armada Hoffler Properties Inc 6.75%
|
|
255,050
|
5,669,762
|
CTO Realty Growth Inc 6.375%
|
|
120,000
|
2,717,999
|
Gladstone Commercial Corp 6.625%
|
|
157,675
|
3,565,032
|
Gladstone Commercial Corp Series G, 6%
|
|
391,000
|
8,109,301
|
Global Net Lease Inc 6.875%
|
|
294,000
|
6,206,339
|
Global Net Lease Inc 7.25%
|
|
509,695
|
11,361,102
|
Global Net Lease Inc 7.375%
|
|
379,839
|
8,793,273
|
Global Net Lease Inc 7.5%
|
|
721,484
|
16,334,398
|
|
|
|
|
62,757,206
|
Health Care REITs - 0.2%
|
|
|
|
Global Medical REIT Inc 7.5%
|
|
150,848
|
3,784,701
|
National Healthcare Properties Inc Series A, 7.375%
|
|
364,800
|
5,132,736
|
National Healthcare Properties Inc Series B, 7.125%
|
|
190,000
|
2,680,900
|
|
|
|
|
11,598,337
|
Hotel & Resort REITs - 1.7%
|
|
|
|
Ashford Hospitality Trust Inc 7.375%
|
|
34,000
|
507,959
|
Ashford Hospitality Trust Inc 7.5%
|
|
38,365
|
575,091
|
Ashford Hospitality Trust Inc 7.5%
|
|
71,209
|
1,064,575
|
Braemar Hotels & Resorts Inc 8.25%
|
|
173,050
|
3,534,789
|
DiamondRock Hospitality Co 8.25%
|
|
448,231
|
11,340,244
|
Pebblebrook Hotel Trust 6.3%
|
|
281,697
|
5,617,038
|
Pebblebrook Hotel Trust 6.375%
|
|
372,994
|
7,431,905
|
Pebblebrook Hotel Trust 6.375%
|
|
666,800
|
13,215,977
|
Pebblebrook Hotel Trust Series H, 5.7%
|
|
717,200
|
12,873,740
|
Sotherly Hotels Inc 7.875%
|
|
107,000
|
1,824,457
|
Sotherly Hotels Inc 8%
|
|
67,250
|
1,163,425
|
Summit Hotel Properties Inc Series E, 6.25%
|
|
457,602
|
9,531,850
|
Summit Hotel Properties Inc Series F, 5.875%
|
|
377,000
|
7,276,100
|
Sunstone Hotel Investors Inc Series H, 6.125%
|
|
180,000
|
3,812,400
|
Sunstone Hotel Investors Inc Series I, 5.7%
|
|
240,000
|
4,929,600
|
|
|
|
|
84,699,150
|
Industrial REITs - 0.3%
|
|
|
|
Prologis Inc Series Q, 8.54%
|
|
93,396
|
5,323,572
|
Rexford Industrial Realty Inc 5.625%
|
|
246,725
|
5,324,326
|
Rexford Industrial Realty Inc 5.875%
|
|
148,400
|
3,390,940
|
|
|
|
|
14,038,838
|
Office REITs - 0.2%
|
|
|
|
Hudson Pacific Properties Inc 4.75%
|
|
686,200
|
9,497,008
|
Vornado Realty Trust 5.25%
|
|
2,000
|
35,180
|
Vornado Realty Trust Series L, 5.4%
|
|
30,100
|
529,459
|
|
|
|
|
10,061,647
|
Real Estate Management & Development - 0.1%
|
|
|
|
Brookfield Property Partners LP 5.75%
|
|
43,000
|
602,000
|
Brookfield Property Partners LP 6.5%
|
|
34,125
|
515,628
|
Seritage Growth Properties Series A, 7%
|
|
91,986
|
2,056,347
|
|
|
|
|
3,173,975
|
Residential REITs - 0.6%
|
|
|
|
American Homes 4 Rent 5.875%
|
|
249,550
|
5,789,560
|
American Homes 4 Rent Series H, 6.25%
|
|
223,905
|
5,407,305
|
UMH Properties Inc 6.375%
|
|
794,525
|
18,035,718
|
|
|
|
|
29,232,583
|
Retail REITs - 0.4%
|
|
|
|
Agree Realty Corp 4.25%
|
|
259,800
|
4,653,018
|
Cedar Realty Trust Inc 7.25%
|
|
126,972
|
2,049,328
|
Kimco Realty Corp 5.125%
|
|
49,000
|
1,025,080
|
Kimco Realty Corp 5.25%
|
|
58,100
|
1,249,731
|
Regency Centers Corp 5.875%
|
|
69,225
|
1,542,333
|
Regency Centers Corp 6.25%
|
|
281,325
|
6,636,457
|
Saul Centers Inc 6%
|
|
76,841
|
1,625,187
|
Saul Centers Inc 6.125%
|
|
57,775
|
1,216,164
|
|
|
|
|
19,997,298
|
Specialized REITs - 0.3%
|
|
|
|
Digital Realty Trust Inc 5.2%
|
|
33,700
|
703,319
|
Digital Realty Trust Inc 5.25%
|
|
32,900
|
711,298
|
Gladstone Land Corp 5%
|
|
30,000
|
744,750
|
National Storage Affiliates Trust 6%
|
|
201,375
|
4,559,130
|
Public Storage Operating Co 4%
|
|
47,800
|
804,952
|
Public Storage Operating Co 4%
|
|
45,700
|
770,502
|
Public Storage Operating Co 5.05%
|
|
43,800
|
944,328
|
Public Storage Operating Co 5.15%
|
|
25,800
|
562,182
|
Public Storage Operating Co Series L, 4.625%
|
|
35,900
|
698,255
|
Public Storage Operating Co Series MM, 4.125%
|
|
28,000
|
489,720
|
Public Storage Operating Co Series S, 4.1%
|
|
100,000
|
1,719,000
|
|
|
|
|
12,707,436
|
TOTAL REAL ESTATE
|
|
|
248,266,470
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
585,298,534
|
|
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Cost $581,723,895)
|
|
|
599,799,294
|
|
|
|
|
|
Preferred Securities - 0.1%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.1%
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Energy Transfer LP Series G, 7.125% (d)(l)
(Cost $6,000,000)
|
|
6,000,000
|
6,177,019
|
|
|
|
|
|
Money Market Funds - 3.9%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (m)
|
|
4.37
|
189,373,504
|
189,411,379
|
Fidelity Securities Lending Cash Central Fund (m)(n)
|
|
4.37
|
11,999
|
12,000
|
|
TOTAL MONEY MARKET FUNDS
(Cost $189,390,847)
|
|
|
|
189,423,379
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $4,742,497,613)
|
4,900,755,214
|
NET OTHER ASSETS (LIABILITIES) - (0.1)%
|
(5,594,548)
|
NET ASSETS - 100.0%
|
4,895,160,666
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,289,034,724 or 26.3% of net assets.
|
(c)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(d)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(f)
|
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
|
(g)
|
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
|
(h)
|
Security or a portion of the security is on loan at period end.
|
(j)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(k)
|
Non-income producing - Security is in default.
|
(l)
|
Security is perpetual in nature with no stated maturity date.
|
(m)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(n)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
170,567,786
|
495,417,202
|
476,573,609
|
6,631,725
|
-
|
-
|
189,411,379
|
189,373,504
|
0.3%
|
Fidelity Securities Lending Cash Central Fund
|
3,110,975
|
27,043,244
|
30,142,219
|
1,529
|
-
|
-
|
12,000
|
11,999
|
0.0%
|
Total
|
173,678,761
|
522,460,446
|
506,715,828
|
6,633,254
|
-
|
-
|
189,423,379
|
189,385,503
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, 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:
|
|
|
|
|
|
|
Asset-Backed Securities
|
106,264,791
|
-
|
106,264,747
|
44
|
|
|
Bank Loan Obligations
|
|
|
|
|
Communication Services
|
27,198,346
|
-
|
27,198,346
|
-
|
Consumer Discretionary
|
22,642,147
|
-
|
22,642,147
|
-
|
Energy
|
19,806,087
|
-
|
19,806,087
|
-
|
Financials
|
28,955,412
|
-
|
-
|
28,955,412
|
Real Estate
|
4,917,908
|
-
|
4,917,908
|
-
|
|
|
Collateralized Mortgage Obligations
|
34,003
|
-
|
-
|
34,003
|
|
|
Commercial Mortgage Securities
|
1,115,558,849
|
-
|
1,084,380,880
|
31,177,969
|
|
|
Common Stocks
|
|
|
|
|
Financials
|
39,458,372
|
39,458,372
|
-
|
-
|
Industrials
|
2,182,834
|
2,182,834
|
-
|
-
|
Real Estate
|
1,032,212,455
|
1,032,212,452
|
-
|
3
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Financials
|
4,837,248
|
-
|
4,837,248
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Financials
|
106,463,020
|
106,463,020
|
-
|
-
|
Real Estate
|
21,254,832
|
-
|
21,254,832
|
-
|
|
|
Non-Convertible Corporate Bonds
|
|
|
|
|
Communication Services
|
5,419,950
|
-
|
5,419,950
|
-
|
Consumer Discretionary
|
148,975,544
|
-
|
148,975,544
|
-
|
Energy
|
11,215,140
|
-
|
11,215,140
|
-
|
Financials
|
5,126,017
|
-
|
5,126,017
|
-
|
Health Care
|
18,206,946
|
-
|
18,206,946
|
-
|
Industrials
|
8,357,205
|
-
|
8,357,205
|
-
|
Real Estate
|
1,376,268,416
|
-
|
1,376,268,413
|
3
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
Energy
|
16,295,346
|
16,295,346
|
-
|
-
|
Financials
|
335,237,478
|
335,237,466
|
-
|
12
|
Real Estate
|
248,266,470
|
248,266,470
|
-
|
-
|
|
|
Preferred Securities
|
|
|
|
|
Energy
|
6,177,019
|
-
|
6,177,019
|
-
|
|
|
Money Market Funds
|
189,423,379
|
189,423,379
|
-
|
-
|
Total Investments in Securities:
|
4,900,755,214
|
1,969,539,339
|
2,871,048,429
|
60,167,446
|
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Asset-Backed Securities
|
|
|
|
Beginning Balance
|
$
|
44
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
358,822
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
(358,822)
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
44
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
358,822
|
|
Bank Loan Obligations
|
|
|
|
Beginning Balance
|
$
|
31,265,931
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
1,904
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(1,912)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
(2,310,520)
|
|
Amortization/Accretion
|
|
9
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
28,955,412
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
-
|
|
Collateralized Mortgage Obligations
|
|
|
|
Beginning Balance
|
$
|
25,037
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
4,057
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
(2,720)
|
|
Amortization/Accretion
|
|
(969)
|
|
Transfers into Level 3
|
|
8,598
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
34,003
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
4,057
|
|
Commercial Mortgage Securities
|
|
|
|
Beginning Balance
|
$
|
26,785,483
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
4,771
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
1,697,054
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
(271,266)
|
|
Amortization/Accretion
|
|
(1,555,381)
|
|
Transfers into Level 3
|
|
10,418,011
|
|
Transfers out of Level 3
|
|
(5,900,703)
|
|
Ending Balance
|
$
|
31,177,969
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
1,697,054
|
|
Common Stocks
|
|
|
|
Beginning Balance
|
$
|
3
|
|
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
|
$
|
3
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
-
|
|
Non-Convertible Corporate Bonds
|
|
|
|
Beginning Balance
|
$
|
4
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(1)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
3
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(1)
|
|
Non-Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
12
|
|
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
|
$
|
12
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
-
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $11,510) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $4,553,106,766)
|
$
|
4,711,331,835
|
|
|
Fidelity Central Funds (cost $189,390,847)
|
|
189,423,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $4,742,497,613)
|
|
|
$
|
4,900,755,214
|
Cash
|
|
|
|
161,164
|
Receivable for investments sold
|
|
|
|
510
|
Receivable for fund shares sold
|
|
|
|
1,803,568
|
Dividends receivable
|
|
|
|
2,792,839
|
Interest receivable
|
|
|
|
28,048,496
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
714,696
|
Prepaid expenses
|
|
|
|
3,477
|
Other receivables
|
|
|
|
24,892
|
Total assets
|
|
|
|
4,934,304,856
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
|
|
|
|
Regular delivery
|
$
|
18,754,059
|
|
|
Delayed delivery
|
|
6,203,924
|
|
|
Payable for fund shares redeemed
|
|
11,448,096
|
|
|
Accrued management fee
|
|
2,544,191
|
|
|
Distribution and service plan fees payable
|
|
94,427
|
|
|
Other payables and accrued expenses
|
|
87,493
|
|
|
Collateral on securities loaned
|
|
12,000
|
|
|
Total liabilities
|
|
|
|
39,144,190
|
Net Assets
|
|
|
$
|
4,895,160,666
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
4,898,214,153
|
Total accumulated earnings (loss)
|
|
|
|
(3,053,487)
|
Net Assets
|
|
|
$
|
4,895,160,666
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($284,964,485 ÷ 23,853,109 shares)(a)
|
|
|
$
|
11.95
|
Maximum offering price per share (100/96.00 of $11.95)
|
|
|
$
|
12.45
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($35,758,660 ÷ 2,991,836 shares)(a)
|
|
|
$
|
11.95
|
Maximum offering price per share (100/96.00 of $11.95)
|
|
|
$
|
12.45
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($32,895,780 ÷ 2,803,610 shares)(a)
|
|
|
$
|
11.73
|
Real Estate Income :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,072,801,950 ÷ 89,051,621 shares)
|
|
|
$
|
12.05
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,441,125,813 ÷ 120,272,081 shares)
|
|
|
$
|
11.98
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($2,027,613,978 ÷ 169,300,920 shares)
|
|
|
$
|
11.98
|
(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, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
40,933,206
|
Interest
|
|
|
|
86,624,571
|
Income from Fidelity Central Funds (including $1,529 from security lending)
|
|
|
|
6,633,254
|
Total income
|
|
|
|
134,191,031
|
Expenses
|
|
|
|
|
Management fee
|
$
|
15,459,190
|
|
|
Distribution and service plan fees
|
|
597,154
|
|
|
Custodian fees and expenses
|
|
13,572
|
|
|
Independent trustees' fees and expenses
|
|
10,748
|
|
|
Registration fees
|
|
124,023
|
|
|
Audit fees
|
|
52,687
|
|
|
Legal
|
|
7,408
|
|
|
Miscellaneous
|
|
84,044
|
|
|
Total expenses before reductions
|
|
16,348,826
|
|
|
Expense reductions
|
|
(5,138)
|
|
|
Total expenses after reductions
|
|
|
|
16,343,688
|
Net Investment income (loss)
|
|
|
|
117,847,343
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
34,097,021
|
|
|
Foreign currency transactions
|
|
18
|
|
|
Total net realized gain (loss)
|
|
|
|
34,097,039
|
Change in net unrealized appreciation (depreciation) on investment securities
|
|
|
|
(3,548,430)
|
Net gain (loss)
|
|
|
|
30,548,609
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
148,395,952
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
117,847,343
|
$
|
220,164,018
|
Net realized gain (loss)
|
|
34,097,039
|
|
(115,653,459)
|
Change in net unrealized appreciation (depreciation)
|
|
(3,548,430)
|
|
316,326,753
|
Net increase (decrease) in net assets resulting from operations
|
|
148,395,952
|
|
420,837,312
|
Distributions to shareholders
|
|
(125,176,873)
|
|
(217,452,716)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
85,174,699
|
|
(5,343,665)
|
Total increase (decrease) in net assets
|
|
108,393,778
|
|
198,040,931
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
4,786,766,888
|
|
4,588,725,957
|
End of period
|
$
|
4,895,160,666
|
$
|
4,786,766,888
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Real Estate Income Fund Class A
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
$
|
11.02
|
$
|
12.43
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.27
|
|
.52
|
|
.53
|
|
.39
|
|
.33
|
|
.45
|
Net realized and unrealized gain (loss)
|
|
.08
|
|
.53
|
|
(.88)
|
|
(1.03)
|
|
2.53
|
|
(1.25)
|
Total from investment operations
|
|
.35
|
|
1.05
|
|
(.35)
|
|
(.64)
|
|
2.86
|
|
(.80)
|
Distributions from net investment income
|
|
(.29)
|
|
(.52)
|
|
(.56)
|
|
(.28)
|
|
(.42) C
|
|
(.44)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.22)
|
|
(.02)
|
|
(.03) C
|
|
(.16)
|
Total distributions
|
|
(.29)
|
|
(.52)
|
|
(.78)
|
|
(.30)
|
|
(.45)
|
|
(.61) D
|
Net asset value, end of period
|
$
|
11.95
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
$
|
11.02
|
Total Return E,F,G
|
|
|
|
9.58%
|
|
(2.72)%
|
|
(4.83)%
|
|
26.64%
|
|
(6.88)%
|
Ratios to Average Net Assets B,H,I
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.95% J
|
|
.97%
|
|
.99%
|
|
.98%
|
|
.99%
|
|
1.01%
|
Expenses net of fee waivers, if any
|
|
|
|
.96%
|
|
.98%
|
|
.98%
|
|
.99%
|
|
1.01%
|
Expenses net of all reductions
|
|
.95% J
|
|
.96%
|
|
.98%
|
|
.98%
|
|
.99%
|
|
1.00%
|
Net investment income (loss)
|
|
4.50% J
|
|
4.61%
|
|
4.61%
|
|
2.97%
|
|
2.75%
|
|
3.85%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
284,964
|
$
|
291,737
|
$
|
304,754
|
$
|
364,443
|
$
|
384,382
|
$
|
324,031
|
Portfolio turnover rate K
|
|
|
|
24%
|
|
17%
|
|
42%
|
|
26%
|
|
32% L
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Real Estate Income Fund Class M
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
$
|
11.02
|
$
|
12.43
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.27
|
|
.52
|
|
.52
|
|
.39
|
|
.33
|
|
.45
|
Net realized and unrealized gain (loss)
|
|
.08
|
|
.53
|
|
(.87)
|
|
(1.03)
|
|
2.53
|
|
(1.26)
|
Total from investment operations
|
|
.35
|
|
1.05
|
|
(.35)
|
|
(.64)
|
|
2.86
|
|
(.81)
|
Distributions from net investment income
|
|
(.29)
|
|
(.52)
|
|
(.56)
|
|
(.28)
|
|
(.42) C
|
|
(.44)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.22)
|
|
(.02)
|
|
(.03) C
|
|
(.16)
|
Total distributions
|
|
(.29)
|
|
(.52)
|
|
(.78)
|
|
(.30)
|
|
(.45)
|
|
(.60)
|
Net asset value, end of period
|
$
|
11.95
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
$
|
11.02
|
Total Return D,E,F
|
|
|
|
9.56%
|
|
(2.75)%
|
|
(4.85)%
|
|
26.62%
|
|
(6.89)%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.95% I
|
|
.98%
|
|
1.01%
|
|
.99%
|
|
1.01%
|
|
1.03%
|
Expenses net of fee waivers, if any
|
|
|
|
.97%
|
|
1.00%
|
|
.99%
|
|
1.01%
|
|
1.03%
|
Expenses net of all reductions
|
|
.95% I
|
|
.97%
|
|
1.00%
|
|
.99%
|
|
1.01%
|
|
1.03%
|
Net investment income (loss)
|
|
4.50% I
|
|
4.61%
|
|
4.59%
|
|
2.97%
|
|
2.73%
|
|
3.82%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
35,759
|
$
|
38,026
|
$
|
42,829
|
$
|
52,919
|
$
|
57,338
|
$
|
49,387
|
Portfolio turnover rate J
|
|
|
|
24%
|
|
17%
|
|
42%
|
|
26%
|
|
32% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Real Estate Income Fund Class C
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.67
|
$
|
11.16
|
$
|
12.27
|
$
|
13.21
|
$
|
10.88
|
$
|
12.28
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.22
|
|
.43
|
|
.43
|
|
.29
|
|
.24
|
|
.36
|
Net realized and unrealized gain (loss)
|
|
.08
|
|
.51
|
|
(.86)
|
|
(1.01)
|
|
2.48
|
|
(1.23)
|
Total from investment operations
|
|
.30
|
|
.94
|
|
(.43)
|
|
(.72)
|
|
2.72
|
|
(.87)
|
Distributions from net investment income
|
|
(.24)
|
|
(.43)
|
|
(.46)
|
|
(.20)
|
|
(.36) C
|
|
(.36)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.22)
|
|
(.02)
|
|
(.03) C
|
|
(.16)
|
Total distributions
|
|
(.24)
|
|
(.43)
|
|
(.68)
|
|
(.22)
|
|
(.39)
|
|
(.53) D
|
Net asset value, end of period
|
$
|
11.73
|
$
|
11.67
|
$
|
11.16
|
$
|
12.27
|
$
|
13.21
|
$
|
10.88
|
Total Return E,F,G
|
|
|
|
8.72%
|
|
(3.46)%
|
|
(5.54)%
|
|
25.64%
|
|
(7.50)%
|
Ratios to Average Net Assets B,H,I
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.70% J
|
|
1.70%
|
|
1.74%
|
|
1.72%
|
|
1.74%
|
|
1.76%
|
Expenses net of fee waivers, if any
|
|
|
|
1.70%
|
|
1.73%
|
|
1.72%
|
|
1.74%
|
|
1.76%
|
Expenses net of all reductions
|
|
1.70% J
|
|
1.70%
|
|
1.73%
|
|
1.72%
|
|
1.74%
|
|
1.76%
|
Net investment income (loss)
|
|
3.75% J
|
|
3.88%
|
|
3.86%
|
|
2.23%
|
|
2.00%
|
|
3.09%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
32,896
|
$
|
40,267
|
$
|
56,795
|
$
|
89,135
|
$
|
120,072
|
$
|
150,653
|
Portfolio turnover rate K
|
|
|
|
24%
|
|
17%
|
|
42%
|
|
26%
|
|
32% L
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Real Estate Income Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.98
|
$
|
11.45
|
$
|
12.58
|
$
|
13.52
|
$
|
11.09
|
$
|
12.50
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.29
|
|
.56
|
|
.56
|
|
.43
|
|
.37
|
|
.48
|
Net realized and unrealized gain (loss)
|
|
.09
|
|
.52
|
|
(.88)
|
|
(1.03)
|
|
2.53
|
|
(1.25)
|
Total from investment operations
|
|
.38
|
|
1.08
|
|
(.32)
|
|
(.60)
|
|
2.90
|
|
(.77)
|
Distributions from net investment income
|
|
(.31)
|
|
(.55)
|
|
(.60)
|
|
(.32)
|
|
(.44) C
|
|
(.48)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.22)
|
|
(.02)
|
|
(.03) C
|
|
(.16)
|
Total distributions
|
|
(.31)
|
|
(.55)
|
|
(.81) D
|
|
(.34)
|
|
(.47)
|
|
(.64)
|
Net asset value, end of period
|
$
|
12.05
|
$
|
11.98
|
$
|
11.45
|
$
|
12.58
|
$
|
13.52
|
$
|
11.09
|
Total Return E,F
|
|
|
|
9.79%
|
|
(2.42)%
|
|
(4.56)%
|
|
26.88%
|
|
(6.58)%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.66% I
|
|
.69%
|
|
.73%
|
|
.71%
|
|
.72%
|
|
.73%
|
Expenses net of fee waivers, if any
|
|
|
|
.68%
|
|
.72%
|
|
.71%
|
|
.72%
|
|
.73%
|
Expenses net of all reductions
|
|
.66% I
|
|
.68%
|
|
.72%
|
|
.71%
|
|
.72%
|
|
.73%
|
Net investment income (loss)
|
|
4.79% I
|
|
4.90%
|
|
4.87%
|
|
3.24%
|
|
3.02%
|
|
4.12%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,072,802
|
$
|
1,101,737
|
$
|
1,288,147
|
$
|
1,898,345
|
$
|
2,777,243
|
$
|
2,205,319
|
Portfolio turnover rate J
|
|
|
|
24%
|
|
17%
|
|
42%
|
|
26%
|
|
32% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Real Estate Income Fund Class I
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
$
|
11.04
|
$
|
12.45
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.29
|
|
.55
|
|
.56
|
|
.43
|
|
.37
|
|
.48
|
Net realized and unrealized gain (loss)
|
|
.08
|
|
.53
|
|
(.89)
|
|
(1.03)
|
|
2.53
|
|
(1.25)
|
Total from investment operations
|
|
.37
|
|
1.08
|
|
(.33)
|
|
(.60)
|
|
2.90
|
|
(.77)
|
Distributions from net investment income
|
|
(.31)
|
|
(.55)
|
|
(.60)
|
|
(.32)
|
|
(.44) C
|
|
(.47)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.22)
|
|
(.02)
|
|
(.03) C
|
|
(.16)
|
Total distributions
|
|
(.31)
|
|
(.55)
|
|
(.81) D
|
|
(.34)
|
|
(.47)
|
|
(.64) D
|
Net asset value, end of period
|
$
|
11.98
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
$
|
11.04
|
Total Return E,F
|
|
|
|
9.86%
|
|
(2.52)%
|
|
(4.57)%
|
|
27.03%
|
|
(6.62)%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.70% I
|
|
.72%
|
|
.73%
|
|
.71%
|
|
.71%
|
|
.74%
|
Expenses net of fee waivers, if any
|
|
|
|
.71%
|
|
.72%
|
|
.71%
|
|
.71%
|
|
.74%
|
Expenses net of all reductions
|
|
.70% I
|
|
.71%
|
|
.72%
|
|
.71%
|
|
.71%
|
|
.74%
|
Net investment income (loss)
|
|
4.75% I
|
|
4.87%
|
|
4.87%
|
|
3.24%
|
|
3.03%
|
|
4.11%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,441,126
|
$
|
1,396,173
|
$
|
1,379,614
|
$
|
1,946,852
|
$
|
2,810,475
|
$
|
1,782,594
|
Portfolio turnover rate J
|
|
|
|
24%
|
|
17%
|
|
42%
|
|
26%
|
|
32% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Real Estate Income Fund Class Z
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
$
|
11.04
|
$
|
12.45
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.30
|
|
.57
|
|
.57
|
|
.44
|
|
.38
|
|
.49
|
Net realized and unrealized gain (loss)
|
|
.08
|
|
.53
|
|
(.88)
|
|
(1.02)
|
|
2.53
|
|
(1.25)
|
Total from investment operations
|
|
.38
|
|
1.10
|
|
(.31)
|
|
(.58)
|
|
2.91
|
|
(.76)
|
Distributions from net investment income
|
|
(.32)
|
|
(.57)
|
|
(.61)
|
|
(.34)
|
|
(.45) C
|
|
(.49)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.22)
|
|
(.02)
|
|
(.03) C
|
|
(.16)
|
Total distributions
|
|
(.32)
|
|
(.57)
|
|
(.83)
|
|
(.36)
|
|
(.48)
|
|
(.65)
|
Net asset value, end of period
|
$
|
11.98
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
$
|
11.04
|
Total Return D,E
|
|
|
|
9.99%
|
|
(2.36)%
|
|
(4.44)%
|
|
27.15%
|
|
(6.50)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.57% H
|
|
.60%
|
|
.60%
|
|
.59%
|
|
.60%
|
|
.62%
|
Expenses net of fee waivers, if any
|
|
|
|
.59%
|
|
.60%
|
|
.59%
|
|
.60%
|
|
.62%
|
Expenses net of all reductions
|
|
.57% H
|
|
.59%
|
|
.60%
|
|
.59%
|
|
.60%
|
|
.61%
|
Net investment income (loss)
|
|
4.88% H
|
|
4.98%
|
|
4.99%
|
|
3.36%
|
|
3.14%
|
|
4.24%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,027,614
|
$
|
1,918,827
|
$
|
1,516,585
|
$
|
1,607,463
|
$
|
919,766
|
$
|
793,220
|
Portfolio turnover rate I
|
|
|
|
24%
|
|
17%
|
|
42%
|
|
26%
|
|
32% J
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Real Estate Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Asset-Backed Securities
|
$44
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Indicative market price
|
Evaluated bid
|
$0.00
|
Increase
|
Bank Loan Obligations
|
$28,955,412
|
Discounted cash flow
|
Yield
|
9.5% - 11.8% / 11.2%
|
Decrease
|
Collateralized Mortgage Obligations
|
$34,003
|
Indicative market price
|
Evaluated bid
|
$43.43 - $78.44 / $69.94
|
Increase
|
Commercial Mortgage Securities
|
$31,177,969
|
Indicative market price
|
Evaluated bid
|
$0.25 - $90.46 / $59.42
|
Increase
|
Common Stocks
|
$3
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
Non-Convertible Corporate Bonds
|
$3
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
Non-Convertible Preferred Stocks
|
$12
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2025, 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), certain conversion ratio adjustments, equity-debt classifications, partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$396,092,158
|
Gross unrealized depreciation
|
(239,530,989)
|
Net unrealized appreciation (depreciation)
|
$156,561,169
|
Tax cost
|
$4,744,194,045
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term
|
$(33,506,903)
|
Long-term
|
(171,853,535)
|
Total capital loss carryforward
|
$(205,360,438)
|
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.
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.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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 Real Estate Income Fund
|
634,794,089
|
533,066,441
|
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.70
|
Class M
|
.72
|
Class C
|
.70
|
Real Estate Income
|
.69
|
Class I
|
.69
|
Class Z
|
.56
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.69
|
Class M
|
.69
|
Class C
|
.69
|
Real Estate Income
|
.65
|
Class I
|
.69
|
Class Z
|
.56
|
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 ($)
|
Class A
|
- %
|
.25%
|
366,874
|
3,080
|
Class M
|
- %
|
.25%
|
45,867
|
-
|
Class C
|
.75%
|
.25%
|
184,413
|
11,811
|
|
|
|
597,154
|
14,891
|
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained by FDC ($)
|
Class A
|
4,038
|
Class M
|
446
|
Class C A
|
39
|
|
4,523
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Real Estate Income Fund
|
5,556
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Real Estate Income Fund
|
5,826,232
|
41,038,605
|
8,288,339
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Real Estate Income Fund
|
3,153
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
|
164
|
-
|
-
|
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 $5,138.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Real Estate Income Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$7,003,399
|
$13,177,295
|
Class M
|
869,408
|
1,823,834
|
Class C
|
723,953
|
1,813,536
|
Real Estate Income
|
28,054,121
|
55,987,373
|
Class I
|
36,248,485
|
62,875,218
|
Class Z
|
52,277,507
|
81,775,460
|
Total
|
$125,176,873
|
$217,452,716
|
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, 2025
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Real Estate Income Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
1,587,099
|
3,700,074
|
$19,172,279
|
$41,875,300
|
Reinvestment of distributions
|
415,181
|
838,801
|
4,969,778
|
9,434,884
|
Shares redeemed
|
(2,692,135)
|
(6,823,815)
|
(32,540,793)
|
(77,005,379)
|
Net increase (decrease)
|
(689,855)
|
(2,284,940)
|
$(8,398,736)
|
$(25,695,195)
|
Class M
|
|
|
|
|
Shares sold
|
161,091
|
144,804
|
$1,942,432
|
$1,640,819
|
Reinvestment of distributions
|
68,520
|
154,071
|
820,678
|
1,731,872
|
Shares redeemed
|
(435,367)
|
(870,172)
|
(5,273,874)
|
(9,878,223)
|
Net increase (decrease)
|
(205,756)
|
(571,297)
|
$(2,510,764)
|
$(6,505,532)
|
Class C
|
|
|
|
|
Shares sold
|
175,744
|
266,039
|
$2,097,621
|
$2,985,822
|
Reinvestment of distributions
|
60,302
|
159,687
|
709,426
|
1,761,565
|
Shares redeemed
|
(881,923)
|
(2,064,875)
|
(10,491,303)
|
(22,904,785)
|
Net increase (decrease)
|
(645,877)
|
(1,639,149)
|
$(7,684,256)
|
$(18,157,398)
|
Real Estate Income
|
|
|
|
|
Shares sold
|
5,479,518
|
11,593,441
|
$66,962,177
|
$132,809,316
|
Reinvestment of distributions
|
1,974,077
|
4,248,694
|
23,830,537
|
48,106,620
|
Shares redeemed
|
(10,331,246)
|
(36,436,540)
|
(125,786,334)
|
(401,261,808)
|
Net increase (decrease)
|
(2,877,651)
|
(20,594,405)
|
$(34,993,620)
|
$(220,345,872)
|
Class I
|
|
|
|
|
Shares sold
|
14,917,420
|
38,177,142
|
$180,619,377
|
$435,724,422
|
Reinvestment of distributions
|
2,842,413
|
5,121,376
|
34,116,909
|
57,787,894
|
Shares redeemed
|
(14,586,691)
|
(47,272,737)
|
(176,877,282)
|
(531,909,551)
|
Net increase (decrease)
|
3,173,142
|
(3,974,219)
|
$37,859,004
|
$(38,397,235)
|
Class Z
|
|
|
|
|
Shares sold
|
14,391,059
|
43,967,800
|
$175,177,938
|
$485,551,322
|
Reinvestment of distributions
|
3,770,733
|
6,349,429
|
45,236,086
|
71,705,582
|
Shares redeemed
|
(9,853,704)
|
(22,476,549)
|
(119,510,953)
|
(253,499,337)
|
Net increase (decrease)
|
8,308,088
|
27,840,680
|
$100,903,071
|
$303,757,567
|
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
|
25%
|
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.789716.121
REI-SANN-0425
Fidelity® Growth & Income Portfolio
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Growth & Income Portfolio
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.9%
|
|
|
|
Shares
|
Value ($)
|
BELGIUM - 0.9%
|
|
|
|
Health Care - 0.9%
|
|
|
|
Pharmaceuticals - 0.9%
|
|
|
|
UCB SA
|
|
507,200
|
99,025,059
|
CANADA - 1.7%
|
|
|
|
Energy - 1.3%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.3%
|
|
|
|
Imperial Oil Ltd
|
|
2,162,326
|
143,827,746
|
South Bow Corp
|
|
332,700
|
7,961,816
|
|
|
|
|
151,789,562
|
Financials - 0.4%
|
|
|
|
Capital Markets - 0.4%
|
|
|
|
Brookfield Corp Class A (United States)
|
|
658,502
|
40,300,322
|
Insurance - 0.0%
|
|
|
|
Brookfield Wealth Solutions Ltd Class A (United States) (b)
|
|
2,086
|
127,747
|
TOTAL FINANCIALS
|
|
|
40,428,069
|
|
|
|
|
|
TOTAL CANADA
|
|
|
192,217,631
|
DENMARK - 0.2%
|
|
|
|
Health Care - 0.2%
|
|
|
|
Pharmaceuticals - 0.2%
|
|
|
|
Novo Nordisk A/S Class B ADR
|
|
227,800
|
19,237,710
|
FRANCE - 0.8%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.0%
|
|
|
|
Kering SA
|
|
8,600
|
2,251,378
|
Consumer Staples - 0.3%
|
|
|
|
Beverages - 0.3%
|
|
|
|
Pernod Ricard SA
|
|
287,600
|
32,878,858
|
Remy Cointreau SA
|
|
53,447
|
3,063,387
|
|
|
|
|
35,942,245
|
Industrials - 0.4%
|
|
|
|
Aerospace & Defense - 0.4%
|
|
|
|
Airbus SE
|
|
276,900
|
47,895,814
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
Dassault Systemes SE
|
|
271,300
|
10,592,051
|
TOTAL FRANCE
|
|
|
96,681,488
|
GERMANY - 1.5%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
Puma SE
|
|
336,054
|
10,545,448
|
Information Technology - 1.4%
|
|
|
|
Software - 1.4%
|
|
|
|
SAP SE ADR
|
|
596,245
|
164,599,395
|
TOTAL GERMANY
|
|
|
175,144,843
|
INDIA - 0.1%
|
|
|
|
Financials - 0.1%
|
|
|
|
Banks - 0.1%
|
|
|
|
HDFC Bank Ltd ADR
|
|
132,900
|
8,059,056
|
ITALY - 0.1%
|
|
|
|
Consumer Staples - 0.1%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Davide Campari-Milano NV (b)
|
|
2,210,200
|
12,750,895
|
NETHERLANDS - 1.0%
|
|
|
|
Communication Services - 0.5%
|
|
|
|
Entertainment - 0.5%
|
|
|
|
Universal Music Group NV
|
|
1,826,200
|
50,936,777
|
Health Care - 0.2%
|
|
|
|
Health Care Equipment & Supplies - 0.2%
|
|
|
|
Koninklijke Philips NV depository receipt (b)
|
|
1,009,038
|
27,829,268
|
Information Technology - 0.3%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.3%
|
|
|
|
ASML Holding NV depository receipt
|
|
11,400
|
8,428,134
|
BE Semiconductor Industries NV
|
|
173,800
|
22,483,425
|
|
|
|
|
30,911,559
|
TOTAL NETHERLANDS
|
|
|
109,677,604
|
PORTUGAL - 0.1%
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Galp Energia SGPS SA
|
|
765,300
|
12,808,190
|
SPAIN - 0.3%
|
|
|
|
Communication Services - 0.3%
|
|
|
|
Diversified Telecommunication Services - 0.3%
|
|
|
|
Cellnex Telecom SA (c)(d)
|
|
905,000
|
30,311,340
|
Industrials - 0.0%
|
|
|
|
Transportation Infrastructure - 0.0%
|
|
|
|
Aena SME SA (c)(d)
|
|
5,500
|
1,189,068
|
TOTAL SPAIN
|
|
|
31,500,408
|
SWITZERLAND - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Health Care Equipment & Supplies - 0.0%
|
|
|
|
Sonova Holding AG
|
|
3,082
|
1,080,180
|
Pharmaceuticals - 0.0%
|
|
|
|
Galderma Group AG (e)
|
|
29,620
|
3,600,257
|
TOTAL SWITZERLAND
|
|
|
4,680,437
|
TAIWAN - 0.7%
|
|
|
|
Information Technology - 0.7%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.7%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
361,400
|
75,648,248
|
UNITED KINGDOM - 1.2%
|
|
|
|
Consumer Staples - 0.5%
|
|
|
|
Beverages - 0.3%
|
|
|
|
Diageo PLC ADR
|
|
301,911
|
36,220,263
|
Tobacco - 0.2%
|
|
|
|
British American Tobacco PLC ADR
|
|
535,300
|
21,219,292
|
TOTAL CONSUMER STAPLES
|
|
|
57,439,555
|
|
|
|
|
|
Financials - 0.2%
|
|
|
|
Capital Markets - 0.2%
|
|
|
|
3i Group PLC
|
|
495,200
|
23,791,074
|
Industrials - 0.4%
|
|
|
|
Professional Services - 0.4%
|
|
|
|
RELX PLC
|
|
897,501
|
44,566,745
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
Sage Group PLC/The
|
|
884,200
|
14,778,388
|
TOTAL UNITED KINGDOM
|
|
|
140,575,762
|
UNITED STATES - 86.6%
|
|
|
|
Communication Services - 3.9%
|
|
|
|
Diversified Telecommunication Services - 0.2%
|
|
|
|
Verizon Communications Inc
|
|
484,274
|
19,075,553
|
Entertainment - 0.6%
|
|
|
|
Walt Disney Co/The
|
|
540,090
|
61,062,575
|
Warner Music Group Corp Class A (b)
|
|
372,600
|
11,848,680
|
|
|
|
|
72,911,255
|
Interactive Media & Services - 1.9%
|
|
|
|
Alphabet Inc Class A
|
|
397,700
|
81,138,754
|
Alphabet Inc Class C
|
|
325,800
|
66,984,480
|
Meta Platforms Inc Class A
|
|
88,400
|
60,923,512
|
|
|
|
|
209,046,746
|
Media - 1.2%
|
|
|
|
Comcast Corp Class A
|
|
4,125,912
|
138,878,198
|
TOTAL COMMUNICATION SERVICES
|
|
|
439,911,752
|
|
|
|
|
|
Consumer Discretionary - 1.9%
|
|
|
|
Hotels, Restaurants & Leisure - 0.9%
|
|
|
|
Booking Holdings Inc
|
|
2,100
|
9,948,876
|
Churchill Downs Inc
|
|
63,100
|
7,797,897
|
Domino's Pizza Inc
|
|
30,600
|
13,743,072
|
Marriott International Inc/MD Class A1
|
|
113,623
|
33,017,708
|
Starbucks Corp
|
|
336,360
|
36,219,245
|
|
|
|
|
100,726,798
|
Household Durables - 0.1%
|
|
|
|
Whirlpool Corp (b)
|
|
117,794
|
12,369,548
|
Specialty Retail - 0.8%
|
|
|
|
Lowe's Cos Inc (h)
|
|
345,914
|
89,951,477
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
NIKE Inc Class B
|
|
183,800
|
14,134,220
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
217,182,043
|
|
|
|
|
|
Consumer Staples - 4.7%
|
|
|
|
Beverages - 1.6%
|
|
|
|
Coca-Cola Co/The
|
|
1,544,510
|
98,045,495
|
Keurig Dr Pepper Inc
|
|
2,422,000
|
77,746,200
|
PepsiCo Inc
|
|
13,100
|
1,974,039
|
|
|
|
|
177,765,734
|
Consumer Staples Distribution & Retail - 1.1%
|
|
|
|
Sysco Corp
|
|
453,636
|
33,079,137
|
Target Corp
|
|
234,300
|
32,312,313
|
Walmart Inc (h)
|
|
583,100
|
57,237,096
|
|
|
|
|
122,628,546
|
Food Products - 0.0%
|
|
|
|
Lamb Weston Holdings Inc
|
|
102,800
|
6,161,832
|
Household Products - 0.1%
|
|
|
|
Colgate-Palmolive Co
|
|
62,300
|
5,401,410
|
Procter & Gamble Co/The
|
|
68,900
|
11,436,711
|
|
|
|
|
16,838,121
|
Personal Care Products - 1.7%
|
|
|
|
Estee Lauder Cos Inc/The Class A
|
|
315,800
|
26,347,194
|
Haleon PLC ADR
|
|
7,816,011
|
74,017,624
|
Kenvue Inc
|
|
4,203,508
|
89,492,685
|
|
|
|
|
189,857,503
|
Tobacco - 0.2%
|
|
|
|
Philip Morris International Inc
|
|
189,000
|
24,607,800
|
TOTAL CONSUMER STAPLES
|
|
|
537,859,536
|
|
|
|
|
|
Energy - 7.4%
|
|
|
|
Oil, Gas & Consumable Fuels - 7.4%
|
|
|
|
Enterprise Products Partners LP
|
|
217,800
|
7,111,170
|
Exxon Mobil Corp
|
|
5,918,177
|
632,238,849
|
Shell PLC ADR
|
|
3,201,600
|
210,825,360
|
|
|
|
|
850,175,379
|
Financials - 20.3%
|
|
|
|
Banks - 14.2%
|
|
|
|
Bank of America Corp
|
|
7,253,436
|
335,834,087
|
Citigroup Inc
|
|
158,400
|
12,898,512
|
JPMorgan Chase & Co
|
|
503,975
|
134,712,518
|
M&T Bank Corp
|
|
363,094
|
73,069,037
|
PNC Financial Services Group Inc/The
|
|
728,601
|
146,412,371
|
Truist Financial Corp
|
|
98,300
|
4,681,045
|
US Bancorp
|
|
2,387,337
|
114,066,962
|
Wells Fargo & Co (h)
|
|
10,019,970
|
789,573,636
|
|
|
|
|
1,611,248,168
|
Capital Markets - 2.3%
|
|
|
|
Charles Schwab Corp/The
|
|
59,000
|
4,880,480
|
Intercontinental Exchange Inc
|
|
12,600
|
2,013,858
|
KKR & Co Inc Class A
|
|
570,552
|
95,322,123
|
Moody's Corp
|
|
23,900
|
11,936,616
|
Morgan Stanley
|
|
45,051
|
6,236,410
|
MSCI Inc
|
|
1,900
|
1,133,863
|
Northern Trust Corp
|
|
1,017,953
|
114,305,942
|
Raymond James Financial Inc
|
|
151,070
|
25,452,274
|
|
|
|
|
261,281,566
|
Financial Services - 2.7%
|
|
|
|
Apollo Global Management Inc
|
|
29,100
|
4,975,518
|
Global Payments Inc
|
|
204,500
|
23,077,825
|
Mastercard Inc Class A
|
|
66,567
|
36,973,309
|
Visa Inc Class A
|
|
722,175
|
246,839,415
|
|
|
|
|
311,866,067
|
Insurance - 1.1%
|
|
|
|
American Financial Group Inc/OH
|
|
32,600
|
4,451,855
|
Arthur J Gallagher & Co
|
|
130,100
|
39,266,782
|
Chubb Ltd
|
|
110,356
|
30,003,589
|
Marsh & McLennan Cos Inc
|
|
168,770
|
36,602,838
|
The Travelers Companies, Inc.
|
|
77,627
|
19,032,588
|
|
|
|
|
129,357,652
|
TOTAL FINANCIALS
|
|
|
2,313,753,453
|
|
|
|
|
|
Health Care - 9.9%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Gilead Sciences Inc
|
|
80,900
|
7,863,479
|
Health Care Equipment & Supplies - 1.9%
|
|
|
|
Abbott Laboratories
|
|
179,700
|
22,989,021
|
Becton Dickinson & Co
|
|
137,011
|
33,923,924
|
Boston Scientific Corp (e)
|
|
1,594,322
|
163,194,800
|
|
|
|
|
220,107,745
|
Health Care Providers & Services - 4.4%
|
|
|
|
Cardinal Health Inc
|
|
375,111
|
46,386,226
|
Cigna Group/The
|
|
376,454
|
110,756,531
|
Humana Inc
|
|
161,900
|
47,473,937
|
McKesson Corp
|
|
136,434
|
81,144,122
|
UnitedHealth Group Inc
|
|
403,187
|
218,724,916
|
|
|
|
|
504,485,732
|
Life Sciences Tools & Services - 0.6%
|
|
|
|
Danaher Corp
|
|
274,503
|
61,142,798
|
Thermo Fisher Scientific Inc
|
|
10,700
|
6,395,925
|
|
|
|
|
67,538,723
|
Pharmaceuticals - 2.9%
|
|
|
|
Bristol-Myers Squibb Co
|
|
1,454,836
|
85,762,582
|
Eli Lilly & Co
|
|
96,748
|
78,470,368
|
GSK PLC ADR
|
|
2,270,128
|
80,067,415
|
Johnson & Johnson
|
|
465,366
|
70,805,437
|
Royalty Pharma PLC Class A
|
|
438,900
|
13,860,462
|
Zoetis Inc Class A
|
|
13,900
|
2,375,510
|
|
|
|
|
331,341,774
|
TOTAL HEALTH CARE
|
|
|
1,131,337,453
|
|
|
|
|
|
Industrials - 15.4%
|
|
|
|
Aerospace & Defense - 7.8%
|
|
|
|
Boeing Co (e)
|
|
1,175,420
|
207,485,138
|
GE Aerospace (h)
|
|
2,883,611
|
587,016,691
|
General Dynamics Corp
|
|
153,261
|
39,385,012
|
Howmet Aerospace Inc
|
|
94,800
|
11,999,784
|
Huntington Ingalls Industries Inc
|
|
163,584
|
32,268,580
|
Textron Inc
|
|
184,400
|
14,108,444
|
|
|
|
|
892,263,649
|
Air Freight & Logistics - 1.1%
|
|
|
|
Expeditors International of Washington Inc
|
|
8,400
|
954,072
|
United Parcel Service Inc Class B
|
|
1,082,899
|
123,699,553
|
|
|
|
|
124,653,625
|
Building Products - 0.0%
|
|
|
|
A O Smith Corp
|
|
17,000
|
1,144,100
|
Commercial Services & Supplies - 0.7%
|
|
|
|
GFL Environmental Inc Subordinate Voting Shares
|
|
1,562,900
|
67,426,174
|
Veralto Corp
|
|
80,201
|
8,291,981
|
|
|
|
|
75,718,155
|
Electrical Equipment - 2.8%
|
|
|
|
AMETEK Inc
|
|
36,600
|
6,754,896
|
GE Vernova Inc
|
|
758,977
|
283,007,344
|
Regal Rexnord Corp
|
|
153,800
|
24,412,674
|
Rockwell Automation Inc
|
|
19,318
|
5,378,711
|
|
|
|
|
319,553,625
|
Ground Transportation - 0.3%
|
|
|
|
Knight-Swift Transportation Holdings Inc
|
|
659,809
|
37,668,496
|
Machinery - 1.8%
|
|
|
|
Allison Transmission Holdings Inc
|
|
402,000
|
47,251,080
|
Cummins Inc
|
|
57,976
|
20,653,950
|
Deere & Co
|
|
53,300
|
25,400,648
|
Donaldson Co Inc
|
|
861,212
|
61,309,682
|
Nordson Corp
|
|
158,527
|
34,910,816
|
Otis Worldwide Corp
|
|
87,573
|
8,356,216
|
Stanley Black & Decker Inc
|
|
87,618
|
7,716,517
|
|
|
|
|
205,598,909
|
Trading Companies & Distributors - 0.9%
|
|
|
|
Watsco Inc
|
|
189,291
|
90,592,780
|
Wesco International Inc
|
|
88,600
|
16,391,000
|
|
|
|
|
106,983,780
|
TOTAL INDUSTRIALS
|
|
|
1,763,584,339
|
|
|
|
|
|
Information Technology - 19.3%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
CDW Corp/DE
|
|
61,064
|
12,160,285
|
IT Services - 0.6%
|
|
|
|
Amdocs Ltd
|
|
302,900
|
26,712,751
|
IBM Corporation
|
|
175,542
|
44,886,089
|
|
|
|
|
71,598,840
|
Semiconductors & Semiconductor Equipment - 7.6%
|
|
|
|
Analog Devices Inc
|
|
143,508
|
30,407,910
|
Applied Materials Inc
|
|
178,300
|
32,156,405
|
Broadcom Inc
|
|
573,400
|
126,876,218
|
Lam Research Corp
|
|
401,300
|
32,525,365
|
Marvell Technology Inc
|
|
1,392,286
|
157,133,398
|
Microchip Technology Inc
|
|
56,900
|
3,089,670
|
Micron Technology Inc
|
|
229,000
|
20,893,960
|
NVIDIA Corp
|
|
3,336,150
|
400,571,531
|
QUALCOMM Inc
|
|
216,000
|
37,352,880
|
Teradyne Inc
|
|
191,000
|
22,115,890
|
|
|
|
|
863,123,227
|
Software - 8.2%
|
|
|
|
Intuit Inc
|
|
92,800
|
55,820,128
|
Microsoft Corp (h)
|
|
1,923,382
|
798,318,933
|
Oracle Corp
|
|
446,700
|
75,965,802
|
|
|
|
|
930,104,863
|
Technology Hardware, Storage & Peripherals - 2.8%
|
|
|
|
Apple Inc
|
|
1,346,202
|
317,703,672
|
Dell Technologies Inc Class C
|
|
40,400
|
4,185,440
|
|
|
|
|
321,889,112
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
2,198,876,327
|
|
|
|
|
|
Materials - 0.3%
|
|
|
|
Chemicals - 0.3%
|
|
|
|
Air Products and Chemicals Inc
|
|
70,000
|
23,468,200
|
International Flavors & Fragrances Inc
|
|
35,300
|
3,074,277
|
PPG Industries Inc
|
|
54,322
|
6,267,672
|
Sherwin-Williams Co/The
|
|
14,400
|
5,157,504
|
|
|
|
|
37,967,653
|
Real Estate - 1.2%
|
|
|
|
Industrial REITs - 0.0%
|
|
|
|
Terreno Realty Corp
|
|
90,300
|
5,907,426
|
Residential REITs - 0.2%
|
|
|
|
Sun Communities Inc
|
|
140,400
|
17,760,600
|
Specialized REITs - 1.0%
|
|
|
|
American Tower Corp
|
|
322,678
|
59,679,296
|
Crown Castle Inc
|
|
596,400
|
53,246,592
|
Public Storage Operating Co
|
|
2,400
|
716,352
|
|
|
|
|
113,642,240
|
TOTAL REAL ESTATE
|
|
|
137,310,266
|
|
|
|
|
|
Utilities - 2.3%
|
|
|
|
Electric Utilities - 2.2%
|
|
|
|
Constellation Energy Corp
|
|
33,913
|
10,173,222
|
Duke Energy Corp
|
|
201,121
|
22,523,541
|
Edison International
|
|
226,600
|
12,236,400
|
Entergy Corp
|
|
284,926
|
23,101,800
|
Eversource Energy
|
|
328,700
|
18,959,416
|
Exelon Corp
|
|
155,840
|
6,233,600
|
FirstEnergy Corp
|
|
125,300
|
4,986,940
|
NextEra Energy Inc
|
|
53,800
|
3,849,927
|
PG&E Corp
|
|
270,900
|
4,239,585
|
Southern Co/The
|
|
1,695,866
|
142,367,951
|
|
|
|
|
248,672,382
|
Multi-Utilities - 0.1%
|
|
|
|
Sempra
|
|
190,792
|
15,822,381
|
TOTAL UTILITIES
|
|
|
264,494,763
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
9,892,452,964
|
ZAMBIA - 0.7%
|
|
|
|
Materials - 0.7%
|
|
|
|
Metals & Mining - 0.7%
|
|
|
|
First Quantum Minerals Ltd (e)
|
|
6,055,100
|
75,785,096
|
|
TOTAL COMMON STOCKS
(Cost $6,006,324,063)
|
|
|
10,946,245,391
|
|
|
|
|
|
Convertible Corporate Bonds - 0.1%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Interactive Media & Services - 0.1%
|
|
|
|
Snap Inc 0.125% 3/1/2028
(Cost $10,464,412)
|
|
13,064,000
|
10,862,716
|
|
|
|
|
|
Convertible Preferred Stocks - 0.9%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.9%
|
|
|
|
Industrials - 0.9%
|
|
|
|
Aerospace & Defense - 0.9%
|
|
|
|
Boeing Co 6%
(Cost $92,246,401)
|
|
1,775,900
|
107,832,648
|
|
|
|
|
|
Money Market Funds - 3.3%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
4.37
|
345,585,032
|
345,654,149
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
4.37
|
26,746,841
|
26,749,516
|
|
TOTAL MONEY MARKET FUNDS
(Cost $372,403,665)
|
|
|
|
372,403,665
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.2%
(Cost $6,481,438,541)
|
11,437,344,420
|
NET OTHER ASSETS (LIABILITIES) - (0.2)%
|
(19,709,479)
|
NET ASSETS - 100.0%
|
11,417,634,941
|
|
|
|
Written Options
|
|
|
Counterparty
|
Number
of Contracts
|
Notional
Amount ($)
|
Exercise
Price ($)
|
Expiration
Date
|
Value ($)
|
Call Options
|
|
|
|
|
|
|
GE Aerospace
|
Chicago Board Options Exchange
|
1,422
|
28,947,654
|
230.00
|
05/16/25
|
(547,470)
|
GE Aerospace
|
Chicago Board Options Exchange
|
1,425
|
29,008,725
|
230.00
|
06/20/25
|
(812,250)
|
GE Aerospace
|
Chicago Board Options Exchange
|
1,426
|
29,029,082
|
195.00
|
03/21/25
|
(1,903,710)
|
Lowes Cos Inc
|
Chicago Board Options Exchange
|
301
|
7,827,204
|
280.00
|
03/21/25
|
(90,752)
|
Microsoft Corp
|
Chicago Board Options Exchange
|
900
|
37,355,400
|
465.00
|
03/21/25
|
(129,600)
|
Walmart Inc
|
Chicago Board Options Exchange
|
1,729
|
16,971,864
|
100.00
|
02/21/25
|
(372,600)
|
Wells Fargo & Co
|
Chicago Board Options Exchange
|
4,943
|
38,950,840
|
85.00
|
04/17/25
|
(652,476)
|
Wells Fargo & Co
|
Chicago Board Options Exchange
|
5,022
|
39,573,360
|
82.00
|
04/17/25
|
(1,054,620)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,563,478)
|
TOTAL WRITTEN OPTIONS
|
|
|
|
|
|
(5,563,478)
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Security or a portion of the security is on loan at period end.
|
(c)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $31,500,408 or 0.3% of net assets.
|
(d)
|
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 $31,500,408 or 0.3% of net assets.
|
(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.
|
(h)
|
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $227,664,129.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
160,733,873
|
669,146,318
|
484,226,042
|
7,498,059
|
-
|
-
|
345,654,149
|
345,585,032
|
0.6%
|
Fidelity Securities Lending Cash Central Fund
|
16,822,980
|
468,550,086
|
458,623,550
|
102,002
|
-
|
-
|
26,749,516
|
26,746,841
|
0.1%
|
Total
|
177,556,853
|
1,137,696,404
|
942,849,592
|
7,600,061
|
-
|
-
|
372,403,665
|
372,331,873
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, 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:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
521,159,869
|
439,911,752
|
81,248,117
|
-
|
Consumer Discretionary
|
229,978,869
|
217,182,043
|
12,796,826
|
-
|
Consumer Staples
|
643,992,231
|
631,241,336
|
12,750,895
|
-
|
Energy
|
1,014,773,131
|
1,001,964,941
|
12,808,190
|
-
|
Financials
|
2,386,031,652
|
2,362,240,578
|
23,791,074
|
-
|
Health Care
|
1,282,109,927
|
1,282,109,927
|
-
|
-
|
Industrials
|
1,857,235,966
|
1,764,773,407
|
92,462,559
|
-
|
Information Technology
|
2,495,405,968
|
2,484,813,917
|
10,592,051
|
-
|
Materials
|
113,752,749
|
113,752,749
|
-
|
-
|
Real Estate
|
137,310,266
|
137,310,266
|
-
|
-
|
Utilities
|
264,494,763
|
264,494,763
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Communication Services
|
10,862,716
|
-
|
10,862,716
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Industrials
|
107,832,648
|
-
|
107,832,648
|
-
|
|
|
Money Market Funds
|
372,403,665
|
372,403,665
|
-
|
-
|
Total Investments in Securities:
|
11,437,344,420
|
11,072,199,344
|
365,145,076
|
-
|
Derivative Instruments:
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Written Options
|
(5,563,478)
|
(5,563,478)
|
-
|
-
|
Total Liabilities
|
(5,563,478)
|
(5,563,478)
|
-
|
-
|
Total Derivative Instruments:
|
(5,563,478)
|
(5,563,478)
|
-
|
-
|
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, 2025. 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
|
|
|
Written Options (a)
|
0
|
(5,563,478)
|
Total Equity Risk
|
0
|
(5,563,478)
|
Total Value of Derivatives
|
0
|
(5,563,478)
|
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $25,286,077) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $6,109,034,876)
|
$
|
11,064,940,755
|
|
|
Fidelity Central Funds (cost $372,403,665)
|
|
372,403,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $6,481,438,541)
|
|
|
$
|
11,437,344,420
|
Cash
|
|
|
|
192,979
|
Foreign currency held at value (cost $139,917)
|
|
|
|
139,917
|
Receivable for investments sold
|
|
|
|
26,363,855
|
Receivable for fund shares sold
|
|
|
|
3,047,600
|
Dividends receivable
|
|
|
|
6,458,998
|
Interest receivable
|
|
|
|
6,804
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
1,206,497
|
Prepaid expenses
|
|
|
|
7,880
|
Other receivables
|
|
|
|
68,038
|
Total assets
|
|
|
|
11,474,836,988
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
14,080,272
|
|
|
Payable for fund shares redeemed
|
|
5,577,965
|
|
|
Accrued management fee
|
|
4,845,990
|
|
|
Written options, at value (premium received $4,203,373)
|
|
5,563,478
|
|
|
Other payables and accrued expenses
|
|
384,826
|
|
|
Collateral on securities loaned
|
|
26,749,516
|
|
|
Total liabilities
|
|
|
|
57,202,047
|
Net Assets
|
|
|
$
|
11,417,634,941
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
6,334,144,994
|
Total accumulated earnings (loss)
|
|
|
|
5,083,489,947
|
Net Assets
|
|
|
$
|
11,417,634,941
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Growth and Income :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($9,920,531,379 ÷ 154,478,737 shares)
|
|
|
$
|
64.22
|
Class K :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,497,103,562 ÷ 23,341,652 shares)
|
|
|
$
|
64.14
|
Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
91,974,141
|
Interest
|
|
|
|
1,715,587
|
Income from Fidelity Central Funds (including $102,002 from security lending)
|
|
|
|
7,600,061
|
Total income
|
|
|
|
101,289,789
|
Expenses
|
|
|
|
|
Management fee
|
$
|
28,537,755
|
|
|
Custodian fees and expenses
|
|
294,497
|
|
|
Independent trustees' fees and expenses
|
|
24,081
|
|
|
Registration fees
|
|
45,984
|
|
|
Audit fees
|
|
44,606
|
|
|
Legal
|
|
9,411
|
|
|
Miscellaneous
|
|
16,637
|
|
|
Total expenses before reductions
|
|
28,972,971
|
|
|
Expense reductions
|
|
(18,519)
|
|
|
Total expenses after reductions
|
|
|
|
28,954,452
|
Net Investment income (loss)
|
|
|
|
72,335,337
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
343,017,623
|
|
|
Foreign currency transactions
|
|
(38,788)
|
|
|
Written options
|
|
12,824,655
|
|
|
Total net realized gain (loss)
|
|
|
|
355,803,490
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
491,608,073
|
|
|
Assets and liabilities in foreign currencies
|
|
(29,853)
|
|
|
Written options
|
|
(2,511,878)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
489,066,342
|
Net gain (loss)
|
|
|
|
844,869,832
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
917,205,169
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
72,335,337
|
$
|
149,007,941
|
Net realized gain (loss)
|
|
355,803,490
|
|
499,594,591
|
Change in net unrealized appreciation (depreciation)
|
|
489,066,342
|
|
1,234,252,892
|
Net increase (decrease) in net assets resulting from operations
|
|
917,205,169
|
|
1,882,855,424
|
Distributions to shareholders
|
|
(653,875,324)
|
|
(367,129,629)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
397,275,839
|
|
(115,748,114)
|
Total increase (decrease) in net assets
|
|
660,605,684
|
|
1,399,977,681
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
10,757,029,257
|
|
9,357,051,576
|
End of period
|
$
|
11,417,634,941
|
$
|
10,757,029,257
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity® Growth & Income Portfolio
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
62.78
|
$
|
54.20
|
$
|
48.92
|
$
|
51.87
|
$
|
38.15
|
$
|
38.98
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.41
|
|
.85
|
|
.84
|
|
.76
|
|
.78
|
|
.83
|
Net realized and unrealized gain (loss)
|
|
4.82
|
|
9.84
|
|
6.13
|
|
(.61)
|
|
14.49
|
|
(.37)
|
Total from investment operations
|
|
5.23
|
|
10.69
|
|
6.97
|
|
.15
|
|
15.27
|
|
.46
|
Distributions from net investment income
|
|
(.47)
|
|
(.84)
|
|
(.86)
|
|
(1.06)
|
|
(.79)
|
|
(.84)
|
Distributions from net realized gain
|
|
(3.32)
|
|
(1.27)
|
|
(.83)
|
|
(2.05)
|
|
(.75)
|
|
(.46)
|
Total distributions
|
|
(3.79)
|
|
(2.11)
|
|
(1.69)
|
|
(3.10) C
|
|
(1.55) C
|
|
(1.29) C
|
Net asset value, end of period
|
$
|
64.22
|
$
|
62.78
|
$
|
54.20
|
$
|
48.92
|
$
|
51.87
|
$
|
38.15
|
Total Return D,E
|
|
|
|
20.41%
|
|
14.77%
|
|
.26%
|
|
41.01%
|
|
1.27%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.53% H
|
|
.56%
|
|
.58%
|
|
.57%
|
|
.58%
|
|
.60%
|
Expenses net of fee waivers, if any
|
|
|
|
.56%
|
|
.58%
|
|
.57%
|
|
.58%
|
|
.60%
|
Expenses net of all reductions
|
|
.53% H
|
|
.56%
|
|
.58%
|
|
.57%
|
|
.58%
|
|
.60%
|
Net investment income (loss)
|
|
1.30% H
|
|
1.52%
|
|
1.71%
|
|
1.51%
|
|
1.71%
|
|
2.18%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
9,920,531
|
$
|
9,390,438
|
$
|
8,277,107
|
$
|
7,360,433
|
$
|
7,218,934
|
$
|
5,451,158
|
Portfolio turnover rate I
|
|
|
|
19%
|
|
13%
|
|
12%
|
|
16%
|
|
32%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity® Growth & Income Portfolio Class K
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
62.71
|
$
|
54.14
|
$
|
48.86
|
$
|
51.82
|
$
|
38.11
|
$
|
38.94
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.43
|
|
.90
|
|
.89
|
|
.81
|
|
.81
|
|
.86
|
Net realized and unrealized gain (loss)
|
|
4.82
|
|
9.83
|
|
6.13
|
|
(.62)
|
|
14.48
|
|
(.35)
|
Total from investment operations
|
|
5.25
|
|
10.73
|
|
7.02
|
|
.19
|
|
15.29
|
|
.51
|
Distributions from net investment income
|
|
(.50)
|
|
(.89)
|
|
(.91)
|
|
(1.10)
|
|
(.83)
|
|
(.88)
|
Distributions from net realized gain
|
|
(3.32)
|
|
(1.27)
|
|
(.83)
|
|
(2.05)
|
|
(.75)
|
|
(.46)
|
Total distributions
|
|
(3.82)
|
|
(2.16)
|
|
(1.74)
|
|
(3.15)
|
|
(1.58)
|
|
(1.34)
|
Net asset value, end of period
|
$
|
64.14
|
$
|
62.71
|
$
|
54.14
|
$
|
48.86
|
$
|
51.82
|
$
|
38.11
|
Total Return C,D
|
|
|
|
20.52%
|
|
14.89%
|
|
.33%
|
|
41.15%
|
|
1.39%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.46% G
|
|
.47%
|
|
.49%
|
|
.49%
|
|
.49%
|
|
.50%
|
Expenses net of fee waivers, if any
|
|
|
|
.47%
|
|
.48%
|
|
.48%
|
|
.49%
|
|
.50%
|
Expenses net of all reductions
|
|
.46% G
|
|
.47%
|
|
.48%
|
|
.48%
|
|
.49%
|
|
.50%
|
Net investment income (loss)
|
|
1.37% G
|
|
1.61%
|
|
1.80%
|
|
1.60%
|
|
1.80%
|
|
2.28%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,497,104
|
$
|
1,366,591
|
$
|
1,079,945
|
$
|
323,298
|
$
|
850,210
|
$
|
1,019,860
|
Portfolio turnover rate H
|
|
|
|
19%
|
|
13%
|
|
12%
|
|
16%
|
|
32%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
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 and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and 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.
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, 2025 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Growth & Income Portfolio
|
$4,405
|
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), deferred Trustee 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
|
$5,185,940,432
|
Gross unrealized depreciation
|
(240,019,929)
|
Net unrealized appreciation (depreciation)
|
$4,945,920,503
|
Tax cost
|
$6,490,063,812
|
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.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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 options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Derivatives were used to increase or decrease exposure to the following risk(s):
|
|
Equity Risk
|
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.
Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.
Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.
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
|
756,208,700
|
1,068,328,418
|
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Growth and Income
|
.54
|
Class K
|
.45
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Growth and Income
|
.52
|
Class K
|
.45
|
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Growth & Income Portfolio
|
11,430
|
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
|
61,068,514
|
54,984,098
|
19,083,073
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Growth & Income Portfolio
|
7,060
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
|
11,163
|
-
|
-
|
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 $18,519.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Growth & Income Portfolio
|
|
|
Distributions to shareholders
|
|
|
Growth and Income
|
$569,530,855
|
$319,193,522
|
Class K
|
84,344,469
|
47,936,107
|
Total
|
$653,875,324
|
$367,129,629
|
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, 2025
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Growth & Income Portfolio
|
|
|
|
|
Growth and Income
|
|
|
|
|
Shares sold
|
5,650,266
|
8,417,930
|
$359,081,431
|
$472,938,094
|
Reinvestment of distributions
|
8,437,813
|
5,440,339
|
523,279,024
|
293,666,836
|
Shares redeemed
|
(9,189,075)
|
(17,002,654)
|
(582,263,007)
|
(945,060,182)
|
Net increase (decrease)
|
4,899,004
|
(3,144,385)
|
$300,097,448
|
$(178,455,252)
|
Class K
|
|
|
|
|
Shares sold
|
1,773,546
|
7,673,564
|
$113,137,002
|
$401,664,662
|
Reinvestment of distributions
|
1,361,540
|
886,296
|
84,344,469
|
47,936,107
|
Shares redeemed
|
(1,584,941)
|
(6,715,091)
|
(100,303,080)
|
(386,893,631)
|
Net increase (decrease)
|
1,550,145
|
1,844,769
|
$97,178,391
|
$62,707,138
|
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
14. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Growth & Income Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on March 20, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Growth & Income Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Advisor Growth & Income Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Growth & Income Fund access to a larger portfolio with a similar investment objective.
The reorganization does not require Fidelity Advisor Growth & Income Fund shareholder approval and is expected to become effective during March 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contract and Management Fees
Fidelity Growth & Income Portfolio
At its October 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its October 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of Class A, Class C, Class I, and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure and that the estimated total net expense ratio of Class M of the fund is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure primarily because of higher 12b-1 fees.
The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.
Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
1.700483.128
GAI-SANN-0425
Fidelity® OTC Portfolio
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Consolidated Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8%
|
|
|
|
Shares
|
Value ($)
|
BRAZIL - 0.3%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Broadline Retail - 0.3%
|
|
|
|
MercadoLibre Inc (a)
|
|
52,691
|
101,282,113
|
CANADA - 0.2%
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Cenovus Energy Inc
|
|
163,706
|
2,367,702
|
Information Technology - 0.2%
|
|
|
|
IT Services - 0.2%
|
|
|
|
Shopify Inc Class A (United States) (a)
|
|
467,932
|
54,654,458
|
TOTAL CANADA
|
|
|
57,022,160
|
CHINA - 0.5%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Entertainment - 0.0%
|
|
|
|
Netease Inc ADR
|
|
14,461
|
1,487,314
|
Interactive Media & Services - 0.0%
|
|
|
|
Tencent Holdings Ltd ADR
|
|
81,889
|
4,341,755
|
TOTAL COMMUNICATION SERVICES
|
|
|
5,829,069
|
|
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Broadline Retail - 0.1%
|
|
|
|
Alibaba Group Holding Ltd ADR
|
|
6,263
|
619,035
|
JD.com Inc A Shares
|
|
8,495
|
172,795
|
PDD Holdings Inc Class A ADR (a)
|
|
217,544
|
24,345,349
|
|
|
|
|
25,137,179
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Ant International Co Ltd Class C (b)(c)
|
|
10,036,067
|
18,064,921
|
Information Technology - 0.4%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.4%
|
|
|
|
NXP Semiconductors NV
|
|
552,488
|
115,221,372
|
TOTAL CHINA
|
|
|
164,252,541
|
DENMARK - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Ascendis Pharma A/S ADR (a)
|
|
269,166
|
35,169,230
|
FRANCE - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
GenSight Biologics SA (a)
|
|
210,187
|
66,941
|
IRELAND - 0.1%
|
|
|
|
Financials - 0.1%
|
|
|
|
Financial Services - 0.1%
|
|
|
|
Circle Internet Financial LLC (b)
|
|
1,272,556
|
34,766,230
|
Circle Internet Financial LLC (b)
|
|
391,560
|
10,697,419
|
|
|
|
|
|
TOTAL IRELAND
|
|
|
45,463,649
|
ISRAEL - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Broadline Retail - 0.0%
|
|
|
|
Global-e Online Ltd (a)
|
|
246,710
|
14,775,462
|
KOREA (SOUTH) - 0.1%
|
|
|
|
Information Technology - 0.1%
|
|
|
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|
|
|
Samsung Electronics Co Ltd
|
|
1,079,240
|
38,421,512
|
NETHERLANDS - 1.1%
|
|
|
|
Health Care - 0.6%
|
|
|
|
Biotechnology - 0.6%
|
|
|
|
Argenx SE ADR (a)
|
|
320,526
|
209,986,199
|
Information Technology - 0.5%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.5%
|
|
|
|
ASML Holding NV depository receipt
|
|
142,717
|
105,512,105
|
BE Semiconductor Industries NV
|
|
480,815
|
62,200,046
|
|
|
|
|
167,712,151
|
TOTAL NETHERLANDS
|
|
|
377,698,350
|
TAIWAN - 3.1%
|
|
|
|
Information Technology - 3.1%
|
|
|
|
Semiconductors & Semiconductor Equipment - 3.1%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
4,708,137
|
985,507,237
|
UNITED KINGDOM - 0.4%
|
|
|
|
Consumer Staples - 0.1%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Diageo PLC
|
|
748,837
|
22,308,187
|
Health Care - 0.3%
|
|
|
|
Pharmaceuticals - 0.3%
|
|
|
|
Astrazeneca PLC ADR
|
|
1,540,777
|
109,025,381
|
TOTAL UNITED KINGDOM
|
|
|
131,333,568
|
UNITED STATES - 90.9%
|
|
|
|
Communication Services - 21.6%
|
|
|
|
Diversified Telecommunication Services - 0.0%
|
|
|
|
Starry Group Holdings Inc Class A (a)(b)
|
|
331,308
|
3
|
Entertainment - 2.9%
|
|
|
|
Electronic Arts Inc
|
|
2,301
|
282,815
|
Netflix Inc (a)
|
|
981,535
|
958,724,127
|
Take-Two Interactive Software Inc (a)
|
|
11,388
|
2,112,588
|
|
|
|
|
961,119,530
|
Interactive Media & Services - 17.7%
|
|
|
|
Alphabet Inc Class A
|
|
12,807,176
|
2,612,920,049
|
Alphabet Inc Class C
|
|
5,029,439
|
1,034,052,658
|
Epic Games Inc (a)(b)(c)
|
|
77,600
|
52,652,376
|
Meta Platforms Inc Class A
|
|
2,312,595
|
1,593,794,222
|
Reddit Inc Class A
|
|
2,717,316
|
542,240,408
|
Vimeo Inc Class A (a)
|
|
278,566
|
1,869,178
|
|
|
|
|
5,837,528,891
|
Media - 0.3%
|
|
|
|
Charter Communications Inc Class A (a)
|
|
171,748
|
59,337,217
|
Comcast Corp Class A
|
|
1,388,309
|
46,730,480
|
|
|
|
|
106,067,697
|
Wireless Telecommunication Services - 0.7%
|
|
|
|
T-Mobile US Inc
|
|
945,909
|
220,368,420
|
Consumer Discretionary - 11.6%
|
|
|
|
Automobiles - 0.4%
|
|
|
|
Rivian Automotive Inc Class A (a)
|
|
12,878
|
161,747
|
Tesla Inc (a)
|
|
325,258
|
131,599,387
|
|
|
|
|
131,761,134
|
Broadline Retail - 9.0%
|
|
|
|
Amazon.com Inc (a)
|
|
12,463,967
|
2,962,435,677
|
ContextLogic Inc Class A (a)
|
|
4,849
|
37,676
|
Etsy Inc (a)
|
|
135,404
|
7,435,034
|
|
|
|
|
2,969,908,387
|
Diversified Consumer Services - 0.2%
|
|
|
|
Duolingo Inc Class A (a)
|
|
151,825
|
55,262,781
|
Hotels, Restaurants & Leisure - 1.0%
|
|
|
|
Airbnb Inc Class A (a)
|
|
18,825
|
2,469,275
|
Churchill Downs Inc
|
|
294,457
|
36,388,996
|
Domino's Pizza Inc
|
|
505,815
|
227,171,633
|
Hilton Worldwide Holdings Inc
|
|
75,886
|
19,432,128
|
Marriott International Inc/MD Class A1
|
|
42,103
|
12,234,711
|
Starbucks Corp
|
|
184,151
|
19,829,380
|
|
|
|
|
317,526,123
|
Specialty Retail - 0.8%
|
|
|
|
Lowe's Cos Inc
|
|
806,346
|
209,682,214
|
Ross Stores Inc
|
|
458,808
|
69,078,132
|
ThredUp Inc Class A (a)(d)
|
|
85,750
|
187,793
|
|
|
|
|
278,948,139
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Figs Inc Class A (a)
|
|
44,654
|
254,081
|
Kontoor Brands Inc
|
|
5,764
|
529,423
|
Lululemon Athletica Inc (a)
|
|
185,475
|
76,823,746
|
|
|
|
|
77,607,250
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
3,831,013,814
|
|
|
|
|
|
Consumer Staples - 2.2%
|
|
|
|
Beverages - 1.6%
|
|
|
|
Keurig Dr Pepper Inc
|
|
8,895,403
|
285,542,436
|
Monster Beverage Corp (a)
|
|
4,598,736
|
224,004,431
|
|
|
|
|
509,546,867
|
Consumer Staples Distribution & Retail - 0.3%
|
|
|
|
Costco Wholesale Corp
|
|
93,828
|
91,940,181
|
Dollar Tree Inc (a)
|
|
284,702
|
20,882,891
|
|
|
|
|
112,823,072
|
Food Products - 0.3%
|
|
|
|
Mondelez International Inc
|
|
1,732,898
|
100,490,755
|
Personal Care Products - 0.0%
|
|
|
|
Honest Co Inc/The (a)
|
|
156,398
|
1,002,511
|
TOTAL CONSUMER STAPLES
|
|
|
723,863,205
|
|
|
|
|
|
Energy - 1.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.2%
|
|
|
|
Diamondback Energy Inc
|
|
50,830
|
8,354,419
|
EOG Resources Inc
|
|
13,576
|
1,707,725
|
Exxon Mobil Corp
|
|
3,582,500
|
382,718,475
|
|
|
|
|
392,780,619
|
Financials - 1.8%
|
|
|
|
Banks - 0.1%
|
|
|
|
Huntington Bancshares Inc/OH
|
|
2,181,056
|
37,514,163
|
Wintrust Financial Corp
|
|
43,431
|
5,681,209
|
|
|
|
|
43,195,372
|
Capital Markets - 0.4%
|
|
|
|
Coinbase Global Inc Class A (a)
|
|
278,321
|
81,083,257
|
Moody's Corp
|
|
98,350
|
49,119,924
|
S&P Global Inc
|
|
675
|
351,952
|
|
|
|
|
130,555,133
|
Financial Services - 1.3%
|
|
|
|
Mastercard Inc Class A
|
|
738,764
|
410,331,689
|
PayPal Holdings Inc (a)
|
|
168,864
|
14,957,973
|
|
|
|
|
425,289,662
|
TOTAL FINANCIALS
|
|
|
599,040,167
|
|
|
|
|
|
Health Care - 6.3%
|
|
|
|
Biotechnology - 2.5%
|
|
|
|
Alnylam Pharmaceuticals Inc (a)
|
|
1,429,369
|
387,802,104
|
Exact Sciences Corp (a)
|
|
1,474,685
|
82,656,094
|
GRAIL Inc (d)
|
|
6,414
|
194,216
|
Ionis Pharmaceuticals Inc (a)
|
|
31,376
|
1,000,894
|
Legend Biotech Corp ADR (a)
|
|
102,019
|
3,886,924
|
Regeneron Pharmaceuticals Inc (a)
|
|
526,693
|
354,453,855
|
Trevena Inc (a)(d)
|
|
707
|
1,181
|
|
|
|
|
829,995,268
|
Health Care Equipment & Supplies - 2.8%
|
|
|
|
Boston Scientific Corp (a)
|
|
3,137,218
|
321,125,634
|
Dexcom Inc (a)
|
|
356,955
|
30,994,403
|
Inspire Medical Systems Inc (a)
|
|
305,842
|
59,180,427
|
Insulet Corp (a)
|
|
1,352,496
|
376,507,836
|
Intuitive Surgical Inc (a)
|
|
166,827
|
95,405,025
|
Neuronetics Inc (a)(d)
|
|
38,218
|
118,476
|
Outset Medical Inc (a)
|
|
39,619
|
31,695
|
Pulmonx Corp (a)
|
|
25,851
|
146,834
|
TransMedics Group Inc (a)
|
|
363,868
|
24,579,283
|
|
|
|
|
908,089,613
|
Health Care Technology - 0.2%
|
|
|
|
Certara Inc (a)
|
|
220,940
|
3,143,976
|
Veeva Systems Inc Class A (a)
|
|
299,321
|
69,819,617
|
|
|
|
|
72,963,593
|
Life Sciences Tools & Services - 0.8%
|
|
|
|
10X Genomics Inc Class A (a)
|
|
799,366
|
11,990,490
|
Bruker Corp
|
|
2,085,573
|
121,276,070
|
Danaher Corp
|
|
441,002
|
98,228,785
|
Illumina Inc (a)
|
|
38,486
|
5,108,632
|
Seer Inc Class A (a)
|
|
582,754
|
1,392,782
|
Thermo Fisher Scientific Inc
|
|
21,734
|
12,991,499
|
|
|
|
|
250,988,258
|
Pharmaceuticals - 0.0%
|
|
|
|
Elanco Animal Health Inc (a)
|
|
87,875
|
1,057,136
|
TherapeuticsMD Inc (a)(d)
|
|
6,773
|
7,315
|
|
|
|
|
1,064,451
|
TOTAL HEALTH CARE
|
|
|
2,063,101,183
|
|
|
|
|
|
Industrials - 2.2%
|
|
|
|
Aerospace & Defense - 1.3%
|
|
|
|
Space Exploration Technologies Corp (a)(b)(c)
|
|
2,038,183
|
377,063,856
|
Space Exploration Technologies Corp Class C (a)(b)(c)
|
|
106,017
|
19,613,145
|
|
|
|
|
396,677,001
|
Commercial Services & Supplies - 0.0%
|
|
|
|
Veralto Corp
|
|
15,779
|
1,631,391
|
Construction & Engineering - 0.0%
|
|
|
|
Bowman Consulting Group Ltd (a)
|
|
77,394
|
1,968,129
|
Ground Transportation - 0.6%
|
|
|
|
CSX Corp
|
|
283,470
|
9,317,659
|
Uber Technologies Inc (a)
|
|
2,966,228
|
198,292,342
|
|
|
|
|
207,610,001
|
Passenger Airlines - 0.0%
|
|
|
|
Wheels Up Experience Inc Class A (a)(d)
|
|
79,666
|
124,279
|
Wheels Up Experience Inc Class A rights (a)(b)
|
|
11,102
|
0
|
Wheels Up Experience Inc Stage 1 rights (a)(b)
|
|
11,102
|
0
|
Wheels Up Experience Inc Stage 3 rights (a)(b)
|
|
11,103
|
0
|
|
|
|
|
124,279
|
Professional Services - 0.3%
|
|
|
|
Verisk Analytics Inc
|
|
369,685
|
106,262,256
|
TOTAL INDUSTRIALS
|
|
|
714,273,057
|
|
|
|
|
|
Information Technology - 42.7%
|
|
|
|
Communications Equipment - 1.8%
|
|
|
|
Arista Networks Inc
|
|
1,971,382
|
227,162,347
|
Cisco Systems Inc
|
|
5,964,141
|
361,426,945
|
|
|
|
|
588,589,292
|
IT Services - 0.9%
|
|
|
|
Gartner Inc (a)
|
|
350,744
|
190,394,366
|
MongoDB Inc Class A (a)
|
|
279,170
|
76,302,744
|
Twilio Inc Class A (a)
|
|
910
|
133,388
|
X Holdings Corp Class A (a)(b)(c)
|
|
709,150
|
22,380,774
|
|
|
|
|
289,211,272
|
Semiconductors & Semiconductor Equipment - 18.2%
|
|
|
|
Advanced Micro Devices Inc (a)
|
|
52,091
|
6,039,951
|
Analog Devices Inc
|
|
449,798
|
95,307,698
|
Applied Materials Inc
|
|
259,781
|
46,851,503
|
Astera Labs Inc (a)
|
|
52,202
|
5,294,327
|
Broadcom Inc
|
|
3,059,206
|
676,910,512
|
Lam Research Corp
|
|
1,409,801
|
114,264,371
|
Marvell Technology Inc
|
|
11,429,137
|
1,289,892,402
|
Micron Technology Inc
|
|
3,358,315
|
306,412,661
|
NVIDIA Corp
|
|
28,446,246
|
3,415,540,758
|
QUALCOMM Inc
|
|
74,531
|
12,888,646
|
Skyworks Solutions Inc
|
|
92,298
|
8,192,370
|
|
|
|
|
5,977,595,199
|
Software - 9.9%
|
|
|
|
Adobe Inc (a)
|
|
303,358
|
132,703,957
|
Appfolio Inc Class A (a)
|
|
50,148
|
11,730,119
|
Atom Tickets LLC (a)(b)(c)(e)
|
|
516,103
|
5
|
Autodesk Inc (a)
|
|
178,686
|
55,632,099
|
Cadence Design Systems Inc (a)
|
|
905,247
|
269,419,612
|
Dropbox Inc Class A (a)
|
|
190,495
|
6,124,414
|
Dynatrace Inc (a)
|
|
9,049
|
522,580
|
Figma Inc Class A (b)(c)
|
|
234,100
|
6,177,899
|
HubSpot Inc (a)
|
|
151,543
|
118,132,315
|
Intuit Inc
|
|
259,242
|
155,936,655
|
Microsoft Corp
|
|
5,865,605
|
2,434,578,011
|
Roper Technologies Inc
|
|
104,701
|
60,271,131
|
Salesforce Inc
|
|
8,485
|
2,899,325
|
Stripe Inc Class B (a)(b)(c)
|
|
91,800
|
2,726,460
|
Synopsys Inc (a)
|
|
18,255
|
9,592,637
|
|
|
|
|
3,266,447,219
|
Technology Hardware, Storage & Peripherals - 11.9%
|
|
|
|
Apple Inc
|
|
16,466,879
|
3,886,183,444
|
Western Digital Corp (a)
|
|
282,267
|
18,384,050
|
|
|
|
|
3,904,567,494
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
14,026,410,476
|
|
|
|
|
|
Materials - 0.1%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
Linde PLC
|
|
99,442
|
44,363,064
|
Real Estate - 0.3%
|
|
|
|
Specialized REITs - 0.3%
|
|
|
|
Equinix Inc
|
|
93,446
|
85,377,872
|
Utilities - 0.9%
|
|
|
|
Electric Utilities - 0.3%
|
|
|
|
Constellation Energy Corp
|
|
276,590
|
82,971,468
|
Independent Power and Renewable Electricity Producers - 0.6%
|
|
|
|
Vistra Corp
|
|
1,253,539
|
210,632,158
|
TOTAL UTILITIES
|
|
|
293,603,626
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
29,898,911,624
|
|
TOTAL COMMON STOCKS
(Cost $12,678,769,841)
|
|
|
31,849,904,387
|
|
|
|
|
|
Convertible Preferred Stocks - 1.2%
|
|
|
|
Shares
|
Value ($)
|
CHINA - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Interactive Media & Services - 0.1%
|
|
|
|
ByteDance Ltd Series E1 (a)(b)(c)
|
|
130,752
|
32,382,040
|
UNITED STATES - 1.1%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Automobiles - 0.2%
|
|
|
|
Waymo LLC (b)(c)
|
|
513,288
|
38,938,028
|
Waymo LLC Series A2 (a)(b)(c)
|
|
103,940
|
6,441,161
|
Waymo LLC Series B2 (a)(b)(c)
|
|
178,470
|
11,418,511
|
|
|
|
|
56,797,700
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Discord Inc Series I (a)(b)(c)
|
|
3,300
|
815,166
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
57,612,866
|
|
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Tenstorrent Holdings Inc Series C1 (a)(b)(c)
|
|
79,348
|
5,905,872
|
Industrials - 0.9%
|
|
|
|
Aerospace & Defense - 0.9%
|
|
|
|
Anduril Industries Inc (b)(c)
|
|
1,478,951
|
37,151,249
|
Space Exploration Technologies Corp Series G (a)(b)(c)
|
|
62,037
|
114,768,450
|
Space Exploration Technologies Corp Series H (a)(b)(c)
|
|
65,670
|
121,489,500
|
|
|
|
|
273,409,199
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Stripe Inc Series H (a)(b)(c)
|
|
315,830
|
9,380,151
|
TOTAL UNITED STATES
|
|
|
346,308,088
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $144,787,062)
|
|
|
378,690,128
|
|
|
|
|
|
Domestic Equity Funds - 1.6%
|
|
|
|
Shares
|
Value ($)
|
Invesco QQQ Trust ETF
(Cost $543,949,270)
|
|
1,035,300
|
540,726,837
|
|
|
|
|
|
Non-Convertible Preferred Stocks - 0.0%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Castle Creek Biosciences Inc Series A4 (a)(b)(c)
(Cost $10,010,851)
|
|
30,303
|
6,600,599
|
|
|
|
|
|
Money Market Funds - 0.1%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
4.37
|
27,468,654
|
27,474,148
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
4.37
|
510,165
|
510,216
|
|
TOTAL MONEY MARKET FUNDS
(Cost $27,984,364)
|
|
|
|
27,984,364
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.7%
(Cost $13,405,501,388)
|
32,803,906,315
|
NET OTHER ASSETS (LIABILITIES) - 0.3%
|
109,563,233
|
NET ASSETS - 100.0%
|
32,913,469,548
|
|
|
|
Security Type Abbreviations
ETF
|
-
|
Exchange Traded Fund
|
Legend
(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 $883,970,163 or 2.7% of net assets.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anduril Industries Inc
|
8/07/24
|
32,147,366
|
|
|
|
|
Ant International Co Ltd Class C
|
5/16/18
|
38,251,213
|
|
|
|
|
Atom Tickets LLC
|
8/15/17
|
3,000,004
|
|
|
|
|
ByteDance Ltd Series E1
|
11/18/20
|
14,327,043
|
|
|
|
|
Castle Creek Biosciences Inc Series A4
|
9/29/16
|
10,010,851
|
|
|
|
|
Discord Inc Series I
|
9/15/21
|
1,817,061
|
|
|
|
|
Epic Games Inc
|
7/13/20 - 3/29/21
|
61,546,000
|
|
|
|
|
Figma Inc Class A
|
5/15/24
|
5,429,481
|
|
|
|
|
Space Exploration Technologies Corp
|
10/16/15 - 12/09/24
|
21,570,984
|
|
|
|
|
Space Exploration Technologies Corp Class C
|
9/11/17 - 12/09/24
|
5,858,746
|
|
|
|
|
Space Exploration Technologies Corp Series G
|
1/20/15
|
4,805,386
|
|
|
|
|
Space Exploration Technologies Corp Series H
|
8/04/17
|
8,865,450
|
|
|
|
|
Stripe Inc Class B
|
5/18/21
|
3,683,785
|
|
|
|
|
Stripe Inc Series H
|
3/15/21 - 5/25/23
|
12,672,679
|
|
|
|
|
Tenstorrent Holdings Inc Series C1
|
4/23/21
|
4,717,626
|
|
|
|
|
Waymo LLC
|
10/18/24
|
40,139,789
|
|
|
|
|
Waymo LLC Series A2
|
5/08/20
|
8,925,037
|
|
|
|
|
Waymo LLC Series B2
|
6/11/21
|
16,369,625
|
|
|
|
|
X Holdings Corp Class A
|
10/27/21
|
54,254,583
|
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
1,912,379,104
|
948,738,467
|
2,833,643,423
|
3,525,347
|
-
|
-
|
27,474,148
|
27,468,654
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
38,187,555
|
662,535,608
|
700,212,947
|
62,582
|
-
|
-
|
510,216
|
510,165
|
0.0%
|
Total
|
1,950,566,659
|
1,611,274,075
|
3,533,856,370
|
3,587,929
|
-
|
-
|
27,984,364
|
27,978,819
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
7,130,913,610
|
7,078,261,231
|
-
|
52,652,379
|
Consumer Discretionary
|
3,972,208,568
|
3,972,035,773
|
172,795
|
-
|
Consumer Staples
|
746,171,392
|
723,863,205
|
22,308,187
|
-
|
Energy
|
395,148,321
|
395,148,321
|
-
|
-
|
Financials
|
662,568,737
|
599,040,167
|
-
|
63,528,570
|
Health Care
|
2,417,348,934
|
2,417,348,934
|
-
|
-
|
Industrials
|
714,273,057
|
317,596,056
|
-
|
396,677,001
|
Information Technology
|
15,387,927,206
|
15,318,220,556
|
38,421,512
|
31,285,138
|
Materials
|
44,363,064
|
44,363,064
|
-
|
-
|
Real Estate
|
85,377,872
|
85,377,872
|
-
|
-
|
Utilities
|
293,603,626
|
293,603,626
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Communication Services
|
32,382,040
|
-
|
-
|
32,382,040
|
Consumer Discretionary
|
57,612,866
|
-
|
-
|
57,612,866
|
Financials
|
5,905,872
|
-
|
-
|
5,905,872
|
Industrials
|
273,409,199
|
-
|
-
|
273,409,199
|
Information Technology
|
9,380,151
|
-
|
-
|
9,380,151
|
|
|
Domestic Equity Funds
|
540,726,837
|
540,726,837
|
-
|
-
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
Health Care
|
6,600,599
|
-
|
-
|
6,600,599
|
|
|
Money Market Funds
|
27,984,364
|
27,984,364
|
-
|
-
|
Total Investments in Securities:
|
32,803,906,315
|
31,813,570,006
|
60,902,494
|
929,433,815
|
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Common Stocks
|
|
|
|
Beginning Balance
|
$
|
375,531,416
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
163,295,991
|
|
Cost of Purchases
|
|
5,315,681
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
544,143,088
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
163,295,991
|
|
Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
206,477,270
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
659,197
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
99,925,703
|
|
Cost of Purchases
|
|
72,287,155
|
|
Proceeds of Sales
|
|
(659,197)
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
378,690,128
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
99,925,703
|
|
Non-Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
6,833,023
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(232,424)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
6,600,599
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(232,424)
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.
|
|
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $440,496) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $13,377,517,024)
|
$
|
32,775,921,951
|
|
|
Fidelity Central Funds (cost $27,984,364)
|
|
27,984,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $13,405,501,388)
|
|
|
$
|
32,803,906,315
|
Foreign currency held at value (cost $147,933)
|
|
|
|
147,933
|
Receivable for investments sold
|
|
|
|
557,275,969
|
Receivable for fund shares sold
|
|
|
|
8,194,911
|
Dividends receivable
|
|
|
|
2,318,131
|
Interest receivable
|
|
|
|
48
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
136,639
|
Prepaid expenses
|
|
|
|
23,481
|
Other receivables
|
|
|
|
655,042
|
Total assets
|
|
|
|
33,372,658,469
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
416,890,692
|
|
|
Payable for fund shares redeemed
|
|
21,119,958
|
|
|
Accrued management fee
|
|
19,953,344
|
|
|
Distribution and service plan fees payable
|
|
925
|
|
|
Other payables and accrued expenses
|
|
737,577
|
|
|
Collateral on securities loaned
|
|
486,425
|
|
|
Total liabilities
|
|
|
|
459,188,921
|
Net Assets
|
|
|
$
|
32,913,469,548
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
12,772,434,002
|
Total accumulated earnings (loss)
|
|
|
|
20,141,035,546
|
Net Assets
|
|
|
$
|
32,913,469,548
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($2,178,874 ÷ 99,588 shares)(a)
|
|
|
$
|
21.88
|
Maximum offering price per share (100/94.25 of $21.88)
|
|
|
$
|
23.21
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($1,056,756 ÷ 48,284 shares)(a)
|
|
|
$
|
21.89
|
Maximum offering price per share (100/96.50 of $21.89)
|
|
|
$
|
22.68
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($150,544 ÷ 6,878 shares)(a)
|
|
|
$
|
21.89
|
OTC :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($24,377,267,624 ÷ 1,111,252,600 shares)
|
|
|
$
|
21.94
|
Class K :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($8,440,612,467 ÷ 374,796,995 shares)
|
|
|
$
|
22.52
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($159,857 ÷ 7,297 shares)
|
|
|
$
|
21.91
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($92,043,426 ÷ 4,203,653 shares)
|
|
|
$
|
21.90
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
Consolidated Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
80,628,230
|
Interest
|
|
|
|
2,929,916
|
Income from Fidelity Central Funds (including $62,582 from security lending)
|
|
|
|
3,587,929
|
Total income
|
|
|
|
87,146,075
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
99,780,156
|
|
|
Performance adjustment
|
|
5,209,159
|
|
|
Distribution and service plan fees
|
|
2,406
|
|
|
Custodian fees and expenses
|
|
136,778
|
|
|
Independent trustees' fees and expenses
|
|
69,038
|
|
|
Registration fees
|
|
157,242
|
|
|
Audit fees
|
|
55,023
|
|
|
Legal
|
|
18,377
|
|
|
Interest
|
|
482,008
|
|
|
Miscellaneous
|
|
49,302
|
|
|
Total expenses before reductions
|
|
105,959,489
|
|
|
Expense reductions
|
|
(107,417)
|
|
|
Total expenses after reductions
|
|
|
|
105,852,072
|
Net Investment income (loss)
|
|
|
|
(18,705,997)
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
1,683,809,489
|
|
|
Redemptions in-kind
|
|
165,883,462
|
|
|
Foreign currency transactions
|
|
(407,766)
|
|
|
Total net realized gain (loss)
|
|
|
|
1,849,285,185
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
2,406,123,157
|
|
|
Assets and liabilities in foreign currencies
|
|
(22,750)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
2,406,100,407
|
Net gain (loss)
|
|
|
|
4,255,385,592
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
4,236,679,595
|
Consolidated Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
(18,705,997)
|
$
|
(27,735,730)
|
Net realized gain (loss)
|
|
1,849,285,185
|
|
3,477,170,655
|
Change in net unrealized appreciation (depreciation)
|
|
2,406,100,407
|
|
3,230,065,167
|
Net increase (decrease) in net assets resulting from operations
|
|
4,236,679,595
|
|
6,679,500,092
|
Distributions to shareholders
|
|
(4,058,936,440)
|
|
(16,461,476)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
2,159,834,074
|
|
(1,513,888,452)
|
Total increase (decrease) in net assets
|
|
2,337,577,229
|
|
5,149,150,164
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
30,575,892,319
|
|
25,426,742,155
|
End of period
|
$
|
32,913,469,548
|
$
|
30,575,892,319
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Financial Highlights
Fidelity Advisor® OTC Fund Class A
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
20.48
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.04)
|
Net realized and unrealized gain (loss)
|
|
2.15
|
Total from investment operations
|
|
2.11
|
Distributions from net realized gain
|
|
(.71)
|
Total distributions
|
|
(.71)
|
Net asset value, end of period
|
$
|
21.88
|
Total Return D,E,F
|
|
|
Ratios to Average Net Assets C,G,H
|
|
|
Expenses before reductions
|
|
1.04% I
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
1.04% I
|
Net investment income (loss)
|
|
(.62)% I
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,179
|
Portfolio turnover rate J
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® OTC Fund Class M
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
20.48
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.05)
|
Net realized and unrealized gain (loss)
|
|
2.15
|
Total from investment operations
|
|
2.10
|
Distributions from net realized gain
|
|
(.69)
|
Total distributions
|
|
(.69)
|
Net asset value, end of period
|
$
|
21.89
|
Total Return D,E,F
|
|
|
Ratios to Average Net Assets C,G,H
|
|
|
Expenses before reductions
|
|
1.28% I
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
1.28% I
|
Net investment income (loss)
|
|
(.80)% I
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,057
|
Portfolio turnover rate J
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® OTC Fund Class C
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
20.48
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.09)
|
Net realized and unrealized gain (loss)
|
|
2.15
|
Total from investment operations
|
|
2.06
|
Distributions from net realized gain
|
|
(.65)
|
Total distributions
|
|
(.65)
|
Net asset value, end of period
|
$
|
21.89
|
Total Return D,E,F
|
|
|
Ratios to Average Net Assets C,G,H
|
|
|
Expenses before reductions
|
|
1.75% I
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
1.75% I
|
Net investment income (loss)
|
|
(1.32)% I
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
151
|
Portfolio turnover rate J
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
22.00
|
$
|
17.29
|
$
|
14.74
|
$
|
20.67
|
$
|
15.61
|
$
|
12.45
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.01)
|
|
(.02)
|
|
- C
|
|
(.07)
|
|
(.06)
|
|
(.01)
|
Net realized and unrealized gain (loss)
|
|
2.87
|
|
4.74
|
|
3.07
|
|
(3.60)
|
|
6.21
|
|
4.14
|
Total from investment operations
|
|
2.86
|
|
4.72
|
|
3.07
|
|
(3.67)
|
|
6.15
|
|
4.13
|
Distributions from net investment income
|
|
-
|
|
(.01)
|
|
-
|
|
-
|
|
(.01)
|
|
-
|
Distributions from net realized gain
|
|
(2.92)
|
|
-
|
|
(.52)
|
|
(2.26)
|
|
(1.08)
|
|
(.97)
|
Total distributions
|
|
(2.92)
|
|
(.01)
|
|
(.52)
|
|
(2.26)
|
|
(1.09)
|
|
(.97)
|
Net asset value, end of period
|
$
|
21.94
|
$
|
22.00
|
$
|
17.29
|
$
|
14.74
|
$
|
20.67
|
$
|
15.61
|
Total Return D,E
|
|
|
|
27.31%
|
|
21.63%
|
|
(20.30)%
|
|
41.90%
|
|
35.79%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.69% H
|
|
.76%
|
|
.79%
|
|
.81%
|
|
.80%
|
|
.87%
|
Expenses net of fee waivers, if any
|
|
|
|
.75%
|
|
.79%
|
|
.81%
|
|
.80%
|
|
.87%
|
Expenses net of all reductions
|
|
.69% H
|
|
.75%
|
|
.78%
|
|
.81%
|
|
.80%
|
|
.87%
|
Net investment income (loss)
|
|
(.14)% H
|
|
(.12)%
|
|
.03%
|
|
(.37)%
|
|
(.33)%
|
|
(.07)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
24,377,268
|
$
|
22,787,879
|
$
|
18,890,289
|
$
|
16,626,164
|
$
|
22,272,786
|
$
|
16,817,413
|
Portfolio turnover rate I
|
|
|
|
37%
|
|
15% J
|
|
32% J
|
|
28% J
|
|
48% J
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® OTC Portfolio Class K
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
22.51
|
$
|
17.69
|
$
|
15.06
|
$
|
21.06
|
$
|
15.88
|
$
|
12.64
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.01)
|
|
(.01)
|
|
.02
|
|
(.05)
|
|
(.05)
|
|
- C
|
Net realized and unrealized gain (loss)
|
|
2.96
|
|
4.85
|
|
3.13
|
|
(3.68)
|
|
6.33
|
|
4.21
|
Total from investment operations
|
|
2.95
|
|
4.84
|
|
3.15
|
|
(3.73)
|
|
6.28
|
|
4.21
|
Distributions from net investment income
|
|
- C
|
|
(.02)
|
|
-
|
|
-
|
|
(.01)
|
|
- C
|
Distributions from net realized gain
|
|
(2.94)
|
|
-
|
|
(.52)
|
|
(2.27)
|
|
(1.09)
|
|
(.97)
|
Total distributions
|
|
(2.94)
|
|
(.02)
|
|
(.52)
|
|
(2.27)
|
|
(1.10)
|
|
(.97)
|
Net asset value, end of period
|
$
|
22.52
|
$
|
22.51
|
$
|
17.69
|
$
|
15.06
|
$
|
21.06
|
$
|
15.88
|
Total Return D,E
|
|
|
|
27.36%
|
|
21.71%
|
|
(20.21)%
|
|
42.05%
|
|
35.94%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.62% H
|
|
.67%
|
|
.70%
|
|
.73%
|
|
.72%
|
|
.78%
|
Expenses net of fee waivers, if any
|
|
|
|
.67%
|
|
.69%
|
|
.73%
|
|
.71%
|
|
.78%
|
Expenses net of all reductions
|
|
.62% H
|
|
.67%
|
|
.69%
|
|
.73%
|
|
.71%
|
|
.78%
|
Net investment income (loss)
|
|
(.06)% H
|
|
(.04)%
|
|
.12%
|
|
(.29)%
|
|
(.25)%
|
|
.03%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
8,440,612
|
$
|
7,788,013
|
$
|
6,536,453
|
$
|
5,707,169
|
$
|
8,071,580
|
$
|
7,073,575
|
Portfolio turnover rate I
|
|
|
|
37%
|
|
15% J
|
|
32% J
|
|
28% J
|
|
48% J
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® OTC Fund Class I
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
20.48
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.02)
|
Net realized and unrealized gain (loss)
|
|
2.15
|
Total from investment operations
|
|
2.13
|
Distributions from net realized gain
|
|
(.70)
|
Total distributions
|
|
(.70)
|
Net asset value, end of period
|
$
|
21.91
|
Total Return D,E
|
|
|
Ratios to Average Net Assets C,F,G
|
|
|
Expenses before reductions
|
|
.75% H
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.75% H
|
Net investment income (loss)
|
|
(.33)% H
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
160
|
Portfolio turnover rate I
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® OTC Fund Class Z
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
20.48
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.02)
|
Net realized and unrealized gain (loss)
|
|
2.16
|
Total from investment operations
|
|
2.14
|
Distributions from net investment income
|
|
- D
|
Distributions from net realized gain
|
|
(.72)
|
Total distributions
|
|
(.72)
|
Net asset value, end of period
|
$
|
21.90
|
Total Return E,F
|
|
|
Ratios to Average Net Assets C,G,H
|
|
|
Expenses before reductions
|
|
.67% I
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.67% I
|
Net investment income (loss)
|
|
(.25)% I
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
92,043
|
Portfolio turnover rate J
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
(Unaudited)For the period ended January 31, 2025
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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 8, 2024. The Fund offers Class A, Class M, Class C, OTC, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (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.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$544,143,088
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.3 - 12.8 / 5.9
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
20.0 - 32.6 / 31.3
|
Increase
|
|
|
Book value
|
Book value multiple
|
1.7
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
70.0%
|
Increase
|
|
|
|
Discount rate
|
4.3%
|
Increase
|
|
|
|
Term
|
1.6
|
Increase
|
Convertible Preferred Stocks
|
$378,690,128
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
2.3 - 13.2 / 7.8
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
32.6
|
Increase
|
|
|
Market approach
|
Transaction price
|
$78.20
|
Increase
|
|
|
Black scholes
|
Volatility
|
75.0% - 80.0% / 75.5%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.4% / 4.4%
|
Increase
|
|
|
|
Term
|
2.0 - 4.0 / 3.8
|
Increase
|
Non-Convertible Preferred Stocks
|
$6,600,599
|
Market approach
|
Transaction price
|
$215.03
|
Increase
|
|
|
|
Premium rate
|
5.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
85.0%
|
Increase
|
|
|
|
Discount rate
|
4.4%
|
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, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity OTC Portfolio
|
$510,901
|
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 consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, 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
|
$19,972,365,372
|
Gross unrealized depreciation
|
(644,694,771)
|
Net unrealized appreciation (depreciation)
|
$19,327,670,601
|
Tax cost
|
$13,476,235,714
|
The Fund intends to elect to defer to its next fiscal year $23,132,021 of ordinary losses recognized during the period January 1, 2024 to July 31, 2024.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
|
Amount ($)
|
% of Net Assets
|
Fidelity OTC Portfolio
|
5
|
-A
|
A In the amount of less than 0.005%.
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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
|
8,544,085,521
|
8,698,452,552
|
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity OTC Portfolio
|
10,322,379
|
165,883,462
|
219,043,133
|
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.72
|
Class M
|
.72
|
Class C
|
.72
|
OTC
|
.68
|
Class K
|
.59
|
Class I
|
.72
|
Class Z
|
.59
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.70
|
Class M
|
.70
|
Class C
|
.69
|
OTC
|
.65
|
Class K
|
.58
|
Class I
|
.70
|
Class Z
|
.59
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
|
Performance Adjustment Index
|
Fidelity OTC Portfolio
|
Nasdaq Composite Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of OTC. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .03%.
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%
|
860
|
79
|
Class M
|
.25%
|
.25%
|
1,198
|
132
|
Class C
|
.75%
|
.25%
|
348
|
339
|
|
|
|
2,406
|
550
|
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, there were no sales charge amounts retained by FDC.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity OTC Portfolio
|
59,333
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity OTC Portfolio
|
Borrower
|
35,056,143
|
4.89%
|
433,140
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity OTC Portfolio
|
659,652,004
|
556,927,076
|
214,434,193
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity OTC Portfolio
|
20,156
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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 ($)
|
Fidelity OTC Portfolio
|
6,522
|
256
|
-
|
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Consolidated Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity OTC Portfolio
|
82,516,000
|
5.33%
|
48,868
|
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 $79,287.
In addition, 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 $28,130.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025 A
|
Year ended
July 31, 2024
|
Fidelity OTC Portfolio
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$53,917
|
$ -
|
Class M
|
29,301
|
-
|
Class C
|
3,249
|
-
|
OTC
|
3,030,112,146
|
10,723,026
|
Class K
|
1,026,242,528
|
5,738,450
|
Class I
|
3,931
|
-
|
Class Z
|
2,491,368
|
-
|
Total
|
$4,058,936,440
|
$16,461,476
|
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
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, 2025 A
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025 A
|
Year ended
July 31, 2024
|
Fidelity OTC Portfolio
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
97,932
|
-
|
$2,115,785
|
$ -
|
Reinvestment of distributions
|
2,451
|
-
|
53,917
|
-
|
Shares redeemed
|
(795)
|
-
|
(17,110)
|
-
|
Net increase (decrease)
|
99,588
|
-
|
$2,152,592
|
$ -
|
Class M
|
|
|
|
|
Shares sold
|
46,957
|
-
|
$999,603
|
$ -
|
Reinvestment of distributions
|
1,331
|
-
|
29,301
|
-
|
Shares redeemed
|
(4)
|
-
|
(80)
|
-
|
Net increase (decrease)
|
48,284
|
-
|
$1,028,824
|
$ -
|
Class C
|
|
|
|
|
Shares sold
|
6,732
|
-
|
$139,616
|
$ -
|
Reinvestment of distributions
|
148
|
-
|
3,249
|
-
|
Shares redeemed
|
(2)
|
-
|
(53)
|
-
|
Net increase (decrease)
|
6,878
|
-
|
$142,812
|
$ -
|
OTC
|
|
|
|
|
Shares sold
|
35,203,255
|
82,311,909
|
$755,415,575
|
$1,602,415,277
|
Reinvestment of distributions
|
136,949,264
|
565,971
|
2,796,253,380
|
9,898,836
|
Shares redeemed
|
(96,933,108)
|
(139,315,920)
|
(2,070,406,577)
|
(2,666,022,745)
|
Net increase (decrease)
|
75,219,411
|
(56,438,040)
|
$1,481,262,378
|
$(1,053,708,632)
|
Class K
|
|
|
|
|
Shares sold
|
7,151,082
|
17,689,205
|
$157,684,882
|
$346,216,600
|
Reinvestment of distributions
|
48,992,124
|
320,765
|
1,026,242,528
|
5,738,486
|
Shares redeemed
|
(27,278,731)
|
(41,594,347)
|
(599,010,932)
|
(812,134,906)
|
Net increase (decrease)
|
28,864,475
|
(23,584,377)
|
$584,916,478
|
$(460,179,820)
|
Class I
|
|
|
|
|
Shares sold
|
7,118
|
-
|
$147,789
|
$ -
|
Reinvestment of distributions
|
179
|
-
|
3,931
|
-
|
Net increase (decrease)
|
7,297
|
-
|
$151,720
|
$ -
|
Class Z
|
|
|
|
|
Shares sold
|
5,191,006
|
-
|
$111,770,374
|
$ -
|
Reinvestment of distributions
|
102,649
|
-
|
2,259,313
|
-
|
Shares redeemed
|
(1,090,002)
|
-
|
(23,850,417)
|
-
|
Net increase (decrease)
|
4,203,653
|
-
|
$90,179,270
|
$ -
|
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contract and Management Fees
Fidelity OTC Portfolio
At its July 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its July 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for Class Z of the fund is below the median of its competitor funds. The Board also noted that the projected class-level management fee for Class A, Class M, Class C, and Class I of the fund is above the median of its competitor funds because the majority of such competitor funds do not have a management fee that covers expenses for services beyond portfolio management. The Board also considered that the estimated total net expense ratio of Class A and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure and that the estimated total net expense ratio of Class M, Class C, and Class I of the fund is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board considered that the estimated total net expense ratio of Class M is above the median of its competitor funds primarily because of higher 12b-1 fees. The Board noted that the estimated total net expense ratio of Class C is above the median of its competitor funds primarily because of its 1.00% 12b-1 fee. The Board also noted that although Class I is categorized by Lipper as an Institutional class, Class I has no investment minimum, unlike other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes.
The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.
Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
1.700332.127
OTC-SANN-0425
Fidelity® Leveraged Company Stock Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Leveraged Company Stock Fund
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0%
|
|
|
|
Shares
|
Value ($)
|
CANADA - 0.4%
|
|
|
|
Energy - 0.4%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.4%
|
|
|
|
Canadian Natural Resources Ltd
|
|
459,800
|
13,967,847
|
CHINA - 1.4%
|
|
|
|
Consumer Discretionary - 0.6%
|
|
|
|
Automobiles - 0.6%
|
|
|
|
BYD Co Ltd H Shares
|
|
617,000
|
21,681,607
|
Information Technology - 0.8%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.8%
|
|
|
|
NXP Semiconductors NV
|
|
144,600
|
30,156,330
|
TOTAL CHINA
|
|
|
51,837,937
|
HONG KONG - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
Studio City International Holdings Ltd ADR (b)
|
|
1,090,629
|
5,289,551
|
Studio City International Holdings Ltd ADR (b)(c)
|
|
993,219
|
4,817,112
|
|
|
|
|
|
TOTAL HONG KONG
|
|
|
10,106,663
|
NETHERLANDS - 0.6%
|
|
|
|
Information Technology - 0.6%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.6%
|
|
|
|
ASML Holding NV depository receipt
|
|
29,600
|
21,883,576
|
TAIWAN - 1.2%
|
|
|
|
Information Technology - 1.2%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.2%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
221,300
|
46,322,516
|
UNITED KINGDOM - 0.7%
|
|
|
|
Consumer Discretionary - 0.7%
|
|
|
|
Hotels, Restaurants & Leisure - 0.7%
|
|
|
|
Flutter Entertainment PLC (United Kingdom) (b)
|
|
92,000
|
24,878,842
|
UNITED STATES - 94.5%
|
|
|
|
Communication Services - 10.7%
|
|
|
|
Entertainment - 1.8%
|
|
|
|
Netflix Inc (b)
|
|
70,500
|
68,861,580
|
Interactive Media & Services - 8.7%
|
|
|
|
Alphabet Inc Class A
|
|
424,800
|
86,667,696
|
Meta Platforms Inc Class A
|
|
305,300
|
210,406,654
|
Pinterest Inc Class A (b)
|
|
855,000
|
28,180,800
|
|
|
|
|
325,255,150
|
Media - 0.2%
|
|
|
|
EchoStar Corp (d)
|
|
320,970
|
8,878,030
|
Consumer Discretionary - 12.5%
|
|
|
|
Broadline Retail - 2.5%
|
|
|
|
Amazon.com Inc (b)
|
|
392,700
|
93,336,936
|
Hotels, Restaurants & Leisure - 3.6%
|
|
|
|
Airbnb Inc Class A (b)
|
|
137,400
|
18,022,758
|
Booking Holdings Inc
|
|
4,800
|
22,740,288
|
Boyd Gaming Corp
|
|
642,266
|
49,229,689
|
New Cotai LLC / New Cotai Capital Corp (b)(d)
|
|
411,029
|
221,956
|
Red Rock Resorts Inc Class A
|
|
858,600
|
42,114,330
|
Viking Holdings Ltd
|
|
37,108
|
1,878,778
|
|
|
|
|
134,207,799
|
Household Durables - 2.2%
|
|
|
|
DR Horton Inc
|
|
64,200
|
9,109,980
|
PulteGroup Inc
|
|
105,900
|
12,049,302
|
TopBuild Corp (b)
|
|
175,100
|
60,003,268
|
|
|
|
|
81,162,550
|
Specialty Retail - 3.1%
|
|
|
|
Dick's Sporting Goods Inc
|
|
248,200
|
59,580,410
|
Valvoline Inc (b)
|
|
446,600
|
16,573,326
|
Williams-Sonoma Inc
|
|
193,508
|
40,901,786
|
|
|
|
|
117,055,522
|
Textiles, Apparel & Luxury Goods - 1.1%
|
|
|
|
Crocs Inc (b)
|
|
426,700
|
43,553,269
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
469,316,076
|
|
|
|
|
|
Consumer Staples - 1.6%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Celsius Holdings Inc (b)(e)
|
|
286,500
|
7,156,770
|
Consumer Staples Distribution & Retail - 1.1%
|
|
|
|
Performance Food Group Co (b)
|
|
116,400
|
10,512,084
|
US Foods Holding Corp (b)
|
|
410,100
|
29,088,393
|
|
|
|
|
39,600,477
|
Personal Care Products - 0.4%
|
|
|
|
elf Beauty Inc (b)(e)
|
|
142,900
|
14,277,139
|
TOTAL CONSUMER STAPLES
|
|
|
61,034,386
|
|
|
|
|
|
Energy - 1.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.0%
|
|
|
|
Antero Resources Corp (b)
|
|
426,500
|
15,916,979
|
Energy Transfer LP
|
|
1,091,900
|
22,362,112
|
|
|
|
|
38,279,091
|
Financials - 17.0%
|
|
|
|
Capital Markets - 3.8%
|
|
|
|
Ares Management Corp Class A
|
|
196,700
|
38,989,874
|
Blue Owl Capital Inc Class A
|
|
1,478,000
|
38,442,780
|
Coinbase Global Inc Class A (b)
|
|
92,900
|
27,064,557
|
Moody's Corp
|
|
73,200
|
36,559,008
|
|
|
|
|
141,056,219
|
Consumer Finance - 1.4%
|
|
|
|
OneMain Holdings Inc
|
|
1,005,000
|
55,817,700
|
Financial Services - 8.5%
|
|
|
|
Apollo Global Management Inc
|
|
850,900
|
145,486,882
|
Block Inc Class A (b)
|
|
484,100
|
43,965,962
|
Fiserv Inc (b)
|
|
219,600
|
47,442,384
|
Mastercard Inc Class A
|
|
54,100
|
30,048,763
|
Visa Inc Class A
|
|
148,700
|
50,825,660
|
|
|
|
|
317,769,651
|
Insurance - 3.3%
|
|
|
|
Arthur J Gallagher & Co
|
|
412,500
|
124,500,750
|
TOTAL FINANCIALS
|
|
|
639,144,320
|
|
|
|
|
|
Health Care - 2.1%
|
|
|
|
Health Care Equipment & Supplies - 1.5%
|
|
|
|
Boston Scientific Corp (b)
|
|
561,100
|
57,434,196
|
Health Care Providers & Services - 0.6%
|
|
|
|
DaVita Inc (b)
|
|
14,400
|
2,537,280
|
Tenet Healthcare Corp (b)
|
|
143,709
|
20,247,161
|
|
|
|
|
22,784,441
|
TOTAL HEALTH CARE
|
|
|
80,218,637
|
|
|
|
|
|
Industrials - 16.9%
|
|
|
|
Aerospace & Defense - 0.8%
|
|
|
|
TransDigm Group Inc
|
|
22,200
|
30,044,148
|
Building Products - 3.8%
|
|
|
|
Builders FirstSource Inc (b)
|
|
166,503
|
27,852,622
|
Carlisle Cos Inc
|
|
103,600
|
40,348,056
|
Fortune Brands Innovations Inc
|
|
494,500
|
35,440,815
|
Trane Technologies PLC
|
|
106,400
|
38,596,600
|
|
|
|
|
142,238,093
|
Construction & Engineering - 4.5%
|
|
|
|
Comfort Systems USA Inc
|
|
189,200
|
82,633,100
|
EMCOR Group Inc
|
|
104,800
|
46,956,688
|
WillScot Holdings Corp (b)
|
|
1,043,200
|
38,660,992
|
|
|
|
|
168,250,780
|
Electrical Equipment - 4.5%
|
|
|
|
Eaton Corp PLC
|
|
154,000
|
50,271,760
|
NEXTracker Inc Class A (b)
|
|
150,800
|
7,603,336
|
nVent Electric PLC
|
|
515,700
|
33,566,913
|
Vertiv Holdings Co Class A
|
|
663,800
|
77,677,876
|
|
|
|
|
169,119,885
|
Ground Transportation - 0.7%
|
|
|
|
Uber Technologies Inc (b)
|
|
383,800
|
25,657,030
|
Machinery - 2.2%
|
|
|
|
Allison Transmission Holdings Inc
|
|
25,200
|
2,962,008
|
Parker-Hannifin Corp
|
|
111,300
|
78,694,665
|
|
|
|
|
81,656,673
|
Marine Transportation - 0.0%
|
|
|
|
Genco Shipping & Trading Ltd
|
|
1,493
|
21,589
|
Trading Companies & Distributors - 0.4%
|
|
|
|
Core & Main Inc Class A (b)
|
|
318,900
|
17,998,716
|
TOTAL INDUSTRIALS
|
|
|
634,986,914
|
|
|
|
|
|
Information Technology - 20.6%
|
|
|
|
Communications Equipment - 1.4%
|
|
|
|
Arista Networks Inc
|
|
452,800
|
52,176,144
|
Semiconductors & Semiconductor Equipment - 12.2%
|
|
|
|
Broadcom Inc
|
|
292,000
|
64,610,840
|
KLA Corp
|
|
21,100
|
15,576,864
|
Lam Research Corp
|
|
471,000
|
38,174,550
|
Marvell Technology Inc
|
|
422,900
|
47,728,494
|
Microchip Technology Inc
|
|
174,910
|
9,497,613
|
Micron Technology Inc
|
|
313,500
|
28,603,740
|
MKS Instruments Inc
|
|
282,900
|
32,046,912
|
NVIDIA Corp
|
|
1,396,700
|
167,701,769
|
ON Semiconductor Corp (b)
|
|
989,496
|
51,790,221
|
|
|
|
|
455,731,003
|
Software - 6.3%
|
|
|
|
Adobe Inc (b)
|
|
58,800
|
25,722,060
|
Gen Digital Inc
|
|
374,200
|
10,069,722
|
Microsoft Corp
|
|
217,600
|
90,317,056
|
Monday.com Ltd (b)
|
|
185,700
|
47,438,922
|
Oracle Corp
|
|
284,400
|
48,365,064
|
Salesforce Inc
|
|
48,500
|
16,572,450
|
|
|
|
|
238,485,274
|
Technology Hardware, Storage & Peripherals - 0.7%
|
|
|
|
Dell Technologies Inc Class C
|
|
249,800
|
25,879,280
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
772,271,701
|
|
|
|
|
|
Materials - 3.8%
|
|
|
|
Chemicals - 0.4%
|
|
|
|
Chemours Co/The
|
|
817,428
|
15,522,958
|
Construction Materials - 2.0%
|
|
|
|
Eagle Materials Inc
|
|
197,000
|
50,577,780
|
Martin Marietta Materials Inc
|
|
45,900
|
24,975,108
|
|
|
|
|
75,552,888
|
Containers & Packaging - 0.6%
|
|
|
|
Graphic Packaging Holding CO
|
|
782,400
|
21,461,232
|
Metals & Mining - 0.8%
|
|
|
|
ATI Inc (b)
|
|
508,400
|
29,024,556
|
TOTAL MATERIALS
|
|
|
141,561,634
|
|
|
|
|
|
Utilities - 8.3%
|
|
|
|
Electric Utilities - 3.5%
|
|
|
|
Constellation Energy Corp
|
|
323,600
|
97,073,528
|
PG&E Corp
|
|
2,130,358
|
33,340,103
|
|
|
|
|
130,413,631
|
Independent Power and Renewable Electricity Producers - 4.8%
|
|
|
|
Vistra Corp
|
|
1,072,500
|
180,212,175
|
TOTAL UTILITIES
|
|
|
310,625,806
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
3,550,433,325
|
|
TOTAL COMMON STOCKS
(Cost $2,283,511,369)
|
|
|
3,719,430,706
|
|
|
|
|
|
Convertible Corporate Bonds - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
New Cotai LLC 5% 2/24/2027
(Cost $533,627)
|
|
543,408
|
736,100
|
|
|
|
|
|
Money Market Funds - 1.7%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
4.37
|
41,102,285
|
41,110,505
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
4.37
|
23,188,181
|
23,190,500
|
|
TOTAL MONEY MARKET FUNDS
(Cost $64,301,005)
|
|
|
|
64,301,005
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.7%
(Cost $2,348,346,001)
|
3,784,467,811
|
NET OTHER ASSETS (LIABILITIES) - (0.7)%
|
(28,000,940)
|
NET ASSETS - 100.0%
|
3,756,466,871
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(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 $4,817,112 or 0.1% of net assets.
|
(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 $9,099,986 or 0.2% of net assets.
|
(e)
|
Security or a portion of the security is on loan at period end.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
EchoStar Corp
|
9/30/24
|
8,999,999
|
|
|
|
|
New Cotai LLC / New Cotai Capital Corp
|
9/11/20
|
2,036,135
|
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
17,797,476
|
212,577,668
|
189,264,639
|
391,610
|
343
|
(343)
|
41,110,505
|
41,102,285
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
409,929,914
|
386,739,414
|
10,908
|
-
|
-
|
23,190,500
|
23,188,181
|
0.1%
|
Total
|
17,797,476
|
622,507,582
|
576,004,053
|
402,518
|
343
|
(343)
|
64,301,005
|
64,290,466
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
402,994,760
|
402,994,760
|
-
|
-
|
Consumer Discretionary
|
525,983,188
|
504,079,625
|
21,903,563
|
-
|
Consumer Staples
|
61,034,386
|
61,034,386
|
-
|
-
|
Energy
|
52,246,938
|
52,246,938
|
-
|
-
|
Financials
|
639,144,320
|
639,144,320
|
-
|
-
|
Health Care
|
80,218,637
|
80,218,637
|
-
|
-
|
Industrials
|
634,986,914
|
634,986,914
|
-
|
-
|
Information Technology
|
870,634,123
|
870,634,123
|
-
|
-
|
Materials
|
141,561,634
|
141,561,634
|
-
|
-
|
Utilities
|
310,625,806
|
310,625,806
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Consumer Discretionary
|
736,100
|
-
|
736,100
|
-
|
|
|
Money Market Funds
|
64,301,005
|
64,301,005
|
-
|
-
|
Total Investments in Securities:
|
3,784,467,811
|
3,761,828,148
|
22,639,663
|
-
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $21,421,420) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $2,284,044,996)
|
$
|
3,720,166,806
|
|
|
Fidelity Central Funds (cost $64,301,005)
|
|
64,301,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $2,348,346,001)
|
|
|
$
|
3,784,467,811
|
Receivable for fund shares sold
|
|
|
|
839,951
|
Dividends receivable
|
|
|
|
284,367
|
Interest receivable
|
|
|
|
2,793
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
86,200
|
Prepaid expenses
|
|
|
|
1,981
|
Receivable from investment adviser for expense reductions
|
|
|
|
3,691
|
Other receivables
|
|
|
|
485
|
Total assets
|
|
|
|
3,785,687,279
|
Liabilities
|
|
|
|
|
Payable for fund shares redeemed
|
$
|
3,581,100
|
|
|
Accrued management fee
|
|
2,123,616
|
|
|
Distribution and service plan fees payable
|
|
230,948
|
|
|
Other payables and accrued expenses
|
|
94,244
|
|
|
Collateral on securities loaned
|
|
23,190,500
|
|
|
Total liabilities
|
|
|
|
29,220,408
|
Net Assets
|
|
|
$
|
3,756,466,871
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
2,258,987,930
|
Total accumulated earnings (loss)
|
|
|
|
1,497,478,941
|
Net Assets
|
|
|
$
|
3,756,466,871
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($584,184,394 ÷ 14,568,901 shares)(a)
|
|
|
$
|
40.10
|
Maximum offering price per share (100/94.25 of $40.10)
|
|
|
$
|
42.55
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($224,088,382 ÷ 5,591,030 shares)(a)
|
|
|
$
|
40.08
|
Maximum offering price per share (100/96.50 of $40.08)
|
|
|
$
|
41.53
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($18,487,557 ÷ 461,412 shares)(a)
|
|
|
$
|
40.07
|
Leveraged Company Stock :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($2,429,883,065 ÷ 60,484,753 shares)
|
|
|
$
|
40.17
|
Class K :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($167,692,726 ÷ 4,147,450 shares)
|
|
|
$
|
40.43
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($287,450,511 ÷ 7,167,446 shares)
|
|
|
$
|
40.11
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($44,680,236 ÷ 1,114,018 shares)
|
|
|
$
|
40.11
|
(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, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
11,643,326
|
Interest
|
|
|
|
8,242
|
Income from Fidelity Central Funds (including $10,908 from security lending)
|
|
|
|
402,518
|
Total income
|
|
|
|
12,054,086
|
Expenses
|
|
|
|
|
Management fee
|
$
|
10,617,419
|
|
|
Distribution and service plan fees
|
|
738,621
|
|
|
Custodian fees and expenses
|
|
40,943
|
|
|
Independent trustees' fees and expenses
|
|
6,966
|
|
|
Registration fees
|
|
138,252
|
|
|
Audit fees
|
|
42,118
|
|
|
Legal
|
|
7,766
|
|
|
Interest
|
|
26,739
|
|
|
Miscellaneous
|
|
4,663
|
|
|
Total expenses before reductions
|
|
11,623,487
|
|
|
Expense reductions
|
|
(89,552)
|
|
|
Total expenses after reductions
|
|
|
|
11,533,935
|
Net Investment income (loss)
|
|
|
|
520,151
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
179,683,810
|
|
|
Fidelity Central Funds
|
|
343
|
|
|
Foreign currency transactions
|
|
32,560
|
|
|
Total net realized gain (loss)
|
|
|
|
179,716,713
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
175,976,856
|
|
|
Fidelity Central Funds
|
|
(343)
|
|
|
Assets and liabilities in foreign currencies
|
|
(4,435)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
175,972,078
|
Net gain (loss)
|
|
|
|
355,688,791
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
356,208,942
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
520,151
|
$
|
7,828,277
|
Net realized gain (loss)
|
|
179,716,713
|
|
329,021,974
|
Change in net unrealized appreciation (depreciation)
|
|
175,972,078
|
|
97,256,154
|
Net increase (decrease) in net assets resulting from operations
|
|
356,208,942
|
|
434,106,405
|
Distributions to shareholders
|
|
(363,152,282)
|
|
(234,459,677)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
1,095,492,598
|
|
396,299,458
|
Total increase (decrease) in net assets
|
|
1,088,549,258
|
|
595,946,186
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
2,667,917,613
|
|
2,071,971,427
|
End of period
|
$
|
3,756,466,871
|
$
|
2,667,917,613
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Leveraged Company Stock Fund Class A
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
39.90
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,B,C
|
|
(.04)
|
Net realized and unrealized gain (loss)
|
|
1.41
|
Total from investment operations
|
|
1.37
|
Distributions from net investment income
|
|
(.10)
|
Distributions from net realized gain
|
|
(1.06)
|
Total distributions
|
|
(1.17) D
|
Net asset value, end of period
|
$
|
40.10
|
Total Return E,F,G
|
|
|
Ratios to Average Net Assets C,H,I
|
|
|
Expenses before reductions
|
|
.99% J
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.98% J
|
Net investment income (loss)
|
|
(.36)% J
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
584,184
|
Portfolio turnover rate K
|
|
|
AFor the period October 18, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
Fidelity Advisor® Leveraged Company Stock Fund Class M
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
39.90
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,B,C
|
|
(.07)
|
Net realized and unrealized gain (loss)
|
|
1.40
|
Total from investment operations
|
|
1.33
|
Distributions from net investment income
|
|
(.08)
|
Distributions from net realized gain
|
|
(1.06)
|
Total distributions
|
|
(1.15) D
|
Net asset value, end of period
|
$
|
40.08
|
Total Return E,F,G
|
|
|
Ratios to Average Net Assets C,H,I
|
|
|
Expenses before reductions
|
|
1.24% J
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
1.23% J
|
Net investment income (loss)
|
|
(.61)% J
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
224,088
|
Portfolio turnover rate K
|
|
|
AFor the period October 18, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the sales charges.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
Fidelity Advisor® Leveraged Company Stock Fund Class C
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
39.90
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,B,C
|
|
(.13)
|
Net realized and unrealized gain (loss)
|
|
1.41
|
Total from investment operations
|
|
1.28
|
Distributions from net investment income
|
|
(.04)
|
Distributions from net realized gain
|
|
(1.06)
|
Total distributions
|
|
(1.11) D
|
Net asset value, end of period
|
$
|
40.07
|
Total Return E,F,G
|
|
|
Ratios to Average Net Assets C,H,I
|
|
|
Expenses before reductions
|
|
1.75% J
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
1.74% J
|
Net investment income (loss)
|
|
(1.11)% J
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
18,488
|
Portfolio turnover rate K
|
|
|
AFor the period October 18, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GTotal returns do not include the effect of the contingent deferred sales charge.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
Fidelity® Leveraged Company Stock Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
40.88
|
$
|
37.87
|
$
|
39.65
|
$
|
48.37
|
$
|
30.88
|
$
|
29.94
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,A,B
|
|
.02
|
|
.13
|
|
.30
|
|
.17
|
|
.03 C
|
|
.08 D
|
Net realized and unrealized gain (loss)
|
|
4.83
|
|
7.13
|
|
3.69 E
|
|
(4.89)
|
|
17.50
|
|
.89
|
Total from investment operations
|
|
4.85
|
|
7.26
|
|
3.99
|
|
(4.72)
|
|
17.53
|
|
.97
|
Distributions from net investment income
|
|
(.32)
|
|
(.22)
|
|
(.25)
|
|
(.12)
|
|
(.04)
|
|
(.03)
|
Distributions from net realized gain
|
|
(5.24)
|
|
(4.04)
|
|
(5.52)
|
|
(3.89)
|
|
-
|
|
-
|
Total distributions
|
|
(5.56)
|
|
(4.25) F
|
|
(5.77)
|
|
(4.00) F
|
|
(.04)
|
|
(.03)
|
Net asset value, end of period
|
$
|
40.17
|
$
|
40.88
|
$
|
37.87
|
$
|
39.65
|
$
|
48.37
|
$
|
30.88
|
Total Return G,H
|
|
|
|
21.84%
|
|
12.01% E
|
|
(10.85)%
|
|
56.84%
|
|
3.24%
|
Ratios to Average Net Assets B,I,J
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.70% K
|
|
.73%
|
|
.75%
|
|
.74%
|
|
.75%
|
|
.78%
|
Expenses net of fee waivers, if any
|
|
|
|
.72%
|
|
.74%
|
|
.74%
|
|
.75%
|
|
.78%
|
Expenses net of all reductions
|
|
.69% K
|
|
.72%
|
|
.74%
|
|
.74%
|
|
.75%
|
|
.77%
|
Net investment income (loss)
|
|
.12% K
|
|
.35%
|
|
.87%
|
|
.38%
|
|
.06% C
|
|
.27% D
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,429,883
|
$
|
2,512,446
|
$
|
1,933,517
|
$
|
1,936,630
|
$
|
2,533,725
|
$
|
1,631,034
|
Portfolio turnover rate L
|
|
|
|
50%
|
|
58%
|
|
26%
|
|
15%
|
|
31%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.05)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .16%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 11.96%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
Fidelity® Leveraged Company Stock Fund Class K
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
41.13
|
$
|
38.08
|
$
|
39.84
|
$
|
48.58
|
$
|
31.01
|
$
|
30.04
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,A,B
|
|
.04
|
|
.17
|
|
.33
|
|
.21
|
|
.06 C
|
|
.11 D
|
Net realized and unrealized gain (loss)
|
|
4.86
|
|
7.16
|
|
3.72 E
|
|
(4.91)
|
|
17.59
|
|
.91
|
Total from investment operations
|
|
4.90
|
|
7.33
|
|
4.05
|
|
(4.70)
|
|
17.65
|
|
1.02
|
Distributions from net investment income
|
|
(.35)
|
|
(.25)
|
|
(.28)
|
|
(.16)
|
|
(.08)
|
|
(.05)
|
Distributions from net realized gain
|
|
(5.24)
|
|
(4.04)
|
|
(5.52)
|
|
(3.89)
|
|
-
|
|
-
|
Total distributions
|
|
(5.60) F
|
|
(4.28) F
|
|
(5.81) F
|
|
(4.04) F
|
|
(.08)
|
|
(.05)
|
Net asset value, end of period
|
$
|
40.43
|
$
|
41.13
|
$
|
38.08
|
$
|
39.84
|
$
|
48.58
|
$
|
31.01
|
Total Return G,H
|
|
|
|
21.95%
|
|
12.11% E
|
|
(10.77)%
|
|
57.00%
|
|
3.38%
|
Ratios to Average Net Assets B,I,J
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.62% K
|
|
.63%
|
|
.65%
|
|
.65%
|
|
.66%
|
|
.67%
|
Expenses net of fee waivers, if any
|
|
|
|
.62%
|
|
.65%
|
|
.65%
|
|
.66%
|
|
.67%
|
Expenses net of all reductions
|
|
.61% K
|
|
.62%
|
|
.65%
|
|
.65%
|
|
.66%
|
|
.66%
|
Net investment income (loss)
|
|
.20% K
|
|
.45%
|
|
.96%
|
|
.47%
|
|
.15% C
|
|
.38% D
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
167,693
|
$
|
155,472
|
$
|
138,454
|
$
|
273,742
|
$
|
362,018
|
$
|
284,551
|
Portfolio turnover rate L
|
|
|
|
50%
|
|
58%
|
|
26%
|
|
15%
|
|
31%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .05%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .27%.
ENet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 12.06%.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
Fidelity Advisor® Leveraged Company Stock Fund Class I
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
39.90
|
Income from Investment Operations
|
|
|
Net investment income (loss) B
|
|
(.01)
|
Net realized and unrealized gain (loss)
|
|
1.40
|
Total from investment operations
|
|
1.39
|
Distributions from net investment income
|
|
(.12)
|
Distributions from net realized gain
|
|
(1.06)
|
Total distributions
|
|
(1.18)
|
Net asset value, end of period
|
$
|
40.11
|
Total Return C,D
|
|
|
Ratios to Average Net Assets B,E,F
|
|
|
Expenses before reductions
|
|
.74% G
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.73% G
|
Net investment income (loss)
|
|
(.11)% G
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
287,451
|
Portfolio turnover rate H
|
|
|
AFor the period October 18, 2024 (commencement of sale of shares) through January 31, 2025.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IThe portfolio turnover rate does not include the assets acquired in the reorganization.
Fidelity Advisor® Leveraged Company Stock Fund Class Z
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
39.90
|
Income from Investment Operations
|
|
|
Net realized and unrealized gain (loss)
|
|
1.40
|
Total from investment operations
|
|
1.40
|
Distributions from net investment income
|
|
(.13)
|
Distributions from net realized gain
|
|
(1.06)
|
Total distributions
|
|
(1.19)
|
Net asset value, end of period
|
$
|
40.11
|
Total Return D,E
|
|
|
Ratios to Average Net Assets C,F,G
|
|
|
Expenses before reductions
|
|
.62% H
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.61% H
|
Net investment income (loss)
|
|
.01% H
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
44,680
|
Portfolio turnover rate I
|
|
|
AFor the period October 18, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 18, 2024. The Fund offers Class A, Class M, Class C, Leveraged Company Stock, Class K, 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 RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity, and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2025 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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) 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
|
$1,526,894,613
|
Gross unrealized depreciation
|
(93,271,838)
|
Net unrealized appreciation (depreciation)
|
$1,433,622,775
|
Tax cost
|
$2,350,845,036
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, securities acquired in the reorganization and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Leveraged Company Stock Fund
|
160,183,503
|
586,485,981
|
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 Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.75
|
Class M
|
.74
|
Class C
|
.77
|
Leveraged Company Stock
|
.70
|
Class K
|
.61
|
Class I
|
.74
|
Class Z
|
.61
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.72
|
Class M
|
.72
|
Class C
|
.72
|
Leveraged Company Stock
|
.68
|
Class K
|
.60
|
Class I
|
.72
|
Class Z
|
.60
|
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 ($)
|
Class A
|
- %
|
.25%
|
387,214
|
-
|
Class M
|
.25%
|
.25%
|
300,710
|
-
|
Class C
|
.75%
|
.25%
|
50,697
|
1,621
|
|
|
|
738,621
|
1,621
|
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, there were no sales charge amounts retained by FDC.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Leveraged Company Stock Fund
|
4,351
|
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 Leveraged Company Stock Fund.
|
Borrower
|
21,570,125
|
5.58%
|
26,739
|
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
|
11,368,290
|
55,126,651
|
6,964,771
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Leveraged Company Stock Fund
|
1,881
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
Fidelity Leveraged Company Stock Fund
|
1,297
|
-
|
-
|
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 $89,552.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Leveraged Company Stock Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$16,723,230
|
$ -
|
Class M
|
6,369,794
|
-
|
Class C
|
514,151
|
-
|
Leveraged Company Stock
|
308,869,134
|
218,850,758
|
Class K
|
21,027,914
|
15,608,919
|
Class I
|
8,339,469
|
-
|
Class Z
|
1,308,590
|
-
|
Total
|
$363,152,282
|
$234,459,677
|
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through January 31, 2025.
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, 2025
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Leveraged Company Stock Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
210,937
|
-
|
$8,474,700
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
14,597,554
|
-
|
571,640,793
|
-
|
Reinvestment of distributions
|
411,663
|
-
|
15,886,060
|
-
|
Shares redeemed
|
(651,253)
|
-
|
(25,971,776)
|
-
|
Net increase (decrease)
|
14,568,901
|
-
|
$570,029,777
|
$ -
|
Class M
|
|
|
|
|
Shares sold
|
116,116
|
-
|
$106,913,122
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
5,710,958
|
-
|
223,583,900
|
-
|
Reinvestment of distributions
|
162,794
|
-
|
6,280,609
|
-
|
Shares redeemed
|
(398,838)
|
-
|
(118,232,694)
|
-
|
Net increase (decrease)
|
5,591,030
|
-
|
$218,544,937
|
$ -
|
Class C
|
|
|
|
|
Shares sold
|
10,422
|
-
|
$417,264
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
485,364
|
-
|
19,002,045
|
-
|
Reinvestment of distributions
|
13,202
|
-
|
509,447
|
-
|
Shares redeemed
|
(47,576)
|
-
|
(1,933,126)
|
-
|
Net increase (decrease)
|
461,412
|
-
|
$17,995,630
|
$ -
|
Leveraged Company Stock
|
|
|
|
|
Shares sold
|
1,580,395
|
11,676,170
|
$63,266,973
|
$458,184,112
|
Reinvestment of distributions
|
7,916,289
|
6,073,720
|
290,942,748
|
205,661,213
|
Shares redeemed
|
(10,472,767)
|
(7,348,262)
|
(402,274,187)
|
(272,157,532)
|
Net increase (decrease)
|
(976,083)
|
10,401,628
|
$(48,064,466)
|
$391,687,793
|
Class K
|
|
|
|
|
Shares sold
|
315,066
|
758,613
|
$12,600,946
|
$29,116,354
|
Reinvestment of distributions
|
568,340
|
458,518
|
21,027,913
|
15,608,918
|
Shares redeemed
|
(516,096)
|
(1,073,291)
|
(20,602,419)
|
(40,113,607)
|
Net increase (decrease)
|
367,310
|
143,840
|
$13,026,440
|
$4,611,665
|
Class I
|
|
|
|
|
Shares sold
|
304,027
|
-
|
$12,182,332
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
7,245,789
|
-
|
283,745,005
|
-
|
Reinvestment of distributions
|
200,470
|
-
|
7,736,154
|
-
|
Shares redeemed
|
(582,840)
|
-
|
(23,379,302)
|
-
|
Net increase (decrease)
|
7,167,446
|
-
|
$280,284,189
|
$ -
|
Class Z
|
|
|
|
|
Shares sold
|
84,680
|
-
|
$3,454,686
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
1,069,229
|
-
|
41,870,976
|
-
|
Reinvestment of distributions
|
27,215
|
-
|
1,049,943
|
-
|
Shares redeemed
|
(67,106)
|
-
|
(2,699,514)
|
-
|
Net increase (decrease)
|
1,114,018
|
-
|
$43,676,091
|
$ -
|
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through January 31, 2025.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Reorganization Information.
On October 25, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Leveraged Company Stock Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on October 18, 2024. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
Acquired Fund
|
Investments $
|
Unrealized appreciation (depreciation) $
|
Net Assets $
|
Shares Exchanged
|
Shares Exchanged Ratio
|
Fidelity Advisor Leveraged Company Stock Fund
|
1,136,980,523
|
431,302,924
|
|
|
|
Class A
|
|
|
571,640,793
|
14,597,554
|
1.1779315628
|
Class M
|
|
|
223,583,900
|
5,710,958
|
1.0826590038
|
Class C
|
|
|
19,002,045
|
485,364
|
.8677369093
|
Class I
|
|
|
283,745,005
|
7,245,789
|
1.2517160368
|
Class Z
|
|
|
41,870,976
|
1,069,229
|
1.2605209397
|
Acquiring Fund
|
Net Assets $
|
Total net assets after the acquisition $
|
Fidelity Leveraged Company Stock Fund
|
2,512,421,176
|
3,652,263,895
|
Pro forma results of operations of the combined entity for the entire period ended January 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net investment income (loss)
|
$916,031
|
Total net realized gain (loss)
|
198,541,993
|
Total change in net unrealized appreciation (depreciation)
|
237,958,336
|
Net increase (decrease) in net assets resulting from operations
|
$437,416,360
|
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's accompanying Statement of Operations since October 25, 2024.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contract and Management Fees
Fidelity Leveraged Company Stock Fund
At its July 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its July 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for Class Z of the fund is below the median of its competitor funds. The Board also noted that the projected class-level management fee for Class A, Class M, Class C, and Class I of the fund is above the median of its competitor funds because the majority of such competitor funds do not have a management fee that covers expenses for services beyond portfolio management. The Board also considered that the estimated total net expense ratio of Class A and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure and that the estimated total net expense ratio of Class M, Class C, and Class I of the fund is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board considered that the estimated total net expense ratio of Class M is above the median of its competitor funds primarily because of higher 12b-1 fees. The Board noted that the estimated total net expense ratio of Class C is above the median of its competitor funds primarily because of its 1.00% 12b-1 fee. The Board also noted that although Class I is categorized by Lipper as an Institutional class, Class I has no investment minimum, unlike other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes.
The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.
Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
1.753758.125
LSF-SANN-0425
Fidelity® Small Cap Value Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Value Fund
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3%
|
|
|
|
Shares
|
Value ($)
|
BERMUDA - 1.3%
|
|
|
|
Financials - 1.3%
|
|
|
|
Banks - 1.3%
|
|
|
|
Bank of Nt Butterfield & Son Ltd/The (United States)
|
|
1,760,000
|
64,574,400
|
CANADA - 4.8%
|
|
|
|
Energy - 1.8%
|
|
|
|
Energy Equipment & Services - 0.5%
|
|
|
|
CES Energy Solutions Corp
|
|
4,000,000
|
23,696,976
|
Oil, Gas & Consumable Fuels - 1.3%
|
|
|
|
Parkland Corp
|
|
3,007,900
|
66,952,603
|
TOTAL ENERGY
|
|
|
90,649,579
|
|
|
|
|
|
Financials - 0.4%
|
|
|
|
Financial Services - 0.4%
|
|
|
|
ECN Capital Corp (a)
|
|
10,243,751
|
22,202,371
|
Health Care - 0.2%
|
|
|
|
Biotechnology - 0.2%
|
|
|
|
Xenon Pharmaceuticals Inc (b)
|
|
192,000
|
7,676,159
|
Utilities - 2.4%
|
|
|
|
Gas Utilities - 2.4%
|
|
|
|
Brookfield Infrastructure Corp (United States) (a)
|
|
2,870,750
|
119,767,690
|
TOTAL CANADA
|
|
|
240,295,799
|
JAPAN - 1.1%
|
|
|
|
Information Technology - 1.1%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.1%
|
|
|
|
Allegro MicroSystems Inc (b)
|
|
2,230,000
|
53,720,700
|
NETHERLANDS - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Merus NV (b)
|
|
118,301
|
4,843,243
|
UNITED STATES - 92.1%
|
|
|
|
Communication Services - 0.9%
|
|
|
|
Media - 0.9%
|
|
|
|
Nexstar Media Group Inc
|
|
286,800
|
43,943,496
|
Consumer Discretionary - 5.4%
|
|
|
|
Diversified Consumer Services - 0.6%
|
|
|
|
Carriage Services Inc
|
|
272,255
|
11,148,842
|
KinderCare Learning Cos Inc (a)(b)
|
|
980,000
|
20,325,200
|
|
|
|
|
31,474,042
|
Household Durables - 0.6%
|
|
|
|
Installed Building Products Inc
|
|
141,604
|
28,156,539
|
KB Home
|
|
50,000
|
3,355,000
|
|
|
|
|
31,511,539
|
Specialty Retail - 3.5%
|
|
|
|
Academy Sports & Outdoors Inc
|
|
1,049,561
|
54,902,536
|
Lithia Motors Inc Class A
|
|
104,326
|
39,237,009
|
Murphy USA Inc
|
|
161,906
|
81,424,147
|
Upbound Group Inc (a)
|
|
50,000
|
1,467,000
|
|
|
|
|
177,030,692
|
Textiles, Apparel & Luxury Goods - 0.7%
|
|
|
|
Under Armour Inc Class A (b)
|
|
4,102,300
|
34,254,205
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
274,270,478
|
|
|
|
|
|
Consumer Staples - 2.0%
|
|
|
|
Consumer Staples Distribution & Retail - 1.0%
|
|
|
|
US Foods Holding Corp (b)
|
|
731,000
|
51,849,830
|
Food Products - 1.0%
|
|
|
|
TreeHouse Foods Inc (b)
|
|
1,441,400
|
49,757,128
|
TOTAL CONSUMER STAPLES
|
|
|
101,606,958
|
|
|
|
|
|
Energy - 7.1%
|
|
|
|
Energy Equipment & Services - 4.4%
|
|
|
|
Cactus Inc Class A
|
|
603,478
|
36,033,671
|
Kodiak Gas Services Inc
|
|
1,044,200
|
48,847,676
|
Liberty Energy Inc Class A
|
|
3,560,000
|
65,183,600
|
Select Water Solutions Inc Class A (a)
|
|
3,687,161
|
46,089,513
|
Weatherford International PLC
|
|
380,200
|
23,933,590
|
|
|
|
|
220,088,050
|
Oil, Gas & Consumable Fuels - 2.7%
|
|
|
|
Antero Resources Corp (b)
|
|
965,299
|
36,024,958
|
Core Natural Resources Inc
|
|
535,000
|
48,331,900
|
Sitio Royalties Corp Class A
|
|
2,541,805
|
51,191,953
|
|
|
|
|
135,548,811
|
TOTAL ENERGY
|
|
|
355,636,861
|
|
|
|
|
|
Financials - 27.2%
|
|
|
|
Banks - 15.2%
|
|
|
|
BOK Financial Corp
|
|
548,837
|
60,602,582
|
Cadence Bank
|
|
2,570,000
|
90,464,000
|
Cullen/Frost Bankers Inc
|
|
115,000
|
16,031,000
|
Eastern Bankshares Inc
|
|
7,977,668
|
146,469,984
|
First Foundation Inc
|
|
2,419,850
|
12,462,227
|
Old National Bancorp/IN
|
|
1,039,102
|
24,782,583
|
Pinnacle Financial Partners Inc
|
|
489,000
|
61,012,530
|
SouthState Corp
|
|
879,846
|
92,902,939
|
Synovus Financial Corp
|
|
1,815,478
|
102,429,269
|
TriCo Bancshares
|
|
674,816
|
29,604,178
|
Webster Financial Corp
|
|
865,000
|
52,107,600
|
Wintrust Financial Corp
|
|
573,803
|
75,059,170
|
|
|
|
|
763,928,062
|
Capital Markets - 2.6%
|
|
|
|
AllianceBernstein Holding LP
|
|
1,538,200
|
61,620,292
|
Lazard Inc Class A
|
|
1,319,300
|
71,730,341
|
|
|
|
|
133,350,633
|
Consumer Finance - 2.2%
|
|
|
|
Encore Capital Group Inc (a)(b)
|
|
546,642
|
27,058,779
|
FirstCash Holdings Inc
|
|
757,300
|
82,659,295
|
|
|
|
|
109,718,074
|
Financial Services - 2.2%
|
|
|
|
Federal Agricultural Mortgage Corp Class C
|
|
145,000
|
28,678,100
|
HA Sustainable Infrastructure Capital Inc (a)
|
|
2,870,000
|
80,388,700
|
|
|
|
|
109,066,800
|
Insurance - 5.0%
|
|
|
|
Baldwin Insurance Group Inc/The Class A (b)
|
|
946,142
|
38,744,515
|
Old Republic International Corp
|
|
2,975,100
|
108,829,158
|
Primerica Inc
|
|
359,465
|
104,305,959
|
|
|
|
|
251,879,632
|
TOTAL FINANCIALS
|
|
|
1,367,943,201
|
|
|
|
|
|
Health Care - 10.4%
|
|
|
|
Biotechnology - 1.9%
|
|
|
|
Arcellx Inc (b)
|
|
95,000
|
6,472,350
|
Celldex Therapeutics Inc (b)
|
|
272,800
|
6,680,872
|
Cogent Biosciences Inc (b)
|
|
510,000
|
4,748,100
|
Crinetics Pharmaceuticals Inc (b)
|
|
148,000
|
5,964,400
|
Cytokinetics Inc (b)
|
|
550,853
|
27,245,189
|
Day One Biopharmaceuticals Inc (b)
|
|
395,000
|
4,886,150
|
Disc Medicine Inc (b)
|
|
165,000
|
9,207,000
|
Madrigal Pharmaceuticals Inc (a)(b)
|
|
21,300
|
7,131,240
|
Spyre Therapeutics Inc (b)
|
|
340,564
|
7,829,566
|
Vaxcyte Inc (b)
|
|
77,096
|
6,809,119
|
Viridian Therapeutics Inc (b)
|
|
355,889
|
6,897,129
|
|
|
|
|
93,871,115
|
Health Care Providers & Services - 6.7%
|
|
|
|
Acadia Healthcare Co Inc (b)
|
|
775,000
|
34,960,250
|
AMN Healthcare Services Inc (b)(c)
|
|
2,399,579
|
66,036,414
|
BrightSpring Health Services Inc (a)(b)
|
|
3,473,789
|
81,981,421
|
Owens & Minor Inc (a)(b)(c)
|
|
4,981,368
|
70,934,680
|
Pediatrix Medical Group Inc (b)
|
|
2,885,000
|
40,332,300
|
Pennant Group Inc/The (b)
|
|
1,580,212
|
41,828,212
|
|
|
|
|
336,073,277
|
Health Care Technology - 0.9%
|
|
|
|
Evolent Health Inc Class A (b)
|
|
4,469,086
|
46,701,949
|
Life Sciences Tools & Services - 0.8%
|
|
|
|
Fortrea Holdings Inc (a)(b)
|
|
2,065,000
|
34,712,650
|
Maravai LifeSciences Holdings Inc Class A (b)
|
|
1,175,000
|
5,792,750
|
|
|
|
|
40,505,400
|
Pharmaceuticals - 0.1%
|
|
|
|
Enliven Therapeutics Inc (a)(b)
|
|
240,540
|
5,258,204
|
TOTAL HEALTH CARE
|
|
|
522,409,945
|
|
|
|
|
|
Industrials - 15.7%
|
|
|
|
Building Products - 0.6%
|
|
|
|
Hayward Holdings Inc (b)
|
|
975,000
|
14,683,500
|
Masterbrand Inc (b)
|
|
891,966
|
15,448,851
|
|
|
|
|
30,132,351
|
Ground Transportation - 2.1%
|
|
|
|
ArcBest Corp
|
|
570,080
|
54,505,349
|
Knight-Swift Transportation Holdings Inc
|
|
910,000
|
51,951,900
|
|
|
|
|
106,457,249
|
Machinery - 7.5%
|
|
|
|
Atmus Filtration Technologies Inc
|
|
640,000
|
26,764,800
|
Blue Bird Corp (a)(b)(c)
|
|
2,016,500
|
71,827,730
|
Enpro Inc
|
|
373,937
|
69,440,101
|
Gates Industrial Corp PLC (b)
|
|
1,169,400
|
24,194,885
|
JBT Marel Corp
|
|
466,618
|
62,060,194
|
REV Group Inc
|
|
2,320,120
|
80,508,164
|
Terex Corp
|
|
909,951
|
43,759,544
|
|
|
|
|
378,555,418
|
Professional Services - 3.3%
|
|
|
|
Genpact Ltd
|
|
1,642,957
|
79,995,576
|
KBR Inc
|
|
799,038
|
43,483,648
|
Science Applications International Corp
|
|
382,256
|
41,390,680
|
|
|
|
|
164,869,904
|
Trading Companies & Distributors - 2.2%
|
|
|
|
Beacon Roofing Supply Inc (b)
|
|
553,851
|
65,542,728
|
DXP Enterprises Inc/TX (a)(b)
|
|
428,360
|
43,388,584
|
|
|
|
|
108,931,312
|
TOTAL INDUSTRIALS
|
|
|
788,946,234
|
|
|
|
|
|
Information Technology - 7.6%
|
|
|
|
Communications Equipment - 1.8%
|
|
|
|
Ciena Corp (b)
|
|
397,158
|
34,608,348
|
Lumentum Holdings Inc (b)
|
|
663,248
|
56,415,875
|
|
|
|
|
91,024,223
|
Electronic Equipment, Instruments & Components - 4.2%
|
|
|
|
Insight Enterprises Inc (a)(b)
|
|
833,886
|
144,053,807
|
Vontier Corp
|
|
1,770,000
|
68,233,500
|
|
|
|
|
212,287,307
|
IT Services - 0.8%
|
|
|
|
Kyndryl Holdings Inc (b)
|
|
1,034,704
|
39,277,364
|
Semiconductors & Semiconductor Equipment - 0.8%
|
|
|
|
Diodes Inc (b)
|
|
620,300
|
36,585,294
|
Penguin Solutions Inc (b)
|
|
299,308
|
6,069,966
|
|
|
|
|
42,655,260
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
385,244,154
|
|
|
|
|
|
Materials - 4.8%
|
|
|
|
Construction Materials - 2.4%
|
|
|
|
Eagle Materials Inc
|
|
306,000
|
78,562,440
|
Knife River Corp (b)
|
|
400,000
|
41,432,000
|
|
|
|
|
119,994,440
|
Containers & Packaging - 2.4%
|
|
|
|
Graphic Packaging Holding CO
|
|
4,450,000
|
122,063,500
|
TOTAL MATERIALS
|
|
|
242,057,940
|
|
|
|
|
|
Real Estate - 11.0%
|
|
|
|
Health Care REITs - 1.8%
|
|
|
|
CareTrust REIT Inc
|
|
3,413,581
|
90,459,897
|
Office REITs - 0.8%
|
|
|
|
Douglas Emmett Inc
|
|
2,093,690
|
38,440,148
|
Real Estate Management & Development - 1.9%
|
|
|
|
Compass Inc Class A (b)
|
|
6,370,957
|
46,189,439
|
Cushman & Wakefield PLC (b)
|
|
1,760,731
|
24,280,480
|
Landbridge Co LLC Class A (a)
|
|
399,683
|
25,927,436
|
|
|
|
|
96,397,355
|
Retail REITs - 4.9%
|
|
|
|
Acadia Realty Trust
|
|
2,980,000
|
68,659,200
|
Agree Realty Corp
|
|
209,163
|
15,178,959
|
Curbline Properties Corp
|
|
2,897,500
|
70,901,825
|
Macerich Co/The
|
|
2,761,800
|
57,390,204
|
SITE Centers Corp
|
|
2,310,000
|
34,603,800
|
|
|
|
|
246,733,988
|
Specialized REITs - 1.6%
|
|
|
|
National Storage Affiliates Trust
|
|
1,000,000
|
37,150,000
|
Outfront Media Inc
|
|
2,471,168
|
45,469,491
|
|
|
|
|
82,619,491
|
TOTAL REAL ESTATE
|
|
|
554,650,879
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
4,636,710,146
|
|
TOTAL COMMON STOCKS
(Cost $4,375,984,040)
|
|
|
5,000,144,288
|
|
|
|
|
|
Money Market Funds - 5.2%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (d)
|
|
4.37
|
53,901,234
|
53,912,014
|
Fidelity Securities Lending Cash Central Fund (d)(e)
|
|
4.37
|
210,206,241
|
210,227,262
|
|
TOTAL MONEY MARKET FUNDS
(Cost $264,139,276)
|
|
|
|
264,139,276
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 104.5%
(Cost $4,640,123,316)
|
5,264,283,564
|
NET OTHER ASSETS (LIABILITIES) - (4.5)%
|
(227,744,897)
|
NET ASSETS - 100.0%
|
5,036,538,667
|
|
|
|
Legend
(a)
|
Security or a portion of the security is on loan at period end.
|
(d)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(e)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
74,491,302
|
1,045,171,108
|
1,065,750,396
|
1,570,298
|
-
|
-
|
53,912,014
|
53,901,234
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
321,942,029
|
833,808,781
|
945,523,548
|
713,693
|
-
|
-
|
210,227,262
|
210,206,241
|
0.9%
|
Total
|
396,433,331
|
1,878,979,889
|
2,011,273,944
|
2,283,991
|
-
|
-
|
264,139,276
|
264,107,475
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
AMN Healthcare Services Inc
|
97,147,693
|
43,056,429
|
7,180,315
|
-
|
(7,134,850)
|
(59,852,543)
|
66,036,414
|
2,399,579
|
Blue Bird Corp
|
32,705,300
|
61,373,788
|
-
|
-
|
-
|
(22,251,358)
|
71,827,730
|
2,016,500
|
Encore Capital Group Inc
|
42,472,110
|
-
|
14,235,072
|
-
|
3,883,455
|
(5,061,714)
|
-
|
546,642
|
Owens & Minor Inc
|
81,344,368
|
402,559
|
-
|
-
|
-
|
(10,812,247)
|
70,934,680
|
4,981,368
|
REV Group Inc
|
85,366,148
|
11,459,207
|
31,175,825
|
273,291
|
3,417,274
|
11,441,360
|
-
|
2,320,120
|
Total
|
339,035,619
|
116,291,983
|
52,591,212
|
273,291
|
165,879
|
(86,536,502)
|
208,798,824
|
12,264,209
|
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, 2025, 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:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
43,943,496
|
43,943,496
|
-
|
-
|
Consumer Discretionary
|
274,270,478
|
274,270,478
|
-
|
-
|
Consumer Staples
|
101,606,958
|
101,606,958
|
-
|
-
|
Energy
|
446,286,440
|
446,286,440
|
-
|
-
|
Financials
|
1,454,719,972
|
1,454,719,972
|
-
|
-
|
Health Care
|
534,929,347
|
534,929,347
|
-
|
-
|
Industrials
|
788,946,234
|
788,946,234
|
-
|
-
|
Information Technology
|
438,964,854
|
438,964,854
|
-
|
-
|
Materials
|
242,057,940
|
242,057,940
|
-
|
-
|
Real Estate
|
554,650,879
|
554,650,879
|
-
|
-
|
Utilities
|
119,767,690
|
119,767,690
|
-
|
-
|
|
|
Money Market Funds
|
264,139,276
|
264,139,276
|
-
|
-
|
Total Investments in Securities:
|
5,264,283,564
|
5,264,283,564
|
-
|
-
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $203,389,690) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $4,016,856,477)
|
$
|
4,791,345,464
|
|
|
Fidelity Central Funds (cost $264,139,276)
|
|
264,139,276
|
|
|
Other affiliated issuers (cost $359,127,563)
|
|
208,798,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $4,640,123,316)
|
|
|
$
|
5,264,283,564
|
Foreign currency held at value (cost $382,122)
|
|
|
|
366,256
|
Receivable for investments sold
|
|
|
|
4,884,425
|
Receivable for fund shares sold
|
|
|
|
5,407,054
|
Dividends receivable
|
|
|
|
658,875
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
271,855
|
Prepaid expenses
|
|
|
|
3,505
|
Total assets
|
|
|
|
5,275,875,534
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
16,741,775
|
|
|
Payable for fund shares redeemed
|
|
8,518,365
|
|
|
Accrued management fee
|
|
3,665,009
|
|
|
Distribution and service plan fees payable
|
|
131,310
|
|
|
Other payables and accrued expenses
|
|
58,728
|
|
|
Collateral on securities loaned
|
|
210,221,680
|
|
|
Total liabilities
|
|
|
|
239,336,867
|
Net Assets
|
|
|
$
|
5,036,538,667
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
4,154,039,879
|
Total accumulated earnings (loss)
|
|
|
|
882,498,788
|
Net Assets
|
|
|
$
|
5,036,538,667
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($267,051,570 ÷ 13,049,008 shares)(a)
|
|
|
$
|
20.47
|
Maximum offering price per share (100/94.25 of $20.47)
|
|
|
$
|
21.72
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($106,808,729 ÷ 5,480,956 shares)(a)
|
|
|
$
|
19.49
|
Maximum offering price per share (100/96.50 of $19.49)
|
|
|
$
|
20.20
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($38,640,158 ÷ 2,304,682 shares)(a)
|
|
|
$
|
16.77
|
Small Cap Value :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($2,741,618,210 ÷ 129,150,241 shares)
|
|
|
$
|
21.23
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,029,592,579 ÷ 48,494,908 shares)
|
|
|
$
|
21.23
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($852,827,421 ÷ 40,145,718 shares)
|
|
|
$
|
21.24
|
(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, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends (including $273,291 earned from affiliated issuers)
|
|
|
$
|
39,365,782
|
Income from Fidelity Central Funds (including $713,693 from security lending)
|
|
|
|
2,283,991
|
Total income
|
|
|
|
41,649,773
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
18,950,688
|
|
|
Performance adjustment
|
|
3,452,089
|
|
|
Distribution and service plan fees
|
|
787,163
|
|
|
Custodian fees and expenses
|
|
24,955
|
|
|
Independent trustees' fees and expenses
|
|
10,846
|
|
|
Registration fees
|
|
152,447
|
|
|
Audit fees
|
|
33,694
|
|
|
Legal
|
|
3,682
|
|
|
Miscellaneous
|
|
81,157
|
|
|
Total expenses before reductions
|
|
23,496,721
|
|
|
Expense reductions
|
|
(754)
|
|
|
Total expenses after reductions
|
|
|
|
23,495,967
|
Net Investment income (loss)
|
|
|
|
18,153,806
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
328,472,952
|
|
|
Affiliated issuers
|
|
165,879
|
|
|
Foreign currency transactions
|
|
1,878
|
|
|
Total net realized gain (loss)
|
|
|
|
328,640,709
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(87,633,691)
|
|
|
Affiliated issuers
|
|
(150,328,740)
|
|
|
Assets and liabilities in foreign currencies
|
|
(42,031)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(238,004,462)
|
Net gain (loss)
|
|
|
|
90,636,247
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
108,790,053
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
18,153,806
|
$
|
34,583,779
|
Net realized gain (loss)
|
|
328,640,709
|
|
250,757,337
|
Change in net unrealized appreciation (depreciation)
|
|
(238,004,462)
|
|
425,535,071
|
Net increase (decrease) in net assets resulting from operations
|
|
108,790,053
|
|
710,876,187
|
Distributions to shareholders
|
|
(290,185,441)
|
|
(251,816,868)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
89,401,967
|
|
(238,811,656)
|
Total increase (decrease) in net assets
|
|
(91,993,421)
|
|
220,247,663
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
5,128,532,088
|
|
4,908,284,425
|
End of period
|
$
|
5,036,538,667
|
$
|
5,128,532,088
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity Advisor® Small Cap Value Fund Class A
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
21.25
|
$
|
19.35
|
$
|
19.13
|
$
|
21.03
|
$
|
12.33
|
$
|
14.68
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.05
|
|
.09
|
|
.09
|
|
.18 C
|
|
.09 D
|
|
.11
|
Net realized and unrealized gain (loss)
|
|
.36
|
|
2.80
|
|
1.18
|
|
(.41)
|
|
8.66
|
|
(1.96)
|
Total from investment operations
|
|
.41
|
|
2.89
|
|
1.27
|
|
(.23)
|
|
8.75
|
|
(1.85)
|
Distributions from net investment income
|
|
(.07)
|
|
(.09)
|
|
-
|
|
(.39)
|
|
(.05)
|
|
(.09)
|
Distributions from net realized gain
|
|
(1.13)
|
|
(.90)
|
|
(1.05)
|
|
(1.28)
|
|
-
|
|
(.41)
|
Total distributions
|
|
(1.19) E
|
|
(.99)
|
|
(1.05)
|
|
(1.67)
|
|
(.05)
|
|
(.50)
|
Net asset value, end of period
|
$
|
20.47
|
$
|
21.25
|
$
|
19.35
|
$
|
19.13
|
$
|
21.03
|
$
|
12.33
|
Total Return F,G,H
|
|
|
|
16.03%
|
|
7.17%
|
|
(1.50)%
|
|
71.07%
|
|
(13.09)%
|
Ratios to Average Net Assets A,I,J
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.20% K
|
|
1.30%
|
|
1.30%
|
|
1.26%
|
|
1.24%
|
|
1.22%
|
Expenses net of fee waivers, if any
|
|
|
|
1.29%
|
|
1.29%
|
|
1.25%
|
|
1.24%
|
|
1.22%
|
Expenses net of all reductions
|
|
1.20% K
|
|
1.29%
|
|
1.29%
|
|
1.25%
|
|
1.23%
|
|
1.20%
|
Net investment income (loss)
|
|
.47% K
|
|
.50%
|
|
.51%
|
|
.90% C
|
|
.50% D
|
|
.84%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
267,052
|
$
|
275,800
|
$
|
270,455
|
$
|
267,854
|
$
|
232,920
|
$
|
101,675
|
Portfolio turnover rate L
|
|
|
|
63%
|
|
29%
|
|
40%
|
|
54%
|
|
109%
|
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .13%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Value Fund Class M
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
20.29
|
$
|
18.55
|
$
|
18.42
|
$
|
20.31
|
$
|
11.93
|
$
|
14.22
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.02
|
|
.04
|
|
.04
|
|
.13 C
|
|
.05 D
|
|
.08
|
Net realized and unrealized gain (loss)
|
|
.34
|
|
2.68
|
|
1.14
|
|
(.40)
|
|
8.37
|
|
(1.91)
|
Total from investment operations
|
|
.36
|
|
2.72
|
|
1.18
|
|
(.27)
|
|
8.42
|
|
(1.83)
|
Distributions from net investment income
|
|
(.05)
|
|
(.08)
|
|
-
|
|
(.35)
|
|
(.04)
|
|
(.05)
|
Distributions from net realized gain
|
|
(1.12)
|
|
(.90)
|
|
(1.05)
|
|
(1.28)
|
|
-
|
|
(.41)
|
Total distributions
|
|
(1.16) E
|
|
(.98)
|
|
(1.05)
|
|
(1.62) E
|
|
(.04)
|
|
(.46)
|
Net asset value, end of period
|
$
|
19.49
|
$
|
20.29
|
$
|
18.55
|
$
|
18.42
|
$
|
20.31
|
$
|
11.93
|
Total Return F,G,H
|
|
|
|
15.75%
|
|
6.95%
|
|
(1.74)%
|
|
70.63%
|
|
(13.29)%
|
Ratios to Average Net Assets B,I,J
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.45% K
|
|
1.55%
|
|
1.54%
|
|
1.50%
|
|
1.48%
|
|
1.46%
|
Expenses net of fee waivers, if any
|
|
|
|
1.55%
|
|
1.54%
|
|
1.49%
|
|
1.48%
|
|
1.46%
|
Expenses net of all reductions
|
|
1.45% K
|
|
1.55%
|
|
1.54%
|
|
1.49%
|
|
1.47%
|
|
1.44%
|
Net investment income (loss)
|
|
.22% K
|
|
.24%
|
|
.26%
|
|
.66% C
|
|
.26% D
|
|
.59%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
106,809
|
$
|
106,502
|
$
|
94,205
|
$
|
81,790
|
$
|
80,182
|
$
|
38,049
|
Portfolio turnover rate L
|
|
|
|
63%
|
|
29%
|
|
40%
|
|
54%
|
|
109%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.10)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Value Fund Class C
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
17.60
|
$
|
16.28
|
$
|
16.38
|
$
|
18.25
|
$
|
10.76
|
$
|
12.91
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.02)
|
|
(.04)
|
|
(.04)
|
|
.03 C
|
|
(.04) D
|
|
.01
|
Net realized and unrealized gain (loss)
|
|
.29
|
|
2.31
|
|
.99
|
|
(.36)
|
|
7.55
|
|
(1.72)
|
Total from investment operations
|
|
.27
|
|
2.27
|
|
.95
|
|
(.33)
|
|
7.51
|
|
(1.71)
|
Distributions from net investment income
|
|
(.03)
|
|
(.05)
|
|
-
|
|
(.31)
|
|
(.02)
|
|
(.03)
|
Distributions from net realized gain
|
|
(1.08)
|
|
(.90)
|
|
(1.05)
|
|
(1.24)
|
|
-
|
|
(.41)
|
Total distributions
|
|
(1.10) E
|
|
(.95)
|
|
(1.05)
|
|
(1.54) E
|
|
(.02)
|
|
(.44)
|
Net asset value, end of period
|
$
|
16.77
|
$
|
17.60
|
$
|
16.28
|
$
|
16.38
|
$
|
18.25
|
$
|
10.76
|
Total Return F,G,H
|
|
|
|
15.15%
|
|
6.38%
|
|
(2.27)%
|
|
69.84%
|
|
(13.74)%
|
Ratios to Average Net Assets B,I,J
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.95% K
|
|
2.06%
|
|
2.06%
|
|
2.02%
|
|
2.01%
|
|
2.00%
|
Expenses net of fee waivers, if any
|
|
|
|
2.05%
|
|
2.05%
|
|
2.01%
|
|
2.01%
|
|
1.99%
|
Expenses net of all reductions
|
|
1.95% K
|
|
2.05%
|
|
2.05%
|
|
2.01%
|
|
2.00%
|
|
1.97%
|
Net investment income (loss)
|
|
(.28)% K
|
|
(.27)%
|
|
(.26)%
|
|
.14% C
|
|
(.26)% D
|
|
.06%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
38,640
|
$
|
39,363
|
$
|
38,077
|
$
|
38,832
|
$
|
32,469
|
$
|
13,748
|
Portfolio turnover rate L
|
|
|
|
63%
|
|
29%
|
|
40%
|
|
54%
|
|
109%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.64)%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the contingent deferred sales charge.
IFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
JExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
KAnnualized.
LAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity® Small Cap Value Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
$
|
12.64
|
$
|
15.04
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.08
|
|
.15
|
|
.14
|
|
.24 C
|
|
.14 D
|
|
.15
|
Net realized and unrealized gain (loss)
|
|
.38
|
|
2.90
|
|
1.22
|
|
(.42)
|
|
8.89
|
|
(2.01)
|
Total from investment operations
|
|
.46
|
|
3.05
|
|
1.36
|
|
(.18)
|
|
9.03
|
|
(1.86)
|
Distributions from net investment income
|
|
(.12)
|
|
(.13)
|
|
-
|
|
(.44)
|
|
(.08)
|
|
(.12)
|
Distributions from net realized gain
|
|
(1.13)
|
|
(.90)
|
|
(1.05)
|
|
(1.28)
|
|
-
|
|
(.41)
|
Total distributions
|
|
(1.25)
|
|
(1.03)
|
|
(1.05)
|
|
(1.72)
|
|
(.08)
|
|
(.54) E
|
Net asset value, end of period
|
$
|
21.23
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
$
|
12.64
|
Total Return F,G
|
|
|
|
16.33%
|
|
7.44%
|
|
(1.23)%
|
|
71.64%
|
|
(12.88)%
|
Ratios to Average Net Assets B,H,I
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.91% J
|
|
1.03%
|
|
1.04%
|
|
.99%
|
|
.97%
|
|
.96%
|
Expenses net of fee waivers, if any
|
|
|
|
1.02%
|
|
1.03%
|
|
.98%
|
|
.97%
|
|
.96%
|
Expenses net of all reductions
|
|
.91% J
|
|
1.02%
|
|
1.03%
|
|
.98%
|
|
.96%
|
|
.94%
|
Net investment income (loss)
|
|
.76% J
|
|
.76%
|
|
.77%
|
|
1.17% C
|
|
.77% D
|
|
1.10%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,741,618
|
$
|
2,806,717
|
$
|
2,696,316
|
$
|
2,691,063
|
$
|
2,715,703
|
$
|
1,231,427
|
Portfolio turnover rate K
|
|
|
|
63%
|
|
29%
|
|
40%
|
|
54%
|
|
109%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Value Fund Class I
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
$
|
12.65
|
$
|
15.04
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.08
|
|
.15
|
|
.14
|
|
.24 C
|
|
.15 D
|
|
.15
|
Net realized and unrealized gain (loss)
|
|
.37
|
|
2.90
|
|
1.22
|
|
(.42)
|
|
8.87
|
|
(2.01)
|
Total from investment operations
|
|
.45
|
|
3.05
|
|
1.36
|
|
(.18)
|
|
9.02
|
|
(1.86)
|
Distributions from net investment income
|
|
(.11)
|
|
(.13)
|
|
-
|
|
(.44)
|
|
(.08)
|
|
(.12)
|
Distributions from net realized gain
|
|
(1.13)
|
|
(.90)
|
|
(1.05)
|
|
(1.28)
|
|
-
|
|
(.41)
|
Total distributions
|
|
(1.24)
|
|
(1.03)
|
|
(1.05)
|
|
(1.72)
|
|
(.08)
|
|
(.53)
|
Net asset value, end of period
|
$
|
21.23
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
$
|
12.65
|
Total Return E,F
|
|
|
|
16.32%
|
|
7.44%
|
|
(1.22)%
|
|
71.55%
|
|
(12.82)%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.95% I
|
|
1.03%
|
|
1.03%
|
|
.99%
|
|
.97%
|
|
.95%
|
Expenses net of fee waivers, if any
|
|
|
|
1.03%
|
|
1.03%
|
|
.99%
|
|
.97%
|
|
.95%
|
Expenses net of all reductions
|
|
.95% I
|
|
1.03%
|
|
1.03%
|
|
.99%
|
|
.96%
|
|
.93%
|
Net investment income (loss)
|
|
.72% I
|
|
.76%
|
|
.77%
|
|
1.17% C
|
|
.77% D
|
|
1.10%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,029,593
|
$
|
1,085,761
|
$
|
1,169,580
|
$
|
1,319,154
|
$
|
845,012
|
$
|
214,538
|
Portfolio turnover rate J
|
|
|
|
63%
|
|
29%
|
|
40%
|
|
54%
|
|
109%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Small Cap Value Fund Class Z
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
22.05
|
$
|
20.03
|
$
|
19.69
|
$
|
21.59
|
$
|
12.65
|
$
|
15.05
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.09
|
|
.17
|
|
.16
|
|
.27 C
|
|
.17 D
|
|
.17
|
Net realized and unrealized gain (loss)
|
|
.37
|
|
2.90
|
|
1.23
|
|
(.43)
|
|
8.87
|
|
(2.01)
|
Total from investment operations
|
|
.46
|
|
3.07
|
|
1.39
|
|
(.16)
|
|
9.04
|
|
(1.84)
|
Distributions from net investment income
|
|
(.15)
|
|
(.15)
|
|
-
|
|
(.47)
|
|
(.10)
|
|
(.15)
|
Distributions from net realized gain
|
|
(1.13)
|
|
(.90)
|
|
(1.05)
|
|
(1.28)
|
|
-
|
|
(.41)
|
Total distributions
|
|
(1.27) E
|
|
(1.05)
|
|
(1.05)
|
|
(1.74) E
|
|
(.10)
|
|
(.56)
|
Net asset value, end of period
|
$
|
21.24
|
$
|
22.05
|
$
|
20.03
|
$
|
19.69
|
$
|
21.59
|
$
|
12.65
|
Total Return F,G
|
|
|
|
16.46%
|
|
7.60%
|
|
(1.11)%
|
|
71.75%
|
|
(12.73)%
|
Ratios to Average Net Assets A,H,I
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.84% J
|
|
.93%
|
|
.90%
|
|
.86%
|
|
.84%
|
|
.81%
|
Expenses net of fee waivers, if any
|
|
|
|
.93%
|
|
.90%
|
|
.86%
|
|
.84%
|
|
.81%
|
Expenses net of all reductions
|
|
.84% J
|
|
.93%
|
|
.90%
|
|
.86%
|
|
.83%
|
|
.79%
|
Net investment income (loss)
|
|
.84% J
|
|
.86%
|
|
.90%
|
|
1.30% C
|
|
.90% D
|
|
1.25%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
852,827
|
$
|
814,390
|
$
|
639,652
|
$
|
540,854
|
$
|
364,564
|
$
|
93,849
|
Portfolio turnover rate K
|
|
|
|
63%
|
|
29%
|
|
40%
|
|
54%
|
|
109%
|
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
IExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (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, 2025 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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
|
$1,003,314,773
|
Gross unrealized depreciation
|
(392,943,569)
|
Net unrealized appreciation (depreciation)
|
$610,371,204
|
Tax cost
|
$4,653,912,360
|
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Small Cap Value Fund
|
1,978,504,108
|
2,043,330,415
|
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.85
|
Class M
|
.84
|
Class C
|
.86
|
Small Cap Value
|
.84
|
Class I
|
.84
|
Class Z
|
.70
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.80
|
Class M
|
.80
|
Class C
|
.80
|
Small Cap Value
|
.76
|
Class I
|
.80
|
Class Z
|
.69
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
|
Performance Adjustment Index
|
Fidelity Small Cap Value Fund
|
Russell 2000 Value Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Small Cap Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .14%.
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 ($)
|
Class A
|
-%
|
.25%
|
333,410
|
4,523
|
Class M
|
.25%
|
.25%
|
261,865
|
-
|
Class C
|
.75%
|
.25%
|
191,888
|
28,231
|
|
|
|
787,163
|
32,754
|
Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained by FDC ($)
|
Class A
|
22,768
|
Class M
|
1,012
|
Class CA
|
252
|
|
24,032
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
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 ($)
|
Fidelity Small Cap Value Fund
|
57,241
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Small Cap Value Fund
|
92,036,694
|
238,738,800
|
67,102,593
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Small Cap Value Fund
|
3,184
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
|
77,784
|
-
|
-
|
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 $754.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Small Cap Value Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$15,326,126
|
$13,808,522
|
Class M
|
6,155,268
|
4,979,529
|
Class C
|
2,467,954
|
2,221,061
|
Small Cap Value
|
158,216,919
|
137,976,781
|
Class I
|
60,676,292
|
58,310,982
|
Class Z
|
47,342,882
|
34,519,993
|
Total
|
$290,185,441
|
$251,816,868
|
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, 2025
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Small Cap Value Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
1,015,766
|
1,839,641
|
$20,761,141
|
$34,270,736
|
Reinvestment of distributions
|
758,416
|
757,603
|
14,962,279
|
13,430,863
|
Shares redeemed
|
(1,702,052)
|
(3,595,356)
|
(34,601,404)
|
(66,634,723)
|
Net increase (decrease)
|
72,130
|
(998,112)
|
$1,122,016
|
$(18,933,124)
|
Class M
|
|
|
|
|
Shares sold
|
404,164
|
1,020,584
|
$7,818,908
|
$18,462,632
|
Reinvestment of distributions
|
324,837
|
291,157
|
6,105,558
|
4,934,489
|
Shares redeemed
|
(497,686)
|
(1,140,591)
|
(9,612,535)
|
(20,371,563)
|
Net increase (decrease)
|
231,315
|
171,150
|
$4,311,931
|
$3,025,558
|
Class C
|
|
|
|
|
Shares sold
|
184,599
|
483,222
|
$3,101,862
|
$7,604,784
|
Reinvestment of distributions
|
143,154
|
142,897
|
2,319,743
|
2,106,132
|
Shares redeemed
|
(259,378)
|
(728,461)
|
(4,330,878)
|
(11,288,315)
|
Net increase (decrease)
|
68,375
|
(102,342)
|
$1,090,727
|
$(1,577,399)
|
Small Cap Value
|
|
|
|
|
Shares sold
|
10,603,517
|
24,020,538
|
$224,413,158
|
$465,397,362
|
Reinvestment of distributions
|
7,352,182
|
7,107,269
|
150,366,933
|
130,465,039
|
Shares redeemed
|
(16,239,280)
|
(38,489,919)
|
(341,959,247)
|
(737,973,559)
|
Net increase (decrease)
|
1,716,419
|
(7,362,112)
|
$32,820,844
|
$(142,111,158)
|
Class I
|
|
|
|
|
Shares sold
|
5,732,093
|
14,976,802
|
$121,262,068
|
$288,232,544
|
Reinvestment of distributions
|
2,854,514
|
2,998,337
|
58,385,991
|
55,002,406
|
Shares redeemed
|
(9,394,046)
|
(27,145,630)
|
(197,230,836)
|
(522,188,250)
|
Net increase (decrease)
|
(807,439)
|
(9,170,491)
|
$(17,582,777)
|
$(178,953,300)
|
Class Z
|
|
|
|
|
Shares sold
|
8,180,137
|
15,740,824
|
$173,801,114
|
$308,536,262
|
Reinvestment of distributions
|
2,168,003
|
1,701,801
|
44,384,521
|
31,276,569
|
Shares redeemed
|
(7,127,955)
|
(12,447,667)
|
(150,546,409)
|
(240,075,064)
|
Net increase (decrease)
|
3,220,185
|
4,994,958
|
$67,639,226
|
$99,737,767
|
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.803709.120
SCV-SANN-0425
Fidelity® Small Cap Growth Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Growth Fund
Consolidated Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1%
|
|
|
|
Shares
|
Value ($)
|
BAHAMAS (NASSAU) - 0.3%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Diversified Consumer Services - 0.3%
|
|
|
|
OneSpaWorld Holdings Ltd
|
|
1,052,317
|
22,477,491
|
BELGIUM - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Health Care Equipment & Supplies - 0.1%
|
|
|
|
Nyxoah SA (United States) (b)
|
|
667,557
|
7,209,616
|
CANADA - 1.4%
|
|
|
|
Consumer Discretionary - 0.4%
|
|
|
|
Specialty Retail - 0.4%
|
|
|
|
Aritzia Inc Subordinate Voting Shares (b)
|
|
653,347
|
31,423,233
|
Energy - 0.1%
|
|
|
|
Energy Equipment & Services - 0.1%
|
|
|
|
CES Energy Solutions Corp
|
|
1,886,600
|
11,176,679
|
Health Care - 0.4%
|
|
|
|
Biotechnology - 0.3%
|
|
|
|
Xenon Pharmaceuticals Inc (b)
|
|
480,344
|
19,204,153
|
Health Care Providers & Services - 0.1%
|
|
|
|
dentalcorp Holdings Ltd Subordinate Voting Shares (b)
|
|
1,766,200
|
9,199,528
|
TOTAL HEALTH CARE
|
|
|
28,403,681
|
|
|
|
|
|
Information Technology - 0.5%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
Kraken Robotics Inc (b)
|
|
5,298,900
|
9,625,414
|
Software - 0.4%
|
|
|
|
Lumine Group Inc Subordinate Voting Shares (b)(c)
|
|
310,700
|
8,241,294
|
TECSYS Inc
|
|
703,878
|
21,585,883
|
|
|
|
|
29,827,177
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
39,452,591
|
|
|
|
|
|
TOTAL CANADA
|
|
|
110,456,184
|
DENMARK - 0.3%
|
|
|
|
Health Care - 0.3%
|
|
|
|
Biotechnology - 0.3%
|
|
|
|
Ascendis Pharma A/S ADR (b)
|
|
198,344
|
25,915,627
|
ISRAEL - 2.9%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Broadline Retail - 0.3%
|
|
|
|
Global-e Online Ltd (b)
|
|
416,500
|
24,944,185
|
Information Technology - 2.6%
|
|
|
|
IT Services - 1.4%
|
|
|
|
Wix.com Ltd (b)
|
|
428,764
|
102,427,432
|
Semiconductors & Semiconductor Equipment - 0.3%
|
|
|
|
Nova Ltd (b)
|
|
108,549
|
26,614,044
|
Software - 0.9%
|
|
|
|
Cellebrite DI Ltd (b)
|
|
3,009,127
|
72,339,413
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
201,380,889
|
|
|
|
|
|
TOTAL ISRAEL
|
|
|
226,325,074
|
ITALY - 0.4%
|
|
|
|
Industrials - 0.4%
|
|
|
|
Electrical Equipment - 0.4%
|
|
|
|
Prysmian SpA
|
|
450,081
|
31,441,991
|
JAPAN - 0.6%
|
|
|
|
Industrials - 0.2%
|
|
|
|
Professional Services - 0.2%
|
|
|
|
BayCurrent Inc
|
|
426,268
|
18,176,893
|
Information Technology - 0.4%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.4%
|
|
|
|
Allegro MicroSystems Inc (b)
|
|
1,275,146
|
30,718,267
|
TOTAL JAPAN
|
|
|
48,895,160
|
NETHERLANDS - 0.4%
|
|
|
|
Health Care - 0.4%
|
|
|
|
Biotechnology - 0.3%
|
|
|
|
Merus NV (b)(d)
|
|
550,824
|
22,550,735
|
Pharmaceuticals - 0.1%
|
|
|
|
Pharvaris NV (b)
|
|
728,094
|
12,814,454
|
TOTAL NETHERLANDS
|
|
|
35,365,189
|
SWEDEN - 0.4%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Automobile Components - 0.3%
|
|
|
|
Autoliv Inc
|
|
205,367
|
19,850,774
|
Industrials - 0.1%
|
|
|
|
Trading Companies & Distributors - 0.1%
|
|
|
|
Alligo AB B Shares
|
|
889,104
|
11,370,601
|
TOTAL SWEDEN
|
|
|
31,221,375
|
THAILAND - 0.7%
|
|
|
|
Information Technology - 0.7%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.7%
|
|
|
|
Fabrinet (b)
|
|
273,501
|
59,133,651
|
UNITED KINGDOM - 0.8%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Leisure Products - 0.3%
|
|
|
|
Games Workshop Group PLC
|
|
142,406
|
25,708,476
|
Energy - 0.4%
|
|
|
|
Energy Equipment & Services - 0.4%
|
|
|
|
TechnipFMC PLC
|
|
994,544
|
29,886,047
|
Financials - 0.1%
|
|
|
|
Banks - 0.1%
|
|
|
|
Starling Bank Ltd Class D (b)(e)(f)
|
|
1,942,800
|
6,576,236
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Autolus Therapeutics PLC ADR (b)
|
|
2,571,371
|
5,682,730
|
TOTAL UNITED KINGDOM
|
|
|
67,853,489
|
UNITED STATES - 89.8%
|
|
|
|
Communication Services - 1.7%
|
|
|
|
Entertainment - 0.4%
|
|
|
|
IMAX Corp (b)(d)
|
|
1,345,854
|
31,694,862
|
Interactive Media & Services - 0.8%
|
|
|
|
Cars.com Inc (b)
|
|
1,837,268
|
32,923,843
|
Reddit Inc Class B (b)
|
|
140,130
|
27,962,941
|
|
|
|
|
60,886,784
|
Media - 0.1%
|
|
|
|
TechTarget Inc/old
|
|
603,626
|
10,279,751
|
Wireless Telecommunication Services - 0.4%
|
|
|
|
Gogo Inc (b)(d)
|
|
4,168,673
|
35,183,600
|
TOTAL COMMUNICATION SERVICES
|
|
|
138,044,997
|
|
|
|
|
|
Consumer Discretionary - 10.2%
|
|
|
|
Automobile Components - 0.0%
|
|
|
|
Modine Manufacturing Co (b)
|
|
23,100
|
2,343,495
|
Diversified Consumer Services - 2.0%
|
|
|
|
Adtalem Global Education Inc (b)
|
|
20,089
|
2,152,134
|
Duolingo Inc Class A (b)
|
|
181,831
|
66,184,666
|
Grand Canyon Education Inc (b)
|
|
285,295
|
50,109,214
|
H&R Block Inc
|
|
344,975
|
19,080,567
|
Udemy Inc (b)
|
|
956,783
|
7,156,737
|
Universal Technical Institute Inc (b)
|
|
666,181
|
18,273,345
|
|
|
|
|
162,956,663
|
Hotels, Restaurants & Leisure - 2.7%
|
|
|
|
Brinker International Inc (b)
|
|
434,012
|
78,977,164
|
Cava Group Inc (b)
|
|
174,568
|
23,575,408
|
Dutch Bros Inc Class A (b)
|
|
665,843
|
41,628,504
|
Kura Sushi USA Inc Class A (b)(d)
|
|
246,633
|
19,730,640
|
Planet Fitness Inc Class A (b)
|
|
207,085
|
22,398,314
|
Red Rock Resorts Inc Class A
|
|
439,385
|
21,551,834
|
Sportradar Holding AG Class A (b)(d)
|
|
489,100
|
10,261,318
|
|
|
|
|
218,123,182
|
Household Durables - 1.4%
|
|
|
|
Champion Homes Inc (b)
|
|
266,100
|
24,569,013
|
Lovesac Co/The (b)(d)
|
|
337,081
|
8,615,790
|
Newell Brands Inc
|
|
3,290,900
|
32,777,364
|
SharkNinja Inc
|
|
391,279
|
43,748,905
|
|
|
|
|
109,711,072
|
Specialty Retail - 4.1%
|
|
|
|
Abercrombie & Fitch Co Class A (b)
|
|
162,824
|
19,437,929
|
Boot Barn Holdings Inc (b)
|
|
522,651
|
84,068,414
|
Chewy Inc Class A (b)
|
|
1,380,027
|
53,793,452
|
Fanatics Inc Class A (b)(e)(f)
|
|
726,062
|
43,563,720
|
Group 1 Automotive Inc
|
|
117,486
|
53,631,184
|
Murphy USA Inc
|
|
64,026
|
32,199,316
|
Sonic Automotive Inc Class A
|
|
30,492
|
2,264,031
|
Warby Parker Inc Class A (b)
|
|
1,072,900
|
29,730,059
|
|
|
|
|
318,688,105
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
811,822,517
|
|
|
|
|
|
Consumer Staples - 2.8%
|
|
|
|
Beverages - 0.3%
|
|
|
|
Primo Brands Corp Class A
|
|
854,300
|
27,653,691
|
Consumer Staples Distribution & Retail - 1.6%
|
|
|
|
Sprouts Farmers Market Inc (b)
|
|
439,351
|
69,566,837
|
US Foods Holding Corp (b)
|
|
768,072
|
54,479,347
|
|
|
|
|
124,046,184
|
Food Products - 0.7%
|
|
|
|
Freshpet Inc (b)
|
|
98,500
|
15,755,075
|
Simply Good Foods Co/The (b)
|
|
1,072,200
|
40,743,600
|
|
|
|
|
56,498,675
|
Tobacco - 0.2%
|
|
|
|
Turning Point Brands Inc
|
|
284,500
|
18,134,030
|
TOTAL CONSUMER STAPLES
|
|
|
226,332,580
|
|
|
|
|
|
Energy - 1.3%
|
|
|
|
Energy Equipment & Services - 0.5%
|
|
|
|
Cactus Inc Class A
|
|
641,606
|
38,310,294
|
Weatherford International PLC
|
|
37,691
|
2,372,648
|
|
|
|
|
40,682,942
|
Oil, Gas & Consumable Fuels - 0.8%
|
|
|
|
Antero Resources Corp (b)
|
|
872,133
|
32,548,004
|
Northern Oil & Gas Inc
|
|
750,420
|
26,977,599
|
|
|
|
|
59,525,603
|
TOTAL ENERGY
|
|
|
100,208,545
|
|
|
|
|
|
Financials - 9.3%
|
|
|
|
Banks - 1.6%
|
|
|
|
Eastern Bankshares Inc
|
|
1,797,790
|
33,007,424
|
First Interstate BancSystem Inc Class A
|
|
616,000
|
20,297,200
|
Pinnacle Financial Partners Inc
|
|
433,043
|
54,030,776
|
SouthState Corp
|
|
228,300
|
24,106,197
|
|
|
|
|
131,441,597
|
Capital Markets - 4.4%
|
|
|
|
Bridge Investment Group Holdings Inc Class A
|
|
1,938,300
|
15,525,783
|
Houlihan Lokey Inc Class A
|
|
236,810
|
43,033,113
|
P10 Inc Class A
|
|
2,028,500
|
27,709,310
|
Perella Weinberg Partners (f)
|
|
2,039,500
|
52,659,890
|
Perella Weinberg Partners Class A
|
|
501,400
|
12,946,148
|
Piper Sandler Cos
|
|
85,300
|
27,052,042
|
PJT Partners Inc Class A (d)
|
|
157,900
|
26,048,763
|
StepStone Group Inc Class A
|
|
1,019,357
|
65,320,397
|
StepStone Group Inc rights 12/31/2038 (b)(e)
|
|
31,066
|
2,264,711
|
Stifel Financial Corp
|
|
630,919
|
73,091,966
|
|
|
|
|
345,652,123
|
Consumer Finance - 0.7%
|
|
|
|
FirstCash Holdings Inc
|
|
251,604
|
27,462,577
|
LendingClub Corp (b)
|
|
688,700
|
9,290,562
|
PROG Holdings Inc
|
|
438,210
|
18,733,478
|
|
|
|
|
55,486,617
|
Financial Services - 1.4%
|
|
|
|
Flywire Corp (b)
|
|
1,426,216
|
27,568,755
|
HA Sustainable Infrastructure Capital Inc
|
|
806,942
|
22,602,445
|
Remitly Global Inc (b)
|
|
1,479,800
|
34,775,301
|
Walker & Dunlop Inc
|
|
238,676
|
22,929,603
|
|
|
|
|
107,876,104
|
Insurance - 1.2%
|
|
|
|
Baldwin Insurance Group Inc/The Class A (b)
|
|
710,132
|
29,079,905
|
Stewart Information Services Corp
|
|
361,459
|
23,563,512
|
Trupanion Inc (b)(d)
|
|
966,220
|
45,837,477
|
|
|
|
|
98,480,894
|
TOTAL FINANCIALS
|
|
|
738,937,335
|
|
|
|
|
|
Health Care - 23.4%
|
|
|
|
Biotechnology - 10.0%
|
|
|
|
ADMA Biologics Inc (b)
|
|
979,361
|
15,816,680
|
Allogene Therapeutics Inc (b)(d)
|
|
1,566,967
|
2,820,541
|
AnaptysBio Inc (b)
|
|
625,155
|
11,209,029
|
Annexon Inc (b)
|
|
1,331,756
|
5,113,943
|
Apogee Therapeutics Inc (b)(d)
|
|
280,400
|
11,597,344
|
Arcellx Inc (b)
|
|
643,325
|
43,829,732
|
Astria Therapeutics Inc (b)
|
|
1,354,456
|
10,646,024
|
Avidity Biosciences Inc (b)
|
|
499,742
|
16,456,504
|
Bicara Therapeutics Inc (d)
|
|
464,000
|
5,855,680
|
Blueprint Medicines Corp (b)
|
|
224,688
|
25,284,141
|
Boundless Bio Inc (b)
|
|
295,867
|
677,535
|
Cargo Therapeutics Inc (b)
|
|
930,625
|
3,350,250
|
Celldex Therapeutics Inc (b)
|
|
476,804
|
11,676,930
|
CG oncology Inc (d)
|
|
706,900
|
21,256,483
|
Cogent Biosciences Inc (b)
|
|
2,579,400
|
24,014,214
|
Crinetics Pharmaceuticals Inc (b)
|
|
891,815
|
35,940,145
|
Cytokinetics Inc (b)
|
|
539,339
|
26,675,707
|
Day One Biopharmaceuticals Inc (b)(d)
|
|
1,321,200
|
16,343,244
|
Denali Therapeutics Inc (b)
|
|
614,814
|
14,325,166
|
Disc Medicine Inc (b)
|
|
279,000
|
15,568,200
|
Insmed Inc (b)
|
|
523,910
|
40,121,028
|
Janux Therapeutics Inc (b)
|
|
655,638
|
28,507,140
|
Kiniksa Pharmaceuticals International Plc Class A (b)
|
|
491,515
|
9,633,694
|
Korro Bio Inc (b)(d)
|
|
51,600
|
1,760,592
|
Legend Biotech Corp ADR (b)
|
|
193,467
|
7,371,093
|
Madrigal Pharmaceuticals Inc (b)(d)
|
|
149,666
|
50,108,177
|
Monte Rosa Therapeutics Inc (b)(d)
|
|
620,976
|
4,135,700
|
MoonLake Immunotherapeutics Class A (b)
|
|
144,354
|
6,638,840
|
Neurogene Inc (b)(d)
|
|
288,922
|
4,579,414
|
Nurix Therapeutics Inc (b)
|
|
951,100
|
18,746,181
|
Nuvalent Inc Class A (b)
|
|
512,712
|
43,995,817
|
Oruka Therapeutics Inc
|
|
375,205
|
5,046,507
|
Oruka Therapeutics Inc (f)
|
|
179,838
|
2,418,821
|
Perspective Therapeutics Inc (b)
|
|
1,164,200
|
4,132,910
|
Revolution Medicines Inc (b)
|
|
715,217
|
30,718,570
|
Rhythm Pharmaceuticals Inc (b)
|
|
76,423
|
4,541,819
|
Scholar Rock Holding Corp (b)
|
|
47,900
|
1,934,202
|
Spyre Therapeutics Inc (b)
|
|
487,173
|
11,200,107
|
Tyra Biosciences Inc (b)(d)
|
|
913,433
|
13,208,241
|
Upstream Bio Inc (d)
|
|
1,226,600
|
13,210,482
|
Vaxcyte Inc (b)
|
|
748,035
|
66,066,451
|
Veracyte Inc (b)
|
|
559,182
|
25,431,597
|
Vericel Corp (b)
|
|
827,737
|
48,455,724
|
Viking Therapeutics Inc (b)(d)
|
|
323,282
|
10,587,486
|
Vir Biotechnology Inc (b)(d)
|
|
292,100
|
3,037,840
|
Viridian Therapeutics Inc (b)
|
|
1,054,475
|
20,435,726
|
Zenas Biopharma Inc (d)
|
|
480,500
|
3,853,610
|
|
|
|
|
798,335,261
|
Health Care Equipment & Supplies - 5.5%
|
|
|
|
AtriCure Inc (b)
|
|
524,843
|
20,925,490
|
Bioventus Inc (b)
|
|
500,346
|
5,343,695
|
Ceribell Inc
|
|
1,176,566
|
27,072,784
|
Glaukos Corp (b)
|
|
452,845
|
70,843,072
|
Insulet Corp (b)
|
|
103,600
|
28,840,168
|
Integer Holdings Corp (b)
|
|
202,150
|
28,749,773
|
Lantheus Holdings Inc (b)
|
|
245,704
|
22,730,077
|
Masimo Corp (b)
|
|
261,995
|
45,647,389
|
Merit Medical Systems Inc (b)
|
|
386,190
|
42,048,367
|
NeuroPace Inc (b)
|
|
180,773
|
2,487,436
|
Penumbra Inc (b)
|
|
106,356
|
28,393,861
|
PROCEPT BioRobotics Corp (b)(d)
|
|
669,370
|
48,529,325
|
Pulmonx Corp (b)
|
|
1,493,472
|
8,482,921
|
RxSight Inc (b)
|
|
396,119
|
13,416,551
|
TransMedics Group Inc (b)(d)
|
|
625,214
|
42,233,206
|
|
|
|
|
435,744,115
|
Health Care Providers & Services - 5.5%
|
|
|
|
Alignment Healthcare Inc (b)
|
|
1,331,800
|
20,496,402
|
Astrana Health Inc (b)
|
|
64,190
|
2,366,685
|
BrightSpring Health Services Inc (b)
|
|
3,843,146
|
90,698,247
|
Ensign Group Inc/The
|
|
468,335
|
65,407,666
|
GeneDx Holdings Corp Class A (b)
|
|
278,100
|
20,815,785
|
HealthEquity Inc (b)
|
|
732,257
|
80,855,818
|
Hims & Hers Health Inc Class A (b)(d)
|
|
998,500
|
37,224,080
|
LifeStance Health Group Inc (b)
|
|
2,924,502
|
23,308,281
|
Pennant Group Inc/The (b)
|
|
1,006,722
|
26,647,931
|
Privia Health Group Inc (b)
|
|
1,369,673
|
31,297,028
|
Progyny Inc (b)
|
|
1,025,600
|
23,763,152
|
Surgery Partners Inc (b)
|
|
792,123
|
20,191,215
|
|
|
|
|
443,072,290
|
Health Care Technology - 0.4%
|
|
|
|
Doximity Inc Class A (b)
|
|
458,700
|
27,109,170
|
Schrodinger Inc/United States (b)(d)
|
|
116,393
|
2,918,554
|
|
|
|
|
30,027,724
|
Life Sciences Tools & Services - 0.1%
|
|
|
|
Veterinary Emergency Group (b)(e)(f)(g)
|
|
190,561
|
12,106,340
|
Pharmaceuticals - 1.9%
|
|
|
|
Axsome Therapeutics Inc (b)
|
|
440,600
|
46,906,276
|
Corcept Therapeutics Inc (b)(d)
|
|
551,273
|
36,891,189
|
CorMedix Inc (b)(d)
|
|
1,155,700
|
11,869,039
|
Elanco Animal Health Inc (b)
|
|
962,700
|
11,581,281
|
Enliven Therapeutics Inc (b)(d)
|
|
715,135
|
15,632,851
|
Enliven Therapeutics Inc (f)
|
|
266,907
|
5,834,587
|
Rapport Therapeutics Inc (b)
|
|
54,258
|
890,374
|
Structure Therapeutics Inc ADR (b)
|
|
251,180
|
7,527,865
|
Third Harmonic Bio Inc (b)
|
|
548,600
|
2,885,636
|
WaVe Life Sciences Ltd (b)
|
|
942,800
|
10,908,196
|
|
|
|
|
150,927,294
|
TOTAL HEALTH CARE
|
|
|
1,870,213,024
|
|
|
|
|
|
Industrials - 20.1%
|
|
|
|
Aerospace & Defense - 1.5%
|
|
|
|
BWX Technologies Inc
|
|
129,131
|
14,582,764
|
Leonardo DRS Inc (b)
|
|
537,300
|
18,886,095
|
Mercury Systems Inc (b)
|
|
299,600
|
12,490,324
|
Rocket Lab USA Inc Class A (b)(d)
|
|
1,624,700
|
47,197,535
|
V2X Inc (b)
|
|
560,408
|
29,214,069
|
|
|
|
|
122,370,787
|
Building Products - 3.1%
|
|
|
|
AZEK Co Inc/The Class A (b)
|
|
1,146,388
|
58,729,457
|
AZZ Inc
|
|
829,166
|
71,134,151
|
CSW Industrials Inc
|
|
95,597
|
31,528,847
|
Fortune Brands Innovations Inc
|
|
270,484
|
19,385,588
|
Tecnoglass Inc
|
|
573,816
|
43,610,016
|
UFP Industries Inc
|
|
192,680
|
22,283,442
|
|
|
|
|
246,671,501
|
Commercial Services & Supplies - 2.1%
|
|
|
|
ACV Auctions Inc Class A (b)
|
|
1,783,864
|
37,746,562
|
GEO Group Inc/The (b)
|
|
2,477,624
|
78,069,932
|
HNI Corp
|
|
411,327
|
20,504,651
|
Montrose Environmental Group Inc (b)(d)
|
|
47,200
|
982,704
|
Pursuit Attractions and Hospitality Inc (b)
|
|
680,900
|
26,895,550
|
|
|
|
|
164,199,399
|
Construction & Engineering - 2.3%
|
|
|
|
Comfort Systems USA Inc
|
|
51,059
|
22,300,018
|
Construction Partners Inc Class A (b)
|
|
301,300
|
24,224,520
|
Fluor Corp (b)
|
|
1,313,886
|
63,342,445
|
Sterling Infrastructure Inc (b)
|
|
167,731
|
23,888,249
|
Valmont Industries Inc
|
|
140,748
|
46,694,556
|
|
|
|
|
180,449,788
|
Electrical Equipment - 0.7%
|
|
|
|
Acuity Brands Inc
|
|
173,473
|
57,660,690
|
Machinery - 4.0%
|
|
|
|
Chart Industries Inc (b)
|
|
106,600
|
22,555,494
|
Crane Co
|
|
166,557
|
28,367,988
|
Esab Corp
|
|
299,706
|
37,115,591
|
Federal Signal Corp
|
|
310,674
|
30,542,361
|
Gates Industrial Corp PLC (b)
|
|
2,771,766
|
57,347,839
|
ITT Inc
|
|
342,536
|
51,729,787
|
Mueller Industries Inc
|
|
819,323
|
64,521,686
|
REV Group Inc
|
|
827,167
|
28,702,695
|
|
|
|
|
320,883,441
|
Passenger Airlines - 0.2%
|
|
|
|
Alaska Air Group Inc (b)
|
|
322,600
|
23,630,450
|
Professional Services - 3.0%
|
|
|
|
CACI International Inc (b)
|
|
53,030
|
20,483,368
|
Cbiz Inc (b)
|
|
301,876
|
25,903,980
|
ExlService Holdings Inc (b)
|
|
2,038,341
|
102,447,019
|
First Advantage Corp (b)
|
|
1,544,060
|
29,151,853
|
Paycom Software Inc
|
|
82,900
|
17,206,724
|
Paylocity Holding Corp (b)
|
|
80,000
|
16,441,599
|
Upwork Inc (b)
|
|
1,619,533
|
25,523,840
|
|
|
|
|
237,158,383
|
Trading Companies & Distributors - 3.2%
|
|
|
|
Applied Industrial Technologies Inc
|
|
347,656
|
90,400,990
|
FTAI Aviation Ltd
|
|
781,643
|
78,578,571
|
Herc Holdings Inc
|
|
221,463
|
45,169,593
|
Xometry Inc Class A (b)(d)
|
|
1,167,613
|
38,776,428
|
|
|
|
|
252,925,582
|
TOTAL INDUSTRIALS
|
|
|
1,605,950,021
|
|
|
|
|
|
Information Technology - 15.2%
|
|
|
|
Communications Equipment - 0.4%
|
|
|
|
Lumentum Holdings Inc (b)
|
|
405,740
|
34,512,244
|
Electronic Equipment, Instruments & Components - 3.8%
|
|
|
|
Advanced Energy Industries Inc
|
|
231,244
|
26,611,560
|
Badger Meter Inc
|
|
98,700
|
21,112,917
|
Belden Inc
|
|
256,203
|
29,839,963
|
Crane NXT Co
|
|
199,919
|
12,788,818
|
Insight Enterprises Inc (b)
|
|
63,101
|
10,900,698
|
OSI Systems Inc (b)(d)
|
|
485,992
|
95,468,269
|
PAR Technology Corp (b)(d)
|
|
538,261
|
39,072,366
|
TD SYNNEX Corp
|
|
338,306
|
48,211,988
|
Vontier Corp
|
|
559,548
|
21,570,575
|
|
|
|
|
305,577,154
|
IT Services - 0.7%
|
|
|
|
Kyndryl Holdings Inc (b)
|
|
1,371,431
|
52,059,521
|
Semiconductors & Semiconductor Equipment - 2.5%
|
|
|
|
Aehr Test Systems (b)(d)
|
|
554,369
|
6,281,001
|
Credo Technology Group Holding Ltd (b)
|
|
771,600
|
54,027,432
|
Impinj Inc (b)
|
|
131,000
|
16,622,590
|
MACOM Technology Solutions Holdings Inc (b)
|
|
365,284
|
48,308,809
|
Semtech Corp (b)
|
|
312,800
|
20,945,088
|
SiTime Corp (b)
|
|
152,700
|
31,181,340
|
Veeco Instruments Inc (b)(d)
|
|
808,995
|
20,532,293
|
|
|
|
|
197,898,553
|
Software - 7.8%
|
|
|
|
Algolia Inc (b)(e)(f)
|
|
234,640
|
5,291,132
|
Alkami Technology Inc (b)
|
|
1,007,985
|
35,067,798
|
Commvault Systems Inc (b)
|
|
278,720
|
44,388,947
|
Core Scientific Inc (d)
|
|
2,571,800
|
31,555,986
|
CyberArk Software Ltd (b)
|
|
98,685
|
36,610,161
|
Five9 Inc (b)
|
|
31,200
|
1,278,888
|
Intapp Inc (b)
|
|
750,498
|
53,503,002
|
Life360 Inc (b)(d)
|
|
488,066
|
22,314,378
|
Monday.com Ltd (b)
|
|
163,561
|
41,783,293
|
nCino Inc (b)
|
|
1,156,810
|
39,343,108
|
Progress Software Corp
|
|
112,600
|
6,455,358
|
Q2 Holdings Inc (b)
|
|
344,768
|
32,811,571
|
Riot Platforms Inc (b)(d)
|
|
2,228,900
|
26,479,332
|
SEMrush Holdings Inc Class A (b)
|
|
1,832,397
|
31,957,004
|
SPS Commerce Inc (b)
|
|
300,014
|
55,406,586
|
Tenable Holdings Inc (b)
|
|
1,223,639
|
52,726,605
|
Varonis Systems Inc (b)
|
|
411,350
|
18,658,836
|
Vertex Inc Class A (b)
|
|
903,908
|
52,200,687
|
Weave Communications Inc (b)
|
|
1,606,455
|
26,217,346
|
Workiva Inc Class A (b)
|
|
69,800
|
6,855,756
|
Zeta Global Holdings Corp Class A (b)
|
|
59,300
|
1,088,154
|
|
|
|
|
621,993,928
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
1,212,041,400
|
|
|
|
|
|
Materials - 4.3%
|
|
|
|
Chemicals - 1.6%
|
|
|
|
Axalta Coating Systems Ltd (b)
|
|
1,648,033
|
59,230,307
|
Cabot Corp
|
|
524,018
|
45,311,836
|
Element Solutions Inc
|
|
927,027
|
23,926,567
|
|
|
|
|
128,468,710
|
Construction Materials - 0.4%
|
|
|
|
Eagle Materials Inc
|
|
115,357
|
29,616,756
|
Metals & Mining - 1.6%
|
|
|
|
ATI Inc (b)
|
|
524,037
|
29,917,272
|
Carpenter Technology Corp
|
|
497,125
|
95,974,953
|
|
|
|
|
125,892,225
|
Paper & Forest Products - 0.7%
|
|
|
|
Louisiana-Pacific Corp
|
|
477,754
|
55,882,885
|
TOTAL MATERIALS
|
|
|
339,860,576
|
|
|
|
|
|
Real Estate - 1.5%
|
|
|
|
Hotel & Resort REITs - 0.5%
|
|
|
|
Ryman Hospitality Properties Inc
|
|
418,757
|
43,902,484
|
Industrial REITs - 0.3%
|
|
|
|
Terreno Realty Corp
|
|
315,582
|
20,645,374
|
Real Estate Management & Development - 0.7%
|
|
|
|
Compass Inc Class A (b)
|
|
5,347,908
|
38,772,334
|
Landbridge Co LLC Class A (d)
|
|
261,797
|
16,982,771
|
|
|
|
|
55,755,105
|
TOTAL REAL ESTATE
|
|
|
120,302,963
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
7,163,713,958
|
|
TOTAL COMMON STOCKS
(Cost $5,818,518,178)
|
|
|
7,830,008,805
|
|
|
|
|
|
Convertible Corporate Bonds - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Health Care Technology - 0.0%
|
|
|
|
Wugen Inc 10% 6/14/2025 (e)(f)
(Cost $1,379,633)
|
|
1,379,633
|
1,468,756
|
|
|
|
|
|
Convertible Preferred Stocks - 1.3%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 1.3%
|
|
|
|
Health Care - 0.3%
|
|
|
|
Biotechnology - 0.3%
|
|
|
|
Bright Peak Therapeutics Inc. Series B (b)(e)(f)
|
|
1,079,522
|
1,748,826
|
Bright Peak Therapeutics Inc. Series C (e)(f)
|
|
2,205,558
|
2,514,336
|
Caris Life Sciences Inc Series D (b)(e)(f)
|
|
780,603
|
2,248,137
|
Endeavor BioMedicines Inc Series C (e)(f)
|
|
556,156
|
3,626,137
|
LifeMine Therapeutics Inc Series C (b)(e)(f)
|
|
2,048,403
|
1,515,818
|
Sonoma Biotherapeutics Inc Series B (b)(e)(f)
|
|
2,370,360
|
6,826,637
|
Sonoma Biotherapeutics Inc Series B1 (b)(e)(f)
|
|
1,264,171
|
4,095,914
|
T-Knife Therapeutics Inc Series B (b)(e)(f)
|
|
1,097,257
|
1,492,270
|
Treeline Biosciences Series A (b)(e)(f)
|
|
115,000
|
807,299
|
|
|
|
|
24,875,374
|
Health Care Technology - 0.0%
|
|
|
|
Wugen Inc Series B (b)(e)(f)
|
|
326,496
|
1,243,950
|
TOTAL HEALTH CARE
|
|
|
26,119,324
|
|
|
|
|
|
Industrials - 0.5%
|
|
|
|
Construction & Engineering - 0.5%
|
|
|
|
Beta Technologies Inc Series A (b)(e)(f)
|
|
278,129
|
31,792,927
|
Beta Technologies Inc Series B, 6% (b)(e)(f)
|
|
85,106
|
11,451,863
|
|
|
|
|
43,244,790
|
Information Technology - 0.5%
|
|
|
|
Communications Equipment - 0.2%
|
|
|
|
Astranis Space Technologies Corp (b)(e)(f)
|
|
87,241
|
1,135,878
|
Astranis Space Technologies Corp Series C (b)(e)(f)
|
|
557,717
|
7,261,475
|
Astranis Space Technologies Corp Series D (e)(f)
|
|
620,825
|
5,798,506
|
|
|
|
|
14,195,859
|
IT Services - 0.0%
|
|
|
|
Yanka Industries Inc Series E (b)(e)(f)
|
|
869,641
|
3,035,047
|
Yanka Industries Inc Series F (b)(e)(f)
|
|
127,716
|
720,318
|
|
|
|
|
3,755,365
|
Software - 0.3%
|
|
|
|
Algolia Inc Series D (b)(e)(f)
|
|
53,800
|
1,213,190
|
Lyte Ai Inc (e)(f)
|
|
97,800
|
1,319,322
|
Mountain Digital Inc Series D (b)(e)(f)
|
|
729,676
|
14,279,759
|
Skyryse Inc Series B (b)(e)(f)
|
|
62,100
|
1,633,851
|
|
|
|
|
18,446,122
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
36,397,346
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
105,761,460
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $123,810,746)
|
|
|
105,761,460
|
|
|
|
|
|
Money Market Funds - 6.0%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (h)
|
|
4.37
|
94,135,106
|
94,153,933
|
Fidelity Securities Lending Cash Central Fund (h)(i)
|
|
4.37
|
386,487,814
|
386,526,463
|
|
TOTAL MONEY MARKET FUNDS
(Cost $480,680,396)
|
|
|
|
480,680,396
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 105.4%
(Cost $6,424,388,953)
|
8,417,919,417
|
NET OTHER ASSETS (LIABILITIES) - (5.4)%
|
(434,456,991)
|
NET ASSETS - 100.0%
|
7,983,462,426
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(c)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $8,241,294 or 0.1% of net assets.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(f)
|
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 $235,680,942 or 3.0% of net assets.
|
(g)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(i)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Algolia Inc
|
10/27/21
|
6,862,059
|
|
|
|
|
Algolia Inc Series D
|
7/23/21
|
1,573,384
|
|
|
|
|
Astranis Space Technologies Corp
|
4/05/23
|
1,912,404
|
|
|
|
|
Astranis Space Technologies Corp Series C
|
3/19/21
|
12,225,675
|
|
|
|
|
Astranis Space Technologies Corp Series D
|
4/25/24 - 12/06/24
|
5,799,995
|
|
|
|
|
Beta Technologies Inc Series A
|
4/09/21
|
20,378,512
|
|
|
|
|
Beta Technologies Inc Series B, 6%
|
4/04/22
|
8,780,386
|
|
|
|
|
Bright Peak Therapeutics Inc. Series B
|
5/14/21
|
4,216,613
|
|
|
|
|
Bright Peak Therapeutics Inc. Series C
|
5/07/24
|
2,500,000
|
|
|
|
|
Caris Life Sciences Inc Series D
|
5/11/21
|
6,322,884
|
|
|
|
|
Endeavor BioMedicines Inc Series C
|
4/22/24
|
3,628,695
|
|
|
|
|
Enliven Therapeutics Inc
|
3/19/24
|
3,736,698
|
|
|
|
|
Fanatics Inc Class A
|
8/13/20 - 3/22/21
|
12,874,623
|
|
|
|
|
LifeMine Therapeutics Inc Series C
|
2/15/22
|
4,171,757
|
|
|
|
|
Lyte Ai Inc
|
8/13/24
|
1,240,701
|
|
|
|
|
Mountain Digital Inc Series D
|
11/05/21
|
16,757,228
|
|
|
|
|
Oruka Therapeutics Inc
|
9/12/24
|
4,136,274
|
|
|
|
|
Perella Weinberg Partners
|
12/29/20
|
20,395,000
|
|
|
|
|
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 Class 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
|
9/16/21 - 3/17/22
|
9,331,366
|
|
|
|
|
Wugen Inc 10% 6/14/2025
|
6/14/24
|
1,379,633
|
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
52,503,286
|
853,198,467
|
811,547,820
|
607,534
|
-
|
-
|
94,153,933
|
94,135,106
|
0.2%
|
Fidelity Securities Lending Cash Central Fund
|
277,060,862
|
1,093,951,918
|
984,486,317
|
748,905
|
-
|
-
|
386,526,463
|
386,487,814
|
1.7%
|
Total
|
329,564,148
|
1,947,150,385
|
1,796,034,137
|
1,356,439
|
-
|
-
|
480,680,396
|
480,622,920
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Lovesac Co/The
|
32,890,851
|
-
|
21,946,740
|
-
|
(6,555,634)
|
4,227,313
|
-
|
337,081
|
Total
|
32,890,851
|
-
|
21,946,740
|
-
|
(6,555,634)
|
4,227,313
|
-
|
337,081
|
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
138,044,997
|
138,044,997
|
-
|
-
|
Consumer Discretionary
|
936,226,676
|
892,662,956
|
-
|
43,563,720
|
Consumer Staples
|
226,332,580
|
226,332,580
|
-
|
-
|
Energy
|
141,271,271
|
141,271,271
|
-
|
-
|
Financials
|
745,513,571
|
736,672,624
|
-
|
8,840,947
|
Health Care
|
1,972,789,867
|
1,960,683,527
|
-
|
12,106,340
|
Industrials
|
1,666,939,506
|
1,648,762,613
|
18,176,893
|
-
|
Information Technology
|
1,542,726,798
|
1,537,435,666
|
-
|
5,291,132
|
Materials
|
339,860,576
|
339,860,576
|
-
|
-
|
Real Estate
|
120,302,963
|
120,302,963
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Health Care
|
1,468,756
|
-
|
-
|
1,468,756
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Health Care
|
26,119,324
|
-
|
-
|
26,119,324
|
Industrials
|
43,244,790
|
-
|
-
|
43,244,790
|
Information Technology
|
36,397,346
|
-
|
-
|
36,397,346
|
|
|
Money Market Funds
|
480,680,396
|
480,680,396
|
-
|
-
|
Total Investments in Securities:
|
8,417,919,417
|
8,222,710,169
|
18,176,893
|
177,032,355
|
|
|
|
|
|
|
|
Net Unrealized Appreciation on Unfunded Commitments
|
1,056,076
|
-
|
-
|
1,056,076
|
Total
|
1,056,076
|
-
|
-
|
1,056,076
|
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
97,720,427
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(12,368,032)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
14,668,373
|
|
Cost of Purchases
|
|
5,740,692
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
105,761,460
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
2,300,348
|
|
Common Stocks
|
|
|
|
Beginning Balance
|
$
|
70,452,235
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(650,096)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
69,802,139
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(650,096)
|
|
Convertible Corporate Bonds
|
|
|
|
Beginning Balance
|
$
|
1,411,227
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(398,614)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
456,143
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
1,468,756
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
57,531
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.
|
|
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $375,920,801) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $5,943,708,557)
|
$
|
7,937,239,021
|
|
|
Fidelity Central Funds (cost $480,680,396)
|
|
480,680,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $6,424,388,953)
|
|
|
$
|
8,417,919,417
|
Foreign currency held at value (cost $19)
|
|
|
|
19
|
Receivable for investments sold
|
|
|
|
20,943,166
|
Unrealized appreciation on unfunded commitments
|
|
|
|
1,224,292
|
Receivable for fund shares sold
|
|
|
|
5,812,959
|
Dividends receivable
|
|
|
|
818,357
|
Interest receivable
|
|
|
|
87,691
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
234,376
|
Prepaid expenses
|
|
|
|
5,198
|
Other receivables
|
|
|
|
23
|
Total assets
|
|
|
|
8,447,045,498
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
54,765,623
|
|
|
Unrealized depreciation on unfunded commitments
|
|
168,216
|
|
|
Payable for fund shares redeemed
|
|
16,130,816
|
|
|
Accrued management fee
|
|
5,647,862
|
|
|
Distribution and service plan fees payable
|
|
172,627
|
|
|
Other payables and accrued expenses
|
|
182,415
|
|
|
Collateral on securities loaned
|
|
386,515,513
|
|
|
Total liabilities
|
|
|
|
463,583,072
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
7,983,462,426
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
5,967,004,311
|
Total accumulated earnings (loss)
|
|
|
|
2,016,458,115
|
Net Assets
|
|
|
$
|
7,983,462,426
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($424,104,061 ÷ 13,125,564 shares)(a)
|
|
|
$
|
32.31
|
Maximum offering price per share (100/94.25 of $32.31)
|
|
|
$
|
34.28
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($106,974,719 ÷ 3,523,293 shares)(a)
|
|
|
$
|
30.36
|
Maximum offering price per share (100/96.50 of $30.36)
|
|
|
$
|
31.46
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($49,250,569 ÷ 1,893,269 shares)(a)
|
|
|
$
|
26.01
|
Small Cap Growth :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($3,378,000,135 ÷ 96,889,714 shares)
|
|
|
$
|
34.86
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($1,231,126,997 ÷ 35,212,979 shares)
|
|
|
$
|
34.96
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($2,794,005,945 ÷ 79,284,099 shares)
|
|
|
$
|
35.24
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
Consolidated Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
14,646,062
|
Income from Fidelity Central Funds (including $748,905 from security lending)
|
|
|
|
1,356,439
|
Total income
|
|
|
|
16,002,501
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
28,979,187
|
|
|
Performance adjustment
|
|
4,283,723
|
|
|
Distribution and service plan fees
|
|
1,026,996
|
|
|
Custodian fees and expenses
|
|
42,851
|
|
|
Independent trustees' fees and expenses
|
|
16,682
|
|
|
Registration fees
|
|
199,755
|
|
|
Audit fees
|
|
51,817
|
|
|
Legal
|
|
5,390
|
|
|
Interest
|
|
113,675
|
|
|
Miscellaneous
|
|
40,762
|
|
|
Total expenses
|
|
|
|
34,760,838
|
Net Investment income (loss)
|
|
|
|
(18,758,337)
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
153,783,993
|
|
|
Redemptions in-kind
|
|
5,232,190
|
|
|
Affiliated issuers
|
|
(6,555,634)
|
|
|
Foreign currency transactions
|
|
144,491
|
|
|
Total net realized gain (loss)
|
|
|
|
152,605,040
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
391,399,315
|
|
|
Affiliated issuers
|
|
4,227,313
|
|
|
Unfunded commitments
|
|
(1,491,046)
|
|
|
Assets and liabilities in foreign currencies
|
|
(1,384)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
394,134,198
|
Net gain (loss)
|
|
|
|
546,739,238
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
527,980,901
|
Consolidated Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
(18,758,337)
|
$
|
(25,714,295)
|
Net realized gain (loss)
|
|
152,605,040
|
|
435,198,535
|
Change in net unrealized appreciation (depreciation)
|
|
394,134,198
|
|
807,823,915
|
Net increase (decrease) in net assets resulting from operations
|
|
527,980,901
|
|
1,217,308,155
|
Distributions to shareholders
|
|
(107,192,577)
|
|
-
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
73,094,833
|
|
784,026,430
|
Total increase (decrease) in net assets
|
|
493,883,157
|
|
2,001,334,585
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
7,489,579,269
|
|
5,488,244,684
|
End of period
|
$
|
7,983,462,426
|
$
|
7,489,579,269
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Financial Highlights
Fidelity Advisor® Small Cap Growth Fund Class A
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
30.63
|
$
|
25.34
|
$
|
23.12
|
$
|
34.89
|
$
|
26.64
|
$
|
26.03
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.12)
|
|
(.19)
|
|
(.17)
|
|
(.17)
|
|
(.26) C
|
|
(.20)
|
Net realized and unrealized gain (loss)
|
|
2.17
|
|
5.48
|
|
2.39
|
|
(5.58)
|
|
11.27
|
|
2.26
|
Total from investment operations
|
|
2.05
|
|
5.29
|
|
2.22
|
|
(5.75)
|
|
11.01
|
|
2.06
|
Distributions from net investment income
|
|
(.23)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(.14)
|
|
-
|
|
-
|
|
(6.02)
|
|
(2.76)
|
|
(1.45)
|
Total distributions
|
|
(.37)
|
|
-
|
|
-
|
|
(6.02)
|
|
(2.76)
|
|
(1.45)
|
Net asset value, end of period
|
$
|
32.31
|
$
|
30.63
|
$
|
25.34
|
$
|
23.12
|
$
|
34.89
|
$
|
26.64
|
Total Return D,E,F
|
|
|
|
20.88%
|
|
9.60%
|
|
(20.62)%
|
|
44.21%
|
|
8.39%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.17% I
|
|
1.27%
|
|
1.32%
|
|
1.29%
|
|
1.29%
|
|
1.37%
|
Expenses net of fee waivers, if any
|
|
|
|
1.26%
|
|
1.32%
|
|
1.29%
|
|
1.29%
|
|
1.37%
|
Expenses net of all reductions
|
|
1.17% I
|
|
1.26%
|
|
1.32%
|
|
1.29%
|
|
1.28%
|
|
1.36%
|
Net investment income (loss)
|
|
(.76)% I
|
|
(.71)%
|
|
(.71)%
|
|
(.61)%
|
|
(.82)% C
|
|
(.80)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
424,104
|
$
|
388,894
|
$
|
295,801
|
$
|
287,905
|
$
|
387,793
|
$
|
268,448
|
Portfolio turnover rate J
|
|
|
|
84% K
|
|
75% K
|
|
79% K
|
|
107%
|
|
126% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.91)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Small Cap Growth Fund Class M
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
28.78
|
$
|
23.87
|
$
|
21.83
|
$
|
33.27
|
$
|
25.56
|
$
|
25.09
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.15)
|
|
(.24)
|
|
(.21)
|
|
(.22)
|
|
(.33) C
|
|
(.25)
|
Net realized and unrealized gain (loss)
|
|
2.04
|
|
5.15
|
|
2.25
|
|
(5.28)
|
|
10.77
|
|
2.17
|
Total from investment operations
|
|
1.89
|
|
4.91
|
|
2.04
|
|
(5.50)
|
|
10.44
|
|
1.92
|
Distributions from net investment income
|
|
(.17)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(.14)
|
|
-
|
|
-
|
|
(5.94)
|
|
(2.73)
|
|
(1.45)
|
Total distributions
|
|
(.31)
|
|
-
|
|
-
|
|
(5.94)
|
|
(2.73)
|
|
(1.45)
|
Net asset value, end of period
|
$
|
30.36
|
$
|
28.78
|
$
|
23.87
|
$
|
21.83
|
$
|
33.27
|
$
|
25.56
|
Total Return D,E,F
|
|
|
|
20.57%
|
|
9.34%
|
|
(20.85)%
|
|
43.82%
|
|
8.14%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.42% I
|
|
1.52%
|
|
1.58%
|
|
1.54%
|
|
1.55%
|
|
1.63%
|
Expenses net of fee waivers, if any
|
|
|
|
1.51%
|
|
1.57%
|
|
1.54%
|
|
1.55%
|
|
1.63%
|
Expenses net of all reductions
|
|
1.42% I
|
|
1.51%
|
|
1.57%
|
|
1.54%
|
|
1.53%
|
|
1.62%
|
Net investment income (loss)
|
|
(1.01)% I
|
|
(.97)%
|
|
(.97)%
|
|
(.86)%
|
|
(1.08)% C
|
|
(1.06)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
106,975
|
$
|
96,688
|
$
|
76,283
|
$
|
70,182
|
$
|
98,005
|
$
|
70,605
|
Portfolio turnover rate J
|
|
|
|
84% K
|
|
75% K
|
|
79% K
|
|
107%
|
|
126% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.17)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Small Cap Growth Fund Class C
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
24.67
|
$
|
20.56
|
$
|
18.90
|
$
|
29.58
|
$
|
23.07
|
$
|
22.89
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.19)
|
|
(.31)
|
|
(.28)
|
|
(.31)
|
|
(.43) C
|
|
(.34)
|
Net realized and unrealized gain (loss)
|
|
1.75
|
|
4.42
|
|
1.94
|
|
(4.54)
|
|
9.62
|
|
1.97
|
Total from investment operations
|
|
1.56
|
|
4.11
|
|
1.66
|
|
(4.85)
|
|
9.19
|
|
1.63
|
Distributions from net investment income
|
|
(.08)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(.14)
|
|
-
|
|
-
|
|
(5.83)
|
|
(2.68)
|
|
(1.45)
|
Total distributions
|
|
(.22)
|
|
-
|
|
-
|
|
(5.83)
|
|
(2.68)
|
|
(1.45)
|
Net asset value, end of period
|
$
|
26.01
|
$
|
24.67
|
$
|
20.56
|
$
|
18.90
|
$
|
29.58
|
$
|
23.07
|
Total Return D,E,F
|
|
|
|
19.99%
|
|
8.78%
|
|
(21.24)%
|
|
43.07%
|
|
7.62%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
1.92% I
|
|
2.03%
|
|
2.08%
|
|
2.05%
|
|
2.06%
|
|
2.13%
|
Expenses net of fee waivers, if any
|
|
|
|
2.02%
|
|
2.08%
|
|
2.05%
|
|
2.06%
|
|
2.13%
|
Expenses net of all reductions
|
|
1.92% I
|
|
2.02%
|
|
2.08%
|
|
2.05%
|
|
2.05%
|
|
2.12%
|
Net investment income (loss)
|
|
(1.51)% I
|
|
(1.47)%
|
|
(1.48)%
|
|
(1.37)%
|
|
(1.59)% C
|
|
(1.56)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
49,251
|
$
|
52,767
|
$
|
51,891
|
$
|
59,768
|
$
|
88,239
|
$
|
77,850
|
Portfolio turnover rate J
|
|
|
|
84% K
|
|
75% K
|
|
79% K
|
|
107%
|
|
126% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.68)%.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
ETotal returns do not include the effect of the contingent deferred sales charge.
FTotal returns for periods of less than one year are not annualized.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Small Cap Growth Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
33.06
|
$
|
27.27
|
$
|
24.81
|
$
|
37.02
|
$
|
28.07
|
$
|
27.27
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.08)
|
|
(.12)
|
|
(.11)
|
|
(.10)
|
|
(.18) C
|
|
(.13)
|
Net realized and unrealized gain (loss)
|
|
2.34
|
|
5.91
|
|
2.57
|
|
(6.00)
|
|
11.92
|
|
2.38
|
Total from investment operations
|
|
2.26
|
|
5.79
|
|
2.46
|
|
(6.10)
|
|
11.74
|
|
2.25
|
Distributions from net investment income
|
|
(.32)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(.14)
|
|
-
|
|
-
|
|
(6.11)
|
|
(2.79)
|
|
(1.45)
|
Total distributions
|
|
(.46)
|
|
-
|
|
-
|
|
(6.11)
|
|
(2.79)
|
|
(1.45)
|
Net asset value, end of period
|
$
|
34.86
|
$
|
33.06
|
$
|
27.27
|
$
|
24.81
|
$
|
37.02
|
$
|
28.07
|
Total Return D,E
|
|
|
|
21.23%
|
|
9.92%
|
|
(20.42)%
|
|
44.60%
|
|
8.72%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.88% H
|
|
.99%
|
|
1.05%
|
|
1.02%
|
|
1.00%
|
|
1.08%
|
Expenses net of fee waivers, if any
|
|
|
|
.98%
|
|
1.05%
|
|
1.01%
|
|
1.00%
|
|
1.08%
|
Expenses net of all reductions
|
|
.88% H
|
|
.98%
|
|
1.05%
|
|
1.01%
|
|
.99%
|
|
1.07%
|
Net investment income (loss)
|
|
(.47)% H
|
|
(.43)%
|
|
(.44)%
|
|
(.33)%
|
|
(.53)% C
|
|
(.52)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
3,378,000
|
$
|
3,194,599
|
$
|
2,766,171
|
$
|
2,747,002
|
$
|
4,540,695
|
$
|
2,839,506
|
Portfolio turnover rate I
|
|
|
|
84% J
|
|
75% J
|
|
79% J
|
|
107%
|
|
126% J
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Small Cap Growth Fund Class I
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
33.16
|
$
|
27.36
|
$
|
24.90
|
$
|
37.13
|
$
|
28.15
|
$
|
27.35
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.09)
|
|
(.13)
|
|
(.11)
|
|
(.10)
|
|
(.19) C
|
|
(.14)
|
Net realized and unrealized gain (loss)
|
|
2.35
|
|
5.93
|
|
2.57
|
|
(6.03)
|
|
11.96
|
|
2.39
|
Total from investment operations
|
|
2.26
|
|
5.80
|
|
2.46
|
|
(6.13)
|
|
11.77
|
|
2.25
|
Distributions from net investment income
|
|
(.32)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(.14)
|
|
-
|
|
-
|
|
(6.10)
|
|
(2.79)
|
|
(1.45)
|
Total distributions
|
|
(.46)
|
|
-
|
|
-
|
|
(6.10)
|
|
(2.79)
|
|
(1.45)
|
Net asset value, end of period
|
$
|
34.96
|
$
|
33.16
|
$
|
27.36
|
$
|
24.90
|
$
|
37.13
|
$
|
28.15
|
Total Return D,E
|
|
|
|
21.20%
|
|
9.88%
|
|
(20.42)%
|
|
44.57%
|
|
8.70%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.92% H
|
|
1.01%
|
|
1.07%
|
|
1.04%
|
|
1.04%
|
|
1.11%
|
Expenses net of fee waivers, if any
|
|
|
|
1.01%
|
|
1.06%
|
|
1.03%
|
|
1.04%
|
|
1.11%
|
Expenses net of all reductions
|
|
.92% H
|
|
1.01%
|
|
1.06%
|
|
1.03%
|
|
1.03%
|
|
1.10%
|
Net investment income (loss)
|
|
(.51)% H
|
|
(.46)%
|
|
(.46)%
|
|
(.35)%
|
|
(.57)% C
|
|
(.54)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
1,231,127
|
$
|
1,228,751
|
$
|
660,166
|
$
|
606,422
|
$
|
775,746
|
$
|
540,553
|
Portfolio turnover rate I
|
|
|
|
84% J
|
|
75% J
|
|
79% J
|
|
107%
|
|
126% J
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.66)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Small Cap Growth Fund Class Z
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
33.45
|
$
|
27.56
|
$
|
25.04
|
$
|
37.32
|
$
|
28.26
|
$
|
27.41
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.07)
|
|
(.09)
|
|
(.08)
|
|
(.06)
|
|
(.15) C
|
|
(.10)
|
Net realized and unrealized gain (loss)
|
|
2.36
|
|
5.98
|
|
2.60
|
|
(6.06)
|
|
12.01
|
|
2.40
|
Total from investment operations
|
|
2.29
|
|
5.89
|
|
2.52
|
|
(6.12)
|
|
11.86
|
|
2.30
|
Distributions from net investment income
|
|
(.37)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(.14)
|
|
-
|
|
-
|
|
(6.16)
|
|
(2.80)
|
|
(1.45)
|
Total distributions
|
|
(.50) D
|
|
-
|
|
-
|
|
(6.16)
|
|
(2.80)
|
|
(1.45)
|
Net asset value, end of period
|
$
|
35.24
|
$
|
33.45
|
$
|
27.56
|
$
|
25.04
|
$
|
37.32
|
$
|
28.26
|
Total Return E,F
|
|
|
|
21.37%
|
|
10.06%
|
|
(20.33)%
|
|
44.75%
|
|
8.87%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.80% I
|
|
.88%
|
|
.93%
|
|
.90%
|
|
.90%
|
|
.97%
|
Expenses net of fee waivers, if any
|
|
|
|
.88%
|
|
.92%
|
|
.90%
|
|
.90%
|
|
.96%
|
Expenses net of all reductions
|
|
.80% I
|
|
.88%
|
|
.92%
|
|
.90%
|
|
.89%
|
|
.95%
|
Net investment income (loss)
|
|
(.39)% I
|
|
(.33)%
|
|
(.32)%
|
|
(.22)%
|
|
(.43)% C
|
|
(.40)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,794,006
|
$
|
2,527,880
|
$
|
1,637,933
|
$
|
1,465,312
|
$
|
366,620
|
$
|
197,764
|
Portfolio turnover rate J
|
|
|
|
84% K
|
|
75% K
|
|
79% K
|
|
107%
|
|
126% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.52)%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
(Unaudited)For the period ended January 31, 2025
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. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$ 69,802,139
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.1 - 8.0 / 3.6
|
Increase
|
|
|
|
Enterprise value/Net income multiple (EV/NI)
|
13.0
|
Increase
|
|
|
Discounted cash flow
|
Discount rate
|
8.5% - 8.8% / 8.7%
|
Decrease
|
Convertible Corporate Bonds
|
$ 1,468,756
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
23.5%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 50.0% / 25.0%
|
Increase
|
Convertible Preferred Stocks
|
$ 105,761,460
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
2.1 - 14.2 / 10.7
|
Increase
|
|
|
Market approach
|
Transaction price
|
$1.13 - $8.61 / $3.74
|
Increase
|
|
|
|
Discount rate
|
15.0% - 80.0% / 55.6%
|
Decrease
|
|
|
|
Premium rate
|
15.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
50.0% - 90.0% / 78.7%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.4% / 4.3%
|
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, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$2,294,358,119
|
Gross unrealized depreciation
|
(376,445,792)
|
Net unrealized appreciation (depreciation)
|
$1,917,912,327
|
Tax cost
|
$6,500,007,090
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
Fidelity Small Cap Growth Fund
|
Crescent Biopharma, Inc.
|
1,500,000
|
1,224,292
|
Fidelity Small Cap Growth Fund
|
Jade Biosciences, Inc.
|
3,279,997
|
(168,216)
|
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
|
Amount ($)
|
% of Net Assets
|
Fidelity Small Cap Growth Fund
|
12,106,340
|
.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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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
|
2,923,003,548
|
2,948,689,564
|
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Small Cap Growth Fund
|
571,950
|
5,232,190
|
17,638,935
|
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Small Cap Growth Fund
|
1,196,548
|
10,828,045
|
34,928,214
|
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.85
|
Class M
|
.85
|
Class C
|
.86
|
Small Cap Growth
|
.83
|
Class I
|
.84
|
Class Z
|
.70
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.80
|
Class M
|
.80
|
Class C
|
.80
|
Small Cap Growth
|
.76
|
Class I
|
.80
|
Class Z
|
.68
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
|
Performance Adjustment Index
|
Fidelity Small Cap Growth Fund
|
Russell 2000 Growth Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Small Cap Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .11%.
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%
|
510,414
|
26,690
|
Class M
|
.25%
|
.25%
|
255,590
|
-
|
Class C
|
.75%
|
.25%
|
260,992
|
49,770
|
|
|
|
1,026,996
|
76,460
|
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 ($)
|
Class A
|
46,597
|
Class M
|
2,994
|
Class CA
|
75
|
|
49,666
|
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Small Cap Growth Fund
|
97,220
|
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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
|
13,300,207
|
5.17%
|
110,764
|
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) ($)
|
Fidelity Small Cap Growth Fund
|
189,568,583
|
286,788,643
|
(15,660,670)
|
|
|
|
|
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
|
Amount ($)
|
Fidelity Small Cap Growth Fund
|
169,801
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Small Cap Growth Fund
|
4,956
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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 ($)
|
Fidelity Small Cap Growth Fund
|
79,562
|
24,396
|
6,752,000
|
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Consolidated Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Small Cap Growth Fund
|
4,610,500
|
5.68%
|
2,911
|
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Small Cap Growth Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$4,738,908
|
$-
|
Class M
|
1,065,920
|
-
|
Class C
|
461,614
|
-
|
Small Cap Growth
|
44,545,355
|
-
|
Class I
|
17,551,414
|
-
|
Class Z
|
38,829,366
|
-
|
Total
|
$107,192,577
|
$-
|
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, 2025
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Small Cap Growth Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
1,390,662
|
3,410,425
|
$43,522,052
|
$92,435,438
|
Reinvestment of distributions
|
151,411
|
-
|
4,562,868
|
-
|
Shares redeemed
|
(1,111,412)
|
(2,388,084)
|
(34,671,193)
|
(62,921,674)
|
Net increase (decrease)
|
430,661
|
1,022,341
|
$13,413,727
|
$29,513,764
|
Class M
|
|
|
|
|
Shares sold
|
319,496
|
725,789
|
$9,416,623
|
$18,290,293
|
Reinvestment of distributions
|
36,974
|
-
|
1,046,004
|
-
|
Shares redeemed
|
(192,222)
|
(562,338)
|
(5,685,394)
|
(14,055,708)
|
Net increase (decrease)
|
164,248
|
163,451
|
$4,777,233
|
$4,234,585
|
Class C
|
|
|
|
|
Shares sold
|
125,585
|
528,459
|
$3,111,123
|
$11,466,796
|
Reinvestment of distributions
|
18,622
|
-
|
452,132
|
-
|
Shares redeemed
|
(389,703)
|
(913,022)
|
(9,939,226)
|
(18,978,864)
|
Net increase (decrease)
|
(245,496)
|
(384,563)
|
$(6,375,971)
|
$(7,512,068)
|
Small Cap Growth
|
|
|
|
|
Shares sold
|
11,524,009
|
19,838,628
|
$385,070,218
|
$590,342,520
|
Reinvestment of distributions
|
1,257,710
|
-
|
41,060,357
|
-
|
Shares redeemed
|
(12,518,856)
|
(24,637,695)
|
(419,893,882)
|
(689,666,536)
|
Net increase (decrease)
|
262,863
|
(4,799,067)
|
$6,236,693
|
$(99,324,016)
|
Class I
|
|
|
|
|
Shares sold
|
5,641,130
|
22,048,418
|
$188,452,330
|
$626,318,348
|
Reinvestment of distributions
|
379,133
|
-
|
12,386,974
|
-
|
Shares redeemed
|
(7,865,309)
|
(9,119,606)
|
(271,460,556)
|
(261,236,897)
|
Net increase (decrease)
|
(1,845,046)
|
12,928,812
|
$(70,621,252)
|
$365,081,451
|
Class Z
|
|
|
|
|
Shares sold
|
5,970,618
|
20,985,977
|
$204,488,126
|
$629,325,257
|
Reinvestment of distributions
|
1,124,780
|
-
|
37,160,206
|
-
|
Shares redeemed
|
(3,391,912)
|
(4,834,752)
|
(115,983,929)
|
(137,292,543)
|
Net increase (decrease)
|
3,703,486
|
16,151,225
|
$125,664,403
|
$492,032,714
|
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
|
19%
|
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
|
27%
|
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.803700.120
SCP-SANN-0425
Fidelity® Blue Chip Growth Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Blue Chip Growth Fund
Consolidated Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.2%
|
|
|
|
Shares
|
Value ($)
|
AUSTRALIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
IREN Ltd (b)(c)
|
|
1,323,400
|
13,525,148
|
BELGIUM - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Pharmaceuticals - 0.0%
|
|
|
|
UCB SA
|
|
187,600
|
36,626,776
|
BRAZIL - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
Vale SA ADR
|
|
4,325,100
|
40,180,179
|
CANADA - 0.6%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Broadline Retail - 0.0%
|
|
|
|
Dollarama Inc
|
|
181,591
|
17,183,892
|
Specialty Retail - 0.2%
|
|
|
|
Aritzia Inc Subordinate Voting Shares (b)
|
|
2,755,438
|
132,524,936
|
Groupe Dynamite Inc Subordinate Voting Shares
|
|
570,700
|
6,341,766
|
|
|
|
|
138,866,702
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
156,050,594
|
|
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Cameco Corp
|
|
773,560
|
38,253,523
|
Secure Waste Infrastructure Corp
|
|
1,767,155
|
18,263,094
|
|
|
|
|
56,516,617
|
Information Technology - 0.3%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
Celestica Inc (United States) (b)
|
|
849,100
|
104,838,377
|
IT Services - 0.2%
|
|
|
|
Shopify Inc Class A (b)
|
|
1,373,047
|
160,238,416
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
265,076,793
|
|
|
|
|
|
TOTAL CANADA
|
|
|
477,644,004
|
CHINA - 1.4%
|
|
|
|
Consumer Discretionary - 0.5%
|
|
|
|
Broadline Retail - 0.4%
|
|
|
|
JD.com Inc ADR
|
|
2,238,100
|
91,135,432
|
PDD Holdings Inc Class A ADR (b)
|
|
1,803,893
|
201,873,666
|
|
|
|
|
293,009,098
|
Diversified Consumer Services - 0.1%
|
|
|
|
TAL Education Group Class A ADR (b)
|
|
3,197,900
|
39,110,317
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Trip.com Group Ltd ADR (b)
|
|
229,700
|
16,118,049
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
348,237,464
|
|
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Ant International Co Ltd Class C (d)(e)
|
|
3,214,400
|
5,785,920
|
Industrials - 0.0%
|
|
|
|
Trading Companies & Distributors - 0.0%
|
|
|
|
Zkh Group Limited Class A (b)
|
|
15
|
1
|
Information Technology - 0.9%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.9%
|
|
|
|
NXP Semiconductors NV
|
|
3,302,255
|
688,685,280
|
TOTAL CHINA
|
|
|
1,042,708,665
|
DENMARK - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Ascendis Pharma A/S ADR (b)
|
|
416,108
|
54,368,671
|
FINLAND - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Amer Sports Inc
|
|
4,702,924
|
150,352,480
|
FRANCE - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Hermes International SCA
|
|
21,285
|
60,148,805
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
79,240
|
57,956,500
|
|
|
|
|
|
TOTAL FRANCE
|
|
|
118,105,305
|
GERMANY - 0.2%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
adidas AG
|
|
187,000
|
49,449,020
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
SAP SE ADR
|
|
277,300
|
76,551,438
|
TOTAL GERMANY
|
|
|
126,000,458
|
INDIA - 0.8%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.0%
|
|
|
|
Indus Towers Ltd (b)
|
|
7,877,591
|
31,458,704
|
Wireless Telecommunication Services - 0.1%
|
|
|
|
Bharti Airtel Ltd
|
|
336,400
|
6,296,215
|
Vodafone Idea Ltd (b)
|
|
469,252,105
|
48,785,610
|
|
|
|
|
55,081,825
|
Consumer Discretionary - 0.2%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Hyundai Motor India Ltd
|
|
803,294
|
15,544,973
|
Mahindra & Mahindra Ltd
|
|
416,700
|
14,330,381
|
|
|
|
|
29,875,354
|
Broadline Retail - 0.0%
|
|
|
|
Lenskart Solutions Pvt Ltd (b)(d)(e)
|
|
10,719,190
|
31,872,380
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
MakeMyTrip Ltd (b)
|
|
173,700
|
18,980,199
|
Swiggy Ltd (f)
|
|
1,016,557
|
4,852,398
|
Zomato Ltd (b)
|
|
12,821,468
|
32,494,024
|
|
|
|
|
56,326,621
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
118,074,355
|
|
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Food Products - 0.0%
|
|
|
|
Patanjali Foods Ltd
|
|
1,555,012
|
32,630,071
|
Energy - 0.3%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.3%
|
|
|
|
Reliance Industries Ltd
|
|
13,034,986
|
189,817,440
|
Reliance Industries Ltd GDR (g)
|
|
218,103
|
12,802,646
|
|
|
|
|
202,620,086
|
Financials - 0.1%
|
|
|
|
Banks - 0.1%
|
|
|
|
HDFC Bank Ltd
|
|
1,172,172
|
22,958,011
|
ICICI Bank Ltd ADR
|
|
340,800
|
9,770,736
|
|
|
|
|
32,728,747
|
Financial Services - 0.0%
|
|
|
|
Aditya Birla Capital Ltd (b)
|
|
3,606,100
|
7,446,283
|
Jio Financial Services Ltd (b)
|
|
6,689,593
|
18,592,261
|
|
|
|
|
26,038,544
|
TOTAL FINANCIALS
|
|
|
58,767,291
|
|
|
|
|
|
Industrials - 0.0%
|
|
|
|
Aerospace & Defense - 0.0%
|
|
|
|
Hindustan Aeronautics Ltd (h)
|
|
115,500
|
5,227,309
|
Construction & Engineering - 0.0%
|
|
|
|
Larsen & Toubro Ltd
|
|
479,700
|
19,695,355
|
Transportation Infrastructure - 0.0%
|
|
|
|
JSW Infrastructure Ltd
|
|
1,932,200
|
6,097,500
|
TOTAL INDUSTRIALS
|
|
|
31,020,164
|
|
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Pine Labs Pvt Ltd (b)(d)(e)
|
|
9,912
|
4,895,040
|
Materials - 0.1%
|
|
|
|
Construction Materials - 0.0%
|
|
|
|
Grasim Industries Ltd
|
|
575,900
|
16,645,086
|
Metals & Mining - 0.1%
|
|
|
|
Hindalco Industries Ltd
|
|
824,500
|
5,635,016
|
Welspun Corp Ltd
|
|
3,147,500
|
26,879,051
|
|
|
|
|
32,514,067
|
TOTAL MATERIALS
|
|
|
49,159,153
|
|
|
|
|
|
TOTAL INDIA
|
|
|
583,706,689
|
IRELAND - 0.0%
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Circle Internet Financial LLC (e)
|
|
1,244,183
|
33,991,080
|
ISRAEL - 0.2%
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Personal Care Products - 0.0%
|
|
|
|
Oddity Tech Ltd Class A (b)
|
|
665,223
|
31,744,442
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Rapyd Financial Network 2016 Ltd (b)(d)(e)
|
|
204,327
|
9,268,273
|
Health Care - 0.2%
|
|
|
|
Pharmaceuticals - 0.2%
|
|
|
|
Teva Pharmaceutical Industries Ltd ADR (b)
|
|
4,666,980
|
82,745,555
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Xsight Labs Ltd warrants 1/11/2034 (b)(d)(e)
|
|
130,829
|
366,321
|
Xsight Labs Ltd warrants 12/30/2031 (b)(d)(e)
|
|
188,120
|
293,467
|
|
|
|
|
659,788
|
TOTAL ISRAEL
|
|
|
124,418,058
|
JAPAN - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Entertainment - 0.1%
|
|
|
|
Nintendo Co Ltd
|
|
366,000
|
24,011,320
|
Consumer Discretionary - 0.0%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.0%
|
|
|
|
Asics Corp
|
|
349,600
|
7,792,634
|
Industrials - 0.0%
|
|
|
|
Machinery - 0.0%
|
|
|
|
Mitsubishi Heavy Industries Ltd
|
|
676,983
|
9,907,813
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Allegro MicroSystems Inc (b)
|
|
979,760
|
23,602,418
|
TOTAL JAPAN
|
|
|
65,314,185
|
KOREA (SOUTH) - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
SK Hynix Inc
|
|
53,950
|
7,240,249
|
LUXEMBOURG - 0.0%
|
|
|
|
Financials - 0.0%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
CVC Capital Partners PLC (b)(g)(h)
|
|
1,338,042
|
31,814,903
|
NETHERLANDS - 0.1%
|
|
|
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
Nebius Group NV Class A (b)(c)
|
|
2,469,624
|
80,657,920
|
SINGAPORE - 0.0%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Entertainment - 0.0%
|
|
|
|
Sea Ltd Class A ADR (b)
|
|
196,000
|
23,870,840
|
SWITZERLAND - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
On Holding AG Class A (b)
|
|
2,377,671
|
142,374,939
|
Health Care - 0.0%
|
|
|
|
Pharmaceuticals - 0.0%
|
|
|
|
Galderma Group AG (b)
|
|
259,342
|
31,522,547
|
TOTAL SWITZERLAND
|
|
|
173,897,486
|
TAIWAN - 0.9%
|
|
|
|
Information Technology - 0.9%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.9%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
3,180,832
|
665,811,754
|
UNITED KINGDOM - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
Flutter Entertainment PLC (b)
|
|
223,186
|
59,583,966
|
Flutter Entertainment PLC (United Kingdom) (b)
|
|
230,581
|
62,354,220
|
|
|
|
|
121,938,186
|
Financials - 0.0%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
3i Group PLC
|
|
856,502
|
41,149,238
|
TOTAL UNITED KINGDOM
|
|
|
163,087,424
|
UNITED STATES - 92.9%
|
|
|
|
Communication Services - 17.9%
|
|
|
|
Entertainment - 3.6%
|
|
|
|
Netflix Inc (b)
|
|
2,037,424
|
1,990,074,266
|
ROBLOX Corp Class A (b)
|
|
4,389,700
|
311,975,979
|
Roku Inc Class A (b)
|
|
1,459,100
|
120,755,116
|
Spotify Technology SA (b)(c)
|
|
203,250
|
111,492,788
|
Take-Two Interactive Software Inc (b)
|
|
107,585
|
19,958,093
|
Walt Disney Co/The
|
|
1,486,400
|
168,052,384
|
|
|
|
|
2,722,308,626
|
Interactive Media & Services - 14.3%
|
|
|
|
Alphabet Inc Class A
|
|
28,743,121
|
5,864,171,546
|
Epic Games Inc (b)(d)(e)
|
|
6,131
|
4,159,945
|
Meta Platforms Inc Class A
|
|
5,416,928
|
3,733,238,439
|
Reddit Inc Class A
|
|
786,282
|
156,902,573
|
Reddit Inc Class B (b)
|
|
566,705
|
113,085,983
|
Snap Inc Class A (b)
|
|
84,717,315
|
956,458,486
|
|
|
|
|
10,828,016,972
|
Media - 0.0%
|
|
|
|
Trade Desk Inc (The) Class A (b)
|
|
270,088
|
32,054,044
|
TOTAL COMMUNICATION SERVICES
|
|
|
13,582,379,642
|
|
|
|
|
|
Consumer Discretionary - 20.3%
|
|
|
|
Automobiles - 1.9%
|
|
|
|
Neutron Holdings Inc (b)(d)(e)
|
|
7,152,433
|
411,980
|
Rad Power Bikes Inc (b)(d)(e)
|
|
928,091
|
194,899
|
Rad Power Bikes Inc warrants 10/6/2033 (b)(d)(e)
|
|
980,651
|
509,939
|
Rivian Automotive Inc Class A (b)(c)
|
|
6,531,553
|
82,036,306
|
Tesla Inc (b)
|
|
3,421,357
|
1,384,281,042
|
|
|
|
|
1,467,434,166
|
Broadline Retail - 9.5%
|
|
|
|
Amazon.com Inc (b)
|
|
30,135,416
|
7,162,585,675
|
Diversified Consumer Services - 0.1%
|
|
|
|
Bright Horizons Family Solutions Inc (b)
|
|
191,700
|
23,502,420
|
Duolingo Inc Class A (b)
|
|
216,562
|
78,826,402
|
|
|
|
|
102,328,822
|
Hotels, Restaurants & Leisure - 2.0%
|
|
|
|
Brinker International Inc (b)
|
|
714,600
|
130,035,762
|
Carnival Corp (b)
|
|
1,378,000
|
38,129,260
|
Cava Group Inc (b)
|
|
245,689
|
33,180,299
|
Chipotle Mexican Grill Inc (b)
|
|
6,231,543
|
363,610,534
|
DraftKings Inc Class A (b)(c)
|
|
4,029,168
|
169,023,598
|
Planet Fitness Inc Class A (b)
|
|
522,800
|
56,546,048
|
Royal Caribbean Cruises Ltd
|
|
151,210
|
40,312,586
|
Sonder Holdings Inc Stage 1 rights (b)(e)
|
|
16,222
|
0
|
Sonder Holdings Inc Stage 2 rights (b)(e)
|
|
16,221
|
0
|
Sonder Holdings Inc Stage 3 rights (b)(e)
|
|
16,222
|
0
|
Sonder Holdings Inc Stage 4 rights (b)(e)
|
|
16,221
|
0
|
Sonder Holdings Inc Stage 5 rights (b)(e)
|
|
16,221
|
0
|
Sonder Holdings Inc Stage 5 rights (b)(e)
|
|
16,221
|
1
|
Starbucks Corp
|
|
4,689,035
|
504,915,289
|
Sweetgreen Inc Class A (b)(c)
|
|
4,056,593
|
133,543,042
|
Texas Roadhouse Inc
|
|
151,500
|
27,436,650
|
Viking Holdings Ltd
|
|
641,811
|
32,494,891
|
Wingstop Inc
|
|
71,288
|
21,236,695
|
|
|
|
|
1,550,464,655
|
Household Durables - 0.7%
|
|
|
|
DR Horton Inc
|
|
410,987
|
58,319,055
|
PulteGroup Inc
|
|
475,309
|
54,080,658
|
SharkNinja Inc
|
|
3,600,725
|
402,597,063
|
Toll Brothers Inc
|
|
147,900
|
20,086,299
|
|
|
|
|
535,083,075
|
Leisure Products - 0.1%
|
|
|
|
Peloton Interactive Inc Class A (b)(c)
|
|
7,639,300
|
59,204,574
|
Specialty Retail - 3.7%
|
|
|
|
Abercrombie & Fitch Co Class A (b)(c)
|
|
1,941,371
|
231,760,870
|
Carvana Co Class A (b)
|
|
2,461,914
|
609,274,477
|
Chewy Inc Class A (b)
|
|
759,400
|
29,601,411
|
Fanatics Inc Class A (b)(d)(e)
|
|
1,938,909
|
116,334,540
|
Five Below Inc (b)
|
|
875,456
|
82,100,264
|
Floor & Decor Holdings Inc Class A (b)
|
|
72,000
|
7,207,199
|
Home Depot Inc/The
|
|
165,368
|
68,128,309
|
Lowe's Cos Inc
|
|
2,334,275
|
607,004,871
|
RH (b)(i)
|
|
1,043,079
|
437,164,840
|
TJX Cos Inc/The
|
|
2,660,730
|
332,032,497
|
Victoria's Secret & Co (b)
|
|
2,133,900
|
77,588,604
|
Warby Parker Inc Class A (b)
|
|
2,670,035
|
73,986,670
|
Wayfair Inc Class A (b)
|
|
1,451,348
|
70,201,703
|
|
|
|
|
2,742,386,255
|
Textiles, Apparel & Luxury Goods - 2.3%
|
|
|
|
Capri Holdings Ltd (b)
|
|
4,922,600
|
121,982,028
|
Deckers Outdoor Corp (b)
|
|
3,024,806
|
536,479,592
|
Lululemon Athletica Inc (b)
|
|
1,626,284
|
673,606,833
|
NIKE Inc Class B
|
|
2,013,836
|
154,863,988
|
Ralph Lauren Corp Class A
|
|
107,600
|
26,867,720
|
Tapestry Inc
|
|
440,800
|
32,151,952
|
Tory Burch LLC Class A (b)(d)(e)(j)
|
|
293,611
|
12,830,801
|
Under Armour Inc Class A (b)(c)
|
|
13,513,300
|
112,836,055
|
VF Corp (c)
|
|
1,943,000
|
50,459,710
|
|
|
|
|
1,722,078,679
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
15,341,565,901
|
|
|
|
|
|
Consumer Staples - 1.0%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Celsius Holdings Inc (b)(c)
|
|
930,500
|
23,243,890
|
Coca-Cola Co/The
|
|
238,400
|
15,133,632
|
|
|
|
|
38,377,522
|
Consumer Staples Distribution & Retail - 0.8%
|
|
|
|
Albertsons Cos Inc
|
|
1,251,700
|
25,096,585
|
BJ's Wholesale Club Holdings Inc (b)
|
|
200,000
|
19,810,000
|
Costco Wholesale Corp
|
|
139,888
|
137,073,453
|
Target Corp
|
|
997,300
|
137,537,643
|
Walmart Inc
|
|
2,920,685
|
286,694,440
|
|
|
|
|
606,212,121
|
Food Products - 0.0%
|
|
|
|
Bowery Farming Inc (b)(e)
|
|
306,790
|
3
|
Bowery Farming Inc warrants (b)(d)(e)
|
|
145,528
|
1
|
Freshpet Inc (b)
|
|
197,400
|
31,574,130
|
Real Good Food Co Inc/The Class A (b)
|
|
16,287
|
18
|
Real Good Food Co LLC /The Class B (b)(e)
|
|
105,172
|
1
|
Real Good Food Co LLC /The Class B unit (b)(g)
|
|
105,172
|
116
|
|
|
|
|
31,574,269
|
Tobacco - 0.1%
|
|
|
|
JUUL Labs Inc Class A (b)(d)(e)
|
|
29,210,272
|
29,502,375
|
JUUL Labs Inc Class B (b)(d)(e)
|
|
6,625
|
6,691
|
Philip Morris International Inc
|
|
573,803
|
74,709,151
|
|
|
|
|
104,218,217
|
TOTAL CONSUMER STAPLES
|
|
|
780,382,129
|
|
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Antero Resources Corp (b)
|
|
183,600
|
6,851,952
|
Cheniere Energy Inc
|
|
64,300
|
14,380,695
|
Ovintiv Inc
|
|
167,600
|
7,076,072
|
|
|
|
|
28,308,719
|
Financials - 4.5%
|
|
|
|
Banks - 0.2%
|
|
|
|
Citigroup Inc
|
|
1,803,048
|
146,822,199
|
Wells Fargo & Co
|
|
516,500
|
40,700,200
|
|
|
|
|
187,522,399
|
Capital Markets - 1.7%
|
|
|
|
Ares Management Corp Class A
|
|
501,800
|
99,466,796
|
Bank of New York Mellon Corp/The
|
|
219,000
|
18,818,670
|
Blue Owl Capital Inc Class A
|
|
6,638,464
|
172,666,449
|
Charles Schwab Corp/The
|
|
92,500
|
7,651,600
|
Coinbase Global Inc Class A (b)
|
|
1,036,964
|
302,098,722
|
Goldman Sachs Group Inc/The
|
|
357,892
|
229,194,037
|
Interactive Brokers Group Inc Class A
|
|
56,800
|
12,350,592
|
Jefferies Financial Group Inc
|
|
523,654
|
40,263,756
|
KKR & Co Inc Class A
|
|
766,336
|
128,031,756
|
Moody's Corp
|
|
166,984
|
83,398,489
|
Morgan Stanley
|
|
875,604
|
121,209,862
|
Nasdaq Inc
|
|
90,900
|
7,484,705
|
Robinhood Markets Inc Class A (b)
|
|
1,691,757
|
87,886,776
|
|
|
|
|
1,310,522,210
|
Consumer Finance - 0.3%
|
|
|
|
American Express Co
|
|
834,556
|
264,929,802
|
Financial Services - 2.1%
|
|
|
|
Affirm Holdings Inc Class A (b)
|
|
1,724,300
|
105,303,001
|
Apollo Global Management Inc
|
|
1,039,418
|
177,719,690
|
Berkshire Hathaway Inc Class B (b)
|
|
52,063
|
24,400,365
|
Block Inc Class A (b)
|
|
2,137,346
|
194,113,764
|
Fiserv Inc (b)
|
|
135,000
|
29,165,400
|
Mastercard Inc Class A
|
|
1,301,904
|
723,116,539
|
PayPal Holdings Inc (b)
|
|
370,600
|
32,827,748
|
Toast Inc Class A (b)
|
|
2,051,792
|
83,959,329
|
Visa Inc Class A
|
|
440,887
|
150,695,177
|
|
|
|
|
1,521,301,013
|
Insurance - 0.2%
|
|
|
|
Progressive Corp/The
|
|
599,185
|
147,663,151
|
TOTAL FINANCIALS
|
|
|
3,431,938,575
|
|
|
|
|
|
Health Care - 5.5%
|
|
|
|
Biotechnology - 0.9%
|
|
|
|
AbbVie Inc
|
|
221,000
|
40,641,900
|
Alnylam Pharmaceuticals Inc (b)
|
|
253,952
|
68,899,717
|
Apogee Therapeutics Inc (b)
|
|
275,454
|
11,392,777
|
Arcellx Inc (b)
|
|
87,186
|
5,939,982
|
Avidity Biosciences Inc (b)
|
|
218,066
|
7,180,913
|
Cibus Inc Class A (b)
|
|
153,600
|
382,464
|
Exact Sciences Corp (b)
|
|
312,074
|
17,491,748
|
Gilead Sciences Inc
|
|
1,110,500
|
107,940,600
|
Janux Therapeutics Inc (b)
|
|
224,329
|
9,753,825
|
Legend Biotech Corp ADR (b)
|
|
486,476
|
18,534,736
|
Moderna Inc (b)
|
|
806,091
|
31,776,107
|
MoonLake Immunotherapeutics Class A (b)
|
|
392,858
|
18,067,539
|
Natera Inc (b)(c)
|
|
220,700
|
39,046,244
|
Nurix Therapeutics Inc (b)
|
|
81,200
|
1,600,452
|
Regeneron Pharmaceuticals Inc (b)
|
|
440,293
|
296,308,384
|
Scholar Rock Holding Corp (b)
|
|
412,100
|
16,640,598
|
Summit Therapeutics Inc (b)
|
|
176,300
|
3,790,450
|
Viking Therapeutics Inc (b)
|
|
601,437
|
19,697,062
|
|
|
|
|
715,085,498
|
Health Care Equipment & Supplies - 1.7%
|
|
|
|
Blink Health LLC Class A1 (b)(d)(e)
|
|
63,681
|
2,296,973
|
Boston Scientific Corp (b)
|
|
7,093,360
|
726,076,330
|
Glaukos Corp (b)
|
|
187,252
|
29,293,703
|
Insulet Corp (b)
|
|
294,900
|
82,094,262
|
Intuitive Surgical Inc (b)
|
|
509,491
|
291,367,713
|
Masimo Corp (b)
|
|
140,725
|
24,518,517
|
Stryker Corp
|
|
317,705
|
124,314,789
|
|
|
|
|
1,279,962,287
|
Health Care Providers & Services - 0.3%
|
|
|
|
UnitedHealth Group Inc
|
|
380,792
|
206,575,852
|
Health Care Technology - 0.0%
|
|
|
|
Multiplan Corp warrants (b)(d)
|
|
138,859
|
1
|
Veeva Systems Inc Class A (b)
|
|
159,000
|
37,088,340
|
|
|
|
|
37,088,341
|
Life Sciences Tools & Services - 0.2%
|
|
|
|
Danaher Corp
|
|
387,813
|
86,381,468
|
Revvity Inc (c)
|
|
25,800
|
3,254,153
|
Thermo Fisher Scientific Inc
|
|
86,668
|
51,805,797
|
Veterinary Emergency Group (b)(d)(e)(j)
|
|
524,494
|
33,321,104
|
|
|
|
|
174,762,522
|
Pharmaceuticals - 2.4%
|
|
|
|
Elanco Animal Health Inc (b)
|
|
1,355,700
|
16,309,071
|
Eli Lilly & Co
|
|
2,126,950
|
1,725,126,607
|
Structure Therapeutics Inc ADR (b)
|
|
112,649
|
3,376,091
|
|
|
|
|
1,744,811,769
|
TOTAL HEALTH CARE
|
|
|
4,158,286,269
|
|
|
|
|
|
Industrials - 3.8%
|
|
|
|
Aerospace & Defense - 1.9%
|
|
|
|
Axon Enterprise Inc (b)
|
|
184,000
|
120,001,120
|
Boeing Co (b)
|
|
2,097,705
|
370,286,887
|
GE Aerospace
|
|
895,626
|
182,322,585
|
Howmet Aerospace Inc
|
|
1,129,115
|
142,923,377
|
Space Exploration Technologies Corp (b)(d)(e)
|
|
3,006,587
|
556,218,595
|
Space Exploration Technologies Corp Class C (b)(d)(e)
|
|
104,067
|
19,252,395
|
Spirit AeroSystems Holdings Inc Class A (b)
|
|
386,503
|
13,144,967
|
Standardaero Inc (c)
|
|
336,400
|
9,028,975
|
TransDigm Group Inc
|
|
26,031
|
35,228,794
|
|
|
|
|
1,448,407,695
|
Air Freight & Logistics - 0.0%
|
|
|
|
CH Robinson Worldwide Inc
|
|
358,500
|
35,667,165
|
Building Products - 0.2%
|
|
|
|
AAON Inc
|
|
187,800
|
21,856,164
|
AZEK Co Inc/The Class A (b)
|
|
429,542
|
22,005,437
|
Builders FirstSource Inc (b)
|
|
255,820
|
42,793,570
|
Fortune Brands Innovations Inc
|
|
500,600
|
35,878,002
|
Lennox International Inc
|
|
27,000
|
15,995,340
|
Trane Technologies PLC
|
|
81,599
|
29,600,037
|
|
|
|
|
168,128,550
|
Construction & Engineering - 0.1%
|
|
|
|
EMCOR Group Inc
|
|
62,575
|
28,037,355
|
Fluor Corp (b)
|
|
441,971
|
21,307,421
|
|
|
|
|
49,344,776
|
Electrical Equipment - 0.4%
|
|
|
|
Acuity Brands Inc
|
|
98,877
|
32,865,726
|
Eaton Corp PLC
|
|
217,657
|
71,051,951
|
GE Vernova Inc
|
|
415,968
|
155,106,148
|
Vertiv Holdings Co Class A
|
|
351,900
|
41,179,338
|
|
|
|
|
300,203,163
|
Ground Transportation - 0.3%
|
|
|
|
Avis Budget Group Inc (b)
|
|
162,700
|
14,594,190
|
Lyft Inc Class A (b)
|
|
8,427,831
|
114,112,832
|
Uber Technologies Inc (b)
|
|
905,900
|
60,559,415
|
XPO Inc (b)
|
|
62,100
|
8,300,907
|
|
|
|
|
197,567,344
|
Industrial Conglomerates - 0.0%
|
|
|
|
3M Co
|
|
226,900
|
34,534,180
|
Honeywell International Inc
|
|
63,300
|
14,161,476
|
|
|
|
|
48,695,656
|
Machinery - 0.0%
|
|
|
|
Chart Industries Inc (b)
|
|
67,500
|
14,282,324
|
Passenger Airlines - 0.5%
|
|
|
|
Alaska Air Group Inc (b)(c)
|
|
831,300
|
60,892,725
|
Delta Air Lines Inc
|
|
1,292,400
|
86,939,748
|
JetBlue Airways Corp (b)(c)
|
|
7,096,100
|
46,692,338
|
United Airlines Holdings Inc (b)
|
|
1,403,200
|
148,514,688
|
|
|
|
|
343,039,499
|
Professional Services - 0.1%
|
|
|
|
Paycom Software Inc
|
|
256,400
|
53,218,384
|
Trading Companies & Distributors - 0.3%
|
|
|
|
Core & Main Inc Class A (b)
|
|
133,400
|
7,529,096
|
Ferguson Enterprises Inc
|
|
357,418
|
64,735,548
|
FTAI Aviation Ltd (c)
|
|
1,592,330
|
160,076,935
|
|
|
|
|
232,341,579
|
TOTAL INDUSTRIALS
|
|
|
2,890,896,135
|
|
|
|
|
|
Information Technology - 39.0%
|
|
|
|
Communications Equipment - 0.2%
|
|
|
|
Arista Networks Inc
|
|
1,038,112
|
119,621,646
|
Ciena Corp (b)
|
|
735,239
|
64,068,726
|
|
|
|
|
183,690,372
|
Electronic Equipment, Instruments & Components - 0.2%
|
|
|
|
Amphenol Corp Class A
|
|
1,685,000
|
119,264,300
|
Coherent Corp (b)
|
|
710,473
|
64,290,702
|
|
|
|
|
183,555,002
|
IT Services - 0.7%
|
|
|
|
Cloudflare Inc Class A (b)
|
|
252,400
|
34,932,160
|
Okta Inc Class A (b)
|
|
2,713,862
|
255,700,078
|
Snowflake Inc Class A (b)
|
|
1,090,630
|
197,960,251
|
Twilio Inc Class A (b)
|
|
120,400
|
17,648,232
|
X Holdings Corp Class A (b)(d)(e)
|
|
196,600
|
6,204,696
|
|
|
|
|
512,445,417
|
Semiconductors & Semiconductor Equipment - 18.0%
|
|
|
|
Astera Labs Inc (b)
|
|
3,256,974
|
330,322,303
|
Broadcom Inc
|
|
4,657,660
|
1,030,600,428
|
GlobalFoundries Inc (b)
|
|
5,178,647
|
214,758,491
|
Impinj Inc (b)
|
|
297,121
|
37,701,684
|
Lam Research Corp
|
|
1,393,660
|
112,956,143
|
Marvell Technology Inc
|
|
22,082,810
|
2,492,265,937
|
Micron Technology Inc
|
|
669,402
|
61,076,238
|
Monolithic Power Systems Inc
|
|
561,968
|
358,181,544
|
NVIDIA Corp
|
|
72,406,545
|
8,693,853,859
|
ON Semiconductor Corp (b)
|
|
4,030,556
|
210,959,301
|
Semtech Corp (b)
|
|
134,400
|
8,999,424
|
|
|
|
|
13,551,675,352
|
Software - 9.7%
|
|
|
|
Appfolio Inc Class A (b)
|
|
38,900
|
9,099,099
|
Applied Intuition Inc Class A (d)(e)
|
|
33,762
|
2,167,858
|
AppLovin Corp Class A (b)
|
|
2,630,680
|
972,273,021
|
Atlassian Corp Class A (b)
|
|
28,600
|
8,773,908
|
Atom Tickets LLC (b)(d)(e)(j)
|
|
1,204,239
|
12
|
Coreweave Inc Class A (d)(e)
|
|
148,061
|
139,155,131
|
Crowdstrike Holdings Inc Class A (b)
|
|
80,500
|
32,044,635
|
Datadog Inc Class A (b)
|
|
853,286
|
121,772,445
|
Figma Inc Class A (d)(e)
|
|
253,830
|
6,698,574
|
HubSpot Inc (b)
|
|
279,329
|
217,745,335
|
Informatica Inc Class A (b)
|
|
280,000
|
7,190,400
|
Life360 Inc (b)
|
|
422,656
|
19,323,832
|
Microsoft Corp
|
|
11,776,276
|
4,887,861,117
|
Monday.com Ltd (b)
|
|
129,400
|
33,056,524
|
OpenAI Global LLC rights (b)(d)(e)
|
|
29,421,124
|
29,421,124
|
Oracle Corp
|
|
1,454,343
|
247,325,571
|
Procore Technologies Inc (b)(c)
|
|
181,500
|
14,440,140
|
Salesforce Inc
|
|
393,300
|
134,390,610
|
Servicenow Inc (b)
|
|
309,177
|
314,859,673
|
Stripe Inc Class B (b)(d)(e)
|
|
173,600
|
5,155,920
|
Synopsys Inc (b)
|
|
80,450
|
42,274,866
|
Tanium Inc Class B (b)(d)(e)
|
|
554,900
|
5,288,197
|
Zoom Communications Inc Class A (b)
|
|
1,009,998
|
87,809,226
|
Zscaler Inc (b)
|
|
50,200
|
10,170,018
|
|
|
|
|
7,348,297,236
|
Technology Hardware, Storage & Peripherals - 10.2%
|
|
|
|
Apple Inc
|
|
32,525,245
|
7,675,957,820
|
Super Micro Computer Inc (b)(c)
|
|
546,619
|
15,589,574
|
Western Digital Corp (b)
|
|
233,000
|
15,175,290
|
|
|
|
|
7,706,722,684
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
29,486,386,063
|
|
|
|
|
|
Materials - 0.5%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
Sherwin-Williams Co/The
|
|
147,586
|
52,859,402
|
Construction Materials - 0.2%
|
|
|
|
CRH PLC
|
|
293,566
|
29,071,840
|
Eagle Materials Inc
|
|
168,474
|
43,254,015
|
Martin Marietta Materials Inc
|
|
60,490
|
32,913,819
|
Vulcan Materials Co
|
|
158,277
|
43,391,640
|
|
|
|
|
148,631,314
|
Containers & Packaging - 0.0%
|
|
|
|
Smurfit WestRock PLC
|
|
627,200
|
33,298,048
|
Metals & Mining - 0.2%
|
|
|
|
Carpenter Technology Corp
|
|
890,719
|
171,962,210
|
TOTAL MATERIALS
|
|
|
406,750,974
|
|
|
|
|
|
Real Estate - 0.4%
|
|
|
|
Health Care REITs - 0.3%
|
|
|
|
Welltower Inc
|
|
1,744,547
|
238,095,775
|
Real Estate Management & Development - 0.1%
|
|
|
|
Zillow Group Inc Class C (b)
|
|
980,755
|
80,637,676
|
TOTAL REAL ESTATE
|
|
|
318,733,451
|
|
|
|
|
|
Utilities - 0.0%
|
|
|
|
Electric Utilities - 0.0%
|
|
|
|
Constellation Energy Corp
|
|
24,000
|
7,199,520
|
TOTAL UNITED STATES
|
|
|
70,432,827,378
|
|
TOTAL COMMON STOCKS
(Cost $29,218,579,249)
|
|
|
74,446,149,652
|
|
|
|
|
|
Convertible Corporate Bonds - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Neutron Holdings Inc 4% 5/22/2027 (d)(e)
|
|
2,432,800
|
6,225,778
|
Neutron Holdings Inc 4% 6/12/2027 (d)(e)
|
|
647,200
|
1,656,250
|
Neutron Holdings Inc 7.5% 10/29/2026 (d)(e)(k)
|
|
23,065,557
|
28,352,183
|
|
|
|
|
36,234,211
|
Information Technology - 0.0%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Enevate Corp 10% 5/12/2025 (d)(e)
|
|
187,681
|
191,772
|
TOTAL UNITED STATES
|
|
|
36,425,983
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $26,333,238)
|
|
|
36,425,983
|
|
|
|
|
|
Convertible Preferred Stocks - 1.6%
|
|
|
|
Shares
|
Value ($)
|
CHINA - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Interactive Media & Services - 0.1%
|
|
|
|
ByteDance Ltd Series E1 (b)(d)(e)
|
|
293,038
|
72,573,791
|
ESTONIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Bolt Technology OU Series E (b)(d)(e)
|
|
170,267
|
31,320,916
|
FINLAND - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Health Care Technology - 0.0%
|
|
|
|
Oura Health Oy (d)(e)
|
|
913,194
|
23,459,954
|
INDIA - 0.1%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Broadline Retail - 0.1%
|
|
|
|
Meesho Series D2 (d)(e)
|
|
199,367
|
10,773,793
|
Meesho Series E (d)(e)
|
|
33,209
|
1,794,614
|
Meesho Series E1 (d)(e)
|
|
39,951
|
2,158,952
|
Meesho Series F (b)(d)(e)
|
|
577,413
|
31,746,167
|
|
|
|
|
46,473,526
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Pine Labs Pvt Ltd Series 1 (b)(d)(e)
|
|
23,689
|
11,698,813
|
Pine Labs Pvt Ltd Series A (b)(d)(e)
|
|
5,920
|
2,923,592
|
Pine Labs Pvt Ltd Series B (b)(d)(e)
|
|
6,440
|
3,180,394
|
Pine Labs Pvt Ltd Series B2 (b)(d)(e)
|
|
5,209
|
2,572,465
|
Pine Labs Pvt Ltd Series C (b)(d)(e)
|
|
9,690
|
4,785,407
|
Pine Labs Pvt Ltd Series C1 (b)(d)(e)
|
|
2,041
|
1,007,947
|
Pine Labs Pvt Ltd Series D (b)(d)(e)
|
|
2,183
|
1,078,074
|
|
|
|
|
27,246,692
|
TOTAL INDIA
|
|
|
73,720,218
|
ISRAEL - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Xsight Labs Ltd Series D (b)(d)(e)
|
|
1,192,000
|
7,509,600
|
Xsight Labs Ltd Series E (d)(e)
|
|
940,603
|
7,289,673
|
Xsight Labs Ltd Series E1 (d)(e)
|
|
436,098
|
4,020,823
|
|
|
|
|
|
TOTAL ISRAEL
|
|
|
18,820,096
|
UNITED STATES - 1.4%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Neutron Holdings Inc Series 1C (b)(d)(e)
|
|
50,654,200
|
2,917,682
|
Neutron Holdings Inc Series 1D (b)(d)(e)
|
|
85,315,542
|
4,914,175
|
Rad Power Bikes Inc Series A (b)(d)(e)
|
|
120,997
|
25,409
|
Rad Power Bikes Inc Series C (b)(d)(e)
|
|
476,111
|
271,383
|
Rad Power Bikes Inc Series D (b)(d)(e)
|
|
867,000
|
823,651
|
Waymo LLC (d)(e)
|
|
149,427
|
11,335,532
|
Waymo LLC Series A2 (b)(d)(e)
|
|
81,316
|
5,039,153
|
|
|
|
|
25,326,985
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Discord Inc Series I (b)(d)(e)
|
|
6,100
|
1,506,822
|
Consumer Staples - 0.0%
|
|
|
|
Consumer Staples Distribution & Retail - 0.0%
|
|
|
|
GoBrands Inc Series G (b)(d)(e)
|
|
166,200
|
5,421,444
|
GoBrands Inc Series H (b)(d)(e)
|
|
104,029
|
4,352,573
|
|
|
|
|
9,774,017
|
Food Products - 0.0%
|
|
|
|
AgBiome LLC Series C (b)(d)(e)
|
|
1,091,300
|
11
|
Tobacco - 0.0%
|
|
|
|
JUUL Labs Inc Series C (b)(d)(e)
|
|
2,570,575
|
2,596,281
|
JUUL Labs Inc Series D (b)(d)(e)
|
|
13,822
|
13,960
|
JUUL Labs Inc Series E (b)(d)(e)
|
|
14,959
|
15,109
|
|
|
|
|
2,625,350
|
TOTAL CONSUMER STAPLES
|
|
|
12,399,378
|
|
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Akeana Series C (d)(e)
|
|
363,100
|
4,593,215
|
Tenstorrent Holdings Inc Series C1 (b)(d)(e)
|
|
150,460
|
11,198,738
|
Tenstorrent Holdings Inc Series D1 (d)(e)
|
|
112,771
|
8,889,738
|
Tenstorrent Holdings Inc Series D2 (d)(e)
|
|
47,443
|
3,608,989
|
|
|
|
|
28,290,680
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Castle Creek Biosciences Inc Series B (b)(d)(e)
|
|
3,301
|
691,856
|
Castle Creek Biosciences Inc Series D2 (b)(d)(e)
|
|
5,347
|
1,059,240
|
|
|
|
|
1,751,096
|
Health Care Equipment & Supplies - 0.0%
|
|
|
|
Blink Health LLC Series C (b)(d)(e)
|
|
170,685
|
6,156,608
|
Blink Health LLC Series D (d)(e)
|
|
38,410
|
1,385,449
|
|
|
|
|
7,542,057
|
TOTAL HEALTH CARE
|
|
|
9,293,153
|
|
|
|
|
|
Industrials - 0.6%
|
|
|
|
Aerospace & Defense - 0.6%
|
|
|
|
ABL Space Systems Co Series A10 (d)(e)
|
|
789,444
|
307,883
|
ABL Space Systems Co Series A8 (d)(e)
|
|
306,520
|
119,543
|
ABL Space Systems Co Series A9 (d)(e)
|
|
158,338
|
61,752
|
Anduril Industries Inc (d)(e)
|
|
544,932
|
13,688,692
|
Relativity Space Inc Series E (b)(d)(e)
|
|
2,480,614
|
2,331,777
|
Space Exploration Technologies Corp Series G (b)(d)(e)
|
|
98,074
|
181,436,900
|
Space Exploration Technologies Corp Series H (b)(d)(e)
|
|
25,767
|
47,668,950
|
Space Exploration Technologies Corp Series J (b)(d)(e)
|
|
5,376
|
9,945,600
|
Space Exploration Technologies Corp Series N (b)(d)(e)
|
|
79,406
|
146,901,100
|
|
|
|
|
402,462,197
|
Air Freight & Logistics - 0.0%
|
|
|
|
Zipline International Inc Series G (d)(e)
|
|
281,500
|
10,739,225
|
Construction & Engineering - 0.0%
|
|
|
|
Beta Technologies Inc Series A (b)(d)(e)
|
|
101,010
|
11,546,453
|
Beta Technologies Inc Series C, 6% (d)(e)
|
|
25,529
|
2,950,642
|
|
|
|
|
14,497,095
|
TOTAL INDUSTRIALS
|
|
|
427,698,517
|
|
|
|
|
|
Information Technology - 0.7%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Cellink Corp Series D (b)(d)(e)
|
|
771,513
|
4,320,473
|
Enevate Corp Series E (b)(d)(e)
|
|
12,084,432
|
6,767,282
|
Frore Systems Inc Series C (d)(e)
|
|
366,694
|
5,826,768
|
Menlo Microsystems Inc Series C (b)(d)(e)
|
|
4,680,700
|
3,276,489
|
|
|
|
|
20,191,012
|
IT Services - 0.0%
|
|
|
|
Gupshup Inc (b)(d)(e)
|
|
709,497
|
5,626,311
|
Yanka Industries Inc Series F (b)(d)(e)
|
|
508,854
|
2,869,937
|
|
|
|
|
8,496,248
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Alif Semiconductor Series C (b)(d)(e)
|
|
391,847
|
7,245,251
|
Retym Inc (e)
|
|
194,389
|
2,058,580
|
Retym Inc Series C (b)(d)(e)
|
|
810,037
|
8,124,671
|
SiMa Technologies Inc Series B (b)(d)(e)
|
|
2,821,200
|
17,632,500
|
SiMa Technologies Inc Series B1 (b)(d)(e)
|
|
188,978
|
1,379,539
|
|
|
|
|
36,440,541
|
Software - 0.5%
|
|
|
|
Algolia Inc Series D (b)(d)(e)
|
|
276,495
|
6,234,962
|
Anthropic PBC Series D (d)(e)
|
|
393,051
|
22,993,484
|
Applied Intuition Inc Series A2 (d)(e)
|
|
43,948
|
2,821,901
|
Applied Intuition Inc Series B2 (d)(e)
|
|
21,192
|
1,360,738
|
Coreweave Inc Series C (d)(e)
|
|
9,498
|
10,050,404
|
Crusoe Energy Systems LLC (d)(e)
|
|
300,371
|
8,761,822
|
Databricks Inc (d)(e)
|
|
190,149
|
17,588,783
|
Databricks Inc Series G (b)(d)(e)
|
|
437,958
|
40,511,115
|
Databricks Inc Series H (b)(d)(e)
|
|
273,924
|
25,337,970
|
Databricks Inc Series I (b)(d)(e)
|
|
6,675
|
617,437
|
Dataminr Inc Series D, 8% (b)(d)(e)
|
|
277,250
|
3,679,108
|
Lyte Ai Inc (d)(e)
|
|
692,307
|
9,339,221
|
MOLOCO Inc Series A (b)(d)(e)
|
|
103,822
|
6,779,577
|
Mountain Digital Inc Series D (b)(d)(e)
|
|
524,265
|
10,259,866
|
Runway AI Inc (d)(e)
|
|
54,013
|
6,184,489
|
Skyryse Inc Series B (b)(d)(e)
|
|
560,000
|
14,733,600
|
Stripe Inc Series H (b)(d)(e)
|
|
73,100
|
2,171,070
|
Stripe Inc Series I (b)(d)(e)
|
|
1,129,819
|
33,555,624
|
xAI Corp Series B (d)(e)
|
|
3,688,585
|
79,857,865
|
xAI Corp Series C (d)(e)
|
|
674,457
|
14,601,994
|
|
|
|
|
317,441,030
|
Technology Hardware, Storage & Peripherals - 0.2%
|
|
|
|
Lightmatter Inc (d)(e)
|
|
363,511
|
29,044,529
|
Lightmatter Inc Series C1 (b)(d)(e)
|
|
372,617
|
24,078,511
|
Lightmatter Inc Series C2 (b)(d)(e)
|
|
58,528
|
3,851,727
|
|
|
|
|
56,974,767
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
439,543,598
|
|
|
|
|
|
Materials - 0.1%
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
Diamond Foundry Inc Series C (b)(d)(e)
|
|
2,271,329
|
61,734,722
|
Utilities - 0.0%
|
|
|
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|
|
|
Redwood Materials Series C (b)(d)(e)
|
|
341,408
|
10,641,688
|
Redwood Materials Series D (b)(d)(e)
|
|
97,832
|
3,049,423
|
|
|
|
|
13,691,111
|
TOTAL UNITED STATES
|
|
|
1,019,484,966
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $996,865,074)
|
|
|
1,239,379,941
|
|
|
|
|
|
Non-Convertible Preferred Stocks - 0.0%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Castle Creek Biosciences Inc Series A4 (b)(d)(e)
(Cost $9,830,736)
|
|
29,758
|
6,481,888
|
|
|
|
|
|
Preferred Securities - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Rad Power Bikes Inc 8% 12/31/2025 (d)(e)
|
|
980,651
|
1,280,011
|
Information Technology - 0.0%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Enevate Corp 6% (d)(e)(l)
|
|
671,584
|
596,546
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
SiMa Technologies Inc 10% 12/31/2027 (d)(e)
|
|
2,937,878
|
3,031,368
|
Software - 0.0%
|
|
|
|
Skyryse Inc 0% 2/5/2027 (d)(e)
|
|
1,324,031
|
1,463,981
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
5,091,895
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
6,371,906
|
|
TOTAL PREFERRED SECURITIES
(Cost $5,914,144)
|
|
|
6,371,906
|
|
|
|
|
|
Money Market Funds - 0.6%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (m)
|
|
4.37
|
145,187,727
|
145,216,764
|
Fidelity Securities Lending Cash Central Fund (m)(n)
|
|
4.37
|
303,829,070
|
303,859,453
|
|
TOTAL MONEY MARKET FUNDS
(Cost $449,076,217)
|
|
|
|
449,076,217
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $30,706,598,658)
|
76,183,885,587
|
NET OTHER ASSETS (LIABILITIES) - (0.4)%
|
(302,670,563)
|
NET ASSETS - 100.0%
|
75,881,215,024
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(c)
|
Security or a portion of the security is on loan at period end.
|
(d)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,308,214,290 or 3.0% of net assets.
|
(f)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $4,852,398 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(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 $44,617,665 or 0.1% of net assets.
|
(h)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $37,042,212 or 0.0% of net assets.
|
(j)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(k)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(l)
|
Security is perpetual in nature with no stated maturity date.
|
(m)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(n)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
ABL Space Systems Co Series A10
|
12/14/23
|
1,348,925
|
|
|
|
|
ABL Space Systems Co Series A8
|
3/24/21
|
12,165,467
|
|
|
|
|
ABL Space Systems Co Series A9
|
10/22/21
|
9,626,140
|
|
|
|
|
AgBiome LLC Series C
|
6/29/18
|
6,911,967
|
|
|
|
|
Akeana Series C
|
1/23/24
|
4,633,446
|
|
|
|
|
Algolia Inc Series D
|
7/23/21
|
8,086,110
|
|
|
|
|
Alif Semiconductor Series C
|
3/08/22
|
7,953,922
|
|
|
|
|
Anduril Industries Inc
|
8/07/24
|
11,844,969
|
|
|
|
|
Ant International Co Ltd Class C
|
5/16/18
|
12,251,284
|
|
|
|
|
Anthropic PBC Series D
|
5/31/24
|
11,793,299
|
|
|
|
|
Applied Intuition Inc Class A
|
7/02/24
|
2,015,419
|
|
|
|
|
Applied Intuition Inc Series A2
|
7/02/24
|
2,623,471
|
|
|
|
|
Applied Intuition Inc Series B2
|
7/02/24
|
1,265,054
|
|
|
|
|
Atom Tickets LLC
|
8/15/17
|
7,000,000
|
|
|
|
|
Beta Technologies Inc Series A
|
4/09/21
|
7,401,003
|
|
|
|
|
Beta Technologies Inc Series C, 6%
|
10/24/24
|
2,922,305
|
|
|
|
|
Blink Health LLC Class A1
|
12/30/20 - 6/17/24
|
1,806,910
|
|
|
|
|
Blink Health LLC Series C
|
11/07/19 - 7/14/21
|
6,516,071
|
|
|
|
|
Blink Health LLC Series D
|
6/17/24 - 6/25/24
|
1,613,220
|
|
|
|
|
Bolt Technology OU Series E
|
1/03/22
|
44,234,771
|
|
|
|
|
Bowery Farming Inc warrants
|
10/25/23
|
0
|
|
|
|
|
ByteDance Ltd Series E1
|
11/18/20
|
32,109,399
|
|
|
|
|
Castle Creek Biosciences Inc Series A4
|
9/29/16
|
9,830,736
|
|
|
|
|
Castle Creek Biosciences Inc Series B
|
10/09/18
|
1,359,517
|
|
|
|
|
Castle Creek Biosciences Inc Series D2
|
6/28/21
|
916,700
|
|
|
|
|
Cellink Corp Series D
|
1/20/22
|
16,065,910
|
|
|
|
|
Coreweave Inc Class A
|
11/29/23
|
45,878,181
|
|
|
|
|
Coreweave Inc Series C
|
5/17/24
|
7,399,417
|
|
|
|
|
Crusoe Energy Systems LLC
|
12/10/24
|
8,762,375
|
|
|
|
|
Databricks Inc
|
12/17/24
|
17,588,783
|
|
|
|
|
Databricks Inc Series G
|
2/01/21
|
25,893,230
|
|
|
|
|
Databricks Inc Series H
|
8/31/21
|
20,129,068
|
|
|
|
|
Databricks Inc Series I
|
9/14/23
|
490,613
|
|
|
|
|
Dataminr Inc Series D, 8%
|
3/06/15
|
3,534,938
|
|
|
|
|
Diamond Foundry Inc Series C
|
3/15/21
|
54,511,896
|
|
|
|
|
Discord Inc Series I
|
9/15/21
|
3,358,809
|
|
|
|
|
Enevate Corp 10% 5/12/2025
|
11/12/24
|
187,681
|
|
|
|
|
Enevate Corp 6%
|
11/02/23 - 10/31/24
|
671,584
|
|
|
|
|
Enevate Corp Series E
|
1/29/21
|
13,397,828
|
|
|
|
|
Epic Games Inc
|
7/30/20
|
3,525,325
|
|
|
|
|
Fanatics Inc Class A
|
8/13/20 - 10/24/22
|
78,989,836
|
|
|
|
|
Figma Inc Class A
|
5/15/24
|
5,887,079
|
|
|
|
|
Frore Systems Inc Series C
|
5/10/24
|
5,892,919
|
|
|
|
|
GoBrands Inc Series G
|
3/02/21
|
41,503,015
|
|
|
|
|
GoBrands Inc Series H
|
7/22/21
|
40,414,287
|
|
|
|
|
Gupshup Inc
|
6/08/21
|
16,222,791
|
|
|
|
|
JUUL Labs Inc Class A
|
12/20/17 - 2/23/24
|
30,079,410
|
|
|
|
|
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
|
320,665
|
|
|
|
|
Lenskart Solutions Pvt Ltd
|
4/30/24
|
29,540,064
|
|
|
|
|
Lightmatter Inc
|
10/11/24
|
29,164,669
|
|
|
|
|
Lightmatter Inc Series C1
|
5/19/23
|
6,132,083
|
|
|
|
|
Lightmatter Inc Series C2
|
12/18/23
|
1,521,833
|
|
|
|
|
Lyte Ai Inc
|
8/13/24
|
8,782,676
|
|
|
|
|
Meesho Series D2
|
7/15/24
|
11,164,552
|
|
|
|
|
Meesho Series E
|
7/15/24
|
1,859,704
|
|
|
|
|
Meesho Series E1
|
4/18/24
|
2,237,256
|
|
|
|
|
Meesho Series F
|
9/21/21 - 7/15/24
|
43,634,380
|
|
|
|
|
Menlo Microsystems Inc Series C
|
2/09/22
|
6,204,268
|
|
|
|
|
MOLOCO Inc Series A
|
6/26/23
|
6,229,320
|
|
|
|
|
Mountain Digital Inc Series D
|
11/05/21
|
12,039,903
|
|
|
|
|
Multiplan Corp warrants
|
10/08/20
|
0
|
|
|
|
|
Neutron Holdings Inc
|
2/04/21
|
71,531
|
|
|
|
|
Neutron Holdings Inc 4% 5/22/2027
|
6/04/20
|
2,432,800
|
|
|
|
|
Neutron Holdings Inc 4% 6/12/2027
|
6/12/20
|
647,200
|
|
|
|
|
Neutron Holdings Inc 7.5% 10/29/2026
|
10/29/21 - 10/27/24
|
23,065,557
|
|
|
|
|
Neutron Holdings Inc Series 1C
|
7/03/18
|
9,261,614
|
|
|
|
|
Neutron Holdings Inc Series 1D
|
1/25/19
|
20,689,019
|
|
|
|
|
OpenAI Global LLC rights
|
9/30/24
|
29,421,124
|
|
|
|
|
Oura Health Oy
|
12/18/24
|
23,459,954
|
|
|
|
|
Pine Labs Pvt Ltd
|
6/30/21
|
3,695,788
|
|
|
|
|
Pine Labs Pvt Ltd Series 1
|
6/30/21
|
8,832,681
|
|
|
|
|
Pine Labs Pvt Ltd Series A
|
6/30/21
|
2,207,331
|
|
|
|
|
Pine Labs Pvt Ltd Series B
|
6/30/21
|
2,401,218
|
|
|
|
|
Pine Labs Pvt Ltd Series B2
|
6/30/21
|
1,942,228
|
|
|
|
|
Pine Labs Pvt Ltd Series C
|
6/30/21
|
3,613,013
|
|
|
|
|
Pine Labs Pvt Ltd Series C1
|
6/30/21
|
761,007
|
|
|
|
|
Pine Labs Pvt Ltd Series D
|
6/30/21
|
813,953
|
|
|
|
|
Rad Power Bikes Inc
|
1/21/21
|
4,476,962
|
|
|
|
|
Rad Power Bikes Inc 8% 12/31/2025
|
10/06/23
|
980,651
|
|
|
|
|
Rad Power Bikes Inc Series A
|
1/21/21
|
583,670
|
|
|
|
|
Rad Power Bikes Inc Series C
|
1/21/21
|
2,296,683
|
|
|
|
|
Rad Power Bikes Inc Series D
|
9/17/21
|
8,309,155
|
|
|
|
|
Rad Power Bikes Inc warrants 10/6/2033
|
10/06/23
|
1
|
|
|
|
|
Rapyd Financial Network 2016 Ltd
|
3/30/21
|
14,999,992
|
|
|
|
|
Redwood Materials Series C
|
5/28/21
|
16,183,924
|
|
|
|
|
Redwood Materials Series D
|
6/02/23
|
4,670,095
|
|
|
|
|
Relativity Space Inc Series E
|
5/27/21
|
56,645,069
|
|
|
|
|
Retym Inc Series C
|
5/17/23 - 6/20/23
|
6,303,546
|
|
|
|
|
Runway AI Inc
|
9/06/24
|
5,855,969
|
|
|
|
|
SiMa Technologies Inc 10% 12/31/2027
|
4/08/24 - 12/31/24
|
2,937,878
|
|
|
|
|
SiMa Technologies Inc Series B
|
5/10/21
|
14,465,421
|
|
|
|
|
SiMa Technologies Inc Series B1
|
4/25/22
|
1,340,024
|
|
|
|
|
Skyryse Inc 0% 2/5/2027
|
8/13/24
|
1,324,031
|
|
|
|
|
Skyryse Inc Series B
|
10/21/21
|
13,820,783
|
|
|
|
|
Space Exploration Technologies Corp
|
10/16/15 - 12/09/24
|
60,518,403
|
|
|
|
|
Space Exploration Technologies Corp Class C
|
9/11/17 - 12/09/24
|
11,127,463
|
|
|
|
|
Space Exploration Technologies Corp Series G
|
1/20/15 - 9/07/23
|
8,180,646
|
|
|
|
|
Space Exploration Technologies Corp Series H
|
8/04/17
|
3,478,545
|
|
|
|
|
Space Exploration Technologies Corp Series J
|
9/07/23
|
4,354,560
|
|
|
|
|
Space Exploration Technologies Corp Series N
|
8/04/20
|
21,439,620
|
|
|
|
|
Stripe Inc Class B
|
5/18/21
|
6,966,287
|
|
|
|
|
Stripe Inc Series H
|
3/15/21
|
2,933,138
|
|
|
|
|
Stripe Inc Series I
|
3/20/23 - 5/12/23
|
22,747,934
|
|
|
|
|
Tanium Inc Class B
|
4/21/17
|
2,754,690
|
|
|
|
|
Tenstorrent Holdings Inc Series C1
|
4/23/21
|
8,945,545
|
|
|
|
|
Tenstorrent Holdings Inc Series D1
|
7/16/24 - 1/15/25
|
8,889,338
|
|
|
|
|
Tenstorrent Holdings Inc Series D2
|
7/17/24
|
3,604,719
|
|
|
|
|
Tory Burch LLC Class A
|
5/14/15
|
20,796,681
|
|
|
|
|
Veterinary Emergency Group
|
9/16/21 - 3/17/22
|
21,635,527
|
|
|
|
|
Waymo LLC
|
10/18/24
|
11,685,386
|
|
|
|
|
Waymo LLC Series A2
|
5/08/20
|
6,982,377
|
|
|
|
|
X Holdings Corp Class A
|
10/25/22
|
19,660,000
|
|
|
|
|
xAI Corp Series B
|
5/13/24
|
44,152,362
|
|
|
|
|
xAI Corp Series C
|
11/22/24
|
14,601,994
|
|
|
|
|
Xsight Labs Ltd Series D
|
2/16/21
|
9,531,232
|
|
|
|
|
Xsight Labs Ltd Series E
|
11/04/24 - 12/30/24
|
7,524,825
|
|
|
|
|
Xsight Labs Ltd Series E1
|
1/11/24
|
3,487,040
|
|
|
|
|
Xsight Labs Ltd warrants 1/11/2034
|
1/11/24
|
0
|
|
|
|
|
Xsight Labs Ltd warrants 12/30/2031
|
11/04/24 - 12/30/24
|
0
|
|
|
|
|
Yanka Industries Inc Series F
|
4/08/21
|
16,220,637
|
|
|
|
|
Zipline International Inc Series G
|
6/07/24
|
11,807,883
|
|
|
|
|
Additional information on each lock-up table restriction is as follows:
|
Security
|
Restriction Expiration Date
|
Swiggy Ltd
|
2025-02-10
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
34,919,537
|
1,273,979,134
|
1,163,681,907
|
486,559
|
-
|
-
|
145,216,764
|
145,187,727
|
0.2%
|
Fidelity Securities Lending Cash Central Fund
|
200,820,844
|
1,138,099,297
|
1,035,060,688
|
557,001
|
-
|
-
|
303,859,453
|
303,829,070
|
1.3%
|
Total
|
235,740,381
|
2,412,078,431
|
2,198,742,595
|
1,043,560
|
-
|
-
|
449,076,217
|
449,016,797
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
RH
|
296,338,476
|
8,068,026
|
-
|
-
|
-
|
132,758,338
|
437,164,840
|
1,043,079
|
Real Good Food Co LLC /The Class B
|
13
|
-
|
-
|
-
|
-
|
(12)
|
-
|
105,172
|
Real Good Food Co LLC /The Class B unit
|
643,657
|
-
|
-
|
-
|
-
|
(643,541)
|
-
|
105,172
|
Warby Parker Inc Class A
|
88,773,876
|
-
|
43,872,328
|
-
|
(61,601,505)
|
90,686,627
|
-
|
2,670,035
|
Total
|
385,756,022
|
8,068,026
|
43,872,328
|
-
|
(61,601,505)
|
222,801,412
|
437,164,840
|
3,923,458
|
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
13,716,802,331
|
13,602,090,537
|
110,551,849
|
4,159,945
|
Consumer Discretionary
|
16,553,940,878
|
16,258,815,428
|
132,970,910
|
162,154,540
|
Consumer Staples
|
844,756,642
|
782,617,500
|
32,630,071
|
29,509,071
|
Energy
|
287,445,422
|
97,627,982
|
189,817,440
|
-
|
Financials
|
3,612,715,280
|
3,473,524,214
|
90,145,793
|
49,045,273
|
Health Care
|
4,363,549,818
|
4,327,931,740
|
1
|
35,618,077
|
Industrials
|
2,931,824,113
|
2,315,425,146
|
40,927,977
|
575,470,990
|
Information Technology
|
31,313,091,891
|
31,106,205,302
|
7,240,249
|
199,646,340
|
Materials
|
496,090,306
|
446,931,153
|
49,159,153
|
-
|
Real Estate
|
318,733,451
|
318,733,451
|
-
|
-
|
Utilities
|
7,199,520
|
7,199,520
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Consumer Discretionary
|
36,234,211
|
-
|
-
|
36,234,211
|
Information Technology
|
191,772
|
-
|
-
|
191,772
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Communication Services
|
72,573,791
|
-
|
-
|
72,573,791
|
Consumer Discretionary
|
73,307,333
|
-
|
-
|
73,307,333
|
Consumer Staples
|
12,399,378
|
-
|
-
|
12,399,378
|
Financials
|
28,290,680
|
-
|
-
|
28,290,680
|
Health Care
|
32,753,107
|
-
|
-
|
32,753,107
|
Industrials
|
427,698,517
|
-
|
-
|
427,698,517
|
Information Technology
|
516,931,302
|
-
|
-
|
516,931,302
|
Materials
|
61,734,722
|
-
|
-
|
61,734,722
|
Utilities
|
13,691,111
|
-
|
-
|
13,691,111
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
Health Care
|
6,481,888
|
-
|
-
|
6,481,888
|
|
|
Preferred Securities
|
|
|
|
|
Consumer Discretionary
|
1,280,011
|
-
|
-
|
1,280,011
|
Information Technology
|
5,091,895
|
-
|
-
|
5,091,895
|
|
|
Money Market Funds
|
449,076,217
|
449,076,217
|
-
|
-
|
Total Investments in Securities:
|
76,183,885,587
|
73,186,178,190
|
653,443,443
|
2,344,263,954
|
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Common Stocks
|
|
|
|
Beginning Balance
|
$
|
733,238,134
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(4,735,847)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
252,130,914
|
|
Cost of Purchases
|
|
74,971,035
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
1,055,604,236
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
247,734,448
|
|
Convertible Corporate Bonds
|
|
|
|
Beginning Balance
|
$
|
26,330,691
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
9,181,576
|
|
Cost of Purchases
|
|
913,716
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
36,425,983
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
9,181,576
|
|
Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
891,038,684
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(14,115,975)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
217,395,706
|
|
Cost of Purchases
|
|
145,061,526
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
1,239,379,941
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
203,279,732
|
|
Non-Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
6,710,131
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(228,243)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
6,481,888
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(228,243)
|
|
Preferred Securities
|
|
|
|
Beginning Balance
|
$
|
4,969,774
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(103,048)
|
|
Cost of Purchases
|
|
1,505,180
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
6,371,906
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(103,048)
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.
|
|
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $293,846,486) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $30,082,605,709)
|
$
|
75,297,644,530
|
|
|
Fidelity Central Funds (cost $449,076,217)
|
|
449,076,217
|
|
|
Other affiliated issuers (cost $174,916,732)
|
|
437,164,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $30,706,598,658)
|
|
|
$
|
76,183,885,587
|
Restricted cash
|
|
|
|
39,825
|
Foreign currency held at value (cost $38,398)
|
|
|
|
38,523
|
Receivable for investments sold
|
|
|
|
161,867,646
|
Receivable for fund shares sold
|
|
|
|
56,967,746
|
Dividends receivable
|
|
|
|
8,800,652
|
Interest receivable
|
|
|
|
1,037,641
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
395,463
|
Prepaid expenses
|
|
|
|
49,635
|
Other receivables
|
|
|
|
994,865
|
Total assets
|
|
|
|
76,414,077,583
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
95,709,544
|
|
|
Payable for fund shares redeemed
|
|
62,572,724
|
|
|
Accrued management fee
|
|
40,571,893
|
|
|
Distribution and service plan fees payable
|
|
4,535
|
|
|
Deferred taxes
|
|
28,570,360
|
|
|
Other payables and accrued expenses
|
|
1,611,812
|
|
|
Collateral on securities loaned
|
|
303,821,691
|
|
|
Total liabilities
|
|
|
|
532,862,559
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
75,881,215,024
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
29,342,353,966
|
Total accumulated earnings (loss)
|
|
|
|
46,538,861,058
|
Net Assets
|
|
|
$
|
75,881,215,024
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Class A :
|
|
|
|
|
Net Asset Value and redemption price per share ($14,902,412 ÷ 64,311 shares)(a)
|
|
|
$
|
231.72
|
Maximum offering price per share (100/94.25 of $231.72)
|
|
|
$
|
245.86
|
Class M :
|
|
|
|
|
Net Asset Value and redemption price per share ($2,697,931 ÷ 11,643 shares)(a)
|
|
|
$
|
231.72
|
Maximum offering price per share (100/96.50 of $231.72)
|
|
|
$
|
240.12
|
Class C :
|
|
|
|
|
Net Asset Value and offering price per share ($2,133,183 ÷ 9,224 shares)(a)
|
|
|
$
|
231.26
|
Blue Chip Growth :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($68,752,024,240 ÷ 296,004,512 shares)
|
|
|
$
|
232.27
|
Class K :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($6,526,309,557 ÷ 27,938,419 shares)
|
|
|
$
|
233.60
|
Class I :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($3,335,954 ÷ 14,385 shares)
|
|
|
$
|
231.91
|
Class Z :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($579,811,747 ÷ 2,500,269 shares)
|
|
|
$
|
231.90
|
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
|
Consolidated Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
142,141,794
|
Interest
|
|
|
|
879,218
|
Income from Fidelity Central Funds (including $557,001 from security lending)
|
|
|
|
1,043,560
|
Total income
|
|
|
|
144,064,572
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
205,693,424
|
|
|
Performance adjustment
|
|
(20,563,927)
|
|
|
Distribution and service plan fees
|
|
8,660
|
|
|
Custodian fees and expenses
|
|
342,172
|
|
|
Independent trustees' fees and expenses
|
|
150,199
|
|
|
Registration fees
|
|
490,283
|
|
|
Audit fees
|
|
79,408
|
|
|
Legal
|
|
54,495
|
|
|
Interest
|
|
256,556
|
|
|
Miscellaneous
|
|
106,279
|
|
|
Total expenses before reductions
|
|
186,617,549
|
|
|
Expense reductions
|
|
(79,287)
|
|
|
Total expenses after reductions
|
|
|
|
186,538,262
|
Net Investment income (loss)
|
|
|
|
(42,473,690)
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of foreign taxes of $524,156)
|
|
1,878,268,182
|
|
|
Redemptions in-kind
|
|
242,747,794
|
|
|
Affiliated issuers
|
|
(61,601,505)
|
|
|
Foreign currency transactions
|
|
(361,692)
|
|
|
Written options
|
|
1,838,603
|
|
|
Total net realized gain (loss)
|
|
|
|
2,060,891,382
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,342,513)
|
|
8,217,131,527
|
|
|
Affiliated issuers
|
|
222,801,412
|
|
|
Unfunded commitments
|
|
(72,442)
|
|
|
Assets and liabilities in foreign currencies
|
|
(63,949)
|
|
|
Written options
|
|
2,628,801
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
8,442,425,349
|
Net gain (loss)
|
|
|
|
10,503,316,731
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
10,460,843,041
|
Consolidated Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
(42,473,690)
|
$
|
(12,959,514)
|
Net realized gain (loss)
|
|
2,060,891,382
|
|
4,704,479,199
|
Change in net unrealized appreciation (depreciation)
|
|
8,442,425,349
|
|
10,404,473,087
|
Net increase (decrease) in net assets resulting from operations
|
|
10,460,843,041
|
|
15,095,992,772
|
Distributions to shareholders
|
|
(4,175,320,827)
|
|
(486,357,262)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
4,355,100,034
|
|
886,065,068
|
Total increase (decrease) in net assets
|
|
10,640,622,248
|
|
15,495,700,578
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
65,240,592,776
|
|
49,744,892,198
|
End of period
|
$
|
75,881,215,024
|
$
|
65,240,592,776
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Financial Highlights
Fidelity Advisor® Blue Chip Growth Fund Class A
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
211.52
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.44)
|
Net realized and unrealized gain (loss)
|
|
22.96
|
Total from investment operations
|
|
22.52
|
Distributions from net investment income
|
|
(.42)
|
Distributions from net realized gain
|
|
(1.90)
|
Total distributions
|
|
(2.32)
|
Net asset value, end of period
|
$
|
231.72
|
Total Return D,E,F
|
|
|
Ratios to Average Net Assets C,G,H
|
|
|
Expenses before reductions
|
|
.93% I
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.92% I
|
Net investment income (loss)
|
|
(.63)% I
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
14,902
|
Portfolio turnover rate J,K
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Blue Chip Growth Fund Class M
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
211.52
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.56)
|
Net realized and unrealized gain (loss)
|
|
22.91
|
Total from investment operations
|
|
22.35
|
Distributions from net investment income
|
|
(.25)
|
Distributions from net realized gain
|
|
(1.90)
|
Total distributions
|
|
(2.15)
|
Net asset value, end of period
|
$
|
231.72
|
Total Return D,E,F
|
|
|
Ratios to Average Net Assets C,G,H
|
|
|
Expenses before reductions
|
|
1.16% I
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
1.16% I
|
Net investment income (loss)
|
|
(.79)% I
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,698
|
Portfolio turnover rate J,K
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IAnnualized.
JPortfolio turnover rate excludes securities received or delivered in-kind.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity Advisor® Blue Chip Growth Fund Class C
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
211.52
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(1.01)
|
Net realized and unrealized gain (loss)
|
|
22.98
|
Total from investment operations
|
|
21.97
|
Distributions from net investment income
|
|
(.33)
|
Distributions from net realized gain
|
|
(1.90)
|
Total distributions
|
|
(2.23)
|
Net asset value, end of period
|
$
|
231.26
|
Total Return D,E
|
|
|
Ratios to Average Net Assets C,F,G
|
|
|
Expenses before reductions
|
|
1.70% H
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
1.70% H
|
Net investment income (loss)
|
|
(1.45)% H
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,133
|
Portfolio turnover rate I,J
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns do not include the effect of the contingent deferred sales charge.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Blue Chip Growth Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
213.10
|
$
|
164.62
|
$
|
132.94
|
$
|
187.79
|
$
|
138.12
|
$
|
103.05
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.14)
|
|
(.06)
|
|
(.13)
|
|
(.50)
|
|
(.73)
|
|
(.17)
|
Net realized and unrealized gain (loss)
|
|
32.82
|
|
50.16
|
|
32.45
|
|
(38.32)
|
|
60.84
|
|
39.23
|
Total from investment operations
|
|
32.68
|
|
50.10
|
|
32.32
|
|
(38.82)
|
|
60.11
|
|
39.06
|
Distributions from net investment income
|
|
(.53)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(12.98)
|
|
(1.62)
|
|
(.64)
|
|
(16.03)
|
|
(10.44)
|
|
(3.99)
|
Total distributions
|
|
(13.51)
|
|
(1.62)
|
|
(.64)
|
|
(16.03)
|
|
(10.44)
|
|
(3.99)
|
Net asset value, end of period
|
$
|
232.27
|
$
|
213.10
|
$
|
164.62
|
$
|
132.94
|
$
|
187.79
|
$
|
138.12
|
Total Return C,D
|
|
|
|
30.74%
|
|
24.43%
|
|
(22.85)%
|
|
45.70%
|
|
39.45%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.54% G
|
|
.50%
|
|
.69%
|
|
.76%
|
|
.79%
|
|
.79%
|
Expenses net of fee waivers, if any
|
|
|
|
.49%
|
|
.68%
|
|
.76%
|
|
.79%
|
|
.79%
|
Expenses net of all reductions
|
|
.54% G
|
|
.49%
|
|
.68%
|
|
.76%
|
|
.78%
|
|
.78%
|
Net investment income (loss)
|
|
(.13)% G
|
|
(.03)%
|
|
(.10)%
|
|
(.31)%
|
|
(.44)%
|
|
(.16)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
68,752,024
|
$
|
59,681,817
|
$
|
45,272,122
|
$
|
36,726,496
|
$
|
48,318,328
|
$
|
31,022,638
|
Portfolio turnover rate H,I
|
|
|
|
22%
|
|
19%
|
|
34%
|
|
41%
|
|
49%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Blue Chip Growth Fund Class K
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
214.37
|
$
|
165.45
|
$
|
133.48
|
$
|
188.45
|
$
|
138.50
|
$
|
103.24
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.06)
|
|
.10
|
|
(.01)
|
|
(.37)
|
|
(.60)
|
|
(.08)
|
Net realized and unrealized gain (loss)
|
|
33.00
|
|
50.44
|
|
32.62
|
|
(38.45)
|
|
61.04
|
|
39.33
|
Total from investment operations
|
|
32.94
|
|
50.54
|
|
32.61
|
|
(38.82)
|
|
60.44
|
|
39.25
|
Distributions from net investment income
|
|
(.73)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(12.98)
|
|
(1.62)
|
|
(.64)
|
|
(16.15)
|
|
(10.49)
|
|
(3.99)
|
Total distributions
|
|
(13.71)
|
|
(1.62)
|
|
(.64)
|
|
(16.15)
|
|
(10.49)
|
|
(3.99)
|
Net asset value, end of period
|
$
|
233.60
|
$
|
214.37
|
$
|
165.45
|
$
|
133.48
|
$
|
188.45
|
$
|
138.50
|
Total Return C,D
|
|
|
|
30.85%
|
|
24.55%
|
|
(22.78)%
|
|
45.83%
|
|
39.57%
|
Ratios to Average Net Assets B,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.47% G
|
|
.42%
|
|
.59%
|
|
.68%
|
|
.71%
|
|
.70%
|
Expenses net of fee waivers, if any
|
|
|
|
.41%
|
|
.59%
|
|
.68%
|
|
.71%
|
|
.69%
|
Expenses net of all reductions
|
|
.47% G
|
|
.41%
|
|
.59%
|
|
.68%
|
|
.70%
|
|
.69%
|
Net investment income (loss)
|
|
(.06)% G
|
|
.05%
|
|
(.01)%
|
|
(.23)%
|
|
(.36)%
|
|
(.07)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
6,526,310
|
$
|
5,558,776
|
$
|
4,472,770
|
$
|
4,380,450
|
$
|
8,634,939
|
$
|
6,624,647
|
Portfolio turnover rate H,I
|
|
|
|
22%
|
|
19%
|
|
34%
|
|
41%
|
|
49%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Blue Chip Growth Fund Class I
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
211.52
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.30)
|
Net realized and unrealized gain (loss)
|
|
23.01
|
Total from investment operations
|
|
22.71
|
Distributions from net investment income
|
|
(.42)
|
Distributions from net realized gain
|
|
(1.90)
|
Total distributions
|
|
(2.32)
|
Net asset value, end of period
|
$
|
231.91
|
Total Return D,E
|
|
|
Ratios to Average Net Assets B,F,G
|
|
|
Expenses before reductions
|
|
.68% H
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.68% H
|
Net investment income (loss)
|
|
(.43)% H
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
3,336
|
Portfolio turnover rate I,J
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CCalculated based on average shares outstanding during the period.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity Advisor® Blue Chip Growth Fund Class Z
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025 A
|
Selected Per-Share Data
|
|
|
Net asset value, beginning of period
|
$
|
211.52
|
Income from Investment Operations
|
|
|
Net investment income (loss) B,C
|
|
(.19)
|
Net realized and unrealized gain (loss)
|
|
22.98
|
Total from investment operations
|
|
22.79
|
Distributions from net investment income
|
|
(.51)
|
Distributions from net realized gain
|
|
(1.90)
|
Total distributions
|
|
(2.41)
|
Net asset value, end of period
|
$
|
231.90
|
Total Return D,E
|
|
|
Ratios to Average Net Assets C,F,G
|
|
|
Expenses before reductions
|
|
.56% H
|
Expenses net of fee waivers, if any
|
|
|
Expenses net of all reductions
|
|
.56% H
|
Net investment income (loss)
|
|
(.27)% H
|
Supplemental Data
|
|
|
Net assets, end of period (000 omitted)
|
$
|
579,812
|
Portfolio turnover rate I,J
|
|
|
AFor the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 8, 2024. The Fund offers Class A, Class M, Class C, Blue Chip Growth, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$1,055,604,236
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.5 - 19.1 / 10.3
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
7.8 - 32.6 / 31.4
|
Increase
|
|
|
Book value
|
Book value multiple
|
1.7
|
Increase
|
|
|
Market approach
|
Transaction price
|
$8.00
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
60.0% - 70.0% / 64.8%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.4% / 4.3%
|
Increase
|
|
|
|
Term
|
2.1 - 3.0 / 2.6
|
Increase
|
Convertible Corporate Bonds
|
$36,425,983
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
2.9
|
Increase
|
|
|
|
Discount rate
|
29.2%
|
Decrease
|
|
|
|
Probability rate
|
10.0% - 75.0% / 33.3%
|
Increase
|
|
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
21.7%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 60.0% / 25.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
75.0% - 100.0% / 75.2%
|
Increase
|
|
|
|
Discount rate
|
4.2% - 5.0% / 4.2%
|
Increase
|
|
|
|
Term
|
0.3 - 0.9 / 0.9
|
Increase
|
Convertible Preferred Stocks
|
$1,239,379,941
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.3 - 51.0 / 15.0
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
32.6
|
Increase
|
|
|
|
Enterprise Value/Gross Profit multiple (EV/GP)
|
14.6
|
Increase
|
|
|
Market approach
|
Transaction price
|
$1.10 - $215.03 / $28.69
|
Increase
|
|
|
|
Discount rate
|
10.0% - 60.0% / 38.1%
|
Decrease
|
|
|
|
Premium rate
|
5.0% - 25.0% / 23.3%
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
50.0% - 100.0% / 63.5%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.5% / 4.3%
|
Increase
|
|
|
|
Term
|
2.0 - 5.0 / 3.0
|
Increase
|
Non-Convertible Preferred Stocks
|
$6,481,888
|
Market approach
|
Transaction price
|
$215.03
|
Increase
|
|
|
|
Premium rate
|
5.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
85.0%
|
Increase
|
|
|
|
Discount rate
|
4.4%
|
Increase
|
|
|
|
Term
|
3.0
|
Increase
|
Preferred Securities
|
$6,371,906
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.5 - 5.3 / 3.5
|
Increase
|
|
|
|
Discount rate
|
15.5%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 75.0% / 25.0%
|
Increase
|
|
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
35.4% - 37.9% / 37.4%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 50.0% / 35.4%
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
50.0% - 100.0% / 56.7%
|
Increase
|
|
|
|
Discount rate
|
4.2% - 5.0% / 4.3%
|
Increase
|
|
|
|
Term
|
0.1 - 2.1 / 1.0
|
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, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Blue Chip Growth Fund
|
$990,014
|
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Consolidated Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred Trustee compensation, losses deferred due to wash sales, options 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
|
$46,912,570,523
|
Gross unrealized depreciation
|
(1,657,121,838)
|
Net unrealized appreciation (depreciation)
|
$45,255,448,685
|
Tax cost
|
$30,928,436,902
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
Fidelity Blue Chip Growth Fund
|
Revolut Group Holdings, Ltd.
|
11,725,576
|
-
|
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
|
Amount ($)
|
% of Net Assets
|
Fidelity Blue Chip Growth Fund
|
46,191,742
|
.06
|
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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 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 Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Consolidated Statement of Operations.
Primary Risk Exposure / Derivative Type
|
Net Realized Gain (Loss)($)
|
Change in Net Unrealized Appreciation (Depreciation)($)
|
Fidelity Blue Chip Growth Fund
|
|
|
Equity Risk
|
|
|
Purchased Options
|
(3,764,056)
|
(3,260,056)
|
Written Options
|
1,838,603
|
(2,628,801)
|
Total Equity Risk
|
(1,925,453)
|
(5,888,857)
|
Totals
|
(1,925,453)
|
(5,888,857)
|
If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Consolidated Schedule of Investments.
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 and/or OTC options were used to manage exposure to the market.
Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Consolidated Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Consolidated Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Consolidated Statement of Operations.
Any open options at period end are presented in the Consolidated Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.
Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Blue Chip Growth Fund
|
11,301,108,750
|
11,017,831,271
|
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Blue Chip Growth Fund
|
1,467,936
|
242,747,794
|
335,775,699
|
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Blue Chip Growth Fund
|
5,683,941
|
939,644,350
|
1,176,165,653
|
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Class A
|
.67
|
Class M
|
.67
|
Class C
|
.67
|
Blue Chip Growth
|
.63
|
Class K
|
.54
|
Class I
|
.67
|
Class Z
|
.54
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Class A
|
.65
|
Class M
|
.65
|
Class C
|
.65
|
Blue Chip Growth
|
.59
|
Class K
|
.52
|
Class I
|
.65
|
Class Z
|
.53
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
|
Performance Adjustment Index
|
Fidelity Blue Chip Growth Fund
|
Russell 1000 Growth Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Blue Chip Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.06)%.
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%
|
4,200
|
545
|
Class M
|
.25%
|
.25%
|
2,312
|
110
|
Class C
|
.75%
|
.25%
|
2,148
|
1,646
|
|
|
|
8,660
|
2,301
|
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, there were no sales charge amounts retained by FDC.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Blue Chip Growth Fund
|
217,213
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Blue Chip Growth Fund
|
Borrower
|
23,566,701
|
5.09%
|
256,556
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Blue Chip Growth Fund
|
902,926,368
|
581,400,698
|
152,848,274
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Blue Chip Growth Fund
|
44,176
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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 ($)
|
Fidelity Blue Chip Growth Fund
|
59,688
|
1
|
-
|
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
|
Amount ($)
|
Fidelity Blue Chip Growth Fund
|
63,807
|
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 $79,287.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025 A
|
Year ended
July 31, 2024
|
Fidelity Blue Chip Growth Fund
|
|
|
Distributions to shareholders
|
|
|
Class A
|
$70,438
|
$ -
|
Class M
|
17,850
|
-
|
Class C
|
8,569
|
-
|
Blue Chip Growth
|
3,816,391,106
|
443,550,444
|
Class K
|
355,175,421
|
42,806,818
|
Class I
|
7,119
|
-
|
Class Z
|
3,650,324
|
-
|
Total
|
$4,175,320,827
|
$486,357,262
|
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
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, 2025 A
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025 A
|
Year ended
July 31, 2024
|
Fidelity Blue Chip Growth Fund
|
|
|
|
|
Class A
|
|
|
|
|
Shares sold
|
65,118
|
-
|
$14,882,501
|
$ -
|
Reinvestment of distributions
|
306
|
-
|
70,438
|
-
|
Shares redeemed
|
(1,113)
|
-
|
(257,613)
|
-
|
Net increase (decrease)
|
64,311
|
-
|
$14,695,326
|
$ -
|
Class M
|
|
|
|
|
Shares sold
|
12,765
|
-
|
$2,892,845
|
$ -
|
Reinvestment of distributions
|
78
|
-
|
17,850
|
-
|
Shares redeemed
|
(1,200)
|
-
|
(273,028)
|
-
|
Net increase (decrease)
|
11,643
|
-
|
$2,637,667
|
$ -
|
Class C
|
|
|
|
|
Shares sold
|
9,586
|
-
|
$2,187,498
|
$ -
|
Reinvestment of distributions
|
37
|
-
|
8,568
|
-
|
Shares redeemed
|
(399)
|
-
|
(90,251)
|
-
|
Net increase (decrease)
|
9,224
|
-
|
$2,105,815
|
$ -
|
Blue Chip Growth
|
|
|
|
|
Shares sold
|
27,073,923
|
48,330,093
|
$5,979,651,097
|
$9,118,147,077
|
Reinvestment of distributions
|
16,660,152
|
2,483,540
|
3,462,396,209
|
405,113,832
|
Shares redeemed
|
(27,791,194)
|
(45,753,585)
|
(6,108,430,746)
|
(8,460,461,064)
|
Net increase (decrease)
|
15,942,881
|
5,060,048
|
$3,333,616,560
|
$1,062,799,845
|
Class K
|
|
|
|
|
Shares sold
|
3,968,138
|
7,165,576
|
$875,244,915
|
$1,367,778,120
|
Reinvestment of distributions
|
1,697,164
|
261,158
|
355,004,226
|
42,794,789
|
Shares redeemed
|
(3,657,632)
|
(8,529,305)
|
(802,755,212)
|
(1,587,307,686)
|
Net increase (decrease)
|
2,007,670
|
(1,102,571)
|
$427,493,929
|
$(176,734,777)
|
Class I
|
|
|
|
|
Shares sold
|
15,155
|
-
|
$3,457,333
|
$ -
|
Reinvestment of distributions
|
31
|
-
|
7,119
|
-
|
Shares redeemed
|
(801)
|
-
|
(184,257)
|
-
|
Net increase (decrease)
|
14,385
|
-
|
$3,280,195
|
$ -
|
Class Z
|
|
|
|
|
Shares sold
|
2,557,345
|
-
|
$584,567,654
|
$ -
|
Reinvestment of distributions
|
13,409
|
-
|
3,088,154
|
-
|
Shares redeemed
|
(70,485)
|
-
|
(16,385,266)
|
-
|
Net increase (decrease)
|
2,500,269
|
-
|
$571,270,542
|
$ -
|
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through January 31, 2025.
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contract and Management Fees
Fidelity Blue Chip Growth Fund
At its July 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its July 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for each New Class of the fund is below the median of its competitor funds. The Board also considered that the estimated total net expense ratio of each New Class of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure.
The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.
Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
1.700126.128
BCF-SANN-0425
Fidelity® Dividend Growth Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Dividend Growth Fund
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5%
|
|
|
|
Shares
|
Value ($)
|
BERMUDA - 0.3%
|
|
|
|
Energy - 0.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|
|
|
Cool Company Ltd (a)
|
|
1,348,639
|
11,706,625
|
Industrials - 0.1%
|
|
|
|
Marine Transportation - 0.1%
|
|
|
|
Himalaya Shipping Ltd
|
|
411,353
|
1,947,973
|
Himalaya Shipping Ltd (United States) (a)
|
|
1,333,100
|
6,438,873
|
|
|
|
|
8,386,846
|
TOTAL BERMUDA
|
|
|
20,093,471
|
BRAZIL - 0.3%
|
|
|
|
Materials - 0.3%
|
|
|
|
Metals & Mining - 0.3%
|
|
|
|
Wheaton Precious Metals Corp
|
|
425,900
|
26,573,511
|
CANADA - 2.7%
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Consumer Staples Distribution & Retail - 0.0%
|
|
|
|
Alimentation Couche-Tard Inc
|
|
117,000
|
6,178,656
|
Energy - 1.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.0%
|
|
|
|
Parkland Corp
|
|
1,527,177
|
33,993,309
|
Teekay Tankers Ltd Class A
|
|
1,059,723
|
44,423,588
|
|
|
|
|
78,416,897
|
Financials - 1.7%
|
|
|
|
Capital Markets - 1.7%
|
|
|
|
Brookfield Corp Class A (United States) (a)
|
|
2,125,800
|
130,098,961
|
TOTAL CANADA
|
|
|
214,694,514
|
DENMARK - 0.5%
|
|
|
|
Health Care - 0.5%
|
|
|
|
Pharmaceuticals - 0.5%
|
|
|
|
Novo Nordisk A/S Class B ADR
|
|
443,200
|
37,428,240
|
FRANCE - 0.4%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
Kering SA
|
|
31,300
|
8,193,973
|
Industrials - 0.3%
|
|
|
|
Aerospace & Defense - 0.3%
|
|
|
|
Thales SA
|
|
148,200
|
23,999,232
|
TOTAL FRANCE
|
|
|
32,193,205
|
INDIA - 0.7%
|
|
|
|
Energy - 0.4%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.4%
|
|
|
|
Reliance Industries Ltd GDR (b)
|
|
459,300
|
26,960,910
|
Financials - 0.3%
|
|
|
|
Capital Markets - 0.3%
|
|
|
|
BSE Ltd
|
|
431,500
|
26,293,130
|
TOTAL INDIA
|
|
|
53,254,040
|
JAPAN - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Renesas Electronics Corp
|
|
452,000
|
6,054,305
|
KOREA (SOUTH) - 0.6%
|
|
|
|
Information Technology - 0.6%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.4%
|
|
|
|
SK Hynix Inc
|
|
231,120
|
31,016,984
|
Technology Hardware, Storage & Peripherals - 0.2%
|
|
|
|
Samsung Electronics Co Ltd
|
|
468,030
|
16,662,114
|
TOTAL KOREA (SOUTH)
|
|
|
47,679,098
|
MEXICO - 0.3%
|
|
|
|
Energy - 0.3%
|
|
|
|
Energy Equipment & Services - 0.3%
|
|
|
|
Borr Drilling Ltd
|
|
1,111,400
|
3,856,558
|
Borr Drilling Ltd (United States) (a)
|
|
5,297,349
|
18,381,801
|
|
|
|
|
|
TOTAL MEXICO
|
|
|
22,238,359
|
NETHERLANDS - 0.8%
|
|
|
|
Information Technology - 0.8%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.8%
|
|
|
|
ASML Holding NV
|
|
21,700
|
16,052,854
|
ASML Holding NV depository receipt
|
|
32,300
|
23,879,713
|
BE Semiconductor Industries NV
|
|
152,000
|
19,663,294
|
|
|
|
|
|
TOTAL NETHERLANDS
|
|
|
59,595,861
|
NORWAY - 0.5%
|
|
|
|
Industrials - 0.5%
|
|
|
|
Marine Transportation - 0.5%
|
|
|
|
2020 Bulkers Ltd (c)
|
|
1,271,181
|
14,117,120
|
Stolt-Nielsen Ltd
|
|
923,900
|
23,916,413
|
|
|
|
|
|
TOTAL NORWAY
|
|
|
38,033,533
|
SWEDEN - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Household Durables - 0.2%
|
|
|
|
JM AB
|
|
1,073,249
|
15,951,896
|
TAIWAN - 1.9%
|
|
|
|
Information Technology - 1.9%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.9%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
700,500
|
146,628,660
|
UNITED KINGDOM - 1.5%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Household Durables - 0.3%
|
|
|
|
Vistry Group PLC (d)
|
|
3,327,400
|
24,691,975
|
Consumer Staples - 0.9%
|
|
|
|
Tobacco - 0.9%
|
|
|
|
British American Tobacco PLC
|
|
1,826,368
|
72,462,927
|
Industrials - 0.3%
|
|
|
|
Aerospace & Defense - 0.3%
|
|
|
|
BAE Systems PLC
|
|
1,315,700
|
19,888,434
|
TOTAL UNITED KINGDOM
|
|
|
117,043,336
|
UNITED STATES - 88.3%
|
|
|
|
Communication Services - 14.1%
|
|
|
|
Interactive Media & Services - 12.1%
|
|
|
|
Alphabet Inc Class A
|
|
2,625,400
|
535,634,108
|
Meta Platforms Inc Class A
|
|
594,100
|
409,441,838
|
|
|
|
|
945,075,946
|
Media - 1.5%
|
|
|
|
Comcast Corp Class A
|
|
2,791,892
|
93,975,085
|
New York Times Co/The Class A (a)
|
|
483,700
|
26,264,910
|
|
|
|
|
120,239,995
|
Wireless Telecommunication Services - 0.5%
|
|
|
|
T-Mobile US Inc
|
|
169,700
|
39,535,009
|
Consumer Discretionary - 2.4%
|
|
|
|
Distributors - 0.4%
|
|
|
|
A-Mark Precious Metals Inc
|
|
1,016,000
|
28,620,720
|
Diversified Consumer Services - 0.3%
|
|
|
|
Service Corp International/US
|
|
330,100
|
25,787,412
|
Hotels, Restaurants & Leisure - 1.2%
|
|
|
|
Hilton Worldwide Holdings Inc
|
|
70,700
|
18,104,149
|
Starbucks Corp
|
|
800
|
86,144
|
Vail Resorts Inc (a)
|
|
452,700
|
77,013,324
|
|
|
|
|
95,203,617
|
Household Durables - 0.5%
|
|
|
|
Tempur Sealy International Inc
|
|
621,100
|
39,216,254
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
188,828,003
|
|
|
|
|
|
Consumer Staples - 1.3%
|
|
|
|
Consumer Staples Distribution & Retail - 0.3%
|
|
|
|
Albertsons Cos Inc
|
|
1,016,800
|
20,386,840
|
Tobacco - 1.0%
|
|
|
|
Philip Morris International Inc
|
|
614,800
|
80,046,960
|
TOTAL CONSUMER STAPLES
|
|
|
100,433,800
|
|
|
|
|
|
Energy - 9.3%
|
|
|
|
Energy Equipment & Services - 1.0%
|
|
|
|
Archrock Inc
|
|
598,500
|
16,811,865
|
Kodiak Gas Services Inc
|
|
303,200
|
14,183,696
|
Noble Corp PLC (a)
|
|
332,726
|
10,663,868
|
Tidewater Inc (a)(d)
|
|
648,200
|
35,722,302
|
|
|
|
|
77,381,731
|
Oil, Gas & Consumable Fuels - 8.3%
|
|
|
|
Core Natural Resources Inc
|
|
533,488
|
48,195,306
|
DHT Holdings Inc
|
|
2,240,100
|
25,357,932
|
Energy Transfer LP
|
|
7,572,100
|
155,076,608
|
Enterprise Products Partners LP
|
|
2,956,000
|
96,513,400
|
Exxon Mobil Corp
|
|
1,293,997
|
138,237,700
|
Marathon Petroleum Corp
|
|
193,600
|
28,209,456
|
MPLX LP
|
|
1,665,800
|
86,638,258
|
Shell PLC ADR
|
|
1,069,000
|
70,393,650
|
|
|
|
|
648,622,310
|
TOTAL ENERGY
|
|
|
726,004,041
|
|
|
|
|
|
Financials - 14.4%
|
|
|
|
Banks - 5.3%
|
|
|
|
Bank of America Corp
|
|
3,911,000
|
181,079,300
|
Citigroup Inc
|
|
487,600
|
39,705,268
|
Wells Fargo & Co
|
|
2,514,093
|
198,110,528
|
|
|
|
|
418,895,096
|
Capital Markets - 2.4%
|
|
|
|
Ares Capital Corp (a)
|
|
2,653,027
|
62,797,149
|
Blue Owl Capital Corp
|
|
1,832,700
|
27,692,097
|
Blue Owl Capital Inc Class A (a)
|
|
2,457,600
|
63,922,176
|
KKR & Co Inc Class A
|
|
210,400
|
35,151,528
|
|
|
|
|
189,562,950
|
Financial Services - 5.4%
|
|
|
|
Apollo Global Management Inc (a)
|
|
704,900
|
120,523,802
|
Global Payments Inc
|
|
152,600
|
17,220,910
|
Mastercard Inc Class A
|
|
192,100
|
106,698,103
|
Visa Inc Class A
|
|
515,193
|
176,092,968
|
|
|
|
|
420,535,783
|
Insurance - 1.3%
|
|
|
|
Arthur J Gallagher & Co
|
|
119,300
|
36,007,126
|
Chubb Ltd
|
|
148,000
|
40,238,240
|
Fidelity National Financial Inc (a)
|
|
167,900
|
9,766,743
|
Marsh & McLennan Cos Inc
|
|
67,000
|
14,530,960
|
|
|
|
|
100,543,069
|
TOTAL FINANCIALS
|
|
|
1,129,536,898
|
|
|
|
|
|
Health Care - 5.0%
|
|
|
|
Health Care Providers & Services - 1.8%
|
|
|
|
Cigna Group/The
|
|
233,500
|
68,698,035
|
Elevance Health Inc
|
|
84,600
|
33,476,220
|
Humana Inc
|
|
17,999
|
5,277,847
|
UnitedHealth Group Inc
|
|
55,206
|
29,948,703
|
|
|
|
|
137,400,805
|
Life Sciences Tools & Services - 0.9%
|
|
|
|
Bruker Corp
|
|
563,100
|
32,744,265
|
Danaher Corp
|
|
180,600
|
40,226,844
|
|
|
|
|
72,971,109
|
Pharmaceuticals - 2.3%
|
|
|
|
Eli Lilly & Co
|
|
41,200
|
33,416,496
|
Merck & Co Inc
|
|
357,500
|
35,328,150
|
Royalty Pharma PLC Class A
|
|
3,567,500
|
112,661,650
|
|
|
|
|
181,406,296
|
TOTAL HEALTH CARE
|
|
|
391,778,210
|
|
|
|
|
|
Industrials - 15.5%
|
|
|
|
Aerospace & Defense - 4.0%
|
|
|
|
Boeing Co (d)
|
|
1,250,800
|
220,791,216
|
GE Aerospace
|
|
311,950
|
63,503,662
|
General Dynamics Corp
|
|
28,600
|
7,349,628
|
Howmet Aerospace Inc
|
|
103,000
|
13,037,740
|
Textron Inc
|
|
144,100
|
11,025,091
|
|
|
|
|
315,707,337
|
Commercial Services & Supplies - 0.5%
|
|
|
|
Brink's Co/The
|
|
408,400
|
38,115,972
|
Construction & Engineering - 2.3%
|
|
|
|
Comfort Systems USA Inc
|
|
89,700
|
39,176,475
|
EMCOR Group Inc (a)
|
|
296,400
|
132,804,984
|
Quanta Services Inc
|
|
22,400
|
6,890,464
|
|
|
|
|
178,871,923
|
Electrical Equipment - 2.7%
|
|
|
|
Eaton Corp PLC
|
|
31,100
|
10,152,284
|
GE Vernova Inc
|
|
438,787
|
163,614,897
|
Vertiv Holdings Co Class A
|
|
324,400
|
37,961,288
|
|
|
|
|
211,728,469
|
Machinery - 4.1%
|
|
|
|
Allison Transmission Holdings Inc
|
|
1,894,602
|
222,691,519
|
Westinghouse Air Brake Technologies Corp
|
|
487,800
|
101,423,376
|
|
|
|
|
324,114,895
|
Professional Services - 1.7%
|
|
|
|
Genpact Ltd
|
|
208,900
|
10,171,341
|
Paycom Software Inc
|
|
360,500
|
74,825,380
|
SS&C Technologies Holdings Inc
|
|
561,700
|
45,469,615
|
|
|
|
|
130,466,336
|
Trading Companies & Distributors - 0.2%
|
|
|
|
Watsco Inc
|
|
31,000
|
14,836,289
|
TOTAL INDUSTRIALS
|
|
|
1,213,841,221
|
|
|
|
|
|
Information Technology - 22.7%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Vontier Corp
|
|
6,702
|
258,362
|
Semiconductors & Semiconductor Equipment - 12.8%
|
|
|
|
Amkor Technology Inc
|
|
844,400
|
20,780,684
|
Broadcom Inc
|
|
1,221,700
|
270,325,559
|
Entegris Inc (a)
|
|
75,800
|
7,696,732
|
Marvell Technology Inc
|
|
1,881,805
|
212,380,512
|
Micron Technology Inc
|
|
908,200
|
82,864,168
|
NVIDIA Corp
|
|
3,314,000
|
397,911,980
|
Teradyne Inc
|
|
91,100
|
10,548,469
|
|
|
|
|
1,002,508,104
|
Software - 8.5%
|
|
|
|
Intuit Inc
|
|
89,100
|
53,594,541
|
Microsoft Corp
|
|
1,141,800
|
473,915,508
|
Oracle Corp
|
|
291,900
|
49,640,514
|
Salesforce Inc
|
|
263,300
|
89,969,610
|
|
|
|
|
667,120,173
|
Technology Hardware, Storage & Peripherals - 1.4%
|
|
|
|
Apple Inc
|
|
373,272
|
88,092,192
|
Dell Technologies Inc Class C
|
|
242,900
|
25,164,440
|
|
|
|
|
113,256,632
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
1,783,143,271
|
|
|
|
|
|
Materials - 0.2%
|
|
|
|
Metals & Mining - 0.2%
|
|
|
|
Freeport-McMoRan Inc
|
|
157,900
|
5,660,714
|
Royal Gold Inc
|
|
92,400
|
12,919,368
|
|
|
|
|
18,580,082
|
Real Estate - 0.8%
|
|
|
|
Health Care REITs - 0.4%
|
|
|
|
Ventas Inc
|
|
502,000
|
30,330,840
|
Industrial REITs - 0.0%
|
|
|
|
Rexford Industrial Realty Inc
|
|
154,000
|
6,261,640
|
Real Estate Management & Development - 0.4%
|
|
|
|
St Joe Co/The
|
|
620,800
|
29,860,480
|
TOTAL REAL ESTATE
|
|
|
66,452,960
|
|
|
|
|
|
Utilities - 2.6%
|
|
|
|
Electric Utilities - 1.6%
|
|
|
|
Edison International
|
|
267,100
|
14,423,400
|
Exelon Corp
|
|
448,430
|
17,937,200
|
FirstEnergy Corp
|
|
1,310,000
|
52,138,000
|
NextEra Energy Inc
|
|
479,400
|
34,305,864
|
|
|
|
|
118,804,464
|
Independent Power and Renewable Electricity Producers - 1.0%
|
|
|
|
AES Corp/The
|
|
1,043,700
|
11,480,700
|
Vistra Corp
|
|
418,857
|
70,380,542
|
|
|
|
|
81,861,242
|
TOTAL UTILITIES
|
|
|
200,665,706
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
6,924,115,142
|
ZAMBIA - 0.5%
|
|
|
|
Materials - 0.5%
|
|
|
|
Metals & Mining - 0.5%
|
|
|
|
First Quantum Minerals Ltd (d)
|
|
3,429,700
|
42,925,822
|
|
TOTAL COMMON STOCKS
(Cost $5,718,958,959)
|
|
|
7,804,502,993
|
|
|
|
|
|
Money Market Funds - 2.4%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (e)
|
|
4.37
|
11,695,898
|
11,698,238
|
Fidelity Securities Lending Cash Central Fund (e)(f)
|
|
4.37
|
174,053,702
|
174,071,107
|
|
TOTAL MONEY MARKET FUNDS
(Cost $185,769,345)
|
|
|
|
185,769,345
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 101.9%
(Cost $5,904,728,304)
|
7,990,272,338
|
NET OTHER ASSETS (LIABILITIES) - (1.9)%
|
(148,412,822)
|
NET ASSETS - 100.0%
|
7,841,859,516
|
|
|
|
Legend
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $26,960,910 or 0.3% of net assets.
|
(e)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(f)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
55,877,197
|
1,153,058,405
|
1,197,237,364
|
793,024
|
-
|
-
|
11,698,238
|
11,695,898
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
85,660,077
|
1,264,846,289
|
1,176,435,259
|
137,894
|
-
|
-
|
174,071,107
|
174,053,702
|
0.8%
|
Total
|
141,537,274
|
2,417,904,694
|
2,373,672,623
|
930,918
|
-
|
-
|
185,769,345
|
185,749,600
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
2020 Bulkers Ltd
|
17,371,463
|
-
|
-
|
883,471
|
-
|
(3,254,343)
|
14,117,120
|
1,271,181
|
Total
|
17,371,463
|
-
|
-
|
883,471
|
-
|
(3,254,343)
|
14,117,120
|
1,271,181
|
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, 2025, 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:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
1,104,850,950
|
1,104,850,950
|
-
|
-
|
Consumer Discretionary
|
237,665,847
|
229,471,874
|
8,193,973
|
-
|
Consumer Staples
|
179,075,383
|
106,612,456
|
72,462,927
|
-
|
Energy
|
865,326,832
|
865,326,832
|
-
|
-
|
Financials
|
1,285,928,989
|
1,259,635,859
|
26,293,130
|
-
|
Health Care
|
429,206,450
|
429,206,450
|
-
|
-
|
Industrials
|
1,304,149,266
|
1,284,260,832
|
19,888,434
|
-
|
Information Technology
|
2,043,101,195
|
1,973,314,938
|
69,786,257
|
-
|
Materials
|
88,079,415
|
88,079,415
|
-
|
-
|
Real Estate
|
66,452,960
|
66,452,960
|
-
|
-
|
Utilities
|
200,665,706
|
200,665,706
|
-
|
-
|
|
|
Money Market Funds
|
185,769,345
|
185,769,345
|
-
|
-
|
Total Investments in Securities:
|
7,990,272,338
|
7,793,647,617
|
196,624,721
|
-
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $169,775,470) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $5,704,131,315)
|
$
|
7,790,385,873
|
|
|
Fidelity Central Funds (cost $185,769,345)
|
|
185,769,345
|
|
|
Other affiliated issuers (cost $14,827,644)
|
|
14,117,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $5,904,728,304)
|
|
|
$
|
7,990,272,338
|
Foreign currency held at value (cost $14)
|
|
|
|
14
|
Receivable for investments sold
|
|
|
|
56,364,249
|
Receivable for fund shares sold
|
|
|
|
3,571,740
|
Dividends receivable
|
|
|
|
5,623,224
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
59,224
|
Prepaid expenses
|
|
|
|
5,821
|
Other receivables
|
|
|
|
3,368
|
Total assets
|
|
|
|
8,055,899,978
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
28,613,845
|
|
|
Payable for fund shares redeemed
|
|
3,163,297
|
|
|
Accrued management fee
|
|
4,628,839
|
|
|
Other payables and accrued expenses
|
|
3,568,246
|
|
|
Collateral on securities loaned
|
|
174,066,235
|
|
|
Total liabilities
|
|
|
|
214,040,462
|
Net Assets
|
|
|
$
|
7,841,859,516
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
5,197,297,805
|
Total accumulated earnings (loss)
|
|
|
|
2,644,561,711
|
Net Assets
|
|
|
$
|
7,841,859,516
|
|
|
|
|
|
|
Net Asset Value and Maximum Offering Price
|
|
|
|
|
Dividend Growth :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($7,318,623,583 ÷ 184,728,332 shares)
|
|
|
$
|
39.62
|
Class K :
|
|
|
|
|
Net Asset Value, offering price and redemption price per share ($523,235,933 ÷ 13,226,851 shares)
|
|
|
$
|
39.56
|
Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends (including $883,471 earned from affiliated issuers)
|
|
|
$
|
57,806,234
|
Income from Fidelity Central Funds (including $137,894 from security lending)
|
|
|
|
930,918
|
Total income
|
|
|
|
58,737,152
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
23,804,948
|
|
|
Performance adjustment
|
|
3,195,577
|
|
|
Custodian fees and expenses
|
|
47,192
|
|
|
Independent trustees' fees and expenses
|
|
17,309
|
|
|
Registration fees
|
|
45,801
|
|
|
Audit fees
|
|
42,478
|
|
|
Legal
|
|
5,609
|
|
|
Interest
|
|
55,017
|
|
|
Miscellaneous
|
|
12,155
|
|
|
Total expenses before reductions
|
|
27,226,086
|
|
|
Expense reductions
|
|
(4,565)
|
|
|
Total expenses after reductions
|
|
|
|
27,221,521
|
Net Investment income (loss)
|
|
|
|
31,515,631
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of foreign taxes of $1,302,695)
|
|
552,099,439
|
|
|
Redemptions in-kind
|
|
199,320,043
|
|
|
Foreign currency transactions
|
|
(266,259)
|
|
|
Futures contracts
|
|
1,976,803
|
|
|
Total net realized gain (loss)
|
|
|
|
753,130,026
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of increase in deferred foreign taxes of $2,773,929)
|
|
(77,120,150)
|
|
|
Affiliated issuers
|
|
(3,254,343)
|
|
|
Assets and liabilities in foreign currencies
|
|
(106,894)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(80,481,387)
|
Net gain (loss)
|
|
|
|
672,648,639
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
704,164,270
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
31,515,631
|
$
|
71,987,648
|
Net realized gain (loss)
|
|
753,130,026
|
|
560,423,103
|
Change in net unrealized appreciation (depreciation)
|
|
(80,481,387)
|
|
1,026,608,738
|
Net increase (decrease) in net assets resulting from operations
|
|
704,164,270
|
|
1,659,019,489
|
Distributions to shareholders
|
|
(711,203,632)
|
|
(220,828,148)
|
|
|
|
|
|
|
Share transactions - net increase (decrease)
|
|
(130,991,942)
|
|
321,191,294
|
Total increase (decrease) in net assets
|
|
(138,031,304)
|
|
1,759,382,636
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
7,979,890,820
|
|
6,220,508,184
|
End of period
|
$
|
7,841,859,516
|
$
|
7,979,890,820
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights
Fidelity® Dividend Growth Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
39.71
|
$
|
32.22
|
$
|
32.82
|
$
|
36.80
|
$
|
26.38
|
$
|
29.59
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.16
|
|
.37
|
|
.47
|
|
.44
|
|
.42
|
|
.58
|
Net realized and unrealized gain (loss)
|
|
3.32
|
|
8.26
|
|
2.26
|
|
(1.37)
|
|
10.59
|
|
(2.29)
|
Total from investment operations
|
|
3.48
|
|
8.63
|
|
2.73
|
|
(.93)
|
|
11.01
|
|
(1.71)
|
Distributions from net investment income
|
|
(.22)
|
|
(.47)
|
|
(.47)
|
|
(.55)
|
|
(.59)
|
|
(.49)
|
Distributions from net realized gain
|
|
(3.35)
|
|
(.67)
|
|
(2.85)
|
|
(2.50)
|
|
-
|
|
(1.01)
|
Total distributions
|
|
(3.57)
|
|
(1.14)
|
|
(3.33) C
|
|
(3.05)
|
|
(.59)
|
|
(1.50)
|
Net asset value, end of period
|
$
|
39.62
|
$
|
39.71
|
$
|
32.22
|
$
|
32.82
|
$
|
36.80
|
$
|
26.38
|
Total Return D,E
|
|
|
|
27.66%
|
|
9.39%
|
|
(2.83)%
|
|
42.42%
|
|
(6.24)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.70% H
|
|
.71%
|
|
.58%
|
|
.48%
|
|
.49%
|
|
.49%
|
Expenses net of fee waivers, if any
|
|
|
|
.70%
|
|
.58%
|
|
.47%
|
|
.49%
|
|
.49%
|
Expenses net of all reductions
|
|
.70% H
|
|
.70%
|
|
.58%
|
|
.47%
|
|
.48%
|
|
.48%
|
Net investment income (loss)
|
|
.80% H
|
|
1.07%
|
|
1.57%
|
|
1.27%
|
|
1.31%
|
|
2.11%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
7,318,624
|
$
|
6,859,493
|
$
|
5,711,207
|
$
|
5,660,951
|
$
|
6,114,159
|
$
|
4,684,814
|
Portfolio turnover rate I
|
|
|
|
70%
|
|
66% J
|
|
52%
|
|
93%
|
|
69%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity® Dividend Growth Fund Class K
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
39.65
|
$
|
32.17
|
$
|
32.77
|
$
|
36.76
|
$
|
26.36
|
$
|
29.56
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.17
|
|
.41
|
|
.50
|
|
.47
|
|
.44
|
|
.61
|
Net realized and unrealized gain (loss)
|
|
3.31
|
|
8.25
|
|
2.26
|
|
(1.37)
|
|
10.57
|
|
(2.28)
|
Total from investment operations
|
|
3.48
|
|
8.66
|
|
2.76
|
|
(.90)
|
|
11.01
|
|
(1.67)
|
Distributions from net investment income
|
|
(.22)
|
|
(.50)
|
|
(.50)
|
|
(.59)
|
|
(.61)
|
|
(.52)
|
Distributions from net realized gain
|
|
(3.35)
|
|
(.67)
|
|
(2.85)
|
|
(2.50)
|
|
-
|
|
(1.01)
|
Total distributions
|
|
(3.57)
|
|
(1.18) C
|
|
(3.36) C
|
|
(3.09)
|
|
(.61)
|
|
(1.53)
|
Net asset value, end of period
|
$
|
39.56
|
$
|
39.65
|
$
|
32.17
|
$
|
32.77
|
$
|
36.76
|
$
|
26.36
|
Total Return D,E
|
|
|
|
27.79%
|
|
9.51%
|
|
(2.75)%
|
|
42.53%
|
|
(6.11)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.63% H
|
|
.62%
|
|
.49%
|
|
.38%
|
|
.39%
|
|
.39%
|
Expenses net of fee waivers, if any
|
|
|
|
.61%
|
|
.48%
|
|
.38%
|
|
.39%
|
|
.39%
|
Expenses net of all reductions
|
|
.63% H
|
|
.61%
|
|
.48%
|
|
.38%
|
|
.38%
|
|
.38%
|
Net investment income (loss)
|
|
.87% H
|
|
1.16%
|
|
1.67%
|
|
1.36%
|
|
1.41%
|
|
2.22%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
523,236
|
$
|
1,120,398
|
$
|
509,301
|
$
|
542,465
|
$
|
807,076
|
$
|
1,227,682
|
Portfolio turnover rate I
|
|
|
|
70%
|
|
66% J
|
|
52%
|
|
93%
|
|
69%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Dividend Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Dividend Growth and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (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, 2025 is included at the end of the Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund (ETF). Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
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
|
$3,368
|
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 and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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
|
$2,291,366,756
|
Gross unrealized depreciation
|
(217,549,180)
|
Net unrealized appreciation (depreciation)
|
$2,073,817,576
|
Tax cost
|
$5,916,454,762
|
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.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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.
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Dividend Growth Fund
|
3,382,982,101
|
3,747,342,701
|
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Dividend Growth Fund
|
10,425,311
|
199,320,043
|
402,521,265
|
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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Dividend Growth
|
.64
|
Class K
|
.55
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Dividend Growth
|
.62
|
Class K
|
.54
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
|
Performance Adjustment Index
|
Fidelity Dividend Growth Fund
|
S&P 500 Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Dividend Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .08%.
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
|
69,517
|
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Dividend Growth Fund
|
Borrower
|
8,051,184
|
4.89%
|
53,568
|
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
|
178,885,515
|
203,401,777
|
30,997,872
|
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Dividend Growth Fund
|
5,054
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 ($)
|
Fidelity Dividend Growth Fund
|
14,906
|
599
|
-
|
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Dividend Growth Fund
|
2,568,000
|
5.08%
|
1,449
|
10. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $4,565.
11. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Dividend Growth Fund
|
|
|
Distributions to shareholders
|
|
|
Dividend Growth
|
$623,803,570
|
$201,197,766
|
Class K
|
87,400,062
|
19,630,382
|
Total
|
$711,203,632
|
$220,828,148
|
12. 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, 2025
|
Year ended
July 31, 2024
|
Six months ended
January 31, 2025
|
Year ended
July 31, 2024
|
Fidelity Dividend Growth Fund
|
|
|
|
|
Dividend Growth
|
|
|
|
|
Shares sold
|
17,512,073
|
8,680,718
|
$680,079,097
|
$310,821,591
|
Reinvestment of distributions
|
15,477,960
|
5,889,377
|
588,979,540
|
190,224,048
|
Shares redeemed
|
(20,987,016)
|
(19,111,178)
|
(816,487,903)
|
(659,172,223)
|
Net increase (decrease)
|
12,003,017
|
(4,541,083)
|
$452,570,734
|
$(158,126,584)
|
Class K
|
|
|
|
|
Shares sold
|
1,718,260
|
15,987,255
|
$66,982,339
|
$599,252,128
|
Reinvestment of distributions
|
2,311,752
|
599,733
|
87,400,062
|
19,630,382
|
Shares redeemed
|
(19,063,164)
|
(4,159,717)
|
(737,945,078)
|
(139,564,632)
|
Net increase (decrease)
|
(15,033,152)
|
12,427,271
|
$(583,562,677)
|
$479,317,878
|
13. 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.
14. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
15. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Dividend Growth Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on May 29, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Dividend Growth Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Advisor Dividend Growth Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Dividend Growth Fund access to a larger portfolio with a similar investment objective.
A meeting of shareholders of Fidelity Advisor Dividend Growth Fund is expected to be held during the second quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during June 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contract and Management Fees
Fidelity Dividend Growth Fund
At its November 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its November 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for Class Z of the fund is below the median of its competitor funds. The Board also noted that the projected class-level management fee for Class A, Class M, Class C, and Class I of the fund is above the median of its competitor funds because the majority of such competitor funds do not have a management fee that covers expenses for services beyond portfolio management. The Board also considered that the estimated total net expense ratio of Class A, Class C, Class I, and Class Z of the fund is below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure and that the estimated total net expense ratio of Class M is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure primarily because of higher 12b-1 fees.
The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.
Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
1.470802.128
DGF-SANN-0425
Fidelity® Small Cap Growth K6 Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Growth K6 Fund
Consolidated Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 93.7%
|
|
|
|
Shares
|
Value ($)
|
BAHAMAS (NASSAU) - 0.3%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Diversified Consumer Services - 0.3%
|
|
|
|
OneSpaWorld Holdings Ltd
|
|
461,931
|
9,866,846
|
BELGIUM - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Health Care Equipment & Supplies - 0.0%
|
|
|
|
Nyxoah SA (United States) (b)
|
|
298,119
|
3,219,685
|
CANADA - 1.4%
|
|
|
|
Consumer Discretionary - 0.4%
|
|
|
|
Specialty Retail - 0.4%
|
|
|
|
Aritzia Inc Subordinate Voting Shares (b)
|
|
313,928
|
15,098,612
|
Energy - 0.2%
|
|
|
|
Energy Equipment & Services - 0.2%
|
|
|
|
CES Energy Solutions Corp
|
|
1,311,460
|
7,769,408
|
Health Care - 0.3%
|
|
|
|
Biotechnology - 0.2%
|
|
|
|
Xenon Pharmaceuticals Inc (b)
|
|
211,620
|
8,460,568
|
Health Care Providers & Services - 0.1%
|
|
|
|
dentalcorp Holdings Ltd Subordinate Voting Shares (b)
|
|
746,080
|
3,886,074
|
Information Technology - 0.5%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
Kraken Robotics Inc (b)
|
|
2,376,900
|
4,317,622
|
Software - 0.4%
|
|
|
|
Lumine Group Inc Subordinate Voting Shares (b)(c)
|
|
140,100
|
3,716,142
|
TECSYS Inc
|
|
310,117
|
9,510,383
|
|
|
|
|
13,226,525
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
17,544,147
|
|
|
|
|
|
TOTAL CANADA
|
|
|
52,758,809
|
DENMARK - 0.2%
|
|
|
|
Health Care - 0.2%
|
|
|
|
Biotechnology - 0.2%
|
|
|
|
Ascendis Pharma A/S ADR (b)
|
|
62,003
|
8,101,312
|
ISRAEL - 2.8%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Broadline Retail - 0.3%
|
|
|
|
Global-e Online Ltd (b)
|
|
227,350
|
13,615,992
|
Information Technology - 2.5%
|
|
|
|
IT Services - 1.3%
|
|
|
|
Wix.com Ltd (b)
|
|
213,890
|
51,096,182
|
Semiconductors & Semiconductor Equipment - 0.3%
|
|
|
|
Nova Ltd (b)
|
|
47,800
|
11,719,604
|
Software - 0.9%
|
|
|
|
Cellebrite DI Ltd (b)
|
|
1,364,375
|
32,799,575
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
95,615,361
|
|
|
|
|
|
TOTAL ISRAEL
|
|
|
109,231,353
|
ITALY - 0.4%
|
|
|
|
Industrials - 0.4%
|
|
|
|
Electrical Equipment - 0.4%
|
|
|
|
Prysmian SpA
|
|
198,389
|
13,859,161
|
JAPAN - 0.6%
|
|
|
|
Industrials - 0.2%
|
|
|
|
Professional Services - 0.2%
|
|
|
|
BayCurrent Inc
|
|
183,600
|
7,829,060
|
Information Technology - 0.4%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.4%
|
|
|
|
Allegro MicroSystems Inc (b)
|
|
562,278
|
13,545,277
|
TOTAL JAPAN
|
|
|
21,374,337
|
NETHERLANDS - 0.4%
|
|
|
|
Health Care - 0.4%
|
|
|
|
Biotechnology - 0.3%
|
|
|
|
Merus NV (b)
|
|
246,090
|
10,074,925
|
Pharmaceuticals - 0.1%
|
|
|
|
Pharvaris NV (b)
|
|
271,327
|
4,775,355
|
TOTAL NETHERLANDS
|
|
|
14,850,280
|
SWEDEN - 0.4%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Automobile Components - 0.3%
|
|
|
|
Autoliv Inc
|
|
90,461
|
8,743,960
|
Industrials - 0.1%
|
|
|
|
Trading Companies & Distributors - 0.1%
|
|
|
|
Alligo AB B Shares
|
|
399,818
|
5,113,205
|
TOTAL SWEDEN
|
|
|
13,857,165
|
THAILAND - 0.7%
|
|
|
|
Information Technology - 0.7%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.7%
|
|
|
|
Fabrinet (b)
|
|
126,482
|
27,346,673
|
UNITED KINGDOM - 0.7%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Leisure Products - 0.3%
|
|
|
|
Games Workshop Group PLC
|
|
62,679
|
11,315,405
|
Energy - 0.3%
|
|
|
|
Energy Equipment & Services - 0.3%
|
|
|
|
TechnipFMC PLC
|
|
438,309
|
13,171,185
|
Financials - 0.0%
|
|
|
|
Banks - 0.0%
|
|
|
|
Starling Bank Ltd Class D (b)(d)(e)
|
|
431,700
|
1,461,273
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Autolus Therapeutics PLC ADR (b)
|
|
1,085,495
|
2,398,944
|
TOTAL UNITED KINGDOM
|
|
|
28,346,807
|
UNITED STATES - 85.8%
|
|
|
|
Communication Services - 1.4%
|
|
|
|
Entertainment - 0.4%
|
|
|
|
IMAX Corp (b)(f)
|
|
623,241
|
14,677,326
|
Interactive Media & Services - 0.5%
|
|
|
|
Cars.com Inc (b)
|
|
710,759
|
12,736,801
|
Reddit Inc Class B (b)
|
|
25,870
|
5,162,359
|
|
|
|
|
17,899,160
|
Media - 0.1%
|
|
|
|
TechTarget Inc/old
|
|
265,043
|
4,513,682
|
Wireless Telecommunication Services - 0.4%
|
|
|
|
Gogo Inc (b)(f)
|
|
1,843,953
|
15,562,963
|
TOTAL COMMUNICATION SERVICES
|
|
|
52,653,131
|
|
|
|
|
|
Consumer Discretionary - 9.7%
|
|
|
|
Automobile Components - 0.0%
|
|
|
|
Modine Manufacturing Co (b)
|
|
10,780
|
1,093,631
|
Diversified Consumer Services - 1.9%
|
|
|
|
Adtalem Global Education Inc (b)
|
|
9,739
|
1,043,339
|
Duolingo Inc Class A (b)
|
|
82,534
|
30,041,551
|
Grand Canyon Education Inc (b)
|
|
125,697
|
22,077,421
|
H&R Block Inc
|
|
151,978
|
8,405,903
|
Udemy Inc (b)
|
|
424,817
|
3,177,631
|
Universal Technical Institute Inc (b)
|
|
296,695
|
8,138,344
|
|
|
|
|
72,884,189
|
Hotels, Restaurants & Leisure - 2.7%
|
|
|
|
Brinker International Inc (b)
|
|
221,005
|
40,216,281
|
Cava Group Inc (b)
|
|
82,609
|
11,156,345
|
Dutch Bros Inc Class A (b)
|
|
293,335
|
18,339,304
|
Kura Sushi USA Inc Class A (b)(f)
|
|
115,908
|
9,272,640
|
Planet Fitness Inc Class A (b)
|
|
99,951
|
10,810,700
|
Red Rock Resorts Inc Class A
|
|
193,535
|
9,492,892
|
Sportradar Holding AG Class A (b)(f)
|
|
219,390
|
4,602,802
|
|
|
|
|
103,890,964
|
Household Durables - 1.3%
|
|
|
|
Champion Homes Inc (b)
|
|
117,200
|
10,821,076
|
Lovesac Co/The (b)
|
|
150,516
|
3,847,188
|
Newell Brands Inc
|
|
1,462,410
|
14,565,604
|
SharkNinja Inc
|
|
174,418
|
19,501,677
|
|
|
|
|
48,735,545
|
Specialty Retail - 3.8%
|
|
|
|
Abercrombie & Fitch Co Class A (b)
|
|
73,556
|
8,781,115
|
BARK Inc warrants 6/1/2026 (b)
|
|
54
|
5
|
Boot Barn Holdings Inc (b)
|
|
230,366
|
37,054,372
|
Chewy Inc Class A (b)
|
|
781,803
|
30,474,681
|
Fanatics Inc Class A (b)(d)(e)
|
|
163,048
|
9,782,880
|
Group 1 Automotive Inc
|
|
53,725
|
24,524,925
|
Murphy USA Inc
|
|
33,023
|
16,607,597
|
Sonic Automotive Inc Class A
|
|
14,808
|
1,099,494
|
Warby Parker Inc Class A (b)(f)
|
|
700,040
|
19,398,108
|
|
|
|
|
147,723,177
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
374,327,506
|
|
|
|
|
|
Consumer Staples - 2.8%
|
|
|
|
Beverages - 0.3%
|
|
|
|
Primo Brands Corp Class A
|
|
401,790
|
13,005,942
|
Consumer Staples Distribution & Retail - 1.6%
|
|
|
|
Sprouts Farmers Market Inc (b)
|
|
210,132
|
33,272,302
|
US Foods Holding Corp (b)
|
|
415,709
|
29,486,239
|
|
|
|
|
62,758,541
|
Food Products - 0.7%
|
|
|
|
Freshpet Inc (b)
|
|
45,400
|
7,261,730
|
Simply Good Foods Co/The (b)
|
|
472,320
|
17,948,160
|
|
|
|
|
25,209,890
|
Tobacco - 0.2%
|
|
|
|
Turning Point Brands Inc
|
|
127,880
|
8,151,071
|
TOTAL CONSUMER STAPLES
|
|
|
109,125,444
|
|
|
|
|
|
Energy - 1.1%
|
|
|
|
Energy Equipment & Services - 0.4%
|
|
|
|
Cactus Inc Class A
|
|
282,632
|
16,875,957
|
Weatherford International PLC
|
|
16,070
|
1,011,606
|
|
|
|
|
17,887,563
|
Oil, Gas & Consumable Fuels - 0.7%
|
|
|
|
Antero Resources Corp (b)
|
|
384,236
|
14,339,688
|
Northern Oil & Gas Inc
|
|
330,368
|
11,876,729
|
|
|
|
|
26,216,417
|
TOTAL ENERGY
|
|
|
44,103,980
|
|
|
|
|
|
Financials - 8.5%
|
|
|
|
Banks - 1.5%
|
|
|
|
Eastern Bankshares Inc
|
|
791,953
|
14,540,257
|
First Interstate BancSystem Inc Class A
|
|
267,090
|
8,800,615
|
Pinnacle Financial Partners Inc
|
|
190,767
|
23,801,999
|
SouthState Corp
|
|
98,700
|
10,421,733
|
|
|
|
|
57,564,604
|
Capital Markets - 4.1%
|
|
|
|
Bridge Investment Group Holdings Inc Class A
|
|
854,030
|
6,840,780
|
Houlihan Lokey Inc Class A
|
|
104,343
|
18,961,210
|
P10 Inc Class A
|
|
903,760
|
12,345,362
|
Perella Weinberg Partners (e)
|
|
457,262
|
11,806,505
|
Perella Weinberg Partners Class A
|
|
678,137
|
17,509,497
|
Piper Sandler Cos
|
|
37,580
|
11,918,121
|
PJT Partners Inc Class A
|
|
70,560
|
11,640,283
|
StepStone Group Inc Class A
|
|
457,956
|
29,345,820
|
StepStone Group Inc rights 12/31/2038 (b)(d)
|
|
6,434
|
469,039
|
Stifel Financial Corp
|
|
284,186
|
32,922,949
|
|
|
|
|
153,759,566
|
Consumer Finance - 0.6%
|
|
|
|
FirstCash Holdings Inc
|
|
110,943
|
12,109,428
|
LendingClub Corp (b)(f)
|
|
309,530
|
4,175,560
|
PROG Holdings Inc
|
|
193,087
|
8,254,469
|
|
|
|
|
24,539,457
|
Financial Services - 1.2%
|
|
|
|
Flywire Corp (b)
|
|
654,029
|
12,642,381
|
HA Sustainable Infrastructure Capital Inc
|
|
355,280
|
9,951,392
|
Remitly Global Inc (b)
|
|
652,120
|
15,324,820
|
Walker & Dunlop Inc
|
|
104,239
|
10,014,241
|
|
|
|
|
47,932,834
|
Insurance - 1.1%
|
|
|
|
Baldwin Insurance Group Inc/The Class A (b)
|
|
317,496
|
13,001,461
|
Stewart Information Services Corp
|
|
159,212
|
10,379,030
|
Trupanion Inc (b)(f)
|
|
430,790
|
20,436,678
|
|
|
|
|
43,817,169
|
TOTAL FINANCIALS
|
|
|
327,613,630
|
|
|
|
|
|
Health Care - 21.9%
|
|
|
|
Biotechnology - 9.3%
|
|
|
|
ADMA Biologics Inc (b)
|
|
431,490
|
6,968,564
|
Allogene Therapeutics Inc (b)
|
|
637,867
|
1,148,161
|
AnaptysBio Inc (b)
|
|
278,887
|
5,000,444
|
Annexon Inc (b)
|
|
547,583
|
2,102,719
|
Apogee Therapeutics Inc (b)
|
|
109,513
|
4,529,458
|
Arcellx Inc (b)
|
|
283,356
|
19,305,044
|
Astria Therapeutics Inc (b)
|
|
596,614
|
4,689,386
|
Avidity Biosciences Inc (b)
|
|
220,236
|
7,252,371
|
Bicara Therapeutics Inc (f)
|
|
209,040
|
2,638,085
|
Blueprint Medicines Corp (b)(f)
|
|
98,932
|
11,132,818
|
Boundless Bio Inc (b)
|
|
79,125
|
181,195
|
Cargo Therapeutics Inc (b)
|
|
361,470
|
1,301,292
|
Celldex Therapeutics Inc (b)
|
|
211,198
|
5,172,239
|
CG oncology Inc (f)
|
|
391,950
|
11,785,937
|
Cogent Biosciences Inc (b)
|
|
1,149,950
|
10,706,035
|
Crinetics Pharmaceuticals Inc (b)
|
|
392,799
|
15,829,800
|
Cytokinetics Inc (b)
|
|
237,552
|
11,749,322
|
Day One Biopharmaceuticals Inc (b)(f)
|
|
582,000
|
7,199,340
|
Denali Therapeutics Inc (b)
|
|
270,993
|
6,314,137
|
Disc Medicine Inc (b)
|
|
133,090
|
7,426,422
|
Insmed Inc (b)
|
|
250,751
|
19,202,512
|
Janux Therapeutics Inc (b)
|
|
243,892
|
10,604,424
|
Kiniksa Pharmaceuticals International Plc Class A (b)
|
|
223,689
|
4,384,304
|
Korro Bio Inc (b)(f)
|
|
21,000
|
716,519
|
Legend Biotech Corp ADR (b)
|
|
73,913
|
2,816,085
|
Madrigal Pharmaceuticals Inc (b)(f)
|
|
67,265
|
22,520,322
|
Monte Rosa Therapeutics Inc (b)(f)
|
|
297,399
|
1,980,677
|
MoonLake Immunotherapeutics Class A (b)
|
|
59,816
|
2,750,938
|
Neurogene Inc (b)(f)
|
|
120,219
|
1,905,471
|
Nurix Therapeutics Inc (b)
|
|
419,910
|
8,276,426
|
Nuvalent Inc Class A (b)
|
|
223,093
|
19,143,610
|
Oruka Therapeutics Inc
|
|
141,743
|
1,906,443
|
Oruka Therapeutics Inc (e)
|
|
86,378
|
1,161,784
|
Perspective Therapeutics Inc (b)
|
|
485,300
|
1,722,815
|
Revolution Medicines Inc (b)
|
|
315,002
|
13,529,336
|
Rhythm Pharmaceuticals Inc (b)
|
|
36,977
|
2,197,543
|
Scholar Rock Holding Corp (b)
|
|
20,700
|
835,866
|
Spyre Therapeutics Inc (b)
|
|
192,357
|
4,422,287
|
Tyra Biosciences Inc (b)
|
|
410,547
|
5,936,510
|
Upstream Bio Inc
|
|
540,310
|
5,819,139
|
Vaxcyte Inc (b)
|
|
329,483
|
29,099,939
|
Veracyte Inc (b)
|
|
266,958
|
12,141,250
|
Vericel Corp (b)
|
|
370,241
|
21,673,908
|
Viking Therapeutics Inc (b)
|
|
139,783
|
4,577,893
|
Vir Biotechnology Inc (b)(f)
|
|
134,400
|
1,397,760
|
Viridian Therapeutics Inc (b)
|
|
459,025
|
8,895,905
|
Zenas Biopharma Inc (f)
|
|
195,350
|
1,566,707
|
|
|
|
|
353,619,142
|
Health Care Equipment & Supplies - 5.0%
|
|
|
|
AtriCure Inc (b)
|
|
231,186
|
9,217,386
|
Bioventus Inc (b)
|
|
206,154
|
2,201,725
|
Ceribell Inc
|
|
518,294
|
11,925,945
|
Glaukos Corp (b)
|
|
206,026
|
32,230,707
|
Insulet Corp (b)
|
|
48,490
|
13,498,646
|
Integer Holdings Corp (b)
|
|
89,076
|
12,668,389
|
Lantheus Holdings Inc (b)
|
|
108,388
|
10,026,974
|
Masimo Corp (b)
|
|
107,228
|
18,682,334
|
Merit Medical Systems Inc (b)
|
|
181,710
|
19,784,585
|
NeuroPace Inc (b)
|
|
68,601
|
943,950
|
Penumbra Inc (b)
|
|
47,864
|
12,778,252
|
PROCEPT BioRobotics Corp (b)
|
|
265,757
|
19,267,383
|
Pulmonx Corp (b)
|
|
605,906
|
3,441,546
|
RxSight Inc (b)
|
|
196,106
|
6,642,110
|
TransMedics Group Inc (b)(f)
|
|
300,155
|
20,275,470
|
|
|
|
|
193,585,402
|
Health Care Providers & Services - 5.4%
|
|
|
|
Alignment Healthcare Inc (b)
|
|
619,486
|
9,533,890
|
Astrana Health Inc (b)
|
|
28,829
|
1,062,924
|
BrightSpring Health Services Inc (b)
|
|
1,698,973
|
40,095,763
|
Ensign Group Inc/The
|
|
206,268
|
28,807,389
|
GeneDx Holdings Corp Class A (b)(f)
|
|
122,450
|
9,165,382
|
HealthEquity Inc (b)
|
|
359,165
|
39,658,999
|
Hims & Hers Health Inc Class A (b)(f)
|
|
581,420
|
21,675,338
|
LifeStance Health Group Inc (b)
|
|
1,288,568
|
10,269,887
|
Pennant Group Inc/The (b)
|
|
443,461
|
11,738,413
|
Privia Health Group Inc (b)
|
|
535,068
|
12,226,304
|
Progyny Inc (b)
|
|
483,260
|
11,197,134
|
Surgery Partners Inc (b)
|
|
378,024
|
9,635,832
|
|
|
|
|
205,067,255
|
Health Care Technology - 0.3%
|
|
|
|
Doximity Inc Class A (b)
|
|
202,110
|
11,944,701
|
Schrodinger Inc/United States (b)(f)
|
|
50,263
|
1,260,345
|
|
|
|
|
13,205,046
|
Life Sciences Tools & Services - 0.1%
|
|
|
|
Veterinary Emergency Group (b)(d)(e)(g)
|
|
68,413
|
4,346,278
|
Pharmaceuticals - 1.8%
|
|
|
|
Axsome Therapeutics Inc (b)
|
|
221,780
|
23,610,699
|
Corcept Therapeutics Inc (b)
|
|
242,799
|
16,248,109
|
CorMedix Inc (b)(f)
|
|
533,260
|
5,476,580
|
Elanco Animal Health Inc (b)
|
|
431,070
|
5,185,772
|
Enliven Therapeutics Inc (b)
|
|
331,968
|
7,256,820
|
Enliven Therapeutics Inc (e)
|
|
100,587
|
2,198,832
|
Rapport Therapeutics Inc (b)
|
|
20,942
|
343,658
|
Structure Therapeutics Inc ADR (b)
|
|
98,971
|
2,966,161
|
Third Harmonic Bio Inc (b)
|
|
229,910
|
1,209,327
|
WaVe Life Sciences Ltd (b)
|
|
421,750
|
4,879,648
|
|
|
|
|
69,375,606
|
TOTAL HEALTH CARE
|
|
|
839,198,729
|
|
|
|
|
|
Industrials - 19.8%
|
|
|
|
Aerospace & Defense - 1.4%
|
|
|
|
BWX Technologies Inc
|
|
56,959
|
6,432,380
|
Leonardo DRS Inc (b)
|
|
236,690
|
8,319,654
|
Mercury Systems Inc (b)(f)
|
|
135,480
|
5,648,160
|
Rocket Lab USA Inc Class A (b)(f)
|
|
726,500
|
21,104,825
|
V2X Inc (b)
|
|
263,614
|
13,742,198
|
|
|
|
|
55,247,217
|
Building Products - 3.2%
|
|
|
|
AZEK Co Inc/The Class A (b)
|
|
618,927
|
31,707,630
|
AZZ Inc
|
|
387,286
|
33,225,266
|
CSW Industrials Inc
|
|
41,993
|
13,849,711
|
Fortune Brands Innovations Inc
|
|
121,266
|
8,691,134
|
Tecnoglass Inc
|
|
274,826
|
20,886,776
|
UFP Industries Inc
|
|
113,618
|
13,139,922
|
|
|
|
|
121,500,439
|
Commercial Services & Supplies - 2.2%
|
|
|
|
ACV Auctions Inc Class A (b)
|
|
787,464
|
16,662,738
|
GEO Group Inc/The (b)
|
|
1,307,544
|
41,200,711
|
HNI Corp
|
|
181,428
|
9,044,186
|
Montrose Environmental Group Inc (b)(f)
|
|
22,140
|
460,955
|
Pursuit Attractions and Hospitality Inc (b)(f)
|
|
424,200
|
16,755,900
|
|
|
|
|
84,124,490
|
Construction & Engineering - 2.3%
|
|
|
|
Comfort Systems USA Inc
|
|
21,876
|
9,554,343
|
Construction Partners Inc Class A (b)
|
|
143,980
|
11,575,992
|
Fluor Corp (b)
|
|
619,390
|
29,860,792
|
Sterling Infrastructure Inc (b)
|
|
80,233
|
11,426,784
|
Valmont Industries Inc
|
|
76,980
|
25,538,885
|
|
|
|
|
87,956,796
|
Electrical Equipment - 0.7%
|
|
|
|
Acuity Brands Inc
|
|
78,075
|
25,951,349
|
Machinery - 3.8%
|
|
|
|
Chart Industries Inc (b)
|
|
50,200
|
10,621,818
|
Crane Co
|
|
83,018
|
14,139,626
|
Esab Corp
|
|
137,288
|
17,001,746
|
Federal Signal Corp
|
|
136,866
|
13,455,296
|
Gates Industrial Corp PLC (b)
|
|
1,238,952
|
25,633,917
|
ITT Inc
|
|
153,011
|
23,107,721
|
Mueller Industries Inc
|
|
361,195
|
28,444,107
|
REV Group Inc
|
|
344,408
|
11,950,958
|
|
|
|
|
144,355,189
|
Passenger Airlines - 0.3%
|
|
|
|
Alaska Air Group Inc (b)
|
|
228,480
|
16,736,160
|
Professional Services - 2.9%
|
|
|
|
CACI International Inc (b)
|
|
23,537
|
9,091,402
|
Cbiz Inc (b)
|
|
133,008
|
11,413,416
|
ExlService Holdings Inc (b)
|
|
911,676
|
45,820,836
|
First Advantage Corp (b)
|
|
680,460
|
12,847,085
|
Paycom Software Inc
|
|
68,580
|
14,234,465
|
Paylocity Holding Corp (b)
|
|
35,840
|
7,365,836
|
Upwork Inc (b)(f)
|
|
705,667
|
11,121,312
|
|
|
|
|
111,894,352
|
Trading Companies & Distributors - 3.0%
|
|
|
|
Applied Industrial Technologies Inc
|
|
156,310
|
40,645,289
|
FTAI Aviation Ltd
|
|
343,977
|
34,580,008
|
Herc Holdings Inc
|
|
97,455
|
19,876,922
|
Xometry Inc Class A (b)(f)
|
|
551,578
|
18,317,905
|
|
|
|
|
113,420,124
|
TOTAL INDUSTRIALS
|
|
|
761,186,116
|
|
|
|
|
|
Information Technology - 14.8%
|
|
|
|
Communications Equipment - 0.4%
|
|
|
|
Lumentum Holdings Inc (b)
|
|
178,730
|
15,202,774
|
Electronic Equipment, Instruments & Components - 3.7%
|
|
|
|
Advanced Energy Industries Inc
|
|
109,533
|
12,605,058
|
Badger Meter Inc
|
|
43,450
|
9,294,390
|
Belden Inc
|
|
141,100
|
16,433,917
|
Crane NXT Co
|
|
81,525
|
5,215,154
|
Insight Enterprises Inc (b)
|
|
27,514
|
4,753,043
|
OSI Systems Inc (b)(f)
|
|
234,045
|
45,975,800
|
PAR Technology Corp (b)(f)
|
|
237,087
|
17,210,145
|
TD SYNNEX Corp
|
|
153,156
|
21,826,262
|
Vontier Corp
|
|
246,295
|
9,494,672
|
|
|
|
|
142,808,441
|
IT Services - 0.7%
|
|
|
|
Kyndryl Holdings Inc (b)
|
|
710,991
|
26,989,218
|
Semiconductors & Semiconductor Equipment - 2.3%
|
|
|
|
Aehr Test Systems (b)(f)
|
|
248,041
|
2,810,304
|
Credo Technology Group Holding Ltd (b)
|
|
363,450
|
25,448,769
|
Impinj Inc (b)
|
|
53,900
|
6,839,371
|
MACOM Technology Solutions Holdings Inc (b)
|
|
160,948
|
21,285,373
|
Semtech Corp (b)
|
|
147,350
|
9,866,556
|
SiTime Corp (b)
|
|
70,130
|
14,320,546
|
Veeco Instruments Inc (b)
|
|
356,126
|
9,038,478
|
|
|
|
|
89,609,397
|
Software - 7.7%
|
|
|
|
Algolia Inc (b)(d)(e)
|
|
43,269
|
975,716
|
Alkami Technology Inc (b)
|
|
444,370
|
15,459,632
|
Commvault Systems Inc (b)
|
|
124,386
|
19,809,714
|
Core Scientific Inc (f)
|
|
1,410,380
|
17,305,363
|
CyberArk Software Ltd (b)
|
|
43,451
|
16,119,452
|
Five9 Inc (b)
|
|
14,640
|
600,094
|
Intapp Inc (b)
|
|
357,891
|
25,514,049
|
Life360 Inc (b)
|
|
214,966
|
9,828,246
|
Monday.com Ltd (b)
|
|
91,780
|
23,446,119
|
nCino Inc (b)(f)
|
|
667,703
|
22,708,579
|
Progress Software Corp
|
|
51,600
|
2,958,228
|
Q2 Holdings Inc (b)
|
|
151,986
|
14,464,508
|
Riot Platforms Inc (b)(f)
|
|
1,135,330
|
13,487,720
|
SEMrush Holdings Inc Class A (b)
|
|
981,743
|
17,121,598
|
SPS Commerce Inc (b)
|
|
132,198
|
24,414,327
|
Tenable Holdings Inc (b)
|
|
548,310
|
23,626,678
|
Varonis Systems Inc (b)(f)
|
|
181,596
|
8,237,195
|
Vertex Inc Class A (b)
|
|
398,241
|
22,998,418
|
Weave Communications Inc (b)
|
|
710,000
|
11,587,200
|
Workiva Inc Class A (b)
|
|
32,800
|
3,221,616
|
Zeta Global Holdings Corp Class A (b)
|
|
27,700
|
508,294
|
|
|
|
|
294,392,746
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
569,002,576
|
|
|
|
|
|
Materials - 4.2%
|
|
|
|
Chemicals - 1.5%
|
|
|
|
Axalta Coating Systems Ltd (b)
|
|
722,429
|
25,964,099
|
Cabot Corp
|
|
230,724
|
19,950,704
|
Element Solutions Inc
|
|
408,361
|
10,539,797
|
|
|
|
|
56,454,600
|
Construction Materials - 0.4%
|
|
|
|
Eagle Materials Inc
|
|
57,902
|
14,865,759
|
Metals & Mining - 1.6%
|
|
|
|
ATI Inc (b)
|
|
202,555
|
11,563,865
|
Carpenter Technology Corp
|
|
263,049
|
50,784,240
|
|
|
|
|
62,348,105
|
Paper & Forest Products - 0.7%
|
|
|
|
Louisiana-Pacific Corp
|
|
223,676
|
26,163,382
|
TOTAL MATERIALS
|
|
|
159,831,846
|
|
|
|
|
|
Real Estate - 1.6%
|
|
|
|
Hotel & Resort REITs - 0.5%
|
|
|
|
Ryman Hospitality Properties Inc
|
|
184,481
|
19,340,988
|
Industrial REITs - 0.4%
|
|
|
|
Terreno Realty Corp
|
|
208,418
|
13,634,706
|
Real Estate Management & Development - 0.7%
|
|
|
|
Compass Inc Class A (b)
|
|
2,810,842
|
20,378,605
|
Landbridge Co LLC Class A (f)
|
|
115,317
|
7,480,613
|
|
|
|
|
27,859,218
|
TOTAL REAL ESTATE
|
|
|
60,834,912
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
3,297,877,870
|
|
TOTAL COMMON STOCKS
(Cost $2,787,764,911)
|
|
|
3,600,690,298
|
|
|
|
|
|
Convertible Corporate Bonds - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Health Care Technology - 0.0%
|
|
|
|
Wugen Inc 10% 6/14/2025 (d)(e)
(Cost $253,458)
|
|
253,458
|
269,831
|
|
|
|
|
|
Convertible Preferred Stocks - 0.6%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.6%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Bright Peak Therapeutics Inc. Series B (b)(d)(e)
|
|
199,331
|
322,916
|
Bright Peak Therapeutics Inc. Series C (d)(e)
|
|
1,323,335
|
1,508,602
|
Caris Life Sciences Inc Series D (b)(d)(e)
|
|
144,435
|
415,973
|
Endeavor BioMedicines Inc Series C (d)(e)
|
|
210,174
|
1,370,334
|
LifeMine Therapeutics Inc Series C (b)(d)(e)
|
|
402,743
|
298,030
|
Sonoma Biotherapeutics Inc Series B (b)(d)(e)
|
|
438,013
|
1,261,477
|
Sonoma Biotherapeutics Inc Series B1 (b)(d)(e)
|
|
233,603
|
756,874
|
T-Knife Therapeutics Inc Series B (b)(d)(e)
|
|
201,583
|
274,153
|
Treeline Biosciences Series A (b)(d)(e)
|
|
21,246
|
149,147
|
|
|
|
|
6,357,506
|
Health Care Technology - 0.0%
|
|
|
|
Wugen Inc Series B (b)(d)(e)
|
|
59,982
|
228,531
|
TOTAL HEALTH CARE
|
|
|
6,586,037
|
|
|
|
|
|
Industrials - 0.2%
|
|
|
|
Construction & Engineering - 0.2%
|
|
|
|
Beta Technologies Inc Series A (b)(d)(e)
|
|
62,752
|
7,173,181
|
Beta Technologies Inc Series B, 6% (b)(d)(e)
|
|
11,821
|
1,590,634
|
Beta Technologies Inc Series C, 6% (d)(e)
|
|
4,600
|
531,668
|
|
|
|
|
9,295,483
|
Information Technology - 0.3%
|
|
|
|
Communications Equipment - 0.2%
|
|
|
|
Astranis Space Technologies Corp (b)(d)(e)
|
|
26,805
|
349,001
|
Astranis Space Technologies Corp Series C (b)(d)(e)
|
|
125,912
|
1,639,374
|
Astranis Space Technologies Corp Series D (d)(e)
|
|
503,082
|
4,698,787
|
|
|
|
|
6,687,162
|
IT Services - 0.0%
|
|
|
|
Yanka Industries Inc Series E (b)(d)(e)
|
|
191,029
|
666,691
|
Yanka Industries Inc Series F (b)(d)(e)
|
|
28,989
|
163,498
|
|
|
|
|
830,189
|
Software - 0.1%
|
|
|
|
Algolia Inc Series D (b)(d)(e)
|
|
9,900
|
223,245
|
Lyte Ai Inc (d)(e)
|
|
38,600
|
520,714
|
Mountain Digital Inc Series D (b)(d)(e)
|
|
140,383
|
2,747,295
|
Skyryse Inc Series B (b)(d)(e)
|
|
12,000
|
315,720
|
|
|
|
|
3,806,974
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
11,324,325
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
27,205,845
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $30,915,071)
|
|
|
27,205,845
|
|
|
|
|
|
Domestic Equity Funds - 4.0%
|
|
|
|
Shares
|
Value ($)
|
iShares Russell 2000 Growth ETF (f)
(Cost $142,414,510)
|
|
512,535
|
152,176,767
|
|
|
|
|
|
Money Market Funds - 10.2%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (h)
|
|
4.37
|
119,078,269
|
119,102,085
|
Fidelity Securities Lending Cash Central Fund (h)(i)
|
|
4.37
|
272,436,383
|
272,463,627
|
|
TOTAL MONEY MARKET FUNDS
(Cost $391,565,711)
|
|
|
|
391,565,712
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 108.5%
(Cost $3,352,913,661)
|
4,171,908,453
|
NET OTHER ASSETS (LIABILITIES) - (8.5)%
|
(327,895,461)
|
NET ASSETS - 100.0%
|
3,844,012,992
|
|
|
|
Security Type Abbreviations
ETF
|
-
|
Exchange Traded Fund
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(c)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $3,716,142 or 0.1% of net assets.
|
(e)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $59,208,944 or 1.5% of net assets.
|
(f)
|
Security or a portion of the security is on loan at period end.
|
(g)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(i)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Algolia Inc
|
10/27/21
|
1,265,404
|
|
|
|
|
Algolia Inc Series D
|
7/23/21
|
289,526
|
|
|
|
|
Astranis Space Technologies Corp
|
4/05/23
|
587,591
|
|
|
|
|
Astranis Space Technologies Corp Series C
|
3/19/21
|
2,760,108
|
|
|
|
|
Astranis Space Technologies Corp Series D
|
4/25/24 - 12/06/24
|
4,699,993
|
|
|
|
|
Beta Technologies Inc Series A
|
4/09/21
|
4,597,839
|
|
|
|
|
Beta Technologies Inc Series B, 6%
|
4/04/22
|
1,219,573
|
|
|
|
|
Beta Technologies Inc Series C, 6%
|
10/24/24
|
526,562
|
|
|
|
|
Bright Peak Therapeutics Inc. Series B
|
5/14/21
|
778,587
|
|
|
|
|
Bright Peak Therapeutics Inc. Series C
|
5/07/24
|
1,500,000
|
|
|
|
|
Caris Life Sciences Inc Series D
|
5/11/21
|
1,169,924
|
|
|
|
|
Endeavor BioMedicines Inc Series C
|
4/22/24
|
1,371,301
|
|
|
|
|
Enliven Therapeutics Inc
|
3/19/24
|
1,408,218
|
|
|
|
|
Fanatics Inc Class A
|
8/13/20 - 3/22/21
|
2,891,600
|
|
|
|
|
LifeMine Therapeutics Inc Series C
|
2/15/22
|
820,222
|
|
|
|
|
Lyte Ai Inc
|
8/13/24
|
489,683
|
|
|
|
|
Mountain Digital Inc Series D
|
11/05/21
|
3,223,938
|
|
|
|
|
Oruka Therapeutics Inc
|
9/12/24
|
1,986,694
|
|
|
|
|
Perella Weinberg Partners
|
12/29/20
|
4,572,620
|
|
|
|
|
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 Class 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
|
9/16/21 - 10/31/23
|
3,598,868
|
|
|
|
|
Wugen Inc 10% 6/14/2025
|
6/14/24
|
253,458
|
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
41,157,059
|
969,926,059
|
891,981,034
|
1,577,179
|
-
|
1
|
119,102,085
|
119,078,269
|
0.2%
|
Fidelity Securities Lending Cash Central Fund
|
167,889,010
|
659,098,506
|
554,523,889
|
513,726
|
-
|
-
|
272,463,627
|
272,436,383
|
1.2%
|
Total
|
209,046,069
|
1,629,024,565
|
1,446,504,923
|
2,090,905
|
-
|
1
|
391,565,712
|
391,514,652
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
52,653,131
|
52,653,131
|
-
|
-
|
Consumer Discretionary
|
432,968,321
|
423,185,441
|
-
|
9,782,880
|
Consumer Staples
|
109,125,444
|
109,125,444
|
-
|
-
|
Energy
|
65,044,573
|
65,044,573
|
-
|
-
|
Financials
|
329,074,903
|
327,144,591
|
-
|
1,930,312
|
Health Care
|
880,115,592
|
875,769,314
|
-
|
4,346,278
|
Industrials
|
787,987,542
|
780,158,482
|
7,829,060
|
-
|
Information Technology
|
723,054,034
|
722,078,318
|
-
|
975,716
|
Materials
|
159,831,846
|
159,831,846
|
-
|
-
|
Real Estate
|
60,834,912
|
60,834,912
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Health Care
|
269,831
|
-
|
-
|
269,831
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Health Care
|
6,586,037
|
-
|
-
|
6,586,037
|
Industrials
|
9,295,483
|
-
|
-
|
9,295,483
|
Information Technology
|
11,324,325
|
-
|
-
|
11,324,325
|
|
|
Domestic Equity Funds
|
152,176,767
|
152,176,767
|
-
|
-
|
|
|
Money Market Funds
|
391,565,712
|
391,565,712
|
-
|
-
|
Total Investments in Securities:
|
4,171,908,453
|
4,119,568,531
|
7,829,060
|
44,510,862
|
|
|
|
|
|
|
|
Net Unrealized Appreciation on Unfunded Commitments
|
337,549
|
-
|
-
|
337,549
|
Total
|
337,549
|
-
|
-
|
337,549
|
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Common Stocks
|
|
|
|
Beginning Balance
|
$
|
17,107,354
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(84,195)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
12,027
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
17,035,186
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(72,169)
|
|
Convertible Corporate Bonds
|
|
|
|
Beginning Balance
|
$
|
259,262
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
10,569
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
269,831
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
10,569
|
|
Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
22,839,519
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(2,612,353)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
2,962,430
|
|
Cost of Purchases
|
|
4,016,249
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
27,205,845
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
350,081
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.
|
|
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $264,878,878) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $2,961,347,950)
|
$
|
3,780,342,741
|
|
|
Fidelity Central Funds (cost $391,565,711)
|
|
391,565,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $3,352,913,661)
|
|
|
$
|
4,171,908,453
|
Cash
|
|
|
|
262,657
|
Foreign currency held at value (cost $18,111)
|
|
|
|
18,278
|
Receivable for investments sold
|
|
|
|
8,838,341
|
Unrealized appreciation on unfunded commitments
|
|
|
|
408,097
|
Receivable for fund shares sold
|
|
|
|
5,069,324
|
Dividends receivable
|
|
|
|
371,869
|
Interest receivable
|
|
|
|
16,123
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
457,743
|
Other receivables
|
|
|
|
2
|
Total assets
|
|
|
|
4,187,350,887
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
64,143,310
|
|
|
Unrealized depreciation on unfunded commitments
|
|
70,548
|
|
|
Payable for fund shares redeemed
|
|
4,799,401
|
|
|
Accrued management fee
|
|
1,862,419
|
|
|
Collateral on securities loaned
|
|
272,462,217
|
|
|
Total liabilities
|
|
|
|
343,337,895
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
3,844,012,992
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
3,054,844,714
|
Total accumulated earnings (loss)
|
|
|
|
789,168,278
|
Net Assets
|
|
|
$
|
3,844,012,992
|
Net Asset Value, offering price and redemption price per share ($3,844,012,992 ÷ 207,061,534 shares)
|
|
|
$
|
18.56
|
Consolidated Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
6,518,902
|
Income from Fidelity Central Funds (including $513,726 from security lending)
|
|
|
|
2,090,905
|
Total income
|
|
|
|
8,609,807
|
Expenses
|
|
|
|
|
Management fee
|
$
|
10,062,000
|
|
|
Independent trustees' fees and expenses
|
|
6,792
|
|
|
Interest
|
|
1,077
|
|
|
Miscellaneous
|
|
8,354
|
|
|
Total expenses before reductions
|
|
10,078,223
|
|
|
Expense reductions
|
|
(5,473)
|
|
|
Total expenses after reductions
|
|
|
|
10,072,750
|
Net Investment income (loss)
|
|
|
|
(1,462,943)
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
19,173,370
|
|
|
Foreign currency transactions
|
|
58,681
|
|
|
Total net realized gain (loss)
|
|
|
|
19,232,051
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
211,021,670
|
|
|
Fidelity Central Funds
|
|
1
|
|
|
Unfunded commitments
|
|
(609,153)
|
|
|
Assets and liabilities in foreign currencies
|
|
(478)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
210,412,040
|
Net gain (loss)
|
|
|
|
229,644,091
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
228,181,148
|
Consolidated Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
(1,462,943)
|
$
|
(652,596)
|
Net realized gain (loss)
|
|
19,232,051
|
|
137,658,409
|
Change in net unrealized appreciation (depreciation)
|
|
210,412,040
|
|
340,816,942
|
Net increase (decrease) in net assets resulting from operations
|
|
228,181,148
|
|
477,822,755
|
Distributions to shareholders
|
|
(70,800,445)
|
|
(4,542,314)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
1,208,793,551
|
|
1,018,435,284
|
Reinvestment of distributions
|
|
70,297,823
|
|
4,525,279
|
Cost of shares redeemed
|
|
(497,817,092)
|
|
(485,070,208)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
781,274,282
|
|
537,890,355
|
Total increase (decrease) in net assets
|
|
938,654,985
|
|
1,011,170,796
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
2,905,358,007
|
|
1,894,187,211
|
End of period
|
$
|
3,844,012,992
|
$
|
2,905,358,007
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
66,719,545
|
|
65,251,514
|
Issued in reinvestment of distributions
|
|
4,031,806
|
|
329,111
|
Redeemed
|
|
(27,427,074)
|
|
(31,765,326)
|
Net increase (decrease)
|
|
43,324,277
|
|
33,815,299
|
|
|
|
|
|
|
Consolidated Financial Highlights
Fidelity® Small Cap Growth K6 Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
17.74
|
$
|
14.58
|
$
|
13.22
|
$
|
21.55
|
$
|
15.32
|
$
|
13.96
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
(.01)
|
|
- C
|
|
.01
|
|
.01
|
|
(.03) D
|
|
- C
|
Net realized and unrealized gain (loss)
|
|
1.23
|
|
3.20
|
|
1.36
|
|
(3.11)
|
|
6.81
|
|
1.36
|
Total from investment operations
|
|
1.22
|
|
3.20
|
|
1.37
|
|
(3.10)
|
|
6.78
|
|
1.36
|
Distributions from net investment income
|
|
(.28)
|
|
(.04)
|
|
(.01)
|
|
-
|
|
-
|
|
-
|
Distributions from net realized gain
|
|
(.12)
|
|
-
|
|
-
|
|
(5.23)
|
|
(.55)
|
|
-
|
Total distributions
|
|
(.40)
|
|
(.04)
|
|
(.01)
|
|
(5.23)
|
|
(.55)
|
|
-
|
Net asset value, end of period
|
$
|
18.56
|
$
|
17.74
|
$
|
14.58
|
$
|
13.22
|
$
|
21.55
|
$
|
15.32
|
Total Return E,F
|
|
|
|
21.98%
|
|
10.34%
|
|
(20.31)%
|
|
44.76%
|
|
9.74%
|
Ratios to Average Net Assets B,G,H
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.60% I,J
|
|
.60%
|
|
.60%
|
|
.60%
|
|
.60%
|
|
.60%
|
Expenses net of fee waivers, if any
|
|
|
|
.60%
|
|
.60%
|
|
.60%
|
|
.60%
|
|
.60%
|
Expenses net of all reductions
|
|
.60% I,J
|
|
.60%
|
|
.60%
|
|
.60%
|
|
.59%
|
|
.59%
|
Net investment income (loss)
|
|
(.09)% I,J
|
|
(.03)%
|
|
.04%
|
|
.09%
|
|
(.14)% D
|
|
(.02)%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
3,844,013
|
$
|
2,905,358
|
$
|
1,894,187
|
$
|
1,265,226
|
$
|
1,154,380
|
$
|
899,926
|
Portfolio turnover rate K
|
|
|
|
85% L
|
|
76% L
|
|
81% L
|
|
119%
|
|
137% L
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.22)%.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
HExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
IProxy expenses are not annualized.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
(Unaudited)For the period ended January 31, 2025
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 Consolidated 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. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (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. Exchange-Traded Funds (ETFs)are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$ 17,035,186
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.1 - 8.0 / 3.5
|
Increase
|
|
|
|
Enterprise value/Net income multiple (EV/NI)
|
13.0
|
Increase
|
|
|
Discounted cash flow
|
Discount rate
|
8.5% - 8.8% / 8.7%
|
Decrease
|
Convertible Corporate Bonds
|
$ 269,831
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
23.5%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 50.0% / 25.0%
|
Increase
|
Convertible Preferred Stocks
|
$ 27,205,845
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
2.1 - 14.2 / 10.2
|
Increase
|
|
|
Market approach
|
Transaction price
|
$1.13 - $8.61 / $3.61
|
Increase
|
|
|
|
Discount rate
|
15.0% - 80.0% / 55.8%
|
Decrease
|
|
|
|
Premium rate
|
15.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
50.0% - 90.0% / 78.7%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.4% / 4.3%
|
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, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
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
|
$940,055,917
|
Gross unrealized depreciation
|
(154,617,904)
|
Net unrealized appreciation (depreciation)
|
$785,438,013
|
Tax cost
|
$3,386,470,440
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
Fidelity Small Cap Growth K6 Fund
|
Crescent Biopharma, Inc.
|
500,000
|
408,097
|
Fidelity Small Cap Growth K6 Fund
|
Jade Biosciences, Inc.
|
1,375,600
|
(70,548)
|
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
|
Amount ($)
|
% of Net Assets
|
Fidelity Small Cap Growth K6 Fund
|
4,346,278
|
.11
|
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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
|
1,811,304,389
|
1,138,074,493
|
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
|
Shares
|
Total Proceeds ($)
|
Fidelity Small Cap Growth K6 Fund
|
1,065,153
|
17,638,935
|
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
|
Shares
|
Total Proceeds ($)
|
Fidelity Small Cap Growth K6 Fund
|
2,235,792
|
34,928,214
|
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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Small Cap Growth K6 Fund
|
46,250
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Small Cap Growth K6 Fund
|
Borrower
|
6,955,000
|
5.58%
|
1,077
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Small Cap Growth K6 Fund
|
106,461,454
|
109,607,377
|
(7,836,969)
|
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
|
Amount ($)
|
Fidelity Small Cap Growth K6 Fund
|
40,615
|
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.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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
|
56,042
|
21,227
|
4,865,610
|
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 $5,473.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.9884010.107
SCPK6-SANN-0425
Fidelity® Series Blue Chip Growth Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Blue Chip Growth Fund
Consolidated Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0%
|
|
|
|
Shares
|
Value ($)
|
AUSTRALIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
IREN Ltd (b)(c)
|
|
210,600
|
2,152,332
|
BELGIUM - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Pharmaceuticals - 0.1%
|
|
|
|
UCB SA
|
|
32,300
|
6,306,209
|
BRAZIL - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
Vale SA ADR
|
|
713,700
|
6,630,273
|
CANADA - 0.6%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Broadline Retail - 0.0%
|
|
|
|
Dollarama Inc
|
|
34,100
|
3,226,871
|
Specialty Retail - 0.2%
|
|
|
|
Aritzia Inc Subordinate Voting Shares (b)
|
|
479,700
|
23,071,545
|
Groupe Dynamite Inc Subordinate Voting Shares
|
|
97,800
|
1,086,779
|
|
|
|
|
24,158,324
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
27,385,195
|
|
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Cameco Corp
|
|
130,800
|
6,468,226
|
Secure Waste Infrastructure Corp
|
|
319,400
|
3,300,917
|
|
|
|
|
9,769,143
|
Information Technology - 0.3%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
Celestica Inc (United States) (b)(c)
|
|
129,600
|
16,001,712
|
IT Services - 0.2%
|
|
|
|
Shopify Inc Class A (b)
|
|
194,000
|
22,640,341
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
38,642,053
|
|
|
|
|
|
TOTAL CANADA
|
|
|
75,796,391
|
CHINA - 1.4%
|
|
|
|
Consumer Discretionary - 0.5%
|
|
|
|
Broadline Retail - 0.4%
|
|
|
|
JD.com Inc ADR
|
|
376,000
|
15,310,720
|
PDD Holdings Inc Class A ADR (b)
|
|
280,300
|
31,368,373
|
|
|
|
|
46,679,093
|
Diversified Consumer Services - 0.1%
|
|
|
|
TAL Education Group Class A ADR (b)
|
|
547,300
|
6,693,479
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Trip.com Group Ltd ADR (b)
|
|
38,600
|
2,708,562
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
56,081,134
|
|
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Ant International Co Ltd Class C (d)(e)
|
|
784,278
|
1,411,700
|
Information Technology - 0.9%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.9%
|
|
|
|
NXP Semiconductors NV
|
|
515,735
|
107,556,535
|
TOTAL CHINA
|
|
|
165,049,369
|
DENMARK - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Ascendis Pharma A/S ADR (b)
|
|
129,996
|
16,985,277
|
FINLAND - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Amer Sports Inc
|
|
668,900
|
21,384,733
|
FRANCE - 0.1%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
Hermes International SCA
|
|
3,101
|
8,763,046
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
9,461
|
6,919,819
|
|
|
|
|
|
TOTAL FRANCE
|
|
|
15,682,865
|
GERMANY - 0.2%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
adidas AG
|
|
27,800
|
7,351,245
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
SAP SE ADR
|
|
50,700
|
13,996,242
|
TOTAL GERMANY
|
|
|
21,347,487
|
INDIA - 0.6%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.0%
|
|
|
|
Indus Towers Ltd (b)
|
|
1,375,252
|
5,491,989
|
Wireless Telecommunication Services - 0.1%
|
|
|
|
Bharti Airtel Ltd
|
|
57,200
|
1,070,581
|
Vodafone Idea Ltd (b)
|
|
70,627,924
|
7,342,805
|
|
|
|
|
8,413,386
|
Consumer Discretionary - 0.3%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Hyundai Motor India Ltd
|
|
138,003
|
2,670,571
|
Mahindra & Mahindra Ltd
|
|
70,600
|
2,427,945
|
|
|
|
|
5,098,516
|
Broadline Retail - 0.1%
|
|
|
|
Lenskart Solutions Pvt Ltd (b)(d)(e)
|
|
1,852,090
|
5,506,994
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
MakeMyTrip Ltd (b)
|
|
27,900
|
3,048,633
|
Swiggy Ltd (f)
|
|
177,251
|
846,084
|
Zomato Ltd (b)
|
|
2,207,900
|
5,595,580
|
|
|
|
|
9,490,297
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
20,095,807
|
|
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Food Products - 0.0%
|
|
|
|
Patanjali Foods Ltd
|
|
276,000
|
5,791,531
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Reliance Industries Ltd
|
|
929,698
|
13,538,403
|
Reliance Industries Ltd GDR (g)
|
|
24,800
|
1,455,760
|
|
|
|
|
14,994,163
|
Financials - 0.0%
|
|
|
|
Banks - 0.0%
|
|
|
|
ICICI Bank Ltd ADR
|
|
58,200
|
1,668,593
|
Financial Services - 0.0%
|
|
|
|
Aditya Birla Capital Ltd (b)
|
|
615,200
|
1,270,335
|
Jio Financial Services Ltd (b)
|
|
726,649
|
2,019,562
|
|
|
|
|
3,289,897
|
TOTAL FINANCIALS
|
|
|
4,958,490
|
|
|
|
|
|
Industrials - 0.0%
|
|
|
|
Aerospace & Defense - 0.0%
|
|
|
|
Hindustan Aeronautics Ltd (h)
|
|
19,700
|
891,584
|
Construction & Engineering - 0.0%
|
|
|
|
Larsen & Toubro Ltd
|
|
82,900
|
3,403,679
|
Transportation Infrastructure - 0.0%
|
|
|
|
JSW Infrastructure Ltd
|
|
320,400
|
1,011,096
|
TOTAL INDUSTRIALS
|
|
|
5,306,359
|
|
|
|
|
|
Materials - 0.1%
|
|
|
|
Construction Materials - 0.0%
|
|
|
|
Grasim Industries Ltd
|
|
100,100
|
2,893,164
|
Metals & Mining - 0.1%
|
|
|
|
Hindalco Industries Ltd
|
|
136,700
|
934,271
|
Welspun Corp Ltd
|
|
521,700
|
4,455,219
|
|
|
|
|
5,389,490
|
TOTAL MATERIALS
|
|
|
8,282,654
|
|
|
|
|
|
TOTAL INDIA
|
|
|
73,334,379
|
ISRAEL - 0.1%
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Personal Care Products - 0.0%
|
|
|
|
Oddity Tech Ltd Class A (b)
|
|
56,024
|
2,673,465
|
Health Care - 0.1%
|
|
|
|
Pharmaceuticals - 0.1%
|
|
|
|
Teva Pharmaceutical Industries Ltd ADR (b)
|
|
650,300
|
11,529,819
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Xsight Labs Ltd warrants 1/11/2034 (b)(d)(e)
|
|
15,421
|
43,179
|
Xsight Labs Ltd warrants 12/30/2031 (b)(d)(e)
|
|
22,173
|
34,590
|
|
|
|
|
77,769
|
TOTAL ISRAEL
|
|
|
14,281,053
|
JAPAN - 0.1%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Entertainment - 0.0%
|
|
|
|
Nintendo Co Ltd
|
|
58,300
|
3,824,754
|
Consumer Discretionary - 0.0%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.0%
|
|
|
|
Asics Corp
|
|
60,000
|
1,337,409
|
Industrials - 0.0%
|
|
|
|
Machinery - 0.0%
|
|
|
|
Mitsubishi Heavy Industries Ltd
|
|
113,300
|
1,658,173
|
Information Technology - 0.1%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.1%
|
|
|
|
Allegro MicroSystems Inc (b)
|
|
160,200
|
3,859,218
|
TOTAL JAPAN
|
|
|
10,679,554
|
KOREA (SOUTH) - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
SK Hynix Inc
|
|
8,590
|
1,152,803
|
LUXEMBOURG - 0.0%
|
|
|
|
Financials - 0.0%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
CVC Capital Partners PLC (b)(g)(h)
|
|
232,373
|
5,525,181
|
NETHERLANDS - 0.1%
|
|
|
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
Nebius Group NV Class A (b)
|
|
425,800
|
13,906,628
|
SINGAPORE - 0.0%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Entertainment - 0.0%
|
|
|
|
Sea Ltd Class A ADR (b)
|
|
33,200
|
4,043,428
|
SWITZERLAND - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
On Holding AG Class A (b)
|
|
309,000
|
18,502,920
|
Health Care - 0.0%
|
|
|
|
Pharmaceuticals - 0.0%
|
|
|
|
Galderma Group AG (b)
|
|
44,660
|
5,428,341
|
TOTAL SWITZERLAND
|
|
|
23,931,261
|
TAIWAN - 0.8%
|
|
|
|
Information Technology - 0.8%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.8%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
471,600
|
98,715,312
|
UNITED KINGDOM - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
Flutter Entertainment PLC (b)
|
|
42,400
|
11,319,529
|
Flutter Entertainment PLC (United Kingdom) (b)
|
|
36,600
|
9,897,452
|
|
|
|
|
21,216,981
|
Financials - 0.0%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
3i Group PLC
|
|
142,589
|
6,850,455
|
TOTAL UNITED KINGDOM
|
|
|
28,067,436
|
UNITED STATES - 92.1%
|
|
|
|
Communication Services - 18.5%
|
|
|
|
Entertainment - 3.5%
|
|
|
|
Netflix Inc (b)
|
|
320,924
|
313,465,726
|
ROBLOX Corp Class A (b)
|
|
685,600
|
48,725,592
|
Roku Inc Class A (b)
|
|
251,000
|
20,772,760
|
Spotify Technology SA (b)
|
|
34,100
|
18,705,555
|
Take-Two Interactive Software Inc (b)
|
|
23,100
|
4,285,281
|
Walt Disney Co/The
|
|
230,900
|
26,105,554
|
|
|
|
|
432,060,468
|
Interactive Media & Services - 15.0%
|
|
|
|
Alphabet Inc Class A
|
|
4,959,460
|
1,011,829,029
|
Epic Games Inc (b)(d)(e)
|
|
1,076
|
730,077
|
Meta Platforms Inc Class A
|
|
870,210
|
599,731,328
|
Reddit Inc Class A
|
|
87,900
|
17,540,445
|
Reddit Inc Class B (b)
|
|
134,285
|
26,796,572
|
Snap Inc Class A (b)
|
|
14,634,100
|
165,218,989
|
|
|
|
|
1,821,846,440
|
Media - 0.0%
|
|
|
|
Trade Desk Inc (The) Class A (b)
|
|
47,300
|
5,613,564
|
TOTAL COMMUNICATION SERVICES
|
|
|
2,259,520,472
|
|
|
|
|
|
Consumer Discretionary - 19.7%
|
|
|
|
Automobiles - 1.9%
|
|
|
|
Neutron Holdings Inc (b)(d)(e)
|
|
691,699
|
39,842
|
Rad Power Bikes Inc (b)(d)(e)
|
|
110,210
|
23,144
|
Rad Power Bikes Inc warrants 10/6/2033 (b)(d)(e)
|
|
74,246
|
38,608
|
Rivian Automotive Inc Class A (b)(c)
|
|
765,695
|
9,617,129
|
Tesla Inc (b)
|
|
548,005
|
221,722,823
|
|
|
|
|
231,441,546
|
Broadline Retail - 9.0%
|
|
|
|
Amazon.com Inc (b)
|
|
4,588,800
|
1,090,665,984
|
Diversified Consumer Services - 0.1%
|
|
|
|
Bright Horizons Family Solutions Inc (b)
|
|
32,800
|
4,021,280
|
Duolingo Inc Class A (b)
|
|
37,100
|
13,504,029
|
|
|
|
|
17,525,309
|
Hotels, Restaurants & Leisure - 2.0%
|
|
|
|
Brinker International Inc (b)
|
|
104,200
|
18,961,274
|
Carnival Corp (b)
|
|
234,100
|
6,477,547
|
Cava Group Inc (b)
|
|
42,500
|
5,739,625
|
Chipotle Mexican Grill Inc (b)
|
|
1,007,800
|
58,805,130
|
DraftKings Inc Class A (b)
|
|
633,000
|
26,554,350
|
Planet Fitness Inc Class A (b)
|
|
88,900
|
9,615,424
|
Royal Caribbean Cruises Ltd
|
|
26,300
|
7,011,580
|
Starbucks Corp (c)
|
|
777,900
|
83,764,272
|
Sweetgreen Inc Class A (b)
|
|
599,681
|
19,741,499
|
Texas Roadhouse Inc
|
|
26,100
|
4,726,710
|
Viking Holdings Ltd
|
|
111,600
|
5,650,308
|
Wingstop Inc
|
|
11,600
|
3,455,640
|
|
|
|
|
250,503,359
|
Household Durables - 0.7%
|
|
|
|
DR Horton Inc
|
|
72,100
|
10,230,990
|
PulteGroup Inc
|
|
79,500
|
9,045,510
|
SharkNinja Inc
|
|
581,000
|
64,961,610
|
Toll Brothers Inc
|
|
25,400
|
3,449,574
|
|
|
|
|
87,687,684
|
Leisure Products - 0.1%
|
|
|
|
Peloton Interactive Inc Class A (b)(c)
|
|
1,284,800
|
9,957,199
|
Specialty Retail - 3.5%
|
|
|
|
Abercrombie & Fitch Co Class A (b)
|
|
281,825
|
33,644,269
|
Carvana Co Class A (b)
|
|
373,400
|
92,409,032
|
Chewy Inc Class A (b)(c)
|
|
129,800
|
5,059,604
|
Fanatics Inc Class A (b)(d)(e)
|
|
159,285
|
9,557,100
|
Five Below Inc (b)
|
|
136,884
|
12,836,982
|
Floor & Decor Holdings Inc Class A (b)
|
|
12,400
|
1,241,240
|
Home Depot Inc/The
|
|
25,600
|
10,546,688
|
Lowe's Cos Inc
|
|
370,106
|
96,242,364
|
RH (b)(c)
|
|
180,274
|
75,554,636
|
TJX Cos Inc/The
|
|
423,300
|
52,823,607
|
Victoria's Secret & Co (b)(c)
|
|
335,800
|
12,209,688
|
Warby Parker Inc Class A (b)
|
|
174,579
|
4,837,584
|
Wayfair Inc Class A (b)
|
|
299,020
|
14,463,597
|
|
|
|
|
421,426,391
|
Textiles, Apparel & Luxury Goods - 2.4%
|
|
|
|
Capri Holdings Ltd (b)
|
|
709,500
|
17,581,410
|
Deckers Outdoor Corp (b)
|
|
537,996
|
95,418,971
|
Lululemon Athletica Inc (b)
|
|
297,087
|
123,053,435
|
NIKE Inc Class B
|
|
283,013
|
21,763,700
|
Ralph Lauren Corp Class A
|
|
17,400
|
4,344,780
|
Tapestry Inc
|
|
75,400
|
5,499,676
|
Tory Burch LLC Class A (b)(d)(e)(i)
|
|
106,817
|
4,667,903
|
Under Armour Inc Class A (b)
|
|
2,039,600
|
17,030,660
|
VF Corp
|
|
327,200
|
8,497,384
|
|
|
|
|
297,857,919
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
2,407,065,391
|
|
|
|
|
|
Consumer Staples - 1.0%
|
|
|
|
Beverages - 0.0%
|
|
|
|
Celsius Holdings Inc (b)(c)
|
|
157,400
|
3,931,852
|
Coca-Cola Co/The
|
|
37,800
|
2,399,544
|
|
|
|
|
6,331,396
|
Consumer Staples Distribution & Retail - 0.8%
|
|
|
|
Albertsons Cos Inc
|
|
201,600
|
4,042,080
|
BJ's Wholesale Club Holdings Inc (b)
|
|
33,600
|
3,328,080
|
Costco Wholesale Corp
|
|
20,100
|
19,695,588
|
Target Corp
|
|
142,900
|
19,707,339
|
Walmart Inc
|
|
482,600
|
47,372,016
|
|
|
|
|
94,145,103
|
Food Products - 0.0%
|
|
|
|
Freshpet Inc (b)
|
|
31,300
|
5,006,435
|
Real Good Food Co Inc/The Class A (b)
|
|
4,109
|
5
|
|
|
|
|
5,006,440
|
Tobacco - 0.2%
|
|
|
|
JUUL Labs Inc Class A (b)(d)(e)
|
|
5,076,784
|
5,127,552
|
JUUL Labs Inc Class B (b)(d)(e)
|
|
2,450
|
2,474
|
Philip Morris International Inc
|
|
105,000
|
13,671,000
|
|
|
|
|
18,801,026
|
TOTAL CONSUMER STAPLES
|
|
|
124,283,965
|
|
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Antero Resources Corp (b)
|
|
29,200
|
1,089,744
|
Cheniere Energy Inc
|
|
10,700
|
2,393,055
|
Ovintiv Inc
|
|
26,700
|
1,127,274
|
|
|
|
|
4,610,073
|
Financials - 4.4%
|
|
|
|
Banks - 0.2%
|
|
|
|
Citigroup Inc
|
|
256,400
|
20,878,652
|
Wells Fargo & Co
|
|
89,000
|
7,013,200
|
|
|
|
|
27,891,852
|
Capital Markets - 1.6%
|
|
|
|
Ares Management Corp Class A
|
|
85,000
|
16,848,700
|
Bank of New York Mellon Corp/The
|
|
37,900
|
3,256,747
|
Blue Owl Capital Inc Class A
|
|
978,900
|
25,461,189
|
Charles Schwab Corp/The
|
|
14,700
|
1,215,984
|
Coinbase Global Inc Class A (b)
|
|
151,500
|
44,136,495
|
Goldman Sachs Group Inc/The
|
|
55,300
|
35,414,120
|
Interactive Brokers Group Inc Class A
|
|
9,100
|
1,978,704
|
Jefferies Financial Group Inc (c)
|
|
84,700
|
6,512,583
|
KKR & Co Inc Class A
|
|
106,900
|
17,859,783
|
Moody's Corp
|
|
30,200
|
15,083,088
|
Morgan Stanley
|
|
121,400
|
16,805,402
|
Nasdaq Inc
|
|
15,500
|
1,276,270
|
Robinhood Markets Inc Class A (b)
|
|
279,800
|
14,535,610
|
|
|
|
|
200,384,675
|
Consumer Finance - 0.3%
|
|
|
|
American Express Co
|
|
134,800
|
42,792,260
|
Financial Services - 2.1%
|
|
|
|
Affirm Holdings Inc Class A (b)
|
|
240,300
|
14,675,121
|
Apollo Global Management Inc
|
|
156,300
|
26,724,174
|
Berkshire Hathaway Inc Class B (b)
|
|
7,300
|
3,421,291
|
Block Inc Class A (b)
|
|
346,000
|
31,423,720
|
Fiserv Inc (b)
|
|
23,400
|
5,055,336
|
Mastercard Inc Class A
|
|
204,100
|
113,363,263
|
PayPal Holdings Inc (b)
|
|
63,500
|
5,624,830
|
Toast Inc Class A (b)
|
|
339,700
|
13,900,524
|
Visa Inc Class A
|
|
73,200
|
25,019,760
|
|
|
|
|
239,208,019
|
Insurance - 0.2%
|
|
|
|
Progressive Corp/The
|
|
91,400
|
22,524,616
|
TOTAL FINANCIALS
|
|
|
532,801,422
|
|
|
|
|
|
Health Care - 5.3%
|
|
|
|
Biotechnology - 0.9%
|
|
|
|
AbbVie Inc
|
|
37,200
|
6,841,080
|
Alnylam Pharmaceuticals Inc (b)
|
|
35,081
|
9,517,826
|
Apogee Therapeutics Inc (b)
|
|
51,300
|
2,121,768
|
Arcellx Inc (b)
|
|
15,400
|
1,049,202
|
Avidity Biosciences Inc (b)
|
|
37,900
|
1,248,047
|
Cibus Inc Class A (b)(c)
|
|
32,171
|
80,106
|
Exact Sciences Corp (b)
|
|
50,807
|
2,847,732
|
Gilead Sciences Inc
|
|
163,400
|
15,882,480
|
Janux Therapeutics Inc (b)
|
|
38,881
|
1,690,546
|
Legend Biotech Corp ADR (b)
|
|
85,600
|
3,261,360
|
Moderna Inc (b)
|
|
130,000
|
5,124,600
|
MoonLake Immunotherapeutics Class A (b)
|
|
81,300
|
3,738,987
|
Natera Inc (b)(c)
|
|
36,100
|
6,386,812
|
Nurix Therapeutics Inc (b)
|
|
14,100
|
277,911
|
Regeneron Pharmaceuticals Inc (b)
|
|
65,100
|
43,810,998
|
Scholar Rock Holding Corp (b)
|
|
71,500
|
2,887,170
|
Summit Therapeutics Inc (b)
|
|
30,100
|
647,150
|
Viking Therapeutics Inc (b)
|
|
124,500
|
4,077,375
|
|
|
|
|
111,491,150
|
Health Care Equipment & Supplies - 1.8%
|
|
|
|
Blink Health LLC Class A1 (b)(d)(e)
|
|
8,180
|
295,053
|
Boston Scientific Corp (b)
|
|
1,175,800
|
120,354,888
|
Glaukos Corp (b)
|
|
33,700
|
5,272,028
|
Insulet Corp (b)
|
|
45,200
|
12,582,776
|
Intuitive Surgical Inc (b)
|
|
92,200
|
52,727,336
|
Masimo Corp (b)
|
|
24,800
|
4,320,904
|
Stryker Corp
|
|
48,900
|
19,134,081
|
|
|
|
|
214,687,066
|
Health Care Providers & Services - 0.3%
|
|
|
|
UnitedHealth Group Inc
|
|
58,100
|
31,518,669
|
Health Care Technology - 0.0%
|
|
|
|
Multiplan Corp warrants (b)(d)
|
|
24,206
|
0
|
Veeva Systems Inc Class A (b)
|
|
27,000
|
6,298,020
|
|
|
|
|
6,298,020
|
Life Sciences Tools & Services - 0.2%
|
|
|
|
Danaher Corp
|
|
61,000
|
13,587,140
|
Revvity Inc (c)
|
|
4,100
|
517,133
|
Thermo Fisher Scientific Inc
|
|
13,500
|
8,069,625
|
|
|
|
|
22,173,898
|
Pharmaceuticals - 2.1%
|
|
|
|
Elanco Animal Health Inc (b)
|
|
231,100
|
2,780,133
|
Eli Lilly & Co
|
|
318,079
|
257,987,515
|
Structure Therapeutics Inc ADR (b)
|
|
18,800
|
563,436
|
|
|
|
|
261,331,084
|
TOTAL HEALTH CARE
|
|
|
647,499,887
|
|
|
|
|
|
Industrials - 3.3%
|
|
|
|
Aerospace & Defense - 1.4%
|
|
|
|
Axon Enterprise Inc (b)
|
|
27,100
|
17,674,078
|
Boeing Co (b)
|
|
306,680
|
54,135,154
|
GE Aerospace
|
|
114,600
|
23,329,122
|
Howmet Aerospace Inc
|
|
177,100
|
22,417,318
|
Space Exploration Technologies Corp (b)(d)(e)
|
|
227,030
|
42,000,550
|
Space Exploration Technologies Corp Class C (b)(d)(e)
|
|
6,860
|
1,269,100
|
Spirit AeroSystems Holdings Inc Class A (b)
|
|
79,100
|
2,690,191
|
Standardaero Inc (c)
|
|
57,200
|
1,535,248
|
TransDigm Group Inc
|
|
5,400
|
7,308,036
|
|
|
|
|
172,358,797
|
Air Freight & Logistics - 0.0%
|
|
|
|
CH Robinson Worldwide Inc
|
|
57,700
|
5,740,573
|
Building Products - 0.2%
|
|
|
|
AAON Inc
|
|
29,900
|
3,479,762
|
AZEK Co Inc/The Class A (b)
|
|
72,900
|
3,734,667
|
Builders FirstSource Inc (b)
|
|
43,700
|
7,310,136
|
Fortune Brands Innovations Inc
|
|
83,700
|
5,998,779
|
Lennox International Inc
|
|
4,500
|
2,665,890
|
Trane Technologies PLC
|
|
14,100
|
5,114,775
|
|
|
|
|
28,304,009
|
Construction & Engineering - 0.1%
|
|
|
|
EMCOR Group Inc
|
|
11,900
|
5,331,914
|
Fluor Corp (b)
|
|
73,800
|
3,557,898
|
|
|
|
|
8,889,812
|
Electrical Equipment - 0.4%
|
|
|
|
Acuity Brands Inc
|
|
17,400
|
5,783,586
|
Eaton Corp PLC
|
|
39,700
|
12,959,668
|
GE Vernova Inc
|
|
61,600
|
22,969,408
|
Vertiv Holdings Co Class A
|
|
59,900
|
7,009,498
|
|
|
|
|
48,722,160
|
Ground Transportation - 0.3%
|
|
|
|
Avis Budget Group Inc (b)
|
|
27,600
|
2,475,720
|
Lyft Inc Class A (b)
|
|
1,433,489
|
19,409,441
|
Uber Technologies Inc (b)
|
|
144,100
|
9,633,085
|
XPO Inc (b)
|
|
10,600
|
1,416,902
|
|
|
|
|
32,935,148
|
Industrial Conglomerates - 0.1%
|
|
|
|
3M Co
|
|
39,000
|
5,935,800
|
Honeywell International Inc
|
|
10,800
|
2,416,176
|
|
|
|
|
8,351,976
|
Machinery - 0.0%
|
|
|
|
Chart Industries Inc (b)
|
|
11,800
|
2,496,762
|
Passenger Airlines - 0.4%
|
|
|
|
Alaska Air Group Inc (b)
|
|
138,000
|
10,108,500
|
Delta Air Lines Inc
|
|
220,000
|
14,799,400
|
JetBlue Airways Corp (b)(c)
|
|
1,185,500
|
7,800,590
|
United Airlines Holdings Inc (b)
|
|
202,500
|
21,432,600
|
|
|
|
|
54,141,090
|
Professional Services - 0.1%
|
|
|
|
Paycom Software Inc
|
|
43,500
|
9,028,860
|
Trading Companies & Distributors - 0.3%
|
|
|
|
Core & Main Inc Class A (b)
|
|
22,700
|
1,281,188
|
Ferguson Enterprises Inc (c)
|
|
65,900
|
11,935,808
|
FTAI Aviation Ltd
|
|
237,300
|
23,855,769
|
|
|
|
|
37,072,765
|
TOTAL INDUSTRIALS
|
|
|
408,041,952
|
|
|
|
|
|
Information Technology - 39.0%
|
|
|
|
Communications Equipment - 0.2%
|
|
|
|
Arista Networks Inc
|
|
164,900
|
19,001,427
|
Ciena Corp (b)
|
|
129,200
|
11,258,488
|
|
|
|
|
30,259,915
|
Electronic Equipment, Instruments & Components - 0.2%
|
|
|
|
Amphenol Corp Class A
|
|
250,000
|
17,695,000
|
Coherent Corp (b)
|
|
119,700
|
10,831,653
|
|
|
|
|
28,526,653
|
IT Services - 0.6%
|
|
|
|
Cloudflare Inc Class A (b)
|
|
41,600
|
5,757,440
|
Okta Inc Class A (b)
|
|
366,300
|
34,512,786
|
Snowflake Inc Class A (b)
|
|
175,552
|
31,864,444
|
Twilio Inc Class A (b)
|
|
19,200
|
2,814,336
|
|
|
|
|
74,949,006
|
Semiconductors & Semiconductor Equipment - 18.1%
|
|
|
|
Astera Labs Inc (b)
|
|
334,000
|
33,874,280
|
Broadcom Inc
|
|
804,400
|
177,989,588
|
GlobalFoundries Inc (b)
|
|
670,060
|
27,787,388
|
Impinj Inc (b)
|
|
52,000
|
6,598,280
|
Lam Research Corp
|
|
213,400
|
17,296,070
|
Marvell Technology Inc
|
|
4,147,495
|
468,086,286
|
Micron Technology Inc
|
|
142,400
|
12,992,576
|
Monolithic Power Systems Inc
|
|
87,600
|
55,833,612
|
NVIDIA Corp
|
|
11,398,260
|
1,368,589,079
|
ON Semiconductor Corp (b)
|
|
652,513
|
34,152,530
|
Semtech Corp (b)
|
|
21,400
|
1,432,944
|
|
|
|
|
2,204,632,633
|
Software - 10.0%
|
|
|
|
Appfolio Inc Class A (b)
|
|
6,700
|
1,567,197
|
Applied Intuition Inc Class A (d)(e)
|
|
5,601
|
359,640
|
AppLovin Corp Class A (b)
|
|
416,200
|
153,823,358
|
Atlassian Corp Class A (b)
|
|
4,500
|
1,380,510
|
Atom Tickets LLC (b)(d)(e)(i)
|
|
344,068
|
3
|
Coreweave Inc Class A (d)(e)
|
|
26,920
|
25,300,762
|
Crowdstrike Holdings Inc Class A (b)
|
|
13,400
|
5,334,138
|
Datadog Inc Class A (b)
|
|
120,500
|
17,196,555
|
Figma Inc Class A (d)(e)
|
|
43,744
|
1,154,404
|
HubSpot Inc (b)
|
|
44,992
|
35,072,614
|
Informatica Inc Class A (b)
|
|
47,400
|
1,217,232
|
Life360 Inc (b)
|
|
70,700
|
3,232,404
|
Microsoft Corp
|
|
1,831,600
|
760,223,896
|
Monday.com Ltd (b)
|
|
22,000
|
5,620,120
|
OpenAI Global LLC rights (b)(d)(e)
|
|
5,005,573
|
5,005,573
|
Oracle Corp
|
|
240,300
|
40,865,418
|
Procore Technologies Inc (b)
|
|
30,700
|
2,442,492
|
Salesforce Inc
|
|
65,600
|
22,415,520
|
Servicenow Inc (b)
|
|
99,923
|
101,759,585
|
Stripe Inc Class B (b)(d)(e)
|
|
19,900
|
591,030
|
Synopsys Inc (b)
|
|
12,300
|
6,463,404
|
Tanium Inc Class B (b)(d)(e)
|
|
151,000
|
1,439,030
|
Zoom Communications Inc Class A (b)
|
|
175,100
|
15,223,194
|
Zscaler Inc (b)
|
|
8,600
|
1,742,274
|
|
|
|
|
1,209,430,353
|
Technology Hardware, Storage & Peripherals - 9.9%
|
|
|
|
Apple Inc
|
|
5,088,536
|
1,200,894,496
|
Super Micro Computer Inc (b)(c)
|
|
86,485
|
2,466,552
|
Western Digital Corp (b)
|
|
37,000
|
2,409,810
|
|
|
|
|
1,205,770,858
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
4,753,569,418
|
|
|
|
|
|
Materials - 0.5%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
Sherwin-Williams Co/The
|
|
25,300
|
9,061,448
|
Construction Materials - 0.2%
|
|
|
|
CRH PLC
|
|
50,700
|
5,020,821
|
Eagle Materials Inc
|
|
27,300
|
7,009,002
|
Martin Marietta Materials Inc
|
|
9,900
|
5,386,788
|
Vulcan Materials Co
|
|
25,800
|
7,073,070
|
|
|
|
|
24,489,681
|
Containers & Packaging - 0.0%
|
|
|
|
Smurfit WestRock PLC
|
|
104,200
|
5,531,978
|
Metals & Mining - 0.2%
|
|
|
|
Carpenter Technology Corp
|
|
107,200
|
20,696,032
|
TOTAL MATERIALS
|
|
|
59,779,139
|
|
|
|
|
|
Real Estate - 0.4%
|
|
|
|
Health Care REITs - 0.3%
|
|
|
|
Welltower Inc
|
|
269,984
|
36,847,416
|
Real Estate Management & Development - 0.1%
|
|
|
|
Zillow Group Inc Class C (b)
|
|
143,600
|
11,806,792
|
TOTAL REAL ESTATE
|
|
|
48,654,208
|
|
|
|
|
|
Utilities - 0.0%
|
|
|
|
Electric Utilities - 0.0%
|
|
|
|
Constellation Energy Corp
|
|
3,800
|
1,139,924
|
TOTAL UNITED STATES
|
|
|
11,246,965,851
|
|
TOTAL COMMON STOCKS
(Cost $4,734,065,987)
|
|
|
11,851,937,822
|
|
|
|
|
|
Convertible Corporate Bonds - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Neutron Holdings Inc 4% 5/22/2027 (d)(e)
|
|
433,800
|
1,110,138
|
Neutron Holdings Inc 4% 6/12/2027 (d)(e)
|
|
115,200
|
294,808
|
|
|
|
|
1,404,946
|
Information Technology - 0.0%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Enevate Corp 10% 5/12/2025 (d)(e)
|
|
22,391
|
22,879
|
TOTAL UNITED STATES
|
|
|
1,427,825
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $571,391)
|
|
|
1,427,825
|
|
|
|
|
|
Convertible Preferred Stocks - 1.8%
|
|
|
|
Shares
|
Value ($)
|
CHINA - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Interactive Media & Services - 0.1%
|
|
|
|
ByteDance Ltd Series E1 (b)(d)(e)
|
|
37,119
|
9,192,892
|
ESTONIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Bolt Technology OU Series E (b)(d)(e)
|
|
18,160
|
3,340,564
|
FINLAND - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Health Care Technology - 0.0%
|
|
|
|
Oura Health Oy (d)(e)
|
|
156,533
|
4,021,333
|
INDIA - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Broadline Retail - 0.0%
|
|
|
|
Meesho Series D2 (d)(e)
|
|
32,839
|
1,774,620
|
Meesho Series E (d)(e)
|
|
5,470
|
295,599
|
Meesho Series F (b)(d)(e)
|
|
5,077
|
279,133
|
|
|
|
|
|
TOTAL INDIA
|
|
|
2,349,352
|
ISRAEL - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Xsight Labs Ltd Series D (b)(d)(e)
|
|
140,500
|
885,150
|
Xsight Labs Ltd Series E (d)(e)
|
|
110,868
|
859,227
|
Xsight Labs Ltd Series E1 (d)(e)
|
|
51,402
|
473,926
|
|
|
|
|
|
TOTAL ISRAEL
|
|
|
2,218,303
|
UNITED STATES - 1.7%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Neutron Holdings Inc Series 1C (b)(d)(e)
|
|
12,405,800
|
714,574
|
Rad Power Bikes Inc Series A (b)(d)(e)
|
|
14,368
|
3,017
|
Rad Power Bikes Inc Series C (b)(d)(e)
|
|
56,537
|
32,226
|
Waymo LLC (d)(e)
|
|
25,928
|
1,966,899
|
Waymo LLC Series A2 (b)(d)(e)
|
|
15,200
|
941,944
|
|
|
|
|
3,658,660
|
Consumer Staples - 0.0%
|
|
|
|
Consumer Staples Distribution & Retail - 0.0%
|
|
|
|
GoBrands Inc Series G (b)(d)(e)
|
|
19,600
|
639,352
|
Food Products - 0.0%
|
|
|
|
AgBiome LLC Series C (b)(d)(e)
|
|
266,499
|
3
|
Tobacco - 0.0%
|
|
|
|
JUUL Labs Inc Series C (b)(d)(e)
|
|
660,029
|
666,629
|
JUUL Labs Inc Series D (b)(d)(e)
|
|
5,110
|
5,161
|
|
|
|
|
671,790
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Akeana Series C (d)(e)
|
|
65,000
|
822,250
|
Tenstorrent Holdings Inc Series D1 (d)(e)
|
|
18,067
|
1,424,222
|
|
|
|
|
2,246,472
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Castle Creek Biosciences Inc Series B (b)(d)(e)
|
|
1,069
|
224,052
|
Castle Creek Biosciences Inc Series D2 (b)(d)(e)
|
|
642
|
127,179
|
|
|
|
|
351,231
|
Health Care Equipment & Supplies - 0.0%
|
|
|
|
Blink Health LLC Series C (b)(d)(e)
|
|
27,197
|
980,996
|
Blink Health LLC Series D (d)(e)
|
|
5,797
|
209,098
|
|
|
|
|
1,190,094
|
TOTAL HEALTH CARE
|
|
|
1,541,325
|
|
|
|
|
|
Industrials - 1.2%
|
|
|
|
Aerospace & Defense - 1.1%
|
|
|
|
Anduril Industries Inc (d)(e)
|
|
87,397
|
2,195,413
|
Space Exploration Technologies Corp Series G (b)(d)(e)
|
|
43,447
|
80,376,950
|
Space Exploration Technologies Corp Series H (b)(d)(e)
|
|
6,348
|
11,743,800
|
Space Exploration Technologies Corp Series J (b)(d)(e)
|
|
5,376
|
9,945,600
|
Space Exploration Technologies Corp Series N (b)(d)(e)
|
|
12,799
|
23,678,150
|
|
|
|
|
127,939,913
|
Air Freight & Logistics - 0.0%
|
|
|
|
Zipline International Inc Series G (d)(e)
|
|
46,703
|
1,781,719
|
Construction & Engineering - 0.1%
|
|
|
|
Beta Technologies Inc Series A (b)(d)(e)
|
|
12,033
|
1,375,492
|
Beta Technologies Inc Series C, 6% (d)(e)
|
|
4,429
|
511,904
|
|
|
|
|
1,887,396
|
TOTAL INDUSTRIALS
|
|
|
131,609,028
|
|
|
|
|
|
Information Technology - 0.5%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Enevate Corp Series E (b)(d)(e)
|
|
1,441,706
|
807,355
|
Frore Systems Inc Series C (d)(e)
|
|
63,198
|
1,004,216
|
|
|
|
|
1,811,571
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Retym Inc (e)
|
|
30,943
|
327,686
|
Retym Inc Series C (b)(d)(e)
|
|
168,905
|
1,694,118
|
|
|
|
|
2,021,804
|
Software - 0.4%
|
|
|
|
Anthropic PBC Series D (d)(e)
|
|
67,650
|
3,957,525
|
Applied Intuition Inc Series A2 (d)(e)
|
|
7,292
|
468,219
|
Applied Intuition Inc Series B2 (d)(e)
|
|
3,516
|
225,762
|
Coreweave Inc Series C (d)(e)
|
|
1,727
|
1,827,442
|
Crusoe Energy Systems LLC (d)(e)
|
|
52,338
|
1,526,699
|
Databricks Inc (d)(e)
|
|
32,584
|
3,014,020
|
Databricks Inc Series G (b)(d)(e)
|
|
51,900
|
4,800,750
|
Databricks Inc Series I (b)(d)(e)
|
|
1,191
|
110,168
|
Dataminr Inc Series D, 8% (b)(d)(e)
|
|
115,901
|
1,538,006
|
Lyte Ai Inc (d)(e)
|
|
117,675
|
1,587,436
|
MOLOCO Inc Series A (b)(d)(e)
|
|
19,537
|
1,275,766
|
Runway AI Inc (d)(e)
|
|
9,191
|
1,052,370
|
Stripe Inc Series H (b)(d)(e)
|
|
8,700
|
258,390
|
Stripe Inc Series I (b)(d)(e)
|
|
135,124
|
4,013,183
|
xAI Corp Series B (d)(e)
|
|
635,731
|
13,763,576
|
xAI Corp Series C (d)(e)
|
|
116,978
|
2,532,574
|
|
|
|
|
41,951,886
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|
|
|
Lightmatter Inc (d)(e)
|
|
62,356
|
4,982,244
|
Lightmatter Inc Series C1 (b)(d)(e)
|
|
77,697
|
5,020,781
|
Lightmatter Inc Series C2 (b)(d)(e)
|
|
12,204
|
803,145
|
|
|
|
|
10,806,170
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
56,591,431
|
|
|
|
|
|
Materials - 0.0%
|
|
|
|
Metals & Mining - 0.0%
|
|
|
|
Diamond Foundry Inc Series C (b)(d)(e)
|
|
125,000
|
3,397,500
|
TOTAL UNITED STATES
|
|
|
200,355,561
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $96,055,991)
|
|
|
221,478,005
|
|
|
|
|
|
Non-Convertible Preferred Stocks - 0.0%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
Castle Creek Biosciences Inc Series A4 (b)(d)(e)
(Cost $3,185,523)
|
|
9,636
|
2,098,914
|
|
|
|
|
|
Preferred Securities - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Rad Power Bikes Inc 8% 12/31/2025 (d)(e)
|
|
74,246
|
96,920
|
Information Technology - 0.0%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Enevate Corp 6% (d)(e)(j)
|
|
80,121
|
71,178
|
TOTAL UNITED STATES
|
|
|
168,098
|
|
TOTAL PREFERRED SECURITIES
(Cost $154,366)
|
|
|
168,098
|
|
|
|
|
|
U.S. Treasury Obligations - 0.2%
|
|
|
|
Yield (%) (k)
|
Principal
Amount (a)
|
Value ($)
|
US Treasury Bills 0% 2/27/2025
|
|
4.44
|
3,200,000
|
3,190,965
|
US Treasury Bills 0% 3/27/2025
|
|
4.19 to 4.23
|
18,600,000
|
18,486,399
|
|
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $21,673,898)
|
|
|
|
21,677,364
|
|
|
|
|
|
|
Money Market Funds - 0.3%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Securities Lending Cash Central Fund (l)(m)
(Cost $41,952,740)
|
|
4.37
|
41,948,545
|
41,952,740
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.3%
(Cost $4,897,659,896)
|
12,140,740,768
|
NET OTHER ASSETS (LIABILITIES) - 0.7%
|
89,521,400
|
NET ASSETS - 100.0%
|
12,230,262,168
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(c)
|
Security or a portion of the security is on loan at period end.
|
(d)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $329,443,464 or 2.7% of net assets.
|
(f)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $846,084 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(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 $6,980,941 or 0.1% of net assets.
|
(h)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $6,416,765 or 0.1% of net assets.
|
(i)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(j)
|
Security is perpetual in nature with no stated maturity date.
|
(k)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(l)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(m)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
AgBiome LLC Series C
|
6/29/18
|
1,687,925
|
|
|
|
|
Akeana Series C
|
1/23/24
|
829,452
|
|
|
|
|
Anduril Industries Inc
|
8/07/24
|
1,899,714
|
|
|
|
|
Ant International Co Ltd Class C
|
5/16/18
|
2,989,179
|
|
|
|
|
Anthropic PBC Series D
|
5/31/24
|
2,029,804
|
|
|
|
|
Applied Intuition Inc Class A
|
7/02/24
|
334,351
|
|
|
|
|
Applied Intuition Inc Series A2
|
7/02/24
|
435,295
|
|
|
|
|
Applied Intuition Inc Series B2
|
7/02/24
|
209,887
|
|
|
|
|
Atom Tickets LLC
|
8/15/17
|
1,999,998
|
|
|
|
|
Beta Technologies Inc Series A
|
4/09/21
|
881,658
|
|
|
|
|
Beta Technologies Inc Series C, 6%
|
10/24/24
|
506,988
|
|
|
|
|
Blink Health LLC Class A1
|
12/30/20 - 6/17/24
|
233,946
|
|
|
|
|
Blink Health LLC Series C
|
11/07/19 - 1/21/21
|
1,038,273
|
|
|
|
|
Blink Health LLC Series D
|
6/17/24 - 6/25/24
|
243,474
|
|
|
|
|
Bolt Technology OU Series E
|
1/03/22
|
4,717,904
|
|
|
|
|
ByteDance Ltd Series E1
|
11/18/20
|
4,067,284
|
|
|
|
|
Castle Creek Biosciences Inc Series A4
|
9/29/16
|
3,185,523
|
|
|
|
|
Castle Creek Biosciences Inc Series B
|
10/09/18
|
440,268
|
|
|
|
|
Castle Creek Biosciences Inc Series D2
|
6/28/21
|
110,200
|
|
|
|
|
Coreweave Inc Class A
|
11/29/23
|
8,341,431
|
|
|
|
|
Coreweave Inc Series C
|
5/17/24
|
1,345,419
|
|
|
|
|
Crusoe Energy Systems LLC
|
12/10/24
|
1,526,796
|
|
|
|
|
Databricks Inc
|
12/17/24
|
3,014,020
|
|
|
|
|
Databricks Inc Series G
|
2/01/21
|
3,068,465
|
|
|
|
|
Databricks Inc Series I
|
9/14/23
|
87,539
|
|
|
|
|
Dataminr Inc Series D, 8%
|
3/06/15
|
1,477,738
|
|
|
|
|
Diamond Foundry Inc Series C
|
3/15/21
|
3,000,000
|
|
|
|
|
Enevate Corp 10% 5/12/2025
|
11/12/24
|
22,391
|
|
|
|
|
Enevate Corp 6%
|
11/02/23 - 10/31/24
|
80,121
|
|
|
|
|
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
|
|
|
|
|
Figma Inc Class A
|
5/15/24
|
1,014,555
|
|
|
|
|
Frore Systems Inc Series C
|
5/10/24
|
1,015,617
|
|
|
|
|
GoBrands Inc Series G
|
3/02/21
|
4,894,459
|
|
|
|
|
JUUL Labs Inc Class A
|
2/23/24
|
5,152,783
|
|
|
|
|
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
|
|
|
|
|
Lenskart Solutions Pvt Ltd
|
4/30/24
|
5,104,010
|
|
|
|
|
Lightmatter Inc
|
10/11/24
|
5,002,853
|
|
|
|
|
Lightmatter Inc Series C1
|
5/19/23
|
1,278,644
|
|
|
|
|
Lightmatter Inc Series C2
|
12/18/23
|
317,326
|
|
|
|
|
Lyte Ai Inc
|
8/13/24
|
1,492,837
|
|
|
|
|
Meesho Series D2
|
7/15/24
|
1,838,984
|
|
|
|
|
Meesho Series E
|
7/15/24
|
306,320
|
|
|
|
|
Meesho Series F
|
7/15/24
|
284,312
|
|
|
|
|
MOLOCO Inc Series A
|
6/26/23
|
1,172,220
|
|
|
|
|
Multiplan Corp warrants
|
10/08/20
|
0
|
|
|
|
|
Neutron Holdings Inc
|
2/04/21
|
6,918
|
|
|
|
|
Neutron Holdings Inc 4% 5/22/2027
|
6/04/20
|
433,800
|
|
|
|
|
Neutron Holdings Inc 4% 6/12/2027
|
6/12/20
|
115,200
|
|
|
|
|
Neutron Holdings Inc Series 1C
|
7/03/18
|
2,268,276
|
|
|
|
|
OpenAI Global LLC rights
|
9/30/24
|
5,005,573
|
|
|
|
|
Oura Health Oy
|
12/18/24
|
4,021,333
|
|
|
|
|
Rad Power Bikes Inc
|
1/21/21
|
531,635
|
|
|
|
|
Rad Power Bikes Inc 8% 12/31/2025
|
10/06/23
|
74,246
|
|
|
|
|
Rad Power Bikes Inc Series A
|
1/21/21
|
69,309
|
|
|
|
|
Rad Power Bikes Inc Series C
|
1/21/21
|
272,725
|
|
|
|
|
Rad Power Bikes Inc warrants 10/6/2033
|
10/06/23
|
0
|
|
|
|
|
Retym Inc Series C
|
5/17/23 - 6/20/23
|
1,314,385
|
|
|
|
|
Runway AI Inc
|
9/06/24
|
996,468
|
|
|
|
|
Space Exploration Technologies Corp
|
4/06/17 - 9/11/17
|
2,534,625
|
|
|
|
|
Space Exploration Technologies Corp Class C
|
9/11/17
|
92,610
|
|
|
|
|
Space Exploration Technologies Corp Series G
|
1/20/15 - 9/07/23
|
3,949,239
|
|
|
|
|
Space Exploration Technologies Corp Series H
|
8/04/17
|
856,980
|
|
|
|
|
Space Exploration Technologies Corp Series J
|
9/07/23
|
4,354,560
|
|
|
|
|
Space Exploration Technologies Corp Series N
|
8/04/20
|
3,455,730
|
|
|
|
|
Stripe Inc Class B
|
5/18/21
|
798,555
|
|
|
|
|
Stripe Inc Series H
|
3/15/21
|
349,088
|
|
|
|
|
Stripe Inc Series I
|
3/20/23 - 5/12/23
|
2,720,606
|
|
|
|
|
Tanium Inc Class B
|
4/21/17
|
749,609
|
|
|
|
|
Tenstorrent Holdings Inc Series D1
|
7/16/24 - 1/15/25
|
1,424,157
|
|
|
|
|
Tory Burch LLC Class A
|
5/14/15
|
7,600,030
|
|
|
|
|
Waymo LLC
|
10/18/24
|
2,027,603
|
|
|
|
|
Waymo LLC Series A2
|
5/08/20
|
1,305,181
|
|
|
|
|
xAI Corp Series B
|
5/13/24
|
7,609,700
|
|
|
|
|
xAI Corp Series C
|
11/22/24
|
2,532,574
|
|
|
|
|
Xsight Labs Ltd Series D
|
2/16/21
|
1,123,438
|
|
|
|
|
Xsight Labs Ltd Series E
|
11/04/24 - 12/30/24
|
886,945
|
|
|
|
|
Xsight Labs Ltd Series E1
|
1/11/24
|
411,010
|
|
|
|
|
Xsight Labs Ltd warrants 1/11/2034
|
1/11/24
|
0
|
|
|
|
|
Xsight Labs Ltd warrants 12/30/2031
|
11/04/24 - 12/30/24
|
0
|
|
|
|
|
Zipline International Inc Series G
|
6/07/24
|
1,959,018
|
|
|
|
|
Additional information on each lock-up table restriction is as follows:
|
Security
|
Restriction Expiration Date
|
Swiggy Ltd
|
2025-02-10
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
44,532,626
|
1,387,214,308
|
1,431,746,934
|
1,747,635
|
-
|
-
|
-
|
-
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
21,447,503
|
228,150,526
|
207,645,289
|
49,337
|
-
|
-
|
41,952,740
|
41,948,545
|
0.2%
|
Total
|
65,980,129
|
1,615,364,834
|
1,639,392,223
|
1,796,972
|
-
|
-
|
41,952,740
|
41,948,545
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
2,281,294,029
|
2,262,833,823
|
17,730,129
|
730,077
|
Consumer Discretionary
|
2,596,103,680
|
2,556,472,681
|
19,797,408
|
19,833,591
|
Consumer Staples
|
132,748,961
|
121,827,404
|
5,791,531
|
5,130,026
|
Energy
|
29,373,379
|
15,834,976
|
13,538,403
|
-
|
Financials
|
551,547,248
|
539,995,196
|
10,140,352
|
1,411,700
|
Health Care
|
687,749,533
|
687,454,480
|
-
|
295,053
|
Industrials
|
415,006,484
|
364,772,302
|
6,964,532
|
43,269,650
|
Information Technology
|
5,033,628,310
|
4,998,547,296
|
1,152,803
|
33,928,211
|
Materials
|
74,692,066
|
66,409,412
|
8,282,654
|
-
|
Real Estate
|
48,654,208
|
48,654,208
|
-
|
-
|
Utilities
|
1,139,924
|
1,139,924
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Consumer Discretionary
|
1,404,946
|
-
|
-
|
1,404,946
|
Information Technology
|
22,879
|
-
|
-
|
22,879
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Communication Services
|
9,192,892
|
-
|
-
|
9,192,892
|
Consumer Discretionary
|
6,008,012
|
-
|
-
|
6,008,012
|
Consumer Staples
|
1,311,145
|
-
|
-
|
1,311,145
|
Financials
|
2,246,472
|
-
|
-
|
2,246,472
|
Health Care
|
5,562,658
|
-
|
-
|
5,562,658
|
Industrials
|
131,609,028
|
-
|
-
|
131,609,028
|
Information Technology
|
62,150,298
|
-
|
-
|
62,150,298
|
Materials
|
3,397,500
|
-
|
-
|
3,397,500
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
Health Care
|
2,098,914
|
-
|
-
|
2,098,914
|
|
|
Preferred Securities
|
|
|
|
|
Consumer Discretionary
|
96,920
|
-
|
-
|
96,920
|
Information Technology
|
71,178
|
-
|
-
|
71,178
|
|
|
U.S. Treasury Obligations
|
21,677,364
|
-
|
21,677,364
|
-
|
|
|
Money Market Funds
|
41,952,740
|
41,952,740
|
-
|
-
|
Total Investments in Securities:
|
12,140,740,768
|
11,705,894,442
|
105,075,176
|
329,771,150
|
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Convertible Corporate Bonds
|
|
|
|
Beginning Balance
|
$
|
699,865
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
705,569
|
|
Cost of Purchases
|
|
22,391
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
1,427,825
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
705,569
|
|
Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
131,668,960
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(4,768,896)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
70,210,790
|
|
Cost of Purchases
|
|
24,367,151
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
221,478,005
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
65,441,919
|
|
Money Market Funds
|
|
|
|
Beginning Balance
|
$
|
-
|
|
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
|
$
|
-
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
-
|
|
Common Stocks
|
|
|
|
Beginning Balance
|
$
|
72,183,578
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(137,063)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
22,340,736
|
|
Cost of Purchases
|
|
10,211,807
|
|
Proceeds of Sales
|
|
(750)
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
104,598,308
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
22,203,673
|
|
Non-Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
2,172,822
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(73,908)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
2,098,914
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(73,908)
|
|
Preferred Securities
|
|
|
|
Beginning Balance
|
$
|
193,210
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(30,263)
|
|
Cost of Purchases
|
|
5,151
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
168,098
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(30,263)
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.
|
|
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $40,248,811) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $4,855,707,156)
|
$
|
12,098,788,028
|
|
|
Fidelity Central Funds (cost $41,952,740)
|
|
41,952,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $4,897,659,896)
|
|
|
$
|
12,140,740,768
|
Cash
|
|
|
|
788
|
Restricted cash
|
|
|
|
30,393
|
Foreign currency held at value (cost $439,424)
|
|
|
|
435,716
|
Receivable for investments sold
|
|
|
|
3,696,133
|
Receivable for fund shares sold
|
|
|
|
173,889,042
|
Dividends receivable
|
|
|
|
1,336,992
|
Interest receivable
|
|
|
|
102,839
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
87,180
|
Other receivables
|
|
|
|
3,668
|
Total assets
|
|
|
|
12,320,323,519
|
Liabilities
|
|
|
|
|
Payable for investments purchased
|
$
|
15,225,521
|
|
|
Payable for fund shares redeemed
|
|
2,620,110
|
|
|
Notes payable to affiliates
|
|
27,792,000
|
|
|
Other payables and accrued expenses
|
|
2,482,419
|
|
|
Collateral on securities loaned
|
|
41,941,301
|
|
|
Total liabilities
|
|
|
|
90,061,351
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
12,230,262,168
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
4,674,210,119
|
Total accumulated earnings (loss)
|
|
|
|
7,556,052,049
|
Net Assets
|
|
|
$
|
12,230,262,168
|
Net Asset Value, offering price and redemption price per share ($12,230,262,168 ÷ 602,779,378 shares)
|
|
|
$
|
20.29
|
Consolidated Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
24,276,980
|
Interest
|
|
|
|
105,459
|
Income from Fidelity Central Funds (including $49,337 from security lending)
|
|
|
|
1,796,972
|
Total income
|
|
|
|
26,179,411
|
Expenses
|
|
|
|
|
Custodian fees and expenses
|
$
|
135,528
|
|
|
Independent trustees' fees and expenses
|
|
25,343
|
|
|
Legal
|
|
4,635
|
|
|
Interest
|
|
58,518
|
|
|
Total expenses
|
|
|
|
224,024
|
Net Investment income (loss)
|
|
|
|
25,955,387
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of foreign taxes of $59,308)
|
|
441,287,132
|
|
|
Foreign currency transactions
|
|
(101,330)
|
|
|
Futures contracts
|
|
(4,105,581)
|
|
|
Total net realized gain (loss)
|
|
|
|
437,080,221
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,064,576)
|
|
1,355,074,985
|
|
|
Unfunded commitments
|
|
(12,600)
|
|
|
Assets and liabilities in foreign currencies
|
|
(12,472)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
1,355,049,913
|
Net gain (loss)
|
|
|
|
1,792,130,134
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
1,818,085,521
|
Consolidated Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
25,955,387
|
$
|
45,459,559
|
Net realized gain (loss)
|
|
437,080,221
|
|
1,175,940,073
|
Change in net unrealized appreciation (depreciation)
|
|
1,355,049,913
|
|
1,461,591,055
|
Net increase (decrease) in net assets resulting from operations
|
|
1,818,085,521
|
|
2,682,990,687
|
Distributions to shareholders
|
|
(1,029,456,671)
|
|
(50,271,974)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
1,412,550,119
|
|
2,049,908,079
|
Reinvestment of distributions
|
|
1,029,456,671
|
|
50,271,974
|
Cost of shares redeemed
|
|
(2,061,598,790)
|
|
(2,532,092,535)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
380,408,000
|
|
(431,912,482)
|
Total increase (decrease) in net assets
|
|
1,169,036,850
|
|
2,200,806,231
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
11,061,225,318
|
|
8,860,419,087
|
End of period
|
$
|
12,230,262,168
|
$
|
11,061,225,318
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
73,844,775
|
|
122,702,414
|
Issued in reinvestment of distributions
|
|
57,604,226
|
|
3,456,580
|
Redeemed
|
|
(106,722,031)
|
|
(151,297,981)
|
Net increase (decrease)
|
|
24,726,970
|
|
(25,138,987)
|
|
|
|
|
|
|
Consolidated Financial Highlights
Fidelity® Series Blue Chip Growth Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
19.14
|
$
|
14.69
|
$
|
11.98
|
$
|
19.34
|
$
|
19.25
|
$
|
15.57
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.04
|
|
.08
|
|
.07
|
|
.07
|
|
.06
|
|
.09
|
Net realized and unrealized gain (loss)
|
|
2.88
|
|
4.45
|
|
3.03
|
|
(3.37)
|
|
6.76
|
|
5.30
|
Total from investment operations
|
|
2.92
|
|
4.53
|
|
3.10
|
|
(3.30)
|
|
6.82
|
|
5.39
|
Distributions from net investment income
|
|
(.14)
|
|
(.08)
|
|
(.06)
|
|
(.05)
|
|
(.10)
|
|
(.11)
|
Distributions from net realized gain
|
|
(1.63)
|
|
-
|
|
(.33)
|
|
(4.00)
|
|
(6.63)
|
|
(1.60)
|
Total distributions
|
|
(1.77)
|
|
(.08)
|
|
(.39)
|
|
(4.06) C
|
|
(6.73)
|
|
(1.71)
|
Net asset value, end of period
|
$
|
20.29
|
$
|
19.14
|
$
|
14.69
|
$
|
11.98
|
$
|
19.34
|
$
|
19.25
|
Total Return D,E
|
|
|
|
31.05%
|
|
26.84%
|
|
(22.51)%
|
|
46.98%
|
|
39.00%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
-% H,I
|
|
.01%
|
|
-% I
|
|
-% I
|
|
-% I
|
|
-% I
|
Expenses net of fee waivers, if any
|
|
|
|
.01%
|
|
-% I
|
|
-% I
|
|
-% I
|
|
-% I
|
Expenses net of all reductions
|
|
-% H,I
|
|
.01%
|
|
-% I
|
|
-% I
|
|
-% I
|
|
-% I
|
Net investment income (loss)
|
|
.44% H
|
|
.47%
|
|
.64%
|
|
.45%
|
|
.31%
|
|
.59%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
12,230,262
|
$
|
11,061,225
|
$
|
8,860,419
|
$
|
7,124,936
|
$
|
6,279,875
|
$
|
5,789,434
|
Portfolio turnover rate J
|
|
|
|
29%
|
|
38%
|
|
48%
|
|
53%
|
|
52% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount represents less than .005%.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Series Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (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, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$104,598,308
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.5 - 19.1 / 12.8
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
7.8 - 32.6 / 30.2
|
Increase
|
|
|
Book value
|
Book value multiple
|
1.7
|
Increase
|
|
|
Market approach
|
Transaction price
|
$8.00
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
60.0% - 70.0% / 65.6%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.4% / 4.3%
|
Increase
|
|
|
|
Term
|
2.1 - 3.0 / 2.6
|
Increase
|
Convertible Corporate Bonds
|
$1,427,825
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
2.9
|
Increase
|
|
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
21.7%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 60.0% / 25.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
100.0%
|
Increase
|
|
|
|
Discount rate
|
5.0%
|
Increase
|
|
|
|
Term
|
0.3
|
Increase
|
Convertible Preferred Stocks
|
$221,478,005
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.9 - 51.0 / 18.4
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
32.6
|
Increase
|
|
|
|
Enterprise Value/Gross Profit multiple (EV/GP)
|
14.6
|
Increase
|
|
|
Market approach
|
Transaction price
|
$1.10 - $215.03 / $51.17
|
Increase
|
|
|
|
Discount rate
|
60.0%
|
Decrease
|
|
|
|
Premium rate
|
5.0%
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
50.0% - 100.0% / 62.2%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.4% / 4.3%
|
Increase
|
|
|
|
Term
|
2.0 - 4.0 / 3.1
|
Increase
|
Non-Convertible Preferred Stocks
|
$2,098,914
|
Market approach
|
Transaction price
|
$215.03
|
Increase
|
|
|
|
Premium rate
|
5.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
85.0%
|
Increase
|
|
|
|
Discount rate
|
4.4%
|
Increase
|
|
|
|
Term
|
3.0
|
Increase
|
Preferred Securities
|
$168,098
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.5
|
Increase
|
|
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
35.4%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 50.0% / 25.0%
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
60.0% - 100.0% / 76.9%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 5.0% / 4.6%
|
Increase
|
|
|
|
Term
|
0.1 - 2.1 / 1.3
|
Increase
|
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$7,327,103,989
|
Gross unrealized depreciation
|
(128,944,244)
|
Net unrealized appreciation (depreciation)
|
$7,198,159,745
|
Tax cost
|
$4,942,581,023
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation) ($)
|
Fidelity Series Blue Chip Growth Fund
|
Revolut Group Holdings, Ltd.
|
2,009,505
|
-
|
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
|
Amount ($)
|
% of Net Assets
|
Fidelity Series Blue Chip Growth Fund
|
4,698,299
|
.04
|
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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 Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.
Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Series Blue Chip Growth Fund
|
2,465,686,387
|
2,809,828,636
|
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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Series Blue Chip Growth Fund
|
40,146
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Series Blue Chip Growth Fund
|
Borrower
|
16,691,138
|
4.77%
|
64,118
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity Series Blue Chip Growth Fund
|
259,871,990
|
401,440,561
|
96,313,276
|
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.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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
|
5,349
|
15
|
-
|
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Consolidated Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity Series Blue Chip Growth Fund
|
3,696,000
|
4.83%
|
1,488
|
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. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.967988.111
XS1-SANN-0425
Fidelity® Series Real Estate Income Fund
Semi-Annual Report
January 31, 2025
Contents
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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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Real Estate Income Fund
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Asset-Backed Securities - 1.7%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 1.7%
|
|
|
|
American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/2052 (b)(c)(d)(e)
|
|
869,742
|
8
|
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (c)
|
|
417,705
|
346,419
|
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (c)
|
|
960,406
|
914,152
|
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class A2, 4.992% 9/15/2049 (c)
|
|
244,000
|
237,048
|
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (c)
|
|
553,000
|
542,028
|
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (c)(e)
|
|
2,000,000
|
1,595,432
|
Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (c)
|
|
750,000
|
775,020
|
TOTAL UNITED STATES
|
|
|
4,410,107
|
|
TOTAL ASSET-BACKED SECURITIES
(Cost $4,793,075)
|
|
|
4,410,107
|
|
|
|
|
|
Bank Loan Obligations - 3.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 3.0%
|
|
|
|
Financials - 3.0%
|
|
|
|
Financial Services - 3.0%
|
|
|
|
Agellan Portfolio 9% 8/7/2025 (d)(f)
|
|
1,217,000
|
1,217,000
|
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 9.3062% 1/9/2026 (d)(e)(f)(g)
|
|
7,110,539
|
6,861,670
|
|
|
|
|
8,078,670
|
Real Estate - 0.0%
|
|
|
|
Real Estate Management & Development - 0.0%
|
|
|
|
Cushman & Wakefield US Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5616% 1/31/2030 (e)(f)(g)
|
|
19,950
|
20,058
|
TOTAL UNITED STATES
|
|
|
8,098,728
|
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $8,347,473)
|
|
|
8,098,728
|
|
|
|
|
|
Commercial Mortgage Securities - 20.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 20.0%
|
|
|
|
BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (c)
|
|
625,000
|
447,918
|
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (c)
|
|
1,848,000
|
821,156
|
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.2943% 12/15/2062 (c)(e)
|
|
573,000
|
13,746
|
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.2943% 12/15/2062 (c)(e)
|
|
859,000
|
11,009
|
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.9971% 11/15/2041 (c)(e)(g)
|
|
381,000
|
382,667
|
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (c)(e)
|
|
303,000
|
307,598
|
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (c)(e)
|
|
254,000
|
249,895
|
BSREP Commercial Mortgage Trust Series 2021-DC Class F, CME Term SOFR 1 month Index + 2.9645%, 7.2715% 8/15/2038 (c)(e)(g)
|
|
101,405
|
35,644
|
BSREP Commercial Mortgage Trust Series 2021-DC Class G, CME Term SOFR 1 month Index + 3.9645%, 8.2715% 8/15/2038 (c)(e)(g)
|
|
236,927
|
71,670
|
BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (c)(e)
|
|
2,018,000
|
1,767,768
|
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.9523% 4/15/2034 (c)(e)(g)
|
|
819,000
|
790,363
|
BX Commercial Mortgage Trust Series 2021-SOAR Class G, CME Term SOFR 1 month Index + 2.9145%, 7.2215% 6/15/2038 (c)(e)(g)
|
|
876,738
|
870,677
|
BX Commercial Mortgage Trust Series 2021-VINO Class G, CME Term SOFR 1 month Index + 4.0668%, 8.3728% 5/15/2038 (c)(e)(g)
|
|
1,049,300
|
1,045,932
|
BX Commercial Mortgage Trust Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (c)(e)
|
|
353,000
|
358,597
|
BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (c)(e)
|
|
3,666,000
|
3,314,184
|
BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 8.2441% 7/15/2029 (c)(e)(g)
|
|
750,000
|
752,453
|
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.6562% 1/15/2039 (c)(e)(g)
|
|
700,000
|
699,661
|
BX Trust Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 7.2464% 11/15/2041 (c)(e)(g)
|
|
262,138
|
262,302
|
BX Trust Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 8.245% 11/15/2041 (c)(e)(g)
|
|
882,251
|
884,552
|
COMM Mortgage Trust Series 2013-LC6 Class E, 3.5% 1/10/2046 (c)
|
|
1,299,000
|
1,158,518
|
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (c)
|
|
213,000
|
177,835
|
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (c)
|
|
31,000
|
26,480
|
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.652% 9/15/2033 (c)(e)(g)
|
|
735,000
|
52,092
|
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.6583% 9/15/2033 (c)(e)(g)
|
|
735,000
|
11,960
|
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 8.1947% 8/15/2041 (c)(e)(g)
|
|
500,000
|
499,375
|
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.7376% 6/15/2034 (c)(d)(g)
|
|
800,000
|
307,904
|
DBGS Mortgage Trust Series 2018-C1 Class C, 4.6379% 10/15/2051 (e)
|
|
1,000,000
|
850,012
|
EQT Trust Series 2024-EXTR Class B, 1 month U.S. LIBOR + 0%, 5.6546% 7/5/2041 (c)(e)(g)
|
|
1,000,000
|
1,004,188
|
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1254% 8/10/2044 (c)(e)
|
|
101,000
|
80,012
|
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1254% 8/10/2044 (c)(e)
|
|
759,236
|
455,750
|
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1254% 8/10/2044 (c)(d)(e)
|
|
848,000
|
182,603
|
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (c)(d)
|
|
677,000
|
2,030
|
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.7543% 11/10/2045 (c)(e)
|
|
355,000
|
291,698
|
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 7.203% 7/15/2035 (c)(d)(e)(g)
|
|
669,000
|
1,686
|
GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (c)(e)
|
|
1,000,000
|
1,007,572
|
GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (c)(e)
|
|
500,000
|
495,000
|
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (c)(e)
|
|
2,515,000
|
2,406,531
|
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/2035 (c)
|
|
504,000
|
473,677
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (c)
|
|
1,624,000
|
1,558,608
|
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2564% 6/15/2051 (c)(e)
|
|
302,000
|
224,415
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class E, 5.5248% 2/15/2046 (c)(e)
|
|
3,467,000
|
1,802,841
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class G, 4.409% 2/15/2046 (c)(e)
|
|
1,680,000
|
164,438
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class H, 4.409% 2/15/2046 (c)(d)(e)
|
|
1,320,000
|
91,258
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6896% 6/15/2045 (c)(d)(e)
|
|
702,179
|
635,213
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (c)(d)
|
|
805,000
|
447,975
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.417% 4/15/2046 (d)(e)
|
|
1,316,000
|
329,000
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (c)(e)
|
|
482,000
|
12,243
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (c)(d)(e)
|
|
924,000
|
2,275
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (c)(d)(e)
|
|
961,000
|
144,150
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (c)(d)
|
|
1,406,000
|
337,440
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (c)(e)
|
|
356,000
|
346,052
|
MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 7.0214% 4/15/2038 (c)(e)(g)
|
|
555,200
|
555,200
|
MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.6214% 4/15/2038 (c)(e)(g)
|
|
676,800
|
666,670
|
MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 7.1715% 7/15/2038 (c)(e)(g)
|
|
250,000
|
248,750
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class D, 4.4956% 11/15/2045 (c)(d)(e)
|
|
2,000,000
|
1,603,101
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.4956% 11/15/2045 (c)(e)
|
|
1,000,000
|
135,221
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7177% 5/15/2046 (e)
|
|
625,000
|
556,250
|
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (c)(e)
|
|
962,234
|
950,678
|
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (c)(e)
|
|
1,467,000
|
882,679
|
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4746% 6/15/2044 (b)(c)(e)
|
|
21,922,302
|
78,602
|
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.9421% 7/15/2049 (c)(e)
|
|
189,544
|
185,690
|
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.9421% 7/15/2049 (c)(e)
|
|
636,000
|
592,950
|
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.9421% 7/15/2049 (c)(e)
|
|
979,600
|
866,000
|
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.0186% 5/15/2048 (c)(e)
|
|
2,045,000
|
1,551,644
|
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (c)
|
|
2,346,000
|
1,359,095
|
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (c)
|
|
994,003
|
1,030,797
|
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (c)(e)
|
|
739,000
|
684,023
|
MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (c)(e)
|
|
1,000,000
|
823,456
|
Nxpt Coml Mtg Tr Series 2024-STOR Class E, 6.7033% 11/5/2041 (c)(e)
|
|
1,022,000
|
1,031,895
|
OPG Trust Series 2021-PORT Class J, CME Term SOFR 1 month Index + 3.4605%, 7.7675% 10/15/2036 (c)(e)(g)
|
|
325,000
|
323,781
|
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.7715% 7/15/2038 (c)(d)(e)(g)
|
|
500,000
|
319,292
|
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (c)
|
|
250,000
|
202,725
|
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (c)
|
|
567,077
|
580,250
|
ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (c)
|
|
720,000
|
759,059
|
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 7.2465% 11/15/2034 (c)(e)(g)
|
|
303,000
|
303,500
|
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.4947% 11/15/2034 (c)(e)(g)
|
|
354,000
|
354,541
|
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.9062% 10/15/2041 (c)(e)(g)
|
|
512,000
|
516,480
|
SREIT Trust Series 2021-IND Class G, CME Term SOFR 1 month Index + 3.3803%, 7.6863% 10/15/2038 (c)(e)(g)
|
|
1,573,000
|
1,544,602
|
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.336% 11/15/2036 (c)(e)(g)
|
|
1,000,000
|
985,548
|
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.621% 11/15/2036 (c)(e)(g)
|
|
1,280,000
|
1,259,973
|
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (c)(e)
|
|
926,620
|
870,449
|
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(d)(e)
|
|
399,000
|
125,951
|
Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/2049 (c)
|
|
1,260,000
|
654,511
|
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (c)(d)(e)
|
|
843,916
|
337,566
|
WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (d)(e)
|
|
45,000
|
14,540
|
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0636% 3/15/2045 (c)(e)
|
|
53,000
|
35,788
|
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9668% 5/15/2045 (c)(e)
|
|
36,623
|
32,369
|
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (c)(e)
|
|
1,168,000
|
1,064,929
|
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(e)
|
|
459,000
|
413,287
|
TOTAL UNITED STATES
|
|
|
53,170,465
|
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $68,603,643)
|
|
|
53,170,465
|
|
|
|
|
|
Common Stocks - 0.0%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Real Estate - 0.0%
|
|
|
|
Retail REITs - 0.0%
|
|
|
|
Retail Value Inc (d)(h)
(Cost $709,415)
|
|
24,066
|
0
|
|
|
|
|
|
Convertible Corporate Bonds - 0.3%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.3%
|
|
|
|
Financials - 0.3%
|
|
|
|
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
|
|
|
|
Two Harbors Investment Corp 6.25% 1/15/2026
(Cost $904,000)
|
|
904,000
|
893,152
|
|
|
|
|
|
Convertible Preferred Stocks - 4.0%
|
|
|
|
Shares
|
Value ($)
|
UNITED STATES - 4.0%
|
|
|
|
Financials - 2.8%
|
|
|
|
Mortgage Real Estate Investment Trusts (REITs) - 2.8%
|
|
|
|
AGNC Investment Corp 3 month U.S. LIBOR + 4.993%, 0% (e)(g)
|
|
46,750
|
1,180,905
|
AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (e)(g)
|
|
65,750
|
1,649,010
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (e)(g)
|
|
27,900
|
713,403
|
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (e)(g)
|
|
35,058
|
884,864
|
Rithm Capital Corp 3 month U.S. LIBOR + 5.64%, 7.125% (e)(g)
|
|
60,467
|
1,517,722
|
Rithm Capital Corp 3 month U.S. LIBOR + 5.802%, 7.5% (e)(g)
|
|
64,459
|
1,623,909
|
|
|
|
|
7,569,813
|
Real Estate - 1.2%
|
|
|
|
Industrial REITs - 1.2%
|
|
|
|
LXP Industrial Trust 6.5%
|
|
68,019
|
3,162,613
|
TOTAL UNITED STATES
|
|
|
10,732,426
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $8,145,203)
|
|
|
10,732,426
|
|
|
|
|
|
Non-Convertible Corporate Bonds - 46.7%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED KINGDOM - 0.3%
|
|
|
|
Energy - 0.3%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.3%
|
|
|
|
eG Global Finance PLC 12% 11/30/2028 (c)
|
|
750,000
|
841,136
|
UNITED STATES - 46.4%
|
|
|
|
Communication Services - 0.3%
|
|
|
|
Media - 0.3%
|
|
|
|
Lamar Media Corp 4% 2/15/2030
|
|
875,000
|
807,226
|
Consumer Discretionary - 1.2%
|
|
|
|
Hotels, Restaurants & Leisure - 0.7%
|
|
|
|
Choice Hotels International Inc 5.85% 8/1/2034
|
|
250,000
|
249,182
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (c)
|
|
500,000
|
455,784
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (c)
|
|
740,000
|
671,558
|
Times Square Hotel Trust 8.528% 8/1/2026 (c)
|
|
529,232
|
531,830
|
|
|
|
|
1,908,354
|
Household Durables - 0.5%
|
|
|
|
M/I Homes Inc 3.95% 2/15/2030
|
|
1,430,000
|
1,311,540
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
3,219,894
|
|
|
|
|
|
Financials - 0.5%
|
|
|
|
Financial Services - 0.5%
|
|
|
|
Rexford Industrial Realty LP 2.125% 12/1/2030
|
|
1,000,000
|
841,677
|
Rexford Industrial Realty LP 2.15% 9/1/2031
|
|
500,000
|
414,190
|
|
|
|
|
1,255,867
|
Health Care - 0.6%
|
|
|
|
Health Care Providers & Services - 0.6%
|
|
|
|
Sabra Health Care LP 5.125% 8/15/2026
|
|
1,615,000
|
1,616,319
|
Industrials - 0.5%
|
|
|
|
Commercial Services & Supplies - 0.5%
|
|
|
|
Williams Scotsman Inc 4.625% 8/15/2028 (c)
|
|
750,000
|
736,879
|
Williams Scotsman Inc 6.125% 6/15/2025 (c)
|
|
648,000
|
646,853
|
|
|
|
|
1,383,732
|
Real Estate - 43.3%
|
|
|
|
Diversified REITs - 7.4%
|
|
|
|
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
|
|
1,000,000
|
1,001,921
|
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (c)
|
|
925,000
|
859,746
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
|
|
1,000,000
|
920,880
|
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
|
|
1,000,000
|
994,652
|
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
|
|
500,000
|
490,822
|
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
|
|
500,000
|
494,752
|
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
|
|
500,000
|
528,942
|
Safehold GL Holdings LLC 2.8% 6/15/2031
|
|
500,000
|
429,425
|
Safehold GL Holdings LLC 2.85% 1/15/2032
|
|
1,250,000
|
1,055,976
|
Safehold GL Holdings LLC 6.1% 4/1/2034
|
|
1,400,000
|
1,429,293
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (c)
|
|
1,040,000
|
913,399
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (c)
|
|
1,000,000
|
1,069,182
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (c)
|
|
630,000
|
574,740
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (c)
|
|
3,095,000
|
2,973,199
|
VICI Properties LP 5.125% 5/15/2032
|
|
1,000,000
|
972,211
|
VICI Properties LP 5.625% 5/15/2052
|
|
1,000,000
|
921,198
|
VICI Properties LP 5.75% 4/1/2034
|
|
32,000
|
32,130
|
VICI Properties LP 6.125% 4/1/2054
|
|
1,254,000
|
1,240,905
|
WP Carey Inc 2.25% 4/1/2033
|
|
1,000,000
|
789,970
|
WP Carey Inc 2.45% 2/1/2032
|
|
1,000,000
|
830,324
|
WP Carey Inc 4% 2/1/2025
|
|
422,000
|
422,000
|
WP Carey Inc 4.25% 10/1/2026
|
|
459,000
|
454,864
|
|
|
|
|
19,400,531
|
Health Care REITs - 3.7%
|
|
|
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
|
|
1,506,000
|
1,150,506
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
|
3,237,000
|
2,898,842
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (c)(i)
|
|
340,000
|
345,273
|
Omega Healthcare Investors Inc 4.5% 4/1/2027
|
|
483,000
|
478,113
|
Omega Healthcare Investors Inc 4.75% 1/15/2028
|
|
1,616,000
|
1,604,861
|
Omega Healthcare Investors Inc 5.25% 1/15/2026
|
|
22,000
|
22,044
|
Ventas Realty LP 2.5% 9/1/2031
|
|
500,000
|
425,174
|
Ventas Realty LP 4.4% 1/15/2029
|
|
2,000,000
|
1,952,074
|
Ventas Realty LP 4.75% 11/15/2030
|
|
1,000,000
|
980,497
|
|
|
|
|
9,857,384
|
Hotel & Resort REITs - 0.2%
|
|
|
|
RLJ Lodging Trust LP 4% 9/15/2029 (c)
|
|
715,000
|
656,382
|
Industrial REITs - 3.4%
|
|
|
|
LXP Industrial Trust 2.375% 10/1/2031
|
|
500,000
|
410,931
|
LXP Industrial Trust 2.7% 9/15/2030
|
|
78,000
|
67,792
|
LXP Industrial Trust 6.75% 11/15/2028
|
|
250,000
|
262,729
|
Prologis LP 4.875% 6/15/2028
|
|
1,000,000
|
1,004,973
|
Prologis LP 5% 3/15/2034
|
|
2,000,000
|
1,958,272
|
Prologis LP 5.125% 1/15/2034
|
|
2,000,000
|
1,973,979
|
Prologis LP 5.25% 3/15/2054
|
|
1,500,000
|
1,406,990
|
Prologis LP 5.25% 6/15/2053
|
|
2,000,000
|
1,877,011
|
|
|
|
|
8,962,677
|
Real Estate Management & Development - 4.3%
|
|
|
|
Americold Realty Operating Partnership LP 5.409% 9/12/2034
|
|
750,000
|
722,563
|
CBRE Services Inc 5.95% 8/15/2034
|
|
2,250,000
|
2,314,628
|
Essex Portfolio LP 5.5% 4/1/2034
|
|
1,006,000
|
1,007,753
|
Extra Space Storage LP 2.35% 3/15/2032
|
|
2,000,000
|
1,644,518
|
Extra Space Storage LP 5.4% 2/1/2034
|
|
2,000,000
|
1,985,934
|
Extra Space Storage LP 5.5% 7/1/2030
|
|
1,000,000
|
1,015,784
|
Extra Space Storage LP 5.9% 1/15/2031
|
|
1,000,000
|
1,034,548
|
Kennedy-Wilson Inc 4.75% 2/1/2030
|
|
1,755,000
|
1,579,530
|
Taylor Morrison Communities Inc 5.875% 6/15/2027 (c)
|
|
202,000
|
203,731
|
|
|
|
|
11,508,989
|
Residential REITs - 5.8%
|
|
|
|
American Homes 4 Rent LP 2.375% 7/15/2031
|
|
2,000,000
|
1,687,884
|
American Homes 4 Rent LP 3.625% 4/15/2032
|
|
1,000,000
|
897,562
|
American Homes 4 Rent LP 4.25% 2/15/2028
|
|
2,000,000
|
1,957,721
|
American Homes 4 Rent LP 5.5% 2/1/2034
|
|
1,500,000
|
1,491,233
|
American Homes 4 Rent LP 5.5% 7/15/2034
|
|
3,000
|
2,969
|
Invitation Homes Operating Partnership LP 2% 8/15/2031
|
|
1,000,000
|
819,414
|
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
|
|
1,000,000
|
924,661
|
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
|
|
3,000,000
|
2,987,016
|
Sun Communities Operating LP 2.7% 7/15/2031
|
|
2,500,000
|
2,117,230
|
Sun Communities Operating LP 5.5% 1/15/2029
|
|
1,000,000
|
1,010,286
|
Sun Communities Operating LP 5.7% 1/15/2033
|
|
1,250,000
|
1,245,898
|
UDR Inc 3% 8/15/2031
|
|
500,000
|
440,959
|
|
|
|
|
15,582,833
|
Retail REITs - 7.2%
|
|
|
|
Agree LP 2.6% 6/15/2033
|
|
1,000,000
|
806,092
|
Agree LP 2.9% 10/1/2030
|
|
500,000
|
444,773
|
Agree LP 4.8% 10/1/2032
|
|
77,000
|
74,131
|
Agree LP 5.625% 6/15/2034
|
|
25,000
|
25,133
|
Brixmor Operating Partnership LP 4.125% 5/15/2029
|
|
138,000
|
132,764
|
Brixmor Operating Partnership LP 5.5% 2/15/2034
|
|
500,000
|
497,428
|
CBL & Associates LP 4.6% (d)(j)
|
|
3,930,000
|
1
|
CBL & Associates LP 5.25% (d)(j)
|
|
3,629,000
|
0
|
CBL & Associates LP 5.95% (d)(j)
|
|
2,551,000
|
0
|
Kimco Realty OP LLC 4.6% 2/1/2033
|
|
1,000,000
|
952,276
|
Kimco Realty OP LLC 6.4% 3/1/2034
|
|
1,576,000
|
1,676,843
|
Kite Realty Group LP 5.5% 3/1/2034
|
|
1,000,000
|
992,611
|
NNN REIT Inc 5.6% 10/15/2033
|
|
634,000
|
639,216
|
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
|
|
3,000,000
|
2,531,156
|
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
|
|
2,000
|
1,888
|
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
|
|
1,000,000
|
1,003,606
|
Realty Income Corp 3.1% 12/15/2029
|
|
1,000,000
|
920,143
|
Realty Income Corp 3.4% 1/15/2030
|
|
500,000
|
464,624
|
Realty Income Corp 4% 7/15/2029
|
|
1,000,000
|
962,914
|
Realty Income Corp 5.125% 2/15/2034
|
|
500,000
|
490,367
|
Realty Income Corp 5.625% 10/13/2032
|
|
1,000,000
|
1,021,065
|
Simon Property Group LP 4.75% 9/26/2034
|
|
1,500,000
|
1,420,324
|
Simon Property Group LP 5.85% 3/8/2053
|
|
1,000,000
|
1,006,782
|
Simon Property Group LP 6.25% 1/15/2034
|
|
2,000,000
|
2,122,572
|
Simon Property Group LP 6.65% 1/15/2054
|
|
1,000,000
|
1,111,181
|
|
|
|
|
19,297,890
|
Specialized REITs - 11.3%
|
|
|
|
American Tower Corp 3.1% 6/15/2050
|
|
1,500,000
|
960,575
|
American Tower Corp 3.8% 8/15/2029
|
|
1,000,000
|
948,173
|
American Tower Corp 4.05% 3/15/2032
|
|
1,500,000
|
1,393,524
|
American Tower Corp 5.45% 2/15/2034
|
|
2,000,000
|
2,003,422
|
American Tower Corp 5.55% 7/15/2033
|
|
1,000,000
|
1,006,934
|
American Tower Corp 5.65% 3/15/2033
|
|
2,000,000
|
2,033,779
|
American Tower Corp 5.9% 11/15/2033
|
|
1,500,000
|
1,548,075
|
Crown Castle Inc 2.1% 4/1/2031
|
|
2,000,000
|
1,669,554
|
Crown Castle Inc 2.25% 1/15/2031
|
|
1,500,000
|
1,268,855
|
Crown Castle Inc 2.5% 7/15/2031
|
|
1,500,000
|
1,270,114
|
Crown Castle Inc 5.1% 5/1/2033
|
|
2,500,000
|
2,441,816
|
Crown Castle Inc 5.8% 3/1/2034
|
|
1,500,000
|
1,527,637
|
CubeSmart LP 2.5% 2/15/2032
|
|
1,500,000
|
1,255,404
|
CubeSmart LP 4.375% 2/15/2029
|
|
1,000,000
|
974,910
|
Equinix Inc 2.5% 5/15/2031
|
|
2,000,000
|
1,715,974
|
Equinix Inc 2.95% 9/15/2051
|
|
2,000,000
|
1,226,963
|
Equinix Inc 3% 7/15/2050
|
|
2,500,000
|
1,564,542
|
Public Storage Operating Co 5.1% 8/1/2033
|
|
1,000,000
|
993,331
|
Public Storage Operating Co 5.35% 8/1/2053
|
|
2,000,000
|
1,900,054
|
SBA Communications Corp 3.125% 2/1/2029
|
|
2,500,000
|
2,274,504
|
|
|
|
|
29,978,140
|
TOTAL REAL ESTATE
|
|
|
115,244,826
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
123,527,864
|
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $123,534,949)
|
|
|
124,369,000
|
|
|
|
|
|
Non-Convertible Preferred Stocks - 19.1%
|
|
|
|
Shares
|
Value ($)
|
CANADA - 0.1%
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Enbridge Inc 5 year U.S. Treasury Index + 3.14%, 5.9491% (e)(g)
|
|
20,325
|
487,800
|
UNITED STATES - 19.0%
|
|
|
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Global Partners LP/MA 9.5%
|
|
12,200
|
322,922
|
Financials - 8.3%
|
|
|
|
Capital Markets - 1.7%
|
|
|
|
DigitalBridge Group Inc 7.125%
|
|
64,710
|
1,560,158
|
DigitalBridge Group Inc 7.125%
|
|
52,749
|
1,264,921
|
DigitalBridge Group Inc 7.15%
|
|
75,785
|
1,828,692
|
|
|
|
|
4,653,771
|
Mortgage Real Estate Investment Trusts (REITs) - 6.6%
|
|
|
|
AGNC Investment Corp 6.125% (e)
|
|
61,500
|
1,522,125
|
AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (e)(g)
|
|
41,899
|
1,076,385
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (e)(g)
|
|
70,990
|
1,794,627
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (e)(g)
|
|
73,400
|
1,877,572
|
Arbor Realty Trust Inc 6.25% (e)
|
|
14,100
|
314,712
|
Arbor Realty Trust Inc 6.375%
|
|
12,400
|
225,617
|
Chimera Investment Corp Series C, 7.75% (e)
|
|
45,866
|
1,063,174
|
Dynex Capital Inc Series C, 6.9% (e)
|
|
89,500
|
2,248,240
|
Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (e)(g)
|
|
58,522
|
1,477,681
|
MFA Financial Inc 6.5% (e)
|
|
26,100
|
641,016
|
MFA Financial Inc 7.5%
|
|
16,249
|
357,987
|
Pennymac Mortgage Investment Trust 3 month U.S. Treasury Index + 8%, 0% (e)(g)
|
|
20,205
|
490,173
|
Pennymac Mortgage Investment Trust 8.125% (e)
|
|
14,975
|
356,705
|
Rithm Capital Corp 6.375% (e)
|
|
20,446
|
505,016
|
Rithm Capital Corp 7% (e)
|
|
17,100
|
405,783
|
Two Harbors Investment Corp 7.625% (e)
|
|
89,612
|
2,115,740
|
Two Harbors Investment Corp 8.125% (e)
|
|
41,635
|
1,020,053
|
|
|
|
|
17,492,606
|
TOTAL FINANCIALS
|
|
|
22,146,377
|
|
|
|
|
|
Real Estate - 10.6%
|
|
|
|
Diversified REITs - 2.5%
|
|
|
|
Armada Hoffler Properties Inc 6.75%
|
|
33,250
|
739,148
|
CTO Realty Growth Inc 6.375%
|
|
20,000
|
452,999
|
Gladstone Commercial Corp 6.625%
|
|
41,125
|
929,836
|
Gladstone Commercial Corp Series G, 6%
|
|
64,500
|
1,337,724
|
Global Net Lease Inc 6.875%
|
|
47,200
|
996,392
|
Global Net Lease Inc 7.25%
|
|
45,925
|
1,023,668
|
Global Net Lease Inc 7.375%
|
|
19,100
|
442,165
|
Global Net Lease Inc 7.5%
|
|
34,998
|
792,355
|
|
|
|
|
6,714,287
|
Health Care REITs - 0.6%
|
|
|
|
Global Medical REIT Inc 7.5%
|
|
27,461
|
688,983
|
National Healthcare Properties Inc Series A, 7.375%
|
|
33,000
|
464,310
|
National Healthcare Properties Inc Series B, 7.125%
|
|
40,300
|
568,633
|
|
|
|
|
1,721,926
|
Hotel & Resort REITs - 3.3%
|
|
|
|
Ashford Hospitality Trust Inc 7.375%
|
|
10,135
|
151,417
|
Ashford Hospitality Trust Inc 7.5%
|
|
5,875
|
88,066
|
Ashford Hospitality Trust Inc 7.5%
|
|
12,911
|
193,020
|
Braemar Hotels & Resorts Inc 8.25%
|
|
5,450
|
111,324
|
DiamondRock Hospitality Co 8.25%
|
|
34,900
|
882,970
|
Pebblebrook Hotel Trust 6.3%
|
|
37,902
|
755,766
|
Pebblebrook Hotel Trust 6.375%
|
|
45,192
|
900,451
|
Pebblebrook Hotel Trust 6.375%
|
|
20,200
|
400,363
|
Pebblebrook Hotel Trust Series H, 5.7%
|
|
50,200
|
901,090
|
Sotherly Hotels Inc 7.875%
|
|
19,300
|
329,084
|
Sotherly Hotels Inc 8%
|
|
12,750
|
220,575
|
Summit Hotel Properties Inc Series E, 6.25%
|
|
60,784
|
1,266,131
|
Summit Hotel Properties Inc Series F, 5.875%
|
|
61,000
|
1,177,300
|
Sunstone Hotel Investors Inc Series H, 6.125%
|
|
20,000
|
423,600
|
Sunstone Hotel Investors Inc Series I, 5.7%
|
|
38,700
|
794,898
|
|
|
|
|
8,596,055
|
Industrial REITs - 0.9%
|
|
|
|
Prologis Inc Series Q, 8.54%
|
|
16,850
|
960,450
|
Rexford Industrial Realty Inc 5.625%
|
|
11,775
|
254,105
|
Rexford Industrial Realty Inc 5.875%
|
|
50,000
|
1,142,500
|
|
|
|
|
2,357,055
|
Office REITs - 0.1%
|
|
|
|
Hudson Pacific Properties Inc 4.75%
|
|
22,900
|
316,936
|
Real Estate Management & Development - 0.1%
|
|
|
|
Brookfield Property Partners LP 5.75%
|
|
7,000
|
98,000
|
Brookfield Property Partners LP 6.5%
|
|
5,875
|
88,771
|
Seritage Growth Properties Series A, 7%
|
|
1,050
|
23,473
|
|
|
|
|
210,244
|
Residential REITs - 1.0%
|
|
|
|
American Homes 4 Rent 5.875%
|
|
37,050
|
859,560
|
American Homes 4 Rent Series H, 6.25%
|
|
18,925
|
457,038
|
UMH Properties Inc 6.375%
|
|
63,875
|
1,449,963
|
|
|
|
|
2,766,561
|
Retail REITs - 1.4%
|
|
|
|
Agree Realty Corp 4.25%
|
|
38,700
|
693,117
|
Cedar Realty Trust Inc 7.25%
|
|
28,556
|
460,894
|
Regency Centers Corp 5.875%
|
|
28,775
|
641,107
|
Regency Centers Corp 6.25%
|
|
51,175
|
1,207,218
|
Saul Centers Inc 6%
|
|
13,475
|
284,996
|
Saul Centers Inc 6.125%
|
|
15,958
|
335,916
|
|
|
|
|
3,623,248
|
Specialized REITs - 0.7%
|
|
|
|
Gladstone Land Corp 5%
|
|
60,000
|
1,489,500
|
National Storage Affiliates Trust 6%
|
|
12,325
|
279,038
|
|
|
|
|
1,768,538
|
TOTAL REAL ESTATE
|
|
|
28,074,850
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
50,544,149
|
|
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Cost $47,954,575)
|
|
|
51,031,949
|
|
|
|
|
|
Money Market Funds - 4.6%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (k)
(Cost $12,249,582)
|
|
4.37
|
12,247,132
|
12,249,582
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 99.4%
(Cost $275,241,915)
|
264,955,409
|
NET OTHER ASSETS (LIABILITIES) - 0.6%
|
1,704,705
|
NET ASSETS - 100.0%
|
266,660,114
|
|
|
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
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.
|
(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 $67,310,462 or 25.2% of net assets.
|
(e)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(f)
|
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.
|
(g)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(i)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
(j)
|
Non-income producing - Security is in default.
|
(k)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
5,849,693
|
23,711,871
|
17,311,982
|
308,137
|
-
|
-
|
12,249,582
|
12,247,132
|
0.0%
|
Total
|
5,849,693
|
23,711,871
|
17,311,982
|
308,137
|
-
|
-
|
12,249,582
|
12,247,132
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts 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, 2025, 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:
|
|
|
|
|
|
|
Asset-Backed Securities
|
4,410,107
|
-
|
4,410,099
|
8
|
|
|
Bank Loan Obligations
|
|
|
|
|
Financials
|
8,078,670
|
-
|
-
|
8,078,670
|
Real Estate
|
20,058
|
-
|
20,058
|
-
|
|
|
Commercial Mortgage Securities
|
53,170,465
|
-
|
48,288,481
|
4,881,984
|
|
|
Common Stocks
|
|
|
|
|
Real Estate
|
-
|
-
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Financials
|
893,152
|
-
|
893,152
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Financials
|
7,569,813
|
7,569,813
|
-
|
-
|
Real Estate
|
3,162,613
|
-
|
3,162,613
|
-
|
|
|
Non-Convertible Corporate Bonds
|
|
|
|
|
Communication Services
|
807,226
|
-
|
807,226
|
-
|
Consumer Discretionary
|
3,219,894
|
-
|
3,219,894
|
-
|
Energy
|
841,136
|
-
|
841,136
|
-
|
Financials
|
1,255,867
|
-
|
1,255,867
|
-
|
Health Care
|
1,616,319
|
-
|
1,616,319
|
-
|
Industrials
|
1,383,732
|
-
|
1,383,732
|
-
|
Real Estate
|
115,244,826
|
-
|
115,244,825
|
1
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
Energy
|
810,722
|
810,722
|
-
|
-
|
Financials
|
22,146,377
|
22,146,377
|
-
|
-
|
Real Estate
|
28,074,850
|
28,074,850
|
-
|
-
|
|
|
Money Market Funds
|
12,249,582
|
12,249,582
|
-
|
-
|
Total Investments in Securities:
|
264,955,409
|
70,851,344
|
181,143,402
|
12,960,663
|
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Asset-Backed Securities
|
|
|
|
Beginning Balance
|
$
|
9
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(1)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
8
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(1)
|
|
Bank Loan Obligations
|
|
|
|
Beginning Balance
|
$
|
8,639,894
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
462
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(458)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
(561,230)
|
|
Amortization/Accretion
|
|
2
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
8,078,670
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
-
|
|
Commercial Mortgage Securities
|
|
|
|
Beginning Balance
|
$
|
2,855,693
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
2,360
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(138,690)
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
(51,151)
|
|
Amortization/Accretion
|
|
(92,097)
|
|
Transfers into Level 3
|
|
2,325,438
|
|
Transfers out of Level 3
|
|
(19,569)
|
|
Ending Balance
|
$
|
4,881,984
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(138,690)
|
|
Non-Convertible Corporate Bonds
|
|
|
|
Beginning Balance
|
$
|
-
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
1
|
|
Cost of Purchases
|
|
-
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
1
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
1
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.
|
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $262,992,333)
|
$
|
252,705,827
|
|
|
Fidelity Central Funds (cost $12,249,582)
|
|
12,249,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $275,241,915)
|
|
|
$
|
264,955,409
|
Receivable for fund shares sold
|
|
|
|
146,534
|
Dividends receivable
|
|
|
|
158,193
|
Interest receivable
|
|
|
|
2,065,929
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
39,209
|
Total assets
|
|
|
|
267,365,274
|
Liabilities
|
|
|
|
|
Payable for investments purchased on a delayed delivery basis
|
$
|
335,614
|
|
|
Payable for fund shares redeemed
|
|
368,491
|
|
|
Other payables and accrued expenses
|
|
1,055
|
|
|
Total liabilities
|
|
|
|
705,160
|
Net Assets
|
|
|
$
|
266,660,114
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
299,262,737
|
Total accumulated earnings (loss)
|
|
|
|
(32,602,623)
|
Net Assets
|
|
|
$
|
266,660,114
|
Net Asset Value, offering price and redemption price per share ($266,660,114 ÷ 26,903,356 shares)
|
|
|
$
|
9.91
|
Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
2,136,136
|
Interest
|
|
|
|
5,854,655
|
Income from Fidelity Central Funds
|
|
|
|
308,137
|
Total income
|
|
|
|
8,298,928
|
Expenses
|
|
|
|
|
Custodian fees and expenses
|
$
|
1,465
|
|
|
Independent trustees' fees and expenses
|
|
589
|
|
|
Legal
|
|
330
|
|
|
Total expenses before reductions
|
|
2,384
|
|
|
Expense reductions
|
|
(1,189)
|
|
|
Total expenses after reductions
|
|
|
|
1,195
|
Net Investment income (loss)
|
|
|
|
8,297,733
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(305,152)
|
|
|
Total net realized gain (loss)
|
|
|
|
(305,152)
|
Change in net unrealized appreciation (depreciation) on investment securities
|
|
|
|
2,831,585
|
Net gain (loss)
|
|
|
|
2,526,433
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
10,824,166
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
8,297,733
|
$
|
16,283,207
|
Net realized gain (loss)
|
|
(305,152)
|
|
(12,739,930)
|
Change in net unrealized appreciation (depreciation)
|
|
2,831,585
|
|
18,082,600
|
Net increase (decrease) in net assets resulting from operations
|
|
10,824,166
|
|
21,625,877
|
Distributions to shareholders
|
|
(9,738,220)
|
|
(17,807,958)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
17,262,972
|
|
31,935,725
|
Reinvestment of distributions
|
|
9,738,220
|
|
17,807,958
|
Cost of shares redeemed
|
|
(25,843,998)
|
|
(127,111,138)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
1,157,194
|
|
(77,367,455)
|
Total increase (decrease) in net assets
|
|
2,243,140
|
|
(73,549,536)
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
264,416,974
|
|
337,966,510
|
End of period
|
$
|
266,660,114
|
$
|
264,416,974
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
1,726,594
|
|
3,337,469
|
Issued in reinvestment of distributions
|
|
979,226
|
|
1,889,282
|
Redeemed
|
|
(2,582,562)
|
|
(13,304,256)
|
Net increase (decrease)
|
|
123,258
|
|
(8,077,505)
|
|
|
|
|
|
|
Financial Highlights
Fidelity® Series Real Estate Income Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
9.87
|
$
|
9.70
|
$
|
10.74
|
$
|
11.77
|
$
|
9.94
|
$
|
11.21
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.31
|
|
.60
|
|
.60
|
|
.55
|
|
.45
|
|
.56
|
Net realized and unrealized gain (loss)
|
|
.10
|
|
.24
|
|
(.64)
|
|
(.97)
|
|
1.90
|
|
(1.16)
|
Total from investment operations
|
|
.41
|
|
.84
|
|
(.04)
|
|
(.42)
|
|
2.35
|
|
(.60)
|
Distributions from net investment income
|
|
(.37)
|
|
(.67)
|
|
(.68)
|
|
(.52)
|
|
(.45)
|
|
(.55)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
(.32)
|
|
(.09)
|
|
(.07)
|
|
(.12)
|
Total distributions
|
|
(.37)
|
|
(.67)
|
|
(1.00)
|
|
(.61)
|
|
(.52)
|
|
(.67)
|
Net asset value, end of period
|
$
|
9.91
|
$
|
9.87
|
$
|
9.70
|
$
|
10.74
|
$
|
11.77
|
$
|
9.94
|
Total Return C,D
|
|
|
|
9.15%
|
|
(.13)%
|
|
(3.78)%
|
|
24.48%
|
|
(5.68)%
|
Ratios to Average Net Assets A,E,F
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions G
|
|
-% H
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Expenses net of fee waivers, if any G
|
|
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Expenses net of all reductions G
|
|
-% H
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Net investment income (loss)
|
|
6.19% H
|
|
6.27%
|
|
6.13%
|
|
4.83%
|
|
4.21%
|
|
5.36%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
266,660
|
$
|
264,417
|
$
|
337,967
|
$
|
681,642
|
$
|
1,047,202
|
$
|
935,054
|
Portfolio turnover rate I
|
|
|
|
37%
|
|
5%
|
|
19%
|
|
23%
|
|
25% J
|
ANet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
BCalculated based on average shares outstanding during the period.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
GAmount represents less than .005%.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Series Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (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 collateral, yield or price bonds comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Asset-Backed Securities
|
$ 8
|
Indicative market price
|
Evaluated bid
|
$0.00
|
Increase
|
Bank Loan Obligations
|
$ 8,078,670
|
Discounted cash flow
|
Yield
|
9.5% - 11.8% / 11.4%
|
Decrease
|
Commercial Mortgage Securities
|
$ 4,881,984
|
Indicative market price
|
Evaluated bid
|
$0.25 - $90.46 / $58.20
|
Increase
|
Common Stocks
|
$ -
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
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. 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.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, certain conversion ratio adjustments, equity-debt classifications, partnerships, capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation
|
$11,259,283
|
Gross unrealized depreciation
|
(21,545,782)
|
Net unrealized appreciation (depreciation)
|
$(10,286,499)
|
Tax cost
|
$275,241,908
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term
|
$(2,109,914)
|
Long-term
|
(19,919,425)
|
Total capital loss carryforward
|
$(22,029,339)
|
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.
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.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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 ($)
|
Fidelity Series Real Estate Income Fund
|
14,025,475
|
21,115,320
|
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Series Real Estate Income Fund
|
7
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
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.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
7. 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 $1,189.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.924313.113
SRE-SANN-0425
Fidelity® Blue Chip Value Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Blue Chip Value Fund
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.6%
|
|
|
|
Shares
|
Value ($)
|
CANADA - 3.7%
|
|
|
|
Consumer Staples - 1.1%
|
|
|
|
Consumer Staples Distribution & Retail - 1.1%
|
|
|
|
Alimentation Couche-Tard Inc
|
|
132,000
|
6,970,792
|
Energy - 1.6%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.6%
|
|
|
|
Parex Resources Inc (a)
|
|
1,049,600
|
10,002,381
|
Materials - 1.0%
|
|
|
|
Chemicals - 1.0%
|
|
|
|
Nutrien Ltd (United States)
|
|
133,600
|
6,897,767
|
TOTAL CANADA
|
|
|
23,870,940
|
UNITED KINGDOM - 4.7%
|
|
|
|
Health Care - 2.6%
|
|
|
|
Pharmaceuticals - 2.6%
|
|
|
|
Astrazeneca PLC ADR
|
|
232,767
|
16,470,593
|
Utilities - 2.1%
|
|
|
|
Multi-Utilities - 2.1%
|
|
|
|
National Grid PLC
|
|
1,138,700
|
13,813,859
|
TOTAL UNITED KINGDOM
|
|
|
30,284,452
|
UNITED STATES - 87.2%
|
|
|
|
Communication Services - 5.9%
|
|
|
|
Interactive Media & Services - 2.7%
|
|
|
|
Alphabet Inc Class A
|
|
86,000
|
17,545,720
|
Media - 3.2%
|
|
|
|
Comcast Corp Class A
|
|
607,300
|
20,441,718
|
TOTAL COMMUNICATION SERVICES
|
|
|
37,987,438
|
|
|
|
|
|
Consumer Discretionary - 3.3%
|
|
|
|
Diversified Consumer Services - 3.3%
|
|
|
|
H&R Block Inc
|
|
379,820
|
21,007,844
|
Consumer Staples - 4.6%
|
|
|
|
Beverages - 1.7%
|
|
|
|
Keurig Dr Pepper Inc
|
|
342,800
|
11,003,880
|
Food Products - 1.4%
|
|
|
|
Mondelez International Inc
|
|
162,200
|
9,405,978
|
Personal Care Products - 1.5%
|
|
|
|
Kenvue Inc
|
|
448,700
|
9,552,823
|
TOTAL CONSUMER STAPLES
|
|
|
29,962,681
|
|
|
|
|
|
Energy - 8.5%
|
|
|
|
Oil, Gas & Consumable Fuels - 8.5%
|
|
|
|
Exxon Mobil Corp
|
|
226,300
|
24,175,629
|
Shell PLC ADR
|
|
464,200
|
30,567,570
|
|
|
|
|
54,743,199
|
Financials - 24.6%
|
|
|
|
Banks - 17.4%
|
|
|
|
Bank of America Corp
|
|
665,100
|
30,794,130
|
JPMorgan Chase & Co
|
|
119,800
|
32,022,541
|
PNC Financial Services Group Inc/The
|
|
89,600
|
18,005,120
|
US Bancorp
|
|
217,100
|
10,373,038
|
Wells Fargo & Co
|
|
271,300
|
21,378,440
|
|
|
|
|
112,573,269
|
Insurance - 7.2%
|
|
|
|
Chubb Ltd
|
|
83,100
|
22,593,228
|
The Travelers Companies, Inc.
|
|
96,600
|
23,684,388
|
|
|
|
|
46,277,616
|
TOTAL FINANCIALS
|
|
|
158,850,885
|
|
|
|
|
|
Health Care - 17.6%
|
|
|
|
Health Care Providers & Services - 17.6%
|
|
|
|
Centene Corp (b)
|
|
563,200
|
36,061,696
|
Cigna Group/The
|
|
130,800
|
38,482,668
|
UnitedHealth Group Inc
|
|
72,200
|
39,167,778
|
|
|
|
|
113,712,142
|
Industrials - 13.8%
|
|
|
|
Air Freight & Logistics - 2.8%
|
|
|
|
FedEx Corp
|
|
26,200
|
6,939,594
|
United Parcel Service Inc Class B
|
|
95,400
|
10,897,542
|
|
|
|
|
17,837,136
|
Building Products - 1.2%
|
|
|
|
Johnson Controls International plc
|
|
102,700
|
8,010,600
|
Electrical Equipment - 1.5%
|
|
|
|
Regal Rexnord Corp
|
|
61,900
|
9,825,387
|
Ground Transportation - 1.5%
|
|
|
|
CSX Corp
|
|
295,800
|
9,722,946
|
Machinery - 4.0%
|
|
|
|
Deere & Co
|
|
53,800
|
25,638,928
|
Trading Companies & Distributors - 2.8%
|
|
|
|
Ferguson Enterprises Inc
|
|
98,700
|
17,876,544
|
TOTAL INDUSTRIALS
|
|
|
88,911,541
|
|
|
|
|
|
Information Technology - 3.1%
|
|
|
|
Software - 3.1%
|
|
|
|
Gen Digital Inc
|
|
739,700
|
19,905,327
|
Materials - 2.3%
|
|
|
|
Chemicals - 1.3%
|
|
|
|
CF Industries Holdings Inc
|
|
87,600
|
8,077,596
|
Construction Materials - 1.0%
|
|
|
|
CRH PLC
|
|
69,500
|
6,882,585
|
TOTAL MATERIALS
|
|
|
14,960,181
|
|
|
|
|
|
Utilities - 3.5%
|
|
|
|
Electric Utilities - 3.5%
|
|
|
|
Edison International
|
|
126,600
|
6,836,400
|
PG&E Corp
|
|
1,025,100
|
16,042,815
|
|
|
|
|
22,879,215
|
TOTAL UNITED STATES
|
|
|
562,920,453
|
|
TOTAL COMMON STOCKS
(Cost $498,326,001)
|
|
|
617,075,845
|
|
|
|
|
|
Non-Convertible Preferred Stocks - 2.9%
|
|
|
|
Shares
|
Value ($)
|
KOREA (SOUTH) - 2.9%
|
|
|
|
Information Technology - 2.9%
|
|
|
|
Technology Hardware, Storage & Peripherals - 2.9%
|
|
|
|
Samsung Electronics Co Ltd
(Cost $26,198,231)
|
|
635,850
|
18,603,351
|
|
|
|
|
|
Money Market Funds - 2.5%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (c)
|
|
4.37
|
9,910,946
|
9,912,929
|
Fidelity Securities Lending Cash Central Fund (c)(d)
|
|
4.37
|
6,179,382
|
6,179,999
|
|
TOTAL MONEY MARKET FUNDS
(Cost $16,092,929)
|
|
|
|
16,092,928
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 101.0%
(Cost $540,617,161)
|
651,772,124
|
NET OTHER ASSETS (LIABILITIES) - (1.0)%
|
(6,479,304)
|
NET ASSETS - 100.0%
|
645,292,820
|
|
|
|
Legend
(a)
|
Security or a portion of the security is on loan at period end.
|
(c)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(d)
|
Investment made with cash collateral received from securities on loan.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
10,247,856
|
114,712,048
|
115,046,975
|
251,114
|
-
|
(1)
|
9,912,928
|
9,910,946
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
78,132,767
|
71,952,767
|
8,179
|
-
|
-
|
6,180,000
|
6,179,382
|
0.0%
|
Total
|
10,247,856
|
192,844,815
|
186,999,742
|
259,293
|
-
|
(1)
|
16,092,928
|
16,090,328
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, 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:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
37,987,438
|
37,987,438
|
-
|
-
|
Consumer Discretionary
|
21,007,844
|
21,007,844
|
-
|
-
|
Consumer Staples
|
36,933,473
|
36,933,473
|
-
|
-
|
Energy
|
64,745,580
|
64,745,580
|
-
|
-
|
Financials
|
158,850,885
|
158,850,885
|
-
|
-
|
Health Care
|
130,182,735
|
130,182,735
|
-
|
-
|
Industrials
|
88,911,541
|
88,911,541
|
-
|
-
|
Information Technology
|
19,905,327
|
19,905,327
|
-
|
-
|
Materials
|
21,857,948
|
21,857,948
|
-
|
-
|
Utilities
|
36,693,074
|
22,879,215
|
13,813,859
|
-
|
|
|
Non-Convertible Preferred Stocks
|
|
|
|
|
Information Technology
|
18,603,351
|
-
|
18,603,351
|
-
|
|
|
Money Market Funds
|
16,092,928
|
16,092,928
|
-
|
-
|
Total Investments in Securities:
|
651,772,124
|
619,354,914
|
32,417,210
|
-
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $5,737,960) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $524,524,232)
|
$
|
635,679,196
|
|
|
Fidelity Central Funds (cost $16,092,929)
|
|
16,092,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $540,617,161)
|
|
|
$
|
651,772,124
|
Receivable for fund shares sold
|
|
|
|
195,921
|
Dividends receivable
|
|
|
|
612,383
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
22,029
|
Prepaid expenses
|
|
|
|
537
|
Other receivables
|
|
|
|
4
|
Total assets
|
|
|
|
652,602,998
|
Liabilities
|
|
|
|
|
Payable for fund shares redeemed
|
$
|
829,953
|
|
|
Accrued management fee
|
|
243,143
|
|
|
Other payables and accrued expenses
|
|
57,082
|
|
|
Collateral on securities loaned
|
|
6,180,000
|
|
|
Total liabilities
|
|
|
|
7,310,178
|
Net Assets
|
|
|
$
|
645,292,820
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
522,992,197
|
Total accumulated earnings (loss)
|
|
|
|
122,300,623
|
Net Assets
|
|
|
$
|
645,292,820
|
Net Asset Value, offering price and redemption price per share ($645,292,820 ÷ 26,712,647 shares)
|
|
|
$
|
24.16
|
Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
7,797,407
|
Income from Fidelity Central Funds (including $8,179 from security lending)
|
|
|
|
259,293
|
Total income
|
|
|
|
8,056,700
|
Expenses
|
|
|
|
|
Management fee
|
|
|
|
|
Basic fee
|
$
|
2,350,523
|
|
|
Performance adjustment
|
|
(159,151)
|
|
|
Custodian fees and expenses
|
|
5,293
|
|
|
Independent trustees' fees and expenses
|
|
1,589
|
|
|
Registration fees
|
|
14,014
|
|
|
Audit fees
|
|
31,368
|
|
|
Legal
|
|
1,393
|
|
|
Miscellaneous
|
|
1,089
|
|
|
Total expenses
|
|
|
|
2,246,118
|
Net Investment income (loss)
|
|
|
|
5,810,582
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
24,864,020
|
|
|
Foreign currency transactions
|
|
60,045
|
|
|
Total net realized gain (loss)
|
|
|
|
24,924,065
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(47,113,742)
|
|
|
Fidelity Central Funds
|
|
(1)
|
|
|
Assets and liabilities in foreign currencies
|
|
(11,676)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(47,125,419)
|
Net gain (loss)
|
|
|
|
(22,201,354)
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
(16,390,772)
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
5,810,582
|
$
|
11,003,700
|
Net realized gain (loss)
|
|
24,924,065
|
|
50,440,884
|
Change in net unrealized appreciation (depreciation)
|
|
(47,125,419)
|
|
15,159,413
|
Net increase (decrease) in net assets resulting from operations
|
|
(16,390,772)
|
|
76,603,997
|
Distributions to shareholders
|
|
(60,188,463)
|
|
(26,427,278)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
32,195,086
|
|
121,817,314
|
Reinvestment of distributions
|
|
38,173,107
|
|
16,188,102
|
Cost of shares redeemed
|
|
(92,326,090)
|
|
(196,908,578)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
(21,957,897)
|
|
(58,903,162)
|
Total increase (decrease) in net assets
|
|
(98,537,132)
|
|
(8,726,443)
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
743,829,952
|
|
752,556,395
|
End of period
|
$
|
645,292,820
|
$
|
743,829,952
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
1,253,696
|
|
4,927,367
|
Issued in reinvestment of distributions
|
|
1,527,961
|
|
666,826
|
Redeemed
|
|
(3,619,615)
|
|
(7,943,369)
|
Net increase (decrease)
|
|
(837,958)
|
|
(2,349,176)
|
|
|
|
|
|
|
Financial Highlights
Fidelity® Blue Chip Value Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
27.00
|
$
|
25.17
|
$
|
23.79
|
$
|
23.11
|
$
|
17.02
|
$
|
19.71
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.21
|
|
.38
|
|
.31
|
|
.33
|
|
.27
|
|
.31
|
Net realized and unrealized gain (loss)
|
|
(.82)
|
|
2.36
|
|
1.69
|
|
.66
|
|
6.03
|
|
(2.63)
|
Total from investment operations
|
|
(.61)
|
|
2.74
|
|
2.00
|
|
.99
|
|
6.30
|
|
(2.32)
|
Distributions from net investment income
|
|
(.42)
|
|
(.38)
|
|
(.26)
|
|
(.31)
|
|
(.21)
|
|
(.31)
|
Distributions from net realized gain
|
|
(1.80)
|
|
(.53)
|
|
(.37)
|
|
-
|
|
-
|
|
(.06)
|
Total distributions
|
|
(2.23) C
|
|
(.91)
|
|
(.62) C
|
|
(.31)
|
|
(.21)
|
|
(.37)
|
Net asset value, end of period
|
$
|
24.16
|
$
|
27.00
|
$
|
25.17
|
$
|
23.79
|
$
|
23.11
|
$
|
17.02
|
Total Return D,E
|
|
|
|
11.31%
|
|
8.61%
|
|
4.28%
|
|
37.36%
|
|
(12.03)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.64% H
|
|
.85%
|
|
.80%
|
|
.63%
|
|
.58%
|
|
.63%
|
Expenses net of fee waivers, if any
|
|
|
|
.85%
|
|
.79%
|
|
.63%
|
|
.58%
|
|
.63%
|
Expenses net of all reductions
|
|
.64% H
|
|
.85%
|
|
.79%
|
|
.63%
|
|
.58%
|
|
.61%
|
Net investment income (loss)
|
|
1.65% H
|
|
1.52%
|
|
1.32%
|
|
1.38%
|
|
1.35%
|
|
1.71%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
645,293
|
$
|
743,830
|
$
|
752,556
|
$
|
740,985
|
$
|
525,809
|
$
|
375,786
|
Portfolio turnover rate I
|
|
|
|
39%
|
|
32%
|
|
41%
|
|
52%
|
|
119%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Blue Chip Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (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, 2025 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 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
|
$142,818,431
|
Gross unrealized depreciation
|
(32,706,228)
|
Net unrealized appreciation (depreciation)
|
$110,112,203
|
Tax cost
|
$541,659,921
|
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Blue Chip Value Fund
|
146,347,620
|
221,273,067
|
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.
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
Maximum Management Fee Rate %
|
Fidelity Blue Chip Value Fund
|
.68
|
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
Total Management Fee Rate %
|
Fidelity Blue Chip Value Fund
|
.67
|
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below.
|
Performance Adjustment Index
|
Fidelity Blue Chip Value Fund
|
Russell 1000 Value Index
|
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.05)%.
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
|
1,782
|
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
|
7,934,731
|
12,521,059
|
2,681,480
|
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
|
Amount ($)
|
Fidelity Blue Chip Value Fund
|
461
|
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
|
876
|
-
|
-
|
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
10. Proposed Reorganization.
The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Value Leaders Fund. In addition, the Board approved the creation of additional classes of shares that will commence operations on May 29, 2025. The Agreement provides for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Value Leaders Fund in exchange for corresponding shares of the Fund equal in value to the net assets of Fidelity Advisor Value Leaders Fund on the day the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Value Leaders Fund access to a larger portfolio with a similar investment objective.
A meeting of shareholders of Fidelity Advisor Value Leaders Fund is expected to be held during the second quarter of 2025 to vote on the reorganization. If approved by shareholders, the reorganization is expected to become effective during June 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Board Approval of Investment Advisory Contract and Management Fees
Fidelity Blue Chip Value Fund
At its November 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for each of the new classes of the fund: Class A, Class M, Class C, Class I and Class Z (each a New Class and together, the New Classes). The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.
Nature, Extent, and Quality of Services Provided. The Board previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its November 2024 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to the New Classes of the fund under the Amended Contract will continue to benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of each New Class of the fund and the projected total expense ratio of each New Class. The Board also considered that, in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee for Class I and Class Z of the fund is at or below the median of its competitor funds. The Board also noted that the projected class-level management fee for Class A, Class M, and Class C of the fund is above the median of its competitor funds because the majority of such competitor funds do not have a management fee that covers expenses for services beyond portfolio management. The Board also considered that the estimated total net expense ratio of each New Class of the fund is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board noted that the estimated total net expense ratio of Class A, Class I and Class Z are above the median of its competitor funds primarily due to positive performance fees. The Board also considered that the estimated total net expense ratio of Class M is above the median of its competitor funds primarily because of higher 12b-1 fees. The Board noted that the estimated total net expense ratio of Class C is above the median of its competitor funds primarily because of its 1.00% 12b-1 fee. The Board also noted that although Class I is categorized by Lipper as an Institutional class, Class I has no investment minimum, unlike other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.
In connection with its consideration of the New Classes' management fee rates, the Board noted that the fund's management fee is subject to a performance adjustment. The Board further noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.
The Board also noted that FMR has agreed to contractually limit total operating expenses, with certain limited exceptions to, 115 basis points for Class A, 140 basis points for Class M, 190 basis points for Class C, 90 basis points for Class I, and 75 basis points for Class Z, through November 30, 2026.
Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of each New Class of the fund was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.
Costs of the Services and Profitability. The Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.
Economies of Scale. The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for the New Classes of the fund was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.
1.789715.122
BCV-SANN-0425
Fidelity® OTC K6 Portfolio
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® OTC K6 Portfolio
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.6%
|
|
|
|
Shares
|
Value ($)
|
BRAZIL - 0.3%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Broadline Retail - 0.3%
|
|
|
|
MercadoLibre Inc (a)
|
|
4,708
|
9,049,671
|
CANADA - 0.2%
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Cenovus Energy Inc
|
|
12,907
|
186,675
|
Information Technology - 0.2%
|
|
|
|
IT Services - 0.2%
|
|
|
|
Shopify Inc Class A (United States) (a)
|
|
42,307
|
4,941,458
|
TOTAL CANADA
|
|
|
5,128,133
|
CHINA - 0.5%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Entertainment - 0.0%
|
|
|
|
Netease Inc ADR
|
|
1,192
|
122,597
|
Interactive Media & Services - 0.0%
|
|
|
|
Tencent Holdings Ltd ADR
|
|
7,057
|
374,162
|
TOTAL COMMUNICATION SERVICES
|
|
|
496,759
|
|
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Broadline Retail - 0.1%
|
|
|
|
Alibaba Group Holding Ltd ADR
|
|
536
|
52,978
|
JD.com Inc A Shares
|
|
756
|
15,378
|
PDD Holdings Inc Class A ADR (a)
|
|
18,747
|
2,097,977
|
|
|
|
|
2,166,333
|
Information Technology - 0.4%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.4%
|
|
|
|
NXP Semiconductors NV
|
|
50,654
|
10,563,892
|
TOTAL CHINA
|
|
|
13,226,984
|
DENMARK - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Ascendis Pharma A/S ADR (a)
|
|
22,730
|
2,969,902
|
FRANCE - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Biotechnology - 0.0%
|
|
|
|
GenSight Biologics SA (a)
|
|
16,552
|
5,272
|
IRELAND - 0.1%
|
|
|
|
Financials - 0.1%
|
|
|
|
Financial Services - 0.1%
|
|
|
|
Circle Internet Financial LLC (b)
|
|
108,317
|
2,959,220
|
Circle Internet Financial LLC (b)
|
|
33,481
|
914,701
|
|
|
|
|
|
TOTAL IRELAND
|
|
|
3,873,921
|
ISRAEL - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Broadline Retail - 0.0%
|
|
|
|
Global-e Online Ltd (a)
|
|
20,609
|
1,234,273
|
KOREA (SOUTH) - 0.1%
|
|
|
|
Information Technology - 0.1%
|
|
|
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|
|
|
Samsung Electronics Co Ltd
|
|
97,110
|
3,457,167
|
NETHERLANDS - 1.2%
|
|
|
|
Health Care - 0.6%
|
|
|
|
Biotechnology - 0.6%
|
|
|
|
Argenx SE ADR (a)
|
|
27,785
|
18,202,787
|
Information Technology - 0.6%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.6%
|
|
|
|
ASML Holding NV depository receipt
|
|
13,187
|
9,749,281
|
BE Semiconductor Industries NV
|
|
49,400
|
6,390,571
|
|
|
|
|
16,139,852
|
TOTAL NETHERLANDS
|
|
|
34,342,639
|
TAIWAN - 3.0%
|
|
|
|
Information Technology - 3.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 3.0%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
419,439
|
87,796,971
|
UNITED KINGDOM - 0.4%
|
|
|
|
Consumer Staples - 0.1%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Diageo PLC
|
|
73,239
|
2,181,822
|
Health Care - 0.3%
|
|
|
|
Pharmaceuticals - 0.3%
|
|
|
|
Astrazeneca PLC ADR
|
|
134,400
|
9,510,144
|
TOTAL UNITED KINGDOM
|
|
|
11,691,966
|
UNITED STATES - 88.7%
|
|
|
|
Communication Services - 20.4%
|
|
|
|
Diversified Telecommunication Services - 0.0%
|
|
|
|
Starry Group Holdings Inc Class A (a)(b)
|
|
1,498
|
0
|
Entertainment - 3.0%
|
|
|
|
Electronic Arts Inc
|
|
182
|
22,369
|
Netflix Inc (a)
|
|
87,910
|
85,866,972
|
Take-Two Interactive Software Inc (a)
|
|
1,607
|
298,115
|
|
|
|
|
86,187,456
|
Interactive Media & Services - 16.4%
|
|
|
|
Alphabet Inc Class A
|
|
1,149,840
|
234,590,357
|
Alphabet Inc Class C
|
|
445,268
|
91,547,101
|
Epic Games Inc (a)(b)(c)
|
|
5,200
|
3,528,252
|
Meta Platforms Inc Class A
|
|
203,140
|
140,000,025
|
Reddit Inc Class A
|
|
32,698
|
6,524,886
|
Vimeo Inc Class A (a)
|
|
25,485
|
171,004
|
|
|
|
|
476,361,625
|
Media - 0.3%
|
|
|
|
Charter Communications Inc Class A (a)
|
|
14,746
|
5,094,596
|
Comcast Corp Class A
|
|
119,051
|
4,007,256
|
|
|
|
|
9,101,852
|
Wireless Telecommunication Services - 0.7%
|
|
|
|
T-Mobile US Inc
|
|
85,913
|
20,015,152
|
Consumer Discretionary - 11.9%
|
|
|
|
Automobiles - 0.4%
|
|
|
|
Rivian Automotive Inc Class A (a)
|
|
1,268
|
15,926
|
Tesla Inc (a)
|
|
28,034
|
11,342,556
|
|
|
|
|
11,358,482
|
Broadline Retail - 9.2%
|
|
|
|
Amazon.com Inc (a)
|
|
1,118,945
|
265,950,849
|
ContextLogic Inc Class A (a)
|
|
570
|
4,429
|
Etsy Inc (a)
|
|
11,710
|
642,996
|
|
|
|
|
266,598,274
|
Diversified Consumer Services - 0.2%
|
|
|
|
Duolingo Inc Class A (a)
|
|
13,952
|
5,078,388
|
Hotels, Restaurants & Leisure - 1.0%
|
|
|
|
Airbnb Inc Class A (a)
|
|
1,573
|
206,330
|
Churchill Downs Inc
|
|
25,729
|
3,179,590
|
Domino's Pizza Inc
|
|
47,049
|
21,130,647
|
Hilton Worldwide Holdings Inc
|
|
6,560
|
1,679,819
|
Marriott International Inc/MD Class A1
|
|
3,252
|
944,999
|
Starbucks Corp
|
|
15,649
|
1,685,084
|
|
|
|
|
28,826,469
|
Specialty Retail - 0.9%
|
|
|
|
Lowe's Cos Inc
|
|
74,183
|
19,290,547
|
Ross Stores Inc
|
|
39,635
|
5,967,446
|
ThredUp Inc Class A (a)(d)
|
|
7,691
|
16,843
|
|
|
|
|
25,274,836
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Figs Inc Class A (a)
|
|
4,030
|
22,931
|
Kontoor Brands Inc
|
|
488
|
44,823
|
Lululemon Athletica Inc (a)
|
|
16,331
|
6,764,300
|
|
|
|
|
6,832,054
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
343,968,503
|
|
|
|
|
|
Consumer Staples - 2.2%
|
|
|
|
Beverages - 1.6%
|
|
|
|
Keurig Dr Pepper Inc
|
|
804,038
|
25,809,620
|
Monster Beverage Corp (a)
|
|
417,501
|
20,336,474
|
|
|
|
|
46,146,094
|
Consumer Staples Distribution & Retail - 0.3%
|
|
|
|
Costco Wholesale Corp
|
|
8,170
|
8,005,620
|
Dollar Tree Inc (a)
|
|
23,261
|
1,706,194
|
|
|
|
|
9,711,814
|
Food Products - 0.3%
|
|
|
|
Mondelez International Inc
|
|
150,745
|
8,741,703
|
Personal Care Products - 0.0%
|
|
|
|
Honest Co Inc/The (a)
|
|
2,012
|
12,896
|
TOTAL CONSUMER STAPLES
|
|
|
64,612,507
|
|
|
|
|
|
Energy - 1.2%
|
|
|
|
Oil, Gas & Consumable Fuels - 1.2%
|
|
|
|
Diamondback Energy Inc
|
|
4,937
|
811,445
|
EOG Resources Inc
|
|
1,035
|
130,193
|
Exxon Mobil Corp
|
|
321,025
|
34,295,101
|
|
|
|
|
35,236,739
|
Financials - 1.9%
|
|
|
|
Banks - 0.1%
|
|
|
|
Huntington Bancshares Inc/OH
|
|
188,972
|
3,250,318
|
Wintrust Financial Corp
|
|
3,202
|
418,854
|
|
|
|
|
3,669,172
|
Capital Markets - 0.4%
|
|
|
|
Coinbase Global Inc Class A (a)
|
|
27,023
|
7,872,611
|
Moody's Corp
|
|
8,915
|
4,452,508
|
S&P Global Inc
|
|
146
|
76,125
|
|
|
|
|
12,401,244
|
Financial Services - 1.4%
|
|
|
|
Mastercard Inc Class A
|
|
66,285
|
36,816,678
|
PayPal Holdings Inc (a)
|
|
14,923
|
1,321,879
|
|
|
|
|
38,138,557
|
TOTAL FINANCIALS
|
|
|
54,208,973
|
|
|
|
|
|
Health Care - 6.4%
|
|
|
|
Biotechnology - 2.6%
|
|
|
|
Alnylam Pharmaceuticals Inc (a)
|
|
130,512
|
35,409,212
|
Exact Sciences Corp (a)
|
|
127,707
|
7,157,977
|
GRAIL Inc (d)
|
|
541
|
16,381
|
Ionis Pharmaceuticals Inc (a)
|
|
2,504
|
79,878
|
Legend Biotech Corp ADR (a)
|
|
9,772
|
372,313
|
Regeneron Pharmaceuticals Inc (a)
|
|
46,077
|
31,008,899
|
Trevena Inc (a)
|
|
55
|
92
|
|
|
|
|
74,044,752
|
Health Care Equipment & Supplies - 2.8%
|
|
|
|
Boston Scientific Corp (a)
|
|
282,873
|
28,954,880
|
Dexcom Inc (a)
|
|
31,618
|
2,745,391
|
Inspire Medical Systems Inc (a)
|
|
27,419
|
5,305,577
|
Insulet Corp (a)
|
|
121,349
|
33,781,135
|
Intuitive Surgical Inc (a)
|
|
14,857
|
8,496,421
|
Neuronetics Inc (a)
|
|
3,015
|
9,346
|
Outset Medical Inc (a)
|
|
3,262
|
2,609
|
Pulmonx Corp (a)
|
|
2,914
|
16,552
|
TransMedics Group Inc (a)
|
|
30,832
|
2,082,702
|
|
|
|
|
81,394,613
|
Health Care Technology - 0.2%
|
|
|
|
Certara Inc (a)
|
|
21,479
|
305,646
|
Veeva Systems Inc Class A (a)
|
|
25,479
|
5,943,232
|
|
|
|
|
6,248,878
|
Life Sciences Tools & Services - 0.8%
|
|
|
|
10X Genomics Inc Class A (a)
|
|
69,409
|
1,041,135
|
Bruker Corp
|
|
192,786
|
11,210,506
|
Danaher Corp
|
|
40,816
|
9,091,356
|
Illumina Inc (a)
|
|
3,251
|
431,538
|
Seer Inc Class A (a)
|
|
39,800
|
95,121
|
Thermo Fisher Scientific Inc
|
|
1,848
|
1,104,642
|
|
|
|
|
22,974,298
|
Pharmaceuticals - 0.0%
|
|
|
|
Elanco Animal Health Inc (a)
|
|
6,909
|
83,115
|
TherapeuticsMD Inc (a)(d)
|
|
537
|
580
|
|
|
|
|
83,695
|
TOTAL HEALTH CARE
|
|
|
184,746,236
|
|
|
|
|
|
Industrials - 1.0%
|
|
|
|
Aerospace & Defense - 0.0%
|
|
|
|
Space Exploration Technologies Corp (a)(b)(c)
|
|
272
|
50,320
|
Space Exploration Technologies Corp Class C (a)(b)(c)
|
|
2,928
|
541,680
|
|
|
|
|
592,000
|
Commercial Services & Supplies - 0.0%
|
|
|
|
Veralto Corp
|
|
1,367
|
141,334
|
Construction & Engineering - 0.0%
|
|
|
|
Bowman Consulting Group Ltd (a)
|
|
8,196
|
208,424
|
Ground Transportation - 0.7%
|
|
|
|
CSX Corp
|
|
25,919
|
851,958
|
Uber Technologies Inc (a)
|
|
263,463
|
17,612,502
|
|
|
|
|
18,464,460
|
Passenger Airlines - 0.0%
|
|
|
|
Wheels Up Experience Inc Class A (a)(d)
|
|
7,234
|
11,285
|
Professional Services - 0.3%
|
|
|
|
Verisk Analytics Inc
|
|
32,930
|
9,465,399
|
TOTAL INDUSTRIALS
|
|
|
28,882,902
|
|
|
|
|
|
Information Technology - 42.4%
|
|
|
|
Communications Equipment - 1.8%
|
|
|
|
Arista Networks Inc
|
|
170,118
|
19,602,697
|
Cisco Systems Inc
|
|
531,121
|
32,185,933
|
|
|
|
|
51,788,630
|
IT Services - 0.8%
|
|
|
|
Gartner Inc (a)
|
|
32,288
|
17,526,895
|
MongoDB Inc Class A (a)
|
|
24,895
|
6,804,301
|
Twilio Inc Class A (a)
|
|
132
|
19,348
|
X Holdings Corp Class A (a)(b)(c)
|
|
57,830
|
1,825,115
|
|
|
|
|
26,175,659
|
Semiconductors & Semiconductor Equipment - 17.7%
|
|
|
|
Advanced Micro Devices Inc (a)
|
|
4,936
|
572,328
|
Analog Devices Inc
|
|
39,722
|
8,416,695
|
Applied Materials Inc
|
|
23,360
|
4,212,976
|
Astera Labs Inc (a)
|
|
4,414
|
447,667
|
Broadcom Inc
|
|
270,317
|
59,813,043
|
Lam Research Corp
|
|
123,133
|
9,979,930
|
Marvell Technology Inc
|
|
999,153
|
112,764,408
|
Micron Technology Inc
|
|
291,285
|
26,576,843
|
NVIDIA Corp
|
|
2,415,465
|
290,024,883
|
QUALCOMM Inc
|
|
6,264
|
1,083,234
|
Skyworks Solutions Inc
|
|
8,391
|
744,785
|
|
|
|
|
514,636,792
|
Software - 10.2%
|
|
|
|
Adobe Inc (a)
|
|
28,304
|
12,381,585
|
Appfolio Inc Class A (a)
|
|
5,313
|
1,242,764
|
Autodesk Inc (a)
|
|
16,076
|
5,005,102
|
Cadence Design Systems Inc (a)
|
|
82,010
|
24,407,816
|
Dropbox Inc Class A (a)
|
|
19,644
|
631,555
|
Dynatrace Inc (a)
|
|
2,958
|
170,825
|
Figma Inc Class A (b)(c)
|
|
19,200
|
506,688
|
HubSpot Inc (a)
|
|
13,327
|
10,388,796
|
Intuit Inc
|
|
24,181
|
14,545,113
|
Microsoft Corp
|
|
527,454
|
218,925,057
|
Roper Technologies Inc
|
|
9,526
|
5,483,642
|
Salesforce Inc
|
|
666
|
227,572
|
Stripe Inc Class B (a)(b)(c)
|
|
7,800
|
231,660
|
Synopsys Inc (a)
|
|
1,600
|
840,768
|
|
|
|
|
294,988,943
|
Technology Hardware, Storage & Peripherals - 11.9%
|
|
|
|
Apple Inc
|
|
1,450,959
|
342,426,324
|
Western Digital Corp (a)
|
|
23,604
|
1,537,329
|
|
|
|
|
343,963,653
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
1,231,553,677
|
|
|
|
|
|
Materials - 0.1%
|
|
|
|
Chemicals - 0.1%
|
|
|
|
Linde PLC
|
|
8,896
|
3,968,683
|
Real Estate - 0.3%
|
|
|
|
Specialized REITs - 0.3%
|
|
|
|
Equinix Inc
|
|
8,159
|
7,454,551
|
Utilities - 0.9%
|
|
|
|
Electric Utilities - 0.2%
|
|
|
|
Constellation Energy Corp
|
|
24,105
|
7,231,018
|
Independent Power and Renewable Electricity Producers - 0.7%
|
|
|
|
Vistra Corp
|
|
114,143
|
19,179,448
|
TOTAL UTILITIES
|
|
|
26,410,466
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
2,572,709,322
|
|
TOTAL COMMON STOCKS
(Cost $1,610,236,480)
|
|
|
2,745,486,221
|
|
|
|
|
|
Convertible Preferred Stocks - 0.3%
|
|
|
|
Shares
|
Value ($)
|
CHINA - 0.0%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Interactive Media & Services - 0.0%
|
|
|
|
ByteDance Ltd Series E1 (a)(b)(c)
|
|
6,135
|
1,519,394
|
UNITED STATES - 0.3%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Automobiles - 0.2%
|
|
|
|
Waymo LLC (b)(c)
|
|
43,612
|
3,308,406
|
Waymo LLC Series A2 (a)(b)(c)
|
|
2,467
|
152,880
|
Waymo LLC Series B2 (a)(b)(c)
|
|
15,200
|
972,496
|
|
|
|
|
4,433,782
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Discord Inc Series I (a)(b)(c)
|
|
300
|
74,106
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
4,507,888
|
|
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Tenstorrent Holdings Inc Series C1 (a)(b)(c)
|
|
6,595
|
490,866
|
Industrials - 0.1%
|
|
|
|
Aerospace & Defense - 0.1%
|
|
|
|
Anduril Industries Inc (b)(c)
|
|
120,963
|
3,038,591
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Stripe Inc Series H (a)(b)(c)
|
|
24,206
|
718,918
|
TOTAL UNITED STATES
|
|
|
8,756,263
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $9,846,683)
|
|
|
10,275,657
|
|
|
|
|
|
Domestic Equity Funds - 4.7%
|
|
|
|
Shares
|
Value ($)
|
Invesco QQQ Trust ETF (d)
(Cost $135,445,330)
|
|
261,900
|
136,787,751
|
|
|
|
|
|
Money Market Funds - 3.7%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (e)
|
|
4.37
|
16,171,152
|
16,174,386
|
Fidelity Securities Lending Cash Central Fund (e)(f)
|
|
4.37
|
89,815,838
|
89,824,819
|
|
TOTAL MONEY MARKET FUNDS
(Cost $105,999,205)
|
|
|
|
105,999,205
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 103.3%
(Cost $1,861,527,698)
|
2,998,548,834
|
NET OTHER ASSETS (LIABILITIES) - (3.3)%
|
(96,071,011)
|
NET ASSETS - 100.0%
|
2,902,477,823
|
|
|
|
Security Type Abbreviations
ETF
|
-
|
Exchange Traded Fund
|
Legend
(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 $16,959,372 or 0.6% of net assets.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(f)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anduril Industries Inc
|
8/07/24
|
2,629,324
|
|
|
|
|
ByteDance Ltd Series E1
|
11/18/20
|
672,238
|
|
|
|
|
Discord Inc Series I
|
9/15/21
|
165,187
|
|
|
|
|
Epic Games Inc
|
7/13/20 - 3/29/21
|
4,292,000
|
|
|
|
|
Figma Inc Class A
|
5/15/24
|
445,306
|
|
|
|
|
Space Exploration Technologies Corp
|
7/01/24 - 12/09/24
|
34,260
|
|
|
|
|
Space Exploration Technologies Corp Class C
|
7/01/24 - 12/09/24
|
411,740
|
|
|
|
|
Stripe Inc Class B
|
5/18/21
|
313,001
|
|
|
|
|
Stripe Inc Series H
|
3/15/21 - 5/25/23
|
971,266
|
|
|
|
|
Tenstorrent Holdings Inc Series C1
|
4/23/21
|
392,145
|
|
|
|
|
Waymo LLC
|
10/18/24
|
3,410,515
|
|
|
|
|
Waymo LLC Series A2
|
5/08/20
|
211,834
|
|
|
|
|
Waymo LLC Series B2
|
6/11/21
|
1,394,174
|
|
|
|
|
X Holdings Corp Class A
|
10/27/21
|
5,743,370
|
|
|
|
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
141,731,687
|
238,898,343
|
364,455,644
|
484,980
|
-
|
-
|
16,174,386
|
16,171,152
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
7,702,292
|
131,305,455
|
49,182,928
|
33,756
|
-
|
-
|
89,824,819
|
89,815,838
|
0.4%
|
Total
|
149,433,979
|
370,203,798
|
413,638,572
|
518,736
|
-
|
-
|
105,999,205
|
105,986,990
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
592,162,844
|
588,634,592
|
-
|
3,528,252
|
Consumer Discretionary
|
356,418,780
|
356,403,402
|
15,378
|
-
|
Consumer Staples
|
66,794,329
|
64,612,507
|
2,181,822
|
-
|
Energy
|
35,423,414
|
35,423,414
|
-
|
-
|
Financials
|
58,082,894
|
54,208,973
|
-
|
3,873,921
|
Health Care
|
215,434,341
|
215,434,341
|
-
|
-
|
Industrials
|
28,882,902
|
28,290,902
|
-
|
592,000
|
Information Technology
|
1,354,453,017
|
1,348,432,387
|
3,457,167
|
2,563,463
|
Materials
|
3,968,683
|
3,968,683
|
-
|
-
|
Real Estate
|
7,454,551
|
7,454,551
|
-
|
-
|
Utilities
|
26,410,466
|
26,410,466
|
-
|
-
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Communication Services
|
1,519,394
|
-
|
-
|
1,519,394
|
Consumer Discretionary
|
4,507,888
|
-
|
-
|
4,507,888
|
Financials
|
490,866
|
-
|
-
|
490,866
|
Industrials
|
3,038,591
|
-
|
-
|
3,038,591
|
Information Technology
|
718,918
|
-
|
-
|
718,918
|
|
|
Domestic Equity Funds
|
136,787,751
|
136,787,751
|
-
|
-
|
|
|
Money Market Funds
|
105,999,205
|
105,999,205
|
-
|
-
|
Total Investments in Securities:
|
2,998,548,834
|
2,972,061,174
|
5,654,367
|
20,833,293
|
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $87,892,734) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $1,755,528,493)
|
$
|
2,892,549,629
|
|
|
Fidelity Central Funds (cost $105,999,205)
|
|
105,999,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $1,861,527,698)
|
|
|
$
|
2,998,548,834
|
Receivable for investments sold
|
|
|
|
31,800,229
|
Receivable for fund shares sold
|
|
|
|
2,772,647
|
Dividends receivable
|
|
|
|
210,677
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
98,213
|
Other receivables
|
|
|
|
130,318
|
Total assets
|
|
|
|
3,033,560,918
|
Liabilities
|
|
|
|
|
Payable to custodian bank
|
$
|
3
|
|
|
Payable for investments purchased
|
|
37,595,220
|
|
|
Payable for fund shares redeemed
|
|
2,475,511
|
|
|
Accrued management fee
|
|
1,178,526
|
|
|
Other payables and accrued expenses
|
|
8,735
|
|
|
Collateral on securities loaned
|
|
89,825,100
|
|
|
Total liabilities
|
|
|
|
131,083,095
|
Net Assets
|
|
|
$
|
2,902,477,823
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
1,697,254,272
|
Total accumulated earnings (loss)
|
|
|
|
1,205,223,551
|
Net Assets
|
|
|
$
|
2,902,477,823
|
Net Asset Value, offering price and redemption price per share ($2,902,477,823 ÷ 109,819,196 shares)
|
|
|
$
|
26.43
|
Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
6,757,817
|
Interest
|
|
|
|
234,226
|
Income from Fidelity Central Funds (including $33,756 from security lending)
|
|
|
|
518,736
|
Total income
|
|
|
|
7,510,779
|
Expenses
|
|
|
|
|
Management fee
|
$
|
6,619,892
|
|
|
Independent trustees' fees and expenses
|
|
5,746
|
|
|
Interest
|
|
9,644
|
|
|
Total expenses before reductions
|
|
6,635,282
|
|
|
Expense reductions
|
|
(1,030)
|
|
|
Total expenses after reductions
|
|
|
|
6,634,252
|
Net Investment income (loss)
|
|
|
|
876,527
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
53,382,157
|
|
|
Redemptions in-kind
|
|
61,927,385
|
|
|
Foreign currency transactions
|
|
(34,544)
|
|
|
Total net realized gain (loss)
|
|
|
|
115,274,998
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of decrease in deferred foreign taxes of $10,977)
|
|
207,144,612
|
|
|
Assets and liabilities in foreign currencies
|
|
(5,960)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
207,138,652
|
Net gain (loss)
|
|
|
|
322,413,650
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
323,290,177
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
876,527
|
$
|
3,470,637
|
Net realized gain (loss)
|
|
115,274,998
|
|
200,415,253
|
Change in net unrealized appreciation (depreciation)
|
|
207,138,652
|
|
346,935,463
|
Net increase (decrease) in net assets resulting from operations
|
|
323,290,177
|
|
550,821,353
|
Distributions to shareholders
|
|
(87,141,794)
|
|
(5,362,699)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
460,969,552
|
|
388,050,779
|
Reinvestment of distributions
|
|
87,141,793
|
|
5,362,699
|
Cost of shares redeemed
|
|
(410,182,533)
|
|
(521,643,391)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
137,928,812
|
|
(128,229,913)
|
Total increase (decrease) in net assets
|
|
374,077,195
|
|
417,228,741
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
2,528,400,628
|
|
2,111,171,887
|
End of period
|
$
|
2,902,477,823
|
$
|
2,528,400,628
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
18,327,221
|
|
18,515,596
|
Issued in reinvestment of distributions
|
|
3,485,221
|
|
286,663
|
Redeemed
|
|
(16,584,209)
|
|
(24,953,544)
|
Net increase (decrease)
|
|
5,228,233
|
|
(6,151,285)
|
|
|
|
|
|
|
Financial Highlights
Fidelity® OTC K6 Portfolio
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
24.17
|
$
|
19.06
|
$
|
15.63
|
$
|
20.36
|
$
|
14.29
|
$
|
10.50
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.01
|
|
.03
|
|
.05
|
|
(.01)
|
|
(.01)
|
|
.02
|
Net realized and unrealized gain (loss)
|
|
3.08
|
|
5.13
|
|
3.39
|
|
(3.93)
|
|
6.15
|
|
3.81
|
Total from investment operations
|
|
3.09
|
|
5.16
|
|
3.44
|
|
(3.94)
|
|
6.14
|
|
3.83
|
Distributions from net investment income
|
|
(.05)
|
|
(.05)
|
|
(.01)
|
|
-
|
|
(.01)
|
|
(.01)
|
Distributions from net realized gain
|
|
(.78)
|
|
-
|
|
-
|
|
(.79)
|
|
(.06)
|
|
(.02)
|
Total distributions
|
|
(.83)
|
|
(.05)
|
|
(.01)
|
|
(.79)
|
|
(.07)
|
|
(.04) C
|
Net asset value, end of period
|
$
|
26.43
|
$
|
24.17
|
$
|
19.06
|
$
|
15.63
|
$
|
20.36
|
$
|
14.29
|
Total Return D,E
|
|
|
|
27.14%
|
|
22.03%
|
|
(20.27)%
|
|
43.11%
|
|
36.54%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.50% H
|
|
.50%
|
|
.50%
|
|
.50%
|
|
.50%
|
|
.50%
|
Expenses net of fee waivers, if any
|
|
|
|
.50%
|
|
.50%
|
|
.50%
|
|
.50%
|
|
.50%
|
Expenses net of all reductions
|
|
.50% H
|
|
.50%
|
|
.50%
|
|
.50%
|
|
.50%
|
|
.49%
|
Net investment income (loss)
|
|
.07% H
|
|
.15%
|
|
.34%
|
|
(.05)%
|
|
(.05)%
|
|
.16%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
2,902,478
|
$
|
2,528,401
|
$
|
2,111,172
|
$
|
1,924,349
|
$
|
2,630,559
|
$
|
1,026,111
|
Portfolio turnover rate I
|
|
|
|
41%
|
|
20% J
|
|
39% J
|
|
36% J
|
|
102% J
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity OTC K6 Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, 2025 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. 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.
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), 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
|
$1,185,010,776
|
Gross unrealized depreciation
|
(58,010,097)
|
Net unrealized appreciation (depreciation)
|
$1,127,000,679
|
Tax cost
|
$1,871,548,155
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 202, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity OTC K6 Portfolio
|
827,163,906
|
721,190,535
|
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity OTC K6 Portfolio
|
4,434,312
|
61,927,385
|
105,760,592
|
Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
|
Shares
|
Total Proceeds ($)
|
Fidelity OTC K6 Portfolio
|
6,912,036
|
166,254,608
|
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 ($)
|
Fidelity OTC K6 Portfolio
|
4,837
|
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
Fidelity OTC K6 Portfolio
|
Borrower
|
6,053,182
|
5.21%
|
9,644
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
Fidelity OTC K6 Portfolio
|
54,993,459
|
43,790,928
|
7,874,525
|
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.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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
|
3,587
|
81
|
-
|
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 $1,030.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.9893896.105
OTC-K6-SANN-0425
Fidelity® Blue Chip Growth K6 Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Blue Chip Growth K6 Fund
Consolidated Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.4%
|
|
|
|
Shares
|
Value ($)
|
AUSTRALIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
IREN Ltd (b)(c)
|
|
308,800
|
3,155,936
|
BELGIUM - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Pharmaceuticals - 0.0%
|
|
|
|
UCB SA
|
|
45,100
|
8,805,264
|
BRAZIL - 0.1%
|
|
|
|
Materials - 0.1%
|
|
|
|
Metals & Mining - 0.1%
|
|
|
|
Vale SA ADR
|
|
1,008,648
|
9,370,340
|
CANADA - 0.6%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Broadline Retail - 0.0%
|
|
|
|
Dollarama Inc
|
|
34,671
|
3,280,904
|
Specialty Retail - 0.2%
|
|
|
|
Aritzia Inc Subordinate Voting Shares (b)
|
|
590,586
|
28,404,694
|
Groupe Dynamite Inc Subordinate Voting Shares
|
|
134,800
|
1,497,932
|
|
|
|
|
29,902,626
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
33,183,530
|
|
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Cameco Corp
|
|
207,863
|
10,279,089
|
Secure Waste Infrastructure Corp
|
|
347,933
|
3,595,798
|
|
|
|
|
13,874,887
|
Information Technology - 0.4%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.1%
|
|
|
|
Celestica Inc (United States) (b)
|
|
199,307
|
24,608,435
|
IT Services - 0.3%
|
|
|
|
Shopify Inc Class A (b)
|
|
320,935
|
37,454,011
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
62,062,446
|
|
|
|
|
|
TOTAL CANADA
|
|
|
109,120,863
|
CHINA - 1.5%
|
|
|
|
Consumer Discretionary - 0.5%
|
|
|
|
Broadline Retail - 0.4%
|
|
|
|
JD.com Inc ADR
|
|
523,700
|
21,325,064
|
PDD Holdings Inc Class A ADR (b)
|
|
495,633
|
55,466,289
|
|
|
|
|
76,791,353
|
Diversified Consumer Services - 0.1%
|
|
|
|
TAL Education Group Class A ADR (b)
|
|
750,792
|
9,182,186
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Trip.com Group Ltd ADR (b)
|
|
53,200
|
3,733,044
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
89,706,583
|
|
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Ant International Co Ltd Class C (d)(e)
|
|
201,988
|
363,578
|
Industrials - 0.0%
|
|
|
|
Trading Companies & Distributors - 0.0%
|
|
|
|
Zkh Group Limited Class A (b)
|
|
30
|
3
|
Information Technology - 1.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.0%
|
|
|
|
NXP Semiconductors NV
|
|
776,283
|
161,893,821
|
TOTAL CHINA
|
|
|
251,963,985
|
DENMARK - 0.1%
|
|
|
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Ascendis Pharma A/S ADR (b)
|
|
70,676
|
9,234,526
|
FINLAND - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
Amer Sports Inc
|
|
1,116,083
|
35,681,174
|
FRANCE - 0.1%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
Hermes International SCA
|
|
3,948
|
11,156,564
|
LVMH Moet Hennessy Louis Vuitton SE
|
|
18,902
|
13,825,010
|
|
|
|
|
|
TOTAL FRANCE
|
|
|
24,981,574
|
GERMANY - 0.2%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|
|
|
adidas AG
|
|
45,300
|
11,978,827
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
SAP SE ADR
|
|
64,915
|
17,920,435
|
TOTAL GERMANY
|
|
|
29,899,262
|
INDIA - 0.6%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Diversified Telecommunication Services - 0.0%
|
|
|
|
Indus Towers Ltd (b)
|
|
1,748,148
|
6,981,128
|
Wireless Telecommunication Services - 0.1%
|
|
|
|
Bharti Airtel Ltd
|
|
79,800
|
1,493,573
|
Vodafone Idea Ltd (b)
|
|
110,777,732
|
11,516,963
|
|
|
|
|
13,010,536
|
Consumer Discretionary - 0.3%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Hyundai Motor India Ltd
|
|
190,556
|
3,687,551
|
Mahindra & Mahindra Ltd
|
|
97,800
|
3,363,358
|
|
|
|
|
7,050,909
|
Broadline Retail - 0.1%
|
|
|
|
Lenskart Solutions Pvt Ltd (b)(d)(e)
|
|
2,525,460
|
7,509,189
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
MakeMyTrip Ltd (b)
|
|
40,466
|
4,421,720
|
Swiggy Ltd (f)
|
|
239,438
|
1,142,925
|
Zomato Ltd (b)
|
|
3,035,600
|
7,693,258
|
|
|
|
|
13,257,903
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
27,818,001
|
|
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Food Products - 0.0%
|
|
|
|
Patanjali Foods Ltd
|
|
326,500
|
6,851,213
|
Energy - 0.1%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|
|
|
Reliance Industries Ltd
|
|
1,577,982
|
22,978,813
|
Reliance Industries Ltd GDR (g)
|
|
38,964
|
2,287,187
|
|
|
|
|
25,266,000
|
Financials - 0.0%
|
|
|
|
Banks - 0.0%
|
|
|
|
HDFC Bank Ltd
|
|
109,468
|
2,144,026
|
ICICI Bank Ltd ADR
|
|
80,068
|
2,295,550
|
|
|
|
|
4,439,576
|
Financial Services - 0.0%
|
|
|
|
Aditya Birla Capital Ltd (b)
|
|
855,500
|
1,766,533
|
Jio Financial Services Ltd (b)
|
|
747,491
|
2,077,488
|
|
|
|
|
3,844,021
|
TOTAL FINANCIALS
|
|
|
8,283,597
|
|
|
|
|
|
Industrials - 0.0%
|
|
|
|
Aerospace & Defense - 0.0%
|
|
|
|
Hindustan Aeronautics Ltd (h)
|
|
27,600
|
1,249,123
|
Construction & Engineering - 0.0%
|
|
|
|
Larsen & Toubro Ltd
|
|
113,200
|
4,647,726
|
Transportation Infrastructure - 0.0%
|
|
|
|
JSW Infrastructure Ltd
|
|
451,700
|
1,425,443
|
TOTAL INDUSTRIALS
|
|
|
7,322,292
|
|
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Pine Labs Pvt Ltd (b)(d)(e)
|
|
1,109
|
547,679
|
Materials - 0.1%
|
|
|
|
Construction Materials - 0.0%
|
|
|
|
Grasim Industries Ltd
|
|
136,600
|
3,948,114
|
Metals & Mining - 0.1%
|
|
|
|
Hindalco Industries Ltd
|
|
192,800
|
1,317,685
|
Welspun Corp Ltd
|
|
738,000
|
6,302,379
|
|
|
|
|
7,620,064
|
TOTAL MATERIALS
|
|
|
11,568,178
|
|
|
|
|
|
TOTAL INDIA
|
|
|
107,648,624
|
IRELAND - 0.0%
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Circle Internet Financial LLC (e)
|
|
137,547
|
3,757,784
|
ISRAEL - 0.1%
|
|
|
|
Consumer Staples - 0.0%
|
|
|
|
Personal Care Products - 0.0%
|
|
|
|
Oddity Tech Ltd Class A (b)
|
|
105,179
|
5,019,142
|
Health Care - 0.1%
|
|
|
|
Pharmaceuticals - 0.1%
|
|
|
|
Teva Pharmaceutical Industries Ltd ADR (b)
|
|
1,105,866
|
19,607,004
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Xsight Labs Ltd warrants 1/11/2034 (b)(d)(e)
|
|
14,367
|
40,228
|
Xsight Labs Ltd warrants 12/30/2031 (b)(d)(e)
|
|
20,658
|
32,226
|
|
|
|
|
72,454
|
TOTAL ISRAEL
|
|
|
24,698,600
|
JAPAN - 0.1%
|
|
|
|
Communication Services - 0.1%
|
|
|
|
Entertainment - 0.1%
|
|
|
|
Nintendo Co Ltd
|
|
85,200
|
5,589,521
|
Consumer Discretionary - 0.0%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.0%
|
|
|
|
Asics Corp
|
|
82,047
|
1,828,839
|
Industrials - 0.0%
|
|
|
|
Machinery - 0.0%
|
|
|
|
Mitsubishi Heavy Industries Ltd
|
|
163,057
|
2,386,379
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Allegro MicroSystems Inc (b)
|
|
231,704
|
5,581,749
|
TOTAL JAPAN
|
|
|
15,386,488
|
KOREA (SOUTH) - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
SK Hynix Inc
|
|
12,540
|
1,682,905
|
LUXEMBOURG - 0.0%
|
|
|
|
Financials - 0.0%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
CVC Capital Partners PLC (b)(g)(h)
|
|
319,800
|
7,603,951
|
NETHERLANDS - 0.1%
|
|
|
|
Information Technology - 0.1%
|
|
|
|
Software - 0.1%
|
|
|
|
Nebius Group NV Class A (b)
|
|
580,891
|
18,971,900
|
SINGAPORE - 0.0%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Entertainment - 0.0%
|
|
|
|
Sea Ltd Class A ADR (b)
|
|
45,699
|
5,565,681
|
SWITZERLAND - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.2%
|
|
|
|
On Holding AG Class A (b)
|
|
509,734
|
30,522,872
|
Health Care - 0.0%
|
|
|
|
Pharmaceuticals - 0.0%
|
|
|
|
Galderma Group AG (b)
|
|
61,483
|
7,473,146
|
TOTAL SWITZERLAND
|
|
|
37,996,018
|
TAIWAN - 1.2%
|
|
|
|
Information Technology - 1.2%
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.2%
|
|
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
|
931,641
|
195,011,094
|
UNITED KINGDOM - 0.2%
|
|
|
|
Consumer Discretionary - 0.2%
|
|
|
|
Hotels, Restaurants & Leisure - 0.2%
|
|
|
|
Flutter Entertainment PLC (b)
|
|
52,886
|
14,118,975
|
Flutter Entertainment PLC (United Kingdom) (b)
|
|
52,593
|
14,222,315
|
|
|
|
|
28,341,290
|
Financials - 0.0%
|
|
|
|
Capital Markets - 0.0%
|
|
|
|
3i Group PLC
|
|
205,523
|
9,874,016
|
TOTAL UNITED KINGDOM
|
|
|
38,215,306
|
UNITED STATES - 90.1%
|
|
|
|
Communication Services - 17.5%
|
|
|
|
Entertainment - 3.8%
|
|
|
|
Netflix Inc (b)
|
|
511,722
|
499,829,581
|
ROBLOX Corp Class A (b)
|
|
1,029,566
|
73,171,256
|
Roku Inc Class A (b)
|
|
342,801
|
28,370,211
|
Spotify Technology SA (b)
|
|
48,281
|
26,484,542
|
Take-Two Interactive Software Inc (b)
|
|
50,511
|
9,370,295
|
Walt Disney Co/The
|
|
348,718
|
39,426,057
|
|
|
|
|
676,651,942
|
Interactive Media & Services - 13.7%
|
|
|
|
Alphabet Inc Class A
|
|
5,064,759
|
1,033,312,131
|
Epic Games Inc (b)(d)(e)
|
|
607
|
411,855
|
Meta Platforms Inc Class A
|
|
1,577,514
|
1,087,191,099
|
Reddit Inc Class A
|
|
188,611
|
37,637,325
|
Reddit Inc Class B (b)
|
|
30,951
|
6,176,272
|
Snap Inc Class A (b)
|
|
20,217,617
|
228,256,896
|
|
|
|
|
2,392,985,578
|
Media - 0.0%
|
|
|
|
Trade Desk Inc (The) Class A (b)
|
|
62,739
|
7,445,865
|
TOTAL COMMUNICATION SERVICES
|
|
|
3,077,083,385
|
|
|
|
|
|
Consumer Discretionary - 17.7%
|
|
|
|
Automobiles - 2.1%
|
|
|
|
Neutron Holdings Inc (b)(d)(e)
|
|
491,550
|
28,313
|
Rad Power Bikes Inc (b)(d)(e)
|
|
101,681
|
21,353
|
Rad Power Bikes Inc warrants 10/6/2033 (b)(d)(e)
|
|
110,642
|
57,534
|
Rivian Automotive Inc Class A (b)(c)
|
|
1,588,110
|
19,946,662
|
Tesla Inc (b)
|
|
845,173
|
341,956,996
|
|
|
|
|
362,010,858
|
Broadline Retail - 6.0%
|
|
|
|
Amazon.com Inc (b)
|
|
4,440,427
|
1,055,400,690
|
Diversified Consumer Services - 0.1%
|
|
|
|
Bright Horizons Family Solutions Inc (b)
|
|
45,091
|
5,528,156
|
Duolingo Inc Class A (b)
|
|
51,018
|
18,570,042
|
|
|
|
|
24,098,198
|
Hotels, Restaurants & Leisure - 2.2%
|
|
|
|
Brinker International Inc (b)
|
|
167,672
|
30,511,274
|
Carnival Corp (b)
|
|
323,651
|
8,955,423
|
Cava Group Inc (b)
|
|
58,806
|
7,941,750
|
Chipotle Mexican Grill Inc (b)
|
|
1,618,790
|
94,456,397
|
DraftKings Inc Class A (b)
|
|
955,180
|
40,069,801
|
Planet Fitness Inc Class A (b)
|
|
123,016
|
13,305,411
|
Royal Caribbean Cruises Ltd
|
|
36,289
|
9,674,647
|
Sonder Holdings Inc Stage 1 rights (b)(e)
|
|
1,448
|
0
|
Sonder Holdings Inc Stage 2 rights (b)(e)
|
|
1,447
|
0
|
Sonder Holdings Inc Stage 3 rights (b)(e)
|
|
1,447
|
0
|
Sonder Holdings Inc Stage 4 rights (b)(e)
|
|
1,447
|
0
|
Sonder Holdings Inc Stage 5 rights (b)(e)
|
|
1,447
|
0
|
Sonder Holdings Inc Stage 5 rights (b)(e)
|
|
1,447
|
0
|
Starbucks Corp
|
|
1,267,002
|
136,430,776
|
Sweetgreen Inc Class A (b)
|
|
1,025,083
|
33,745,732
|
Texas Roadhouse Inc
|
|
35,483
|
6,425,971
|
Viking Holdings Ltd
|
|
155,408
|
7,868,307
|
Wingstop Inc
|
|
16,727
|
4,982,973
|
|
|
|
|
394,368,462
|
Household Durables - 0.7%
|
|
|
|
DR Horton Inc
|
|
97,478
|
13,832,128
|
PulteGroup Inc
|
|
111,883
|
12,730,048
|
SharkNinja Inc
|
|
840,221
|
93,945,110
|
Toll Brothers Inc
|
|
34,815
|
4,728,225
|
|
|
|
|
125,235,511
|
Leisure Products - 0.1%
|
|
|
|
Peloton Interactive Inc Class A (b)
|
|
1,783,813
|
13,824,551
|
Specialty Retail - 4.0%
|
|
|
|
Abercrombie & Fitch Co Class A (b)
|
|
501,394
|
59,856,416
|
Carvana Co Class A (b)
|
|
597,675
|
147,912,609
|
Chewy Inc Class A (b)
|
|
178,543
|
6,959,606
|
Fanatics Inc Class A (b)(d)(e)
|
|
225,366
|
13,521,960
|
Five Below Inc (b)
|
|
234,135
|
21,957,180
|
Floor & Decor Holdings Inc Class A (b)
|
|
16,924
|
1,694,092
|
Home Depot Inc/The
|
|
39,210
|
16,153,736
|
Lowe's Cos Inc
|
|
629,599
|
163,720,924
|
RH (b)
|
|
251,623
|
105,457,716
|
TJX Cos Inc/The
|
|
925,668
|
115,514,110
|
Victoria's Secret & Co (b)
|
|
501,076
|
18,219,123
|
Warby Parker Inc Class A (b)
|
|
428,105
|
11,862,790
|
Wayfair Inc Class A (b)
|
|
278,198
|
13,456,437
|
|
|
|
|
696,286,699
|
Textiles, Apparel & Luxury Goods - 2.5%
|
|
|
|
Capri Holdings Ltd (b)(c)
|
|
1,152,162
|
28,550,574
|
Deckers Outdoor Corp (b)
|
|
804,886
|
142,754,581
|
Lululemon Athletica Inc (b)
|
|
390,968
|
161,938,946
|
NIKE Inc Class B
|
|
682,492
|
52,483,635
|
Ralph Lauren Corp Class A
|
|
25,198
|
6,291,940
|
Tapestry Inc
|
|
103,725
|
7,565,702
|
Under Armour Inc Class A (b)(c)
|
|
3,173,151
|
26,495,811
|
VF Corp
|
|
455,857
|
11,838,606
|
|
|
|
|
437,919,795
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
3,109,144,764
|
|
|
|
|
|
Consumer Staples - 2.0%
|
|
|
|
Beverages - 0.1%
|
|
|
|
Celsius Holdings Inc (b)(c)
|
|
217,767
|
5,439,820
|
Coca-Cola Co/The
|
|
55,300
|
3,510,444
|
|
|
|
|
8,950,264
|
Consumer Staples Distribution & Retail - 1.7%
|
|
|
|
Albertsons Cos Inc
|
|
291,000
|
5,834,550
|
BJ's Wholesale Club Holdings Inc (b)
|
|
46,906
|
4,646,039
|
Costco Wholesale Corp
|
|
130,149
|
127,530,402
|
Target Corp
|
|
233,512
|
32,203,640
|
Walmart Inc
|
|
1,406,848
|
138,096,200
|
|
|
|
|
308,310,831
|
Food Products - 0.0%
|
|
|
|
Bowery Farming Inc (b)(e)
|
|
48,375
|
1
|
Bowery Farming Inc warrants (b)(d)(e)
|
|
30,501
|
0
|
Freshpet Inc (b)
|
|
45,900
|
7,341,705
|
Real Good Food Co Inc/The Class A (b)
|
|
4,194
|
4
|
Real Good Food Co LLC /The Class B (b)(e)
|
|
11,626
|
0
|
Real Good Food Co LLC /The Class B unit (b)(g)
|
|
11,626
|
13
|
|
|
|
|
7,341,723
|
Tobacco - 0.2%
|
|
|
|
JUUL Labs Inc Class A (b)(d)(e)
|
|
6,987,609
|
7,057,485
|
Philip Morris International Inc
|
|
187,451
|
24,406,120
|
|
|
|
|
31,463,605
|
TOTAL CONSUMER STAPLES
|
|
|
356,066,423
|
|
|
|
|
|
Energy - 0.0%
|
|
|
|
Oil, Gas & Consumable Fuels - 0.0%
|
|
|
|
Antero Resources Corp (b)
|
|
42,700
|
1,593,564
|
Cheniere Energy Inc
|
|
15,072
|
3,370,853
|
Ovintiv Inc
|
|
39,000
|
1,646,580
|
|
|
|
|
6,610,997
|
Financials - 5.3%
|
|
|
|
Banks - 0.2%
|
|
|
|
Citigroup Inc
|
|
419,524
|
34,161,839
|
Wells Fargo & Co
|
|
121,512
|
9,575,145
|
|
|
|
|
43,736,984
|
Capital Markets - 1.8%
|
|
|
|
Ares Management Corp Class A
|
|
117,272
|
23,245,656
|
Bank of New York Mellon Corp/The
|
|
51,497
|
4,425,137
|
Blue Owl Capital Inc Class A
|
|
1,573,200
|
40,918,932
|
Charles Schwab Corp/The
|
|
21,500
|
1,778,480
|
Coinbase Global Inc Class A (b)
|
|
259,812
|
75,691,030
|
Goldman Sachs Group Inc/The
|
|
83,514
|
53,482,366
|
Interactive Brokers Group Inc Class A
|
|
13,288
|
2,889,343
|
Jefferies Financial Group Inc
|
|
122,409
|
9,412,028
|
KKR & Co Inc Class A
|
|
181,966
|
30,401,060
|
Moody's Corp
|
|
39,079
|
19,517,616
|
Morgan Stanley
|
|
203,770
|
28,207,881
|
Nasdaq Inc
|
|
21,378
|
1,760,264
|
Robinhood Markets Inc Class A (b)
|
|
395,972
|
20,570,745
|
|
|
|
|
312,300,538
|
Consumer Finance - 0.4%
|
|
|
|
American Express Co
|
|
206,744
|
65,630,883
|
Financial Services - 2.4%
|
|
|
|
Affirm Holdings Inc Class A (b)
|
|
405,978
|
24,793,076
|
Apollo Global Management Inc
|
|
245,760
|
42,020,045
|
Berkshire Hathaway Inc Class B (b)
|
|
10,451
|
4,898,069
|
Block Inc Class A (b)
|
|
550,875
|
50,030,468
|
Fiserv Inc (b)
|
|
31,741
|
6,857,326
|
Mastercard Inc Class A
|
|
375,058
|
208,318,465
|
PayPal Holdings Inc (b)
|
|
86,844
|
7,692,642
|
Toast Inc Class A (b)
|
|
484,289
|
19,817,106
|
Visa Inc Class A
|
|
195,079
|
66,678,002
|
|
|
|
|
431,105,199
|
Insurance - 0.5%
|
|
|
|
Progressive Corp/The
|
|
334,381
|
82,404,854
|
TOTAL FINANCIALS
|
|
|
935,178,458
|
|
|
|
|
|
Health Care - 6.8%
|
|
|
|
Biotechnology - 1.1%
|
|
|
|
AbbVie Inc
|
|
51,858
|
9,536,686
|
Alnylam Pharmaceuticals Inc (b)
|
|
65,437
|
17,753,712
|
Apogee Therapeutics Inc (b)
|
|
53,039
|
2,193,693
|
Arcellx Inc (b)
|
|
20,858
|
1,421,056
|
Avidity Biosciences Inc (b)
|
|
52,328
|
1,723,161
|
Cibus Inc Class A (b)(c)
|
|
8,318
|
20,711
|
Exact Sciences Corp (b)
|
|
72,814
|
4,081,225
|
Gilead Sciences Inc
|
|
260,536
|
25,324,099
|
Janux Therapeutics Inc (b)
|
|
52,335
|
2,275,526
|
Legend Biotech Corp ADR (b)
|
|
115,141
|
4,386,872
|
Moderna Inc (b)
|
|
187,154
|
7,377,611
|
MoonLake Immunotherapeutics Class A (b)
|
|
72,610
|
3,339,334
|
Natera Inc (b)
|
|
51,593
|
9,127,834
|
Nurix Therapeutics Inc (b)
|
|
19,102
|
376,500
|
Regeneron Pharmaceuticals Inc (b)
|
|
131,926
|
88,783,559
|
Scholar Rock Holding Corp (b)
|
|
97,063
|
3,919,404
|
Summit Therapeutics Inc (b)
|
|
41,469
|
891,584
|
Viking Therapeutics Inc (b)
|
|
142,118
|
4,654,365
|
|
|
|
|
187,186,932
|
Health Care Equipment & Supplies - 2.3%
|
|
|
|
Blink Health LLC Class A1 (b)(d)(e)
|
|
7,044
|
254,077
|
Boston Scientific Corp (b)
|
|
1,775,425
|
181,732,503
|
Glaukos Corp (b)
|
|
40,874
|
6,394,329
|
Insulet Corp (b)
|
|
69,207
|
19,265,845
|
Intuitive Surgical Inc (b)
|
|
292,998
|
167,559,696
|
Masimo Corp (b)
|
|
32,454
|
5,654,460
|
Stryker Corp
|
|
75,872
|
29,687,955
|
|
|
|
|
410,548,865
|
Health Care Providers & Services - 0.5%
|
|
|
|
UnitedHealth Group Inc
|
|
172,254
|
93,446,072
|
Health Care Technology - 0.0%
|
|
|
|
Multiplan Corp warrants (b)(d)
|
|
13,856
|
0
|
Veeva Systems Inc Class A (b)
|
|
37,073
|
8,647,648
|
|
|
|
|
8,647,648
|
Life Sciences Tools & Services - 0.3%
|
|
|
|
Danaher Corp
|
|
132,735
|
29,565,394
|
Revvity Inc
|
|
6,005
|
757,410
|
Thermo Fisher Scientific Inc
|
|
24,045
|
14,372,899
|
Veterinary Emergency Group (b)(d)(e)(i)
|
|
62,379
|
3,962,938
|
|
|
|
|
48,658,641
|
Pharmaceuticals - 2.6%
|
|
|
|
Elanco Animal Health Inc (b)
|
|
318,848
|
3,835,741
|
Eli Lilly & Co
|
|
551,363
|
447,199,503
|
Structure Therapeutics Inc ADR (b)
|
|
27,029
|
810,059
|
|
|
|
|
451,845,303
|
TOTAL HEALTH CARE
|
|
|
1,200,333,461
|
|
|
|
|
|
Industrials - 4.2%
|
|
|
|
Aerospace & Defense - 2.2%
|
|
|
|
Axon Enterprise Inc (b)
|
|
43,336
|
28,262,872
|
Boeing Co (b)
|
|
544,863
|
96,179,217
|
GE Aerospace
|
|
360,884
|
73,465,156
|
Howmet Aerospace Inc
|
|
263,441
|
33,346,362
|
Space Exploration Technologies Corp (b)(d)(e)
|
|
519,625
|
96,130,626
|
Space Exploration Technologies Corp Class C (b)(d)(e)
|
|
162,357
|
30,036,045
|
Spirit AeroSystems Holdings Inc Class A (b)
|
|
78,370
|
2,665,364
|
Standardaero Inc (c)
|
|
78,979
|
2,119,796
|
TransDigm Group Inc
|
|
15,162
|
20,519,341
|
|
|
|
|
382,724,779
|
Air Freight & Logistics - 0.0%
|
|
|
|
CH Robinson Worldwide Inc
|
|
83,506
|
8,308,012
|
Building Products - 0.2%
|
|
|
|
AAON Inc
|
|
43,700
|
5,085,806
|
AZEK Co Inc/The Class A (b)
|
|
101,266
|
5,187,857
|
Builders FirstSource Inc (b)
|
|
59,993
|
10,035,629
|
Fortune Brands Innovations Inc
|
|
117,509
|
8,421,870
|
Lennox International Inc
|
|
6,331
|
3,750,611
|
Trane Technologies PLC
|
|
19,480
|
7,066,370
|
|
|
|
|
39,548,143
|
Construction & Engineering - 0.0%
|
|
|
|
EMCOR Group Inc
|
|
14,473
|
6,484,772
|
Fluor Corp (b)
|
|
104,481
|
5,037,029
|
|
|
|
|
11,521,801
|
Electrical Equipment - 0.5%
|
|
|
|
Acuity Brands Inc
|
|
22,981
|
7,638,654
|
Eaton Corp PLC
|
|
64,600
|
21,088,024
|
GE Vernova Inc
|
|
135,828
|
50,647,545
|
Vertiv Holdings Co Class A
|
|
82,786
|
9,687,618
|
|
|
|
|
89,061,841
|
Ground Transportation - 0.3%
|
|
|
|
Avis Budget Group Inc (b)
|
|
38,191
|
3,425,733
|
Lyft Inc Class A (b)
|
|
2,088,817
|
28,282,582
|
Uber Technologies Inc (b)
|
|
210,700
|
14,085,295
|
XPO Inc (b)
|
|
14,647
|
1,957,864
|
|
|
|
|
47,751,474
|
Industrial Conglomerates - 0.0%
|
|
|
|
3M Co
|
|
53,370
|
8,122,914
|
Honeywell International Inc
|
|
14,946
|
3,343,719
|
|
|
|
|
11,466,633
|
Machinery - 0.0%
|
|
|
|
Chart Industries Inc (b)
|
|
15,843
|
3,352,220
|
Passenger Airlines - 0.5%
|
|
|
|
Alaska Air Group Inc (b)
|
|
193,500
|
14,173,875
|
Delta Air Lines Inc
|
|
303,221
|
20,397,677
|
JetBlue Airways Corp (b)
|
|
1,648,300
|
10,845,813
|
United Airlines Holdings Inc (b)
|
|
329,683
|
34,893,649
|
|
|
|
|
80,311,014
|
Professional Services - 0.1%
|
|
|
|
Paycom Software Inc
|
|
59,992
|
12,451,940
|
Trading Companies & Distributors - 0.4%
|
|
|
|
Core & Main Inc Class A (b)
|
|
31,287
|
1,765,838
|
Ferguson Enterprises Inc
|
|
81,095
|
14,687,926
|
FTAI Aviation Ltd
|
|
450,185
|
45,257,099
|
|
|
|
|
61,710,863
|
TOTAL INDUSTRIALS
|
|
|
748,208,720
|
|
|
|
|
|
Information Technology - 35.4%
|
|
|
|
Communications Equipment - 0.3%
|
|
|
|
Arista Networks Inc
|
|
303,282
|
34,947,185
|
Ciena Corp (b)
|
|
169,664
|
14,784,521
|
|
|
|
|
49,731,706
|
Electronic Equipment, Instruments & Components - 0.2%
|
|
|
|
Amphenol Corp Class A
|
|
395,039
|
27,960,860
|
Coherent Corp (b)
|
|
167,028
|
15,114,364
|
|
|
|
|
43,075,224
|
IT Services - 0.7%
|
|
|
|
Cloudflare Inc Class A (b)
|
|
58,843
|
8,143,871
|
Okta Inc Class A (b)
|
|
713,120
|
67,190,166
|
Snowflake Inc Class A (b)
|
|
248,579
|
45,119,574
|
Twilio Inc Class A (b)
|
|
28,000
|
4,104,240
|
X Holdings Corp Class A (b)(d)(e)
|
|
24,710
|
779,848
|
|
|
|
|
125,337,699
|
Semiconductors & Semiconductor Equipment - 19.8%
|
|
|
|
Astera Labs Inc (b)
|
|
471,864
|
47,856,447
|
Broadcom Inc
|
|
2,196,928
|
486,114,259
|
GlobalFoundries Inc (b)
|
|
1,335,685
|
55,390,857
|
Impinj Inc (b)
|
|
55,590
|
7,053,815
|
Lam Research Corp
|
|
288,180
|
23,356,989
|
Marvell Technology Inc
|
|
5,204,610
|
587,392,285
|
Micron Technology Inc
|
|
189,378
|
17,278,849
|
Monolithic Power Systems Inc
|
|
142,709
|
90,958,435
|
NVIDIA Corp
|
|
17,472,206
|
2,097,887,775
|
ON Semiconductor Corp (b)
|
|
1,041,386
|
54,506,143
|
Semtech Corp (b)
|
|
31,300
|
2,095,848
|
|
|
|
|
3,469,891,702
|
Software - 9.0%
|
|
|
|
Appfolio Inc Class A (b)
|
|
9,167
|
2,144,253
|
Applied Intuition Inc Class A (d)(e)
|
|
7,903
|
507,452
|
AppLovin Corp Class A (b)
|
|
619,391
|
228,920,720
|
Atlassian Corp Class A (b)
|
|
6,600
|
2,024,748
|
Coreweave Inc Class A (d)(e)
|
|
30,838
|
28,983,094
|
Crowdstrike Holdings Inc Class A (b)
|
|
18,700
|
7,443,909
|
Datadog Inc Class A (b)
|
|
227,048
|
32,402,020
|
Figma Inc Class A (d)(e)
|
|
60,051
|
1,584,746
|
HubSpot Inc (b)
|
|
83,314
|
64,945,762
|
Informatica Inc Class A (b)
|
|
65,100
|
1,671,768
|
Life360 Inc (b)
|
|
101,502
|
4,640,671
|
Microsoft Corp
|
|
2,051,685
|
851,572,376
|
Monday.com Ltd (b)
|
|
30,397
|
7,765,218
|
OpenAI Global LLC rights (b)(d)(e)
|
|
6,979,271
|
6,979,271
|
Oracle Corp
|
|
595,187
|
101,217,501
|
Procore Technologies Inc (b)
|
|
42,326
|
3,367,457
|
Salesforce Inc
|
|
91,646
|
31,315,438
|
Servicenow Inc (b)
|
|
155,923
|
158,788,865
|
Stripe Inc Class B (b)(d)(e)
|
|
19,200
|
570,240
|
Synopsys Inc (b)
|
|
18,921
|
9,942,607
|
Zoom Communications Inc Class A (b)
|
|
225,914
|
19,640,963
|
Zscaler Inc (b)
|
|
11,778
|
2,386,105
|
|
|
|
|
1,568,815,184
|
Technology Hardware, Storage & Peripherals - 5.4%
|
|
|
|
Apple Inc
|
|
4,018,487
|
948,362,932
|
Super Micro Computer Inc (b)(c)
|
|
133,831
|
3,816,860
|
Western Digital Corp (b)
|
|
54,100
|
3,523,533
|
|
|
|
|
955,703,325
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
6,212,554,840
|
|
|
|
|
|
Materials - 0.8%
|
|
|
|
Chemicals - 0.4%
|
|
|
|
Sherwin-Williams Co/The
|
|
160,723
|
57,564,550
|
Construction Materials - 0.2%
|
|
|
|
CRH PLC
|
|
69,495
|
6,882,090
|
Eagle Materials Inc
|
|
39,188
|
10,061,127
|
Martin Marietta Materials Inc
|
|
14,181
|
7,716,166
|
Vulcan Materials Co
|
|
36,922
|
10,122,166
|
|
|
|
|
34,781,549
|
Containers & Packaging - 0.0%
|
|
|
|
Smurfit WestRock PLC
|
|
146,802
|
7,793,718
|
Metals & Mining - 0.2%
|
|
|
|
Carpenter Technology Corp
|
|
204,695
|
39,518,417
|
TOTAL MATERIALS
|
|
|
139,658,234
|
|
|
|
|
|
Real Estate - 0.4%
|
|
|
|
Health Care REITs - 0.3%
|
|
|
|
Welltower Inc
|
|
425,711
|
58,101,037
|
Real Estate Management & Development - 0.1%
|
|
|
|
Zillow Group Inc Class C (b)
|
|
194,086
|
15,957,751
|
TOTAL REAL ESTATE
|
|
|
74,058,788
|
|
|
|
|
|
Utilities - 0.0%
|
|
|
|
Electric Utilities - 0.0%
|
|
|
|
Constellation Energy Corp
|
|
5,600
|
1,679,888
|
TOTAL UNITED STATES
|
|
|
15,860,577,958
|
|
TOTAL COMMON STOCKS
(Cost $8,865,081,715)
|
|
|
16,799,329,233
|
|
|
|
|
|
Convertible Corporate Bonds - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Neutron Holdings Inc 4% 5/22/2027 (d)(e)
|
|
237,400
|
607,530
|
Neutron Holdings Inc 4% 6/12/2027 (d)(e)
|
|
64,200
|
164,294
|
Neutron Holdings Inc 7.5% 10/29/2026 (d)(e)(j)
|
|
2,796,589
|
3,437,568
|
|
|
|
|
4,209,392
|
Information Technology - 0.0%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Enevate Corp 10% 5/12/2025 (d)(e)
|
|
20,586
|
21,035
|
TOTAL UNITED STATES
|
|
|
4,230,427
|
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $3,118,775)
|
|
|
4,230,427
|
|
|
|
|
|
Convertible Preferred Stocks - 1.2%
|
|
|
|
Shares
|
Value ($)
|
CHINA - 0.0%
|
|
|
|
Communication Services - 0.0%
|
|
|
|
Interactive Media & Services - 0.0%
|
|
|
|
ByteDance Ltd Series E1 (b)(d)(e)
|
|
31,950
|
7,912,737
|
ESTONIA - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Bolt Technology OU Series E (b)(d)(e)
|
|
20,165
|
3,709,387
|
FINLAND - 0.0%
|
|
|
|
Health Care - 0.0%
|
|
|
|
Health Care Technology - 0.0%
|
|
|
|
Oura Health Oy (d)(e)
|
|
215,427
|
5,534,320
|
INDIA - 0.1%
|
|
|
|
Consumer Discretionary - 0.1%
|
|
|
|
Broadline Retail - 0.1%
|
|
|
|
Meesho Series D2 (d)(e)
|
|
46,549
|
2,515,508
|
Meesho Series E (d)(e)
|
|
7,754
|
419,026
|
Meesho Series E1 (d)(e)
|
|
4,649
|
251,232
|
Meesho Series F (b)(d)(e)
|
|
70,797
|
3,892,419
|
|
|
|
|
7,078,185
|
Information Technology - 0.0%
|
|
|
|
Software - 0.0%
|
|
|
|
Pine Labs Pvt Ltd Series 1 (b)(d)(e)
|
|
2,652
|
1,309,690
|
Pine Labs Pvt Ltd Series A (b)(d)(e)
|
|
663
|
327,423
|
Pine Labs Pvt Ltd Series B (b)(d)(e)
|
|
721
|
356,066
|
Pine Labs Pvt Ltd Series B2 (b)(d)(e)
|
|
583
|
287,915
|
Pine Labs Pvt Ltd Series C (b)(d)(e)
|
|
1,085
|
535,827
|
Pine Labs Pvt Ltd Series C1 (b)(d)(e)
|
|
228
|
112,598
|
Pine Labs Pvt Ltd Series D (b)(d)(e)
|
|
244
|
120,499
|
|
|
|
|
3,050,018
|
TOTAL INDIA
|
|
|
10,128,203
|
ISRAEL - 0.0%
|
|
|
|
Information Technology - 0.0%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Xsight Labs Ltd Series D (b)(d)(e)
|
|
130,900
|
824,670
|
Xsight Labs Ltd Series E (d)(e)
|
|
103,292
|
800,513
|
Xsight Labs Ltd Series E1 (d)(e)
|
|
47,890
|
441,546
|
|
|
|
|
|
TOTAL ISRAEL
|
|
|
2,066,729
|
UNITED STATES - 1.1%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Neutron Holdings Inc Series 1C (b)(d)(e)
|
|
3,178,083
|
183,058
|
Neutron Holdings Inc Series 1D (b)(d)(e)
|
|
5,904,173
|
340,080
|
Rad Power Bikes Inc Series A (b)(d)(e)
|
|
13,256
|
2,784
|
Rad Power Bikes Inc Series C (b)(d)(e)
|
|
52,162
|
29,732
|
Rad Power Bikes Inc Series D (b)(d)(e)
|
|
102,800
|
97,660
|
Waymo LLC (d)(e)
|
|
35,524
|
2,694,851
|
Waymo LLC Series A2 (b)(d)(e)
|
|
7,817
|
484,419
|
|
|
|
|
3,832,584
|
Hotels, Restaurants & Leisure - 0.0%
|
|
|
|
Discord Inc Series I (b)(d)(e)
|
|
700
|
172,914
|
Consumer Staples - 0.0%
|
|
|
|
Consumer Staples Distribution & Retail - 0.0%
|
|
|
|
GoBrands Inc Series G (b)(d)(e)
|
|
18,300
|
596,946
|
GoBrands Inc Series H (b)(d)(e)
|
|
11,467
|
479,779
|
|
|
|
|
1,076,725
|
Food Products - 0.0%
|
|
|
|
AgBiome LLC Series C (b)(d)(e)
|
|
68,700
|
1
|
Tobacco - 0.0%
|
|
|
|
JUUL Labs Inc Series E (b)(d)(e)
|
|
12,508
|
12,633
|
TOTAL CONSUMER STAPLES
|
|
|
1,089,359
|
|
|
|
|
|
Financials - 0.0%
|
|
|
|
Financial Services - 0.0%
|
|
|
|
Akeana Series C (d)(e)
|
|
85,300
|
1,079,045
|
Tenstorrent Holdings Inc Series C1 (b)(d)(e)
|
|
16,673
|
1,240,971
|
Tenstorrent Holdings Inc Series D1 (d)(e)
|
|
26,748
|
2,108,546
|
Tenstorrent Holdings Inc Series D2 (d)(e)
|
|
7,862
|
598,062
|
|
|
|
|
5,026,624
|
Health Care - 0.0%
|
|
|
|
Health Care Equipment & Supplies - 0.0%
|
|
|
|
Blink Health LLC Series C (b)(d)(e)
|
|
16,970
|
612,108
|
Blink Health LLC Series D (d)(e)
|
|
3,936
|
141,971
|
|
|
|
|
754,079
|
Industrials - 0.6%
|
|
|
|
Aerospace & Defense - 0.6%
|
|
|
|
ABL Space Systems Co Series A10 (d)(e)
|
|
183,227
|
71,459
|
ABL Space Systems Co Series A8 (d)(e)
|
|
33,728
|
13,154
|
ABL Space Systems Co Series A9 (d)(e)
|
|
19,187
|
7,482
|
Anduril Industries Inc (d)(e)
|
|
129,683
|
3,257,637
|
Relativity Space Inc Series E (b)(d)(e)
|
|
276,014
|
259,453
|
Space Exploration Technologies Corp Series G (b)(d)(e)
|
|
4,374
|
8,091,900
|
Space Exploration Technologies Corp Series J (b)(d)(e)
|
|
29,526
|
54,623,101
|
Space Exploration Technologies Corp Series N (b)(d)(e)
|
|
8,141
|
15,060,850
|
|
|
|
|
81,385,036
|
Air Freight & Logistics - 0.0%
|
|
|
|
Zipline International Inc Series G (d)(e)
|
|
65,890
|
2,513,704
|
Construction & Engineering - 0.0%
|
|
|
|
Beta Technologies Inc Series A (b)(d)(e)
|
|
11,104
|
1,269,298
|
Beta Technologies Inc Series C, 6% (d)(e)
|
|
6,055
|
699,836
|
|
|
|
|
1,969,134
|
TOTAL INDUSTRIALS
|
|
|
85,867,874
|
|
|
|
|
|
Information Technology - 0.5%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Cellink Corp Series D (b)(d)(e)
|
|
92,760
|
519,456
|
Enevate Corp Series E (b)(d)(e)
|
|
1,325,513
|
742,287
|
Frore Systems Inc Series C (d)(e)
|
|
85,893
|
1,364,840
|
Menlo Microsystems Inc Series C (b)(d)(e)
|
|
560,500
|
392,350
|
|
|
|
|
3,018,933
|
IT Services - 0.0%
|
|
|
|
Gupshup Inc (b)(d)(e)
|
|
78,911
|
625,764
|
Yanka Industries Inc Series F (b)(d)(e)
|
|
55,991
|
315,789
|
|
|
|
|
941,553
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
Alif Semiconductor Series C (b)(d)(e)
|
|
47,598
|
880,087
|
Retym Inc (e)
|
|
45,360
|
480,362
|
Retym Inc Series C (b)(d)(e)
|
|
154,149
|
1,546,115
|
SiMa Technologies Inc Series B (b)(d)(e)
|
|
313,000
|
1,956,250
|
SiMa Technologies Inc Series B1 (b)(d)(e)
|
|
20,966
|
153,052
|
|
|
|
|
5,015,866
|
Software - 0.4%
|
|
|
|
Algolia Inc Series D (b)(d)(e)
|
|
30,436
|
686,332
|
Anthropic PBC Series D (d)(e)
|
|
92,022
|
5,383,287
|
Applied Intuition Inc Series A2 (d)(e)
|
|
10,287
|
660,528
|
Applied Intuition Inc Series B2 (d)(e)
|
|
4,960
|
318,482
|
Coreweave Inc Series C (d)(e)
|
|
1,978
|
2,093,040
|
Crusoe Energy Systems LLC (d)(e)
|
|
70,763
|
2,064,157
|
Databricks Inc (d)(e)
|
|
44,987
|
4,161,298
|
Databricks Inc Series G (b)(d)(e)
|
|
48,000
|
4,440,000
|
Databricks Inc Series H (b)(d)(e)
|
|
31,572
|
2,920,410
|
Databricks Inc Series I (b)(d)(e)
|
|
1,359
|
125,707
|
Lyte Ai Inc (d)(e)
|
|
165,469
|
2,232,177
|
MOLOCO Inc Series A (b)(d)(e)
|
|
20,180
|
1,317,754
|
Mountain Digital Inc Series D (b)(d)(e)
|
|
62,139
|
1,216,060
|
Runway AI Inc (d)(e)
|
|
12,920
|
1,479,340
|
Skyryse Inc Series B (b)(d)(e)
|
|
67,400
|
1,773,294
|
Stripe Inc Series H (b)(d)(e)
|
|
8,086
|
240,154
|
Stripe Inc Series I (b)(d)(e)
|
|
124,536
|
3,698,719
|
xAI Corp Series B (d)(e)
|
|
872,295
|
18,885,188
|
xAI Corp Series C (d)(e)
|
|
160,442
|
3,473,569
|
|
|
|
|
57,169,496
|
Technology Hardware, Storage & Peripherals - 0.1%
|
|
|
|
Lightmatter Inc (d)(e)
|
|
86,242
|
6,890,736
|
Lightmatter Inc Series C1 (b)(d)(e)
|
|
70,909
|
4,582,140
|
Lightmatter Inc Series C2 (b)(d)(e)
|
|
11,138
|
732,991
|
|
|
|
|
12,205,867
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
78,351,715
|
|
|
|
|
|
Materials - 0.0%
|
|
|
|
Metals & Mining - 0.0%
|
|
|
|
Diamond Foundry Inc Series C (b)(d)(e)
|
|
249,802
|
6,789,618
|
Utilities - 0.0%
|
|
|
|
Independent Power and Renewable Electricity Producers - 0.0%
|
|
|
|
Redwood Materials Series C (b)(d)(e)
|
|
37,990
|
1,184,148
|
Redwood Materials Series D (b)(d)(e)
|
|
10,886
|
339,317
|
|
|
|
|
1,523,465
|
TOTAL UNITED STATES
|
|
|
183,408,232
|
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $168,169,088)
|
|
|
212,759,608
|
|
|
|
|
|
Preferred Securities - 0.0%
|
|
|
|
Principal
Amount (a)
|
Value ($)
|
UNITED STATES - 0.0%
|
|
|
|
Consumer Discretionary - 0.0%
|
|
|
|
Automobiles - 0.0%
|
|
|
|
Rad Power Bikes Inc 8% 12/31/2025 (d)(e)
|
|
110,642
|
144,431
|
Information Technology - 0.0%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.0%
|
|
|
|
Enevate Corp 6% (d)(e)(k)
|
|
73,664
|
65,442
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|
|
|
SiMa Technologies Inc 10% 12/31/2027 (d)(e)
|
|
325,944
|
336,407
|
Software - 0.0%
|
|
|
|
Skyryse Inc 0% 2/5/2027 (d)(e)
|
|
159,357
|
176,201
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
578,050
|
|
|
|
|
|
TOTAL UNITED STATES
|
|
|
722,481
|
|
TOTAL PREFERRED SECURITIES
(Cost $669,607)
|
|
|
722,481
|
|
|
|
|
|
Money Market Funds - 3.7%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (l)
|
|
4.37
|
610,129,983
|
610,252,009
|
Fidelity Securities Lending Cash Central Fund (l)(m)
|
|
4.37
|
45,718,275
|
45,722,847
|
|
TOTAL MONEY MARKET FUNDS
(Cost $655,974,856)
|
|
|
|
655,974,856
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $9,693,014,041)
|
17,673,016,605
|
NET OTHER ASSETS (LIABILITIES) - (0.3)%
|
(51,183,747)
|
NET ASSETS - 100.0%
|
17,621,832,858
|
|
|
|
Futures Contracts
|
|
|
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
Purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contracts
|
|
|
|
|
|
CME E-mini NASDAQ 100 Index Contracts (United States)
|
787
|
Mar 2025
|
339,814,795
|
(7,906,046)
|
(7,906,046)
|
CME E-mini S&P 500 Index Contracts (United States)
|
552
|
Mar 2025
|
167,456,100
|
(1,689,830)
|
(1,689,830)
|
|
|
|
|
|
|
|
TOTAL FUTURES CONTRACTS
|
|
|
|
|
(9,595,876)
|
The notional amount of futures purchased as a percentage of Net Assets is 2.9%
|
Legend
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(c)
|
Security or a portion of the security is on loan at period end.
|
(d)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $416,611,891 or 2.4% of net assets.
|
(f)
|
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $1,142,925 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(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 $9,891,151 or 0.1% of net assets.
|
(h)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $8,853,074 or 0.1% of net assets.
|
(i)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(j)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(k)
|
Security is perpetual in nature with no stated maturity date.
|
(l)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(m)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
ABL Space Systems Co Series A10
|
12/14/23
|
313,081
|
|
|
|
|
ABL Space Systems Co Series A8
|
3/24/21
|
1,338,638
|
|
|
|
|
ABL Space Systems Co Series A9
|
10/22/21
|
1,166,473
|
|
|
|
|
AgBiome LLC Series C
|
6/29/18
|
435,125
|
|
|
|
|
Akeana Series C
|
1/23/24
|
1,088,496
|
|
|
|
|
Algolia Inc Series D
|
7/23/21
|
890,102
|
|
|
|
|
Alif Semiconductor Series C
|
3/08/22
|
966,170
|
|
|
|
|
Anduril Industries Inc
|
8/07/24
|
2,818,868
|
|
|
|
|
Ant International Co Ltd Class C
|
5/16/18
|
769,853
|
|
|
|
|
Anthropic PBC Series D
|
5/31/24
|
2,761,074
|
|
|
|
|
Applied Intuition Inc Class A
|
7/02/24
|
471,769
|
|
|
|
|
Applied Intuition Inc Series A2
|
7/02/24
|
614,081
|
|
|
|
|
Applied Intuition Inc Series B2
|
7/02/24
|
296,087
|
|
|
|
|
Beta Technologies Inc Series A
|
4/09/21
|
813,590
|
|
|
|
|
Beta Technologies Inc Series C, 6%
|
10/24/24
|
693,116
|
|
|
|
|
Blink Health LLC Class A1
|
12/30/20 - 6/17/24
|
199,200
|
|
|
|
|
Blink Health LLC Series C
|
11/07/19 - 7/14/21
|
647,847
|
|
|
|
|
Blink Health LLC Series D
|
6/17/24 - 6/25/24
|
165,312
|
|
|
|
|
Bolt Technology OU Series E
|
1/03/22
|
5,238,796
|
|
|
|
|
Bowery Farming Inc warrants
|
10/25/23
|
0
|
|
|
|
|
ByteDance Ltd Series E1
|
11/18/20
|
3,500,895
|
|
|
|
|
Cellink Corp Series D
|
1/20/22
|
1,931,625
|
|
|
|
|
Coreweave Inc Class A
|
11/29/23
|
9,555,463
|
|
|
|
|
Coreweave Inc Series C
|
5/17/24
|
1,540,961
|
|
|
|
|
Crusoe Energy Systems LLC
|
12/10/24
|
2,064,287
|
|
|
|
|
Databricks Inc
|
12/17/24
|
4,161,298
|
|
|
|
|
Databricks Inc Series G
|
2/01/21
|
2,837,886
|
|
|
|
|
Databricks Inc Series H
|
8/31/21
|
2,320,041
|
|
|
|
|
Databricks Inc Series I
|
9/14/23
|
99,887
|
|
|
|
|
Diamond Foundry Inc Series C
|
3/15/21
|
5,995,248
|
|
|
|
|
Discord Inc Series I
|
9/15/21
|
385,437
|
|
|
|
|
Enevate Corp 10% 5/12/2025
|
11/12/24
|
20,586
|
|
|
|
|
Enevate Corp 6%
|
11/02/23 - 10/31/24
|
73,664
|
|
|
|
|
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
|
|
|
|
|
Figma Inc Class A
|
5/15/24
|
1,392,763
|
|
|
|
|
Frore Systems Inc Series C
|
5/10/24
|
1,380,335
|
|
|
|
|
GoBrands Inc Series G
|
3/02/21
|
4,569,827
|
|
|
|
|
GoBrands Inc Series H
|
7/22/21
|
4,454,821
|
|
|
|
|
Gupshup Inc
|
6/08/21
|
1,804,316
|
|
|
|
|
JUUL Labs Inc Class A
|
12/20/17 - 2/23/24
|
7,714,318
|
|
|
|
|
JUUL Labs Inc Series E
|
12/20/17 - 7/06/18
|
342,963
|
|
|
|
|
Lenskart Solutions Pvt Ltd
|
4/30/24
|
6,959,691
|
|
|
|
|
Lightmatter Inc
|
10/11/24
|
6,919,239
|
|
|
|
|
Lightmatter Inc Series C1
|
5/19/23
|
1,166,935
|
|
|
|
|
Lightmatter Inc Series C2
|
12/18/23
|
289,608
|
|
|
|
|
Lyte Ai Inc
|
8/13/24
|
2,099,156
|
|
|
|
|
Meesho Series D2
|
7/15/24
|
2,606,744
|
|
|
|
|
Meesho Series E
|
7/15/24
|
434,224
|
|
|
|
|
Meesho Series E1
|
4/18/24
|
260,344
|
|
|
|
|
Meesho Series F
|
9/21/21 - 7/15/24
|
5,279,390
|
|
|
|
|
Menlo Microsystems Inc Series C
|
2/09/22
|
742,943
|
|
|
|
|
MOLOCO Inc Series A
|
6/26/23
|
1,210,800
|
|
|
|
|
Mountain Digital Inc Series D
|
11/05/21
|
1,427,041
|
|
|
|
|
Multiplan Corp warrants
|
10/08/20
|
0
|
|
|
|
|
Neutron Holdings Inc
|
2/04/21
|
4,916
|
|
|
|
|
Neutron Holdings Inc 4% 5/22/2027
|
6/04/20
|
237,400
|
|
|
|
|
Neutron Holdings Inc 4% 6/12/2027
|
6/12/20
|
64,200
|
|
|
|
|
Neutron Holdings Inc 7.5% 10/29/2026
|
10/29/21 - 10/27/24
|
2,796,589
|
|
|
|
|
Neutron Holdings Inc Series 1C
|
7/03/18
|
581,081
|
|
|
|
|
Neutron Holdings Inc Series 1D
|
1/25/19
|
1,431,762
|
|
|
|
|
OpenAI Global LLC rights
|
9/30/24
|
6,979,271
|
|
|
|
|
Oura Health Oy
|
12/18/24
|
5,534,320
|
|
|
|
|
Pine Labs Pvt Ltd
|
6/30/21
|
413,502
|
|
|
|
|
Pine Labs Pvt Ltd Series 1
|
6/30/21
|
988,825
|
|
|
|
|
Pine Labs Pvt Ltd Series A
|
6/30/21
|
247,206
|
|
|
|
|
Pine Labs Pvt Ltd Series B
|
6/30/21
|
268,832
|
|
|
|
|
Pine Labs Pvt Ltd Series B2
|
6/30/21
|
217,377
|
|
|
|
|
Pine Labs Pvt Ltd Series C
|
6/30/21
|
404,553
|
|
|
|
|
Pine Labs Pvt Ltd Series C1
|
6/30/21
|
85,012
|
|
|
|
|
Pine Labs Pvt Ltd Series D
|
6/30/21
|
90,978
|
|
|
|
|
Rad Power Bikes Inc
|
1/21/21
|
490,493
|
|
|
|
|
Rad Power Bikes Inc 8% 12/31/2025
|
10/06/23
|
110,642
|
|
|
|
|
Rad Power Bikes Inc Series A
|
1/21/21
|
63,945
|
|
|
|
|
Rad Power Bikes Inc Series C
|
1/21/21
|
251,621
|
|
|
|
|
Rad Power Bikes Inc Series D
|
9/17/21
|
985,215
|
|
|
|
|
Rad Power Bikes Inc warrants 10/6/2033
|
10/06/23
|
0
|
|
|
|
|
Redwood Materials Series C
|
5/28/21
|
1,800,858
|
|
|
|
|
Redwood Materials Series D
|
6/02/23
|
519,653
|
|
|
|
|
Relativity Space Inc Series E
|
5/27/21
|
6,302,807
|
|
|
|
|
Retym Inc Series C
|
5/17/23 - 6/20/23
|
1,199,557
|
|
|
|
|
Runway AI Inc
|
9/06/24
|
1,400,758
|
|
|
|
|
SiMa Technologies Inc 10% 12/31/2027
|
4/08/24 - 12/31/24
|
325,944
|
|
|
|
|
SiMa Technologies Inc Series B
|
5/10/21
|
1,604,876
|
|
|
|
|
SiMa Technologies Inc Series B1
|
4/25/22
|
148,668
|
|
|
|
|
Skyryse Inc 0% 2/5/2027
|
8/13/24
|
159,357
|
|
|
|
|
Skyryse Inc Series B
|
10/21/21
|
1,663,430
|
|
|
|
|
Space Exploration Technologies Corp
|
2/16/21 - 8/30/24
|
45,684,309
|
|
|
|
|
Space Exploration Technologies Corp Class C
|
12/15/22 - 7/01/24
|
14,499,349
|
|
|
|
|
Space Exploration Technologies Corp Series G
|
9/07/23
|
3,542,940
|
|
|
|
|
Space Exploration Technologies Corp Series J
|
9/07/23
|
23,916,060
|
|
|
|
|
Space Exploration Technologies Corp Series N
|
8/04/20
|
2,198,070
|
|
|
|
|
Stripe Inc Class B
|
5/18/21
|
770,465
|
|
|
|
|
Stripe Inc Series H
|
3/15/21
|
324,451
|
|
|
|
|
Stripe Inc Series I
|
3/20/23 - 5/12/23
|
2,507,425
|
|
|
|
|
Tenstorrent Holdings Inc Series C1
|
4/23/21
|
991,307
|
|
|
|
|
Tenstorrent Holdings Inc Series D1
|
7/16/24 - 1/15/25
|
2,108,450
|
|
|
|
|
Tenstorrent Holdings Inc Series D2
|
7/17/24
|
597,355
|
|
|
|
|
Veterinary Emergency Group
|
9/16/21 - 3/17/22
|
2,585,288
|
|
|
|
|
Waymo LLC
|
10/18/24
|
2,778,023
|
|
|
|
|
Waymo LLC Series A2
|
5/08/20
|
671,224
|
|
|
|
|
X Holdings Corp Class A
|
10/25/22
|
2,471,000
|
|
|
|
|
xAI Corp Series B
|
5/13/24
|
10,441,371
|
|
|
|
|
xAI Corp Series C
|
11/22/24
|
3,473,569
|
|
|
|
|
Xsight Labs Ltd Series D
|
2/16/21
|
1,046,676
|
|
|
|
|
Xsight Labs Ltd Series E
|
11/04/24 - 12/30/24
|
826,341
|
|
|
|
|
Xsight Labs Ltd Series E1
|
1/11/24
|
382,928
|
|
|
|
|
Xsight Labs Ltd warrants 1/11/2034
|
1/11/24
|
0
|
|
|
|
|
Xsight Labs Ltd warrants 12/30/2031
|
11/04/24 - 12/30/24
|
0
|
|
|
|
|
Yanka Industries Inc Series F
|
4/08/21
|
1,784,814
|
|
|
|
|
Zipline International Inc Series G
|
6/07/24
|
2,763,842
|
|
|
|
|
Additional information on each lock-up table restriction is as follows:
|
Security
|
Restriction Expiration Date
|
Swiggy Ltd
|
2025-02-10
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
922,479,635
|
1,038,066,049
|
1,350,293,675
|
17,971,458
|
-
|
-
|
610,252,009
|
610,129,983
|
1.0%
|
Fidelity Securities Lending Cash Central Fund
|
49,444,822
|
336,195,013
|
339,916,988
|
55,913
|
-
|
-
|
45,722,847
|
45,718,275
|
0.2%
|
Total
|
971,924,457
|
1,374,261,062
|
1,690,210,663
|
18,027,371
|
-
|
-
|
655,974,856
|
655,848,258
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
3,108,230,251
|
3,082,237,211
|
25,581,185
|
411,855
|
Consumer Discretionary
|
3,393,187,454
|
3,340,508,164
|
31,540,941
|
21,138,349
|
Consumer Staples
|
367,936,778
|
354,028,079
|
6,851,213
|
7,057,486
|
Energy
|
45,751,884
|
22,773,071
|
22,978,813
|
-
|
Financials
|
965,061,384
|
945,077,959
|
15,862,063
|
4,121,362
|
Health Care
|
1,245,453,401
|
1,241,236,386
|
-
|
4,217,015
|
Industrials
|
757,917,394
|
622,042,052
|
9,708,671
|
126,166,671
|
Information Technology
|
6,679,455,259
|
6,637,747,570
|
1,682,905
|
40,024,784
|
Materials
|
160,596,752
|
149,028,574
|
11,568,178
|
-
|
Real Estate
|
74,058,788
|
74,058,788
|
-
|
-
|
Utilities
|
1,679,888
|
1,679,888
|
-
|
-
|
|
|
Convertible Corporate Bonds
|
|
|
|
|
Consumer Discretionary
|
4,209,392
|
-
|
-
|
4,209,392
|
Information Technology
|
21,035
|
-
|
-
|
21,035
|
|
|
Convertible Preferred Stocks
|
|
|
|
|
Communication Services
|
7,912,737
|
-
|
-
|
7,912,737
|
Consumer Discretionary
|
11,083,683
|
-
|
-
|
11,083,683
|
Consumer Staples
|
1,089,359
|
-
|
-
|
1,089,359
|
Financials
|
5,026,624
|
-
|
-
|
5,026,624
|
Health Care
|
6,288,399
|
-
|
-
|
6,288,399
|
Industrials
|
85,867,874
|
-
|
-
|
85,867,874
|
Information Technology
|
87,177,849
|
-
|
-
|
87,177,849
|
Materials
|
6,789,618
|
-
|
-
|
6,789,618
|
Utilities
|
1,523,465
|
-
|
-
|
1,523,465
|
|
|
Preferred Securities
|
|
|
|
|
Consumer Discretionary
|
144,431
|
-
|
-
|
144,431
|
Information Technology
|
578,050
|
-
|
-
|
578,050
|
|
|
Money Market Funds
|
655,974,856
|
655,974,856
|
-
|
-
|
Total Investments in Securities:
|
17,673,016,605
|
17,126,392,598
|
125,773,969
|
420,850,038
|
Derivative Instruments:
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Futures Contracts
|
(9,595,876)
|
(9,595,876)
|
-
|
-
|
Total Liabilities
|
(9,595,876)
|
(9,595,876)
|
-
|
-
|
Total Derivative Instruments:
|
(9,595,876)
|
(9,595,876)
|
-
|
-
|
The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
|
|
Investments in Securities:
|
|
Common Stocks
|
|
|
|
Beginning Balance
|
$
|
128,158,373
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
(405,895)
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
55,020,240
|
|
Cost of Purchases
|
|
20,364,804
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
203,137,522
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
54,693,109
|
|
Convertible Corporate Bonds
|
|
|
|
Beginning Balance
|
$
|
3,100,896
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
1,020,917
|
|
Cost of Purchases
|
|
108,614
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
4,230,427
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
1,020,917
|
|
Convertible Preferred Stocks
|
|
|
|
Beginning Balance
|
$
|
135,279,096
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
44,038,345
|
|
Cost of Purchases
|
|
33,442,167
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
212,759,608
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
44,038,345
|
|
Preferred Securities
|
|
|
|
Beginning Balance
|
$
|
553,186
|
|
Net Realized Gain (Loss) on Investment Securities
|
|
-
|
|
Net Unrealized Gain (Loss) on Investment Securities
|
|
(10,105)
|
|
Cost of Purchases
|
|
179,400
|
|
Proceeds of Sales
|
|
-
|
|
Amortization/Accretion
|
|
-
|
|
Transfers into Level 3
|
|
-
|
|
Transfers out of Level 3
|
|
-
|
|
Ending Balance
|
$
|
722,481
|
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2025
|
$
|
(10,105)
|
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.
|
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Consolidated Financial Statements.
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
Equity Risk
|
|
|
Futures Contracts (a)
|
0
|
(9,595,876)
|
Total Equity Risk
|
0
|
(9,595,876)
|
Total Value of Derivatives
|
0
|
(9,595,876)
|
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $43,657,435) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $9,037,039,185)
|
$
|
17,017,041,749
|
|
|
Fidelity Central Funds (cost $655,974,856)
|
|
655,974,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $9,693,014,041)
|
|
|
$
|
17,673,016,605
|
Segregated cash with brokers for derivative instruments
|
|
|
|
26,183,382
|
Foreign currency held at value (cost $80)
|
|
|
|
79
|
Receivable for fund shares sold
|
|
|
|
18,548,766
|
Dividends receivable
|
|
|
|
1,844,162
|
Interest receivable
|
|
|
|
112,494
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
2,505,281
|
Other receivables
|
|
|
|
4,704
|
Total assets
|
|
|
|
17,722,215,473
|
Liabilities
|
|
|
|
|
Payable to custodian bank
|
$
|
23
|
|
|
Payable for investments purchased
|
|
18,505,533
|
|
|
Payable for fund shares redeemed
|
|
25,077,204
|
|
|
Accrued management fee
|
|
6,578,105
|
|
|
Payable for daily variation margin on futures contracts
|
|
1,441,970
|
|
|
Deferred taxes
|
|
2,966,732
|
|
|
Other payables and accrued expenses
|
|
87,473
|
|
|
Collateral on securities loaned
|
|
45,725,575
|
|
|
Total liabilities
|
|
|
|
100,382,615
|
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
|
|
|
|
Net Assets
|
|
|
$
|
17,621,832,858
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
9,404,932,851
|
Total accumulated earnings (loss)
|
|
|
|
8,216,900,007
|
Net Assets
|
|
|
$
|
17,621,832,858
|
Net Asset Value, offering price and redemption price per share ($17,621,832,858 ÷ 466,596,103 shares)
|
|
|
$
|
37.77
|
Consolidated Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
35,292,248
|
Interest
|
|
|
|
947,725
|
Income from Fidelity Central Funds (including $55,913 from security lending)
|
|
|
|
18,027,371
|
Total income
|
|
|
|
54,267,344
|
Expenses
|
|
|
|
|
Management fee
|
$
|
37,192,623
|
|
|
Independent trustees' fees and expenses
|
|
35,502
|
|
|
Total expenses before reductions
|
|
37,228,125
|
|
|
Expense reductions
|
|
(3,518)
|
|
|
Total expenses after reductions
|
|
|
|
37,224,607
|
Net Investment income (loss)
|
|
|
|
17,042,737
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of foreign taxes of $125,523)
|
|
216,655,077
|
|
|
Redemptions in-kind
|
|
150,292,328
|
|
|
Foreign currency transactions
|
|
(78,806)
|
|
|
Futures contracts
|
|
44,149,081
|
|
|
Total net realized gain (loss)
|
|
|
|
411,017,680
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,692,362)
|
|
2,051,417,777
|
|
|
Unfunded commitments
|
|
(17,285)
|
|
|
Assets and liabilities in foreign currencies
|
|
(5,250)
|
|
|
Futures contracts
|
|
15,859
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
2,051,411,101
|
Net gain (loss)
|
|
|
|
2,462,428,781
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
2,479,471,518
|
Consolidated Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
17,042,737
|
$
|
54,789,623
|
Net realized gain (loss)
|
|
411,017,680
|
|
838,841,628
|
Change in net unrealized appreciation (depreciation)
|
|
2,051,411,101
|
|
2,571,255,998
|
Net increase (decrease) in net assets resulting from operations
|
|
2,479,471,518
|
|
3,464,887,249
|
Distributions to shareholders
|
|
(107,111,323)
|
|
(28,694,920)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
1,942,621,591
|
|
5,483,488,662
|
Reinvestment of distributions
|
|
106,831,061
|
|
28,606,071
|
Cost of shares redeemed
|
|
(2,253,456,045)
|
|
(3,383,723,047)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
(204,003,393)
|
|
2,128,371,686
|
Total increase (decrease) in net assets
|
|
2,168,356,802
|
|
5,564,564,015
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
15,453,476,056
|
|
9,888,912,041
|
End of period
|
$
|
17,621,832,858
|
$
|
15,453,476,056
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
55,068,653
|
|
197,114,419
|
Issued in reinvestment of distributions
|
|
3,133,661
|
|
1,142,603
|
Redeemed
|
|
(64,049,113)
|
|
(116,394,378)
|
Net increase (decrease)
|
|
(5,846,799)
|
|
81,862,644
|
|
|
|
|
|
|
Consolidated Financial Highlights
Fidelity® Blue Chip Growth K6 Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
32.71
|
$
|
25.32
|
$
|
20.19
|
$
|
27.89
|
$
|
19.32
|
$
|
13.69
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.04
|
|
.12
|
|
.05
|
|
- C
|
|
(.03)
|
|
.03
|
Net realized and unrealized gain (loss)
|
|
5.25
|
|
7.34
|
|
5.10
|
|
(5.83)
|
|
8.91
|
|
5.64
|
Total from investment operations
|
|
5.29
|
|
7.46
|
|
5.15
|
|
(5.83)
|
|
8.88
|
|
5.67
|
Distributions from net investment income
|
|
(.23)
|
|
(.07)
|
|
(.02)
|
|
-
|
|
(.02)
|
|
(.04)
|
Distributions from net realized gain
|
|
-
|
|
-
|
|
-
|
|
(1.87)
|
|
(.29)
|
|
- C
|
Total distributions
|
|
(.23)
|
|
(.07)
|
|
(.02)
|
|
(1.87)
|
|
(.31)
|
|
(.04)
|
Net asset value, end of period
|
$
|
37.77
|
$
|
32.71
|
$
|
25.32
|
$
|
20.19
|
$
|
27.89
|
$
|
19.32
|
Total Return D,E
|
|
|
|
29.54%
|
|
25.55%
|
|
(22.62)%
|
|
46.28%
|
|
41.55%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions
|
|
.45% H
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
Expenses net of fee waivers, if any
|
|
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
Expenses net of all reductions
|
|
.45% H
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
|
.45%
|
Net investment income (loss)
|
|
.21% H
|
|
.43%
|
|
.23%
|
|
.01%
|
|
(.10)%
|
|
.19%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
17,621,833
|
$
|
15,453,476
|
$
|
9,888,912
|
$
|
6,821,284
|
$
|
6,455,689
|
$
|
3,854,348
|
Portfolio turnover rate I,J
|
|
|
|
17%
|
|
24%
|
|
37%
|
|
44%
|
|
49%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
(Unaudited)For the period ended January 31, 2025
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 Consolidated Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$203,137,522
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.5 - 19.1 / 11.8
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
20 - 32.6 / 32.2
|
Increase
|
|
|
Book value
|
Book value multiple
|
1.7
|
Increase
|
|
|
Market approach
|
Transaction price
|
$8.00
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
60.0% - 70.0% / 64.8%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.4% / 4.3%
|
Increase
|
|
|
|
Term
|
2.1 - 3.0 / 2.5
|
Increase
|
Convertible Corporate Bonds
|
$4,230,427
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
2.9
|
Increase
|
|
|
|
Discount rate
|
29.2%
|
Decrease
|
|
|
|
Probability rate
|
10.0% - 75.0% / 33.3%
|
Increase
|
|
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
21.7%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 60.0% / 25.0%
|
Increase
|
|
|
Black scholes
|
Volatility
|
75.0% - 100.0% / 75.2%
|
Increase
|
|
|
|
Discount rate
|
4.2% - 5.0% / 4.2%
|
Increase
|
|
|
|
Term
|
0.3 - 0.9 / 0.9
|
Increase
|
Convertible Preferred Stocks
|
$212,759,608
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.3 - 51.0 / 18.3
|
Increase
|
|
|
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
32.6
|
Increase
|
|
|
|
Enterprise Value/Gross Profit multiple (EV/GP)
|
14.6
|
Increase
|
|
|
Market approach
|
Transaction price
|
$1.10 - $78.20 / $31.94
|
Increase
|
|
|
|
Discount rate
|
10.0% - 60.0% / 37.2%
|
Decrease
|
|
|
|
Premium rate
|
25.0%
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
50.0% - 100.0% / 62.3%
|
Increase
|
|
|
|
Discount rate
|
4.3% - 4.5% / 4.3%
|
Increase
|
|
|
|
Term
|
2.0 - 5.0 / 3.0
|
Increase
|
Preferred Securities
|
$722,481
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.5 - 5.3 / 3.6
|
Increase
|
|
|
|
Discount rate
|
15.5%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 75.0% / 25.0%
|
Increase
|
|
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
|
|
|
Discount rate
|
35.4% - 37.9% / 37.5%
|
Decrease
|
|
|
|
Probability rate
|
0.0% - 50.0% / 35.5%
|
Increase
|
|
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
|
|
Black scholes
|
Volatility
|
50.0% - 100.0% / 56.5%
|
Increase
|
|
|
|
Discount rate
|
4.2% - 5.0% / 4.3%
|
Increase
|
|
|
|
Term
|
0.1 - 2.1 / 1.0
|
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, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Consolidated Statement of Assets and Liabilities.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards 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
|
$8,251,899,064
|
Gross unrealized depreciation
|
(338,867,758)
|
Net unrealized appreciation (depreciation)
|
$7,913,031,306
|
Tax cost
|
$9,750,389,423
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term
|
$(93,095,425)
|
Long-term
|
-
|
Total capital loss carryforward
|
$(93,095,425)
|
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
Fidelity Blue Chip Growth K6 Fund
|
Revolut Group Holdings, Ltd.
|
2,774,537
|
-
|
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
As of period end, investments in Subsidiaries were as follows:
|
Amount ($)
|
% of Net Assets
|
Fidelity Blue Chip Growth K6 Fund
|
3,962,938
|
.02
|
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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 Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.
Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Blue Chip Growth K6 Fund
|
2,721,338,094
|
2,366,932,456
|
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Blue Chip Growth K6 Fund
|
7,197,160
|
150,292,328
|
247,986,828
|
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Blue Chip Growth K6 Fund
|
30,604,532
|
507,463,162
|
914,880,637
|
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
|
Shares
|
Total Proceeds ($)
|
Fidelity Blue Chip Growth K6 Fund
|
9,377,884
|
299,672,435
|
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Blue Chip Growth K6 Fund
|
49,415
|
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
|
233,332,857
|
91,133,010
|
17,716,249
|
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.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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
|
6,148
|
-
|
-
|
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 $3,518.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.9884006.107
BCFK6-SANN-0425
Fidelity® Series Small Cap Opportunities Fund
Semi-Annual Report
January 31, 2025
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. © 2025 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Small Cap Opportunities Fund
Schedule of Investments January 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
|
|
|
|
Shares
|
Value ($)
|
CANADA - 3.8%
|
|
|
|
Energy - 0.3%
|
|
|
|
Energy Equipment & Services - 0.3%
|
|
|
|
CES Energy Solutions Corp
|
|
2,034,714
|
12,054,142
|
Financials - 0.8%
|
|
|
|
Capital Markets - 0.8%
|
|
|
|
TMX Group Ltd
|
|
1,250,623
|
38,705,764
|
Health Care - 0.2%
|
|
|
|
Biotechnology - 0.2%
|
|
|
|
Xenon Pharmaceuticals Inc (a)
|
|
275,571
|
11,017,329
|
Information Technology - 0.6%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.3%
|
|
|
|
Celestica Inc (United States) (a)
|
|
106,286
|
13,123,132
|
Software - 0.3%
|
|
|
|
Lumine Group Inc Subordinate Voting Shares (a)(b)
|
|
552,541
|
14,656,109
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
27,779,241
|
|
|
|
|
|
Materials - 0.2%
|
|
|
|
Metals & Mining - 0.2%
|
|
|
|
Osisko Gold Royalties Ltd
|
|
476,500
|
8,812,963
|
Real Estate - 0.7%
|
|
|
|
Real Estate Management & Development - 0.7%
|
|
|
|
Colliers International Group Inc Subordinate Voting Shares
|
|
216,541
|
30,810,550
|
Utilities - 1.0%
|
|
|
|
Gas Utilities - 1.0%
|
|
|
|
Brookfield Infrastructure Corp (United States)
|
|
1,039,934
|
43,386,047
|
TOTAL CANADA
|
|
|
172,566,036
|
CHILE - 0.3%
|
|
|
|
Materials - 0.3%
|
|
|
|
Metals & Mining - 0.3%
|
|
|
|
Lundin Mining Corp
|
|
1,512,584
|
11,947,889
|
DENMARK - 0.2%
|
|
|
|
Health Care - 0.2%
|
|
|
|
Biotechnology - 0.2%
|
|
|
|
Ascendis Pharma A/S ADR (a)
|
|
78,258
|
10,225,190
|
INDIA - 0.3%
|
|
|
|
Industrials - 0.3%
|
|
|
|
Professional Services - 0.3%
|
|
|
|
WNS Holdings Ltd ADR
|
|
256,993
|
15,740,821
|
ISRAEL - 1.2%
|
|
|
|
Information Technology - 1.2%
|
|
|
|
IT Services - 0.9%
|
|
|
|
Wix.com Ltd (a)
|
|
170,416
|
40,710,678
|
Semiconductors & Semiconductor Equipment - 0.3%
|
|
|
|
Nova Ltd (a)
|
|
54,153
|
13,277,233
|
TOTAL ISRAEL
|
|
|
53,987,911
|
JAPAN - 0.5%
|
|
|
|
Information Technology - 0.5%
|
|
|
|
Semiconductors & Semiconductor Equipment - 0.5%
|
|
|
|
Allegro MicroSystems Inc (a)
|
|
1,015,636
|
24,466,671
|
NETHERLANDS - 0.7%
|
|
|
|
Health Care - 0.7%
|
|
|
|
Biotechnology - 0.7%
|
|
|
|
Argenx SE ADR (a)
|
|
32,962
|
21,594,395
|
Merus NV (a)
|
|
209,451
|
8,574,924
|
|
|
|
|
|
TOTAL NETHERLANDS
|
|
|
30,169,319
|
PUERTO RICO - 1.0%
|
|
|
|
Financials - 1.0%
|
|
|
|
Banks - 1.0%
|
|
|
|
First BanCorp/Puerto Rico (c)
|
|
2,257,328
|
46,862,129
|
THAILAND - 0.9%
|
|
|
|
Information Technology - 0.9%
|
|
|
|
Electronic Equipment, Instruments & Components - 0.9%
|
|
|
|
Fabrinet (a)
|
|
196,661
|
42,520,075
|
UNITED KINGDOM - 1.6%
|
|
|
|
Consumer Discretionary - 0.3%
|
|
|
|
Leisure Products - 0.3%
|
|
|
|
Games Workshop Group PLC
|
|
82,344
|
14,865,516
|
Consumer Staples - 0.6%
|
|
|
|
Food Products - 0.6%
|
|
|
|
Nomad Foods Ltd
|
|
1,628,549
|
29,085,885
|
Energy - 0.6%
|
|
|
|
Energy Equipment & Services - 0.6%
|
|
|
|
TechnipFMC PLC
|
|
904,139
|
27,169,377
|
Health Care - 0.1%
|
|
|
|
Biotechnology - 0.1%
|
|
|
|
Autolus Therapeutics PLC ADR (a)
|
|
1,351,128
|
2,985,993
|
TOTAL UNITED KINGDOM
|
|
|
74,106,771
|
UNITED STATES - 89.1%
|
|
|
|
Communication Services - 0.7%
|
|
|
|
Entertainment - 0.2%
|
|
|
|
Vivid Seats Inc Class A (a)(c)
|
|
2,526,839
|
10,865,408
|
Interactive Media & Services - 0.2%
|
|
|
|
Ziff Davis Inc (a)
|
|
142,882
|
7,699,911
|
Media - 0.2%
|
|
|
|
TechTarget Inc/old
|
|
151,686
|
2,583,212
|
Thryv Holdings Inc (a)
|
|
484,168
|
8,477,782
|
|
|
|
|
11,060,994
|
Wireless Telecommunication Services - 0.1%
|
|
|
|
Gogo Inc (a)(c)
|
|
399,834
|
3,374,599
|
Consumer Discretionary - 10.8%
|
|
|
|
Automobile Components - 0.7%
|
|
|
|
Patrick Industries Inc
|
|
326,206
|
31,687,651
|
Diversified Consumer Services - 0.6%
|
|
|
|
Laureate Education Inc (a)
|
|
1,561,174
|
29,225,177
|
Hotels, Restaurants & Leisure - 1.1%
|
|
|
|
Bloomin' Brands Inc
|
|
435,516
|
5,470,081
|
Brinker International Inc (a)
|
|
179,118
|
32,594,102
|
Dutch Bros Inc Class A (a)
|
|
159,436
|
9,967,939
|
|
|
|
|
48,032,122
|
Household Durables - 3.5%
|
|
|
|
Champion Homes Inc (a)
|
|
380,944
|
35,172,560
|
Green Brick Partners Inc (a)
|
|
689,951
|
41,721,337
|
Installed Building Products Inc
|
|
162,088
|
32,229,578
|
Lovesac Co/The (a)(c)
|
|
235,450
|
6,018,102
|
SharkNinja Inc
|
|
389,573
|
43,558,157
|
|
|
|
|
158,699,734
|
Leisure Products - 0.3%
|
|
|
|
Acushnet Holdings Corp
|
|
175,404
|
11,457,389
|
Specialty Retail - 3.2%
|
|
|
|
Academy Sports & Outdoors Inc (c)
|
|
1,034,290
|
54,103,710
|
Boot Barn Holdings Inc (a)
|
|
156,273
|
25,136,512
|
Group 1 Automotive Inc
|
|
46,800
|
21,363,732
|
Murphy USA Inc
|
|
94,665
|
47,607,975
|
|
|
|
|
148,211,929
|
Textiles, Apparel & Luxury Goods - 1.4%
|
|
|
|
Crocs Inc (a)
|
|
166,454
|
16,989,960
|
Deckers Outdoor Corp (a)
|
|
39,060
|
6,927,681
|
Kontoor Brands Inc
|
|
178,461
|
16,391,643
|
Samsonite International SA (b)(d)
|
|
4,943,100
|
14,337,204
|
Steven Madden Ltd
|
|
276,872
|
11,365,596
|
|
|
|
|
66,012,084
|
TOTAL CONSUMER DISCRETIONARY
|
|
|
493,326,086
|
|
|
|
|
|
Consumer Staples - 3.3%
|
|
|
|
Beverages - 1.0%
|
|
|
|
Primo Brands Corp Class A
|
|
966,853
|
31,297,032
|
Vita Coco Co Inc/The (a)(c)
|
|
408,714
|
15,302,252
|
|
|
|
|
46,599,284
|
Consumer Staples Distribution & Retail - 1.0%
|
|
|
|
BJ's Wholesale Club Holdings Inc (a)
|
|
105,065
|
10,406,688
|
Performance Food Group Co (a)
|
|
154,203
|
13,926,073
|
Sprouts Farmers Market Inc (a)
|
|
140,558
|
22,255,954
|
|
|
|
|
46,588,715
|
Food Products - 1.3%
|
|
|
|
Post Holdings Inc (a)
|
|
167,927
|
17,827,130
|
Simply Good Foods Co/The (a)
|
|
1,043,974
|
39,671,012
|
|
|
|
|
57,498,142
|
TOTAL CONSUMER STAPLES
|
|
|
150,686,141
|
|
|
|
|
|
Energy - 4.4%
|
|
|
|
Energy Equipment & Services - 2.3%
|
|
|
|
Cactus Inc Class A (c)
|
|
680,187
|
40,613,966
|
Liberty Energy Inc Class A (c)
|
|
2,601,137
|
47,626,818
|
Weatherford International PLC
|
|
238,901
|
15,038,818
|
|
|
|
|
103,279,602
|
Oil, Gas & Consumable Fuels - 2.1%
|
|
|
|
Antero Resources Corp (a)
|
|
1,197,480
|
44,689,954
|
Chord Energy Corp
|
|
99,211
|
11,156,277
|
Core Natural Resources Inc
|
|
131,700
|
11,897,778
|
Northern Oil & Gas Inc (c)
|
|
782,418
|
28,127,927
|
|
|
|
|
95,871,936
|
TOTAL ENERGY
|
|
|
199,151,538
|
|
|
|
|
|
Financials - 15.8%
|
|
|
|
Banks - 7.2%
|
|
|
|
Connectone Bancorp Inc
|
|
425,070
|
10,771,273
|
East West Bancorp Inc
|
|
188,222
|
19,381,219
|
First Interstate BancSystem Inc Class A
|
|
607,974
|
20,032,743
|
Glacier Bancorp Inc
|
|
356,189
|
17,691,908
|
Home BancShares Inc/AR
|
|
627,700
|
18,950,263
|
Metropolitan Bank Holding Corp (a)
|
|
219,874
|
14,100,520
|
Pathward Financial Inc (c)
|
|
539,400
|
43,006,362
|
Pinnacle Financial Partners Inc
|
|
239,259
|
29,852,345
|
SouthState Corp
|
|
377,689
|
39,880,182
|
Synovus Financial Corp
|
|
1,021,705
|
57,644,596
|
TriCo Bancshares
|
|
671,568
|
29,461,688
|
Western Alliance Bancorp
|
|
268,857
|
23,624,465
|
|
|
|
|
324,397,564
|
Capital Markets - 3.1%
|
|
|
|
Houlihan Lokey Inc Class A
|
|
207,152
|
37,643,661
|
Lazard Inc Class A
|
|
723,344
|
39,328,213
|
Piper Sandler Cos
|
|
72,233
|
22,907,974
|
Stifel Financial Corp
|
|
347,833
|
40,296,453
|
|
|
|
|
140,176,301
|
Consumer Finance - 1.5%
|
|
|
|
FirstCash Holdings Inc
|
|
443,097
|
48,364,038
|
SLM Corp
|
|
795,222
|
22,194,646
|
|
|
|
|
70,558,684
|
Financial Services - 1.8%
|
|
|
|
Essent Group Ltd
|
|
792,460
|
46,160,795
|
Mr Cooper Group Inc (a)
|
|
195,683
|
20,313,852
|
Walker & Dunlop Inc
|
|
181,038
|
17,392,321
|
|
|
|
|
83,866,968
|
Insurance - 2.2%
|
|
|
|
First American Financial Corp
|
|
239,278
|
15,127,155
|
Genworth Financial Inc Class A (a)
|
|
2,358,380
|
17,051,087
|
Primerica Inc
|
|
173,541
|
50,356,393
|
Selective Insurance Group Inc
|
|
233,772
|
19,667,238
|
|
|
|
|
102,201,873
|
TOTAL FINANCIALS
|
|
|
721,201,390
|
|
|
|
|
|
Health Care - 15.1%
|
|
|
|
Biotechnology - 7.6%
|
|
|
|
AnaptysBio Inc (a)
|
|
269,443
|
4,831,113
|
Arcellx Inc (a)
|
|
206,769
|
14,087,172
|
Astria Therapeutics Inc (a)
|
|
670,638
|
5,271,215
|
Astria Therapeutics Inc warrants (a)
|
|
183,003
|
590,290
|
Bridgebio Pharma Inc (a)
|
|
416,300
|
14,241,623
|
Cargo Therapeutics Inc (a)
|
|
615,573
|
2,216,063
|
Celldex Therapeutics Inc (a)
|
|
444,412
|
10,883,650
|
Cogent Biosciences Inc (a)
|
|
1,130,185
|
10,522,022
|
Crinetics Pharmaceuticals Inc (a)
|
|
434,122
|
17,495,117
|
Cytokinetics Inc (a)
|
|
334,276
|
16,533,291
|
Day One Biopharmaceuticals Inc (a)
|
|
795,192
|
9,836,525
|
Denali Therapeutics Inc (a)
|
|
226,691
|
5,281,900
|
Dianthus Therapeutics Inc (a)(c)
|
|
467,406
|
10,353,043
|
Disc Medicine Inc (a)
|
|
165,835
|
9,253,593
|
Exact Sciences Corp (a)
|
|
150,000
|
8,407,500
|
Immunovant Inc (a)
|
|
308,886
|
6,715,182
|
Immunovant Inc (e)
|
|
181,671
|
3,949,527
|
Insmed Inc (a)
|
|
170,030
|
13,020,897
|
Madrigal Pharmaceuticals Inc (a)(c)
|
|
53,643
|
17,959,676
|
MoonLake Immunotherapeutics Class A (a)
|
|
161,372
|
7,421,498
|
Nurix Therapeutics Inc (a)
|
|
429,000
|
8,455,590
|
Nuvalent Inc Class A (a)
|
|
144,729
|
12,419,195
|
Oruka Therapeutics Inc (e)
|
|
410,772
|
5,524,883
|
Perspective Therapeutics Inc (a)(c)
|
|
772,900
|
2,743,795
|
Rezolute Inc (a)
|
|
823,995
|
4,325,974
|
Rhythm Pharmaceuticals Inc (a)
|
|
222,800
|
13,241,004
|
Soleno Therapeutics Inc (a)
|
|
200,600
|
10,076,138
|
Spyre Therapeutics Inc (a)(c)
|
|
418,875
|
9,629,936
|
Tyra Biosciences Inc (a)
|
|
508,826
|
7,357,624
|
Vaxcyte Inc (a)
|
|
330,198
|
29,163,088
|
Vericel Corp (a)
|
|
447,880
|
26,218,896
|
Viking Therapeutics Inc (a)(c)
|
|
261,001
|
8,547,783
|
Vir Biotechnology Inc (a)
|
|
631,200
|
6,564,480
|
Viridian Therapeutics Inc (a)
|
|
629,859
|
12,206,667
|
|
|
|
|
345,345,950
|
Health Care Equipment & Supplies - 4.3%
|
|
|
|
Artivion Inc (a)
|
|
377,200
|
11,678,112
|
Ceribell Inc
|
|
397,100
|
9,137,271
|
Embecta Corp
|
|
417,400
|
7,483,981
|
Glaukos Corp (a)
|
|
193,340
|
30,246,110
|
Insulet Corp (a)
|
|
93,822
|
26,118,168
|
Integer Holdings Corp (a)
|
|
143,794
|
20,450,383
|
Lantheus Holdings Inc (a)
|
|
117,864
|
10,903,599
|
Masimo Corp (a)
|
|
142,748
|
24,870,984
|
Merit Medical Systems Inc (a)
|
|
126,000
|
13,718,880
|
Penumbra Inc (a)
|
|
104,239
|
27,828,686
|
PROCEPT BioRobotics Corp (a)
|
|
221,028
|
16,024,530
|
|
|
|
|
198,460,704
|
Health Care Providers & Services - 2.4%
|
|
|
|
BrightSpring Health Services Inc (a)
|
|
227,631
|
5,372,092
|
Encompass Health Corp
|
|
185,487
|
18,413,294
|
Ensign Group Inc/The
|
|
194,057
|
27,102,001
|
HealthEquity Inc (a)
|
|
278,759
|
30,780,569
|
Privia Health Group Inc (a)
|
|
659,134
|
15,061,212
|
Surgery Partners Inc (a)
|
|
482,986
|
12,311,313
|
|
|
|
|
109,040,481
|
Pharmaceuticals - 0.8%
|
|
|
|
Enliven Therapeutics Inc (a)(c)
|
|
334,310
|
7,308,017
|
Enliven Therapeutics Inc (e)
|
|
224,300
|
4,903,198
|
Prestige Consumer Healthcare Inc (a)
|
|
271,463
|
20,840,215
|
Structure Therapeutics Inc ADR (a)
|
|
169,805
|
5,089,055
|
|
|
|
|
38,140,485
|
TOTAL HEALTH CARE
|
|
|
690,987,620
|
|
|
|
|
|
Industrials - 17.7%
|
|
|
|
Building Products - 1.7%
|
|
|
|
AAON Inc
|
|
160,537
|
18,683,296
|
Simpson Manufacturing Co Inc
|
|
231,674
|
38,921,232
|
Tecnoglass Inc
|
|
246,422
|
18,728,072
|
|
|
|
|
76,332,600
|
Commercial Services & Supplies - 1.2%
|
|
|
|
Brink's Co/The
|
|
324,443
|
30,280,265
|
HNI Corp
|
|
213,666
|
10,651,250
|
Vestis Corp
|
|
853,114
|
11,926,534
|
|
|
|
|
52,858,049
|
Construction & Engineering - 4.0%
|
|
|
|
Comfort Systems USA Inc
|
|
37,709
|
16,469,406
|
Construction Partners Inc Class A (a)
|
|
251,668
|
20,234,107
|
Dycom Industries Inc (a)
|
|
84,293
|
15,944,864
|
EMCOR Group Inc
|
|
22,326
|
10,003,388
|
Fluor Corp (a)
|
|
333,700
|
16,087,677
|
Granite Construction Inc
|
|
331,851
|
29,249,347
|
IES Holdings Inc (a)
|
|
251,267
|
55,600,362
|
Sterling Infrastructure Inc (a)
|
|
124,955
|
17,796,091
|
|
|
|
|
181,385,242
|
Electrical Equipment - 1.0%
|
|
|
|
NEXTracker Inc Class A (a)
|
|
419,060
|
21,129,005
|
Thermon Group Holdings Inc (a)
|
|
873,478
|
24,177,871
|
|
|
|
|
45,306,876
|
Ground Transportation - 0.1%
|
|
|
|
ArcBest Corp
|
|
109,676
|
10,486,122
|
Machinery - 4.2%
|
|
|
|
Atmus Filtration Technologies Inc
|
|
445,907
|
18,647,831
|
Blue Bird Corp (a)
|
|
249,464
|
8,885,908
|
Federal Signal Corp
|
|
313,381
|
30,808,486
|
Kadant Inc
|
|
71,447
|
26,642,586
|
REV Group Inc
|
|
452,217
|
15,691,930
|
SPX Technologies Inc (a)
|
|
247,667
|
36,783,504
|
Terex Corp
|
|
688,780
|
33,123,430
|
Timken Co/The
|
|
243,205
|
19,522,065
|
|
|
|
|
190,105,740
|
Passenger Airlines - 0.3%
|
|
|
|
SkyWest Inc (a)
|
|
108,000
|
13,059,360
|
Professional Services - 2.2%
|
|
|
|
Amentum Holdings Inc
|
|
548,000
|
11,491,560
|
Concentrix Corp (c)
|
|
153,400
|
8,019,752
|
CRA International Inc
|
|
110,776
|
20,336,258
|
ExlService Holdings Inc (a)
|
|
531,449
|
26,710,627
|
First Advantage Corp (a)(c)
|
|
987,972
|
18,652,911
|
KBR Inc
|
|
274,937
|
14,962,072
|
|
|
|
|
100,173,180
|
Trading Companies & Distributors - 3.0%
|
|
|
|
Applied Industrial Technologies Inc
|
|
79,794
|
20,748,834
|
Beacon Roofing Supply Inc (a)
|
|
101,788
|
12,045,592
|
FTAI Aviation Ltd
|
|
144,361
|
14,512,611
|
GMS Inc (a)
|
|
469,638
|
39,609,269
|
Rush Enterprises Inc Class A
|
|
796,343
|
48,377,837
|
|
|
|
|
135,294,143
|
TOTAL INDUSTRIALS
|
|
|
805,001,312
|
|
|
|
|
|
Information Technology - 11.6%
|
|
|
|
Communications Equipment - 0.6%
|
|
|
|
Ciena Corp (a)
|
|
327,418
|
28,531,205
|
Electronic Equipment, Instruments & Components - 5.0%
|
|
|
|
Advanced Energy Industries Inc
|
|
418,747
|
48,189,405
|
Belden Inc
|
|
188,000
|
21,896,360
|
ePlus Inc (a)
|
|
145,331
|
11,611,947
|
Insight Enterprises Inc (a)
|
|
295,686
|
51,079,757
|
Napco Security Technologies Inc
|
|
219,941
|
8,071,835
|
PAR Technology Corp (a)(c)
|
|
272,377
|
19,771,846
|
Sanmina Corp (a)
|
|
293,595
|
24,582,709
|
TD SYNNEX Corp
|
|
292,585
|
41,696,288
|
|
|
|
|
226,900,147
|
IT Services - 0.5%
|
|
|
|
ASGN Inc (a)
|
|
263,526
|
23,245,627
|
Semiconductors & Semiconductor Equipment - 1.5%
|
|
|
|
Diodes Inc (a)
|
|
375,055
|
22,120,744
|
MACOM Technology Solutions Holdings Inc (a)
|
|
342,159
|
45,250,528
|
|
|
|
|
67,371,272
|
Software - 4.0%
|
|
|
|
ACI Worldwide Inc (a)
|
|
271,200
|
14,522,760
|
Agilysys Inc (a)
|
|
109,100
|
9,843,002
|
Five9 Inc (a)
|
|
132,744
|
5,441,176
|
Intapp Inc (a)
|
|
254,481
|
18,141,950
|
Manhattan Associates Inc (a)
|
|
28,825
|
6,012,607
|
Monday.com Ltd (a)
|
|
75,700
|
19,338,322
|
nCino Inc (a)
|
|
226,400
|
7,699,864
|
Progress Software Corp
|
|
354,108
|
20,301,012
|
SPS Commerce Inc (a)
|
|
215,350
|
39,770,838
|
Tenable Holdings Inc (a)
|
|
482,220
|
20,778,860
|
Vertex Inc Class A (a)
|
|
348,114
|
20,103,584
|
|
|
|
|
181,953,975
|
TOTAL INFORMATION TECHNOLOGY
|
|
|
528,002,226
|
|
|
|
|
|
Materials - 4.7%
|
|
|
|
Chemicals - 1.0%
|
|
|
|
Element Solutions Inc
|
|
915,993
|
23,641,779
|
Minerals Technologies Inc
|
|
174,043
|
13,347,358
|
Tronox Holdings PLC
|
|
752,604
|
7,729,243
|
|
|
|
|
44,718,380
|
Construction Materials - 0.9%
|
|
|
|
Eagle Materials Inc
|
|
165,833
|
42,575,964
|
Metals & Mining - 2.0%
|
|
|
|
Carpenter Technology Corp
|
|
145,155
|
28,023,624
|
Commercial Metals Co
|
|
881,412
|
42,739,669
|
Constellium SE (a)
|
|
2,198,096
|
21,827,093
|
|
|
|
|
92,590,386
|
Paper & Forest Products - 0.8%
|
|
|
|
Louisiana-Pacific Corp
|
|
161,429
|
18,882,350
|
Sylvamo Corp
|
|
202,535
|
16,223,054
|
|
|
|
|
35,105,404
|
TOTAL MATERIALS
|
|
|
214,990,134
|
|
|
|
|
|
Real Estate - 3.8%
|
|
|
|
Diversified REITs - 1.0%
|
|
|
|
Essential Properties Realty Trust Inc
|
|
1,428,888
|
45,867,305
|
Health Care REITs - 0.7%
|
|
|
|
CareTrust REIT Inc
|
|
1,165,552
|
30,887,128
|
Industrial REITs - 0.6%
|
|
|
|
Terreno Realty Corp
|
|
408,288
|
26,710,201
|
Real Estate Management & Development - 0.5%
|
|
|
|
Jones Lang LaSalle Inc (a)
|
|
86,818
|
24,552,130
|
Retail REITs - 0.3%
|
|
|
|
Acadia Realty Trust
|
|
592,590
|
13,653,274
|
Specialized REITs - 0.7%
|
|
|
|
Lamar Advertising Co Class A
|
|
127,677
|
16,140,926
|
Outfront Media Inc
|
|
935,209
|
17,207,846
|
|
|
|
|
33,348,772
|
TOTAL REAL ESTATE
|
|
|
175,018,810
|
|
|
|
|
|
Utilities - 1.2%
|
|
|
|
Gas Utilities - 1.2%
|
|
|
|
Southwest Gas Holdings Inc
|
|
491,840
|
36,730,611
|
UGI Corp
|
|
609,178
|
18,720,040
|
|
|
|
|
55,450,651
|
TOTAL UNITED STATES
|
|
|
4,066,816,820
|
|
TOTAL COMMON STOCKS
(Cost $3,258,770,628)
|
|
|
4,549,409,632
|
|
|
|
|
|
Money Market Funds - 3.6%
|
|
|
|
Yield (%)
|
Shares
|
Value ($)
|
Fidelity Cash Central Fund (f)
|
|
4.37
|
84,126,435
|
84,143,260
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
|
4.37
|
82,552,601
|
82,560,856
|
|
TOTAL MONEY MARKET FUNDS
(Cost $166,704,115)
|
|
|
|
166,704,116
|
|
|
|
|
|
|
|
TOTAL INVESTMENT IN SECURITIES - 103.2%
(Cost $3,425,474,743)
|
4,716,113,748
|
NET OTHER ASSETS (LIABILITIES) - (3.2)%
|
(146,467,735)
|
NET ASSETS - 100.0%
|
4,569,646,013
|
|
|
|
Futures Contracts
|
|
|
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Value ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
Purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contracts
|
|
|
|
|
|
CME E-mini Russell 2000 Index Contracts (United States)
|
216
|
Mar 2025
|
24,790,320
|
(286,159)
|
(286,159)
|
|
|
|
|
|
|
|
The notional amount of futures purchased as a percentage of Net Assets is 0.5%
|
Legend
(b)
|
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $28,993,313 or 0.6% of net assets.
|
(c)
|
Security or a portion of the security is on loan at period end.
|
(d)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $14,337,204 or 0.3% of net assets.
|
(e)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $14,377,608 or 0.3% of net assets.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Enliven Therapeutics Inc
|
3/19/24
|
3,140,200
|
|
|
|
|
Immunovant Inc
|
1/13/25
|
3,633,420
|
|
|
|
|
Oruka Therapeutics Inc
|
9/12/24
|
9,447,756
|
|
|
|
|
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 ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
138,298,961
|
820,513,460
|
874,669,161
|
1,548,108
|
-
|
-
|
84,143,260
|
84,126,435
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
221,699,830
|
554,774,996
|
693,913,970
|
68,118
|
-
|
-
|
82,560,856
|
82,552,601
|
0.4%
|
Total
|
359,998,791
|
1,375,288,456
|
1,568,583,131
|
1,616,226
|
-
|
-
|
166,704,116
|
166,679,036
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of January 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
|
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
Communication Services
|
33,000,912
|
33,000,912
|
-
|
-
|
Consumer Discretionary
|
508,191,602
|
508,191,602
|
-
|
-
|
Consumer Staples
|
179,772,026
|
179,772,026
|
-
|
-
|
Energy
|
238,375,057
|
238,375,057
|
-
|
-
|
Financials
|
806,769,283
|
806,769,283
|
-
|
-
|
Health Care
|
745,385,451
|
744,795,161
|
590,290
|
-
|
Industrials
|
820,742,133
|
820,742,133
|
-
|
-
|
Information Technology
|
676,756,124
|
676,756,124
|
-
|
-
|
Materials
|
235,750,986
|
235,750,986
|
-
|
-
|
Real Estate
|
205,829,360
|
205,829,360
|
-
|
-
|
Utilities
|
98,836,698
|
98,836,698
|
-
|
-
|
|
|
Money Market Funds
|
166,704,116
|
166,704,116
|
-
|
-
|
Total Investments in Securities:
|
4,716,113,748
|
4,715,523,458
|
590,290
|
-
|
Derivative Instruments:
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Futures Contracts
|
(286,159)
|
(286,159)
|
-
|
-
|
Total Liabilities
|
(286,159)
|
(286,159)
|
-
|
-
|
Total Derivative Instruments:
|
(286,159)
|
(286,159)
|
-
|
-
|
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
Equity Risk
|
|
|
Futures Contracts (a)
|
0
|
(286,159)
|
Total Equity Risk
|
0
|
(286,159)
|
Total Value of Derivatives
|
0
|
(286,159)
|
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
|
|
As of January 31, 2025 (Unaudited)
|
Assets
|
|
|
|
|
Investment in securities, at value (including securities loaned of $78,757,774) - See accompanying schedule:
|
|
|
|
|
Unaffiliated issuers (cost $3,258,770,628)
|
$
|
4,549,409,632
|
|
|
Fidelity Central Funds (cost $166,704,115)
|
|
166,704,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment in Securities (cost $3,425,474,743)
|
|
|
$
|
4,716,113,748
|
Segregated cash with brokers for derivative instruments
|
|
|
|
1,751,148
|
Foreign currency held at value (cost $278)
|
|
|
|
274
|
Receivable for investments sold
|
|
|
|
7,499,371
|
Receivable for fund shares sold
|
|
|
|
336,176
|
Dividends receivable
|
|
|
|
343,649
|
Distributions receivable from Fidelity Central Funds
|
|
|
|
285,014
|
Other receivables
|
|
|
|
47,761
|
Total assets
|
|
|
|
4,726,377,141
|
Liabilities
|
|
|
|
|
Payable to custodian bank
|
$
|
341,647
|
|
|
Payable for investments purchased
|
|
2,810,571
|
|
|
Payable for fund shares redeemed
|
|
70,755,580
|
|
|
Payable for daily variation margin on futures contracts
|
|
225,720
|
|
|
Other payables and accrued expenses
|
|
47,190
|
|
|
Collateral on securities loaned
|
|
82,550,420
|
|
|
Total liabilities
|
|
|
|
156,731,128
|
Net Assets
|
|
|
$
|
4,569,646,013
|
Net Assets consist of:
|
|
|
|
|
Paid in capital
|
|
|
$
|
2,814,582,687
|
Total accumulated earnings (loss)
|
|
|
|
1,755,063,326
|
Net Assets
|
|
|
$
|
4,569,646,013
|
Net Asset Value, offering price and redemption price per share ($4,569,646,013 ÷ 303,023,869 shares)
|
|
|
$
|
15.08
|
Statement of Operations
|
Six months ended January 31, 2025 (Unaudited)
|
Investment Income
|
|
|
|
|
Dividends
|
|
|
$
|
21,455,072
|
Interest
|
|
|
|
37,405
|
Income from Fidelity Central Funds (including $68,118 from security lending)
|
|
|
|
1,616,226
|
Total income
|
|
|
|
23,108,703
|
Expenses
|
|
|
|
|
Custodian fees and expenses
|
$
|
41,007
|
|
|
Independent trustees' fees and expenses
|
|
11,491
|
|
|
Interest
|
|
3,429
|
|
|
Total expenses
|
|
|
|
55,927
|
Net Investment income (loss)
|
|
|
|
23,052,776
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
Net realized gain (loss) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
121,437,324
|
|
|
Redemptions in-kind
|
|
415,947,457
|
|
|
Foreign currency transactions
|
|
12,118
|
|
|
Futures contracts
|
|
2,616,251
|
|
|
Total net realized gain (loss)
|
|
|
|
540,013,150
|
Change in net unrealized appreciation (depreciation) on:
|
|
|
|
|
Investment Securities:
|
|
|
|
|
Unaffiliated issuers
|
|
(479,360,956)
|
|
|
Assets and liabilities in foreign currencies
|
|
667
|
|
|
Futures contracts
|
|
(3,012,399)
|
|
|
Total change in net unrealized appreciation (depreciation)
|
|
|
|
(482,372,688)
|
Net gain (loss)
|
|
|
|
57,640,462
|
Net increase (decrease) in net assets resulting from operations
|
|
|
$
|
80,693,238
|
Statement of Changes in Net Assets
|
|
|
|
|
Six months ended
January 31, 2025
(Unaudited)
|
|
Year ended
July 31, 2024
|
Increase (Decrease) in Net Assets
|
|
|
|
|
Operations
|
|
|
|
|
Net investment income (loss)
|
$
|
23,052,776
|
$
|
58,676,069
|
Net realized gain (loss)
|
|
540,013,150
|
|
522,293,552
|
Change in net unrealized appreciation (depreciation)
|
|
(482,372,688)
|
|
536,180,775
|
Net increase (decrease) in net assets resulting from operations
|
|
80,693,238
|
|
1,117,150,396
|
Distributions to shareholders
|
|
(465,019,571)
|
|
(51,550,987)
|
|
|
|
|
|
|
Share transactions
|
|
|
|
|
Proceeds from sales of shares
|
|
1,569,375,074
|
|
1,049,687,400
|
Reinvestment of distributions
|
|
465,019,571
|
|
51,550,987
|
Cost of shares redeemed
|
|
(2,815,800,345)
|
|
(1,373,931,544)
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from share transactions
|
|
(781,405,700)
|
|
(272,693,157)
|
Total increase (decrease) in net assets
|
|
(1,165,732,033)
|
|
792,906,252
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
Beginning of period
|
|
5,735,378,046
|
|
4,942,471,794
|
End of period
|
$
|
4,569,646,013
|
$
|
5,735,378,046
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
Shares
|
|
|
|
|
Sold
|
|
104,883,385
|
|
77,896,664
|
Issued in reinvestment of distributions
|
|
31,316,313
|
|
4,018,606
|
Redeemed
|
|
(186,383,708)
|
|
(95,509,377)
|
Net increase (decrease)
|
|
(50,184,010)
|
|
(13,594,107)
|
|
|
|
|
|
|
Financial Highlights
Fidelity® Series Small Cap Opportunities Fund
|
|
|
|
|
Six months ended
(Unaudited) January 31, 2025
|
|
Years ended July 31, 2024
|
|
2023
|
|
2022
|
|
2021
|
|
2020
|
Selected Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
$
|
16.24
|
$
|
13.47
|
$
|
12.57
|
$
|
18.08
|
$
|
12.66
|
$
|
14.04
|
Income from Investment Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) A,B
|
|
.07
|
|
.16
|
|
.14
|
|
.12
|
|
.12
|
|
.15
|
Net realized and unrealized gain (loss)
|
|
.15
|
|
2.75
|
|
1.36
|
|
(1.03)
|
|
5.62
|
|
(.60)
|
Total from investment operations
|
|
.22
|
|
2.91
|
|
1.50
|
|
(.91)
|
|
5.74
|
|
(.45)
|
Distributions from net investment income
|
|
(.32)
|
|
(.14)
|
|
(.14)
|
|
(.12)
|
|
(.14)
|
|
(.16)
|
Distributions from net realized gain
|
|
(1.05)
|
|
-
|
|
(.47)
|
|
(4.48)
|
|
(.19)
|
|
(.77)
|
Total distributions
|
|
(1.38) C
|
|
(.14)
|
|
(.60) C
|
|
(4.60)
|
|
(.32) C
|
|
(.93)
|
Net asset value, end of period
|
$
|
15.08
|
$
|
16.24
|
$
|
13.47
|
$
|
12.57
|
$
|
18.08
|
$
|
12.66
|
Total Return D,E
|
|
|
|
21.85%
|
|
12.51%
|
|
(7.62)%
|
|
45.98%
|
|
(3.44)%
|
Ratios to Average Net Assets B,F,G
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses before reductions H
|
|
-% I
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Expenses net of fee waivers, if any H
|
|
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Expenses net of all reductions H
|
|
-% I
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
|
-%
|
Net investment income (loss)
|
|
.93% I
|
|
1.14%
|
|
1.11%
|
|
.86%
|
|
.77%
|
|
1.17%
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000 omitted)
|
$
|
4,569,646
|
$
|
5,735,378
|
$
|
4,942,472
|
$
|
5,039,957
|
$
|
6,012,414
|
$
|
4,931,192
|
Portfolio turnover rate J
|
|
|
|
47%
|
|
34%
|
|
39%
|
|
96%
|
|
61% K
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAmount represents less than .005%.
IAnnualized.
JAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
(Unaudited)For the period ended January 31, 2025
1. Organization.
Fidelity Series Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2025 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.
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
|
$1,468,931,432
|
Gross unrealized depreciation
|
(216,069,069)
|
Net unrealized appreciation (depreciation)
|
$1,252,862,363
|
Tax cost
|
$3,462,965,226
|
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.
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact 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.
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
|
Purchases ($)
|
Sales ($)
|
Fidelity Series Small Cap Opportunities Fund
|
1,070,659,738
|
1,253,736,366
|
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
|
Shares
|
Total net realized gain or loss ($)
|
Total Proceeds ($)
|
Fidelity Series Small Cap Opportunities Fund
|
68,819,878
|
415,947,457
|
1,032,986,370
|
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
|
Amount ($)
|
Fidelity Series Small Cap Opportunities Fund
|
28,954
|
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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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
|
25,504,000
|
4.84%
|
3,429
|
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
|
64,318,877
|
219,919,868
|
22,170,507
|
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.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2025 unless extended or renewed.
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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, 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. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
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Total Security Lending Fees Paid to NFS ($)
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Security Lending Income From Securities Loaned to NFS ($)
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Value of Securities Loaned to NFS at Period End ($)
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Fidelity Series Small Cap Opportunities Fund
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7,255
|
322
|
-
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9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
1.839810.117
SMO-SANN-0425
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
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 16.
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 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
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
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| By: | /s/Stacie M. Smith |
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| Stacie M. Smith |
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| President and Treasurer (Principal Executive Officer) |
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|
|
| Date: | March 25, 2025 |
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 (Principal Executive Officer) |
|
|
|
| Date: | March 25, 2025 |
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| By: | /s/Stephanie Caron |
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| Stephanie Caron |
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| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | March 25, 2025 |
