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
| Date of fiscal year end: | July 31 |
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|
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| Date of reporting period: | January 31, 2026 |
Item 1.
Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
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|
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Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Small Cap Value Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Consumer Discretionary
|
||
Health Care
|
||
Real Estate
|
||
Information Technology
|
||
Materials
|
||
Energy
|
||
Consumer Staples
|
||
Utilities
|
||
Communication Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 2.7
|
|
Bermuda - 1.9
|
|
Brazil - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Old National Bancorp/IN
|
||
Axis Capital Holdings Ltd
|
||
Compass Inc Class A
|
||
UMB Financial Corp
|
||
BJ's Wholesale Club Holdings Inc
|
||
Sunoco LP
|
||
Signet Jewelers Ltd
|
||
CareTrust REIT Inc
|
||
Bank of Nt Butterfield & Son Ltd/The (United States)
|
||
Parsons Corp
|
||
21.2
|
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. © 2026 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
1.9915271.101 1389-TSRS-0426
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|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Consumer Discretionary
|
||
Health Care
|
||
Real Estate
|
||
Information Technology
|
||
Materials
|
||
Energy
|
||
Consumer Staples
|
||
Utilities
|
||
Communication Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 2.7
|
|
Bermuda - 1.9
|
|
Brazil - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Old National Bancorp/IN
|
||
Axis Capital Holdings Ltd
|
||
Compass Inc Class A
|
||
UMB Financial Corp
|
||
BJ's Wholesale Club Holdings Inc
|
||
Sunoco LP
|
||
Signet Jewelers Ltd
|
||
CareTrust REIT Inc
|
||
Bank of Nt Butterfield & Son Ltd/The (United States)
|
||
Parsons Corp
|
||
21.2
|
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. © 2026 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
1.9915272.101 3303-TSRS-0426
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|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Consumer Discretionary
|
||
Health Care
|
||
Real Estate
|
||
Information Technology
|
||
Materials
|
||
Energy
|
||
Consumer Staples
|
||
Utilities
|
||
Communication Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 2.7
|
|
Bermuda - 1.9
|
|
Brazil - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Old National Bancorp/IN
|
||
Axis Capital Holdings Ltd
|
||
Compass Inc Class A
|
||
UMB Financial Corp
|
||
BJ's Wholesale Club Holdings Inc
|
||
Sunoco LP
|
||
Signet Jewelers Ltd
|
||
CareTrust REIT Inc
|
||
Bank of Nt Butterfield & Son Ltd/The (United States)
|
||
Parsons Corp
|
||
21.2
|
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. © 2026 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
1.9915269.101 1386-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Consumer Discretionary
|
||
Health Care
|
||
Real Estate
|
||
Information Technology
|
||
Materials
|
||
Energy
|
||
Consumer Staples
|
||
Utilities
|
||
Communication Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 2.7
|
|
Bermuda - 1.9
|
|
Brazil - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Old National Bancorp/IN
|
||
Axis Capital Holdings Ltd
|
||
Compass Inc Class A
|
||
UMB Financial Corp
|
||
BJ's Wholesale Club Holdings Inc
|
||
Sunoco LP
|
||
Signet Jewelers Ltd
|
||
CareTrust REIT Inc
|
||
Bank of Nt Butterfield & Son Ltd/The (United States)
|
||
Parsons Corp
|
||
21.2
|
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. © 2026 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
1.9915270.101 1387-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Consumer Discretionary
|
||
Health Care
|
||
Real Estate
|
||
Information Technology
|
||
Materials
|
||
Energy
|
||
Consumer Staples
|
||
Utilities
|
||
Communication Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 2.7
|
|
Bermuda - 1.9
|
|
Brazil - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Old National Bancorp/IN
|
||
Axis Capital Holdings Ltd
|
||
Compass Inc Class A
|
||
UMB Financial Corp
|
||
BJ's Wholesale Club Holdings Inc
|
||
Sunoco LP
|
||
Signet Jewelers Ltd
|
||
CareTrust REIT Inc
|
||
Bank of Nt Butterfield & Son Ltd/The (United States)
|
||
Parsons Corp
|
||
21.2
|
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. © 2026 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
1.9915268.101 1385-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Consumer Discretionary
|
||
Health Care
|
||
Real Estate
|
||
Information Technology
|
||
Materials
|
||
Energy
|
||
Consumer Staples
|
||
Utilities
|
||
Communication Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 2.7
|
|
Bermuda - 1.9
|
|
Brazil - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Old National Bancorp/IN
|
||
Axis Capital Holdings Ltd
|
||
Compass Inc Class A
|
||
UMB Financial Corp
|
||
BJ's Wholesale Club Holdings Inc
|
||
Sunoco LP
|
||
Signet Jewelers Ltd
|
||
CareTrust REIT Inc
|
||
Bank of Nt Butterfield & Son Ltd/The (United States)
|
||
Parsons Corp
|
||
21.2
|
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. © 2026 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
1.9915267.101 1383-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Small Cap Growth K6 Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Industrials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Financials
|
||
Energy
|
||
Materials
|
||
Consumer Staples
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 98.1
|
|
Preferred Stocks - 0.9
|
|
Domestic Equity Funds - 0.6
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.7
|
|
Thailand - 1.5
|
|
Canada - 1.2
|
|
United Kingdom - 1.1
|
|
Israel - 1.1
|
|
Italy - 0.9
|
|
Netherlands - 0.7
|
|
Australia - 0.5
|
|
Taiwan - 0.3
|
|
Others - 1.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Bloom Energy Corp Class A
|
||
Nextpower Inc Class A
|
||
Fabrinet
|
||
BrightSpring Health Services Inc
|
||
OSI Systems Inc
|
||
Cogent Biosciences Inc
|
||
MACOM Technology Solutions Holdings Inc
|
||
Ensign Group Inc/The
|
||
Credo Technology Group Holding Ltd
|
||
Advanced Energy Industries Inc
|
||
13.3
|
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. © 2026 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
1.9915351.101 2957-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Small Cap Growth Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Industrials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Financials
|
||
Energy
|
||
Materials
|
||
Consumer Staples
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.1
|
|
Preferred Stocks - 1.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.6
|
|
Thailand - 1.5
|
|
Canada - 1.2
|
|
United Kingdom - 1.2
|
|
Israel - 1.1
|
|
Italy - 0.9
|
|
Netherlands - 0.8
|
|
Australia - 0.6
|
|
Japan - 0.3
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Bloom Energy Corp Class A
|
||
Nextpower Inc Class A
|
||
Fabrinet
|
||
BrightSpring Health Services Inc
|
||
Cogent Biosciences Inc
|
||
MACOM Technology Solutions Holdings Inc
|
||
Ensign Group Inc/The
|
||
OSI Systems Inc
|
||
Credo Technology Group Holding Ltd
|
||
Advanced Energy Industries Inc
|
||
13.2
|
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. © 2026 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
1.9915265.101 1388-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Industrials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Financials
|
||
Energy
|
||
Materials
|
||
Consumer Staples
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.1
|
|
Preferred Stocks - 1.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.6
|
|
Thailand - 1.5
|
|
Canada - 1.2
|
|
United Kingdom - 1.2
|
|
Israel - 1.1
|
|
Italy - 0.9
|
|
Netherlands - 0.8
|
|
Australia - 0.6
|
|
Japan - 0.3
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Bloom Energy Corp Class A
|
||
Nextpower Inc Class A
|
||
Fabrinet
|
||
BrightSpring Health Services Inc
|
||
Cogent Biosciences Inc
|
||
MACOM Technology Solutions Holdings Inc
|
||
Ensign Group Inc/The
|
||
OSI Systems Inc
|
||
Credo Technology Group Holding Ltd
|
||
Advanced Energy Industries Inc
|
||
13.2
|
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. © 2026 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
1.9915266.101 2891-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Industrials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Financials
|
||
Energy
|
||
Materials
|
||
Consumer Staples
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.1
|
|
Preferred Stocks - 1.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.6
|
|
Thailand - 1.5
|
|
Canada - 1.2
|
|
United Kingdom - 1.2
|
|
Israel - 1.1
|
|
Italy - 0.9
|
|
Netherlands - 0.8
|
|
Australia - 0.6
|
|
Japan - 0.3
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Bloom Energy Corp Class A
|
||
Nextpower Inc Class A
|
||
Fabrinet
|
||
BrightSpring Health Services Inc
|
||
Cogent Biosciences Inc
|
||
MACOM Technology Solutions Holdings Inc
|
||
Ensign Group Inc/The
|
||
OSI Systems Inc
|
||
Credo Technology Group Holding Ltd
|
||
Advanced Energy Industries Inc
|
||
13.2
|
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. © 2026 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
1.9915263.101 1381-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Industrials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Financials
|
||
Energy
|
||
Materials
|
||
Consumer Staples
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.1
|
|
Preferred Stocks - 1.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.6
|
|
Thailand - 1.5
|
|
Canada - 1.2
|
|
United Kingdom - 1.2
|
|
Israel - 1.1
|
|
Italy - 0.9
|
|
Netherlands - 0.8
|
|
Australia - 0.6
|
|
Japan - 0.3
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Bloom Energy Corp Class A
|
||
Nextpower Inc Class A
|
||
Fabrinet
|
||
BrightSpring Health Services Inc
|
||
Cogent Biosciences Inc
|
||
MACOM Technology Solutions Holdings Inc
|
||
Ensign Group Inc/The
|
||
OSI Systems Inc
|
||
Credo Technology Group Holding Ltd
|
||
Advanced Energy Industries Inc
|
||
13.2
|
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. © 2026 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
1.9915264.101 1382-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Industrials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Financials
|
||
Energy
|
||
Materials
|
||
Consumer Staples
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.1
|
|
Preferred Stocks - 1.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.6
|
|
Thailand - 1.5
|
|
Canada - 1.2
|
|
United Kingdom - 1.2
|
|
Israel - 1.1
|
|
Italy - 0.9
|
|
Netherlands - 0.8
|
|
Australia - 0.6
|
|
Japan - 0.3
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Bloom Energy Corp Class A
|
||
Nextpower Inc Class A
|
||
Fabrinet
|
||
BrightSpring Health Services Inc
|
||
Cogent Biosciences Inc
|
||
MACOM Technology Solutions Holdings Inc
|
||
Ensign Group Inc/The
|
||
OSI Systems Inc
|
||
Credo Technology Group Holding Ltd
|
||
Advanced Energy Industries Inc
|
||
13.2
|
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. © 2026 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
1.9915262.101 1379-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Health Care
|
||
Industrials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Financials
|
||
Energy
|
||
Materials
|
||
Consumer Staples
|
||
Real Estate
|
||
Communication Services
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.1
|
|
Preferred Stocks - 1.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.6
|
|
Thailand - 1.5
|
|
Canada - 1.2
|
|
United Kingdom - 1.2
|
|
Israel - 1.1
|
|
Italy - 0.9
|
|
Netherlands - 0.8
|
|
Australia - 0.6
|
|
Japan - 0.3
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Bloom Energy Corp Class A
|
||
Nextpower Inc Class A
|
||
Fabrinet
|
||
BrightSpring Health Services Inc
|
||
Cogent Biosciences Inc
|
||
MACOM Technology Solutions Holdings Inc
|
||
Ensign Group Inc/The
|
||
OSI Systems Inc
|
||
Credo Technology Group Holding Ltd
|
||
Advanced Energy Industries Inc
|
||
13.2
|
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. © 2026 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
1.9915261.101 1377-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Series Small Cap Opportunities Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Energy
|
||
Materials
|
||
Real Estate
|
||
Utilities
|
||
Consumer Staples
|
||
Communication Services
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.3
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 87.7
|
|
Canada - 4.1
|
|
United Kingdom - 1.6
|
|
Thailand - 1.6
|
|
Puerto Rico - 1.1
|
|
Japan - 0.9
|
|
Netherlands - 0.9
|
|
Chile - 0.7
|
|
Israel - 0.6
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Advanced Energy Industries Inc
|
||
Fabrinet
|
||
IES Holdings Inc
|
||
FirstCash Holdings Inc
|
||
Sanmina Corp
|
||
Nextpower Inc Class A
|
||
Academy Sports & Outdoors Inc
|
||
First BanCorp/Puerto Rico
|
||
Laureate Education Inc
|
||
Pathward Financial Inc
|
||
13.5
|
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. © 2026 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
1.9915273.101 1799-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Series Real Estate Income Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 0.6
|
|
AA - 0.8
|
|
A - 9.5
|
|
BBB - 28.6
|
|
BB - 10.2
|
|
B - 5.3
|
|
CCC,CC,C - 4.6
|
|
Not Rated - 9.7
|
|
Equities - 18.4
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 12.3
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 46.4
|
|
CMOs and Other Mortgage Related Securities - 20.0
|
|
Preferred Stocks - 18.4
|
|
Asset-Backed Securities - 1.5
|
|
Bank Loan Obligations - 1.4
|
|
Common Stocks - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 12.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 99.5
|
|
United Kingdom - 0.3
|
|
Canada - 0.2
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
American Tower Corp
|
||
Crown Castle Inc
|
||
Prologis LP
|
||
American Homes 4 Rent LP
|
||
Extra Space Storage LP
|
||
Simon Property Group LP
|
||
BX Trust 2019-OC11
|
||
GLP Capital LP / GLP Financing II Inc
|
||
Invitation Homes Operating Partnership LP
|
||
MPT Operating Partnership LP / MPT Finance Corp
|
||
22.6
|
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. © 2026 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
1.9915315.101 2277-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Series Blue Chip Growth Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.2
|
|
Preferred Stocks - 1.8
|
|
Bonds - 0.0
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.3
|
|
Canada - 1.4
|
|
Taiwan - 1.0
|
|
India - 0.6
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.2
|
|
Switzerland - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Space Exploration Technologies Corp
|
||
Netflix Inc
|
||
62.7
|
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. © 2026 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
1.9915329.101 2611-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Real Estate Income Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 0.7
|
|
AA - 1.5
|
|
A - 4.4
|
|
BBB - 21.8
|
|
BB - 11.7
|
|
B - 3.7
|
|
CCC,CC,C - 2.3
|
|
Not Rated - 10.8
|
|
Equities - 35.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 34.7
|
|
Common Stocks - 24.5
|
|
CMOs and Other Mortgage Related Securities - 19.0
|
|
Preferred Stocks - 11.3
|
|
Asset-Backed Securities - 1.6
|
|
Bank Loan Obligations - 1.5
|
|
Preferred Securities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 99.6
|
|
Canada - 0.2
|
|
United Kingdom - 0.2
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Crown Castle Inc
|
||
American Tower Corp
|
||
Equinix Inc
|
||
American Tower Corp
|
||
GLP Capital LP / GLP Financing II Inc
|
||
Prologis Inc
|
||
VICI Properties LP
|
||
American Homes 4 Rent LP
|
||
Welltower Inc
|
||
Equity LifeStyle Properties Inc
|
||
18.7
|
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. © 2026 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
1.9915279.101 833-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 0.7
|
|
AA - 1.5
|
|
A - 4.4
|
|
BBB - 21.8
|
|
BB - 11.7
|
|
B - 3.7
|
|
CCC,CC,C - 2.3
|
|
Not Rated - 10.8
|
|
Equities - 35.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 34.7
|
|
Common Stocks - 24.5
|
|
CMOs and Other Mortgage Related Securities - 19.0
|
|
Preferred Stocks - 11.3
|
|
Asset-Backed Securities - 1.6
|
|
Bank Loan Obligations - 1.5
|
|
Preferred Securities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 99.6
|
|
Canada - 0.2
|
|
United Kingdom - 0.2
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Crown Castle Inc
|
||
American Tower Corp
|
||
Equinix Inc
|
||
American Tower Corp
|
||
GLP Capital LP / GLP Financing II Inc
|
||
Prologis Inc
|
||
VICI Properties LP
|
||
American Homes 4 Rent LP
|
||
Welltower Inc
|
||
Equity LifeStyle Properties Inc
|
||
18.7
|
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. © 2026 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
1.9915278.101 3302-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 0.7
|
|
AA - 1.5
|
|
A - 4.4
|
|
BBB - 21.8
|
|
BB - 11.7
|
|
B - 3.7
|
|
CCC,CC,C - 2.3
|
|
Not Rated - 10.8
|
|
Equities - 35.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 34.7
|
|
Common Stocks - 24.5
|
|
CMOs and Other Mortgage Related Securities - 19.0
|
|
Preferred Stocks - 11.3
|
|
Asset-Backed Securities - 1.6
|
|
Bank Loan Obligations - 1.5
|
|
Preferred Securities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 99.6
|
|
Canada - 0.2
|
|
United Kingdom - 0.2
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Crown Castle Inc
|
||
American Tower Corp
|
||
Equinix Inc
|
||
American Tower Corp
|
||
GLP Capital LP / GLP Financing II Inc
|
||
Prologis Inc
|
||
VICI Properties LP
|
||
American Homes 4 Rent LP
|
||
Welltower Inc
|
||
Equity LifeStyle Properties Inc
|
||
18.7
|
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. © 2026 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
1.9915276.101 2225-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 0.7
|
|
AA - 1.5
|
|
A - 4.4
|
|
BBB - 21.8
|
|
BB - 11.7
|
|
B - 3.7
|
|
CCC,CC,C - 2.3
|
|
Not Rated - 10.8
|
|
Equities - 35.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 34.7
|
|
Common Stocks - 24.5
|
|
CMOs and Other Mortgage Related Securities - 19.0
|
|
Preferred Stocks - 11.3
|
|
Asset-Backed Securities - 1.6
|
|
Bank Loan Obligations - 1.5
|
|
Preferred Securities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 99.6
|
|
Canada - 0.2
|
|
United Kingdom - 0.2
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Crown Castle Inc
|
||
American Tower Corp
|
||
Equinix Inc
|
||
American Tower Corp
|
||
GLP Capital LP / GLP Financing II Inc
|
||
Prologis Inc
|
||
VICI Properties LP
|
||
American Homes 4 Rent LP
|
||
Welltower Inc
|
||
Equity LifeStyle Properties Inc
|
||
18.7
|
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. © 2026 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
1.9915277.101 2227-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 0.7
|
|
AA - 1.5
|
|
A - 4.4
|
|
BBB - 21.8
|
|
BB - 11.7
|
|
B - 3.7
|
|
CCC,CC,C - 2.3
|
|
Not Rated - 10.8
|
|
Equities - 35.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 34.7
|
|
Common Stocks - 24.5
|
|
CMOs and Other Mortgage Related Securities - 19.0
|
|
Preferred Stocks - 11.3
|
|
Asset-Backed Securities - 1.6
|
|
Bank Loan Obligations - 1.5
|
|
Preferred Securities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 99.6
|
|
Canada - 0.2
|
|
United Kingdom - 0.2
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Crown Castle Inc
|
||
American Tower Corp
|
||
Equinix Inc
|
||
American Tower Corp
|
||
GLP Capital LP / GLP Financing II Inc
|
||
Prologis Inc
|
||
VICI Properties LP
|
||
American Homes 4 Rent LP
|
||
Welltower Inc
|
||
Equity LifeStyle Properties Inc
|
||
18.7
|
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. © 2026 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
1.9915275.101 2224-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
QUALITY DIVERSIFICATION (% of Fund's net assets)
|
|
AAA - 0.7
|
|
AA - 1.5
|
|
A - 4.4
|
|
BBB - 21.8
|
|
BB - 11.7
|
|
B - 3.7
|
|
CCC,CC,C - 2.3
|
|
Not Rated - 10.8
|
|
Equities - 35.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
|
|
ASSET ALLOCATION (% of Fund's net assets)
|
|
Corporate Bonds - 34.7
|
|
Common Stocks - 24.5
|
|
CMOs and Other Mortgage Related Securities - 19.0
|
|
Preferred Stocks - 11.3
|
|
Asset-Backed Securities - 1.6
|
|
Bank Loan Obligations - 1.5
|
|
Preferred Securities - 0.1
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 99.6
|
|
Canada - 0.2
|
|
United Kingdom - 0.2
|
|
Grand Cayman (UK Overseas Ter) - 0.0
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Crown Castle Inc
|
||
American Tower Corp
|
||
Equinix Inc
|
||
American Tower Corp
|
||
GLP Capital LP / GLP Financing II Inc
|
||
Prologis Inc
|
||
VICI Properties LP
|
||
American Homes 4 Rent LP
|
||
Welltower Inc
|
||
Equity LifeStyle Properties Inc
|
||
18.7
|
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. © 2026 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
1.9915274.101 2221-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® OTC Portfolio
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Health Care
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 95.9
|
|
Domestic Equity Funds - 3.3
|
|
Preferred Stocks - 0.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.1
|
|
Taiwan - 4.5
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.5
|
|
United Kingdom - 0.4
|
|
Canada - 0.4
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Space Exploration Technologies Corp
|
||
Invesco QQQ Trust ETF
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
64.3
|
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. © 2026 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
1.9915185.101 93-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class K
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Health Care
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 95.9
|
|
Domestic Equity Funds - 3.3
|
|
Preferred Stocks - 0.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.1
|
|
Taiwan - 4.5
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.5
|
|
United Kingdom - 0.4
|
|
Canada - 0.4
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Space Exploration Technologies Corp
|
||
Invesco QQQ Trust ETF
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
64.3
|
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. © 2026 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
1.9915184.101 2098-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® OTC K6 Portfolio
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Health Care
|
||
Consumer Discretionary
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.1
|
|
Domestic Equity Funds - 2.1
|
|
Preferred Stocks - 1.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.2)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 89.8
|
|
Taiwan - 4.8
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.6
|
|
United Kingdom - 0.4
|
|
Canada - 0.3
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Broadcom Inc
|
||
Invesco QQQ Trust ETF
|
||
66.2
|
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. © 2026 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
1.9915355.101 3407-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Leveraged Company Stock Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Health Care
|
||
Materials
|
||
Consumer Staples
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 100.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 94.7
|
|
Taiwan - 3.9
|
|
Canada - 0.6
|
|
Netherlands - 0.4
|
|
Switzerland - 0.3
|
|
Hong Kong - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class A
|
||
Vistra Corp
|
||
Comfort Systems USA Inc
|
||
Apollo Global Management Inc
|
||
Arthur J Gallagher & Co
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Vertiv Holdings Co Class A
|
||
TopBuild Corp
|
||
44.8
|
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. © 2026 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
1.9915230.101 122-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class K
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Health Care
|
||
Materials
|
||
Consumer Staples
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 100.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 94.7
|
|
Taiwan - 3.9
|
|
Canada - 0.6
|
|
Netherlands - 0.4
|
|
Switzerland - 0.3
|
|
Hong Kong - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class A
|
||
Vistra Corp
|
||
Comfort Systems USA Inc
|
||
Apollo Global Management Inc
|
||
Arthur J Gallagher & Co
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Vertiv Holdings Co Class A
|
||
TopBuild Corp
|
||
44.8
|
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. © 2026 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
1.9915231.101 2094-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Growth & Income Portfolio
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Energy
|
||
Consumer Staples
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Materials
|
||
Real Estate
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 94.5
|
|
Preferred Stocks - 2.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.2
|
|
Canada - 2.2
|
|
United Kingdom - 1.3
|
|
Belgium - 1.3
|
|
Taiwan - 1.0
|
|
Netherlands - 0.8
|
|
Germany - 0.7
|
|
France - 0.6
|
|
Zambia - 0.4
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Wells Fargo & Co
|
||
Microsoft Corp
|
||
Exxon Mobil Corp
|
||
GE Aerospace
|
||
NVIDIA Corp
|
||
GE Vernova Inc
|
||
Bank of America Corp
|
||
Apple Inc
|
||
Boeing Co
|
||
Shell PLC ADR
|
||
40.0
|
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. © 2026 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
1.9915187.101 27-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class K
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Energy
|
||
Consumer Staples
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Materials
|
||
Real Estate
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 94.5
|
|
Preferred Stocks - 2.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.2
|
|
Canada - 2.2
|
|
United Kingdom - 1.3
|
|
Belgium - 1.3
|
|
Taiwan - 1.0
|
|
Netherlands - 0.8
|
|
Germany - 0.7
|
|
France - 0.6
|
|
Zambia - 0.4
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Wells Fargo & Co
|
||
Microsoft Corp
|
||
Exxon Mobil Corp
|
||
GE Aerospace
|
||
NVIDIA Corp
|
||
GE Vernova Inc
|
||
Bank of America Corp
|
||
Apple Inc
|
||
Boeing Co
|
||
Shell PLC ADR
|
||
40.0
|
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. © 2026 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
1.9915186.101 2089-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Dividend Growth Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Energy
|
||
Health Care
|
||
Consumer Staples
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 88.9
|
|
Canada - 3.0
|
|
Taiwan - 2.1
|
|
United Kingdom - 1.7
|
|
Korea (South) - 1.5
|
|
Norway - 0.6
|
|
Zambia - 0.5
|
|
Brazil - 0.5
|
|
Germany - 0.4
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Boeing Co
|
||
Western Digital Corp
|
||
GE Vernova Inc
|
||
Broadcom Inc
|
||
Seagate Technology Holdings PLC
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
37.4
|
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. © 2026 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
1.9915241.101 330-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class K
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Energy
|
||
Health Care
|
||
Consumer Staples
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 88.9
|
|
Canada - 3.0
|
|
Taiwan - 2.1
|
|
United Kingdom - 1.7
|
|
Korea (South) - 1.5
|
|
Norway - 0.6
|
|
Zambia - 0.5
|
|
Brazil - 0.5
|
|
Germany - 0.4
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Boeing Co
|
||
Western Digital Corp
|
||
GE Vernova Inc
|
||
Broadcom Inc
|
||
Seagate Technology Holdings PLC
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
37.4
|
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. © 2026 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
1.9915240.101 2083-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Blue Chip Value Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Health Care
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Energy
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 96.0
|
|
Taiwan - 2.0
|
|
United Kingdom - 1.1
|
|
Canada - 0.9
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Alphabet Inc Class A
|
||
Wells Fargo & Co
|
||
Exxon Mobil Corp
|
||
Amazon.com Inc
|
||
US Bancorp
|
||
Merck & Co Inc
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Cisco Systems Inc
|
||
Alphabet Inc Class C
|
||
Citigroup Inc
|
||
27.8
|
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. © 2026 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
1.9915254.101 1271-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Blue Chip Growth K6 Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.8
|
|
Preferred Stocks - 1.9
|
|
Bonds - 0.0
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.2
|
|
Canada - 1.5
|
|
Taiwan - 1.2
|
|
India - 0.7
|
|
Finland - 0.3
|
|
China - 0.2
|
|
Switzerland - 0.2
|
|
Netherlands - 0.2
|
|
United Kingdom - 0.1
|
|
Others - 0.4
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Apple Inc
|
||
Broadcom Inc
|
||
Microsoft Corp
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Space Exploration Technologies Corp
|
||
58.3
|
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. © 2026 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
1.9915349.101 2945-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Fidelity® Blue Chip Growth Fund
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Communication Services
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.0
|
|
Preferred Stocks - 3.0
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 1.3
|
|
Taiwan - 1.1
|
|
India - 0.8
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.3
|
|
Switzerland - 0.2
|
|
Denmark - 0.1
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Tesla Inc
|
||
61.8
|
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. © 2026 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
1.9915234.101 312-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class K
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Communication Services
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.0
|
|
Preferred Stocks - 3.0
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 1.3
|
|
Taiwan - 1.1
|
|
India - 0.8
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.3
|
|
Switzerland - 0.2
|
|
Denmark - 0.1
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Tesla Inc
|
||
61.8
|
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. © 2026 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
1.9915233.101 2078-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Health Care
|
||
Materials
|
||
Consumer Staples
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 100.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 94.7
|
|
Taiwan - 3.9
|
|
Canada - 0.6
|
|
Netherlands - 0.4
|
|
Switzerland - 0.3
|
|
Hong Kong - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class A
|
||
Vistra Corp
|
||
Comfort Systems USA Inc
|
||
Apollo Global Management Inc
|
||
Arthur J Gallagher & Co
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Vertiv Holdings Co Class A
|
||
TopBuild Corp
|
||
44.8
|
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. © 2026 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
1.9918398.101 7776-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Health Care
|
||
Materials
|
||
Consumer Staples
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 100.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 94.7
|
|
Taiwan - 3.9
|
|
Canada - 0.6
|
|
Netherlands - 0.4
|
|
Switzerland - 0.3
|
|
Hong Kong - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class A
|
||
Vistra Corp
|
||
Comfort Systems USA Inc
|
||
Apollo Global Management Inc
|
||
Arthur J Gallagher & Co
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Vertiv Holdings Co Class A
|
||
TopBuild Corp
|
||
44.8
|
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. © 2026 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
1.9918402.101 7805-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Health Care
|
||
Materials
|
||
Consumer Staples
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 100.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 94.7
|
|
Taiwan - 3.9
|
|
Canada - 0.6
|
|
Netherlands - 0.4
|
|
Switzerland - 0.3
|
|
Hong Kong - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class A
|
||
Vistra Corp
|
||
Comfort Systems USA Inc
|
||
Apollo Global Management Inc
|
||
Arthur J Gallagher & Co
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Vertiv Holdings Co Class A
|
||
TopBuild Corp
|
||
44.8
|
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. © 2026 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
1.9918400.101 7806-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Health Care
|
||
Materials
|
||
Consumer Staples
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 100.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 94.7
|
|
Taiwan - 3.9
|
|
Canada - 0.6
|
|
Netherlands - 0.4
|
|
Switzerland - 0.3
|
|
Hong Kong - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class A
|
||
Vistra Corp
|
||
Comfort Systems USA Inc
|
||
Apollo Global Management Inc
|
||
Arthur J Gallagher & Co
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Vertiv Holdings Co Class A
|
||
TopBuild Corp
|
||
44.8
|
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. © 2026 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
1.9918404.101 7807-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Health Care
|
||
Materials
|
||
Consumer Staples
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 100.0
|
|
Bonds - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 94.7
|
|
Taiwan - 3.9
|
|
Canada - 0.6
|
|
Netherlands - 0.4
|
|
Switzerland - 0.3
|
|
Hong Kong - 0.1
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class A
|
||
Vistra Corp
|
||
Comfort Systems USA Inc
|
||
Apollo Global Management Inc
|
||
Arthur J Gallagher & Co
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Vertiv Holdings Co Class A
|
||
TopBuild Corp
|
||
44.8
|
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. © 2026 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
1.9918406.101 7808-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Communication Services
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.0
|
|
Preferred Stocks - 3.0
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 1.3
|
|
Taiwan - 1.1
|
|
India - 0.8
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.3
|
|
Switzerland - 0.2
|
|
Denmark - 0.1
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Tesla Inc
|
||
61.8
|
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. © 2026 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
1.9918459.101 7819-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Communication Services
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.0
|
|
Preferred Stocks - 3.0
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 1.3
|
|
Taiwan - 1.1
|
|
India - 0.8
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.3
|
|
Switzerland - 0.2
|
|
Denmark - 0.1
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Tesla Inc
|
||
61.8
|
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. © 2026 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
1.9918463.101 7820-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Communication Services
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.0
|
|
Preferred Stocks - 3.0
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 1.3
|
|
Taiwan - 1.1
|
|
India - 0.8
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.3
|
|
Switzerland - 0.2
|
|
Denmark - 0.1
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Tesla Inc
|
||
61.8
|
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. © 2026 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
1.9918461.101 7821-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Communication Services
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.0
|
|
Preferred Stocks - 3.0
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 1.3
|
|
Taiwan - 1.1
|
|
India - 0.8
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.3
|
|
Switzerland - 0.2
|
|
Denmark - 0.1
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Tesla Inc
|
||
61.8
|
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. © 2026 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
1.9918465.101 7822-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Consumer Discretionary
|
||
Communication Services
|
||
Industrials
|
||
Health Care
|
||
Financials
|
||
Consumer Staples
|
||
Real Estate
|
||
Materials
|
||
Energy
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 97.0
|
|
Preferred Stocks - 3.0
|
|
Bonds - 0.1
|
|
Preferred Securities - 0.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 95.1
|
|
Canada - 1.3
|
|
Taiwan - 1.1
|
|
India - 0.8
|
|
Finland - 0.3
|
|
China - 0.3
|
|
Netherlands - 0.3
|
|
Switzerland - 0.2
|
|
Denmark - 0.1
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Apple Inc
|
||
Alphabet Inc Class A
|
||
Amazon.com Inc
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Broadcom Inc
|
||
Eli Lilly & Co
|
||
Netflix Inc
|
||
Tesla Inc
|
||
61.8
|
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. © 2026 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
1.9918467.101 7823-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Health Care
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 95.9
|
|
Domestic Equity Funds - 3.3
|
|
Preferred Stocks - 0.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.1
|
|
Taiwan - 4.5
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.5
|
|
United Kingdom - 0.4
|
|
Canada - 0.4
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Space Exploration Technologies Corp
|
||
Invesco QQQ Trust ETF
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
64.3
|
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. © 2026 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
1.9918489.101 7814-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Health Care
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 95.9
|
|
Domestic Equity Funds - 3.3
|
|
Preferred Stocks - 0.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.1
|
|
Taiwan - 4.5
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.5
|
|
United Kingdom - 0.4
|
|
Canada - 0.4
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Space Exploration Technologies Corp
|
||
Invesco QQQ Trust ETF
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
64.3
|
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. © 2026 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
1.9918493.101 7815-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Health Care
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 95.9
|
|
Domestic Equity Funds - 3.3
|
|
Preferred Stocks - 0.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.1
|
|
Taiwan - 4.5
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.5
|
|
United Kingdom - 0.4
|
|
Canada - 0.4
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Space Exploration Technologies Corp
|
||
Invesco QQQ Trust ETF
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
64.3
|
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. © 2026 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
1.9918491.101 7816-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Health Care
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 95.9
|
|
Domestic Equity Funds - 3.3
|
|
Preferred Stocks - 0.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.1
|
|
Taiwan - 4.5
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.5
|
|
United Kingdom - 0.4
|
|
Canada - 0.4
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Space Exploration Technologies Corp
|
||
Invesco QQQ Trust ETF
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
64.3
|
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. © 2026 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
1.9918495.101 7817-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Health Care
|
||
Industrials
|
||
Utilities
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Financials
|
||
Energy
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 95.9
|
|
Domestic Equity Funds - 3.3
|
|
Preferred Stocks - 0.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 90.1
|
|
Taiwan - 4.5
|
|
Korea (South) - 1.7
|
|
Netherlands - 1.7
|
|
Belgium - 0.5
|
|
United Kingdom - 0.4
|
|
Canada - 0.4
|
|
Brazil - 0.2
|
|
Denmark - 0.2
|
|
Others - 0.3
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Apple Inc
|
||
Microsoft Corp
|
||
Amazon.com Inc
|
||
Meta Platforms Inc Class A
|
||
Alphabet Inc Class C
|
||
Space Exploration Technologies Corp
|
||
Invesco QQQ Trust ETF
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
64.3
|
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. © 2026 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
1.9918497.101 7818-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Energy
|
||
Consumer Staples
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Materials
|
||
Real Estate
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 94.5
|
|
Preferred Stocks - 2.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.2
|
|
Canada - 2.2
|
|
United Kingdom - 1.3
|
|
Belgium - 1.3
|
|
Taiwan - 1.0
|
|
Netherlands - 0.8
|
|
Germany - 0.7
|
|
France - 0.6
|
|
Zambia - 0.4
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Wells Fargo & Co
|
||
Microsoft Corp
|
||
Exxon Mobil Corp
|
||
GE Aerospace
|
||
NVIDIA Corp
|
||
GE Vernova Inc
|
||
Bank of America Corp
|
||
Apple Inc
|
||
Boeing Co
|
||
Shell PLC ADR
|
||
40.0
|
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. © 2026 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
1.9919312.100 8997-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Energy
|
||
Consumer Staples
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Materials
|
||
Real Estate
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 94.5
|
|
Preferred Stocks - 2.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.2
|
|
Canada - 2.2
|
|
United Kingdom - 1.3
|
|
Belgium - 1.3
|
|
Taiwan - 1.0
|
|
Netherlands - 0.8
|
|
Germany - 0.7
|
|
France - 0.6
|
|
Zambia - 0.4
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Wells Fargo & Co
|
||
Microsoft Corp
|
||
Exxon Mobil Corp
|
||
GE Aerospace
|
||
NVIDIA Corp
|
||
GE Vernova Inc
|
||
Bank of America Corp
|
||
Apple Inc
|
||
Boeing Co
|
||
Shell PLC ADR
|
||
40.0
|
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. © 2026 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
1.9919314.100 8998-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Energy
|
||
Consumer Staples
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Materials
|
||
Real Estate
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 94.5
|
|
Preferred Stocks - 2.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.2
|
|
Canada - 2.2
|
|
United Kingdom - 1.3
|
|
Belgium - 1.3
|
|
Taiwan - 1.0
|
|
Netherlands - 0.8
|
|
Germany - 0.7
|
|
France - 0.6
|
|
Zambia - 0.4
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Wells Fargo & Co
|
||
Microsoft Corp
|
||
Exxon Mobil Corp
|
||
GE Aerospace
|
||
NVIDIA Corp
|
||
GE Vernova Inc
|
||
Bank of America Corp
|
||
Apple Inc
|
||
Boeing Co
|
||
Shell PLC ADR
|
||
40.0
|
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. © 2026 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
1.9919316.100 8999-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Energy
|
||
Consumer Staples
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Materials
|
||
Real Estate
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 94.5
|
|
Preferred Stocks - 2.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.2
|
|
Canada - 2.2
|
|
United Kingdom - 1.3
|
|
Belgium - 1.3
|
|
Taiwan - 1.0
|
|
Netherlands - 0.8
|
|
Germany - 0.7
|
|
France - 0.6
|
|
Zambia - 0.4
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Wells Fargo & Co
|
||
Microsoft Corp
|
||
Exxon Mobil Corp
|
||
GE Aerospace
|
||
NVIDIA Corp
|
||
GE Vernova Inc
|
||
Bank of America Corp
|
||
Apple Inc
|
||
Boeing Co
|
||
Shell PLC ADR
|
||
40.0
|
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. © 2026 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
1.9919318.100 9000-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Health Care
|
||
Energy
|
||
Consumer Staples
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Utilities
|
||
Materials
|
||
Real Estate
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 94.5
|
|
Preferred Stocks - 2.0
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 91.2
|
|
Canada - 2.2
|
|
United Kingdom - 1.3
|
|
Belgium - 1.3
|
|
Taiwan - 1.0
|
|
Netherlands - 0.8
|
|
Germany - 0.7
|
|
France - 0.6
|
|
Zambia - 0.4
|
|
Others - 0.5
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Wells Fargo & Co
|
||
Microsoft Corp
|
||
Exxon Mobil Corp
|
||
GE Aerospace
|
||
NVIDIA Corp
|
||
GE Vernova Inc
|
||
Bank of America Corp
|
||
Apple Inc
|
||
Boeing Co
|
||
Shell PLC ADR
|
||
40.0
|
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. © 2026 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
1.9919320.100 9001-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Energy
|
||
Health Care
|
||
Consumer Staples
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 88.9
|
|
Canada - 3.0
|
|
Taiwan - 2.1
|
|
United Kingdom - 1.7
|
|
Korea (South) - 1.5
|
|
Norway - 0.6
|
|
Zambia - 0.5
|
|
Brazil - 0.5
|
|
Germany - 0.4
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Boeing Co
|
||
Western Digital Corp
|
||
GE Vernova Inc
|
||
Broadcom Inc
|
||
Seagate Technology Holdings PLC
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
37.4
|
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. © 2026 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
1.9918523.100 9024-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Energy
|
||
Health Care
|
||
Consumer Staples
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 88.9
|
|
Canada - 3.0
|
|
Taiwan - 2.1
|
|
United Kingdom - 1.7
|
|
Korea (South) - 1.5
|
|
Norway - 0.6
|
|
Zambia - 0.5
|
|
Brazil - 0.5
|
|
Germany - 0.4
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Boeing Co
|
||
Western Digital Corp
|
||
GE Vernova Inc
|
||
Broadcom Inc
|
||
Seagate Technology Holdings PLC
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
37.4
|
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. © 2026 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
1.9918515.100 9018-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Energy
|
||
Health Care
|
||
Consumer Staples
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 88.9
|
|
Canada - 3.0
|
|
Taiwan - 2.1
|
|
United Kingdom - 1.7
|
|
Korea (South) - 1.5
|
|
Norway - 0.6
|
|
Zambia - 0.5
|
|
Brazil - 0.5
|
|
Germany - 0.4
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Boeing Co
|
||
Western Digital Corp
|
||
GE Vernova Inc
|
||
Broadcom Inc
|
||
Seagate Technology Holdings PLC
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
37.4
|
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. © 2026 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
1.9918517.100 9019-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Energy
|
||
Health Care
|
||
Consumer Staples
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 88.9
|
|
Canada - 3.0
|
|
Taiwan - 2.1
|
|
United Kingdom - 1.7
|
|
Korea (South) - 1.5
|
|
Norway - 0.6
|
|
Zambia - 0.5
|
|
Brazil - 0.5
|
|
Germany - 0.4
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Boeing Co
|
||
Western Digital Corp
|
||
GE Vernova Inc
|
||
Broadcom Inc
|
||
Seagate Technology Holdings PLC
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
37.4
|
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. © 2026 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
1.9918519.100 9022-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Information Technology
|
||
Industrials
|
||
Financials
|
||
Communication Services
|
||
Energy
|
||
Health Care
|
||
Consumer Staples
|
||
Materials
|
||
Consumer Discretionary
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 88.9
|
|
Canada - 3.0
|
|
Taiwan - 2.1
|
|
United Kingdom - 1.7
|
|
Korea (South) - 1.5
|
|
Norway - 0.6
|
|
Zambia - 0.5
|
|
Brazil - 0.5
|
|
Germany - 0.4
|
|
Others - 0.8
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
NVIDIA Corp
|
||
Alphabet Inc Class A
|
||
Microsoft Corp
|
||
Meta Platforms Inc Class A
|
||
Boeing Co
|
||
Western Digital Corp
|
||
GE Vernova Inc
|
||
Broadcom Inc
|
||
Seagate Technology Holdings PLC
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
37.4
|
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. © 2026 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
1.9918521.100 9023-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class A A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Health Care
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Energy
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 96.0
|
|
Taiwan - 2.0
|
|
United Kingdom - 1.1
|
|
Canada - 0.9
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Alphabet Inc Class A
|
||
Wells Fargo & Co
|
||
Exxon Mobil Corp
|
||
Amazon.com Inc
|
||
US Bancorp
|
||
Merck & Co Inc
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Cisco Systems Inc
|
||
Alphabet Inc Class C
|
||
Citigroup Inc
|
||
27.8
|
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. © 2026 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
1.9918528.100 9027-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class M A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Health Care
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Energy
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 96.0
|
|
Taiwan - 2.0
|
|
United Kingdom - 1.1
|
|
Canada - 0.9
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Alphabet Inc Class A
|
||
Wells Fargo & Co
|
||
Exxon Mobil Corp
|
||
Amazon.com Inc
|
||
US Bancorp
|
||
Merck & Co Inc
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Cisco Systems Inc
|
||
Alphabet Inc Class C
|
||
Citigroup Inc
|
||
27.8
|
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. © 2026 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
1.9918530.100 9028-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class C A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Health Care
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Energy
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 96.0
|
|
Taiwan - 2.0
|
|
United Kingdom - 1.1
|
|
Canada - 0.9
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Alphabet Inc Class A
|
||
Wells Fargo & Co
|
||
Exxon Mobil Corp
|
||
Amazon.com Inc
|
||
US Bancorp
|
||
Merck & Co Inc
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Cisco Systems Inc
|
||
Alphabet Inc Class C
|
||
Citigroup Inc
|
||
27.8
|
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. © 2026 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
1.9918532.100 9029-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class I A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Health Care
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Energy
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 96.0
|
|
Taiwan - 2.0
|
|
United Kingdom - 1.1
|
|
Canada - 0.9
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Alphabet Inc Class A
|
||
Wells Fargo & Co
|
||
Exxon Mobil Corp
|
||
Amazon.com Inc
|
||
US Bancorp
|
||
Merck & Co Inc
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Cisco Systems Inc
|
||
Alphabet Inc Class C
|
||
Citigroup Inc
|
||
27.8
|
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. © 2026 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
1.9918534.100 9031-TSRS-0426
|
|
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF
|
||
|
|
||
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
||
Class Z A
|
$
|
KEY FACTS
|
||
Fund Size
|
$
|
|
Number of Holdings
|
||
Portfolio Turnover
|
MARKET SECTORS
(% of Fund's net assets)
|
||
Financials
|
||
Industrials
|
||
Health Care
|
||
Information Technology
|
||
Communication Services
|
||
Consumer Discretionary
|
||
Energy
|
||
Consumer Staples
|
||
Materials
|
||
Real Estate
|
||
Utilities
|
||
ASSET ALLOCATION (% of Fund's net assets)
|
|
Common Stocks - 99.8
|
|
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
|
|
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
|
|
United States - 96.0
|
|
Taiwan - 2.0
|
|
United Kingdom - 1.1
|
|
Canada - 0.9
|
|
TOP HOLDINGS (% of Fund's net assets) |
||
Alphabet Inc Class A
|
||
Wells Fargo & Co
|
||
Exxon Mobil Corp
|
||
Amazon.com Inc
|
||
US Bancorp
|
||
Merck & Co Inc
|
||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
||
Cisco Systems Inc
|
||
Alphabet Inc Class C
|
||
Citigroup Inc
|
||
27.8
|
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. © 2026 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
1.9918536.100 9032-TSRS-0426
|
|
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


Contents
Common Stocks - 99.3%
|
|||
Shares
|
Value ($)
|
||
BERMUDA - 1.9%
|
|||
Financials - 1.9%
|
|||
Banks - 1.9%
|
|||
Bank of Nt Butterfield & Son Ltd/The (United States)
|
1,760,000
|
91,168,000
|
|
BRAZIL - 0.3%
|
|||
Materials - 0.3%
|
|||
Metals & Mining - 0.3%
|
|||
ERO Copper Corp (b)
|
406,510
|
13,637,408
|
|
CANADA - 2.7%
|
|||
Energy - 1.3%
|
|||
Energy Equipment & Services - 1.3%
|
|||
CES Energy Solutions Corp
|
5,500,000
|
57,356,883
|
|
Materials - 0.5%
|
|||
Metals & Mining - 0.5%
|
|||
Triple Flag Precious Metals Corp (United States)
|
685,827
|
23,126,086
|
|
Utilities - 0.9%
|
|||
Gas Utilities - 0.9%
|
|||
Brookfield Infrastructure Corp (United States) (a)
|
925,750
|
44,297,138
|
|
TOTAL CANADA
|
124,780,107
|
||
UNITED STATES - 94.4%
|
|||
Communication Services - 0.6%
|
|||
Media - 0.6%
|
|||
EchoStar Corp Class A (b)
|
304,500
|
34,475,490
|
|
Consumer Discretionary - 10.4%
|
|||
Automobile Components - 0.3%
|
|||
American Axle & Manufacturing Holdings Inc (b)
|
1,880,000
|
14,983,600
|
|
Diversified Consumer Services - 1.5%
|
|||
Laureate Education Inc (b)
|
2,033,161
|
69,737,422
|
|
Hotels, Restaurants & Leisure - 1.4%
|
|||
Brinker International Inc (b)
|
180,114
|
28,407,580
|
|
Cheesecake Factory Inc/The (a)
|
668,847
|
38,766,372
|
|
67,173,952
|
|||
Household Durables - 2.8%
|
|||
KB Home
|
1,369,628
|
78,808,395
|
|
Taylor Morrison Home Corp (b)
|
845,900
|
51,557,605
|
|
130,366,000
|
|||
Specialty Retail - 4.3%
|
|||
Murphy USA Inc
|
155,000
|
65,489,050
|
|
National Vision Holdings Inc (a)(b)
|
1,205,000
|
31,751,750
|
|
Signet Jewelers Ltd (a)
|
988,984
|
91,253,554
|
|
Urban Outfitters Inc (b)
|
135,000
|
9,564,750
|
|
198,059,104
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
PVH Corp
|
71,689
|
4,470,526
|
|
TOTAL CONSUMER DISCRETIONARY
|
484,790,604
|
||
Consumer Staples - 4.7%
|
|||
Consumer Staples Distribution & Retail - 3.4%
|
|||
BJ's Wholesale Club Holdings Inc (b)
|
1,072,114
|
99,106,218
|
|
Chefs' Warehouse Inc/The (b)
|
949,535
|
59,725,752
|
|
158,831,970
|
|||
Food Products - 1.3%
|
|||
Post Holdings Inc (b)
|
595,000
|
60,874,450
|
|
TOTAL CONSUMER STAPLES
|
219,706,420
|
||
Energy - 4.5%
|
|||
Energy Equipment & Services - 0.6%
|
|||
Cactus Inc Class A
|
462,000
|
25,978,260
|
|
Oil, Gas & Consumable Fuels - 3.9%
|
|||
Chord Energy Corp
|
760,829
|
76,265,499
|
|
Core Natural Resources Inc
|
160,000
|
15,260,800
|
|
Sunoco LP
|
1,595,000
|
91,840,100
|
|
183,366,399
|
|||
TOTAL ENERGY
|
209,344,659
|
||
Financials - 20.5%
|
|||
Banks - 11.9%
|
|||
BOK Financial Corp (a)
|
328,809
|
42,725,441
|
|
Eastern Bankshares Inc
|
3,265,000
|
66,883,525
|
|
First Bancorp/Southern Pines NC
|
156,005
|
9,037,370
|
|
FNB Corp/PA
|
1,970,000
|
34,573,500
|
|
Hancock Whitney Corp
|
905,102
|
62,271,018
|
|
Old National Bancorp/IN
|
5,039,586
|
123,117,086
|
|
SOUTHSTATE BANK CORP
|
408,746
|
41,826,978
|
|
TriCo Bancshares
|
666,616
|
33,210,809
|
|
UMB Financial Corp
|
754,977
|
95,987,776
|
|
Wintrust Financial Corp
|
290,013
|
42,774,017
|
|
552,407,520
|
|||
Capital Markets - 2.4%
|
|||
AllianceBernstein Holding LP
|
833,857
|
35,472,277
|
|
Lazard Inc
|
774,795
|
41,621,988
|
|
Perella Weinberg Partners Class A
|
1,499,511
|
33,454,090
|
|
110,548,355
|
|||
Consumer Finance - 0.6%
|
|||
FirstCash Holdings Inc
|
170,619
|
29,090,539
|
|
Financial Services - 0.7%
|
|||
Federal Agricultural Mortgage Corp Class C
|
204,829
|
34,677,550
|
|
Insurance - 4.9%
|
|||
Axis Capital Holdings Ltd
|
1,003,900
|
103,582,402
|
|
Baldwin Insurance Group Inc/The Class A (a)(b)
|
1,731,922
|
37,963,730
|
|
Primerica Inc
|
338,591
|
89,062,977
|
|
230,609,109
|
|||
TOTAL FINANCIALS
|
957,333,073
|
||
Health Care - 9.8%
|
|||
Biotechnology - 2.7%
|
|||
CG oncology Inc (b)
|
100,905
|
5,252,105
|
|
Cogent Biosciences Inc (b)
|
195,000
|
7,002,450
|
|
Cytokinetics Inc (b)
|
310,853
|
19,642,801
|
|
Dianthus Therapeutics Inc (b)
|
101,900
|
5,440,441
|
|
Disc Medicine Inc (b)
|
89,020
|
6,883,026
|
|
GRAIL Inc (a)(b)
|
103,219
|
10,096,883
|
|
Kiniksa Pharmaceuticals International Plc Class A (b)
|
83,695
|
3,675,884
|
|
Olema Pharmaceuticals Inc (b)
|
355,000
|
9,130,600
|
|
Praxis Precision Medicines Inc (b)
|
82,300
|
25,842,200
|
|
Spyre Therapeutics Inc (b)
|
280,564
|
8,972,437
|
|
Vaxcyte Inc (b)
|
419,000
|
22,445,830
|
|
Viridian Therapeutics Inc (b)
|
4,600
|
151,800
|
|
124,536,457
|
|||
Health Care Equipment & Supplies - 2.1%
|
|||
Enovis Corp (b)
|
1,770,000
|
39,010,800
|
|
LivaNova PLC (b)
|
154,300
|
10,139,053
|
|
QuidelOrtho Corp (b)
|
1,729,427
|
46,988,532
|
|
96,138,385
|
|||
Health Care Providers & Services - 3.2%
|
|||
BrightSpring Health Services Inc (b)
|
1,788,980
|
70,253,245
|
|
LifeStance Health Group Inc (b)
|
6,549,537
|
46,305,227
|
|
Pediatrix Medical Group Inc (a)(b)
|
1,646,387
|
35,199,753
|
|
151,758,225
|
|||
Pharmaceuticals - 1.8%
|
|||
Amylyx Pharmaceuticals Inc (b)
|
360,000
|
5,144,399
|
|
Enliven Therapeutics Inc (b)
|
208,477
|
5,514,217
|
|
Ligand Pharmaceuticals Inc (b)
|
399,965
|
76,833,277
|
|
87,491,893
|
|||
TOTAL HEALTH CARE
|
459,924,960
|
||
Industrials - 17.6%
|
|||
Commercial Services & Supplies - 0.4%
|
|||
HNI Corp
|
179,293
|
8,568,412
|
|
UniFirst Corp/MA
|
50,000
|
10,750,000
|
|
19,318,412
|
|||
Construction & Engineering - 1.3%
|
|||
WillScot Holdings Corp (a)
|
3,076,010
|
61,612,480
|
|
Electrical Equipment - 1.3%
|
|||
Nextpower Inc Class A (b)
|
405,700
|
47,503,413
|
|
Thermon Group Holdings Inc (b)
|
250,581
|
11,338,790
|
|
58,842,203
|
|||
Ground Transportation - 1.2%
|
|||
Knight-Swift Transportation Holdings Inc
|
594,000
|
32,729,400
|
|
Saia Inc (b)
|
64,000
|
21,431,680
|
|
54,161,080
|
|||
Machinery - 6.5%
|
|||
Atmus Filtration Technologies Inc
|
1,005,488
|
58,288,139
|
|
Blue Bird Corp (a)(b)
|
1,426,827
|
71,783,667
|
|
Enpro Inc
|
270,086
|
64,491,135
|
|
JBT Marel Corp
|
236,618
|
37,222,378
|
|
REV Group Inc
|
1,117,120
|
71,383,968
|
|
303,169,287
|
|||
Professional Services - 2.9%
|
|||
KBR Inc
|
1,100,000
|
47,091,000
|
|
Parsons Corp (b)
|
1,276,234
|
89,412,954
|
|
136,503,954
|
|||
Trading Companies & Distributors - 4.0%
|
|||
DXP Enterprises Inc/TX (b)
|
524,253
|
68,179,103
|
|
GATX Corp
|
235,000
|
42,748,850
|
|
Herc Holdings Inc
|
548,000
|
78,550,320
|
|
189,478,273
|
|||
TOTAL INDUSTRIALS
|
823,085,689
|
||
Information Technology - 8.2%
|
|||
Electronic Equipment, Instruments & Components - 5.2%
|
|||
Bel Fuse Inc Class B
|
398,636
|
80,201,577
|
|
Crane NXT Co
|
472,944
|
23,893,131
|
|
Itron Inc (b)
|
100,000
|
9,908,000
|
|
OSI Systems Inc (b)
|
83,000
|
20,761,620
|
|
Sanmina Corp (b)
|
560,838
|
79,459,528
|
|
Vontier Corp
|
732,100
|
27,453,750
|
|
241,677,606
|
|||
Semiconductors & Semiconductor Equipment - 3.0%
|
|||
MaxLinear Inc (b)(c)
|
4,586,449
|
79,574,890
|
|
Penguin Solutions Inc (a)(b)(c)
|
3,160,000
|
60,703,600
|
|
140,278,490
|
|||
TOTAL INFORMATION TECHNOLOGY
|
381,956,096
|
||
Materials - 5.4%
|
|||
Construction Materials - 2.2%
|
|||
Eagle Materials Inc
|
286,000
|
58,289,660
|
|
Knife River Corp (b)
|
681,700
|
45,789,789
|
|
104,079,449
|
|||
Containers & Packaging - 1.9%
|
|||
Silgan Holdings Inc (a)
|
2,040,507
|
88,047,877
|
|
Metals & Mining - 1.3%
|
|||
Coeur Mining Inc (b)
|
3,025,000
|
61,831,000
|
|
TOTAL MATERIALS
|
253,958,326
|
||
Real Estate - 9.6%
|
|||
Health Care REITs - 3.7%
|
|||
American Healthcare REIT Inc
|
1,735,000
|
81,388,850
|
|
CareTrust REIT Inc
|
2,411,581
|
90,048,435
|
|
171,437,285
|
|||
Industrial REITs - 0.7%
|
|||
Terreno Realty Corp
|
539,100
|
33,176,214
|
|
Real Estate Management & Development - 2.7%
|
|||
Compass Inc Class A (b)
|
8,148,237
|
102,015,927
|
|
Cushman & Wakefield Ltd
|
1,620,225
|
26,636,499
|
|
128,652,426
|
|||
Retail REITs - 1.6%
|
|||
Acadia Realty Trust
|
2,544,400
|
50,913,444
|
|
Curbline Properties Corp
|
315,000
|
7,638,750
|
|
SITE Centers Corp
|
2,591,270
|
15,858,572
|
|
74,410,766
|
|||
Specialized REITs - 0.9%
|
|||
National Storage Affiliates Trust
|
1,279,000
|
40,684,990
|
|
TOTAL REAL ESTATE
|
448,361,681
|
||
Utilities - 3.1%
|
|||
Gas Utilities - 1.4%
|
|||
Southwest Gas Holdings Inc
|
812,673
|
67,305,578
|
|
Multi-Utilities - 0.2%
|
|||
Unitil Corp
|
165,169
|
8,408,753
|
|
Water Utilities - 1.5%
|
|||
California Water Service Group
|
1,545,735
|
69,094,355
|
|
TOTAL UTILITIES
|
144,808,686
|
||
TOTAL UNITED STATES
|
4,417,745,684
|
||
|
TOTAL COMMON STOCKS
(Cost $3,945,275,100)
|
4,647,331,199
|
||
Money Market Funds - 4.0%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (d)
|
3.70
|
39,645,649
|
39,653,578
|
|
Fidelity Securities Lending Cash Central Fund (d)(e)
|
3.70
|
147,864,912
|
147,879,699
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $187,533,277)
|
187,533,277
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 103.3%
(Cost $4,132,808,377)
|
4,834,864,476
|
NET OTHER ASSETS (LIABILITIES) - (3.3)%
|
(154,119,400)
|
NET ASSETS - 100.0%
|
4,680,745,076
|
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Non-income producing.
|
(c)
|
Affiliated company.
|
(d)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(e)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
53,260,961
|
1,014,686,294
|
1,028,286,646
|
1,030,755
|
(7,031)
|
-
|
39,653,578
|
39,645,649
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
207,737,983
|
699,744,105
|
759,603,054
|
248,854
|
665
|
-
|
147,879,699
|
147,864,912
|
0.5%
|
Total
|
260,998,944
|
1,714,430,399
|
1,787,889,700
|
1,279,609
|
(6,366)
|
-
|
187,533,277
|
||
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Blue Bird Corp
|
88,586,155
|
28,783,617
|
60,375,533
|
-
|
2,291,618
|
12,497,809
|
-
|
-
|
MaxLinear Inc
|
-
|
76,979,675
|
-
|
-
|
-
|
2,595,215
|
79,574,890
|
4,586,449
|
Penguin Solutions Inc
|
50,675,500
|
25,017,976
|
4,567,024
|
-
|
114,879
|
(10,537,731)
|
60,703,600
|
3,160,000
|
Total
|
139,261,655
|
130,781,268
|
64,942,557
|
-
|
2,406,497
|
4,555,293
|
140,278,490
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
34,475,490
|
34,475,490
|
-
|
-
|
Consumer Discretionary
|
484,790,604
|
484,790,604
|
-
|
-
|
Consumer Staples
|
219,706,420
|
219,706,420
|
-
|
-
|
Energy
|
266,701,542
|
266,701,542
|
-
|
-
|
Financials
|
1,048,501,073
|
1,048,501,073
|
-
|
-
|
Health Care
|
459,924,960
|
459,924,960
|
-
|
-
|
Industrials
|
823,085,689
|
823,085,689
|
-
|
-
|
Information Technology
|
381,956,096
|
381,956,096
|
-
|
-
|
Materials
|
290,721,820
|
290,721,820
|
-
|
-
|
Real Estate
|
448,361,681
|
448,361,681
|
-
|
-
|
Utilities
|
189,105,824
|
189,105,824
|
-
|
-
|
Money Market Funds
|
187,533,277
|
187,533,277
|
-
|
-
|
Total Investments in Securities:
|
4,834,864,476
|
4,834,864,476
|
-
|
-
|
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $158,999,249) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $3,804,538,924)
|
$
|
4,507,052,709
|
||
Fidelity Central Funds (cost $187,533,277)
|
187,533,277
|
|||
Other affiliated issuers (cost $140,736,176)
|
140,278,490
|
|||
Total Investment in Securities (cost $4,132,808,377)
|
$
|
4,834,864,476
|
||
Foreign currency held at value (cost $382,152)
|
418,489
|
|||
Receivable for investments sold
|
7,331,432
|
|||
Receivable for fund shares sold
|
3,534,503
|
|||
Dividends receivable
|
1,008,851
|
|||
Distributions receivable from Fidelity Central Funds
|
109,802
|
|||
Prepaid expenses
|
3,040
|
|||
Total assets
|
4,847,270,593
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
11,489,960
|
||
Payable for fund shares redeemed
|
4,277,470
|
|||
Accrued management fee
|
2,680,978
|
|||
Distribution and service plan fees payable
|
122,809
|
|||
Other payables and accrued expenses
|
80,848
|
|||
Collateral on securities loaned
|
147,873,452
|
|||
Total liabilities
|
166,525,517
|
|||
Net Assets
|
$
|
4,680,745,076
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
3,908,747,225
|
||
Total accumulated earnings (loss)
|
771,997,851
|
|||
Net Assets
|
$
|
4,680,745,076
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($242,736,170 ÷ 12,052,090 shares)(a)
|
$
|
20.14
|
||
Maximum offering price per share (100/94.25 of $20.14)
|
$
|
21.37
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($102,320,449 ÷ 5,367,856 shares)(a)
|
$
|
19.06
|
||
Maximum offering price per share (100/96.50 of $19.06)
|
$
|
19.75
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($34,147,180 ÷ 2,123,650 shares)(a)
|
$
|
16.08
|
||
Small Cap Value :
|
||||
Net Asset Value, offering price and redemption price per share ($2,554,316,336 ÷ 121,758,595 shares)
|
$
|
20.98
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($921,588,352 ÷ 43,919,054 shares)
|
$
|
20.98
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($825,636,589 ÷ 39,333,054 shares)
|
$
|
20.99
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
33,877,415
|
||
Interest
|
376
|
|||
Income from Fidelity Central Funds (including $248,854 from security lending)
|
1,279,609
|
|||
Total income
|
35,157,400
|
|||
Expenses
|
||||
Management fee
|
||||
Basic fee
|
$
|
17,051,610
|
||
Performance adjustment
|
1,342,463
|
|||
Distribution and service plan fees
|
725,011
|
|||
Custodian fees and expenses
|
25,983
|
|||
Independent trustees' fees and expenses
|
9,288
|
|||
Registration fees
|
156,924
|
|||
Audit fees
|
31,850
|
|||
Legal
|
3,821
|
|||
Miscellaneous
|
7,296
|
|||
Total expenses
|
19,354,246
|
|||
Net Investment income (loss)
|
15,803,154
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
222,637,959
|
|||
Fidelity Central Funds
|
(6,366)
|
|||
Other affiliated issuers
|
2,406,497
|
|||
Foreign currency transactions
|
2,508
|
|||
Total net realized gain (loss)
|
225,040,598
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
354,457,864
|
|||
Affiliated issuers
|
4,555,293
|
|||
Assets and liabilities in foreign currencies
|
41,349
|
|||
Total change in net unrealized appreciation (depreciation)
|
359,054,506
|
|||
Net gain (loss)
|
584,095,104
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
599,898,258
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
15,803,154
|
$
|
39,787,476
|
Net realized gain (loss)
|
225,040,598
|
343,380,291
|
||
Change in net unrealized appreciation (depreciation)
|
359,054,506
|
(519,024,494)
|
||
Net increase (decrease) in net assets resulting from operations
|
599,898,258
|
(135,856,727)
|
||
Distributions to shareholders
|
(439,892,248)
|
(290,185,441)
|
||
Share transactions - net increase (decrease)
|
121,976,949
|
(303,727,803)
|
||
Total increase (decrease) in net assets
|
281,982,959
|
(729,769,971)
|
||
Net Assets
|
||||
Beginning of period
|
4,398,762,117
|
5,128,532,088
|
||
End of period
|
$
|
4,680,745,076
|
$
|
4,398,762,117
|
Fidelity Advisor® Small Cap Value Fund Class A |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
19.50
|
$
|
21.25
|
$
|
19.35
|
$
|
19.13
|
$
|
21.03
|
$
|
12.33
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.04
|
.11
|
.09
|
.09
|
.18 C
|
.09 D
|
||||||
Net realized and unrealized gain (loss)
|
2.58
|
(.67)
|
2.80
|
1.18
|
(.41)
|
8.66
|
||||||
Total from investment operations
|
2.62
|
(.56)
|
2.89
|
1.27
|
(.23)
|
8.75
|
||||||
Distributions from net investment income
|
(.17)
|
(.07)
|
(.09)
|
-
|
(.39)
|
(.05)
|
||||||
Distributions from net realized gain
|
(1.81)
|
(1.13)
|
(.90)
|
(1.05)
|
(1.28)
|
-
|
||||||
Total distributions
|
(1.98)
|
(1.19) E
|
(.99)
|
(1.05)
|
(1.67)
|
(.05)
|
||||||
Net asset value, end of period
|
$
|
20.14
|
$
|
19.50
|
$
|
21.25
|
$
|
19.35
|
$
|
19.13
|
$
|
21.03
|
Total Return F,G,H
|
13.94 % |
(2.62)%
|
16.03%
|
7.17%
|
(1.50)%
|
71.07%
|
||||||
Ratios to Average Net Assets B,I,J
|
||||||||||||
Expenses before reductions
|
1.11% K
|
1.20%
|
1.30%
|
1.30%
|
1.26%
|
1.24%
|
||||||
Expenses net of fee waivers, if any
|
1.11 % K |
1.20%
|
1.29%
|
1.29%
|
1.25%
|
1.24%
|
||||||
Expenses net of all reductions, if any
|
1.11% K
|
1.20%
|
1.29%
|
1.29%
|
1.25%
|
1.23%
|
||||||
Net investment income (loss)
|
.43% K
|
.59%
|
.50%
|
.51%
|
.90% C
|
.50% D
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
242,736
|
$
|
232,664
|
$
|
275,800
|
$
|
270,455
|
$
|
267,854
|
$
|
232,920
|
Portfolio turnover rate L
|
123 % K |
96%
|
63%
|
29%
|
40%
|
54%
|
Fidelity Advisor® Small Cap Value Fund Class M |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
18.54
|
$
|
20.29
|
$
|
18.55
|
$
|
18.42
|
$
|
20.31
|
$
|
11.93
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.02
|
.06
|
.04
|
.04
|
.13 C
|
.05 D
|
||||||
Net realized and unrealized gain (loss)
|
2.44
|
(.65)
|
2.68
|
1.14
|
(.40)
|
8.37
|
||||||
Total from investment operations
|
2.46
|
(.59)
|
2.72
|
1.18
|
(.27)
|
8.42
|
||||||
Distributions from net investment income
|
(.14)
|
(.05)
|
(.08)
|
-
|
(.35)
|
(.04)
|
||||||
Distributions from net realized gain
|
(1.81)
|
(1.12)
|
(.90)
|
(1.05)
|
(1.28)
|
-
|
||||||
Total distributions
|
(1.94) E
|
(1.16) E
|
(.98)
|
(1.05)
|
(1.62) E
|
(.04)
|
||||||
Net asset value, end of period
|
$
|
19.06
|
$
|
18.54
|
$
|
20.29
|
$
|
18.55
|
$
|
18.42
|
$
|
20.31
|
Total Return F,G,H
|
13.82 % |
(2.92)%
|
15.75%
|
6.95%
|
(1.74)%
|
70.63%
|
||||||
Ratios to Average Net Assets B,I,J
|
||||||||||||
Expenses before reductions
|
1.36% K
|
1.45%
|
1.55%
|
1.54%
|
1.50%
|
1.48%
|
||||||
Expenses net of fee waivers, if any
|
1.36 % K |
1.45%
|
1.55%
|
1.54%
|
1.49%
|
1.48%
|
||||||
Expenses net of all reductions, if any
|
1.36% K
|
1.45%
|
1.55%
|
1.54%
|
1.49%
|
1.47%
|
||||||
Net investment income (loss)
|
.18% K
|
.34%
|
.24%
|
.26%
|
.66% C
|
.26% D
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
102,320
|
$
|
97,536
|
$
|
106,502
|
$
|
94,205
|
$
|
81,790
|
$
|
80,182
|
Portfolio turnover rate L
|
123 % K |
96%
|
63%
|
29%
|
40%
|
54%
|
Fidelity Advisor® Small Cap Value Fund Class C |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
15.91
|
$
|
17.60
|
$
|
16.28
|
$
|
16.38
|
$
|
18.25
|
$
|
10.76
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.03)
|
(.03)
|
(.04)
|
(.04)
|
.03 C
|
(.04) D
|
||||||
Net realized and unrealized gain (loss)
|
2.09
|
(.56)
|
2.31
|
.99
|
(.36)
|
7.55
|
||||||
Total from investment operations
|
2.06
|
(.59)
|
2.27
|
.95
|
(.33)
|
7.51
|
||||||
Distributions from net investment income
|
(.09)
|
(.03)
|
(.05)
|
-
|
(.31)
|
(.02)
|
||||||
Distributions from net realized gain
|
(1.81)
|
(1.08)
|
(.90)
|
(1.05)
|
(1.24)
|
-
|
||||||
Total distributions
|
(1.89) E
|
(1.10) E
|
(.95)
|
(1.05)
|
(1.54) E
|
(.02)
|
||||||
Net asset value, end of period
|
$
|
16.08
|
$
|
15.91
|
$
|
17.60
|
$
|
16.28
|
$
|
16.38
|
$
|
18.25
|
Total Return F,G,H
|
13.56 % |
(3.39)%
|
15.15%
|
6.38%
|
(2.27)%
|
69.84%
|
||||||
Ratios to Average Net Assets B,I,J
|
||||||||||||
Expenses before reductions
|
1.86% K
|
1.95%
|
2.06%
|
2.06%
|
2.02%
|
2.01%
|
||||||
Expenses net of fee waivers, if any
|
1.86 % K |
1.95%
|
2.05%
|
2.05%
|
2.01%
|
2.01%
|
||||||
Expenses net of all reductions, if any
|
1.86% K
|
1.95%
|
2.05%
|
2.05%
|
2.01%
|
2.00%
|
||||||
Net investment income (loss)
|
(.32)% K
|
(.17)%
|
(.27)%
|
(.26)%
|
.14% C
|
(.26)% D
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
34,147
|
$
|
33,269
|
$
|
39,363
|
$
|
38,077
|
$
|
38,832
|
$
|
32,469
|
Portfolio turnover rate L
|
123 % K |
96%
|
63%
|
29%
|
40%
|
54%
|
Fidelity® Small Cap Value Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
20.25
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
$
|
12.64
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.07
|
.18
|
.15
|
.14
|
.24 C
|
.14 D
|
||||||
Net realized and unrealized gain (loss)
|
2.69
|
(.70)
|
2.90
|
1.22
|
(.42)
|
8.89
|
||||||
Total from investment operations
|
2.76
|
(.52)
|
3.05
|
1.36
|
(.18)
|
9.03
|
||||||
Distributions from net investment income
|
(.22)
|
(.12)
|
(.13)
|
-
|
(.44)
|
(.08)
|
||||||
Distributions from net realized gain
|
(1.81)
|
(1.13)
|
(.90)
|
(1.05)
|
(1.28)
|
-
|
||||||
Total distributions
|
(2.03)
|
(1.25)
|
(1.03)
|
(1.05)
|
(1.72)
|
(.08)
|
||||||
Net asset value, end of period
|
$
|
20.98
|
$
|
20.25
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
Total Return E,F
|
14.15 % |
(2.36)%
|
16.33%
|
7.44%
|
(1.23)%
|
71.64%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.82% I
|
.91%
|
1.03%
|
1.04%
|
.99%
|
.97%
|
||||||
Expenses net of fee waivers, if any
|
.82 % I |
.91%
|
1.02%
|
1.03%
|
.98%
|
.97%
|
||||||
Expenses net of all reductions, if any
|
.82% I
|
.91%
|
1.02%
|
1.03%
|
.98%
|
.96%
|
||||||
Net investment income (loss)
|
.72% I
|
.88%
|
.76%
|
.77%
|
1.17% C
|
.77% D
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
2,554,316
|
$
|
2,402,748
|
$
|
2,806,717
|
$
|
2,696,316
|
$
|
2,691,063
|
$
|
2,715,703
|
Portfolio turnover rate J
|
123 % I |
96%
|
63%
|
29%
|
40%
|
54%
|
Fidelity Advisor® Small Cap Value Fund Class I |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
20.25
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
$
|
12.65
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.07
|
.17
|
.15
|
.14
|
.24 C
|
.15 D
|
||||||
Net realized and unrealized gain (loss)
|
2.68
|
(.70)
|
2.90
|
1.22
|
(.42)
|
8.87
|
||||||
Total from investment operations
|
2.75
|
(.53)
|
3.05
|
1.36
|
(.18)
|
9.02
|
||||||
Distributions from net investment income
|
(.21)
|
(.11)
|
(.13)
|
-
|
(.44)
|
(.08)
|
||||||
Distributions from net realized gain
|
(1.81)
|
(1.13)
|
(.90)
|
(1.05)
|
(1.28)
|
-
|
||||||
Total distributions
|
(2.02)
|
(1.24)
|
(1.03)
|
(1.05)
|
(1.72)
|
(.08)
|
||||||
Net asset value, end of period
|
$
|
20.98
|
$
|
20.25
|
$
|
22.02
|
$
|
20.00
|
$
|
19.69
|
$
|
21.59
|
Total Return E,F
|
14.09 % |
(2.40)%
|
16.32%
|
7.44%
|
(1.22)%
|
71.55%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.86% I
|
.95%
|
1.03%
|
1.03%
|
.99%
|
.97%
|
||||||
Expenses net of fee waivers, if any
|
.86 % I |
.95%
|
1.03%
|
1.03%
|
.99%
|
.97%
|
||||||
Expenses net of all reductions, if any
|
.86% I
|
.95%
|
1.03%
|
1.03%
|
.99%
|
.96%
|
||||||
Net investment income (loss)
|
.68% I
|
.84%
|
.76%
|
.77%
|
1.17% C
|
.77% D
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
921,588
|
$
|
908,375
|
$
|
1,085,761
|
$
|
1,169,580
|
$
|
1,319,154
|
$
|
845,012
|
Portfolio turnover rate J
|
123 % I |
96%
|
63%
|
29%
|
40%
|
54%
|
Fidelity Advisor® Small Cap Value Fund Class Z |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
20.28
|
$
|
22.05
|
$
|
20.03
|
$
|
19.69
|
$
|
21.59
|
$
|
12.65
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.08
|
.19
|
.17
|
.16
|
.27 C
|
.17 D
|
||||||
Net realized and unrealized gain (loss)
|
2.68
|
(.69)
|
2.90
|
1.23
|
(.43)
|
8.87
|
||||||
Total from investment operations
|
2.76
|
(.50)
|
3.07
|
1.39
|
(.16)
|
9.04
|
||||||
Distributions from net investment income
|
(.24)
|
(.15)
|
(.15)
|
-
|
(.47)
|
(.10)
|
||||||
Distributions from net realized gain
|
(1.81)
|
(1.13)
|
(.90)
|
(1.05)
|
(1.28)
|
-
|
||||||
Total distributions
|
(2.05)
|
(1.27) E
|
(1.05)
|
(1.05)
|
(1.74) E
|
(.10)
|
||||||
Net asset value, end of period
|
$
|
20.99
|
$
|
20.28
|
$
|
22.05
|
$
|
20.03
|
$
|
19.69
|
$
|
21.59
|
Total Return F,G
|
14.14 % |
(2.25)%
|
16.46%
|
7.60%
|
(1.11)%
|
71.75%
|
||||||
Ratios to Average Net Assets B,H,I
|
||||||||||||
Expenses before reductions
|
.74% J
|
.84%
|
.93%
|
.90%
|
.86%
|
.84%
|
||||||
Expenses net of fee waivers, if any
|
.74 % J |
.84%
|
.93%
|
.90%
|
.86%
|
.84%
|
||||||
Expenses net of all reductions, if any
|
.74% J
|
.84%
|
.93%
|
.90%
|
.86%
|
.83%
|
||||||
Net investment income (loss)
|
.80% J
|
.95%
|
.86%
|
.90%
|
1.30% C
|
.90% D
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
825,637
|
$
|
724,170
|
$
|
814,390
|
$
|
639,652
|
$
|
540,854
|
$
|
364,564
|
Portfolio turnover rate K
|
123 % J |
96%
|
63%
|
29%
|
40%
|
54%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$845,300,435
|
Gross unrealized depreciation
|
(149,524,987)
|
Net unrealized appreciation (depreciation)
|
$695,775,448
|
Tax cost
|
$4,139,089,028
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Small Cap Value Fund
|
2,770,172,565
|
3,040,544,209
|
Maximum Management Fee Rate %
|
|
Class A
|
.85
|
Class M
|
.84
|
Class C
|
.86
|
Small Cap Value
|
.84
|
Class I
|
.84
|
Class Z
|
.70
|
Total Management Fee Rate %
|
|
Class A
|
.79
|
Class M
|
.79
|
Class C
|
.79
|
Small Cap Value
|
.75
|
Class I
|
.79
|
Class Z
|
.68
|
Performance Adjustment Index
|
|
Fidelity Small Cap Value Fund
|
Russell 2000 Value Index
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
300,328
|
3,509
|
Class M
|
.25%
|
.25%
|
253,928
|
-
|
Class C
|
.75%
|
.25%
|
170,755
|
17,019
|
725,011
|
20,528
|
Retained by FDC ($)
|
|
Class A
|
16,902
|
Class M
|
881
|
Class CA
|
31
|
17,814
|
Amount ($)
|
|
Fidelity Small Cap Value Fund
|
101,268
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Small Cap Value Fund
|
194,938,680
|
244,099,388
|
11,292,773
|
Amount ($)
|
|
Fidelity Small Cap Value Fund
|
3,732
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Small Cap Value Fund
|
26,231
|
223
|
-
|
Amount ($)
|
|
Fidelity Small Cap Value Fund
|
15,377,138
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
|
Fidelity Small Cap Value Fund
|
||
Distributions to shareholders
|
||
Class A
|
$23,241,607
|
$15,326,126
|
Class M
|
10,247,070
|
6,155,268
|
Class C
|
3,948,739
|
2,467,954
|
Small Cap Value
|
239,169,485
|
158,216,919
|
Class I
|
87,846,858
|
60,676,292
|
Class Z
|
75,438,489
|
47,342,882
|
Total
|
$439,892,248
|
$290,185,441
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
|
Fidelity Small Cap Value Fund
|
||||
Class A
|
||||
Shares sold
|
619,790
|
1,696,151
|
$12,260,788
|
$33,464,402
|
Reinvestment of distributions
|
1,160,659
|
758,416
|
22,703,922
|
14,962,279
|
Shares redeemed
|
(1,660,643)
|
(3,499,161)
|
(32,927,145)
|
(68,355,471)
|
Net increase (decrease)
|
119,806
|
(1,044,594)
|
$2,037,565
|
$(19,928,790)
|
Class M
|
||||
Shares sold
|
369,568
|
767,048
|
$6,986,528
|
$14,304,287
|
Reinvestment of distributions
|
548,599
|
324,837
|
10,171,972
|
6,105,558
|
Shares redeemed
|
(810,158)
|
(1,081,679)
|
(15,032,809)
|
(20,075,729)
|
Net increase (decrease)
|
108,009
|
10,206
|
$2,125,691
|
$334,116
|
Class C
|
||||
Shares sold
|
133,972
|
316,078
|
$2,147,337
|
$5,116,349
|
Reinvestment of distributions
|
238,468
|
143,154
|
3,746,828
|
2,319,743
|
Shares redeemed
|
(339,295)
|
(605,034)
|
(5,384,766)
|
(9,659,398)
|
Net increase (decrease)
|
33,145
|
(145,802)
|
$509,399
|
$(2,223,306)
|
Small Cap Value
|
||||
Shares sold
|
8,670,780
|
18,034,076
|
$179,572,925
|
$370,052,614
|
Reinvestment of distributions
|
11,168,885
|
7,352,182
|
227,368,471
|
150,366,933
|
Shares redeemed
|
(16,707,572)
|
(34,193,578)
|
(343,620,177)
|
(692,040,981)
|
Net increase (decrease)
|
3,132,093
|
(8,807,320)
|
$63,321,219
|
$(171,621,434)
|
Class I
|
||||
Shares sold
|
3,688,566
|
11,941,511
|
$76,236,681
|
$242,381,596
|
Reinvestment of distributions
|
4,084,165
|
2,854,514
|
83,156,039
|
58,385,991
|
Shares redeemed
|
(8,704,163)
|
(19,247,886)
|
(179,749,050)
|
(388,280,431)
|
Net increase (decrease)
|
(931,432)
|
(4,451,861)
|
$(20,356,330)
|
$(87,512,844)
|
Class Z
|
||||
Shares sold
|
5,931,019
|
12,196,015
|
$122,887,833
|
$252,286,868
|
Reinvestment of distributions
|
3,517,442
|
2,168,003
|
71,644,154
|
44,384,521
|
Shares redeemed
|
(5,829,152)
|
(15,575,806)
|
(120,192,582)
|
(319,446,934)
|
Net increase (decrease)
|
3,619,309
|
(1,211,788)
|
$74,339,405
|
$(22,775,545)
|
![]() |


Contents
Common Stocks - 98.1%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.5%
|
|||
Industrials - 0.2%
|
|||
Aerospace & Defense - 0.2%
|
|||
DroneShield Ltd (b)(c)
|
4,508,138
|
10,422,283
|
|
Information Technology - 0.3%
|
|||
Electronic Equipment, Instruments & Components - 0.3%
|
|||
Elsight Ltd (b)
|
3,807,303
|
11,267,666
|
|
TOTAL AUSTRALIA
|
21,689,949
|
||
BAHAMAS (NASSAU) - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Diversified Consumer Services - 0.1%
|
|||
OneSpaWorld Holdings Ltd
|
243,128
|
4,777,465
|
|
CANADA - 1.2%
|
|||
Energy - 0.3%
|
|||
Energy Equipment & Services - 0.3%
|
|||
CES Energy Solutions Corp
|
1,321,152
|
13,777,666
|
|
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Xenon Pharmaceuticals Inc (b)
|
214,133
|
8,781,594
|
|
Industrials - 0.2%
|
|||
Electrical Equipment - 0.2%
|
|||
Electrovaya Inc (United States) (b)
|
597,060
|
6,466,159
|
|
Information Technology - 0.2%
|
|||
Electronic Equipment, Instruments & Components - 0.2%
|
|||
Kraken Robotics Inc (b)
|
1,219,960
|
7,149,621
|
|
Materials - 0.3%
|
|||
Metals & Mining - 0.3%
|
|||
G Mining Ventures Corp (b)
|
399,310
|
12,659,797
|
|
TOTAL CANADA
|
48,834,837
|
||
GERMANY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Leisure Products - 0.1%
|
|||
Tonies SE Class A (b)
|
330,270
|
4,047,961
|
|
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Tubulis GmbH (e)(f)(h)
|
4,900
|
1,763,955
|
|
TOTAL GERMANY
|
5,811,916
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
|
|||
Financials - 0.2%
|
|||
Insurance - 0.2%
|
|||
Accelerant Holdings Class A (b)(d)
|
560,460
|
7,655,884
|
|
ISRAEL - 1.1%
|
|||
Information Technology - 1.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.6%
|
|||
Nova Ltd (b)
|
48,580
|
22,241,867
|
|
Software - 0.5%
|
|||
Cellebrite DI Ltd (b)
|
1,435,276
|
21,112,910
|
|
TOTAL ISRAEL
|
43,354,777
|
||
ITALY - 0.9%
|
|||
Consumer Discretionary - 0.4%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Lottomatica Group Spa
|
337,291
|
8,284,019
|
|
Leisure Products - 0.3%
|
|||
Sanlorenzo SpA/Ameglia (d)
|
259,923
|
9,936,216
|
|
TOTAL CONSUMER DISCRETIONARY
|
18,220,235
|
||
Industrials - 0.5%
|
|||
Electrical Equipment - 0.5%
|
|||
Prysmian SpA
|
155,635
|
18,531,212
|
|
TOTAL ITALY
|
36,751,447
|
||
JAPAN - 0.3%
|
|||
Industrials - 0.3%
|
|||
Professional Services - 0.3%
|
|||
BayCurrent Inc
|
260,830
|
9,170,173
|
|
Timee Inc (b)
|
149,800
|
1,310,605
|
|
TOTAL JAPAN
|
10,480,778
|
||
NETHERLANDS - 0.7%
|
|||
Health Care - 0.5%
|
|||
Biotechnology - 0.3%
|
|||
Newamsterdam Pharma Co NV (b)
|
250,980
|
7,810,498
|
|
uniQure NV (b)
|
144,537
|
3,283,881
|
|
11,094,379
|
|||
Pharmaceuticals - 0.2%
|
|||
Pharvaris NV (b)
|
330,166
|
8,930,990
|
|
TOTAL HEALTH CARE
|
20,025,369
|
||
Information Technology - 0.2%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
BE Semiconductor Industries NV
|
43,170
|
8,417,721
|
|
TOTAL NETHERLANDS
|
28,443,090
|
||
TAIWAN - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
Silicon Motion Technology Corp ADR
|
89,040
|
10,589,527
|
|
THAILAND - 1.5%
|
|||
Information Technology - 1.5%
|
|||
Electronic Equipment, Instruments & Components - 1.5%
|
|||
Fabrinet (b)
|
120,411
|
58,933,960
|
|
UNITED KINGDOM - 1.1%
|
|||
Consumer Discretionary - 0.3%
|
|||
Leisure Products - 0.3%
|
|||
Games Workshop Group PLC
|
56,439
|
13,167,426
|
|
Energy - 0.8%
|
|||
Energy Equipment & Services - 0.8%
|
|||
Subsea 7 SA
|
80,969
|
2,064,896
|
|
TechnipFMC PLC
|
485,908
|
27,074,794
|
|
TOTAL ENERGY
|
29,139,690
|
||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
Starling Bank Ltd (e)(f)
|
431,700
|
1,329,113
|
|
TOTAL UNITED KINGDOM
|
43,636,229
|
||
UNITED STATES - 90.1%
|
|||
Communication Services - 1.1%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
Globalstar Inc (b)
|
164,860
|
10,158,673
|
|
Entertainment - 0.5%
|
|||
IMAX Corp (b)(d)
|
541,909
|
18,918,043
|
|
Interactive Media & Services - 0.1%
|
|||
ZoomInfo Technologies Inc (b)
|
437,653
|
3,523,107
|
|
Media - 0.2%
|
|||
MNTN Inc Class A (b)(d)
|
937,773
|
8,627,512
|
|
Wireless Telecommunication Services - 0.0%
|
|||
Gogo Inc (b)(d)
|
655,706
|
3,009,690
|
|
TOTAL COMMUNICATION SERVICES
|
44,237,025
|
||
Consumer Discretionary - 8.9%
|
|||
Automobile Components - 0.5%
|
|||
LCI Industries
|
12,614
|
1,850,347
|
|
Patrick Industries Inc
|
128,080
|
16,159,854
|
|
18,010,201
|
|||
Broadline Retail - 0.3%
|
|||
Etsy Inc (b)
|
131,900
|
6,985,424
|
|
Savers Value Village Inc (b)(d)
|
303,780
|
3,147,160
|
|
10,132,584
|
|||
Diversified Consumer Services - 1.8%
|
|||
Adtalem Global Education Inc (b)
|
181,881
|
18,833,778
|
|
Duolingo Inc Class A (b)
|
85,880
|
11,513,073
|
|
Frontdoor Inc (b)
|
353,630
|
20,903,069
|
|
Grand Canyon Education Inc (b)
|
90,633
|
15,755,641
|
|
Stride Inc (b)
|
49,210
|
4,163,166
|
|
Universal Technical Institute Inc (b)(d)
|
68,821
|
1,915,288
|
|
73,084,015
|
|||
Hotels, Restaurants & Leisure - 3.2%
|
|||
Black Rock Coffee Bar Inc Class A (d)
|
359,880
|
5,365,811
|
|
Brinker International Inc (b)
|
81,649
|
12,877,680
|
|
Cava Group Inc (b)(d)
|
123,291
|
7,473,900
|
|
Cheesecake Factory Inc/The (d)
|
357,012
|
20,692,416
|
|
Dutch Bros Inc Class A (b)
|
181,322
|
9,862,104
|
|
First Watch Restaurant Group Inc (b)
|
590,530
|
9,442,575
|
|
Kura Sushi USA Inc Class A (b)(d)
|
156,122
|
10,430,511
|
|
Lindblad Expeditions Holdings Inc (b)
|
381,700
|
6,362,939
|
|
Pursuit Attractions and Hospitality Inc (b)
|
150,442
|
5,224,850
|
|
Red Rock Resorts Inc Class A
|
249,857
|
15,773,472
|
|
Shake Shack Inc Class A (b)
|
63,230
|
5,600,281
|
|
Sportradar Holding AG Class A (b)
|
426,815
|
7,729,620
|
|
Travel + Leisure Co
|
108,020
|
7,511,711
|
|
124,347,870
|
|||
Household Durables - 0.5%
|
|||
Champion Homes Inc (b)
|
110,696
|
8,676,352
|
|
Somnigroup International Inc
|
141,526
|
12,433,060
|
|
21,109,412
|
|||
Specialty Retail - 2.6%
|
|||
BARK Inc warrants 6/1/2026 (b)
|
54
|
0
|
|
Boot Barn Holdings Inc (b)
|
144,961
|
25,872,640
|
|
Chewy Inc Class A (b)
|
251,457
|
7,319,913
|
|
Fanatics Inc Class A (b)(e)(f)
|
163,048
|
13,043,840
|
|
Group 1 Automotive Inc
|
6,845
|
2,424,910
|
|
RealReal Inc/The (b)
|
1,167,420
|
17,126,051
|
|
ThredUp Inc Class A (b)
|
390,259
|
1,982,516
|
|
Urban Outfitters Inc (b)
|
250,886
|
17,775,273
|
|
Warby Parker Inc Class A (b)
|
726,087
|
18,522,479
|
|
104,067,622
|
|||
TOTAL CONSUMER DISCRETIONARY
|
350,751,704
|
||
Consumer Staples - 1.7%
|
|||
Beverages - 0.9%
|
|||
Vita Coco Co Inc/The (b)
|
613,059
|
32,706,698
|
|
Consumer Staples Distribution & Retail - 0.4%
|
|||
Sprouts Farmers Market Inc (b)
|
95,940
|
6,803,105
|
|
US Foods Holding Corp (b)
|
129,096
|
10,795,008
|
|
17,598,113
|
|||
Tobacco - 0.4%
|
|||
Turning Point Brands Inc
|
131,952
|
15,985,984
|
|
TOTAL CONSUMER STAPLES
|
66,290,795
|
||
Energy - 1.5%
|
|||
Energy Equipment & Services - 1.0%
|
|||
Cactus Inc Class A
|
358,151
|
20,138,831
|
|
WaterBridge Infrastructure LLC Class A
|
321,610
|
7,056,123
|
|
Weatherford International PLC
|
142,300
|
13,387,584
|
|
40,582,538
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Antero Resources Corp (b)
|
336,414
|
12,235,377
|
|
Centrus Energy Corp Class A (b)(d)
|
27,070
|
7,533,040
|
|
19,768,417
|
|||
TOTAL ENERGY
|
60,350,955
|
||
Financials - 7.1%
|
|||
Banks - 1.6%
|
|||
Axos Financial Inc (b)
|
26,000
|
2,573,740
|
|
Central BanCo Inc
|
240,400
|
5,793,640
|
|
East West Bancorp Inc
|
116,929
|
13,381,355
|
|
Eastern Bankshares Inc
|
569,964
|
11,675,713
|
|
First Bancorp/Southern Pines NC
|
234,174
|
13,565,700
|
|
Hancock Whitney Corp
|
119,318
|
8,209,078
|
|
Pinnacle Financial Partners Inc
|
80,590
|
7,663,303
|
|
62,862,529
|
|||
Capital Markets - 2.1%
|
|||
Houlihan Lokey Inc Class A
|
67,307
|
11,329,114
|
|
P10 Inc Class A
|
1,004,844
|
10,832,218
|
|
Perella Weinberg Partners (f)
|
457,262
|
10,201,515
|
|
Perella Weinberg Partners Class A
|
685,960
|
15,303,769
|
|
Piper Sandler Cos
|
22,283
|
7,717,717
|
|
PJT Partners Inc Class A
|
79,740
|
13,797,412
|
|
StepStone Group Inc rights 12/31/2038 (b)(e)
|
6,434
|
441,179
|
|
Wealthfront Corp (b)
|
732,920
|
6,361,746
|
|
WisdomTree Inc
|
443,752
|
7,188,782
|
|
83,173,452
|
|||
Consumer Finance - 1.9%
|
|||
Enova International Inc (b)
|
132,810
|
21,936,228
|
|
EZCORP Inc Class A (b)(d)
|
612,970
|
13,148,207
|
|
Figure Technology Solutions Inc Class A
|
59,900
|
3,407,111
|
|
FirstCash Holdings Inc
|
177,555
|
30,273,128
|
|
LendingClub Corp (b)
|
283,800
|
4,799,058
|
|
73,563,732
|
|||
Financial Services - 0.2%
|
|||
HA Sustainable Infrastructure Capital Inc
|
332,570
|
11,443,733
|
|
Insurance - 1.3%
|
|||
Baldwin Insurance Group Inc/The Class A (b)
|
269,841
|
5,914,914
|
|
Lemonade Inc (b)(d)
|
149,850
|
12,996,491
|
|
Oscar Health Inc Class A (b)
|
580,320
|
8,327,592
|
|
Stewart Information Services Corp
|
172,624
|
11,640,036
|
|
Trupanion Inc (b)(d)
|
384,609
|
12,303,642
|
|
51,182,675
|
|||
TOTAL FINANCIALS
|
282,226,121
|
||
Health Care - 27.1%
|
|||
Biotechnology - 13.5%
|
|||
Apogee Therapeutics Inc (b)
|
121,576
|
7,964,444
|
|
Arcellx Inc (b)(d)
|
171,118
|
11,689,071
|
|
ArriVent Biopharma Inc (b)
|
149,030
|
3,351,685
|
|
Arrowhead Pharmaceuticals Inc (b)
|
76,570
|
5,308,598
|
|
Blueprint Medicines Corp rights (b)(e)
|
62,502
|
0
|
|
Bridgebio Pharma Inc (b)
|
336,522
|
26,003,055
|
|
Caris Life Sciences Inc (b)
|
563,256
|
13,045,009
|
|
Celldex Therapeutics Inc (b)
|
237,705
|
5,847,543
|
|
Centessa Pharmaceuticals PLC ADR (b)
|
262,210
|
6,442,500
|
|
CG oncology Inc (b)(d)
|
510,589
|
26,576,157
|
|
Cogent Biosciences Inc (b)
|
1,249,295
|
44,862,183
|
|
Crescent Biopharma Inc (b)(f)
|
239,807
|
2,299,749
|
|
Cytokinetics Inc (b)
|
281,164
|
17,766,753
|
|
CytomX Therapeutics Inc (b)
|
1,639,670
|
9,329,722
|
|
Dianthus Therapeutics Inc (b)
|
221,960
|
11,850,444
|
|
Disc Medicine Inc (b)
|
198,806
|
15,371,680
|
|
Inovio Pharmaceuticals Inc (b)(d)
|
2,982,620
|
4,861,671
|
|
Insmed Inc (b)
|
45,487
|
7,135,546
|
|
Jade Biosciences Inc
|
231,258
|
3,609,937
|
|
Janux Therapeutics Inc (b)
|
261,204
|
3,581,107
|
|
Kiniksa Pharmaceuticals International Plc Class A (b)
|
291,812
|
12,816,383
|
|
Kymera Therapeutics Inc (b)
|
157,460
|
11,445,767
|
|
Madrigal Pharmaceuticals Inc (b)
|
36,139
|
17,683,174
|
|
Mineralys Therapeutics Inc (b)
|
188,573
|
5,825,020
|
|
Mirum Pharmaceuticals Inc (b)(d)
|
178,500
|
18,424,770
|
|
Moderna Inc (b)
|
154,740
|
6,819,392
|
|
Nurix Therapeutics Inc (b)
|
475,558
|
7,856,218
|
|
Nuvalent Inc Class A (b)
|
240,581
|
24,753,379
|
|
Olema Pharmaceuticals Inc (b)
|
193,300
|
4,971,676
|
|
Oruka Therapeutics Inc (b)
|
229,754
|
7,864,479
|
|
Oruka Therapeutics Inc (b)(f)
|
66,100
|
2,262,603
|
|
Palvella Therapeutics Inc (b)
|
76,880
|
5,895,927
|
|
Praxis Precision Medicines Inc (b)
|
56,240
|
17,659,360
|
|
Precigen Inc (b)(d)
|
1,186,540
|
5,327,565
|
|
Rhythm Pharmaceuticals Inc (b)
|
207,612
|
21,284,382
|
|
Scholar Rock Holding Corp (b)
|
24,941
|
1,105,884
|
|
Soleno Therapeutics Inc (b)
|
329,457
|
12,703,862
|
|
Spyre Therapeutics Inc (b)
|
377,826
|
12,082,875
|
|
Stoke Therapeutics Inc (b)
|
259,177
|
7,863,430
|
|
Travere Therapeutics Inc (b)
|
450,590
|
14,008,843
|
|
Upstream Bio Inc (b)
|
693,618
|
21,557,647
|
|
Veracyte Inc (b)
|
457,070
|
17,405,226
|
|
Vericel Corp (b)
|
252,910
|
9,099,702
|
|
Viking Therapeutics Inc (b)(d)
|
108,364
|
3,146,891
|
|
Viridian Therapeutics Inc (b)
|
610,677
|
20,152,341
|
|
X4 Pharmaceuticals Inc (b)
|
1,689,700
|
6,251,890
|
|
Zenas Biopharma Inc (b)
|
338,265
|
6,213,928
|
|
Zenas Biopharma Inc (f)
|
80,024
|
1,470,041
|
|
Zymeworks Inc (b)
|
184,050
|
4,146,647
|
|
534,996,156
|
|||
Health Care Equipment & Supplies - 2.9%
|
|||
Artivion Inc (b)
|
265,488
|
10,823,946
|
|
Ceribell Inc (b)
|
675,645
|
13,925,043
|
|
Integer Holdings Corp (b)(d)
|
82,914
|
7,201,910
|
|
iRhythm Technologies Inc (b)
|
39,980
|
6,177,310
|
|
LivaNova PLC (b)
|
96,540
|
6,343,643
|
|
Masimo Corp (b)
|
81,989
|
11,259,549
|
|
Neogen Corp (b)
|
614,798
|
6,283,236
|
|
NeuroPace Inc (b)
|
188,747
|
2,855,742
|
|
Penumbra Inc (b)
|
845
|
302,654
|
|
PROCEPT BioRobotics Corp (b)(d)
|
135,082
|
3,911,975
|
|
Shoulder Innovations Inc (g)
|
330,303
|
4,677,090
|
|
Shoulder Innovations Inc
|
57,600
|
815,616
|
|
TransMedics Group Inc (b)(d)
|
288,521
|
38,654,601
|
|
113,232,315
|
|||
Health Care Providers & Services - 6.2%
|
|||
Alignment Healthcare Inc (b)
|
942,359
|
21,231,348
|
|
BrightSpring Health Services Inc (b)
|
1,423,172
|
55,887,965
|
|
Ensign Group Inc/The
|
226,796
|
38,931,802
|
|
GeneDx Holdings Corp Class A (b)
|
120,540
|
11,603,180
|
|
Guardant Health Inc (b)
|
291,590
|
33,252,925
|
|
HealthEquity Inc (b)
|
201,438
|
17,257,193
|
|
LifeStance Health Group Inc (b)
|
2,723,586
|
19,255,753
|
|
Privia Health Group Inc (b)
|
755,852
|
17,550,883
|
|
Progyny Inc (b)
|
791,581
|
18,895,038
|
|
RadNet Inc (b)
|
71,220
|
4,992,522
|
|
Surgery Partners Inc (b)
|
324,670
|
4,824,596
|
|
243,683,205
|
|||
Health Care Technology - 0.4%
|
|||
Waystar Holding Corp (b)
|
536,280
|
14,243,597
|
|
Wugen Inc warrants 8/22/2035 (b)(e)(f)
|
45,967
|
79,523
|
|
14,323,120
|
|||
Life Sciences Tools & Services - 0.7%
|
|||
BioLife Solutions Inc (b)
|
292,290
|
6,371,922
|
|
Charles River Laboratories International Inc (b)
|
62,539
|
13,163,209
|
|
Veterinary Emergency Group (b)(e)(f)(h)
|
68,413
|
6,729,787
|
|
26,264,918
|
|||
Pharmaceuticals - 3.4%
|
|||
Amylyx Pharmaceuticals Inc (b)
|
1,053,389
|
15,052,929
|
|
Axsome Therapeutics Inc (b)
|
163,505
|
30,125,797
|
|
Crinetics Pharmaceuticals Inc (b)
|
421,632
|
21,056,302
|
|
Definium Therapeutics Inc (b)(d)
|
409,890
|
6,918,943
|
|
Enliven Therapeutics Inc (b)
|
569,804
|
15,071,316
|
|
Enliven Therapeutics Inc (b)(f)
|
100,587
|
2,660,526
|
|
Liquidia Corp (b)(d)
|
113,501
|
4,811,307
|
|
Ocular Therapeutix Inc (b)
|
329,204
|
3,008,925
|
|
Structure Therapeutics Inc ADR (b)
|
207,912
|
18,389,816
|
|
Trevi Therapeutics Inc (b)
|
643,320
|
6,735,560
|
|
WaVe Life Sciences Ltd (b)
|
942,970
|
12,202,032
|
|
136,033,453
|
|||
TOTAL HEALTH CARE
|
1,068,533,167
|
||
Industrials - 25.4%
|
|||
Aerospace & Defense - 6.9%
|
|||
AeroVironment Inc (b)
|
48,000
|
13,362,720
|
|
ATI Inc (b)
|
243,889
|
29,339,847
|
|
Beta Technologies Inc (i)
|
1,317,426
|
28,324,659
|
|
Beta Technologies Inc Class A (b)
|
46,530
|
1,000,395
|
|
BWX Technologies Inc
|
102,775
|
21,113,068
|
|
Cadre Holdings Inc
|
331,490
|
13,262,915
|
|
Carpenter Technology Corp
|
68,506
|
21,773,262
|
|
Karman Holdings Inc (b)(d)
|
324,128
|
33,644,487
|
|
Kratos Defense & Security Solutions Inc (b)
|
237,060
|
24,419,551
|
|
Leonardo DRS Inc
|
260,308
|
10,688,246
|
|
Mercury Systems Inc (b)
|
175,838
|
16,507,671
|
|
Moog Inc Class A
|
49,650
|
15,160,628
|
|
V2X Inc (b)
|
192,569
|
13,254,524
|
|
VSE Corp
|
43,430
|
9,492,495
|
|
Woodward Inc
|
70,078
|
22,273,592
|
|
273,618,060
|
|||
Building Products - 1.5%
|
|||
Armstrong World Industries Inc
|
42,850
|
7,873,259
|
|
AZZ Inc
|
171,690
|
21,339,350
|
|
Modine Manufacturing Co (b)
|
20,200
|
3,730,132
|
|
Simpson Manufacturing Co Inc
|
21,680
|
3,832,590
|
|
Tecnoglass Inc
|
314,591
|
15,386,646
|
|
Zurn Elkay Water Solutions Corp
|
118,610
|
5,469,107
|
|
57,631,084
|
|||
Commercial Services & Supplies - 0.6%
|
|||
HNI Corp
|
259,176
|
12,386,021
|
|
Montrose Environmental Group Inc (b)
|
92,248
|
2,055,285
|
|
OPENLANE Inc (b)
|
287,023
|
8,622,171
|
|
23,063,477
|
|||
Construction & Engineering - 3.7%
|
|||
Cardinal Infrastructure Group Inc Class A
|
220,899
|
5,564,445
|
|
Construction Partners Inc Class A (b)
|
208,218
|
22,878,994
|
|
Dycom Industries Inc (b)
|
62,584
|
22,804,984
|
|
Granite Construction Inc
|
134,371
|
16,223,955
|
|
IES Holdings Inc (b)
|
50,097
|
19,051,388
|
|
Legence Corp Class A
|
275,890
|
12,942,000
|
|
Limbach Holdings Inc (b)
|
51,120
|
4,395,297
|
|
Primoris Services Corp
|
74,880
|
11,100,960
|
|
Sterling Infrastructure Inc (b)
|
85,837
|
30,721,921
|
|
145,683,944
|
|||
Electrical Equipment - 4.4%
|
|||
Acuity Inc
|
38,080
|
11,775,859
|
|
Bloom Energy Corp Class A (b)
|
586,607
|
88,794,702
|
|
Fluence Energy Inc Class A (b)
|
237,450
|
7,306,337
|
|
Nextpower Inc Class A (b)
|
512,317
|
59,987,198
|
|
Preformed Line Products Co
|
17,750
|
4,454,185
|
|
Shoals Technologies Group Inc (b)
|
254,450
|
2,402,008
|
|
174,720,289
|
|||
Machinery - 3.8%
|
|||
Atmus Filtration Technologies Inc
|
346,430
|
20,082,547
|
|
Blue Bird Corp (b)
|
192,500
|
9,684,675
|
|
Federal Signal Corp
|
103,071
|
11,140,944
|
|
ITT Inc
|
89,329
|
16,284,677
|
|
JBT Marel Corp (d)
|
152,790
|
24,035,395
|
|
Mueller Industries Inc
|
105,188
|
14,320,294
|
|
Oshkosh Corp
|
52,530
|
7,554,865
|
|
RBC Bearings Inc (b)
|
37,046
|
18,510,775
|
|
REV Group Inc
|
309,537
|
19,779,414
|
|
SPX Technologies Inc (b)
|
35,120
|
7,319,359
|
|
148,712,945
|
|||
Passenger Airlines - 0.1%
|
|||
Joby Aviation Inc Class A (b)(d)
|
581,600
|
6,147,512
|
|
Professional Services - 3.2%
|
|||
CACI International Inc (b)
|
33,873
|
21,020,906
|
|
CRA International Inc
|
18,000
|
3,400,920
|
|
FTI Consulting Inc (b)
|
70,373
|
12,292,052
|
|
Huron Consulting Group Inc (b)
|
199,020
|
33,634,380
|
|
Parsons Corp (b)
|
148,840
|
10,427,730
|
|
Planet Labs PBC Class A (b)(d)
|
696,580
|
17,393,603
|
|
UL Solutions Inc Class A
|
112,555
|
7,904,738
|
|
Upwork Inc (b)(d)
|
950,040
|
19,029,301
|
|
125,103,630
|
|||
Trading Companies & Distributors - 1.2%
|
|||
DXP Enterprises Inc/TX (b)
|
47,075
|
6,122,104
|
|
Herc Holdings Inc
|
38,930
|
5,580,226
|
|
Xometry Inc Class A (b)(d)
|
659,874
|
37,698,602
|
|
49,400,932
|
|||
TOTAL INDUSTRIALS
|
1,004,081,873
|
||
Information Technology - 13.4%
|
|||
Communications Equipment - 0.6%
|
|||
Lumentum Holdings Inc (b)
|
36,709
|
14,384,055
|
|
Viavi Solutions Inc (b)
|
292,880
|
7,163,845
|
|
Vistance Networks Inc (b)
|
194,490
|
3,500,819
|
|
25,048,719
|
|||
Electronic Equipment, Instruments & Components - 4.4%
|
|||
Advanced Energy Industries Inc
|
155,165
|
39,622,934
|
|
Belden Inc
|
96,230
|
11,307,987
|
|
Evolv Technologies Holdings Inc Class A (b)
|
537,760
|
3,328,734
|
|
Mirion Technologies Inc Class A (b)
|
776,269
|
19,282,522
|
|
OSI Systems Inc (b)(d)
|
184,522
|
46,156,334
|
|
Sanmina Corp (b)
|
127,573
|
18,074,543
|
|
TD SYNNEX Corp
|
79,835
|
12,667,419
|
|
TTM Technologies Inc (b)
|
144,349
|
14,175,072
|
|
Vontier Corp
|
251,979
|
9,449,213
|
|
174,064,758
|
|||
Semiconductors & Semiconductor Equipment - 4.7%
|
|||
Aehr Test Systems (b)
|
726,949
|
18,638,972
|
|
Credo Technology Group Holding Ltd (b)
|
324,738
|
40,683,177
|
|
Impinj Inc (b)
|
54,285
|
7,496,759
|
|
Kopin Corp (b)(d)
|
759,690
|
1,937,210
|
|
MACOM Technology Solutions Holdings Inc (b)
|
192,153
|
42,093,036
|
|
Onto Innovation Inc (b)
|
51,060
|
10,316,673
|
|
Rambus Inc (b)
|
133,879
|
15,239,447
|
|
Rigetti Computing Inc Class A (b)(d)
|
193,630
|
3,518,257
|
|
SiTime Corp (b)
|
79,791
|
28,972,910
|
|
Veeco Instruments Inc (b)
|
558,327
|
17,436,552
|
|
186,332,993
|
|||
Software - 3.4%
|
|||
Algolia Inc (b)(e)(f)
|
43,269
|
681,053
|
|
Alkami Technology Inc (b)(d)
|
382,794
|
8,111,405
|
|
Bitdeer Technologies Group Class A (b)
|
71,870
|
937,184
|
|
Clear Secure Inc Class A
|
96,180
|
3,137,392
|
|
Commvault Systems Inc (b)
|
50,303
|
4,310,967
|
|
Intapp Inc (b)
|
566,046
|
19,217,262
|
|
InterDigital Inc (d)
|
70,382
|
22,975,500
|
|
JFrog Ltd (b)
|
136,320
|
7,470,336
|
|
Life360 Inc (b)(d)
|
227,957
|
13,059,657
|
|
PAR Technology Corp (b)(d)
|
241,175
|
6,321,197
|
|
Plaid Inc/DE Class A (e)(f)
|
29,415
|
5,923,887
|
|
Varonis Systems Inc (b)
|
339,403
|
10,127,786
|
|
Workiva Inc Class A (b)
|
252,119
|
19,418,205
|
|
Zeta Global Holdings Corp Class A (b)(d)
|
621,605
|
11,549,421
|
|
133,241,252
|
|||
Technology Hardware, Storage & Peripherals - 0.3%
|
|||
IonQ Inc (b)(d)
|
291,005
|
11,634,380
|
|
TOTAL INFORMATION TECHNOLOGY
|
530,322,102
|
||
Materials - 1.8%
|
|||
Chemicals - 0.5%
|
|||
Element Solutions Inc
|
457,423
|
13,311,009
|
|
Minerals Technologies Inc
|
8,333
|
547,978
|
|
Sensient Technologies Corp
|
64,950
|
6,139,074
|
|
19,998,061
|
|||
Metals & Mining - 1.0%
|
|||
Coeur Mining Inc (b)
|
976,130
|
19,952,098
|
|
Ivanhoe Electric Inc / US (b)
|
648,615
|
11,084,830
|
|
USA Rare Earth Inc (f)
|
288,719
|
6,473,080
|
|
37,510,008
|
|||
Paper & Forest Products - 0.3%
|
|||
Louisiana-Pacific Corp
|
151,865
|
12,717,175
|
|
TOTAL MATERIALS
|
70,225,244
|
||
Real Estate - 1.6%
|
|||
Real Estate Management & Development - 1.6%
|
|||
Compass Inc Class A (b)
|
3,030,931
|
37,947,256
|
|
Jones Lang LaSalle Inc (b)
|
45,750
|
16,374,383
|
|
Landbridge Co LLC Class A (d)
|
189,106
|
10,866,030
|
|
TOTAL REAL ESTATE
|
65,187,669
|
||
Utilities - 0.5%
|
|||
Electric Utilities - 0.3%
|
|||
IDACORP Inc
|
85,243
|
11,319,418
|
|
Gas Utilities - 0.2%
|
|||
UGI Corp
|
193,250
|
7,751,257
|
|
TOTAL UTILITIES
|
19,070,675
|
||
TOTAL UNITED STATES
|
3,561,277,330
|
||
|
TOTAL COMMON STOCKS
(Cost $2,875,919,909)
|
3,882,237,189
|
||
Convertible Corporate Bonds - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Health Care - 0.0%
|
|||
Health Care Technology - 0.0%
|
|||
Wugen Inc 0% 12/31/2199 (e)(f)(j)
(Cost $253,457)
|
253,458
|
268,462
|
|
Convertible Preferred Stocks - 0.9%
|
|||
Shares
|
Value ($)
|
||
DENMARK - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
Galecto Inc Series C
|
129
|
3,384,315
|
|
FINLAND - 0.2%
|
|||
Health Care - 0.2%
|
|||
Health Care Technology - 0.2%
|
|||
Oura Health Oy Series E (e)(f)
|
124,086
|
6,647,287
|
|
UNITED STATES - 0.6%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Bright Peak Therapeutics Inc. Series B (b)(e)(f)
|
199,331
|
356,802
|
|
Bright Peak Therapeutics Inc. Series C (b)(e)(f)
|
1,323,335
|
1,627,703
|
|
Endeavor BioMedicines Inc Series C (b)(e)(f)
|
210,174
|
1,370,334
|
|
LifeMine Therapeutics Inc Series C (b)(e)(f)
|
402,743
|
475,237
|
|
Parabilis Medicines Inc Series F (e)(f)
|
245,400
|
1,511,664
|
|
Sonoma Biotherapeutics Inc Series B (b)(e)(f)
|
438,013
|
1,314,040
|
|
Sonoma Biotherapeutics Inc Series B1 (b)(e)(f)
|
233,603
|
787,242
|
|
T-Knife Therapeutics Inc Series B (b)(e)(f)
|
201,583
|
139,092
|
|
Treeline Biosciences Series A (b)(e)(f)
|
21,246
|
179,316
|
|
7,761,430
|
|||
Health Care Technology - 0.0%
|
|||
Wugen Inc Series B (b)(e)(f)
|
59,982
|
95,371
|
|
Wugen Inc Series C (e)(f)
|
632,300
|
1,093,879
|
|
1,189,250
|
|||
TOTAL HEALTH CARE
|
8,950,680
|
||
Information Technology - 0.4%
|
|||
Communications Equipment - 0.3%
|
|||
Astranis Space Technologies Corp Series C (b)(e)(f)
|
125,912
|
2,646,670
|
|
Astranis Space Technologies Corp Series C (b)(e)(f)
|
26,805
|
563,441
|
|
Astranis Space Technologies Corp Series D (b)(e)(f)
|
503,082
|
8,034,220
|
|
11,244,331
|
|||
IT Services - 0.0%
|
|||
Yanka Industries Inc Series E (b)(e)(f)
|
191,029
|
298,005
|
|
Yanka Industries Inc Series F (b)(e)(f)
|
28,989
|
76,241
|
|
374,246
|
|||
Software - 0.1%
|
|||
Algolia Inc Series D (b)(e)(f)
|
9,900
|
155,826
|
|
Lyte Ai Inc Series B (b)(e)(f)
|
38,600
|
405,686
|
|
Skyryse Inc Series B (b)(e)(f)
|
12,000
|
313,800
|
|
Skyryse Inc Series C (e)(f)
|
112,800
|
3,047,856
|
|
3,923,168
|
|||
TOTAL INFORMATION TECHNOLOGY
|
15,541,745
|
||
TOTAL UNITED STATES
|
24,492,425
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $33,433,706)
|
34,524,027
|
||
Domestic Equity Funds - 0.6%
|
|||
Shares
|
Value ($)
|
||
iShares Russell 2000 Growth ETF
(Cost $18,061,228)
|
78,335
|
26,346,411
|
|
Money Market Funds - 6.6%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (k)
|
3.70
|
17,035,426
|
17,038,834
|
|
Fidelity Securities Lending Cash Central Fund (k)(l)
|
3.70
|
244,241,027
|
244,265,451
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $261,304,285)
|
261,304,285
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 106.2%
(Cost $3,188,972,585)
|
4,204,680,374
|
NET OTHER ASSETS (LIABILITIES) - (6.2)%
|
(246,836,934)
|
NET ASSETS - 100.0%
|
3,957,843,440
|
ETF
|
-
|
EXCHANGE-TRADED FUND
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Security 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 $10,422,283 or 0.3% of net assets.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
Level 3 security.
|
(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 $84,562,891 or 2.1% of net assets.
|
(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 $4,677,090 or 0.1% of net assets.
|
(h)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(i)
|
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 $28,324,659 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(j)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(k)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(l)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Algolia Inc
|
10/27/2021
|
1,265,403
|
Algolia Inc Series D
|
7/23/2021
|
289,526
|
Astranis Space Technologies Corp Series C
|
3/19/2021
|
2,760,108
|
Astranis Space Technologies Corp Series C
|
4/5/2023
|
587,591
|
Astranis Space Technologies Corp Series D
|
4/25/2024 - 12/6/2024
|
4,699,993
|
Bright Peak Therapeutics Inc. Series B
|
5/14/2021
|
778,587
|
Bright Peak Therapeutics Inc. Series C
|
5/7/2024
|
1,500,001
|
Crescent Biopharma Inc
|
10/28/2024 - 12/4/2025
|
3,208,819
|
Endeavor BioMedicines Inc Series C
|
4/22/2024
|
1,371,301
|
Enliven Therapeutics Inc
|
3/19/2024
|
1,408,218
|
Fanatics Inc Class A
|
8/13/2020 - 3/22/2021
|
2,891,600
|
LifeMine Therapeutics Inc Series C
|
2/15/2022
|
820,222
|
Lyte Ai Inc Series B
|
8/13/2024
|
489,683
|
Oruka Therapeutics Inc
|
9/17/2025
|
991,500
|
Oura Health Oy Series E
|
9/24/2025
|
6,647,287
|
Parabilis Medicines Inc Series F
|
1/6/2026
|
1,512,744
|
Perella Weinberg Partners
|
12/29/2020
|
4,572,620
|
Plaid Inc/DE Class A
|
3/31/2025
|
5,999,972
|
Skyryse Inc Series B
|
10/21/2021
|
296,160
|
Skyryse Inc Series C
|
9/16/2025 - 11/21/2025
|
3,048,330
|
Sonoma Biotherapeutics Inc Series B
|
7/26/2021
|
865,645
|
Sonoma Biotherapeutics Inc Series B1
|
7/26/2021
|
692,516
|
Starling Bank Ltd
|
6/18/2021 - 4/5/2022
|
824,188
|
T-Knife Therapeutics Inc Series B
|
6/30/2021
|
1,162,892
|
Treeline Biosciences Series A
|
7/30/2021
|
166,303
|
Tubulis GmbH
|
12/11/2025
|
1,747,714
|
USA Rare Earth Inc
|
1/26/2026
|
6,207,458
|
Veterinary Emergency Group
|
9/16/2021 - 10/31/2023
|
3,598,868
|
Wugen Inc 0% 12/31/2199
|
6/14/2024
|
253,457
|
Wugen Inc Series B
|
7/9/2021
|
465,154
|
Wugen Inc Series C
|
8/22/2025
|
1,120,999
|
Wugen Inc warrants 8/22/2035
|
8/22/2025
|
0
|
Yanka Industries Inc Series E
|
5/15/2020
|
2,307,478
|
Yanka Industries Inc Series F
|
4/8/2021
|
924,076
|
Zenas Biopharma Inc
|
10/8/2025
|
1,520,456
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Beta Technologies Inc
|
5/4/2026
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
9,772,988
|
495,891,963
|
488,626,727
|
505,278
|
610
|
-
|
17,038,834
|
17,035,426
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
307,400,265
|
628,971,008
|
692,104,485
|
737,608
|
(1,337)
|
-
|
244,265,451
|
244,241,027
|
0.8%
|
Total
|
317,173,253
|
1,124,862,971
|
1,180,731,212
|
1,242,886
|
(727)
|
-
|
261,304,285
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
44,237,025
|
44,237,025
|
-
|
-
|
Consumer Discretionary
|
390,964,791
|
377,920,951
|
-
|
13,043,840
|
Consumer Staples
|
66,290,795
|
66,290,795
|
-
|
-
|
Energy
|
103,268,311
|
103,268,311
|
-
|
-
|
Financials
|
291,211,118
|
289,440,826
|
-
|
1,770,292
|
Health Care
|
1,099,104,085
|
1,090,530,820
|
-
|
8,573,265
|
Industrials
|
1,049,982,305
|
1,049,982,305
|
-
|
-
|
Information Technology
|
670,035,374
|
663,430,434
|
-
|
6,604,940
|
Materials
|
82,885,041
|
82,885,041
|
-
|
-
|
Real Estate
|
65,187,669
|
65,187,669
|
-
|
-
|
Utilities
|
19,070,675
|
19,070,675
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Health Care
|
268,462
|
-
|
-
|
268,462
|
Convertible Preferred Stocks
|
||||
Health Care
|
18,982,282
|
3,384,315
|
-
|
15,597,967
|
Information Technology
|
15,541,745
|
-
|
-
|
15,541,745
|
Domestic Equity Funds
|
26,346,411
|
26,346,411
|
-
|
-
|
Money Market Funds
|
261,304,285
|
261,304,285
|
-
|
-
|
Total Investments in Securities:
|
4,204,680,374
|
4,143,279,863
|
-
|
61,400,511
|
Beginning Balance ($)
|
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, 2026 ($)
|
|
Common Stocks
|
24,433,506
|
4,542
|
3,794,266
|
1,764,565
|
(4,542)
|
-
|
-
|
-
|
29,992,337
|
3,794,266
|
Convertible Preferred Stocks
|
22,530,267
|
-
|
2,624,060
|
12,329,359
|
(6,343,974)
|
-
|
-
|
-
|
31,139,712
|
5,652,922
|
Convertible Corporate Bonds
|
301,691
|
-
|
(33,229)
|
-
|
-
|
-
|
-
|
-
|
268,462
|
(33,229)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $254,856,972) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $2,927,668,300)
|
$
|
3,943,376,089
|
||
Fidelity Central Funds (cost $261,304,285)
|
261,304,285
|
|||
Total Investment in Securities (cost $3,188,972,585)
|
$
|
4,204,680,374
|
||
Cash
|
23,654
|
|||
Foreign currency held at value (cost $73,145)
|
73,802
|
|||
Receivable for investments sold
|
20,134,898
|
|||
Receivable for fund shares sold
|
3,321,539
|
|||
Dividends receivable
|
117,800
|
|||
Interest receivable
|
30,128
|
|||
Distributions receivable from Fidelity Central Funds
|
131,149
|
|||
Total assets
|
4,228,513,344
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
20,302,339
|
||
Payable for fund shares redeemed
|
4,083,311
|
|||
Accrued management fee
|
2,014,738
|
|||
Other payables and accrued expenses
|
4,137
|
|||
Collateral on securities loaned
|
244,265,379
|
|||
Total liabilities
|
270,669,904
|
|||
Net Assets
|
$
|
3,957,843,440
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
2,877,797,621
|
||
Total accumulated earnings (loss)
|
1,080,045,819
|
|||
Net Assets
|
$
|
3,957,843,440
|
||
Net Asset Value, offering price and redemption price per share ($3,957,843,440 ÷ 197,000,446 shares)
|
$
|
20.09
|
||
Consolidated Statement of Operations
|
||||
Six months ended January 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
5,432,325
|
||
Interest
|
11,639
|
|||
Income from Fidelity Central Funds (including $737,608 from security lending)
|
1,242,886
|
|||
Total income
|
6,686,850
|
|||
Expenses
|
||||
Management fee
|
$
|
11,436,278
|
||
Independent trustees' fees and expenses
|
7,566
|
|||
Interest
|
2,065
|
|||
Total expenses before reductions
|
11,445,909
|
|||
Expense reductions
|
(5,139)
|
|||
Total expenses after reductions
|
11,440,770
|
|||
Net Investment income (loss)
|
(4,753,920)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
164,863,894
|
|||
Fidelity Central Funds
|
(727)
|
|||
Foreign currency transactions
|
19,189
|
|||
Total net realized gain (loss)
|
164,882,356
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
376,053,501
|
|||
Assets and liabilities in foreign currencies
|
3,548
|
|||
Total change in net unrealized appreciation (depreciation)
|
376,057,049
|
|||
Net gain (loss)
|
540,939,405
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
536,185,485
|
||
Consolidated Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(4,753,920)
|
$
|
(3,769,717)
|
Net realized gain (loss)
|
164,882,356
|
59,143,521
|
||
Change in net unrealized appreciation (depreciation)
|
376,057,049
|
30,733,398
|
||
Net increase (decrease) in net assets resulting from operations
|
536,185,485
|
86,107,202
|
||
Distributions to shareholders
|
(103,233,999)
|
(70,800,445)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
319,358,521
|
1,679,219,445
|
||
Reinvestment of distributions
|
101,972,893
|
70,297,823
|
||
Cost of shares redeemed
|
(494,644,338)
|
(1,071,977,154)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(73,312,924)
|
677,540,114
|
||
Total increase (decrease) in net assets
|
359,638,562
|
692,846,871
|
||
Net Assets
|
||||
Beginning of period
|
3,598,204,878
|
2,905,358,007
|
||
End of period
|
$
|
3,957,843,440
|
$
|
3,598,204,878
|
Other Information
|
||||
Shares
|
||||
Sold
|
16,506,008
|
94,589,078
|
||
Issued in reinvestment of distributions
|
5,237,372
|
4,031,806
|
||
Redeemed
|
(25,707,701)
|
(61,393,374)
|
||
Net increase (decrease)
|
(3,964,321)
|
37,227,510
|
||
Fidelity® Small Cap Growth K6 Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
17.90
|
$
|
17.74
|
$
|
14.58
|
$
|
13.22
|
$
|
21.55
|
$
|
15.32
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.02)
|
(.02)
|
- C
|
.01
|
.01
|
(.03) D
|
||||||
Net realized and unrealized gain (loss)
|
2.74
|
.58
|
3.20
|
1.36
|
(3.11)
|
6.81
|
||||||
Total from investment operations
|
2.72
|
.56
|
3.20
|
1.37
|
(3.10)
|
6.78
|
||||||
Distributions from net investment income
|
-
|
(.28)
|
(.04)
|
(.01)
|
-
|
-
|
||||||
Distributions from net realized gain
|
(.53)
|
(.12)
|
-
|
-
|
(5.23)
|
(.55)
|
||||||
Total distributions
|
(.53)
|
(.40)
|
(.04)
|
(.01)
|
(5.23)
|
(.55)
|
||||||
Net asset value, end of period
|
$
|
20.09
|
$
|
17.90
|
$
|
17.74
|
$
|
14.58
|
$
|
13.22
|
$
|
21.55
|
Total Return E,F
|
15.31 % |
3.24%
|
21.98%
|
10.34%
|
(20.31)%
|
44.76%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.60% I
|
.60%
|
.60%
|
.60%
|
.60%
|
.60%
|
||||||
Expenses net of fee waivers, if any
|
.60 % I |
.60%
|
.60%
|
.60%
|
.60%
|
.60%
|
||||||
Expenses net of all reductions, if any
|
.60% I
|
.60%
|
.60%
|
.60%
|
.60%
|
.59%
|
||||||
Net investment income (loss)
|
(.25)% I
|
(.11)%
|
(.03)%
|
.04%
|
.09%
|
(.14)% D
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
3,957,843
|
$
|
3,598,205
|
$
|
2,905,358
|
$
|
1,894,187
|
$
|
1,265,226
|
$
|
1,154,380
|
Portfolio turnover rate J
|
93 % I |
81% K
|
85% K
|
76% K
|
81% K
|
119%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$29,992,337
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.6 - 5.8 / 3.8
|
Increase
|
Enterprise value/Net income (EV/NI)
|
16.0
|
Increase
|
|||
Enterprise value/Gross profit multiple (EV/GP)
|
16.3
|
Increase
|
|||
Market approach
|
Transaction price
|
$1.77 - $360.11 / $344.65
|
Increase
|
||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.6%
|
Increase
|
||
Volatility
|
90.0% - 110.0% / 90.9%
|
Increase
|
|||
Term
|
2.0 - 3.0 / 2.0
|
Increase
|
|||
Discounted cash flow
|
Discount rate
|
7.9% - 9.7% / 8.8%
|
Decrease
|
||
Convertible Corporate Bonds
|
$268,462
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Black scholes
|
Discount rate
|
3.6%
|
Increase
|
||
Volatility
|
110.0%
|
Increase
|
|||
Term
|
3.0
|
Increase
|
|||
Convertible Preferred Stocks
|
$31,139,712
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.9 - 27.3 / 13.3
|
Increase
|
Enterprise value/Gross profit multiple (EV/GP)
|
11.9
|
Increase
|
|||
Market approach
|
Transaction price
|
$0.41 - $8.61 / $3.51
|
Increase
|
||
Discount rate
|
90.0%
|
Decrease
|
|||
Premium rate
|
10.0% - 20.0% / 15.1%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.6% - 3.7% / 3.7%
|
Increase
|
||
Volatility
|
75.0% - 110.0% - 82.6%
|
Increase
|
|||
Term
|
2.5 - 3.0 / 2.9
|
Increase
|
Gross unrealized appreciation
|
$1,189,622,573
|
Gross unrealized depreciation
|
(183,901,198)
|
Net unrealized appreciation (depreciation)
|
$1,005,721,375
|
Tax cost
|
$3,198,958,999
|
Amount ($)
|
% of Total Assets
|
|
Fidelity Small Cap Growth K6 Fund
|
8,493,742
|
.20
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Small Cap Growth K6 Fund
|
1,746,780,661
|
1,938,160,452
|
Shares
|
Total Proceeds ($)
|
|
Fidelity Small Cap Growth K6 Fund
|
2,217,519
|
38,462,188
|
Amount ($)
|
|
Fidelity Small Cap Growth K6 Fund
|
67,922
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Small Cap Growth K6 Fund
|
Borrower
|
8,205,000
|
4.53%
|
2,065
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Small Cap Growth K6 Fund
|
77,428,853
|
89,139,781
|
7,163,322
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Small Cap Growth K6 Fund
|
79,243
|
25,669
|
-
|
Amount ($)
|
|
Fidelity Small Cap Growth K6 Fund
|
26,792,437
|
![]() |


Contents
Common Stocks - 99.1%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.6%
|
|||
Industrials - 0.3%
|
|||
Aerospace & Defense - 0.3%
|
|||
DroneShield Ltd (b)(c)
|
9,000,892
|
20,809,000
|
|
Information Technology - 0.3%
|
|||
Electronic Equipment, Instruments & Components - 0.3%
|
|||
Elsight Ltd (b)
|
7,576,022
|
22,421,143
|
|
TOTAL AUSTRALIA
|
43,230,143
|
||
BAHAMAS (NASSAU) - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Diversified Consumer Services - 0.0%
|
|||
OneSpaWorld Holdings Ltd
|
487,539
|
9,580,140
|
|
CANADA - 1.2%
|
|||
Energy - 0.2%
|
|||
Energy Equipment & Services - 0.2%
|
|||
CES Energy Solutions Corp
|
1,873,738
|
19,540,322
|
|
Health Care - 0.3%
|
|||
Biotechnology - 0.3%
|
|||
Xenon Pharmaceuticals Inc (b)
|
478,931
|
19,640,960
|
|
Industrials - 0.2%
|
|||
Electrical Equipment - 0.2%
|
|||
Electrovaya Inc (United States) (b)
|
1,194,660
|
12,938,168
|
|
Information Technology - 0.2%
|
|||
Electronic Equipment, Instruments & Components - 0.2%
|
|||
Kraken Robotics Inc (b)
|
2,399,610
|
14,063,003
|
|
Materials - 0.3%
|
|||
Metals & Mining - 0.3%
|
|||
G Mining Ventures Corp (b)
|
793,070
|
25,143,636
|
|
TOTAL CANADA
|
91,326,089
|
||
GERMANY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Leisure Products - 0.1%
|
|||
Tonies SE Class A (b)
|
657,330
|
8,056,578
|
|
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Tubulis GmbH (e)(f)(i)
|
9,800
|
3,527,910
|
|
TOTAL GERMANY
|
11,584,488
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
|
|||
Financials - 0.2%
|
|||
Insurance - 0.2%
|
|||
Accelerant Holdings Class A (b)(d)
|
1,125,300
|
15,371,598
|
|
ISRAEL - 1.1%
|
|||
Information Technology - 1.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.6%
|
|||
Nova Ltd (b)
|
96,358
|
44,116,547
|
|
Software - 0.5%
|
|||
Cellebrite DI Ltd (b)
|
2,840,497
|
41,783,711
|
|
TOTAL ISRAEL
|
85,900,258
|
||
ITALY - 0.9%
|
|||
Consumer Discretionary - 0.4%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Lottomatica Group Spa
|
666,879
|
16,378,849
|
|
Leisure Products - 0.3%
|
|||
Sanlorenzo SpA/Ameglia (d)
|
520,427
|
19,894,643
|
|
TOTAL CONSUMER DISCRETIONARY
|
36,273,492
|
||
Industrials - 0.5%
|
|||
Electrical Equipment - 0.5%
|
|||
Prysmian SpA
|
312,235
|
37,177,325
|
|
TOTAL ITALY
|
73,450,817
|
||
JAPAN - 0.3%
|
|||
Industrials - 0.3%
|
|||
Professional Services - 0.3%
|
|||
BayCurrent Inc
|
522,698
|
18,376,841
|
|
Timee Inc (b)
|
297,020
|
2,598,637
|
|
TOTAL JAPAN
|
20,975,478
|
||
NETHERLANDS - 0.8%
|
|||
Health Care - 0.6%
|
|||
Biotechnology - 0.3%
|
|||
Newamsterdam Pharma Co NV (b)
|
504,110
|
15,687,903
|
|
uniQure NV (b)
|
290,201
|
6,593,367
|
|
22,281,270
|
|||
Pharmaceuticals - 0.3%
|
|||
Pharvaris NV (b)
|
759,471
|
20,543,690
|
|
TOTAL HEALTH CARE
|
42,824,960
|
||
Information Technology - 0.2%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
BE Semiconductor Industries NV
|
86,090
|
16,786,696
|
|
TOTAL NETHERLANDS
|
59,611,656
|
||
TAIWAN - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
Silicon Motion Technology Corp ADR
|
174,558
|
20,760,183
|
|
THAILAND - 1.5%
|
|||
Information Technology - 1.5%
|
|||
Electronic Equipment, Instruments & Components - 1.5%
|
|||
Fabrinet (b)
|
239,362
|
117,153,337
|
|
UNITED KINGDOM - 1.2%
|
|||
Consumer Discretionary - 0.3%
|
|||
Leisure Products - 0.3%
|
|||
Games Workshop Group PLC
|
112,716
|
26,297,057
|
|
Energy - 0.8%
|
|||
Energy Equipment & Services - 0.8%
|
|||
Subsea 7 SA
|
160,800
|
4,100,772
|
|
TechnipFMC PLC
|
971,540
|
54,134,209
|
|
TOTAL ENERGY
|
58,234,981
|
||
Financials - 0.1%
|
|||
Banks - 0.1%
|
|||
Starling Bank Ltd (e)(f)
|
1,942,800
|
5,981,468
|
|
TOTAL UNITED KINGDOM
|
90,513,506
|
||
UNITED STATES - 90.9%
|
|||
Communication Services - 1.1%
|
|||
Diversified Telecommunication Services - 0.3%
|
|||
Globalstar Inc (b)
|
329,780
|
20,321,044
|
|
Entertainment - 0.5%
|
|||
IMAX Corp (b)
|
1,087,126
|
37,951,569
|
|
Interactive Media & Services - 0.1%
|
|||
ZoomInfo Technologies Inc (b)
|
886,856
|
7,139,191
|
|
Media - 0.2%
|
|||
MNTN Inc Class A (b)(d)
|
1,882,686
|
17,320,711
|
|
Wireless Telecommunication Services - 0.0%
|
|||
Gogo Inc (b)(d)
|
1,314,496
|
6,033,536
|
|
TOTAL COMMUNICATION SERVICES
|
88,766,051
|
||
Consumer Discretionary - 9.3%
|
|||
Automobile Components - 0.4%
|
|||
LCI Industries
|
24,069
|
3,530,682
|
|
Patrick Industries Inc
|
255,090
|
32,184,705
|
|
35,715,387
|
|||
Broadline Retail - 0.2%
|
|||
Etsy Inc (b)
|
265,200
|
14,044,992
|
|
Savers Value Village Inc (b)(d)
|
607,610
|
6,294,839
|
|
20,339,831
|
|||
Diversified Consumer Services - 1.9%
|
|||
Adtalem Global Education Inc (b)
|
358,389
|
37,111,181
|
|
Duolingo Inc Class A (b)
|
172,360
|
23,106,582
|
|
Frontdoor Inc (b)
|
697,380
|
41,222,132
|
|
Grand Canyon Education Inc (b)
|
181,999
|
31,638,706
|
|
Stride Inc (b)
|
97,390
|
8,239,194
|
|
Universal Technical Institute Inc (b)
|
136,729
|
3,805,168
|
|
145,122,963
|
|||
Hotels, Restaurants & Leisure - 3.2%
|
|||
Black Rock Coffee Bar Inc Class A (d)
|
716,530
|
10,683,462
|
|
Brinker International Inc (b)
|
163,498
|
25,786,905
|
|
Cava Group Inc (b)(d)
|
247,296
|
14,991,084
|
|
Cheesecake Factory Inc/The (d)
|
710,428
|
41,176,407
|
|
Dutch Bros Inc Class A (b)
|
362,136
|
19,696,577
|
|
First Watch Restaurant Group Inc (b)
|
1,182,590
|
18,909,614
|
|
Kura Sushi USA Inc Class A (b)(d)
|
311,686
|
20,823,742
|
|
Lindblad Expeditions Holdings Inc (b)
|
757,925
|
12,634,610
|
|
Pursuit Attractions and Hospitality Inc (b)
|
298,438
|
10,364,752
|
|
Red Rock Resorts Inc Class A
|
499,873
|
31,556,982
|
|
Shake Shack Inc Class A (b)
|
126,720
|
11,223,590
|
|
Sportradar Holding AG Class A (b)
|
855,039
|
15,484,756
|
|
Travel + Leisure Co
|
216,150
|
15,031,071
|
|
248,363,552
|
|||
Household Durables - 0.5%
|
|||
Champion Homes Inc (b)
|
222,404
|
17,432,026
|
|
Somnigroup International Inc
|
284,444
|
24,988,405
|
|
42,420,431
|
|||
Specialty Retail - 3.1%
|
|||
Boot Barn Holdings Inc (b)
|
287,387
|
51,292,832
|
|
Chewy Inc Class A (b)
|
502,833
|
14,637,469
|
|
Fanatics Inc Class A (b)(e)(f)
|
726,062
|
58,084,960
|
|
Group 1 Automotive Inc
|
13,939
|
4,938,030
|
|
RealReal Inc/The (b)
|
2,300,410
|
33,747,015
|
|
ThredUp Inc Class A (b)
|
779,281
|
3,958,747
|
|
Urban Outfitters Inc (b)
|
503,314
|
35,659,797
|
|
Warby Parker Inc Class A (b)
|
1,454,973
|
37,116,361
|
|
239,435,211
|
|||
TOTAL CONSUMER DISCRETIONARY
|
731,397,375
|
||
Consumer Staples - 1.7%
|
|||
Beverages - 0.9%
|
|||
Vita Coco Co Inc/The (b)
|
1,215,161
|
64,828,839
|
|
Consumer Staples Distribution & Retail - 0.4%
|
|||
Sprouts Farmers Market Inc (b)
|
191,940
|
13,610,465
|
|
US Foods Holding Corp (b)
|
258,165
|
21,587,758
|
|
35,198,223
|
|||
Tobacco - 0.4%
|
|||
Turning Point Brands Inc
|
263,878
|
31,968,820
|
|
TOTAL CONSUMER STAPLES
|
131,995,882
|
||
Energy - 1.5%
|
|||
Energy Equipment & Services - 1.0%
|
|||
Cactus Inc Class A
|
707,967
|
39,808,984
|
|
WaterBridge Infrastructure LLC Class A
|
644,070
|
14,130,896
|
|
Weatherford International PLC
|
284,046
|
26,723,048
|
|
80,662,928
|
|||
Oil, Gas & Consumable Fuels - 0.5%
|
|||
Antero Resources Corp (b)
|
661,925
|
24,074,213
|
|
Centrus Energy Corp Class A (b)(d)
|
53,766
|
14,962,002
|
|
39,036,215
|
|||
TOTAL ENERGY
|
119,699,143
|
||
Financials - 7.3%
|
|||
Banks - 1.6%
|
|||
Axos Financial Inc (b)
|
51,600
|
5,107,883
|
|
Central BanCo Inc
|
483,000
|
11,640,300
|
|
East West Bancorp Inc
|
234,261
|
26,808,829
|
|
Eastern Bankshares Inc
|
1,142,921
|
23,412,737
|
|
First Bancorp/Southern Pines NC
|
464,206
|
26,891,454
|
|
Hancock Whitney Corp
|
236,332
|
16,259,642
|
|
Pinnacle Financial Partners Inc
|
161,780
|
15,383,660
|
|
125,504,505
|
|||
Capital Markets - 2.2%
|
|||
Houlihan Lokey Inc Class A
|
134,186
|
22,586,188
|
|
P10 Inc Class A
|
2,007,536
|
21,641,238
|
|
Perella Weinberg Partners (f)
|
2,039,500
|
45,501,245
|
|
Perella Weinberg Partners Class A
|
503,827
|
11,240,380
|
|
Piper Sandler Cos
|
44,627
|
15,456,561
|
|
PJT Partners Inc Class A
|
159,140
|
27,535,994
|
|
StepStone Group Inc rights 12/31/2038 (b)(e)
|
31,066
|
2,130,196
|
|
Wealthfront Corp (b)
|
1,462,260
|
12,692,417
|
|
WisdomTree Inc
|
879,958
|
14,255,320
|
|
173,039,539
|
|||
Consumer Finance - 1.9%
|
|||
Enova International Inc (b)
|
263,430
|
43,510,733
|
|
EZCORP Inc Class A (b)
|
1,227,640
|
26,332,878
|
|
Figure Technology Solutions Inc Class A (d)
|
119,600
|
6,802,848
|
|
FirstCash Holdings Inc
|
354,012
|
60,359,046
|
|
LendingClub Corp (b)
|
570,700
|
9,650,537
|
|
146,656,042
|
|||
Financial Services - 0.3%
|
|||
HA Sustainable Infrastructure Capital Inc
|
667,110
|
22,955,255
|
|
Insurance - 1.3%
|
|||
Baldwin Insurance Group Inc/The Class A (b)
|
533,907
|
11,703,241
|
|
Lemonade Inc (b)(d)
|
300,820
|
26,090,119
|
|
Oscar Health Inc Class A (b)
|
1,164,380
|
16,708,853
|
|
Stewart Information Services Corp
|
383,596
|
25,865,878
|
|
Trupanion Inc (b)
|
760,431
|
24,326,188
|
|
104,694,279
|
|||
TOTAL FINANCIALS
|
572,849,620
|
||
Health Care - 27.4%
|
|||
Biotechnology - 13.8%
|
|||
Apogee Therapeutics Inc (b)
|
297,975
|
19,520,342
|
|
Arcellx Inc (b)(d)
|
343,693
|
23,477,669
|
|
ArriVent Biopharma Inc (b)
|
298,740
|
6,718,663
|
|
Arrowhead Pharmaceuticals Inc (b)
|
153,340
|
10,631,062
|
|
Blueprint Medicines Corp rights (b)(e)
|
124,518
|
0
|
|
Bridgebio Pharma Inc (b)
|
673,269
|
52,023,496
|
|
Caris Life Sciences Inc (b)
|
1,124,760
|
26,049,442
|
|
Celldex Therapeutics Inc (b)
|
473,857
|
11,656,882
|
|
Centessa Pharmaceuticals PLC ADR (b)
|
525,560
|
12,913,009
|
|
CG oncology Inc (b)(d)
|
909,861
|
47,358,265
|
|
Cogent Biosciences Inc (b)
|
2,509,157
|
90,103,828
|
|
Crescent Biopharma Inc (b)(f)
|
518,531
|
4,972,711
|
|
Cytokinetics Inc (b)
|
561,677
|
35,492,370
|
|
CytomX Therapeutics Inc (b)
|
3,283,170
|
18,681,237
|
|
Dianthus Therapeutics Inc (b)(d)
|
445,439
|
23,781,988
|
|
Disc Medicine Inc (b)
|
398,364
|
30,801,504
|
|
Inovio Pharmaceuticals Inc (b)(d)(g)
|
5,980,194
|
9,747,716
|
|
Insmed Inc (b)
|
91,414
|
14,340,114
|
|
Jade Biosciences Inc
|
516,015
|
8,054,994
|
|
Janux Therapeutics Inc (b)
|
679,062
|
9,309,940
|
|
Kiniksa Pharmaceuticals International Plc Class A (b)
|
581,262
|
25,529,027
|
|
Kymera Therapeutics Inc (b)
|
316,053
|
22,973,893
|
|
Madrigal Pharmaceuticals Inc (b)
|
71,182
|
34,830,064
|
|
Mineralys Therapeutics Inc (b)
|
378,758
|
11,699,835
|
|
Mirum Pharmaceuticals Inc (b)(d)
|
358,290
|
36,982,694
|
|
Moderna Inc (b)
|
308,710
|
13,604,850
|
|
Nurix Therapeutics Inc (b)
|
948,302
|
15,665,949
|
|
Nuvalent Inc Class A (b)
|
517,504
|
53,245,987
|
|
Olema Pharmaceuticals Inc (b)
|
388,100
|
9,981,932
|
|
Oruka Therapeutics Inc (b)
|
553,410
|
18,943,224
|
|
Oruka Therapeutics Inc (b)(f)
|
132,308
|
4,528,903
|
|
Palvella Therapeutics Inc (b)
|
154,240
|
11,828,666
|
|
Praxis Precision Medicines Inc (b)
|
112,000
|
35,168,000
|
|
Precigen Inc (b)(d)
|
2,361,153
|
10,601,577
|
|
Rhythm Pharmaceuticals Inc (b)
|
410,088
|
42,042,222
|
|
Scholar Rock Holding Corp (b)
|
54,959
|
2,436,881
|
|
Soleno Therapeutics Inc (b)
|
652,511
|
25,160,824
|
|
Spyre Therapeutics Inc (b)
|
766,820
|
24,522,904
|
|
Stoke Therapeutics Inc (b)
|
520,825
|
15,801,831
|
|
Travere Therapeutics Inc (b)
|
904,040
|
28,106,604
|
|
Upstream Bio Inc (b)
|
1,371,372
|
42,622,242
|
|
Veracyte Inc (b)
|
918,040
|
34,958,963
|
|
Vericel Corp (b)
|
506,688
|
18,230,634
|
|
Viking Therapeutics Inc (b)(d)
|
216,331
|
6,282,252
|
|
Viridian Therapeutics Inc (b)
|
1,268,990
|
41,876,670
|
|
X4 Pharmaceuticals Inc (b)
|
3,386,200
|
12,528,940
|
|
Zenas Biopharma Inc (b)
|
675,111
|
12,401,789
|
|
Zenas Biopharma Inc (f)
|
160,245
|
2,943,701
|
|
Zymeworks Inc (b)
|
369,100
|
8,315,823
|
|
1,079,452,113
|
|||
Health Care Equipment & Supplies - 2.9%
|
|||
Artivion Inc (b)
|
532,577
|
21,713,164
|
|
Ceribell Inc (b)
|
1,335,885
|
27,532,590
|
|
Integer Holdings Corp (b)
|
166,392
|
14,452,809
|
|
iRhythm Technologies Inc (b)
|
79,354
|
12,260,987
|
|
LivaNova PLC (b)
|
192,220
|
12,630,776
|
|
Masimo Corp (b)
|
164,754
|
22,625,667
|
|
Neogen Corp (b)
|
1,220,968
|
12,478,293
|
|
NeuroPace Inc (b)
|
370,634
|
5,607,692
|
|
Penumbra Inc (b)
|
2,638
|
944,852
|
|
PROCEPT BioRobotics Corp (b)(d)
|
274,321
|
7,944,336
|
|
Shoulder Innovations Inc (h)
|
661,617
|
9,368,497
|
|
Shoulder Innovations Inc
|
116,000
|
1,642,560
|
|
TransMedics Group Inc (b)(d)
|
572,950
|
76,760,977
|
|
225,963,200
|
|||
Health Care Providers & Services - 6.1%
|
|||
Alignment Healthcare Inc (b)
|
1,873,477
|
42,209,437
|
|
BrightSpring Health Services Inc (b)
|
2,611,217
|
102,542,492
|
|
Ensign Group Inc/The
|
449,817
|
77,215,586
|
|
GeneDx Holdings Corp Class A (b)
|
241,680
|
23,264,117
|
|
Guardant Health Inc (b)
|
578,380
|
65,958,455
|
|
HealthEquity Inc (b)
|
402,464
|
34,479,091
|
|
LifeStance Health Group Inc (b)
|
5,464,919
|
38,636,977
|
|
Privia Health Group Inc (b)
|
1,509,439
|
35,049,174
|
|
Progyny Inc (b)
|
1,586,779
|
37,876,415
|
|
RadNet Inc (b)
|
142,670
|
10,001,167
|
|
Surgery Partners Inc (b)
|
655,065
|
9,734,265
|
|
476,967,176
|
|||
Health Care Technology - 0.4%
|
|||
Waystar Holding Corp (b)
|
1,074,280
|
28,532,877
|
|
Wugen Inc warrants 8/22/2035 (b)(e)(f)
|
92,226
|
159,551
|
|
28,692,428
|
|||
Life Sciences Tools & Services - 0.7%
|
|||
BioLife Solutions Inc (b)(d)
|
582,890
|
12,707,002
|
|
Charles River Laboratories International Inc (b)
|
122,551
|
25,794,534
|
|
Veterinary Emergency Group (b)(e)(f)(i)
|
190,561
|
18,745,486
|
|
57,247,022
|
|||
Pharmaceuticals - 3.5%
|
|||
Amylyx Pharmaceuticals Inc (b)
|
2,115,961
|
30,237,083
|
|
Axsome Therapeutics Inc (b)
|
325,655
|
60,001,935
|
|
Crinetics Pharmaceuticals Inc (b)
|
938,892
|
46,888,267
|
|
Definium Therapeutics Inc (b)(d)
|
817,400
|
13,797,712
|
|
Enliven Therapeutics Inc (b)(d)
|
1,072,854
|
28,376,988
|
|
Enliven Therapeutics Inc (b)(f)
|
266,907
|
7,059,690
|
|
Liquidia Corp (b)(d)
|
227,529
|
9,644,954
|
|
Ocular Therapeutix Inc (b)
|
640,446
|
5,853,676
|
|
Structure Therapeutics Inc ADR (b)
|
414,389
|
36,652,707
|
|
Trevi Therapeutics Inc (b)
|
1,290,330
|
13,509,755
|
|
WaVe Life Sciences Ltd (b)
|
1,879,860
|
24,325,388
|
|
276,348,155
|
|||
TOTAL HEALTH CARE
|
2,144,670,094
|
||
Industrials - 25.4%
|
|||
Aerospace & Defense - 6.9%
|
|||
AeroVironment Inc (b)(d)
|
95,900
|
26,697,601
|
|
ATI Inc (b)
|
483,503
|
58,165,411
|
|
Beta Technologies Inc (j)
|
2,706,887
|
58,198,071
|
|
Beta Technologies Inc Class A (b)
|
90,090
|
1,936,935
|
|
BWX Technologies Inc
|
185,095
|
38,024,066
|
|
Cadre Holdings Inc
|
664,770
|
26,597,448
|
|
Carpenter Technology Corp
|
137,438
|
43,681,920
|
|
Karman Holdings Inc (b)(d)
|
645,172
|
66,968,854
|
|
Kratos Defense & Security Solutions Inc (b)
|
473,590
|
48,784,506
|
|
Leonardo DRS Inc
|
520,842
|
21,385,772
|
|
Mercury Systems Inc (b)
|
350,232
|
32,879,780
|
|
Moog Inc Class A
|
99,640
|
30,425,074
|
|
V2X Inc (b)
|
384,273
|
26,449,510
|
|
VSE Corp
|
87,250
|
19,070,232
|
|
Woodward Inc
|
138,922
|
44,154,968
|
|
543,420,148
|
|||
Building Products - 1.5%
|
|||
Armstrong World Industries Inc
|
85,970
|
15,796,128
|
|
AZZ Inc
|
343,912
|
42,744,823
|
|
Modine Manufacturing Co (b)
|
40,000
|
7,386,400
|
|
Simpson Manufacturing Co Inc
|
43,390
|
7,670,484
|
|
Tecnoglass Inc
|
630,331
|
30,829,489
|
|
Zurn Elkay Water Solutions Corp
|
238,800
|
11,011,068
|
|
115,438,392
|
|||
Commercial Services & Supplies - 0.6%
|
|||
HNI Corp
|
514,668
|
24,595,984
|
|
Montrose Environmental Group Inc (b)
|
182,472
|
4,065,476
|
|
OPENLANE Inc (b)
|
575,617
|
17,291,535
|
|
45,952,995
|
|||
Construction & Engineering - 3.7%
|
|||
Cardinal Infrastructure Group Inc Class A
|
444,434
|
11,195,292
|
|
Construction Partners Inc Class A (b)
|
415,142
|
45,615,803
|
|
Dycom Industries Inc (b)
|
125,386
|
45,689,405
|
|
Granite Construction Inc
|
268,079
|
32,367,858
|
|
IES Holdings Inc (b)
|
100,223
|
38,113,805
|
|
Legence Corp Class A
|
553,160
|
25,948,736
|
|
Limbach Holdings Inc (b)
|
101,890
|
8,760,501
|
|
Primoris Services Corp
|
149,110
|
22,105,558
|
|
Sterling Infrastructure Inc (b)
|
170,277
|
60,943,841
|
|
290,740,799
|
|||
Electrical Equipment - 4.4%
|
|||
Acuity Inc
|
75,948
|
23,486,160
|
|
Bloom Energy Corp Class A (b)
|
1,167,911
|
176,786,688
|
|
Fluence Energy Inc Class A (b)(d)
|
473,550
|
14,571,134
|
|
Nextpower Inc Class A (b)
|
1,015,773
|
118,936,861
|
|
Preformed Line Products Co
|
35,540
|
8,918,407
|
|
Shoals Technologies Group Inc (b)
|
509,400
|
4,808,735
|
|
347,507,985
|
|||
Machinery - 3.8%
|
|||
Atmus Filtration Technologies Inc
|
691,110
|
40,063,647
|
|
Blue Bird Corp (b)
|
386,300
|
19,434,753
|
|
Federal Signal Corp
|
206,969
|
22,371,279
|
|
ITT Inc
|
176,978
|
32,263,089
|
|
JBT Marel Corp
|
305,510
|
48,059,779
|
|
Mueller Industries Inc
|
211,120
|
28,741,877
|
|
Oshkosh Corp
|
104,980
|
15,098,224
|
|
RBC Bearings Inc (b)
|
73,244
|
36,597,829
|
|
REV Group Inc
|
621,338
|
39,703,498
|
|
SPX Technologies Inc (b)
|
70,420
|
14,676,232
|
|
297,010,207
|
|||
Passenger Airlines - 0.2%
|
|||
Joby Aviation Inc Class A (b)(d)
|
1,169,000
|
12,356,329
|
|
Professional Services - 3.2%
|
|||
CACI International Inc (b)
|
67,724
|
42,028,160
|
|
CRA International Inc
|
36,040
|
6,809,398
|
|
FTI Consulting Inc (b)
|
140,517
|
24,544,104
|
|
Huron Consulting Group Inc (b)
|
395,060
|
66,765,140
|
|
Parsons Corp (b)
|
298,630
|
20,922,018
|
|
Planet Labs PBC Class A (b)(d)
|
1,397,050
|
34,884,339
|
|
UL Solutions Inc Class A
|
221,645
|
15,566,128
|
|
Upwork Inc (b)(d)
|
1,889,600
|
37,848,688
|
|
249,367,975
|
|||
Trading Companies & Distributors - 1.1%
|
|||
DXP Enterprises Inc/TX (b)
|
93,951
|
12,218,328
|
|
Herc Holdings Inc
|
78,110
|
11,196,287
|
|
Xometry Inc Class A (b)(d)
|
1,151,429
|
65,781,139
|
|
89,195,754
|
|||
TOTAL INDUSTRIALS
|
1,990,990,584
|
||
Information Technology - 13.3%
|
|||
Communications Equipment - 0.6%
|
|||
Lumentum Holdings Inc (b)
|
73,461
|
28,784,958
|
|
Viavi Solutions Inc (b)
|
580,660
|
14,202,944
|
|
Vistance Networks Inc (b)
|
390,500
|
7,029,000
|
|
50,016,902
|
|||
Electronic Equipment, Instruments & Components - 4.3%
|
|||
Advanced Energy Industries Inc
|
308,002
|
78,651,391
|
|
Belden Inc
|
193,093
|
22,690,358
|
|
Evolv Technologies Holdings Inc Class A (b)
|
1,064,696
|
6,590,468
|
|
Mirion Technologies Inc Class A (b)
|
1,538,971
|
38,228,040
|
|
OSI Systems Inc (b)(d)
|
329,098
|
82,320,574
|
|
Sanmina Corp (b)
|
255,778
|
36,238,627
|
|
TD SYNNEX Corp
|
159,477
|
25,304,216
|
|
TTM Technologies Inc (b)
|
288,791
|
28,359,276
|
|
Vontier Corp
|
564,044
|
21,151,650
|
|
339,534,600
|
|||
Semiconductors & Semiconductor Equipment - 4.8%
|
|||
Aehr Test Systems (b)(d)
|
1,454,511
|
37,293,662
|
|
Credo Technology Group Holding Ltd (b)
|
649,162
|
81,327,015
|
|
Impinj Inc (b)
|
130,615
|
18,037,932
|
|
Kopin Corp (b)(d)
|
1,513,533
|
3,859,508
|
|
MACOM Technology Solutions Holdings Inc (b)
|
381,379
|
83,544,884
|
|
Onto Innovation Inc (b)
|
101,840
|
20,576,772
|
|
Rambus Inc (b)
|
267,717
|
30,474,226
|
|
Rigetti Computing Inc Class A (b)(d)
|
382,870
|
6,956,748
|
|
SiTime Corp (b)
|
157,779
|
57,291,133
|
|
Veeco Instruments Inc (b)
|
1,115,873
|
34,848,714
|
|
374,210,594
|
|||
Software - 3.3%
|
|||
Algolia Inc (b)(e)(f)
|
234,640
|
3,693,234
|
|
Alkami Technology Inc (b)(d)
|
764,931
|
16,208,888
|
|
Bitdeer Technologies Group Class A (b)(d)
|
140,485
|
1,831,924
|
|
Clear Secure Inc Class A
|
192,810
|
6,289,462
|
|
Commvault Systems Inc (b)
|
103,307
|
8,853,410
|
|
Intapp Inc (b)
|
1,118,369
|
37,968,628
|
|
InterDigital Inc (d)
|
140,728
|
45,939,248
|
|
JFrog Ltd (b)
|
273,920
|
15,010,816
|
|
Life360 Inc (b)(d)
|
458,025
|
26,240,252
|
|
PAR Technology Corp (b)(d)
|
484,883
|
12,708,783
|
|
Varonis Systems Inc (b)
|
681,830
|
20,345,807
|
|
Workiva Inc Class A (b)
|
503,691
|
38,794,281
|
|
Zeta Global Holdings Corp Class A (b)(d)
|
1,236,703
|
22,977,942
|
|
256,862,675
|
|||
Technology Hardware, Storage & Peripherals - 0.3%
|
|||
IonQ Inc (b)(d)
|
583,385
|
23,323,732
|
|
TOTAL INFORMATION TECHNOLOGY
|
1,043,948,503
|
||
Materials - 1.8%
|
|||
Chemicals - 0.5%
|
|||
Element Solutions Inc
|
908,305
|
26,431,676
|
|
Minerals Technologies Inc
|
16,742
|
1,100,953
|
|
Sensient Technologies Corp
|
130,080
|
12,295,162
|
|
39,827,791
|
|||
Metals & Mining - 1.0%
|
|||
Coeur Mining Inc (b)
|
1,958,600
|
40,033,784
|
|
Ivanhoe Electric Inc / US (b)
|
1,291,246
|
22,067,394
|
|
USA Rare Earth Inc (f)
|
574,205
|
12,873,676
|
|
74,974,854
|
|||
Paper & Forest Products - 0.3%
|
|||
Louisiana-Pacific Corp
|
302,825
|
25,358,566
|
|
TOTAL MATERIALS
|
140,161,211
|
||
Real Estate - 1.6%
|
|||
Real Estate Management & Development - 1.6%
|
|||
Compass Inc Class A (b)
|
6,008,679
|
75,228,661
|
|
Jones Lang LaSalle Inc (b)
|
79,850
|
28,579,114
|
|
Landbridge Co LLC Class A (d)
|
372,248
|
21,389,370
|
|
TOTAL REAL ESTATE
|
125,197,145
|
||
Utilities - 0.5%
|
|||
Electric Utilities - 0.3%
|
|||
IDACORP Inc (d)
|
170,957
|
22,701,380
|
|
Gas Utilities - 0.2%
|
|||
UGI Corp
|
388,220
|
15,571,503
|
|
TOTAL UTILITIES
|
38,272,883
|
||
TOTAL UNITED STATES
|
7,127,948,491
|
||
|
TOTAL COMMON STOCKS
(Cost $5,639,623,640)
|
7,767,406,184
|
||
Convertible Corporate Bonds - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Health Care - 0.0%
|
|||
Health Care Technology - 0.0%
|
|||
Wugen Inc 0% 12/31/2199 (e)(f)(k)
(Cost $1,379,633)
|
1,379,633
|
1,461,307
|
|
Convertible Preferred Stocks - 1.0%
|
|||
Shares
|
Value ($)
|
||
DENMARK - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Galecto Inc Series C
|
157
|
4,118,895
|
|
FINLAND - 0.2%
|
|||
Health Care - 0.2%
|
|||
Health Care Technology - 0.2%
|
|||
Oura Health Oy Series E (e)(f)
|
249,257
|
13,352,697
|
|
UNITED STATES - 0.8%
|
|||
Health Care - 0.4%
|
|||
Biotechnology - 0.4%
|
|||
Bright Peak Therapeutics Inc. Series B (b)(e)(f)
|
1,079,522
|
1,932,344
|
|
Bright Peak Therapeutics Inc. Series C (b)(e)(f)
|
2,205,558
|
2,712,837
|
|
Endeavor BioMedicines Inc Series C (b)(e)(f)
|
556,156
|
3,626,137
|
|
LifeMine Therapeutics Inc Series C (b)(e)(f)
|
2,048,403
|
2,417,116
|
|
Parabilis Medicines Inc Series F (e)(f)
|
492,000
|
3,030,720
|
|
Sonoma Biotherapeutics Inc Series B (b)(e)(f)
|
2,370,360
|
7,111,080
|
|
Sonoma Biotherapeutics Inc Series B1 (b)(e)(f)
|
1,264,171
|
4,260,256
|
|
T-Knife Therapeutics Inc Series B (b)(e)(f)
|
1,097,257
|
757,107
|
|
Treeline Biosciences Series A (b)(e)(f)
|
115,000
|
970,600
|
|
26,818,197
|
|||
Health Care Technology - 0.0%
|
|||
Wugen Inc Series B (b)(e)(f)
|
326,496
|
519,129
|
|
Wugen Inc Series C (e)(f)
|
1,268,600
|
2,194,678
|
|
2,713,807
|
|||
TOTAL HEALTH CARE
|
29,532,004
|
||
Information Technology - 0.4%
|
|||
Communications Equipment - 0.3%
|
|||
Astranis Space Technologies Corp Series C (b)(e)(f)
|
557,717
|
11,723,212
|
|
Astranis Space Technologies Corp Series C (b)(e)(f)
|
87,241
|
1,833,806
|
|
Astranis Space Technologies Corp Series D (b)(e)(f)
|
620,825
|
9,914,575
|
|
23,471,593
|
|||
IT Services - 0.0%
|
|||
Yanka Industries Inc Series E (b)(e)(f)
|
869,641
|
1,356,640
|
|
Yanka Industries Inc Series F (b)(e)(f)
|
127,716
|
335,893
|
|
1,692,533
|
|||
Software - 0.1%
|
|||
Algolia Inc Series D (b)(e)(f)
|
53,800
|
846,812
|
|
Lyte Ai Inc Series B (b)(e)(f)
|
97,800
|
1,027,878
|
|
Skyryse Inc Series B (b)(e)(f)
|
62,100
|
1,623,915
|
|
Skyryse Inc Series C (e)(f)
|
226,900
|
6,130,838
|
|
9,629,443
|
|||
TOTAL INFORMATION TECHNOLOGY
|
34,793,569
|
||
TOTAL UNITED STATES
|
64,325,573
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $97,466,540)
|
81,797,165
|
||
Money Market Funds - 5.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (l)
|
3.70
|
2,324,107
|
2,324,571
|
|
Fidelity Securities Lending Cash Central Fund (l)(m)
|
3.70
|
421,653,553
|
421,695,719
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $424,020,290)
|
424,020,290
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 105.5%
(Cost $6,162,490,103)
|
8,274,684,946
|
NET OTHER ASSETS (LIABILITIES) - (5.5)%
|
(433,597,697)
|
NET ASSETS - 100.0%
|
7,841,087,249
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Security 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 $20,809,000 or 0.3% of net assets.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
Level 3 security.
|
(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 $243,684,202 or 3.1% of net assets.
|
(g)
|
Affiliated company.
|
(h)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,368,497 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 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 $58,198,071 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(k)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(l)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(m)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Algolia Inc
|
10/27/2021
|
6,862,059
|
Algolia Inc Series D
|
7/23/2021
|
1,573,384
|
Astranis Space Technologies Corp Series C
|
3/19/2021
|
12,225,676
|
Astranis Space Technologies Corp Series C
|
4/5/2023
|
1,912,404
|
Astranis Space Technologies Corp Series D
|
4/25/2024 - 12/6/2024
|
5,799,996
|
Bright Peak Therapeutics Inc. Series B
|
5/14/2021
|
4,216,613
|
Bright Peak Therapeutics Inc. Series C
|
5/7/2024
|
2,500,000
|
Crescent Biopharma Inc
|
10/28/2024 - 12/4/2025
|
6,932,525
|
Endeavor BioMedicines Inc Series C
|
4/22/2024
|
3,628,695
|
Enliven Therapeutics Inc
|
3/19/2024
|
3,736,698
|
Fanatics Inc Class A
|
8/13/2020 - 3/22/2021
|
12,874,623
|
LifeMine Therapeutics Inc Series C
|
2/15/2022
|
4,171,757
|
Lyte Ai Inc Series B
|
8/13/2024
|
1,240,700
|
Oruka Therapeutics Inc
|
9/17/2025
|
1,984,620
|
Oura Health Oy Series E
|
9/24/2025
|
13,352,697
|
Parabilis Medicines Inc Series F
|
1/6/2026
|
3,032,885
|
Perella Weinberg Partners
|
12/29/2020
|
20,395,000
|
Skyryse Inc Series B
|
10/21/2021
|
1,532,626
|
Skyryse Inc Series C
|
9/16/2025 - 11/21/2025
|
6,131,791
|
Sonoma Biotherapeutics Inc Series B
|
7/26/2021
|
4,684,542
|
Sonoma Biotherapeutics Inc Series B1
|
7/26/2021
|
3,747,635
|
Starling Bank Ltd
|
6/18/2021 - 4/5/2022
|
3,728,430
|
T-Knife Therapeutics Inc Series B
|
6/30/2021
|
6,329,856
|
Treeline Biosciences Series A
|
7/30/2021
|
900,163
|
Tubulis GmbH
|
12/11/2025
|
3,495,429
|
USA Rare Earth Inc
|
1/26/2026
|
12,345,407
|
Veterinary Emergency Group
|
9/16/2021 - 3/17/2022
|
9,329,011
|
Wugen Inc 0% 12/31/2199
|
6/14/2024
|
1,379,633
|
Wugen Inc Series B
|
7/9/2021
|
2,531,944
|
Wugen Inc Series C
|
8/22/2025
|
2,249,088
|
Wugen Inc warrants 8/22/2035
|
8/22/2025
|
0
|
Yanka Industries Inc Series E
|
5/15/2020
|
10,504,568
|
Yanka Industries Inc Series F
|
4/8/2021
|
4,071,177
|
Zenas Biopharma Inc
|
10/8/2025
|
3,044,655
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Beta Technologies Inc
|
5/4/2026
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
44,848,011
|
882,325,032
|
924,850,461
|
725,943
|
1,989
|
-
|
2,324,571
|
2,324,107
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
485,601,517
|
1,079,226,261
|
1,143,133,032
|
971,399
|
973
|
-
|
421,695,719
|
421,653,553
|
1.3%
|
Total
|
530,449,528
|
1,961,551,293
|
2,067,983,493
|
1,697,342
|
2,962
|
-
|
424,020,290
|
||
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Aehr Test Systems
|
15,166,415
|
23,409,528
|
8,996,260
|
-
|
(862,520)
|
8,576,499
|
-
|
-
|
Inovio Pharmaceuticals Inc
|
-
|
11,362,369
|
-
|
-
|
-
|
(1,614,653)
|
9,747,716
|
5,980,194
|
Total
|
15,166,415
|
34,771,897
|
8,996,260
|
-
|
(862,520)
|
6,961,846
|
9,747,716
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
88,766,051
|
88,766,051
|
-
|
-
|
Consumer Discretionary
|
811,604,642
|
753,519,682
|
-
|
58,084,960
|
Consumer Staples
|
131,995,882
|
131,995,882
|
-
|
-
|
Energy
|
197,474,446
|
197,474,446
|
-
|
-
|
Financials
|
594,202,686
|
586,091,022
|
-
|
8,111,664
|
Health Care
|
2,210,663,924
|
2,188,230,977
|
-
|
22,432,947
|
Industrials
|
2,082,890,555
|
2,082,890,555
|
-
|
-
|
Information Technology
|
1,321,033,123
|
1,317,339,889
|
-
|
3,693,234
|
Materials
|
165,304,847
|
165,304,847
|
-
|
-
|
Real Estate
|
125,197,145
|
125,197,145
|
-
|
-
|
Utilities
|
38,272,883
|
38,272,883
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Health Care
|
1,461,307
|
-
|
-
|
1,461,307
|
Convertible Preferred Stocks
|
||||
Health Care
|
47,003,596
|
4,118,895
|
-
|
42,884,701
|
Information Technology
|
34,793,569
|
-
|
-
|
34,793,569
|
Money Market Funds
|
424,020,290
|
424,020,290
|
-
|
-
|
Total Investments in Securities:
|
8,274,684,946
|
8,103,222,564
|
-
|
171,462,382
|
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 ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
|
|
Common Stocks
|
72,725,157
|
21,923
|
16,085,368
|
3,512,280
|
(21,923)
|
-
|
-
|
-
|
92,322,805
|
16,085,368
|
Convertible Preferred Stocks
|
84,851,190
|
-
|
(2,780,484)
|
24,766,462
|
(29,158,898)
|
-
|
-
|
-
|
77,678,270
|
11,713,311
|
Convertible Corporate Bonds
|
1,642,177
|
-
|
(180,870)
|
-
|
-
|
-
|
-
|
-
|
1,461,307
|
(180,870)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $467,961,517) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $5,727,107,444)
|
$
|
7,840,916,940
|
||
Fidelity Central Funds (cost $424,020,290)
|
424,020,290
|
|||
Other affiliated issuers (cost $11,362,369)
|
9,747,716
|
|||
Total Investment in Securities (cost $6,162,490,103)
|
$
|
8,274,684,946
|
||
Foreign currency held at value (cost $374)
|
375
|
|||
Receivable for investments sold
|
40,831,116
|
|||
Receivable for fund shares sold
|
2,272,772
|
|||
Dividends receivable
|
270,071
|
|||
Interest receivable
|
163,774
|
|||
Distributions receivable from Fidelity Central Funds
|
157,802
|
|||
Prepaid expenses
|
4,894
|
|||
Total assets
|
8,318,385,750
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
2,324,170
|
||
Payable for investments purchased
|
39,993,146
|
|||
Payable for fund shares redeemed
|
6,236,631
|
|||
Accrued management fee
|
5,508,404
|
|||
Distribution and service plan fees payable
|
157,481
|
|||
Notes payable to affiliates
|
1,254,000
|
|||
Other payables and accrued expenses
|
140,872
|
|||
Collateral on securities loaned
|
421,683,797
|
|||
Total liabilities
|
477,298,501
|
|||
Net Assets
|
$
|
7,841,087,249
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
5,581,108,727
|
||
Total accumulated earnings (loss)
|
2,259,978,522
|
|||
Net Assets
|
$
|
7,841,087,249
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($407,412,956 ÷ 12,201,439 shares)(a)
|
$
|
33.39
|
||
Maximum offering price per share (100/94.25 of $33.39)
|
$
|
35.43
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($96,417,262 ÷ 3,095,207 shares)(a)
|
$
|
31.15
|
||
Maximum offering price per share (100/96.50 of $31.15)
|
$
|
32.28
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($33,699,689 ÷ 1,285,815 shares)(a)
|
$
|
26.21
|
||
Small Cap Growth :
|
||||
Net Asset Value, offering price and redemption price per share ($3,069,479,572 ÷ 84,495,328 shares)
|
$
|
36.33
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($1,087,245,522 ÷ 29,852,692 shares)
|
$
|
36.42
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($3,146,832,248 ÷ 85,573,411 shares)
|
$
|
36.77
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
10,645,929
|
||
Interest
|
28,308
|
|||
Income from Fidelity Central Funds (including $971,399 from security lending)
|
1,697,342
|
|||
Total income
|
12,371,579
|
|||
Expenses
|
||||
Management fee
|
||||
Basic fee
|
$
|
27,552,077
|
||
Performance adjustment
|
3,583,434
|
|||
Distribution and service plan fees
|
920,576
|
|||
Custodian fees and expenses
|
7,494
|
|||
Independent trustees' fees and expenses
|
15,161
|
|||
Registration fees
|
175,232
|
|||
Audit fees
|
37,680
|
|||
Legal
|
9,214
|
|||
Interest
|
41,690
|
|||
Miscellaneous
|
12,289
|
|||
Total expenses
|
32,354,847
|
|||
Net Investment income (loss)
|
(19,983,268)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
398,898,984
|
|||
Fidelity Central Funds
|
2,962
|
|||
Other affiliated issuers
|
(862,520)
|
|||
Foreign currency transactions
|
37,738
|
|||
Total net realized gain (loss)
|
398,077,164
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
689,320,053
|
|||
Affiliated issuers
|
6,961,847
|
|||
Assets and liabilities in foreign currencies
|
12,318
|
|||
Total change in net unrealized appreciation (depreciation)
|
696,294,218
|
|||
Net gain (loss)
|
1,094,371,382
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
1,074,388,114
|
||
Consolidated Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(19,983,268)
|
$
|
(34,578,644)
|
Net realized gain (loss)
|
398,077,164
|
417,157,356
|
||
Change in net unrealized appreciation (depreciation)
|
696,294,218
|
(184,544,532)
|
||
Net increase (decrease) in net assets resulting from operations
|
1,074,388,114
|
198,034,180
|
||
Distributions to shareholders
|
(476,366,977)
|
(107,192,580)
|
||
Share transactions - net increase (decrease)
|
16,492,028
|
(353,846,785)
|
||
Total increase (decrease) in net assets
|
614,513,165
|
(263,005,185)
|
||
Net Assets
|
||||
Beginning of period
|
7,226,574,084
|
7,489,579,269
|
||
End of period
|
$
|
7,841,087,249
|
$
|
7,226,574,084
|
Fidelity Advisor® Small Cap Growth Fund Class A |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
31.07
|
$
|
30.63
|
$
|
25.34
|
$
|
23.12
|
$
|
34.89
|
$
|
26.64
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.13)
|
(.23)
|
(.19)
|
(.17)
|
(.17)
|
(.26) C
|
||||||
Net realized and unrealized gain (loss)
|
4.68
|
1.04
|
5.48
|
2.39
|
(5.58)
|
11.27
|
||||||
Total from investment operations
|
4.55
|
.81
|
5.29
|
2.22
|
(5.75)
|
11.01
|
||||||
Distributions from net investment income
|
-
|
(.23)
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(2.23)
|
(.14)
|
-
|
-
|
(6.02)
|
(2.76)
|
||||||
Total distributions
|
(2.23)
|
(.37)
|
-
|
-
|
(6.02)
|
(2.76)
|
||||||
Net asset value, end of period
|
$
|
33.39
|
$
|
31.07
|
$
|
30.63
|
$
|
25.34
|
$
|
23.12
|
$
|
34.89
|
Total Return D,E,F
|
15.13 % |
2.69%
|
20.88%
|
9.60%
|
(20.62)%
|
44.21%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
1.13% I
|
1.17%
|
1.27%
|
1.32%
|
1.29%
|
1.29%
|
||||||
Expenses net of fee waivers, if any
|
1.13 % I |
1.17%
|
1.26%
|
1.32%
|
1.29%
|
1.29%
|
||||||
Expenses net of all reductions, if any
|
1.13% I
|
1.17%
|
1.26%
|
1.32%
|
1.29%
|
1.28%
|
||||||
Net investment income (loss)
|
(.81)% I
|
(.75)%
|
(.71)%
|
(.71)%
|
(.61)%
|
(.82)% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
407,413
|
$
|
372,911
|
$
|
388,894
|
$
|
295,801
|
$
|
287,905
|
$
|
387,793
|
Portfolio turnover rate J
|
89 % I |
77% K
|
84% K
|
75% K
|
79% K
|
107%
|
Fidelity Advisor® Small Cap Growth Fund Class M |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
29.16
|
$
|
28.78
|
$
|
23.87
|
$
|
21.83
|
$
|
33.27
|
$
|
25.56
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.16)
|
(.28)
|
(.24)
|
(.21)
|
(.22)
|
(.33) C
|
||||||
Net realized and unrealized gain (loss)
|
4.38
|
.97
|
5.15
|
2.25
|
(5.28)
|
10.77
|
||||||
Total from investment operations
|
4.22
|
.69
|
4.91
|
2.04
|
(5.50)
|
10.44
|
||||||
Distributions from net investment income
|
-
|
(.17)
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(2.23)
|
(.14)
|
-
|
-
|
(5.94)
|
(2.73)
|
||||||
Total distributions
|
(2.23)
|
(.31)
|
-
|
-
|
(5.94)
|
(2.73)
|
||||||
Net asset value, end of period
|
$
|
31.15
|
$
|
29.16
|
$
|
28.78
|
$
|
23.87
|
$
|
21.83
|
$
|
33.27
|
Total Return D,E,F
|
14.98 % |
2.44%
|
20.57%
|
9.34%
|
(20.85)%
|
43.82%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
1.38% I
|
1.42%
|
1.52%
|
1.58%
|
1.54%
|
1.55%
|
||||||
Expenses net of fee waivers, if any
|
1.38 % I |
1.42%
|
1.51%
|
1.57%
|
1.54%
|
1.55%
|
||||||
Expenses net of all reductions, if any
|
1.38% I
|
1.42%
|
1.51%
|
1.57%
|
1.54%
|
1.53%
|
||||||
Net investment income (loss)
|
(1.06)% I
|
(1.00)%
|
(.97)%
|
(.97)%
|
(.86)%
|
(1.08)% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
96,417
|
$
|
96,070
|
$
|
96,688
|
$
|
76,283
|
$
|
70,182
|
$
|
98,005
|
Portfolio turnover rate J
|
89 % I |
77% K
|
84% K
|
75% K
|
79% K
|
107%
|
Fidelity Advisor® Small Cap Growth Fund Class C |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
24.92
|
$
|
24.67
|
$
|
20.56
|
$
|
18.90
|
$
|
29.58
|
$
|
23.07
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.20)
|
(.37)
|
(.31)
|
(.28)
|
(.31)
|
(.43) C
|
||||||
Net realized and unrealized gain (loss)
|
3.72
|
.84
|
4.42
|
1.94
|
(4.54)
|
9.62
|
||||||
Total from investment operations
|
3.52
|
.47
|
4.11
|
1.66
|
(4.85)
|
9.19
|
||||||
Distributions from net investment income
|
-
|
(.08)
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(2.23)
|
(.14)
|
-
|
-
|
(5.83)
|
(2.68)
|
||||||
Total distributions
|
(2.23)
|
(.22)
|
-
|
-
|
(5.83)
|
(2.68)
|
||||||
Net asset value, end of period
|
$
|
26.21
|
$
|
24.92
|
$
|
24.67
|
$
|
20.56
|
$
|
18.90
|
$
|
29.58
|
Total Return D,E,F
|
14.70 % |
1.91%
|
19.99%
|
8.78%
|
(21.24)%
|
43.07%
|
||||||
Ratios to Average Net Assets A,G,H
|
||||||||||||
Expenses before reductions
|
1.88% I
|
1.92%
|
2.03%
|
2.08%
|
2.05%
|
2.06%
|
||||||
Expenses net of fee waivers, if any
|
1.88 % I |
1.92%
|
2.02%
|
2.08%
|
2.05%
|
2.06%
|
||||||
Expenses net of all reductions, if any
|
1.88% I
|
1.92%
|
2.02%
|
2.08%
|
2.05%
|
2.05%
|
||||||
Net investment income (loss)
|
(1.56)% I
|
(1.50)%
|
(1.47)%
|
(1.48)%
|
(1.37)%
|
(1.59)% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
33,700
|
$
|
37,545
|
$
|
52,767
|
$
|
51,891
|
$
|
59,768
|
$
|
88,239
|
Portfolio turnover rate J
|
89 % I |
77% K
|
84% K
|
75% K
|
79% K
|
107%
|
Fidelity® Small Cap Growth Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
33.57
|
$
|
33.06
|
$
|
27.27
|
$
|
24.81
|
$
|
37.02
|
$
|
28.07
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.09)
|
(.15)
|
(.12)
|
(.11)
|
(.10)
|
(.18) C
|
||||||
Net realized and unrealized gain (loss)
|
5.08
|
1.12
|
5.91
|
2.57
|
(6.00)
|
11.92
|
||||||
Total from investment operations
|
4.99
|
.97
|
5.79
|
2.46
|
(6.10)
|
11.74
|
||||||
Distributions from net investment income
|
-
|
(.32)
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(2.23)
|
(.14)
|
-
|
-
|
(6.11)
|
(2.79)
|
||||||
Total distributions
|
(2.23)
|
(.46)
|
-
|
-
|
(6.11)
|
(2.79)
|
||||||
Net asset value, end of period
|
$
|
36.33
|
$
|
33.57
|
$
|
33.06
|
$
|
27.27
|
$
|
24.81
|
$
|
37.02
|
Total Return D,E
|
15.32 % |
2.97%
|
21.23%
|
9.92%
|
(20.42)%
|
44.60%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.84% H
|
.88%
|
.99%
|
1.05%
|
1.02%
|
1.00%
|
||||||
Expenses net of fee waivers, if any
|
.84 % H |
.88%
|
.98%
|
1.05%
|
1.01%
|
1.00%
|
||||||
Expenses net of all reductions, if any
|
.84% H
|
.88%
|
.98%
|
1.05%
|
1.01%
|
.99%
|
||||||
Net investment income (loss)
|
(.52)% H
|
(.46)%
|
(.43)%
|
(.44)%
|
(.33)%
|
(.53)% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
3,069,480
|
$
|
2,910,591
|
$
|
3,194,599
|
$
|
2,766,171
|
$
|
2,747,002
|
$
|
4,540,695
|
Portfolio turnover rate I
|
89 % H |
77% J
|
84% J
|
75% J
|
79% J
|
107%
|
Fidelity Advisor® Small Cap Growth Fund Class I |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
33.66
|
$
|
33.16
|
$
|
27.36
|
$
|
24.90
|
$
|
37.13
|
$
|
28.15
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.10)
|
(.16)
|
(.13)
|
(.11)
|
(.10)
|
(.19) C
|
||||||
Net realized and unrealized gain (loss)
|
5.09
|
1.12
|
5.93
|
2.57
|
(6.03)
|
11.96
|
||||||
Total from investment operations
|
4.99
|
.96
|
5.80
|
2.46
|
(6.13)
|
11.77
|
||||||
Distributions from net investment income
|
-
|
(.32)
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(2.23)
|
(.14)
|
-
|
-
|
(6.10)
|
(2.79)
|
||||||
Total distributions
|
(2.23)
|
(.46)
|
-
|
-
|
(6.10)
|
(2.79)
|
||||||
Net asset value, end of period
|
$
|
36.42
|
$
|
33.66
|
$
|
33.16
|
$
|
27.36
|
$
|
24.90
|
$
|
37.13
|
Total Return D,E
|
15.27 % |
2.92%
|
21.20%
|
9.88%
|
(20.42)%
|
44.57%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.89% H
|
.92%
|
1.01%
|
1.07%
|
1.04%
|
1.04%
|
||||||
Expenses net of fee waivers, if any
|
.89 % H |
.92%
|
1.01%
|
1.06%
|
1.03%
|
1.04%
|
||||||
Expenses net of all reductions, if any
|
.89% H
|
.92%
|
1.01%
|
1.06%
|
1.03%
|
1.03%
|
||||||
Net investment income (loss)
|
(.56)% H
|
(.50)%
|
(.46)%
|
(.46)%
|
(.35)%
|
(.57)% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,087,246
|
$
|
1,142,932
|
$
|
1,228,751
|
$
|
660,166
|
$
|
606,422
|
$
|
775,746
|
Portfolio turnover rate I
|
89 % H |
77% J
|
84% J
|
75% J
|
79% J
|
107%
|
Fidelity Advisor® Small Cap Growth Fund Class Z |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
33.95
|
$
|
33.45
|
$
|
27.56
|
$
|
25.04
|
$
|
37.32
|
$
|
28.26
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.08)
|
(.13)
|
(.09)
|
(.08)
|
(.06)
|
(.15) C
|
||||||
Net realized and unrealized gain (loss)
|
5.13
|
1.13
|
5.98
|
2.60
|
(6.06)
|
12.01
|
||||||
Total from investment operations
|
5.05
|
1.00
|
5.89
|
2.52
|
(6.12)
|
11.86
|
||||||
Distributions from net investment income
|
-
|
(.37)
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(2.23)
|
(.14)
|
-
|
-
|
(6.16)
|
(2.80)
|
||||||
Total distributions
|
(2.23)
|
(.50) D
|
-
|
-
|
(6.16)
|
(2.80)
|
||||||
Net asset value, end of period
|
$
|
36.77
|
$
|
33.95
|
$
|
33.45
|
$
|
27.56
|
$
|
25.04
|
$
|
37.32
|
Total Return E,F
|
15.32 % |
3.05%
|
21.37%
|
10.06%
|
(20.33)%
|
44.75%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.77% I
|
.80%
|
.88%
|
.93%
|
.90%
|
.90%
|
||||||
Expenses net of fee waivers, if any
|
.77 % I |
.80%
|
.88%
|
.92%
|
.90%
|
.90%
|
||||||
Expenses net of all reductions, if any
|
.77% I
|
.80%
|
.88%
|
.92%
|
.90%
|
.89%
|
||||||
Net investment income (loss)
|
(.45)% I
|
(.38)%
|
(.33)%
|
(.32)%
|
(.22)%
|
(.43)% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
3,146,832
|
$
|
2,666,525
|
$
|
2,527,880
|
$
|
1,637,933
|
$
|
1,465,312
|
$
|
366,620
|
Portfolio turnover rate J
|
89 % I |
77% K
|
84% K
|
75% K
|
79% K
|
107%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$92,322,805
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.6 - 5.8 / 3.8
|
Increase
|
Enterprise value/Net income (EV/NI)
|
16.0
|
Increase
|
|||
Market approach
|
Transaction price
|
$1.77 - $360.11 / $344.60
|
Increase
|
||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.6%
|
Increase
|
||
Volatility
|
90.0% - 110.0% / 90.9%
|
Increase
|
|||
Term
|
2.0 - 3.0 / 2.0
|
Increase
|
|||
Discounted cash flow
|
Discount rate
|
7.9% - 9.7% / 8.8%
|
Decrease
|
||
Convertible Corporate Bonds
|
$1,461,307
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Black scholes
|
Discount rate
|
3.6%
|
Increase
|
||
Volatility
|
110.0%
|
Increase
|
|||
Term
|
3.0
|
Increase
|
|||
Convertible Preferred Stocks
|
$77,678,270
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.9 - 27.3 / 13.2
|
Increase
|
Enterprise value/Gross profit multiple (EV/GP)
|
11.9
|
Increase
|
|||
Market approach
|
Transaction price
|
$0.41 - $8.61 / $3.38
|
Increase
|
||
Discount rate
|
90.0%
|
Decrease
|
|||
Premium rate
|
10.0% - 20.0% / 17.0%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.6% - 3.7% / 3.7%
|
Increase
|
||
Volatility
|
75.0% - 110.0% - 82.3%
|
Increase
|
|||
Term
|
2.5 - 3.0 / 2.9
|
Increase
|
Gross unrealized appreciation
|
$2,481,589,020
|
Gross unrealized depreciation
|
(384,385,552)
|
Net unrealized appreciation (depreciation)
|
$2,097,203,468
|
Tax cost
|
$6,177,481,478
|
Amount ($)
|
% of Total Assets
|
|
Fidelity Small Cap Growth Fund
|
22,273,396
|
.27
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Small Cap Growth Fund
|
3,362,250,888
|
3,803,461,375
|
Shares
|
Net realized gain or loss on Affiliated Issuers ($)
|
Net realized gain or loss on Unaffiliated Issuers ($)
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity Small Cap Growth Fund
|
1,186,205
|
16,684
|
11,603,165
|
11,619,849
|
38,462,188
|
Maximum Management Fee Rate %
|
|
Class A
|
.85
|
Class M
|
.85
|
Class C
|
.86
|
Small Cap Growth
|
.83
|
Class I
|
.84
|
Class Z
|
.70
|
Total Management Fee Rate %
|
|
Class A
|
.78
|
Class M
|
.78
|
Class C
|
.78
|
Small Cap Growth
|
.74
|
Class I
|
.78
|
Class Z
|
.67
|
Performance Adjustment Index
|
|
Fidelity Small Cap Growth Fund
|
Russell 2000 Growth Index
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
494,898
|
3,590
|
Class M
|
.25%
|
.25%
|
245,355
|
-
|
Class C
|
.75%
|
.25%
|
180,323
|
8,057
|
920,576
|
11,647
|
Retained by FDC ($)
|
|
Class A
|
11,380
|
Class M
|
878
|
Class CA
|
107
|
12,365
|
Amount ($)
|
|
Fidelity Small Cap Growth Fund
|
135,837
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Small Cap Growth Fund
|
Borrower
|
13,763,280
|
4.38%
|
41,690
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Small Cap Growth Fund
|
150,831,113
|
185,892,632
|
20,897,412
|
Amount ($)
|
|
Fidelity Small Cap Growth Fund
|
6,075
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Small Cap Growth Fund
|
102,450
|
28,194
|
-
|
Amount ($)
|
|
Fidelity Small Cap Growth Fund
|
74,486,360
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
|
Fidelity Small Cap Growth Fund
|
||
Distributions to shareholders
|
||
Class A
|
$26,652,008
|
$4,738,908
|
Class M
|
7,103,750
|
1,065,925
|
Class C
|
3,118,866
|
461,614
|
Small Cap Growth
|
188,258,692
|
44,545,355
|
Class I
|
74,653,229
|
17,551,414
|
Class Z
|
176,580,432
|
38,829,364
|
Total
|
$476,366,977
|
$107,192,580
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
|
Fidelity Small Cap Growth Fund
|
||||
Class A
|
||||
Shares sold
|
534,255
|
1,981,455
|
$17,395,689
|
$60,787,958
|
Reinvestment of distributions
|
804,209
|
151,411
|
25,587,125
|
4,562,868
|
Shares redeemed
|
(1,140,199)
|
(2,824,595)
|
(37,080,026)
|
(84,448,483)
|
Net increase (decrease)
|
198,265
|
(691,729)
|
$5,902,788
|
$(19,097,657)
|
Class M
|
||||
Shares sold
|
73,412
|
460,569
|
$2,229,156
|
$13,300,682
|
Reinvestment of distributions
|
236,903
|
36,975
|
7,039,949
|
1,046,009
|
Shares redeemed
|
(510,013)
|
(561,684)
|
(15,473,425)
|
(15,696,523)
|
Net increase (decrease)
|
(199,698)
|
(64,140)
|
$(6,204,320)
|
$(1,349,832)
|
Class C
|
||||
Shares sold
|
27,368
|
154,315
|
$699,735
|
$3,787,790
|
Reinvestment of distributions
|
120,733
|
18,622
|
3,031,643
|
452,132
|
Shares redeemed
|
(369,000)
|
(804,988)
|
(9,451,620)
|
(19,772,475)
|
Net increase (decrease)
|
(220,899)
|
(632,051)
|
$(5,720,242)
|
$(15,532,553)
|
Small Cap Growth
|
||||
Shares sold
|
3,547,010
|
15,673,635
|
$125,971,764
|
$515,613,694
|
Reinvestment of distributions
|
5,008,146
|
1,257,710
|
172,956,860
|
41,060,357
|
Shares redeemed
|
(10,759,387)
|
(26,858,637)
|
(377,309,898)
|
(870,243,915)
|
Net increase (decrease)
|
(2,204,231)
|
(9,927,292)
|
$(78,381,274)
|
$(313,569,864)
|
Class I
|
||||
Shares sold
|
1,947,033
|
10,484,692
|
$68,792,257
|
$342,358,177
|
Reinvestment of distributions
|
1,372,717
|
379,133
|
47,517,846
|
12,386,974
|
Shares redeemed
|
(7,423,565)
|
(13,965,343)
|
(269,383,473)
|
(461,678,822)
|
Net increase (decrease)
|
(4,103,815)
|
(3,101,518)
|
$(153,073,370)
|
$(106,933,671)
|
Class Z
|
||||
Shares sold
|
4,648,204
|
8,421,458
|
$172,932,392
|
$281,900,094
|
Reinvestment of distributions
|
4,871,471
|
1,124,780
|
170,338,065
|
37,160,203
|
Shares redeemed
|
(2,497,780)
|
(6,575,335)
|
(89,302,011)
|
(216,423,505)
|
Net increase (decrease)
|
7,021,895
|
2,970,903
|
$253,968,446
|
$102,636,792
|
Strategic Advisers Fidelity U.S. Total Stock Fund
|
|
Fidelity Small Cap Growth Fund
|
24%
|
Fund
|
% of shares held
|
Fidelity Small Cap Growth Fund
|
32%
|
![]() |


Contents
Common Stocks - 99.3%
|
|||
Shares
|
Value ($)
|
||
BRAZIL - 0.2%
|
|||
Industrials - 0.2%
|
|||
Aerospace & Defense - 0.2%
|
|||
Embraer SA ADR
|
172,304
|
12,657,452
|
|
CANADA - 4.1%
|
|||
Energy - 0.7%
|
|||
Energy Equipment & Services - 0.5%
|
|||
CES Energy Solutions Corp
|
2,333,014
|
24,329,893
|
|
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Secure Waste Infrastructure Corp
|
630,277
|
8,132,756
|
|
TOTAL ENERGY
|
32,462,649
|
||
Financials - 0.6%
|
|||
Capital Markets - 0.6%
|
|||
TMX Group Ltd
|
762,400
|
28,146,622
|
|
Health Care - 0.4%
|
|||
Biotechnology - 0.4%
|
|||
Xenon Pharmaceuticals Inc (a)
|
453,871
|
18,613,250
|
|
Industrials - 0.1%
|
|||
Electrical Equipment - 0.1%
|
|||
Electrovaya Inc (United States) (a)
|
845,900
|
9,161,097
|
|
Information Technology - 0.4%
|
|||
Electronic Equipment, Instruments & Components - 0.2%
|
|||
Celestica Inc (United States) (a)
|
29,776
|
8,366,758
|
|
Software - 0.2%
|
|||
Lumine Group Inc Subordinate Voting Shares (a)(b)
|
530,618
|
8,740,691
|
|
TOTAL INFORMATION TECHNOLOGY
|
17,107,449
|
||
Materials - 0.4%
|
|||
Metals & Mining - 0.4%
|
|||
OR Royalties Inc
|
443,387
|
17,482,795
|
|
Real Estate - 0.6%
|
|||
Real Estate Management & Development - 0.6%
|
|||
Colliers International Group Inc Subordinate Voting Shares
|
199,265
|
27,228,176
|
|
Utilities - 0.9%
|
|||
Gas Utilities - 0.9%
|
|||
Brookfield Infrastructure Corp (United States)
|
898,621
|
42,999,015
|
|
TOTAL CANADA
|
193,201,053
|
||
CHILE - 0.7%
|
|||
Materials - 0.7%
|
|||
Metals & Mining - 0.7%
|
|||
Lundin Mining Corp
|
1,368,303
|
34,517,834
|
|
DENMARK - 0.3%
|
|||
Health Care - 0.3%
|
|||
Biotechnology - 0.3%
|
|||
Ascendis Pharma A/S ADR (a)
|
60,258
|
13,624,334
|
|
GUATEMALA - 0.3%
|
|||
Communication Services - 0.3%
|
|||
Wireless Telecommunication Services - 0.3%
|
|||
Millicom International Cellular SA
|
218,649
|
13,344,148
|
|
ISRAEL - 0.6%
|
|||
Information Technology - 0.6%
|
|||
IT Services - 0.1%
|
|||
Wix.com Ltd (a)
|
81,429
|
7,071,294
|
|
Semiconductors & Semiconductor Equipment - 0.5%
|
|||
Nova Ltd (a)
|
44,653
|
20,443,930
|
|
TOTAL ISRAEL
|
27,515,224
|
||
JAPAN - 0.9%
|
|||
Industrials - 0.2%
|
|||
Machinery - 0.2%
|
|||
Takeuchi Manufacturing Co Ltd
|
244,983
|
10,115,284
|
|
Information Technology - 0.7%
|
|||
Semiconductors & Semiconductor Equipment - 0.7%
|
|||
Allegro MicroSystems Inc (a)
|
861,247
|
31,788,627
|
|
TOTAL JAPAN
|
41,903,911
|
||
NETHERLANDS - 0.9%
|
|||
Health Care - 0.9%
|
|||
Biotechnology - 0.9%
|
|||
Argenx SE ADR (a)
|
27,262
|
22,913,711
|
|
Newamsterdam Pharma Co NV (a)(d)
|
298,200
|
9,279,984
|
|
uniQure NV (a)
|
394,900
|
8,972,128
|
|
TOTAL NETHERLANDS
|
41,165,823
|
||
PUERTO RICO - 1.1%
|
|||
Financials - 1.1%
|
|||
Banks - 1.1%
|
|||
First BanCorp/Puerto Rico (d)
|
2,309,161
|
51,078,641
|
|
THAILAND - 1.6%
|
|||
Information Technology - 1.6%
|
|||
Electronic Equipment, Instruments & Components - 1.6%
|
|||
Fabrinet (a)
|
154,740
|
75,735,946
|
|
UNITED KINGDOM - 1.6%
|
|||
Communication Services - 0.2%
|
|||
Media - 0.2%
|
|||
4imprint Group PLC
|
188,500
|
10,523,706
|
|
Consumer Discretionary - 0.4%
|
|||
Leisure Products - 0.4%
|
|||
Games Workshop Group PLC
|
80,989
|
18,895,031
|
|
Consumer Staples - 0.1%
|
|||
Food Products - 0.1%
|
|||
Nomad Foods Ltd (d)
|
408,294
|
5,185,334
|
|
Energy - 0.9%
|
|||
Energy Equipment & Services - 0.9%
|
|||
TechnipFMC PLC
|
743,446
|
41,424,811
|
|
TOTAL UNITED KINGDOM
|
76,028,882
|
||
UNITED STATES - 87.0%
|
|||
Consumer Discretionary - 10.8%
|
|||
Automobile Components - 1.3%
|
|||
Patrick Industries Inc (d)
|
286,006
|
36,085,377
|
|
Phinia Inc
|
370,714
|
26,383,715
|
|
62,469,092
|
|||
Distributors - 0.2%
|
|||
GigaCloud Technology Inc Class A (a)
|
289,700
|
11,567,721
|
|
Diversified Consumer Services - 1.4%
|
|||
Frontdoor Inc (a)
|
231,200
|
13,666,232
|
|
Laureate Education Inc (a)
|
1,470,365
|
50,433,520
|
|
64,099,752
|
|||
Hotels, Restaurants & Leisure - 0.5%
|
|||
Brinker International Inc (a)
|
91,018
|
14,355,359
|
|
Dutch Bros Inc Class A (a)
|
76,660
|
4,169,537
|
|
Pursuit Attractions and Hospitality Inc (a)
|
210,700
|
7,317,611
|
|
25,842,507
|
|||
Household Durables - 2.5%
|
|||
Champion Homes Inc (a)
|
163,051
|
12,779,937
|
|
Green Brick Partners Inc (a)
|
583,701
|
40,503,013
|
|
Installed Building Products Inc (d)
|
98,623
|
28,417,231
|
|
Lovesac Co/The (a)(d)
|
319,250
|
4,252,410
|
|
SharkNinja Inc (a)
|
283,773
|
33,541,969
|
|
119,494,560
|
|||
Leisure Products - 0.3%
|
|||
Acushnet Holdings Corp (d)
|
155,363
|
15,060,889
|
|
Specialty Retail - 3.3%
|
|||
Academy Sports & Outdoors Inc (d)
|
950,090
|
52,264,451
|
|
Boot Barn Holdings Inc (a)
|
204,842
|
36,560,200
|
|
Group 1 Automotive Inc
|
35,800
|
12,682,508
|
|
Murphy USA Inc
|
85,710
|
36,213,332
|
|
RealReal Inc/The (a)
|
388,700
|
5,702,229
|
|
Warby Parker Inc Class A (a)
|
317,300
|
8,094,323
|
|
151,517,043
|
|||
Textiles, Apparel & Luxury Goods - 1.3%
|
|||
Crocs Inc (a)
|
150,843
|
12,658,745
|
|
Kontoor Brands Inc
|
398,110
|
23,779,110
|
|
Samsonite Group SA (b)(e)
|
2,844,759
|
7,202,843
|
|
Steven Madden Ltd
|
395,059
|
17,335,189
|
|
60,975,887
|
|||
TOTAL CONSUMER DISCRETIONARY
|
511,027,451
|
||
Consumer Staples - 1.8%
|
|||
Beverages - 0.7%
|
|||
Primo Brands Corp Class A
|
450,853
|
8,539,156
|
|
Vita Coco Co Inc/The (a)
|
466,412
|
24,883,080
|
|
33,422,236
|
|||
Consumer Staples Distribution & Retail - 0.3%
|
|||
Performance Food Group Co (a)
|
127,803
|
12,198,796
|
|
Food Products - 0.8%
|
|||
Darling Ingredients Inc (a)
|
332,173
|
15,167,019
|
|
Post Holdings Inc (a)
|
73,606
|
7,530,630
|
|
Simply Good Foods Co/The (a)
|
782,226
|
14,682,382
|
|
37,380,031
|
|||
TOTAL CONSUMER STAPLES
|
83,001,063
|
||
Energy - 3.5%
|
|||
Energy Equipment & Services - 1.9%
|
|||
Cactus Inc Class A
|
550,348
|
30,946,068
|
|
Liberty Energy Inc Class A
|
3,890
|
95,889
|
|
Noble Corp PLC (d)
|
346,200
|
12,331,644
|
|
Weatherford International PLC
|
503,201
|
47,341,150
|
|
90,714,751
|
|||
Oil, Gas & Consumable Fuels - 1.6%
|
|||
Antero Resources Corp (a)
|
566,043
|
20,586,984
|
|
Chord Energy Corp
|
279,825
|
28,049,658
|
|
Core Natural Resources Inc
|
155,859
|
14,865,831
|
|
Northern Oil & Gas Inc (d)
|
497,560
|
12,439,000
|
|
75,941,473
|
|||
TOTAL ENERGY
|
166,656,224
|
||
Financials - 15.6%
|
|||
Banks - 7.5%
|
|||
Axos Financial Inc (a)
|
249,583
|
24,706,221
|
|
Central BanCo Inc
|
329,100
|
7,931,309
|
|
Community Financial System Inc
|
243,077
|
15,192,313
|
|
Connectone Bancorp Inc
|
413,470
|
11,006,571
|
|
CVB Financial Corp
|
1,094,100
|
21,564,711
|
|
East West Bancorp Inc
|
162,536
|
18,600,620
|
|
First Bancorp/Southern Pines NC
|
329,200
|
19,070,556
|
|
First Hawaiian Inc
|
814,700
|
21,630,285
|
|
First Horizon Corp
|
510,721
|
12,507,557
|
|
First Interstate BancSystem Inc Class A
|
403,974
|
14,328,958
|
|
Glacier Bancorp Inc
|
319,889
|
16,211,975
|
|
Home BancShares Inc/AR
|
316,780
|
9,154,942
|
|
Pathward Financial Inc
|
555,500
|
50,156,095
|
|
Pinnacle Financial Partners Inc
|
268,987
|
25,577,974
|
|
SOUTHSTATE BANK CORP
|
364,393
|
37,288,336
|
|
TriCo Bancshares
|
619,868
|
30,881,824
|
|
Western Alliance Bancorp
|
195,261
|
17,407,518
|
|
353,217,765
|
|||
Capital Markets - 2.2%
|
|||
Houlihan Lokey Inc Class A
|
70,683
|
11,897,362
|
|
Lazard Inc
|
604,144
|
32,454,616
|
|
Piper Sandler Cos
|
44,733
|
15,493,275
|
|
Stifel Financial Corp
|
225,702
|
27,829,057
|
|
Wealthfront Corp (a)
|
33,900
|
294,251
|
|
WisdomTree Inc
|
957,000
|
15,503,400
|
|
103,471,961
|
|||
Consumer Finance - 2.1%
|
|||
FirstCash Holdings Inc
|
419,590
|
71,540,095
|
|
SLM Corp
|
1,015,422
|
27,568,707
|
|
99,108,802
|
|||
Financial Services - 1.8%
|
|||
Essent Group Ltd
|
706,678
|
44,464,180
|
|
PennyMac Financial Services Inc
|
400,589
|
40,026,853
|
|
84,491,033
|
|||
Insurance - 2.0%
|
|||
First American Financial Corp
|
200,678
|
12,678,836
|
|
Genworth Financial Inc Class A (a)
|
2,298,945
|
19,173,201
|
|
Primerica Inc
|
173,541
|
45,648,225
|
|
Selective Insurance Group Inc
|
227,372
|
19,117,438
|
|
96,617,700
|
|||
TOTAL FINANCIALS
|
736,907,261
|
||
Health Care - 15.8%
|
|||
Biotechnology - 8.2%
|
|||
Arcellx Inc (a)(d)
|
178,169
|
12,170,724
|
|
Astria Therapeutics Inc warrants (a)
|
183,003
|
1,456,210
|
|
Celldex Therapeutics Inc (a)
|
140,796
|
3,463,582
|
|
Centessa Pharmaceuticals PLC ADR (a)
|
150,300
|
3,692,871
|
|
Cogent Biosciences Inc (a)
|
905,054
|
32,500,489
|
|
Cytokinetics Inc (a)
|
402,376
|
25,426,139
|
|
CytomX Therapeutics Inc (a)
|
2,531,495
|
14,404,207
|
|
Dianthus Therapeutics Inc (a)
|
402,306
|
21,479,117
|
|
Disc Medicine Inc (a)
|
201,635
|
15,590,418
|
|
Insmed Inc (a)
|
81,430
|
12,773,924
|
|
Jade Biosciences Inc
|
513,700
|
8,018,857
|
|
Kiniksa Pharmaceuticals International Plc Class A (a)
|
79,680
|
3,499,546
|
|
Kymera Therapeutics Inc (a)
|
158,500
|
11,521,365
|
|
Mineralys Therapeutics Inc (a)
|
234,168
|
7,233,450
|
|
Nuvalent Inc Class A (a)
|
237,729
|
24,459,937
|
|
Olema Pharmaceuticals Inc (a)
|
417,500
|
10,738,100
|
|
Oruka Therapeutics Inc (a)
|
410,772
|
14,060,726
|
|
Oruka Therapeutics Inc (a)(c)
|
81,000
|
2,772,630
|
|
Praxis Precision Medicines Inc (a)
|
59,200
|
18,588,800
|
|
Rhythm Pharmaceuticals Inc (a)
|
160,000
|
16,403,200
|
|
Soleno Therapeutics Inc (a)
|
33,570
|
1,294,459
|
|
Spyre Therapeutics Inc (a)(d)
|
327,147
|
10,462,161
|
|
Stoke Therapeutics Inc (a)
|
418,600
|
12,700,324
|
|
Upstream Bio Inc (a)
|
555,000
|
17,249,400
|
|
Vaxcyte Inc (a)
|
539,998
|
28,927,693
|
|
Vericel Corp (a)
|
280,280
|
10,084,474
|
|
Viking Therapeutics Inc (a)(d)
|
457,501
|
13,285,829
|
|
Viridian Therapeutics Inc (a)
|
763,961
|
25,210,713
|
|
Zenas Biopharma Inc (a)
|
536,332
|
9,852,419
|
|
389,321,764
|
|||
Health Care Equipment & Supplies - 1.5%
|
|||
Artivion Inc (a)
|
256,923
|
10,474,751
|
|
Axogen Inc (a)
|
379,300
|
13,218,605
|
|
Ceribell Inc (a)
|
437,000
|
9,006,570
|
|
Kestra Medical Technologies Ltd
|
537,900
|
13,269,993
|
|
LivaNova PLC (a)
|
56,100
|
3,686,331
|
|
Masimo Corp (a)
|
79,948
|
10,979,259
|
|
Penumbra Inc (a)
|
2,967
|
1,062,689
|
|
TransMedics Group Inc (a)
|
73,700
|
9,873,958
|
|
71,572,156
|
|||
Health Care Providers & Services - 3.3%
|
|||
BrightSpring Health Services Inc (a)
|
648,900
|
25,482,303
|
|
Brookdale Senior Living Inc (a)
|
1,627,600
|
24,414,000
|
|
Encompass Health Corp
|
44,087
|
4,167,544
|
|
Ensign Group Inc/The
|
136,557
|
23,441,375
|
|
GeneDx Holdings Corp Class A (a)
|
92,500
|
8,904,050
|
|
Guardant Health Inc (a)
|
224,800
|
25,636,192
|
|
HealthEquity Inc (a)
|
145,359
|
12,452,906
|
|
LifeStance Health Group Inc (a)
|
119,266
|
843,211
|
|
Privia Health Group Inc (a)
|
897,434
|
20,838,417
|
|
Surgery Partners Inc (a)
|
598,986
|
8,900,932
|
|
155,080,930
|
|||
Health Care Technology - 0.3%
|
|||
Waystar Holding Corp (a)
|
587,376
|
15,600,707
|
|
Life Sciences Tools & Services - 0.5%
|
|||
10X Genomics Inc Class A (a)
|
314,746
|
6,357,869
|
|
Charles River Laboratories International Inc (a)
|
77,400
|
16,291,152
|
|
22,649,021
|
|||
Pharmaceuticals - 2.0%
|
|||
Amylyx Pharmaceuticals Inc (a)
|
881,400
|
12,595,206
|
|
Crinetics Pharmaceuticals Inc (a)
|
425,022
|
21,225,599
|
|
Elanco Animal Health Inc (a)
|
340,600
|
8,201,648
|
|
Enliven Therapeutics Inc (a)
|
430,126
|
11,376,833
|
|
Enliven Therapeutics Inc (a)(c)
|
224,300
|
5,932,735
|
|
MBX Biosciences Inc (a)
|
68,302
|
2,516,928
|
|
Structure Therapeutics Inc ADR (a)
|
343,505
|
30,383,017
|
|
92,231,966
|
|||
TOTAL HEALTH CARE
|
746,456,544
|
||
Industrials - 19.5%
|
|||
Aerospace & Defense - 0.5%
|
|||
Carpenter Technology Corp
|
73,155
|
23,250,854
|
|
Air Freight & Logistics - 0.4%
|
|||
GXO Logistics Inc (a)
|
320,518
|
18,138,114
|
|
Building Products - 1.7%
|
|||
AAON Inc (d)
|
87,837
|
7,998,437
|
|
AZZ Inc
|
163,300
|
20,296,557
|
|
Simpson Manufacturing Co Inc
|
224,717
|
39,725,472
|
|
Tecnoglass Inc
|
246,422
|
12,052,500
|
|
80,072,966
|
|||
Commercial Services & Supplies - 1.3%
|
|||
Brink's Co/The
|
367,502
|
46,687,455
|
|
HNI Corp
|
185,170
|
8,849,274
|
|
Vestis Corp
|
819,463
|
5,351,093
|
|
60,887,822
|
|||
Construction & Engineering - 5.1%
|
|||
Cardinal Infrastructure Group Inc Class A
|
229,261
|
5,775,085
|
|
Construction Partners Inc Class A (a)
|
326,061
|
35,827,583
|
|
Granite Construction Inc
|
274,924
|
33,194,324
|
|
IES Holdings Inc (a)
|
197,536
|
75,120,965
|
|
Legence Corp Class A
|
519,663
|
24,377,391
|
|
Primoris Services Corp
|
193,504
|
28,686,968
|
|
Sterling Infrastructure Inc (a)
|
95,555
|
34,200,090
|
|
WillScot Holdings Corp
|
248,094
|
4,969,323
|
|
242,151,729
|
|||
Electrical Equipment - 2.0%
|
|||
Nextpower Inc Class A (a)
|
501,227
|
58,688,669
|
|
Thermon Group Holdings Inc (a)
|
827,220
|
37,431,705
|
|
96,120,374
|
|||
Ground Transportation - 0.1%
|
|||
ArcBest Corp
|
106,676
|
9,624,308
|
|
Machinery - 3.6%
|
|||
Atmus Filtration Technologies Inc
|
470,094
|
27,251,349
|
|
Blue Bird Corp (a)
|
217,819
|
10,958,474
|
|
Federal Signal Corp
|
181,622
|
19,631,522
|
|
Kadant Inc (d)
|
41,237
|
13,238,726
|
|
REV Group Inc
|
321,517
|
20,544,936
|
|
SPX Technologies Inc (a)
|
213,246
|
44,442,600
|
|
Terex Corp
|
568,392
|
32,398,344
|
|
168,465,951
|
|||
Passenger Airlines - 0.8%
|
|||
SkyWest Inc (a)
|
369,259
|
35,640,879
|
|
Professional Services - 2.0%
|
|||
Amentum Holdings Inc (a)
|
526,945
|
18,854,092
|
|
CRA International Inc
|
107,776
|
20,363,197
|
|
ExlService Holdings Inc (a)
|
399,749
|
15,650,173
|
|
First Advantage Corp (a)(d)
|
727,497
|
9,821,210
|
|
FTI Consulting Inc (a)
|
72,500
|
12,663,575
|
|
KBR Inc
|
374,437
|
16,029,648
|
|
93,381,895
|
|||
Trading Companies & Distributors - 2.0%
|
|||
Applied Industrial Technologies Inc
|
42,994
|
11,196,067
|
|
Herc Holdings Inc
|
271,559
|
38,925,267
|
|
Rush Enterprises Inc Class A
|
720,440
|
46,245,044
|
|
96,366,378
|
|||
TOTAL INDUSTRIALS
|
924,101,270
|
||
Information Technology - 10.8%
|
|||
Communications Equipment - 0.8%
|
|||
Ciena Corp (a)
|
154,018
|
38,783,273
|
|
Electronic Equipment, Instruments & Components - 6.4%
|
|||
Advanced Energy Industries Inc (d)
|
320,496
|
81,841,859
|
|
Belden Inc
|
337,769
|
39,691,235
|
|
ePlus Inc
|
173,790
|
14,912,920
|
|
Insight Enterprises Inc (a)
|
122,536
|
10,295,474
|
|
OSI Systems Inc (a)
|
91,169
|
22,805,014
|
|
Sanmina Corp (a)
|
465,423
|
65,941,131
|
|
TD SYNNEX Corp
|
274,064
|
43,485,735
|
|
TTM Technologies Inc (a)
|
226,500
|
22,242,300
|
|
301,215,668
|
|||
Semiconductors & Semiconductor Equipment - 2.8%
|
|||
Axcelis Technologies Inc (a)
|
218,693
|
19,260,293
|
|
Diodes Inc (a)
|
213,445
|
12,633,810
|
|
MACOM Technology Solutions Holdings Inc (a)
|
217,928
|
47,739,308
|
|
MKS Inc
|
119,069
|
28,030,033
|
|
Onto Innovation Inc (a)
|
58,590
|
11,838,109
|
|
Veeco Instruments Inc (a)
|
350,782
|
10,954,921
|
|
130,456,474
|
|||
Software - 0.8%
|
|||
Agilysys Inc (a)
|
123,600
|
10,722,300
|
|
Intapp Inc (a)
|
334,481
|
11,355,630
|
|
PAR Technology Corp (a)(d)
|
314,860
|
8,252,481
|
|
Riot Platforms Inc (a)
|
277,400
|
4,291,377
|
|
SPS Commerce Inc (a)
|
59,919
|
5,348,370
|
|
39,970,158
|
|||
TOTAL INFORMATION TECHNOLOGY
|
510,425,573
|
||
Materials - 3.7%
|
|||
Chemicals - 1.1%
|
|||
Element Solutions Inc
|
1,014,293
|
29,515,927
|
|
Minerals Technologies Inc
|
206,936
|
13,608,111
|
|
Perimeter Solutions Inc (a)
|
354,800
|
9,278,020
|
|
52,402,058
|
|||
Construction Materials - 0.8%
|
|||
Eagle Materials Inc
|
186,368
|
37,983,662
|
|
Metals & Mining - 1.3%
|
|||
Commercial Metals Co
|
593,885
|
45,651,940
|
|
Constellium SE (a)
|
744,711
|
16,733,656
|
|
62,385,596
|
|||
Paper & Forest Products - 0.5%
|
|||
Louisiana-Pacific Corp
|
185,388
|
15,524,391
|
|
Sylvamo Corp
|
142,194
|
6,958,974
|
|
22,483,365
|
|||
TOTAL MATERIALS
|
175,254,681
|
||
Real Estate - 4.0%
|
|||
Diversified REITs - 0.8%
|
|||
Essential Properties Realty Trust Inc
|
1,312,144
|
39,836,692
|
|
Health Care REITs - 1.5%
|
|||
American Healthcare REIT Inc
|
723,587
|
33,943,466
|
|
CareTrust REIT Inc
|
988,101
|
36,895,692
|
|
70,839,158
|
|||
Industrial REITs - 0.4%
|
|||
Americold Realty Trust Inc
|
674,300
|
8,368,063
|
|
Terreno Realty Corp
|
182,285
|
11,217,819
|
|
19,585,882
|
|||
Real Estate Management & Development - 0.5%
|
|||
Jones Lang LaSalle Inc (a)
|
65,518
|
23,449,547
|
|
Retail REITs - 0.3%
|
|||
Acadia Realty Trust
|
685,890
|
13,724,658
|
|
Specialized REITs - 0.5%
|
|||
Outfront Media Inc
|
892,393
|
21,702,998
|
|
TOTAL REAL ESTATE
|
189,138,935
|
||
Utilities - 1.5%
|
|||
Gas Utilities - 1.5%
|
|||
Southwest Gas Holdings Inc
|
559,613
|
46,347,149
|
|
UGI Corp
|
581,334
|
23,317,306
|
|
TOTAL UTILITIES
|
69,664,455
|
||
TOTAL UNITED STATES
|
4,112,633,457
|
||
|
TOTAL COMMON STOCKS
(Cost $2,960,756,255)
|
4,693,406,705
|
||
Money Market Funds - 4.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (f)
|
3.70
|
104,136,868
|
104,157,695
|
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
3.70
|
105,481,611
|
105,492,159
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $209,649,854)
|
209,649,854
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 103.7%
(Cost $3,170,406,109)
|
4,903,056,559
|
NET OTHER ASSETS (LIABILITIES) - (3.7)%
|
(174,909,444)
|
NET ASSETS - 100.0%
|
4,728,147,115
|
Futures Contracts
|
||||
Number
of contracts
|
Expiration
Date
|
Notional
Amount ($)
|
Unrealized
Appreciation/
(Depreciation) ($)
|
|
LONG
|
||||
Equity Contracts
|
||||
CME E-Mini Russell 2000 Index Contracts (United States)
|
100
|
3/2026
|
13,123,000
|
338,596
|
The notional amount of long futures as a percentage of Net Assets is 0.3%.
|
||||
(a)
|
Non-income producing.
|
(b)
|
Security 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 $15,943,534 or 0.3% of net assets.
|
(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 $8,705,365 or 0.2% of net assets.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,202,843 or 0.2% of net assets.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Enliven Therapeutics Inc
|
3/19/2024
|
3,140,200
|
Oruka Therapeutics Inc
|
9/17/2025
|
1,215,000
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
75,539,148
|
731,768,611
|
703,145,232
|
1,503,949
|
(4,832)
|
-
|
104,157,695
|
104,136,868
|
0.2%
|
Fidelity Securities Lending Cash Central Fund
|
112,851,025
|
619,109,579
|
626,469,157
|
188,945
|
712
|
-
|
105,492,159
|
105,481,611
|
0.3%
|
Total
|
188,390,173
|
1,350,878,190
|
1,329,614,389
|
1,692,894
|
(4,120)
|
-
|
209,649,854
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
23,867,854
|
23,867,854
|
-
|
-
|
Consumer Discretionary
|
529,922,482
|
529,922,482
|
-
|
-
|
Consumer Staples
|
88,186,397
|
88,186,397
|
-
|
-
|
Energy
|
240,543,684
|
240,543,684
|
-
|
-
|
Financials
|
816,132,524
|
816,132,524
|
-
|
-
|
Health Care
|
819,859,951
|
818,403,741
|
1,456,210
|
-
|
Industrials
|
956,035,103
|
956,035,103
|
-
|
-
|
Information Technology
|
662,572,819
|
662,572,819
|
-
|
-
|
Materials
|
227,255,310
|
227,255,310
|
-
|
-
|
Real Estate
|
216,367,111
|
216,367,111
|
-
|
-
|
Utilities
|
112,663,470
|
112,663,470
|
-
|
-
|
Money Market Funds
|
209,649,854
|
209,649,854
|
-
|
-
|
Total Investments in Securities:
|
4,903,056,559
|
4,901,600,349
|
1,456,210
|
-
|
Derivative Instruments:
|
||||
Assets
|
||||
Futures Contracts
|
338,596
|
338,596
|
-
|
-
|
Total Assets
|
338,596
|
338,596
|
-
|
-
|
Total Derivative Instruments:
|
338,596
|
338,596
|
-
|
-
|
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
|
Equity Risk
|
||
Futures Contracts (a)
|
338,596
|
-
|
Total Equity Risk
|
338,596
|
-
|
Total Value of Derivatives
|
338,596
|
-
|
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $121,478,283) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $2,960,756,255)
|
$
|
4,693,406,705
|
||
Fidelity Central Funds (cost $209,649,854)
|
209,649,854
|
|||
Total Investment in Securities (cost $3,170,406,109)
|
$
|
4,903,056,559
|
||
Segregated cash with brokers for derivative instruments
|
1,558,126
|
|||
Cash
|
604,390
|
|||
Foreign currency held at value (cost $428)
|
428
|
|||
Receivable for investments sold
|
58,054,449
|
|||
Receivable for fund shares sold
|
1,385,157
|
|||
Dividends receivable
|
217,365
|
|||
Distributions receivable from Fidelity Central Funds
|
231,335
|
|||
Other receivables
|
45,087
|
|||
Total assets
|
4,965,152,896
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
9,459,322
|
||
Payable for fund shares redeemed
|
121,792,550
|
|||
Payable for daily variation margin on futures contracts
|
228,887
|
|||
Other payables and accrued expenses
|
44,011
|
|||
Collateral on securities loaned
|
105,481,011
|
|||
Total liabilities
|
237,005,781
|
|||
Net Assets
|
$
|
4,728,147,115
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
2,892,749,627
|
||
Total accumulated earnings (loss)
|
1,835,397,488
|
|||
Net Assets
|
$
|
4,728,147,115
|
||
Net Asset Value, offering price and redemption price per share ($4,728,147,115 ÷ 275,487,298 shares)
|
$
|
17.16
|
||
Statement of Operations
|
||||
Six months ended January 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
21,623,783
|
||
Income from Fidelity Central Funds (including $188,945 from security lending)
|
1,692,894
|
|||
Total income
|
23,316,677
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
34,956
|
||
Independent trustees' fees and expenses
|
9,182
|
|||
Total expenses before reductions
|
44,138
|
|||
Expense reductions
|
(386)
|
|||
Total expenses after reductions
|
43,752
|
|||
Net Investment income (loss)
|
23,272,925
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
218,265,568
|
|||
Fidelity Central Funds
|
(4,120)
|
|||
Foreign currency transactions
|
(15,268)
|
|||
Futures contracts
|
3,806,078
|
|||
Total net realized gain (loss)
|
222,052,258
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
605,118,831
|
|||
Assets and liabilities in foreign currencies
|
6,351
|
|||
Futures contracts
|
(246,155)
|
|||
Total change in net unrealized appreciation (depreciation)
|
604,879,027
|
|||
Net gain (loss)
|
826,931,285
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
850,204,210
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
23,272,925
|
$
|
45,423,878
|
Net realized gain (loss)
|
222,052,258
|
614,401,017
|
||
Change in net unrealized appreciation (depreciation)
|
604,879,027
|
(644,613,350)
|
||
Net increase (decrease) in net assets resulting from operations
|
850,204,210
|
15,211,545
|
||
Distributions to shareholders
|
(201,927,300)
|
(465,019,571)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
133,916,238
|
1,820,657,966
|
||
Reinvestment of distributions
|
201,927,300
|
465,019,571
|
||
Cost of shares redeemed
|
(621,522,819)
|
(3,205,698,071)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(285,679,281)
|
(920,020,534)
|
||
Total increase (decrease) in net assets
|
362,597,629
|
(1,369,828,560)
|
||
Net Assets
|
||||
Beginning of period
|
4,365,549,486
|
5,735,378,046
|
||
End of period
|
$
|
4,728,147,115
|
$
|
4,365,549,486
|
Other Information
|
||||
Shares
|
||||
Sold
|
6,968,603
|
122,717,649
|
||
Issued in reinvestment of distributions
|
12,361,154
|
31,316,313
|
||
Redeemed
|
(36,611,454)
|
(214,472,846)
|
||
Net increase (decrease)
|
(17,281,697)
|
(60,438,884)
|
||
Fidelity® Series Small Cap Opportunities Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
14.91
|
$
|
16.24
|
$
|
13.47
|
$
|
12.57
|
$
|
18.08
|
$
|
12.66
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.08
|
.15
|
.16
|
.14
|
.12
|
.12
|
||||||
Net realized and unrealized gain (loss)
|
2.89
|
(.10)
|
2.75
|
1.36
|
(1.03)
|
5.62
|
||||||
Total from investment operations
|
2.97
|
.05
|
2.91
|
1.50
|
(.91)
|
5.74
|
||||||
Distributions from net investment income
|
(.17)
|
(.32)
|
(.14)
|
(.14)
|
(.12)
|
(.14)
|
||||||
Distributions from net realized gain
|
(.54)
|
(1.05)
|
-
|
(.47)
|
(4.48)
|
(.19)
|
||||||
Total distributions
|
(.72) C
|
(1.38) C
|
(.14)
|
(.60) C
|
(4.60)
|
(.32) C
|
||||||
Net asset value, end of period
|
$
|
17.16
|
$
|
14.91
|
$
|
16.24
|
$
|
13.47
|
$
|
12.57
|
$
|
18.08
|
Total Return D,E
|
20.18 % |
.39%
|
21.85%
|
12.51%
|
(7.62)%
|
45.98%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions H
|
-% I
|
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Expenses net of fee waivers, if any H
|
- % I |
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Expenses net of all reductions, if any H
|
-% I
|
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Net investment income (loss)
|
1.01% I
|
1.00%
|
1.14%
|
1.11%
|
.86%
|
.77%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
4,728,147
|
$
|
4,365,549
|
$
|
5,735,378
|
$
|
4,942,472
|
$
|
5,039,957
|
$
|
6,012,414
|
Portfolio turnover rate J
|
35 % I |
43% K
|
47%
|
34%
|
39%
|
96%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$1,862,669,929
|
Gross unrealized depreciation
|
(139,249,309)
|
Net unrealized appreciation (depreciation)
|
$1,723,420,620
|
Tax cost
|
$3,179,974,535
|
Equity Risk
|
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Series Small Cap Opportunities Fund
|
794,428,793
|
1,211,915,836
|
Amount ($)
|
|
Fidelity Series Small Cap Opportunities Fund
|
20,928
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Series Small Cap Opportunities Fund
|
32,933,550
|
159,237,353
|
48,043,645
|
Shares
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity Series Small Cap Opportunities Fund
|
68,819,878
|
415,947,457
|
1,032,986,370
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Series Small Cap Opportunities Fund
|
19,942
|
7,707
|
-
|
Amount ($)
|
|
Fidelity Series Small Cap Opportunities Fund
|
20,268,598
|
![]() |


Contents
Asset-Backed Securities - 1.5%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.5%
|
|||
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (g)
|
406,471
|
367,756
|
|
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (g)
|
959,496
|
946,042
|
|
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (g)
|
553,000
|
542,886
|
|
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (c)(g)
|
2,000,000
|
1,669,062
|
|
Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (g)
|
750,000
|
776,409
|
|
TOTAL UNITED STATES
|
4,302,155
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $4,543,657)
|
4,302,155
|
||
Bank Loan Obligations - 1.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.4%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6719% 10/6/2032 (b)(c)(d)
|
500,000
|
500,000
|
|
Financials - 1.2%
|
|||
Financial Services - 1.2%
|
|||
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.7501% 1/9/2027 (b)(c)(d)(e)
|
3,514,502
|
3,426,640
|
|
Real Estate - 0.0%
|
|||
Real Estate Management & Development - 0.0%
|
|||
Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 1/31/2030 (b)(c)(d)
|
16,950
|
17,045
|
|
TOTAL UNITED STATES
|
3,943,685
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $4,026,620)
|
3,943,685
|
||
Commercial Mortgage Securities - 20.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 20.0%
|
|||
Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2302% 4/15/2042 (b)(c)(g)
|
1,000,000
|
1,002,500
|
|
BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (e)(g)
|
625,000
|
352,624
|
|
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (g)
|
1,848,000
|
814,973
|
|
BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (c)
|
825,000
|
843,623
|
|
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (c)(e)(g)
|
573,000
|
2,865
|
|
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (c)(e)(g)
|
859,000
|
2,148
|
|
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3711% 11/15/2041 (b)(c)(g)
|
381,000
|
383,262
|
|
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (c)(g)
|
303,000
|
312,619
|
|
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (c)(g)
|
254,000
|
253,802
|
|
Bres Coml Mtg Trust Series 2025-ATCAP Class F, CME Term SOFR 1 month Index + 5.1885%, 8.8687% 11/15/2042 (b)(c)(g)
|
1,000,000
|
1,002,307
|
|
BSREP Commercial Mortgage Trust Series 2021-DC Class F, CME Term SOFR 1 month Index + 2.9645%, 6.6455% 8/15/2038 (b)(c)(g)
|
91,177
|
38,077
|
|
BSREP Commercial Mortgage Trust Series 2021-DC Class G, CME Term SOFR 1 month Index + 3.9645%, 7.6455% 8/15/2038 (b)(c)(g)
|
213,030
|
76,226
|
|
BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (c)(g)
|
2,018,000
|
1,822,544
|
|
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (c)(g)
|
353,000
|
362,050
|
|
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 8.1339% 11/13/2046 (c)(g)
|
800,000
|
860,155
|
|
BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3704% 4/15/2040 (b)(c)(g)
|
906,642
|
911,173
|
|
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3263% 4/15/2034 (b)(c)(g)
|
819,000
|
796,619
|
|
BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (c)(g)
|
5,666,000
|
5,252,323
|
|
BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.6181% 6/15/2041 (b)(c)(g)
|
750,000
|
750,850
|
|
BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.6204% 11/15/2041 (b)(c)(g)
|
256,756
|
257,799
|
|
BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.6189% 11/15/2041 (b)(c)(g)
|
864,135
|
863,086
|
|
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0302% 1/15/2039 (b)(c)(g)
|
700,000
|
699,125
|
|
BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.281% 10/15/2042 (b)(c)(e)(g)
|
1,000,000
|
1,000,400
|
|
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (e)(g)
|
213,000
|
187,167
|
|
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (g)
|
31,000
|
28,187
|
|
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.026% 9/15/2033 (b)(c)(g)
|
735,000
|
41,431
|
|
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0323% 9/15/2033 (b)(c)(g)
|
735,000
|
15,705
|
|
COMM Mortgage Trust Series 2025-180W Class F, 7.3635% 8/10/2042 (c)(g)
|
2,000,000
|
1,969,705
|
|
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5687% 8/15/2041 (b)(c)(g)
|
500,000
|
499,637
|
|
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.1115% 6/15/2034 (b)(g)
|
800,000
|
438,965
|
|
DBGS Mortgage Trust Series 2018-C1 Class C, 4.6356% 10/15/2051 (c)
|
1,000,000
|
911,635
|
|
ELP Series 2025-ELP Class E, 6.665% 11/13/2042 (c)(g)
|
455,000
|
463,634
|
|
EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (c)(g)
|
1,000,000
|
1,018,872
|
|
Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7802% 10/15/2042 (b)(c)(g)
|
1,000,000
|
1,012,500
|
|
Extended Stay America Trust Series 2026-ESH2 Class E, CME Term SOFR 1 month Index + 2.9%, 6.57% 2/15/2043 (b)(c)(g)
|
780,000
|
786,338
|
|
Extended Stay America Trust Series 2026-ESH2 Class F, 7.42% 2/15/2043 (g)
|
285,000
|
287,850
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1413% 8/10/2044 (c)(g)
|
101,000
|
92,976
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1413% 8/10/2044 (c)(g)
|
759,236
|
587,847
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1413% 8/10/2044 (c)(g)
|
848,000
|
289,390
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (e)(g)
|
677,000
|
2,030
|
|
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.6643% 11/10/2045 (c)(e)(g)
|
355,000
|
340,800
|
|
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.577% 7/15/2035 (b)(c)(g)
|
669,000
|
494
|
|
GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (c)(g)
|
1,000,000
|
1,003,627
|
|
GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (c)(g)
|
500,000
|
506,852
|
|
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (c)(g)
|
2,515,000
|
2,470,072
|
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (g)
|
1,624,000
|
1,598,972
|
|
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2552% 6/15/2051 (c)(g)
|
302,000
|
242,717
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6895% 6/15/2045 (c)(g)
|
592,418
|
584,032
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (g)
|
805,000
|
542,516
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.3311% 4/15/2046 (c)
|
281,066
|
2,811
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (c)(g)
|
924,000
|
2,300
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (c)(g)
|
961,000
|
107,556
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (e)(g)
|
1,406,000
|
337,440
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (c)(g)
|
356,000
|
352,546
|
|
MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 6.3954% 4/15/2038 (b)(c)(g)
|
555,200
|
555,200
|
|
MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 6.9954% 4/15/2038 (b)(c)(g)
|
1,076,800
|
1,076,800
|
|
MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 6.5455% 7/15/2038 (b)(c)(g)
|
250,000
|
249,688
|
|
MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1802% 9/15/2040 (b)(c)(g)
|
2,000,000
|
1,999,195
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(e)(g)
|
1,000,000
|
140,060
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7057% 5/15/2046 (c)
|
625,000
|
585,287
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (c)(g)
|
667,378
|
660,904
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (c)(g)
|
970,000
|
729,925
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4924% 6/15/2044 (c)(g)(h)
|
21,123,262
|
79,130
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.94% 7/15/2049 (c)(g)
|
154,041
|
152,381
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.94% 7/15/2049 (c)(g)
|
636,000
|
617,262
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.94% 7/15/2049 (c)(g)
|
979,600
|
941,505
|
|
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (c)(e)(g)
|
980,000
|
824,543
|
|
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (g)
|
2,346,000
|
1,769,422
|
|
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (g)
|
962,329
|
1,010,545
|
|
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (c)(g)
|
739,000
|
713,172
|
|
MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (c)(g)
|
1,000,000
|
861,071
|
|
NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (c)(g)
|
1,022,000
|
1,034,452
|
|
NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (c)(g)
|
115,000
|
115,605
|
|
NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (c)(g)
|
235,000
|
237,275
|
|
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1455% 7/15/2038 (b)(c)(g)
|
500,000
|
93,234
|
|
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (g)
|
250,000
|
214,525
|
|
PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (c)(g)
|
500,000
|
502,540
|
|
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (g)
|
418,586
|
427,662
|
|
ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (g)
|
720,000
|
765,542
|
|
SCG Trust Series 2025-SNIP Class E, 7.0802% 9/15/2042 (c)(g)
|
500,000
|
502,500
|
|
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.6205% 11/15/2034 (b)(c)(g)
|
212,100
|
212,497
|
|
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8687% 11/15/2034 (b)(c)(g)
|
247,800
|
248,420
|
|
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2802% 10/15/2041 (b)(c)(g)
|
512,000
|
517,115
|
|
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.71% 11/15/2036 (b)(c)(g)
|
1,000,000
|
998,018
|
|
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.995% 11/15/2036 (b)(c)(g)
|
1,280,000
|
1,273,289
|
|
SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.9191% 2/15/2042 (b)(c)(g)
|
500,000
|
494,563
|
|
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (c)(g)
|
926,620
|
881,401
|
|
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(e)(g)
|
399,000
|
147,414
|
|
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (c)(e)(g)
|
843,916
|
303,827
|
|
WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (c)(e)
|
45,000
|
14,363
|
|
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0678% 3/15/2045 (c)(g)
|
53,000
|
37,630
|
|
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9682% 5/15/2045 (c)(g)
|
33,919
|
31,756
|
|
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (c)(g)
|
1,168,000
|
583,989
|
|
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(e)(g)
|
459,000
|
100,975
|
|
TOTAL UNITED STATES
|
58,092,436
|
||
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $67,515,057)
|
58,092,436
|
||
Common Stocks - 0.0%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Real Estate - 0.0%
|
|||
Retail REITs - 0.0%
|
|||
Retail Value Inc (e)(f)
(Cost $709,415)
|
24,066
|
0
|
|
Convertible Preferred Stocks - 5.4%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 5.4%
|
|||
Financials - 4.3%
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 4.3%
|
|||
AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (b)(c)
|
65,750
|
1,642,106
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (b)(c)
|
61,500
|
1,545,495
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (b)(c)
|
46,750
|
1,191,658
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (b)(c)
|
27,900
|
716,193
|
|
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (b)(c)
|
35,058
|
827,018
|
|
Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (b)(c)
|
45,866
|
1,007,218
|
|
Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (b)(c)
|
89,500
|
2,314,470
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (b)(c)
|
20,446
|
502,154
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (b)(c)
|
60,467
|
1,520,140
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (b)(c)
|
43,666
|
1,100,383
|
|
TOTAL FINANCIALS
|
12,366,835
|
||
Real Estate - 1.1%
|
|||
Industrial REITs - 1.1%
|
|||
LXP Industrial Trust 6.5%
|
68,019
|
3,191,451
|
|
TOTAL UNITED STATES
|
15,558,286
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $12,547,253)
|
15,558,286
|
||
Non-Convertible Corporate Bonds - 46.4%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED KINGDOM - 0.3%
|
|||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
EG Global Finance PLC 12% 11/30/2028 (g)
|
750,000
|
811,777
|
|
UNITED STATES - 46.1%
|
|||
Communication Services - 0.8%
|
|||
Diversified Telecommunication Services - 0.5%
|
|||
Cipher Compute LLC 7.125% 11/15/2030 (g)
|
185,000
|
190,626
|
|
Flash Compute LLC 7.25% 12/31/2030 (g)
|
480,000
|
481,629
|
|
Uniti Services LLC 7.5% 10/15/2033 (g)
|
250,000
|
258,113
|
|
WULF Compute LLC 7.75% 10/15/2030 (g)
|
565,000
|
589,306
|
|
1,519,674
|
|||
Media - 0.3%
|
|||
Lamar Media Corp 4% 2/15/2030
|
875,000
|
845,930
|
|
TOTAL COMMUNICATION SERVICES
|
2,365,604
|
||
Consumer Discretionary - 2.2%
|
|||
Hotels, Restaurants & Leisure - 1.4%
|
|||
Choice Hotels International Inc 5.85% 8/1/2034
|
250,000
|
256,133
|
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (g)
|
200,000
|
185,149
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (g)
|
500,000
|
477,274
|
|
Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (g)
|
470,000
|
472,267
|
|
Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (g)
|
990,000
|
1,008,563
|
|
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (g)
|
200,000
|
205,224
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (g)
|
740,000
|
690,207
|
|
Las Vegas Sands Corp 6% 6/14/2030
|
500,000
|
521,615
|
|
Times Square Hotel Trust 8.528% 8/1/2026 (g)
|
203,321
|
203,778
|
|
4,020,210
|
|||
Household Durables - 0.8%
|
|||
Century Communities Inc 6.625% 9/15/2033 (g)
|
490,000
|
496,258
|
|
LGI Homes Inc 7% 11/15/2032 (g)
|
595,000
|
580,314
|
|
M/I Homes Inc 3.95% 2/15/2030
|
1,430,000
|
1,376,251
|
|
2,452,823
|
|||
TOTAL CONSUMER DISCRETIONARY
|
6,473,033
|
||
Financials - 0.3%
|
|||
Financial Services - 0.3%
|
|||
Rexford Industrial Realty LP 2.125% 12/1/2030
|
1,000,000
|
894,946
|
|
Health Care - 0.1%
|
|||
Health Care Providers & Services - 0.1%
|
|||
Sabra Health Care LP 3.2% 12/1/2031
|
415,000
|
379,934
|
|
Industrials - 0.3%
|
|||
Commercial Services & Supplies - 0.3%
|
|||
Williams Scotsman Inc 4.625% 8/15/2028 (g)
|
750,000
|
747,201
|
|
Williams Scotsman Inc 6.625% 4/15/2030 (g)
|
190,000
|
196,861
|
|
TOTAL INDUSTRIALS
|
944,062
|
||
Real Estate - 42.4%
|
|||
Diversified REITs - 6.8%
|
|||
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
|
1,000,000
|
1,032,856
|
|
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (g)
|
925,000
|
900,072
|
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
|
1,000,000
|
956,385
|
|
GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033
|
500,000
|
500,930
|
|
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
|
1,000,000
|
1,019,098
|
|
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
|
500,000
|
506,147
|
|
GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037
|
1,340,000
|
1,329,255
|
|
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
|
500,000
|
495,832
|
|
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
|
500,000
|
541,703
|
|
Safehold GL Holdings LLC 2.8% 6/15/2031
|
500,000
|
459,274
|
|
Safehold GL Holdings LLC 2.85% 1/15/2032
|
1,250,000
|
1,128,558
|
|
Safehold GL Holdings LLC 6.1% 4/1/2034
|
1,400,000
|
1,488,253
|
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (g)
|
1,040,000
|
990,522
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (g)
|
820,000
|
797,520
|
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (g)
|
3,095,000
|
3,095,719
|
|
VICI Properties LP 5.125% 5/15/2032
|
500,000
|
503,074
|
|
VICI Properties LP 5.625% 5/15/2052
|
667,000
|
624,222
|
|
VICI Properties LP 5.75% 4/1/2034
|
32,000
|
33,017
|
|
VICI Properties LP 6.125% 4/1/2054
|
1,254,000
|
1,255,660
|
|
WP Carey Inc 2.25% 4/1/2033
|
1,000,000
|
845,185
|
|
WP Carey Inc 2.45% 2/1/2032
|
1,000,000
|
883,918
|
|
WP Carey Inc 4.25% 10/1/2026
|
459,000
|
459,383
|
|
19,846,583
|
|||
Health Care REITs - 3.9%
|
|||
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
|
1,506,000
|
1,291,205
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
3,237,000
|
3,164,605
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (g)
|
340,000
|
364,261
|
|
Omega Healthcare Investors Inc 4.5% 4/1/2027
|
483,000
|
484,412
|
|
Omega Healthcare Investors Inc 4.75% 1/15/2028
|
1,616,000
|
1,629,559
|
|
Ventas Realty LP 2.5% 9/1/2031
|
500,000
|
449,416
|
|
Ventas Realty LP 4.4% 1/15/2029
|
2,000,000
|
2,010,793
|
|
Ventas Realty LP 4.75% 11/15/2030
|
1,000,000
|
1,013,284
|
|
Welltower OP LLC 5.125% 7/1/2035
|
1,000,000
|
1,015,395
|
|
11,422,930
|
|||
Hotel & Resort REITs - 0.3%
|
|||
RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (g)
|
295,000
|
305,795
|
|
RLJ Lodging Trust LP 4% 9/15/2029 (g)
|
715,000
|
678,506
|
|
984,301
|
|||
Industrial REITs - 2.9%
|
|||
Lineage OP LP 5.25% 7/15/2030 (g)
|
500,000
|
504,257
|
|
LXP Industrial Trust 2.375% 10/1/2031
|
500,000
|
438,301
|
|
LXP Industrial Trust 2.7% 9/15/2030
|
78,000
|
71,483
|
|
LXP Industrial Trust 6.75% 11/15/2028
|
62,000
|
65,569
|
|
Prologis LP 4.875% 6/15/2028
|
1,000,000
|
1,022,628
|
|
Prologis LP 5% 3/15/2034
|
1,500,000
|
1,523,656
|
|
Prologis LP 5.125% 1/15/2034
|
2,000,000
|
2,044,849
|
|
Prologis LP 5.25% 3/15/2054
|
1,500,000
|
1,425,799
|
|
Prologis LP 5.25% 6/15/2053
|
1,500,000
|
1,426,969
|
|
8,523,511
|
|||
Real Estate Management & Development - 5.0%
|
|||
Americold Realty Operating Partnership LP 5.409% 9/12/2034
|
750,000
|
735,364
|
|
Americold Realty Operating Partnership LP 5.6% 5/15/2032
|
1,000,000
|
1,013,299
|
|
CBRE Services Inc 5.95% 8/15/2034
|
1,750,000
|
1,862,462
|
|
CoStar Group Inc 2.8% 7/15/2030 (g)
|
1,035,000
|
952,817
|
|
Essex Portfolio LP 4.875% 2/15/2036
|
1,000,000
|
974,258
|
|
Essex Portfolio LP 5.5% 4/1/2034
|
1,006,000
|
1,036,437
|
|
Extra Space Storage LP 2.35% 3/15/2032
|
2,000,000
|
1,748,360
|
|
Extra Space Storage LP 5.4% 2/1/2034
|
2,000,000
|
2,047,029
|
|
Extra Space Storage LP 5.5% 7/1/2030
|
1,000,000
|
1,040,565
|
|
Extra Space Storage LP 5.9% 1/15/2031
|
1,000,000
|
1,058,166
|
|
Kennedy-Wilson Inc 4.75% 2/1/2030
|
1,755,000
|
1,686,731
|
|
Taylor Morrison Communities Inc 5.75% 11/15/2032 (g)
|
235,000
|
241,208
|
|
14,396,696
|
|||
Residential REITs - 4.8%
|
|||
American Homes 4 Rent LP 2.375% 7/15/2031
|
2,000,000
|
1,785,115
|
|
American Homes 4 Rent LP 3.625% 4/15/2032
|
1,000,000
|
939,232
|
|
American Homes 4 Rent LP 4.25% 2/15/2028
|
2,000,000
|
2,000,383
|
|
American Homes 4 Rent LP 5.5% 2/1/2034
|
1,500,000
|
1,535,640
|
|
American Homes 4 Rent LP 5.5% 7/15/2034
|
3,000
|
3,068
|
|
Invitation Homes Operating Partnership LP 2% 8/15/2031
|
1,000,000
|
870,894
|
|
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
|
1,000,000
|
965,524
|
|
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
|
3,000,000
|
3,077,217
|
|
Sun Communities Operating LP 2.7% 7/15/2031
|
2,500,000
|
2,270,749
|
|
UDR Inc 3% 8/15/2031
|
500,000
|
463,570
|
|
13,911,392
|
|||
Retail REITs - 7.2%
|
|||
Agree LP 2.6% 6/15/2033
|
1,000,000
|
862,879
|
|
Agree LP 2.9% 10/1/2030
|
500,000
|
467,424
|
|
Agree LP 4.8% 10/1/2032
|
77,000
|
77,589
|
|
Agree LP 5.625% 6/15/2034
|
25,000
|
26,149
|
|
Brixmor Operating Partnership LP 4.125% 5/15/2029
|
138,000
|
137,523
|
|
Brixmor Operating Partnership LP 5.5% 2/15/2034
|
500,000
|
513,438
|
|
Kimco Realty OP LLC 4.6% 2/1/2033
|
1,000,000
|
996,115
|
|
Kimco Realty OP LLC 6.4% 3/1/2034
|
1,576,000
|
1,733,945
|
|
Kite Realty Group LP 5.2% 8/15/2032
|
1,000,000
|
1,021,532
|
|
Kite Realty Group LP 5.5% 3/1/2034
|
1,000,000
|
1,027,887
|
|
NNN REIT Inc 5.6% 10/15/2033
|
311,000
|
324,187
|
|
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
|
3,000,000
|
2,686,320
|
|
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
|
2,000
|
1,965
|
|
Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032
|
500,000
|
511,822
|
|
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
|
1,000,000
|
1,045,401
|
|
Realty Income Corp 3.1% 12/15/2029
|
1,000,000
|
965,321
|
|
Realty Income Corp 3.4% 1/15/2030
|
500,000
|
485,536
|
|
Realty Income Corp 4% 7/15/2029
|
1,000,000
|
997,558
|
|
Realty Income Corp 5.625% 10/13/2032
|
1,000,000
|
1,059,644
|
|
Simon Property Group LP 4.75% 9/26/2034
|
1,500,000
|
1,487,529
|
|
Simon Property Group LP 5.85% 3/8/2053
|
1,000,000
|
1,018,381
|
|
Simon Property Group LP 6.25% 1/15/2034
|
2,000,000
|
2,184,586
|
|
Simon Property Group LP 6.65% 1/15/2054
|
1,000,000
|
1,119,841
|
|
20,752,572
|
|||
Specialized REITs - 11.5%
|
|||
American Tower Corp 3.1% 6/15/2050
|
1,500,000
|
984,858
|
|
American Tower Corp 3.8% 8/15/2029
|
1,000,000
|
986,075
|
|
American Tower Corp 4.05% 3/15/2032
|
1,500,000
|
1,461,336
|
|
American Tower Corp 5.45% 2/15/2034
|
2,000,000
|
2,071,842
|
|
American Tower Corp 5.55% 7/15/2033
|
1,000,000
|
1,044,654
|
|
American Tower Corp 5.65% 3/15/2033
|
2,000,000
|
2,103,631
|
|
American Tower Corp 5.9% 11/15/2033
|
1,500,000
|
1,602,069
|
|
Crown Castle Inc 2.1% 4/1/2031
|
2,000,000
|
1,766,683
|
|
Crown Castle Inc 2.25% 1/15/2031
|
1,500,000
|
1,341,598
|
|
Crown Castle Inc 2.5% 7/15/2031
|
1,500,000
|
1,343,574
|
|
Crown Castle Inc 2.9% 4/1/2041
|
975,000
|
711,162
|
|
Crown Castle Inc 5.1% 5/1/2033
|
2,500,000
|
2,526,211
|
|
Crown Castle Inc 5.8% 3/1/2034
|
500,000
|
523,941
|
|
CubeSmart LP 2.5% 2/15/2032
|
1,500,000
|
1,331,012
|
|
CubeSmart LP 4.375% 2/15/2029
|
1,000,000
|
1,004,334
|
|
Equinix Inc 2.5% 5/15/2031
|
2,000,000
|
1,812,486
|
|
Equinix Inc 2.95% 9/15/2051
|
2,000,000
|
1,251,587
|
|
Equinix Inc 3% 7/15/2050
|
2,500,000
|
1,590,588
|
|
Iron Mountain Inc 4.5% 2/15/2031 (g)
|
500,000
|
477,808
|
|
Iron Mountain Inc 6.25% 1/15/2033 (g)
|
500,000
|
505,246
|
|
Millrose Properties Inc 6.25% 9/15/2032 (g)
|
490,000
|
495,527
|
|
Millrose Properties Inc 6.375% 8/1/2030 (g)
|
235,000
|
239,861
|
|
Public Storage Operating Co 5.1% 8/1/2033
|
1,000,000
|
1,032,629
|
|
Public Storage Operating Co 5.35% 8/1/2053
|
2,500,000
|
2,415,711
|
|
SBA Communications Corp 3.125% 2/1/2029
|
2,500,000
|
2,387,779
|
|
33,012,202
|
|||
TOTAL REAL ESTATE
|
122,850,187
|
||
TOTAL UNITED STATES
|
133,907,766
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $130,377,456)
|
134,719,543
|
||
Non-Convertible Preferred Stocks - 13.0%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Enbridge Inc 5 year U.S. Treasury Index Series 1+ 3.14%, 5.9491% (b)(c)
|
20,325
|
500,198
|
|
UNITED STATES - 12.8%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Global Partners LP/MA 9.5% Series B
|
12,200
|
315,894
|
|
Financials - 3.9%
|
|||
Capital Markets - 0.3%
|
|||
DigitalBridge Group Inc 7.125% Series J
|
18,731
|
363,007
|
|
DigitalBridge Group Inc Series H, 7.125%
|
9,647
|
185,319
|
|
DigitalBridge Group Inc Series I, 7.15%
|
10,318
|
201,201
|
|
749,527
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 3.6%
|
|||
AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (b)(c)
|
41,899
|
1,072,195
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (b)(c)
|
70,990
|
1,781,139
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (b)(c)
|
73,400
|
1,898,932
|
|
Arbor Realty Trust Inc Series D 6.375%
|
12,400
|
219,613
|
|
Arbor Realty Trust Inc Series F, 6.25% (c)
|
14,100
|
315,417
|
|
Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (b)(c)
|
58,522
|
1,468,317
|
|
MFA Financial Inc 7.5%
|
16,249
|
327,417
|
|
MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (b)(c)
|
26,100
|
605,520
|
|
Pennymac Mortgage Investment Trust 8.125% (c)
|
14,975
|
362,994
|
|
Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (b)(c)
|
20,205
|
487,143
|
|
Rithm Capital Corp 7% Series D (c)
|
17,100
|
420,830
|
|
Two Harbors Investment Corp 7.625% Series B (c)
|
38,276
|
940,442
|
|
Two Harbors Investment Corp 8.125% Series A (c)
|
21,429
|
530,796
|
|
10,430,755
|
|||
TOTAL FINANCIALS
|
11,180,282
|
||
Real Estate - 8.9%
|
|||
Diversified REITs - 2.4%
|
|||
Armada Hoffler Properties Inc Series A 6.75%
|
33,250
|
716,538
|
|
CTO Realty Growth Inc 6.375%
|
20,000
|
406,001
|
|
Gladstone Commercial Corp Series E 6.625%
|
41,125
|
938,065
|
|
Gladstone Commercial Corp Series G, 6%
|
64,500
|
1,308,699
|
|
Global Net Lease Inc 6.875% Series B
|
47,200
|
1,080,880
|
|
Global Net Lease Inc 7.25% Series A
|
45,925
|
1,075,104
|
|
Global Net Lease Inc 7.375% Series E
|
19,100
|
445,985
|
|
Global Net Lease Inc 7.5%
|
34,998
|
864,101
|
|
6,835,373
|
|||
Health Care REITs - 0.7%
|
|||
Global Medical REIT Inc 7.5% Series A
|
27,461
|
674,442
|
|
National Healthcare Properties Inc Series A, 7.375%
|
33,000
|
643,500
|
|
National Healthcare Properties Inc Series B, 7.125%
|
40,300
|
756,834
|
|
2,074,776
|
|||
Hotel & Resort REITs - 2.4%
|
|||
Ashford Hospitality Trust Inc Series H 7.5%
|
1,575
|
18,206
|
|
Braemar Hotels & Resorts Inc 8.25% Series D
|
3,923
|
64,651
|
|
Pebblebrook Hotel Trust 6.3% Series F
|
37,902
|
776,991
|
|
Pebblebrook Hotel Trust 6.375%
|
20,200
|
404,000
|
|
Pebblebrook Hotel Trust 6.375% Series E
|
45,192
|
904,744
|
|
Pebblebrook Hotel Trust Series H, 5.7%
|
50,200
|
898,580
|
|
Sotherly Hotels Inc 7.875% Series C
|
19,300
|
359,559
|
|
Sotherly Hotels Inc 8% Series B
|
12,750
|
231,668
|
|
Summit Hotel Properties Inc Series E, 6.25%
|
60,784
|
1,157,935
|
|
Summit Hotel Properties Inc Series F, 5.875%
|
61,000
|
1,105,930
|
|
Sunstone Hotel Investors Inc Series H, 6.125%
|
20,000
|
417,000
|
|
Sunstone Hotel Investors Inc Series I, 5.7%
|
38,700
|
747,104
|
|
7,086,368
|
|||
Industrial REITs - 0.8%
|
|||
Prologis Inc Series Q, 8.54%
|
16,850
|
892,376
|
|
Rexford Industrial Realty Inc 5.625% Series C
|
11,775
|
249,983
|
|
Rexford Industrial Realty Inc 5.875% Series B
|
50,000
|
1,128,000
|
|
2,270,359
|
|||
Office REITs - 0.3%
|
|||
Hudson Pacific Properties Inc 4.75% Series C
|
22,900
|
358,614
|
|
Vornado Realty Trust 5.25% Series M
|
11,286
|
198,521
|
|
Vornado Realty Trust Series L, 5.4%
|
18,000
|
329,040
|
|
Vornado Realty Trust Series N 5.25%
|
4,466
|
79,093
|
|
965,268
|
|||
Real Estate Management & Development - 0.1%
|
|||
Brookfield Property Partners LP 5.75%
|
7,000
|
96,810
|
|
Brookfield Property Partners LP 6.5%
|
5,875
|
92,649
|
|
Seritage Growth Properties Series A, 7%
|
1,050
|
25,315
|
|
214,774
|
|||
Residential REITs - 1.0%
|
|||
American Homes 4 Rent 5.875% Series G
|
37,050
|
847,890
|
|
American Homes 4 Rent Series H, 6.25%
|
21,284
|
510,558
|
|
UMH Properties Inc 6.375% Series D
|
63,875
|
1,434,313
|
|
2,792,761
|
|||
Retail REITs - 1.1%
|
|||
Agree Realty Corp 4.25%
|
38,700
|
666,414
|
|
Cedar Realty Trust Inc 7.25%
|
7,070
|
130,335
|
|
Regency Centers Corp 5.875%
|
28,775
|
644,560
|
|
Regency Centers Corp 6.25% Series A
|
51,175
|
1,200,055
|
|
Saul Centers Inc 6% Series E
|
13,475
|
301,166
|
|
Saul Centers Inc 6.125% Series D
|
15,958
|
333,072
|
|
3,275,602
|
|||
Specialized REITs - 0.1%
|
|||
National Storage Affiliates Trust Series A, 6%
|
12,325
|
258,702
|
|
TOTAL REAL ESTATE
|
25,773,983
|
||
TOTAL UNITED STATES
|
37,270,159
|
||
|
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Cost $36,721,492)
|
37,770,357
|
||
Money Market Funds - 11.2%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (i)
(Cost $32,626,209)
|
3.70
|
32,619,685
|
32,626,209
|
|
|
TOTAL INVESTMENT IN SECURITIES - 98.9%
(Cost $289,067,159)
|
287,012,671
|
NET OTHER ASSETS (LIABILITIES) - 1.1%
|
3,275,172
|
NET ASSETS - 100.0%
|
290,287,843
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(c)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(d)
|
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.
|
(e)
|
Level 3 security.
|
(f)
|
Non-income producing.
|
(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 $78,180,538 or 26.9% of net assets.
|
(h)
|
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
|
(i)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliate
|
Value,
beginning
of period ($)
|
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
|
34,900,900
|
25,116,822
|
27,392,348
|
625,498
|
835
|
-
|
32,626,209
|
32,619,685
|
0.1%
|
Total
|
34,900,900
|
25,116,822
|
27,392,348
|
625,498
|
835
|
-
|
32,626,209
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Asset-Backed Securities
|
4,302,155
|
-
|
4,302,155
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
500,000
|
-
|
500,000
|
-
|
Financials
|
3,426,640
|
-
|
-
|
3,426,640
|
Real Estate
|
17,045
|
-
|
17,045
|
-
|
Commercial Mortgage Securities
|
58,092,436
|
-
|
54,335,780
|
3,756,656
|
Common Stocks
|
||||
Real Estate
|
-
|
-
|
-
|
-
|
Convertible Preferred Stocks
|
||||
Financials
|
12,366,835
|
12,366,835
|
-
|
-
|
Real Estate
|
3,191,451
|
-
|
3,191,451
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
2,365,604
|
-
|
2,365,604
|
-
|
Consumer Discretionary
|
6,473,033
|
-
|
6,473,033
|
-
|
Energy
|
811,777
|
-
|
811,777
|
-
|
Financials
|
894,946
|
-
|
894,946
|
-
|
Health Care
|
379,934
|
-
|
379,934
|
-
|
Industrials
|
944,062
|
-
|
944,062
|
-
|
Real Estate
|
122,850,187
|
-
|
122,850,187
|
-
|
Non-Convertible Preferred Stocks
|
||||
Energy
|
816,092
|
816,092
|
-
|
-
|
Financials
|
11,180,282
|
11,180,282
|
-
|
-
|
Real Estate
|
25,773,983
|
25,773,983
|
-
|
-
|
Money Market Funds
|
32,626,209
|
32,626,209
|
-
|
-
|
Total Investments in Securities:
|
287,012,671
|
82,763,401
|
197,065,974
|
7,183,296
|
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 ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
|
|
Common Stocks
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Bank Loan Obligations
|
3,948,442
|
-
|
55,346
|
-
|
(577,148)
|
-
|
-
|
-
|
3,426,640
|
55,346
|
Non-Convertible Corporate Bonds
|
1
|
39,864
|
(1)
|
-
|
(39,864)
|
-
|
-
|
-
|
-
|
-
|
Asset-Backed Securities
|
8
|
-
|
(8)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Commercial Mortgage Securities
|
1,892,369
|
(856,764)
|
831,819
|
1,000,000
|
(1,033,144)
|
(107,230)
|
3,410,154
|
(1,380,548)
|
3,756,656
|
(21,269)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.
|
||||||||||
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $256,440,950)
|
$
|
254,386,462
|
||
Fidelity Central Funds (cost $32,626,209)
|
32,626,209
|
|||
Total Investment in Securities (cost $289,067,159)
|
$
|
287,012,671
|
||
Cash
|
1,503,410
|
|||
Receivable for fund shares sold
|
554,215
|
|||
Dividends receivable
|
163,050
|
|||
Interest receivable
|
2,104,081
|
|||
Distributions receivable from Fidelity Central Funds
|
97,379
|
|||
Other receivables
|
194
|
|||
Total assets
|
291,435,000
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
1,070,282
|
||
Payable for fund shares redeemed
|
76,342
|
|||
Other payables and accrued expenses
|
533
|
|||
Total liabilities
|
1,147,157
|
|||
Net Assets
|
$
|
290,287,843
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
315,931,889
|
||
Total accumulated earnings (loss)
|
(25,644,046)
|
|||
Net Assets
|
$
|
290,287,843
|
||
Net Asset Value, offering price and redemption price per share ($290,287,843 ÷ 28,558,911 shares)
|
$
|
10.16
|
||
Statement of Operations
|
||||
Six months ended January 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
1,711,866
|
||
Interest
|
5,618,666
|
|||
Income from Fidelity Central Funds
|
625,498
|
|||
Total income
|
7,956,030
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
1,186
|
||
Independent trustees' fees and expenses
|
577
|
|||
Total expenses before reductions
|
1,763
|
|||
Expense reductions
|
(1,027)
|
|||
Total expenses after reductions
|
736
|
|||
Net Investment income (loss)
|
7,955,294
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(351,795)
|
|||
Fidelity Central Funds
|
835
|
|||
Total net realized gain (loss)
|
(350,960)
|
|||
Change in net unrealized appreciation (depreciation) on investment securities
|
3,707,009
|
|||
Net gain (loss)
|
3,356,049
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
11,311,343
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
7,955,294
|
$
|
15,766,512
|
Net realized gain (loss)
|
(350,960)
|
(1,017,135)
|
||
Change in net unrealized appreciation (depreciation)
|
3,707,009
|
7,356,594
|
||
Net increase (decrease) in net assets resulting from operations
|
11,311,343
|
22,105,971
|
||
Distributions to shareholders
|
(9,740,433)
|
(15,632,604)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
20,737,017
|
30,841,385
|
||
Reinvestment of distributions
|
9,740,433
|
15,632,604
|
||
Cost of shares redeemed
|
(18,576,958)
|
(40,547,889)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
11,900,492
|
5,926,100
|
||
Total increase (decrease) in net assets
|
13,471,402
|
12,399,467
|
||
Net Assets
|
||||
Beginning of period
|
276,816,441
|
264,416,974
|
||
End of period
|
$
|
290,287,843
|
$
|
276,816,441
|
Other Information
|
||||
Shares
|
||||
Sold
|
2,032,170
|
3,086,224
|
||
Issued in reinvestment of distributions
|
963,419
|
1,574,080
|
||
Redeemed
|
(1,821,134)
|
(4,055,946)
|
||
Net increase (decrease)
|
1,174,455
|
604,358
|
||
Fidelity® Series Real Estate Income Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
10.11
|
$
|
9.87
|
$
|
9.70
|
$
|
10.74
|
$
|
11.77
|
$
|
9.94
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.29
|
.58
|
.60
|
.60
|
.55
|
.45
|
||||||
Net realized and unrealized gain (loss)
|
.11
|
.25
|
.24
|
(.64)
|
(.97)
|
1.90
|
||||||
Total from investment operations
|
.40
|
.83
|
.84
|
(.04)
|
(.42)
|
2.35
|
||||||
Distributions from net investment income
|
(.35)
|
(.59)
|
(.67)
|
(.68)
|
(.52)
|
(.45)
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.32)
|
(.09)
|
(.07)
|
||||||
Total distributions
|
(.35)
|
(.59)
|
(.67)
|
(1.00)
|
(.61)
|
(.52)
|
||||||
Net asset value, end of period
|
$
|
10.16
|
$
|
10.11
|
$
|
9.87
|
$
|
9.70
|
$
|
10.74
|
$
|
11.77
|
Total Return C,D
|
4.01 % |
8.61%
|
9.15%
|
(.13)%
|
(3.78)%
|
24.48%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions G
|
-% H
|
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Expenses net of fee waivers, if any G
|
- % H |
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Expenses net of all reductions, if any G
|
-% H
|
-%
|
-%
|
-%
|
-%
|
-%
|
||||||
Net investment income (loss)
|
5.60% H
|
5.86%
|
6.27%
|
6.13%
|
4.83%
|
4.21%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
290,288
|
$
|
276,816
|
$
|
264,417
|
$
|
337,967
|
$
|
681,642
|
$
|
1,047,202
|
Portfolio turnover rate I
|
13 % H |
9%
|
37%
|
5%
|
19%
|
23%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Bank Loan Obligations
|
$3,426,640
|
Discounted cash flow
|
Yield
|
12.0%
|
Decrease
|
Commercial Mortgage Securities
|
$3,756,656
|
Indicative market price
|
Evaluated bid
|
$0.25 - $100.04 / $71.24
|
Increase
|
Common Stocks
|
$-
|
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
Gross unrealized appreciation
|
$13,191,289
|
Gross unrealized depreciation
|
(15,245,770)
|
Net unrealized appreciation (depreciation)
|
$(2,054,481)
|
Tax cost
|
$289,067,152
|
Short-term
|
$(1,892,128)
|
Long-term
|
(20,996,020)
|
Total capital loss carryforward
|
$(22,888,148)
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Series Real Estate Income Fund
|
24,625,857
|
16,790,214
|
Amount ($)
|
|
Fidelity Series Real Estate Income Fund
|
32
|
![]() |


Contents
Common Stocks - 97.2%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Canva Australia Holdings Pty Ltd Class A (b)(c)(d)
|
4,700
|
7,267,516
|
|
BELGIUM - 0.1%
|
|||
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
UCB SA
|
32,300
|
9,778,450
|
|
BRAZIL - 0.0%
|
|||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
NU Holdings Ltd/Cayman Islands Class A (b)
|
204,100
|
3,622,775
|
|
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Vale SA ADR
|
189,100
|
3,038,837
|
|
TOTAL BRAZIL
|
6,661,612
|
||
BURKINA FASO - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
IAMGOLD Corp (United States) (b)
|
437,600
|
7,955,568
|
|
CANADA - 1.4%
|
|||
Consumer Discretionary - 0.4%
|
|||
Specialty Retail - 0.4%
|
|||
Aritzia Inc Subordinate Voting Shares (b)
|
563,300
|
44,401,270
|
|
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Suncor Energy Inc
|
117,000
|
6,184,034
|
|
Information Technology - 1.0%
|
|||
Electronic Equipment, Instruments & Components - 0.7%
|
|||
Celestica Inc (United States) (b)
|
330,700
|
92,923,393
|
|
IT Services - 0.3%
|
|||
Shopify Inc Class A (b)
|
342,000
|
44,875,805
|
|
Software - 0.0%
|
|||
Taalas Inc warrants (b)(c)(d)
|
95,390
|
98,252
|
|
TOTAL INFORMATION TECHNOLOGY
|
137,897,450
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Agnico Eagle Mines Ltd/CA (United States)
|
27,100
|
5,162,550
|
|
TOTAL CANADA
|
193,645,304
|
||
CHILE - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Antofagasta PLC
|
62,900
|
3,139,805
|
|
CHINA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Interactive Media & Services - 0.2%
|
|||
Tencent Holdings Ltd
|
227,600
|
17,493,748
|
|
Consumer Discretionary - 0.0%
|
|||
Automobile Components - 0.0%
|
|||
WeRide Inc ADR (b)
|
322,300
|
2,581,623
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
Luckin Coffee Inc ADR (b)
|
113,700
|
3,794,169
|
|
TOTAL CONSUMER DISCRETIONARY
|
6,375,792
|
||
Consumer Staples - 0.0%
|
|||
Beverages - 0.0%
|
|||
Eastroc Beverage Group Co Ltd H Shares
|
18,400
|
584,119
|
|
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Ant International Co Ltd Class C (c)(d)
|
784,278
|
1,254,845
|
|
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Pony AI Inc ADR (b)
|
330,300
|
4,584,564
|
|
TOTAL CHINA
|
30,293,068
|
||
DENMARK - 0.2%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Ascendis Pharma A/S ADR (b)
|
129,996
|
29,392,096
|
|
FINLAND - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
Amer Sports Inc (b)
|
801,100
|
29,344,293
|
|
GERMANY - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Trade Republic Bank GmbH (c)(d)(g)
|
114
|
3,151,081
|
|
INDIA - 0.6%
|
|||
Communication Services - 0.1%
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Bharti Airtel Ltd
|
315,200
|
6,767,447
|
|
Vodafone Idea Ltd (b)
|
43,186,424
|
5,260,893
|
|
TOTAL COMMUNICATION SERVICES
|
12,028,340
|
||
Consumer Discretionary - 0.1%
|
|||
Broadline Retail - 0.0%
|
|||
Meesho (f)
|
2,608,458
|
4,954,119
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
Eternal Ltd (b)
|
2,948,600
|
8,798,143
|
|
Specialty Retail - 0.1%
|
|||
Lenskart Solutions Ltd (f)
|
1,798,006
|
8,968,068
|
|
TOTAL CONSUMER DISCRETIONARY
|
22,720,330
|
||
Consumer Staples - 0.0%
|
|||
Food Products - 0.0%
|
|||
Patanjali Foods Ltd
|
546,600
|
2,982,950
|
|
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Reliance Industries Ltd
|
556,498
|
8,468,791
|
|
Financials - 0.3%
|
|||
Capital Markets - 0.3%
|
|||
Authum Investment & Infrastucture Ltd
|
4,347,350
|
23,952,290
|
|
Financial Services - 0.0%
|
|||
Jio Financial Services Ltd
|
726,649
|
2,016,841
|
|
TOTAL FINANCIALS
|
25,969,131
|
||
Health Care - 0.0%
|
|||
Health Care Providers & Services - 0.0%
|
|||
Max Healthcare Institute Ltd
|
232,500
|
2,426,069
|
|
Industrials - 0.0%
|
|||
Aerospace & Defense - 0.0%
|
|||
Hindustan Aeronautics Ltd (h)
|
49,900
|
2,513,884
|
|
Passenger Airlines - 0.0%
|
|||
InterGlobe Aviation Ltd (h)(i)
|
59,700
|
2,992,683
|
|
Transportation Infrastructure - 0.0%
|
|||
JSW Infrastructure Ltd
|
303,700
|
856,178
|
|
TOTAL INDUSTRIALS
|
6,362,745
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Welspun Corp Ltd
|
839,100
|
6,673,432
|
|
TOTAL INDIA
|
87,631,788
|
||
ISRAEL - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Xsight Labs Ltd warrants 7/24/2032 (b)(c)
|
84,101
|
116,899
|
|
ITALY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Lottomatica Group Spa
|
402,400
|
9,883,126
|
|
JAPAN - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Kioxia Holdings Corp (b)
|
50,100
|
6,914,810
|
|
KOREA (SOUTH) - 0.1%
|
|||
Consumer Staples - 0.0%
|
|||
Personal Care Products - 0.0%
|
|||
APR Corp/Korea
|
7,790
|
1,449,821
|
|
Information Technology - 0.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
SK Hynix Inc
|
17,640
|
11,052,891
|
|
TOTAL KOREA (SOUTH)
|
12,502,712
|
||
LUXEMBOURG - 0.0%
|
|||
Financials - 0.0%
|
|||
Capital Markets - 0.0%
|
|||
CVC Capital Partners PLC (h)(i)
|
232,373
|
4,112,369
|
|
NETHERLANDS - 0.2%
|
|||
Information Technology - 0.2%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
ASML Holding NV depository receipt
|
11,000
|
15,653,000
|
|
NXP Semiconductors NV
|
92,235
|
20,858,023
|
|
TOTAL NETHERLANDS
|
36,511,023
|
||
SINGAPORE - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Sea Ltd Class A ADR (b)
|
45,100
|
5,253,699
|
|
SWITZERLAND - 0.2%
|
|||
Consumer Discretionary - 0.1%
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
On Holding AG Class A (b)
|
486,400
|
22,009,600
|
|
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
Galderma Group AG
|
53,020
|
9,882,874
|
|
TOTAL SWITZERLAND
|
31,892,474
|
||
TAIWAN - 1.0%
|
|||
Information Technology - 1.0%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Delta Electronics Inc
|
94,000
|
3,633,138
|
|
Semiconductors & Semiconductor Equipment - 1.0%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
471,600
|
155,892,096
|
|
TOTAL TAIWAN
|
159,525,234
|
||
UNITED KINGDOM - 0.1%
|
|||
Consumer Staples - 0.1%
|
|||
Tobacco - 0.1%
|
|||
British American Tobacco PLC ADR
|
182,100
|
11,049,828
|
|
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Revolut Group Holdings Ltd (b)(c)(d)
|
2,322
|
3,257,952
|
|
TOTAL UNITED KINGDOM
|
14,307,780
|
||
UNITED STATES - 92.7%
|
|||
Communication Services - 16.0%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
AST SpaceMobile Inc Class A (b)
|
42,000
|
4,670,820
|
|
Entertainment - 2.3%
|
|||
Netflix Inc (b)
|
3,525,340
|
294,330,637
|
|
ROBLOX Corp Class A (b)
|
538,900
|
35,438,064
|
|
Roku Inc Class A (b)
|
36,400
|
3,465,280
|
|
Take-Two Interactive Software Inc (b)
|
90,400
|
19,915,120
|
|
353,149,101
|
|||
Interactive Media & Services - 13.7%
|
|||
Alphabet Inc Class A
|
3,771,260
|
1,274,685,880
|
|
Epic Games Inc (b)(c)(d)
|
1,076
|
699,497
|
|
Meta Platforms Inc Class A
|
1,009,510
|
723,313,915
|
|
Reddit Inc Class A (b)
|
4,700
|
847,269
|
|
Reddit Inc Class B (b)
|
134,285
|
24,207,557
|
|
Snap Inc Class A (b)
|
8,393,500
|
58,166,955
|
|
2,081,921,073
|
|||
Media - 0.0%
|
|||
EchoStar Corp Class A (b)
|
26,000
|
2,943,720
|
|
TOTAL COMMUNICATION SERVICES
|
2,442,684,714
|
||
Consumer Discretionary - 15.3%
|
|||
Automobiles - 1.6%
|
|||
General Motors Co
|
18,900
|
1,587,600
|
|
Neutron Holdings Inc (b)(c)(d)
|
691,699
|
66,265
|
|
Rad Power Bikes Inc (b)(c)(d)
|
110,210
|
1
|
|
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d)
|
74,246
|
1
|
|
Tesla Inc (b)
|
566,405
|
243,786,376
|
|
245,440,243
|
|||
Broadline Retail - 7.6%
|
|||
Amazon.com Inc (b)
|
4,907,500
|
1,174,364,750
|
|
Diversified Consumer Services - 0.0%
|
|||
Phoenix Education Partners Inc
|
8,755
|
267,114
|
|
Hotels, Restaurants & Leisure - 2.0%
|
|||
Brinker International Inc (b)
|
281,000
|
44,319,320
|
|
Cava Group Inc (b)(e)
|
79,200
|
4,801,104
|
|
Cheesecake Factory Inc/The
|
70,600
|
4,091,976
|
|
Chipotle Mexican Grill Inc (b)
|
852,900
|
33,152,223
|
|
DoorDash Inc Class A (b)
|
192,500
|
39,389,350
|
|
DraftKings Inc Class A (b)
|
1,110,800
|
30,558,108
|
|
Dutch Bros Inc Class A (b)
|
71,100
|
3,867,129
|
|
Expedia Group Inc Class A
|
15,200
|
4,025,568
|
|
Hilton Worldwide Holdings Inc
|
64,200
|
19,164,342
|
|
Marriott International Inc/MD Class A1
|
59,600
|
18,791,880
|
|
Starbucks Corp
|
878,600
|
80,787,270
|
|
Texas Roadhouse Inc
|
42,000
|
7,554,120
|
|
Wingstop Inc (e)
|
70,200
|
18,633,186
|
|
309,135,576
|
|||
Household Durables - 0.8%
|
|||
SharkNinja Inc (b)(e)
|
966,990
|
114,298,218
|
|
Somnigroup International Inc
|
91,200
|
8,011,920
|
|
122,310,138
|
|||
Leisure Products - 0.1%
|
|||
Peloton Interactive Inc Class A (b)
|
1,858,000
|
10,386,220
|
|
Specialty Retail - 2.6%
|
|||
Abercrombie & Fitch Co Class A (b)
|
3,225
|
314,857
|
|
American Eagle Outfitters Inc
|
95,400
|
2,223,774
|
|
AutoZone Inc (b)
|
1,200
|
4,445,148
|
|
Bath & Body Works Inc
|
361,100
|
7,871,980
|
|
Carvana Co Class A (b)
|
179,600
|
72,039,356
|
|
Fanatics Inc Class A (b)(c)(d)
|
159,285
|
12,742,800
|
|
Five Below Inc (b)
|
59,284
|
11,361,186
|
|
Floor & Decor Holdings Inc Class A (b)
|
44,700
|
2,948,412
|
|
Gap Inc/The
|
277,000
|
7,750,460
|
|
Home Depot Inc/The
|
45,500
|
17,043,845
|
|
Lowe's Cos Inc
|
276,806
|
73,923,811
|
|
RealReal Inc/The (b)
|
469,600
|
6,889,032
|
|
RH (b)(e)
|
196,604
|
39,090,773
|
|
Ross Stores Inc
|
15,700
|
2,961,805
|
|
TJX Cos Inc/The
|
371,000
|
55,579,510
|
|
Urban Outfitters Inc (b)
|
111,112
|
7,872,285
|
|
Victoria's Secret & Co (b)
|
347,400
|
18,936,774
|
|
Warby Parker Inc Class A (b)
|
795,736
|
20,299,225
|
|
Wayfair Inc Class A (b)
|
356,920
|
36,937,651
|
|
401,232,684
|
|||
Textiles, Apparel & Luxury Goods - 0.6%
|
|||
Capri Holdings Ltd (b)
|
881,400
|
19,893,198
|
|
Deckers Outdoor Corp (b)
|
45,296
|
5,405,625
|
|
Lululemon Athletica Inc (b)
|
184,574
|
32,208,163
|
|
NIKE Inc Class B
|
321,313
|
19,860,357
|
|
Tapestry Inc
|
72,300
|
9,175,593
|
|
Tory Burch LLC Class A (b)(c)(d)(g)
|
106,817
|
4,365,611
|
|
VF Corp (e)
|
134,000
|
2,625,060
|
|
93,533,607
|
|||
TOTAL CONSUMER DISCRETIONARY
|
2,356,670,332
|
||
Consumer Staples - 0.5%
|
|||
Beverages - 0.1%
|
|||
Celsius Holdings Inc (b)
|
286,000
|
15,009,280
|
|
Consumer Staples Distribution & Retail - 0.2%
|
|||
Chobani Inc Class A (c)(d)(g)
|
617
|
2,749,568
|
|
Costco Wholesale Corp
|
13,800
|
12,975,450
|
|
Sprouts Farmers Market Inc (b)
|
77,200
|
5,474,252
|
|
Target Corp
|
120,000
|
12,656,400
|
|
33,855,670
|
|||
Personal Care Products - 0.1%
|
|||
Estee Lauder Cos Inc/The Class A
|
47,100
|
5,429,688
|
|
Herbalife Ltd (b)
|
408,700
|
7,045,988
|
|
12,475,676
|
|||
Tobacco - 0.1%
|
|||
JUUL Labs Inc Class A (b)(c)(d)
|
8,303,657
|
15,776,948
|
|
JUUL Labs Inc Class B (b)(c)(d)
|
2,450
|
4,655
|
|
15,781,603
|
|||
TOTAL CONSUMER STAPLES
|
77,122,229
|
||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.0%
|
|||
WaterBridge Infrastructure LLC Class A
|
73,500
|
1,612,590
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Chevron Corp
|
34,000
|
6,014,600
|
|
Exxon Mobil Corp
|
88,900
|
12,570,460
|
|
18,585,060
|
|||
TOTAL ENERGY
|
20,197,650
|
||
Financials - 2.7%
|
|||
Capital Markets - 1.1%
|
|||
Ares Management Corp Class A
|
77,600
|
11,614,392
|
|
Blue Owl Capital Inc Class A
|
746,600
|
10,183,624
|
|
Goldman Sachs Group Inc/The
|
61,400
|
57,434,174
|
|
KKR & Co Inc Class A
|
121,300
|
13,859,738
|
|
Morgan Stanley
|
150,800
|
27,566,240
|
|
Robinhood Markets Inc Class A (b)
|
465,400
|
46,297,992
|
|
166,956,160
|
|||
Consumer Finance - 0.1%
|
|||
Figure Technology Solutions Inc Class A (e)
|
194,600
|
11,068,848
|
|
Financial Services - 1.5%
|
|||
Affirm Holdings Inc Class A (b)
|
414,100
|
24,970,230
|
|
Apollo Global Management Inc
|
163,700
|
22,024,198
|
|
Mastercard Inc Class A
|
257,200
|
138,576,788
|
|
Rocket Cos Inc Class A
|
309,103
|
5,542,216
|
|
Toast Inc Class A (b)
|
219,906
|
6,841,276
|
|
Visa Inc Class A
|
118,700
|
38,201,221
|
|
236,155,929
|
|||
TOTAL FINANCIALS
|
414,180,937
|
||
Health Care - 5.8%
|
|||
Biotechnology - 1.6%
|
|||
AbbVie Inc
|
289,700
|
64,605,997
|
|
Alnylam Pharmaceuticals Inc (b)
|
85,981
|
29,066,737
|
|
Apogee Therapeutics Inc (b)
|
91,700
|
6,007,267
|
|
Arcellx Inc (b)
|
15,400
|
1,051,974
|
|
Caris Life Sciences Inc (b)
|
23,600
|
546,576
|
|
Cibus Inc Class A (b)(e)
|
32,171
|
62,733
|
|
Gilead Sciences Inc
|
814,100
|
115,561,495
|
|
Janux Therapeutics Inc (b)
|
40,100
|
549,771
|
|
Legend Biotech Corp ADR (b)
|
85,600
|
1,498,000
|
|
Moderna Inc (b)
|
88,100
|
3,882,567
|
|
Praxis Precision Medicines Inc (b)
|
11,000
|
3,454,000
|
|
Regeneron Pharmaceuticals Inc
|
15,700
|
11,640,765
|
|
Revolution Medicines Inc (b)
|
12,500
|
1,211,875
|
|
Scholar Rock Holding Corp (b)
|
71,500
|
3,170,310
|
|
Travere Therapeutics Inc (b)
|
155,600
|
4,837,604
|
|
247,147,671
|
|||
Health Care Equipment & Supplies - 0.8%
|
|||
Blink Health LLC Class A1 (b)(c)(d)
|
8,180
|
303,069
|
|
Boston Scientific Corp (b)
|
1,053,400
|
98,524,502
|
|
Insulet Corp (b)
|
57,300
|
14,657,913
|
|
Intuitive Surgical Inc (b)
|
7,600
|
3,832,072
|
|
Kestra Medical Technologies Ltd
|
74,500
|
1,837,915
|
|
Medline Inc Class A
|
243,800
|
10,775,960
|
|
129,931,431
|
|||
Health Care Providers & Services - 0.5%
|
|||
Cardinal Health Inc
|
149,300
|
32,081,584
|
|
Cencora Inc
|
45,300
|
16,272,666
|
|
Guardant Health Inc (b)
|
65,000
|
7,412,600
|
|
McKesson Corp
|
32,000
|
26,598,720
|
|
82,365,570
|
|||
Health Care Technology - 0.0%
|
|||
Claritev Corp warrants (b)(c)
|
24,206
|
0
|
|
HeartFlow Inc (f)
|
79,401
|
2,371,708
|
|
2,371,708
|
|||
Life Sciences Tools & Services - 0.0%
|
|||
Danaher Corp
|
26,000
|
5,691,140
|
|
Pharmaceuticals - 2.9%
|
|||
Crinetics Pharmaceuticals Inc (b)
|
64,800
|
3,236,112
|
|
Elanco Animal Health Inc (b)
|
114,200
|
2,749,936
|
|
Eli Lilly & Co
|
381,579
|
395,754,660
|
|
Johnson & Johnson
|
81,000
|
18,407,250
|
|
Roche Holding AG non-voting shares
|
11,250
|
5,115,824
|
|
425,263,782
|
|||
TOTAL HEALTH CARE
|
892,771,302
|
||
Industrials - 6.9%
|
|||
Aerospace & Defense - 4.1%
|
|||
Anduril Industries Inc Class B (c)(d)
|
4,398
|
219,636
|
|
Anduril Industries Inc Class C (c)(d)
|
2
|
100
|
|
Axon Enterprise Inc (b)
|
36,900
|
17,844,102
|
|
Beta Technologies Inc (f)
|
108,622
|
2,335,373
|
|
Beta Technologies Inc Class A (b)
|
72,200
|
1,552,300
|
|
Boeing Co (b)
|
407,680
|
95,282,970
|
|
Carpenter Technology Corp
|
56,272
|
17,884,930
|
|
GE Aerospace
|
192,500
|
59,057,075
|
|
Howmet Aerospace Inc
|
208,600
|
43,405,488
|
|
Red Cat Holdings Inc (b)(e)
|
157,600
|
2,127,600
|
|
Rocket Lab Corp
|
99,600
|
7,974,972
|
|
Space Exploration Technologies Corp (b)(c)(d)
|
906,730
|
381,733,330
|
|
Space Exploration Technologies Corp Class C (b)(c)(d)
|
6,860
|
2,888,060
|
|
632,305,936
|
|||
Air Freight & Logistics - 0.0%
|
|||
CH Robinson Worldwide Inc
|
8,200
|
1,598,590
|
|
FedEx Corp
|
6,300
|
2,030,175
|
|
3,628,765
|
|||
Construction & Engineering - 0.1%
|
|||
Comfort Systems USA Inc
|
16,500
|
18,844,650
|
|
Construction Partners Inc Class A (b)
|
19,400
|
2,131,672
|
|
IES Holdings Inc (b)
|
12,600
|
4,791,654
|
|
Legence Corp Class A
|
23,000
|
1,078,930
|
|
26,846,906
|
|||
Electrical Equipment - 0.6%
|
|||
Bloom Energy Corp Class A (b)
|
19,500
|
2,951,715
|
|
GE Vernova Inc
|
99,600
|
72,346,452
|
|
Nextpower Inc Class A (b)
|
119,700
|
14,015,673
|
|
89,313,840
|
|||
Ground Transportation - 0.5%
|
|||
Lyft Inc Class A (b)
|
742,089
|
12,519,041
|
|
Old Dominion Freight Line Inc
|
54,500
|
9,439,400
|
|
Uber Technologies Inc (b)
|
577,200
|
46,204,860
|
|
XPO Inc (b)
|
39,500
|
5,850,345
|
|
74,013,646
|
|||
Machinery - 0.3%
|
|||
Caterpillar Inc
|
9,100
|
5,981,976
|
|
Cummins Inc
|
31,500
|
18,232,830
|
|
PACCAR Inc
|
83,900
|
10,312,149
|
|
RBC Bearings Inc (b)
|
10,000
|
4,996,700
|
|
39,523,655
|
|||
Passenger Airlines - 0.6%
|
|||
Alaska Air Group Inc (b)(e)
|
100,100
|
5,088,083
|
|
Delta Air Lines Inc
|
644,300
|
42,452,927
|
|
United Airlines Holdings Inc (b)
|
375,300
|
38,400,696
|
|
85,941,706
|
|||
Trading Companies & Distributors - 0.7%
|
|||
Ferguson Enterprises Inc
|
34,000
|
8,583,640
|
|
FTAI Aviation Ltd
|
382,400
|
104,135,168
|
|
112,718,808
|
|||
TOTAL INDUSTRIALS
|
1,064,293,262
|
||
Information Technology - 44.5%
|
|||
Communications Equipment - 0.5%
|
|||
Arista Networks Inc (b)
|
44,000
|
6,236,560
|
|
Lumentum Holdings Inc (b)
|
184,100
|
72,137,744
|
|
78,374,304
|
|||
Electronic Equipment, Instruments & Components - 0.8%
|
|||
Amphenol Corp Class A
|
362,200
|
52,185,776
|
|
Coherent Corp (b)
|
193,700
|
41,099,266
|
|
Corning Inc
|
132,100
|
13,639,325
|
|
Jabil Inc
|
50,400
|
11,954,376
|
|
118,878,743
|
|||
IT Services - 0.9%
|
|||
Akamai Technologies Inc (b)
|
33,500
|
3,254,525
|
|
Cloudflare Inc Class A (b)
|
166,200
|
29,475,570
|
|
MongoDB Inc Class A (b)
|
15,900
|
5,904,147
|
|
Snowflake Inc (b)
|
262,752
|
50,632,310
|
|
Twilio Inc Class A (b)
|
319,200
|
38,450,832
|
|
X.Ai Holdings Corp Class A (c)(d)
|
48,900
|
3,689,994
|
|
131,407,378
|
|||
Semiconductors & Semiconductor Equipment - 22.9%
|
|||
Advanced Micro Devices Inc (b)
|
231,900
|
54,897,687
|
|
Astera Labs Inc (b)
|
449,400
|
67,688,628
|
|
Broadcom Inc
|
1,564,900
|
518,451,370
|
|
GlobalFoundries Inc (b)
|
152,742
|
6,445,712
|
|
Impinj Inc (b)
|
1,239
|
171,106
|
|
KLA Corp
|
4,700
|
6,711,318
|
|
Lam Research Corp
|
80,800
|
18,863,568
|
|
Marvell Technology Inc
|
3,046,961
|
240,466,162
|
|
Micron Technology Inc
|
259,700
|
107,744,336
|
|
Monolithic Power Systems Inc
|
105,300
|
118,372,995
|
|
NVIDIA Corp
|
12,397,360
|
2,369,507,418
|
|
Onto Innovation Inc (b)
|
9,000
|
1,818,450
|
|
3,511,138,750
|
|||
Software - 9.1%
|
|||
Applied Intuition Inc Class A (b)(c)(d)
|
5,601
|
634,481
|
|
AppLovin Corp Class A (b)
|
400,200
|
189,338,622
|
|
Atom Tickets LLC (b)(c)(d)(g)
|
344,068
|
3
|
|
Celestial AI Inc (c)(d)
|
7,180
|
192,568
|
|
Circle Internet Group Inc Class A (e)
|
32,300
|
2,064,939
|
|
Crowdstrike Holdings Inc Class A (b)
|
30,800
|
13,595,274
|
|
Figma Inc Class A
|
77,644
|
2,012,532
|
|
Microsoft Corp
|
2,329,300
|
1,002,274,498
|
|
OpenAI Group Pbc Class A (c)(d)
|
9,700
|
4,631,556
|
|
Oracle Corp
|
391,700
|
64,465,986
|
|
Palantir Technologies Inc Class A (b)
|
359,700
|
52,728,423
|
|
Rubrik Inc Class A (b)
|
102,500
|
5,734,875
|
|
Salesforce Inc
|
64,100
|
13,607,789
|
|
Samsara Inc Class A (b)
|
185,800
|
5,211,690
|
|
Servicenow Inc (b)
|
240,715
|
28,166,062
|
|
Stripe LLC Class B (b)(c)(d)
|
19,900
|
824,258
|
|
Tanium Inc Class B (b)(c)(d)
|
151,000
|
1,170,250
|
|
Unity Software Inc (b)
|
95,100
|
2,767,410
|
|
Zoom Communications Inc Class A (b)
|
81,100
|
7,469,310
|
|
1,396,890,526
|
|||
Technology Hardware, Storage & Peripherals - 10.3%
|
|||
Apple Inc (e)
|
5,526,236
|
1,433,947,718
|
|
Sandisk Corp/DE
|
91,000
|
52,438,750
|
|
Seagate Technology Holdings PLC
|
24,500
|
9,988,405
|
|
Western Digital Corp
|
345,400
|
86,429,442
|
|
1,582,804,315
|
|||
TOTAL INFORMATION TECHNOLOGY
|
6,819,494,016
|
||
Materials - 0.2%
|
|||
Construction Materials - 0.2%
|
|||
Martin Marietta Materials Inc
|
17,900
|
11,669,905
|
|
Vulcan Materials Co
|
42,200
|
12,682,788
|
|
24,352,693
|
|||
Metals & Mining - 0.0%
|
|||
Alcoa Corp
|
46,500
|
2,641,665
|
|
Century Aluminum Co (b)
|
61,900
|
2,805,927
|
|
5,447,592
|
|||
TOTAL MATERIALS
|
29,800,285
|
||
Real Estate - 0.5%
|
|||
Health Care REITs - 0.5%
|
|||
Welltower Inc
|
379,284
|
71,441,934
|
|
Real Estate Management & Development - 0.0%
|
|||
Compass Inc Class A (b)
|
651,400
|
8,155,528
|
|
TOTAL REAL ESTATE
|
79,597,462
|
||
Utilities - 0.2%
|
|||
Electric Utilities - 0.2%
|
|||
Constellation Energy Corp
|
19,200
|
5,389,056
|
|
Entergy Corp
|
105,900
|
10,154,751
|
|
NRG Energy Inc
|
59,200
|
9,035,696
|
|
24,579,503
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Vistra Corp
|
51,700
|
8,186,695
|
|
TOTAL UTILITIES
|
32,766,198
|
||
TOTAL UNITED STATES
|
14,229,578,387
|
||
ZAMBIA - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
First Quantum Minerals Ltd (b)
|
201,800
|
5,704,316
|
|
|
TOTAL COMMON STOCKS
(Cost $5,767,117,061)
|
14,924,563,410
|
||
Convertible Corporate Bonds - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Neutron Holdings Inc 4% 5/22/2027 (c)(d)
|
433,800
|
1,948,630
|
|
Neutron Holdings Inc 4% 6/12/2027 (c)(d)
|
115,200
|
517,478
|
|
TOTAL CONSUMER DISCRETIONARY
|
2,466,108
|
||
Information Technology - 0.0%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Enevate Corp 10% 5/12/2199 (c)(d)
|
22,391
|
7,483
|
|
TOTAL UNITED STATES
|
2,473,591
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $571,391)
|
2,473,591
|
||
Convertible Preferred Stocks - 1.8%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc Series B (c)(d)
|
26,500
|
1,839,630
|
|
CHINA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Interactive Media & Services - 0.1%
|
|||
Bytedance Ltd Series E1 (b)(c)(d)
|
37,119
|
9,531,417
|
|
ESTONIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Bolt Technology OU Series E (b)(c)(d)
|
18,160
|
3,940,326
|
|
FINLAND - 0.1%
|
|||
Health Care - 0.1%
|
|||
Health Care Technology - 0.1%
|
|||
Oura Health Oy Series D (b)(c)(d)
|
156,533
|
8,385,473
|
|
Oura Health Oy Series E (c)(d)
|
193,277
|
10,353,849
|
|
TOTAL FINLAND
|
18,739,322
|
||
ISRAEL - 0.0%
|
|||
Industrials - 0.0%
|
|||
Electrical Equipment - 0.0%
|
|||
Element Labs Inc Series A (c)(d)
|
150,300
|
1,187,370
|
|
Element Labs Inc Series B (c)(d)
|
119,900
|
1,052,722
|
|
TOTAL INDUSTRIALS
|
2,240,092
|
||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Xsight Labs Ltd Series D (b)(c)(d)
|
140,500
|
210,750
|
|
Xsight Labs Ltd Series F (c)(d)
|
280,336
|
1,177,411
|
|
TOTAL INFORMATION TECHNOLOGY
|
1,388,161
|
||
TOTAL ISRAEL
|
3,628,253
|
||
UNITED KINGDOM - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
NScale Global Holdings Ltd Series B (c)(d)
|
1,000
|
426,990
|
|
UNITED STATES - 1.6%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Neutron Holdings Inc Series 1C (b)(c)(d)
|
12,405,800
|
1,188,475
|
|
Rad Power Bikes Inc Series A (b)(c)(d)
|
14,368
|
0
|
|
Rad Power Bikes Inc Series C (b)(c)(d)
|
56,537
|
0
|
|
Waymo LLC Series A2 (b)(c)(d)
|
15,200
|
2,323,928
|
|
Waymo LLC Series C2 (b)(c)(d)
|
25,928
|
3,860,420
|
|
TOTAL CONSUMER DISCRETIONARY
|
7,372,823
|
||
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
GoBrands Inc Series G (b)(c)(d)
|
19,600
|
952,168
|
|
Food Products - 0.0%
|
|||
AgBiome LLC Series C (b)(c)(d)
|
266,499
|
3
|
|
Tobacco - 0.0%
|
|||
JUUL Labs Inc Series C (b)(c)(d)
|
660,029
|
1,254,055
|
|
JUUL Labs Inc Series D (b)(c)(d)
|
5,110
|
9,709
|
|
1,263,764
|
|||
TOTAL CONSUMER STAPLES
|
2,215,935
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Akeana Series C (b)(c)(d)
|
65,000
|
772,850
|
|
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
|
18,067
|
1,348,521
|
|
TOTAL FINANCIALS
|
2,121,371
|
||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Castle Creek Biosciences Inc Series B (b)(c)(d)
|
1,069
|
231,813
|
|
Castle Creek Biosciences Inc Series D2 (b)(c)(d)
|
642
|
128,611
|
|
Neurona Therapeutics Inc Series F (c)(d)
|
328,100
|
771,035
|
|
1,131,459
|
|||
Health Care Equipment & Supplies - 0.0%
|
|||
Blink Health LLC Series C (b)(c)(d)
|
27,197
|
1,007,649
|
|
Blink Health LLC Series D (b)(c)(d)
|
5,797
|
214,779
|
|
1,222,428
|
|||
TOTAL HEALTH CARE
|
2,353,887
|
||
Industrials - 0.2%
|
|||
Aerospace & Defense - 0.1%
|
|||
Anduril Industries Inc Series F (b)(c)(d)
|
87,397
|
4,364,606
|
|
Anduril Industries Inc Series G (c)(d)
|
41,100
|
2,052,534
|
|
6,417,140
|
|||
Air Freight & Logistics - 0.1%
|
|||
Zipline International Inc Series G (b)(c)(d)
|
46,703
|
2,627,511
|
|
Zipline International Inc Series H (c)(d)
|
45,100
|
2,537,326
|
|
5,164,837
|
|||
Electrical Equipment - 0.0%
|
|||
Empower Semiconductor Inc Series D (c)(d)
|
224,700
|
1,714,461
|
|
TOTAL INDUSTRIALS
|
13,296,438
|
||
Information Technology - 1.4%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Cerebras Systems Inc Series G (c)(d)
|
191,700
|
17,065,135
|
|
Enevate Corp Series E (b)(c)(d)
|
1,441,706
|
115,336
|
|
Frore Systems Inc Series C (b)(c)(d)
|
63,198
|
1,638,092
|
|
18,818,563
|
|||
IT Services - 0.4%
|
|||
X.Ai Holdings Corp Series B (c)(d)
|
635,731
|
47,972,261
|
|
X.Ai Holdings Corp Series C (c)(d)
|
116,978
|
8,827,160
|
|
56,799,421
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Alif Semiconductor Series D (c)(d)
|
37,600
|
1,141,536
|
|
Danger Devices Inc Series B (c)(d)
|
719,800
|
655,018
|
|
Retym Inc Series C (b)(c)(d)
|
168,905
|
1,761,679
|
|
Retym Inc Series D (b)(c)(d)
|
30,943
|
340,373
|
|
3,898,606
|
|||
Software - 0.8%
|
|||
Anthropic PBC Series D (b)(c)(d)
|
67,650
|
18,517,835
|
|
Anthropic PBC Series E (c)(d)
|
6,400
|
1,658,495
|
|
Anthropic PBC Series F (c)(d)
|
50,300
|
13,034,742
|
|
Anthropic PBC Series G (c)(d)
|
45,600
|
11,816,620
|
|
Applied Intuition Inc Series A2 (b)(c)(d)
|
7,292
|
826,038
|
|
Applied Intuition Inc Series B2 (b)(c)(d)
|
3,516
|
398,292
|
|
Celestial AI Inc Series A (c)(d)
|
45,773
|
1,227,632
|
|
Celestial AI Inc Series B (c)(d)
|
34,443
|
923,761
|
|
Celestial AI Inc Series C1 (c)(d)
|
137,971
|
3,700,382
|
|
Crusoe Energy Systems LLC Series D (b)(c)(d)
|
52,338
|
5,652,504
|
|
Crusoe Energy Systems LLC Series E (c)(d)
|
30,554
|
3,299,832
|
|
Databricks Inc Series G (b)(c)(d)
|
51,900
|
9,861,000
|
|
Databricks Inc Series I (b)(c)(d)
|
1,191
|
226,290
|
|
Databricks Inc Series J (b)(c)(d)
|
32,584
|
6,190,960
|
|
Databricks Inc Series K (c)(d)
|
10,100
|
1,919,000
|
|
Databricks Inc Series L (c)(d)
|
40,900
|
7,771,000
|
|
Dataminr Inc Series D, 8% (b)(c)(d)
|
115,901
|
877,371
|
|
Density Ai Inc (c)(d)
|
436,000
|
649,640
|
|
Lyte Ai Inc Series B (b)(c)(d)
|
117,675
|
1,236,764
|
|
MOLOCO Inc Series A (b)(c)(d)
|
19,537
|
1,329,884
|
|
Nuro Inc/DE Series E (c)(d)
|
75,109
|
859,998
|
|
OpenAI Group Pbc Series A-2 (c)(d)
|
26,645
|
12,722,455
|
|
OpenAI Group Pbc Series A-3 (c)(d)
|
7,886
|
3,765,407
|
|
Physical Intelligence Inc Series B (c)(d)
|
3,700
|
1,003,477
|
|
Runway AI Inc Series D (b)(c)(d)
|
91,910
|
1,344,644
|
|
Runway AI Inc Series P (c)(d)
|
5,937
|
86,858
|
|
Skyryse Inc Series C (c)(d)
|
48,000
|
1,296,960
|
|
Stripe LLC Series H (b)(c)(d)
|
8,700
|
360,354
|
|
Stripe LLC Series I (b)(c)(d)
|
135,124
|
5,596,836
|
|
118,155,031
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Lightmatter Inc Series C1 (b)(c)(d)
|
77,697
|
4,166,113
|
|
Lightmatter Inc Series C2 (b)(c)(d)
|
12,204
|
672,684
|
|
Lightmatter Inc Series D (b)(c)(d)
|
62,356
|
4,412,935
|
|
9,251,732
|
|||
TOTAL INFORMATION TECHNOLOGY
|
206,923,353
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Diamond Foundry Inc Series C (b)(c)(d)
|
125,000
|
3,882,500
|
|
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Redwood Materials Series E (c)(d)
|
2,854
|
136,250
|
|
TOTAL UNITED STATES
|
238,302,557
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $153,652,006)
|
276,408,495
|
||
Non-Convertible Preferred Stocks - 0.0%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Castle Creek Biosciences Inc Series A4 (b)(c)(d)
(Cost $3,185,523)
|
9,636
|
2,175,327
|
|
Preferred Securities - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc 0% (c)(d)(j)
|
472,410
|
469,717
|
|
UNITED STATES - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Rad Power Bikes Inc 8% 12/31/2199 (c)(d)
|
74,246
|
13,869
|
|
Information Technology - 0.0%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Enevate Corp 6% (c)(d)(j)
|
84,434
|
10,646
|
|
TOTAL UNITED STATES
|
24,515
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $631,090)
|
494,232
|
||
Money Market Funds - 0.2%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (k)
|
3.70
|
6,767,017
|
6,768,370
|
|
Fidelity Securities Lending Cash Central Fund (k)(l)
|
3.70
|
27,891,581
|
27,894,370
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $34,662,740)
|
34,662,740
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 99.2%
(Cost $5,959,819,811)
|
15,240,777,795
|
NET OTHER ASSETS (LIABILITIES) - 0.8%
|
123,547,644
|
NET ASSETS - 100.0%
|
15,364,325,439
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Level 3 security.
|
(d)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $723,373,293 or 4.7% of net assets.
|
(e)
|
Security or a portion of the security is on loan at period end.
|
(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 $18,629,268 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(g)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(h)
|
Security 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 $9,618,936 or 0.1% of net assets.
|
(i)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,105,052 or 0.0% of net assets.
|
(j)
|
Security is perpetual in nature with no stated maturity date.
|
(k)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(l)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
AgBiome LLC Series C
|
6/29/2018
|
1,687,925
|
Akeana Series C
|
1/23/2024
|
829,452
|
Alif Semiconductor Series D
|
4/11/2025
|
1,015,843
|
Anduril Industries Inc Class B
|
6/16/2025
|
179,803
|
Anduril Industries Inc Class C
|
6/16/2025
|
80
|
Anduril Industries Inc Series F
|
8/7/2024
|
1,899,714
|
Anduril Industries Inc Series G
|
4/17/2025
|
1,680,283
|
Ant International Co Ltd Class C
|
5/16/2018
|
2,989,179
|
Anthropic PBC Series D
|
5/31/2024
|
2,029,804
|
Anthropic PBC Series E
|
2/14/2025
|
358,954
|
Anthropic PBC Series F
|
8/18/2025
|
7,090,670
|
Anthropic PBC Series G
|
1/27/2026
|
11,816,621
|
Applied Intuition Inc Class A
|
7/2/2024
|
334,351
|
Applied Intuition Inc Series A2
|
7/2/2024
|
435,295
|
Applied Intuition Inc Series B2
|
7/2/2024
|
209,887
|
Atom Tickets LLC
|
8/15/2017
|
1,999,998
|
Blink Health LLC Class A1
|
12/30/2020 - 6/17/2024
|
233,946
|
Blink Health LLC Series C
|
11/7/2019 - 1/21/2021
|
1,038,273
|
Blink Health LLC Series D
|
6/17/2024 - 6/25/2024
|
243,474
|
Bolt Technology OU Series E
|
1/3/2022
|
4,717,904
|
Bytedance Ltd Series E1
|
11/18/2020
|
4,067,284
|
Canva Australia Holdings Pty Ltd Class A
|
8/19/2025 - 11/12/2025
|
7,736,858
|
Castle Creek Biosciences Inc Series A4
|
9/29/2016
|
3,185,523
|
Castle Creek Biosciences Inc Series B
|
10/9/2018
|
440,268
|
Castle Creek Biosciences Inc Series D2
|
6/28/2021
|
110,199
|
Celestial AI Inc
|
2/25/2025
|
106,377
|
Celestial AI Inc Series A
|
2/25/2025
|
678,159
|
Celestial AI Inc Series B
|
2/25/2025
|
510,297
|
Celestial AI Inc Series C1
|
2/25/2025
|
2,404,862
|
Cerebras Systems Inc Series G
|
9/19/2025
|
6,945,751
|
Chobani Inc Class A
|
10/14/2025
|
2,749,570
|
Crusoe Energy Systems LLC Series D
|
12/10/2024
|
1,526,796
|
Crusoe Energy Systems LLC Series E
|
10/8/2025
|
2,566,788
|
Danger Devices Inc Series B
|
3/5/2025
|
648,180
|
Databricks Inc Series G
|
2/1/2021
|
3,068,465
|
Databricks Inc Series I
|
9/14/2023
|
87,539
|
Databricks Inc Series J
|
12/17/2024
|
3,014,020
|
Databricks Inc Series K
|
9/8/2025
|
1,515,000
|
Databricks Inc Series L
|
12/18/2025
|
7,771,000
|
Dataminr Inc Series D, 8%
|
3/6/2015
|
1,477,738
|
Density Ai Inc
|
12/5/2025
|
649,633
|
Diamond Foundry Inc Series C
|
3/15/2021
|
3,000,000
|
Element Labs Inc Series A
|
2/11/2025
|
554,396
|
Element Labs Inc Series B
|
6/27/2025
|
1,052,590
|
Empower Semiconductor Inc Series D
|
6/27/2025
|
1,803,397
|
Enevate Corp 10% 5/12/2199
|
11/12/2024
|
22,391
|
Enevate Corp 6%
|
11/2/2023 - 10/31/2025
|
84,434
|
Enevate Corp Series E
|
1/29/2021
|
1,598,398
|
Epic Games Inc
|
7/30/2020
|
618,700
|
Fanatics Inc Class A
|
8/13/2020
|
2,754,038
|
Frore Systems Inc Series C
|
5/10/2024
|
1,015,617
|
GoBrands Inc Series G
|
3/2/2021
|
4,894,459
|
JUUL Labs Inc Class A
|
2/23/2024 - 11/4/2025
|
11,277,292
|
JUUL Labs Inc Class B
|
11/21/2017
|
0
|
JUUL Labs Inc Series C
|
5/22/2015 - 7/6/2018
|
0
|
JUUL Labs Inc Series D
|
6/25/2018 - 7/6/2018
|
0
|
Lightmatter Inc Series C1
|
5/19/2023
|
1,278,644
|
Lightmatter Inc Series C2
|
12/18/2023
|
317,326
|
Lightmatter Inc Series D
|
10/11/2024
|
5,002,853
|
Lyte Ai Inc Series B
|
8/13/2024
|
1,492,837
|
MOLOCO Inc Series A
|
6/26/2023
|
1,172,220
|
Neurona Therapeutics Inc Series F
|
3/28/2025
|
675,886
|
Neutron Holdings Inc
|
2/4/2021
|
6,918
|
Neutron Holdings Inc 4% 5/22/2027
|
6/4/2020
|
433,800
|
Neutron Holdings Inc 4% 6/12/2027
|
6/12/2020
|
115,200
|
Neutron Holdings Inc Series 1C
|
7/3/2018
|
2,268,276
|
NScale Global Holdings Ltd Series B
|
9/25/2025
|
379,879
|
Nuro Inc/DE Series E
|
4/1/2025
|
960,906
|
OpenAI Group Pbc Class A
|
9/3/2025
|
4,171,000
|
OpenAI Group Pbc Series A-2
|
9/30/2024
|
5,005,574
|
OpenAI Group Pbc Series A-3
|
4/11/2025
|
2,419,947
|
Oura Health Oy Series D
|
12/18/2024
|
4,021,333
|
Oura Health Oy Series E
|
9/24/2025
|
10,353,849
|
Physical Intelligence Inc Series B
|
10/24/2025
|
1,004,769
|
Rad Power Bikes Inc
|
1/21/2021
|
531,635
|
Rad Power Bikes Inc 8% 12/31/2199
|
10/6/2023
|
74,246
|
Rad Power Bikes Inc Series A
|
1/21/2021
|
69,309
|
Rad Power Bikes Inc Series C
|
1/21/2021
|
272,725
|
Rad Power Bikes Inc warrants 10/6/2033
|
10/6/2023
|
0
|
Redwood Materials Series E
|
10/20/2025
|
136,238
|
Retym Inc Series C
|
5/17/2023 - 6/20/2023
|
1,314,385
|
Retym Inc Series D
|
1/29/2025
|
327,593
|
Revolut Group Holdings Ltd
|
12/27/2024
|
2,019,587
|
Runway AI Inc Series D
|
9/6/2024
|
996,468
|
Runway AI Inc Series P
|
11/4/2025
|
86,847
|
Skyryse Inc Series C
|
9/16/2025 - 11/21/2025
|
1,297,162
|
Space Exploration Technologies Corp
|
1/20/2015 - 9/7/2023
|
15,151,134
|
Space Exploration Technologies Corp Class C
|
9/11/2017
|
92,610
|
Stripe LLC Class B
|
5/18/2021
|
798,555
|
Stripe LLC Series H
|
3/15/2021
|
349,087
|
Stripe LLC Series I
|
3/20/2023 - 5/12/2023
|
2,720,606
|
Taalas Inc 0%
|
12/23/2025
|
472,410
|
Taalas Inc Series B
|
2/19/2025
|
1,455,205
|
Taalas Inc warrants
|
12/23/2025
|
95,390
|
Tanium Inc Class B
|
4/21/2017
|
749,609
|
Tenstorrent Holdings Inc Series D1
|
7/16/2024 - 1/15/2025
|
1,424,157
|
Tory Burch LLC Class A
|
5/14/2015
|
7,600,030
|
Trade Republic Bank GmbH
|
12/16/2025
|
3,122,901
|
Waymo LLC Series A2
|
5/8/2020
|
1,305,182
|
Waymo LLC Series C2
|
10/18/2024
|
2,027,604
|
X.Ai Holdings Corp Class A
|
7/18/2025
|
1,787,784
|
X.Ai Holdings Corp Series B
|
5/13/2024
|
7,609,700
|
X.Ai Holdings Corp Series C
|
11/22/2024
|
2,532,574
|
Xsight Labs Ltd Series D
|
2/16/2021
|
1,123,438
|
Xsight Labs Ltd Series F
|
1/11/2024 - 12/30/2024
|
1,297,956
|
Zipline International Inc Series G
|
6/7/2024
|
1,959,018
|
Zipline International Inc Series H
|
12/3/2025
|
2,537,518
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Beta Technologies Inc
|
5/4/2026
|
HeartFlow Inc
|
2/4/2026
|
Lenskart Solutions Ltd
|
5/7/2026
|
Meesho
|
6/10/2026
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
56,535,950
|
562,741,755
|
612,516,534
|
758,812
|
7,199
|
-
|
6,768,370
|
6,767,017
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
52,550,567
|
323,286,591
|
347,943,052
|
155,627
|
264
|
-
|
27,894,370
|
27,891,581
|
0.1%
|
Total
|
109,086,517
|
886,028,346
|
960,459,586
|
914,439
|
7,463
|
-
|
34,662,740
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
2,472,206,802
|
2,454,013,557
|
17,493,748
|
699,497
|
Consumer Discretionary
|
2,496,658,442
|
2,479,483,764
|
-
|
17,174,678
|
Consumer Staples
|
93,188,947
|
74,657,776
|
-
|
18,531,171
|
Energy
|
34,850,475
|
34,850,475
|
-
|
-
|
Financials
|
455,549,090
|
447,885,212
|
-
|
7,663,878
|
Health Care
|
944,250,791
|
928,949,024
|
14,998,698
|
303,069
|
Industrials
|
1,070,656,007
|
685,814,881
|
-
|
384,841,126
|
Information Technology
|
7,183,364,403
|
7,164,738,626
|
-
|
18,625,777
|
Materials
|
61,474,793
|
61,474,793
|
-
|
-
|
Real Estate
|
79,597,462
|
79,597,462
|
-
|
-
|
Utilities
|
32,766,198
|
32,766,198
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Consumer Discretionary
|
2,466,108
|
-
|
-
|
2,466,108
|
Information Technology
|
7,483
|
-
|
-
|
7,483
|
Convertible Preferred Stocks
|
||||
Communication Services
|
9,531,417
|
-
|
-
|
9,531,417
|
Consumer Discretionary
|
7,372,823
|
-
|
-
|
7,372,823
|
Consumer Staples
|
2,215,935
|
-
|
-
|
2,215,935
|
Financials
|
2,121,371
|
-
|
-
|
2,121,371
|
Health Care
|
21,093,209
|
-
|
-
|
21,093,209
|
Industrials
|
15,536,530
|
-
|
-
|
15,536,530
|
Information Technology
|
214,518,460
|
-
|
-
|
214,518,460
|
Materials
|
3,882,500
|
-
|
-
|
3,882,500
|
Utilities
|
136,250
|
-
|
-
|
136,250
|
Non-Convertible Preferred Stocks
|
||||
Health Care
|
2,175,327
|
-
|
-
|
2,175,327
|
Preferred Securities
|
||||
Consumer Discretionary
|
13,869
|
-
|
-
|
13,869
|
Information Technology
|
480,363
|
-
|
-
|
480,363
|
Money Market Funds
|
34,662,740
|
34,662,740
|
-
|
-
|
Total Investments in Securities:
|
15,240,777,795
|
14,478,894,508
|
32,492,446
|
729,390,841
|
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
|
(9,120)
|
-
|
-
|
(9,120)
|
Beginning Balance ($)
|
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, 2026 ($)
|
|
Common Stocks
|
99,590,260
|
6,119
|
323,851,394
|
38,190,353
|
(13,798,930)
|
-
|
-
|
-
|
447,839,196
|
330,433,298
|
Convertible Preferred Stocks
|
280,144,840
|
-
|
(48,878,821)
|
61,577,247
|
(16,434,771)
|
-
|
-
|
-
|
276,408,495
|
84,522,774
|
Non-Convertible Preferred Stocks
|
1,963,624
|
-
|
211,703
|
-
|
-
|
-
|
-
|
-
|
2,175,327
|
211,703
|
Convertible Corporate Bonds
|
1,751,992
|
-
|
721,599
|
-
|
-
|
-
|
-
|
-
|
2,473,591
|
721,599
|
Preferred Securities
|
1,437,276
|
-
|
(212,867)
|
476,723
|
(1,206,900)
|
-
|
-
|
-
|
494,232
|
(69,125)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $26,314,136) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $5,925,157,071)
|
$
|
15,206,115,055
|
||
Fidelity Central Funds (cost $34,662,740)
|
34,662,740
|
|||
Total Investment in Securities (cost $5,959,819,811)
|
$
|
15,240,777,795
|
||
Foreign currency held at value (cost $71,414)
|
72,679
|
|||
Receivable for investments sold
|
16,328,529
|
|||
Receivable for fund shares sold
|
453,988,600
|
|||
Dividends receivable
|
1,801,620
|
|||
Interest receivable
|
127,046
|
|||
Distributions receivable from Fidelity Central Funds
|
50,003
|
|||
Other receivables
|
263,655
|
|||
Total assets
|
15,713,409,927
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
23,848
|
||
Payable for investments purchased
|
314,207,750
|
|||
Unrealized depreciation on unfunded commitments
|
9,120
|
|||
Payable for fund shares redeemed
|
4,685,995
|
|||
Other payables and accrued expenses
|
2,275,108
|
|||
Collateral on securities loaned
|
27,882,667
|
|||
Total liabilities
|
349,084,488
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||||
Net Assets
|
$
|
15,364,325,439
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
5,986,565,525
|
||
Total accumulated earnings (loss)
|
9,377,759,914
|
|||
Net Assets
|
$
|
15,364,325,439
|
||
Net Asset Value, offering price and redemption price per share ($15,364,325,439 ÷ 669,248,925 shares)
|
$
|
22.96
|
||
Consolidated Statement of Operations
|
||||
Six months ended January 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
24,594,723
|
||
Interest
|
12,016
|
|||
Income from Fidelity Central Funds (including $155,627 from security lending)
|
914,439
|
|||
Total income
|
25,521,178
|
|||
Expenses
|
||||
Custodian fees and expenses
|
$
|
121,649
|
||
Independent trustees' fees and expenses
|
28,541
|
|||
Legal
|
8
|
|||
Interest
|
123,754
|
|||
Total expenses before reductions
|
273,952
|
|||
Expense reductions
|
(2,984)
|
|||
Total expenses after reductions
|
270,968
|
|||
Net Investment income (loss)
|
25,250,210
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of foreign taxes of $111,932)
|
292,746,799
|
|||
Fidelity Central Funds
|
7,463
|
|||
Foreign currency transactions
|
(201,200)
|
|||
Total net realized gain (loss)
|
292,553,062
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,709,515)
|
1,055,075,531
|
|||
Unfunded commitments
|
(9,120)
|
|||
Assets and liabilities in foreign currencies
|
(17,592)
|
|||
Total change in net unrealized appreciation (depreciation)
|
1,055,048,819
|
|||
Net gain (loss)
|
1,347,601,881
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
1,372,852,091
|
||
Consolidated Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
25,250,210
|
$
|
55,893,907
|
Net realized gain (loss)
|
292,553,062
|
470,944,131
|
||
Change in net unrealized appreciation (depreciation)
|
1,055,048,819
|
2,338,077,913
|
||
Net increase (decrease) in net assets resulting from operations
|
1,372,852,091
|
2,864,915,951
|
||
Distributions to shareholders
|
(545,744,803)
|
(1,029,456,671)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
1,509,282,287
|
3,514,663,891
|
||
Reinvestment of distributions
|
545,744,803
|
1,029,456,671
|
||
Cost of shares redeemed
|
(1,302,373,966)
|
(3,656,240,133)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
752,653,124
|
887,880,429
|
||
Total increase (decrease) in net assets
|
1,579,760,412
|
2,723,339,709
|
||
Net Assets
|
||||
Beginning of period
|
13,784,565,027
|
11,061,225,318
|
||
End of period
|
$
|
15,364,325,439
|
$
|
13,784,565,027
|
Other Information
|
||||
Shares
|
||||
Sold
|
63,753,149
|
188,408,026
|
||
Issued in reinvestment of distributions
|
24,371,299
|
57,604,226
|
||
Redeemed
|
(54,835,157)
|
(188,105,026)
|
||
Net increase (decrease)
|
33,289,291
|
57,907,226
|
||
Fidelity® Series Blue Chip Growth Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
21.68
|
$
|
19.14
|
$
|
14.69
|
$
|
11.98
|
$
|
19.34
|
$
|
19.25
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.04
|
.09
|
.08
|
.07
|
.07
|
.06
|
||||||
Net realized and unrealized gain (loss)
|
2.10
|
4.22
|
4.45
|
3.03
|
(3.37)
|
6.76
|
||||||
Total from investment operations
|
2.14
|
4.31
|
4.53
|
3.10
|
(3.30)
|
6.82
|
||||||
Distributions from net investment income
|
(.09)
|
(.14)
|
(.08)
|
(.06)
|
(.05)
|
(.10)
|
||||||
Distributions from net realized gain
|
(.77)
|
(1.63)
|
-
|
(.33)
|
(4.00)
|
(6.63)
|
||||||
Total distributions
|
(.86)
|
(1.77)
|
(.08)
|
(.39)
|
(4.06) C
|
(6.73)
|
||||||
Net asset value, end of period
|
$
|
22.96
|
$
|
21.68
|
$
|
19.14
|
$
|
14.69
|
$
|
11.98
|
$
|
19.34
|
Total Return D,E
|
9.99 % |
24.54%
|
31.05%
|
26.84%
|
(22.51)%
|
46.98%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
-% H,I
|
-% H
|
.01%
|
-% H
|
-% H
|
-% H
|
||||||
Expenses net of fee waivers, if any
|
- % H,I |
-% H
|
.01%
|
-% H
|
-% H
|
-% H
|
||||||
Expenses net of all reductions, if any
|
-% H,I
|
-% H
|
.01%
|
-% H
|
-% H
|
-% H
|
||||||
Net investment income (loss)
|
.35% I
|
.46%
|
.47%
|
.64%
|
.45%
|
.31%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
15,364,325
|
$
|
13,784,565
|
$
|
11,061,225
|
$
|
8,860,419
|
$
|
7,124,936
|
$
|
6,279,875
|
Portfolio turnover rate J
|
38 % I |
50%
|
29%
|
38%
|
48%
|
53%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$447,839,196
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.5 - 82.7 /17.4
|
Increase
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
7.5 - 51.1 / 50.4
|
Increase
|
|||
Enterprise value/Net income (EV/NI)
|
27.4 - 38.2 / 32.7
|
Increase
|
|||
Market approach
|
Transaction price
|
$4.63 - $54.91 / $27.59
|
Increase
|
||
Discount rate
|
17.6%
|
Decrease
|
|||
Probability rate
|
10.0% - 70.0% / 33.3%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.5% - 3.7% / 3.6%
|
Increase
|
||
Volatility
|
70.0% - 80.0% / 74.6%
|
Increase
|
|||
Term
|
1.0 - 3.0 / 2.1
|
Increase
|
|||
Book value
|
Book value multiple
|
1.4
|
Increase
|
||
Convertible Corporate Bonds
|
$2,473,591
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.8
|
Increase
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
||
Discount rate
|
21.7%
|
Decrease
|
|||
Probability rate
|
0.0% - 75.0% / 33.3%
|
Increase
|
|||
Black scholes
|
Discount rate
|
4.2%
|
Increase
|
||
Volatility
|
100.0%
|
Increase
|
|||
Term
|
0.4
|
Increase
|
|||
Convertible Preferred Stocks
|
$276,408,495
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.4 - 82.7 / 36.0
|
Increase
|
Enterprise value/Gross profit multiple (EV/GP)
|
11.9
|
Increase
|
|||
Market approach
|
Transaction price
|
$0.90 - $271.56 / $45.10
|
Increase
|
||
Discount rate
|
10.0% - 95.0% / 15.6%
|
Decrease
|
|||
Premium rate
|
10.0% - 65.0% / 36.9%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.6% - 3.8% / 3.7%
|
Increase
|
||
Volatility
|
40.0% - 100.0% / 67.5%
|
Increase
|
|||
Term
|
2.0 - 5.0 / 3.3
|
Increase
|
|||
Preferred Securities
|
$494,232
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Discount rate
|
17.6% - 35.4% / 18.0%
|
Decrease
|
|||
Probability rate
|
0.0% - 75.0% / 33.1%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.5% - 4.2% / 3.5%
|
Increase
|
||
Volatility
|
80.0% - 100.0% / 80.4%
|
Increase
|
|||
Term
|
0.4 - 1.0 / 1.0
|
Increase
|
|||
Non-Convertible Preferred Stocks
|
$2,175,327
|
Market approach
|
Transaction price
|
$215.03
|
Increase
|
Premium rate
|
10.0%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.7%
|
Increase
|
||
Volatility
|
85.0%
|
Increase
|
|||
Term
|
3.0
|
Increase
|
Gross unrealized appreciation
|
$9,415,052,882
|
Gross unrealized depreciation
|
(183,020,400)
|
Net unrealized appreciation (depreciation)
|
$9,232,032,482
|
Tax cost
|
$6,008,745,313
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity Series Blue Chip Growth Fund
|
Revolut Group Holdings, Ltd.
|
1,833,124
|
(9,120)
|
Fidelity Series Blue Chip Growth Fund
|
Spinny Series G Convertible Preferred
|
1,473,948
|
-
|
Amount ($)
|
% of Total Assets
|
|
Fidelity Series Blue Chip Growth Fund
|
10,266,263
|
.07
|
SPV Name
|
Net Assets of SPV
|
% of Fund's Total Assets
|
|
Fidelity Series Blue Chip Growth Fund
|
Fid FDI 2611, LLC
|
12,402,724
|
.08
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Series Blue Chip Growth Fund
|
2,832,200,516
|
2,735,768,593
|
Amount ($)
|
|
Fidelity Series Blue Chip Growth Fund
|
45,265
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Series Blue Chip Growth Fund
|
Borrower
|
22,522,191
|
4.06%
|
119,273
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Series Blue Chip Growth Fund
|
176,000,970
|
113,407,471
|
9,224,518
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Series Blue Chip Growth Fund
|
16,817
|
26
|
-
|
Amount ($)
|
|
Fidelity Series Blue Chip Growth Fund
|
29,148
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Series Blue Chip Growth Fund
|
7,794,000
|
4.14%
|
4,481
|
![]() |


Contents
Asset-Backed Securities - 1.6%
|
|||
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%, 5.2898% 3/20/2050 (c)(f)(g)(h)
|
2,250,000
|
0
|
|
Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (c)(f)(g)(h)
|
500,000
|
0
|
|
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
|
0
|
||
UNITED STATES - 1.6%
|
|||
CNSL Series 2025-4A Class C, 8.098% 12/20/2055 (h)
|
7,500,000
|
7,749,007
|
|
Consolidated Communications LLC / Fidium Fiber Fin Holdco LLC Series 2025-1A Class C, 9.408% 5/20/2055 (h)
|
7,000,000
|
7,388,070
|
|
Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (h)
|
2,747,554
|
2,671,854
|
|
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (h)
|
6,306,809
|
5,706,099
|
|
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (h)
|
27,644,031
|
27,256,426
|
|
Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (h)
|
9,718,541
|
9,024,603
|
|
Lmdv Issuer CO LLC Series 2025-1A Class C, 7.88% 12/15/2055 (h)
|
5,500,000
|
5,593,059
|
|
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/2039 (h)
|
2,900,000
|
2,835,660
|
|
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (h)
|
10,151,000
|
9,965,350
|
|
Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (h)
|
8,000,000
|
8,281,699
|
|
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (h)
|
3,000,000
|
2,973,104
|
|
Tricon Residential Trust Series 2023-SFR1 Class E, 7.977% 7/17/2040 (h)
|
2,000,000
|
2,025,591
|
|
TOTAL UNITED STATES
|
91,470,522
|
||
|
TOTAL ASSET-BACKED SECURITIES
(Cost $94,407,668)
|
91,470,522
|
||
Bank Loan Obligations - 1.5%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 1.5%
|
|||
Communication Services - 0.6%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6719% 10/6/2032 (e)(f)(g)
|
9,740,000
|
9,740,000
|
|
Wireless Telecommunication Services - 0.4%
|
|||
SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.43% 1/25/2031 (e)(f)(g)
|
25,480,259
|
25,549,311
|
|
TOTAL COMMUNICATION SERVICES
|
35,289,311
|
||
Consumer Discretionary - 0.4%
|
|||
Hotels, Restaurants & Leisure - 0.4%
|
|||
Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9219% 2/6/2031 (e)(f)(g)
|
4,357,388
|
4,322,528
|
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 1/17/2031 (e)(f)(g)
|
3,940,225
|
3,904,527
|
|
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 8/2/2028 (e)(f)(g)
|
669,933
|
668,016
|
|
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4226% 11/8/2030 (e)(f)(g)
|
13,500,000
|
13,554,541
|
|
TOTAL CONSUMER DISCRETIONARY
|
22,449,612
|
||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4219% 12/31/2032 (e)(f)(g)
|
9,875,437
|
9,828,825
|
|
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (e)(f)(g)
|
9,850,500
|
3,829,382
|
|
TOTAL ENERGY
|
13,658,207
|
||
Financials - 0.2%
|
|||
Financial Services - 0.2%
|
|||
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.7501% 1/9/2027 (c)(e)(f)(g)
|
11,444,659
|
11,158,543
|
|
Real Estate - 0.1%
|
|||
Real Estate Management & Development - 0.1%
|
|||
Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1719% 1/31/2030 (e)(f)(g)
|
2,215,791
|
2,221,331
|
|
Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 1/31/2030 (e)(f)(g)
|
1,940,775
|
1,951,701
|
|
TOTAL REAL ESTATE
|
4,173,032
|
||
TOTAL UNITED STATES
|
86,728,705
|
||
|
TOTAL BANK LOAN OBLIGATIONS
(Cost $92,421,034)
|
86,728,705
|
||
Collateralized Mortgage Obligations - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Fannie Mae Guaranteed REMIC Series 2002-W1 Class 3B3, 3.8724% 2/25/2042 (c)(g)(h)
|
17,968
|
8,054
|
|
Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B3, 3.9275% 6/25/2043 (c)(g)(h)
|
27,935
|
22,083
|
|
TOTAL UNITED STATES
|
30,137
|
||
|
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $21,757)
|
30,137
|
||
Commercial Mortgage Securities - 19.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 19.0%
|
|||
Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2302% 4/15/2042 (f)(g)(h)
|
7,000,000
|
7,017,500
|
|
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8745% 7/15/2049 (g)
|
3,030,000
|
2,940,129
|
|
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (h)
|
11,374,393
|
5,016,137
|
|
BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (c)(g)(h)
|
2,000,000
|
1,202,481
|
|
BANK Series 2021-BN38 Class C, 3.2181% 12/15/2064 (g)
|
3,505,000
|
2,937,802
|
|
BANK Series 2022-BNK41 Class C, 3.7892% 4/15/2065 (g)
|
4,433,000
|
3,951,940
|
|
BANK Series 2022-BNK42 Class C, 4.7227% 6/15/2055 (g)
|
6,500,000
|
5,908,475
|
|
BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (h)
|
2,000,000
|
1,463,406
|
|
BANK Series 2022-BNK44 Class AS, 5.7434% 11/15/2055 (g)
|
5,000,000
|
5,173,455
|
|
BANK Series 2023-5YR3 Class AS, 7.3151% 9/15/2056 (g)
|
1,500,000
|
1,601,226
|
|
BANK Series 2023-5YR3 Class B, 7.3151% 9/15/2056 (g)
|
2,000,000
|
2,101,617
|
|
BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056
|
1,409,000
|
1,486,721
|
|
BANK Series 2023-BNK46 Class AS, 6.385% 8/15/2056
|
5,000,000
|
5,323,542
|
|
BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (g)
|
4,000,000
|
4,090,295
|
|
BBCMS Mortgage Trust Series 2020-C6 Class C, 3.045% 2/15/2053
|
1,129,000
|
934,443
|
|
BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5863% 4/15/2053 (g)
|
2,067,000
|
1,774,299
|
|
BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (g)
|
5,250,000
|
4,442,338
|
|
BBCMS Mortgage Trust Series 2022-C17 Class C, 5.45% 9/15/2055
|
2,000,000
|
1,913,248
|
|
BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (h)
|
2,000,000
|
1,494,467
|
|
BBCMS Mortgage Trust Series 2023-5C23 Class AS, 7.4547% 12/15/2056 (g)
|
2,500,000
|
2,665,224
|
|
BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2961% 9/15/2056 (g)
|
7,000,000
|
7,508,228
|
|
BBCMS Mortgage Trust Series 2023-C21 Class B, 6.296% 9/15/2056 (g)
|
7,000,000
|
7,327,233
|
|
BBCMS Mortgage Trust Series 2023-C22 Class AS, 7.1307% 11/15/2056 (g)
|
10,000,000
|
10,966,903
|
|
BBCMS Mortgage Trust Series 2023-C22 Class B, 7.1347% 11/15/2056 (g)
|
10,000,000
|
10,882,686
|
|
BBCMS Mortgage Trust Series 2025-C32 Class A5, 5.72% 2/15/2062
|
5,000,000
|
5,328,616
|
|
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (c)(g)(h)
|
3,427,000
|
17,135
|
|
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (c)(g)(h)
|
5,141,000
|
12,853
|
|
Benchmark Mortgage Trust Series 2021-B28 Class A5, 2.2237% 8/15/2054
|
500,000
|
442,853
|
|
Benchmark Mortgage Trust Series 2022-B35 Class C, 4.4425% 5/15/2055 (g)
|
7,000,000
|
5,688,062
|
|
Benchmark Mortgage Trust Series 2022-B36 Class C, 5.1186% 7/15/2055 (g)
|
2,000,000
|
1,839,406
|
|
Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (h)
|
3,828,000
|
2,737,322
|
|
Benchmark Mortgage Trust Series 2023-B39 Class B, 6.192% 7/15/2056 (h)
|
5,000,000
|
5,095,516
|
|
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3711% 11/15/2041 (f)(g)(h)
|
7,035,000
|
7,076,770
|
|
BFLD Trust Series 2025-EWEST Class E, CME Term SOFR 1 month Index + 3%, 6.6802% 6/15/2042 (f)(g)(h)
|
5,000,000
|
5,009,547
|
|
BMO Mortgage Trust Series 2023-5C1 Class AS, 7.1174% 8/15/2056 (g)
|
3,500,000
|
3,692,507
|
|
BMO Mortgage Trust Series 2023-5C2 Class AS, 7.2439% 11/15/2056 (g)
|
10,000,000
|
10,585,260
|
|
BMO Mortgage Trust Series 2023-C5 Class B, 6.473% 6/15/2056 (g)
|
4,750,000
|
4,986,788
|
|
BMO Mortgage Trust Series 2023-C7 Class AS, 6.6738% 12/15/2056 (g)
|
5,000,000
|
5,468,536
|
|
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (g)(h)
|
5,597,000
|
5,774,683
|
|
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (g)(h)
|
4,690,000
|
4,686,343
|
|
Bres Coml Mtg Trust Series 2025-ATCAP Class E, CME Term SOFR 1 month Index + 3.6408%, 7.321% 11/15/2042 (f)(g)(h)
|
10,000,000
|
10,024,470
|
|
BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (g)(h)
|
20,898,990
|
18,874,793
|
|
BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 7.3681% 5/15/2034 (f)(g)(h)
|
1,974,013
|
1,981,415
|
|
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (g)(h)
|
6,547,000
|
6,714,849
|
|
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 8.1339% 11/13/2046 (g)(h)
|
10,000,000
|
10,751,942
|
|
BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 7.3685% 3/15/2041 (f)(g)(h)
|
3,570,000
|
3,566,181
|
|
BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3704% 4/15/2040 (f)(g)(h)
|
16,999,539
|
17,084,501
|
|
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3263% 4/15/2034 (f)(g)(h)
|
5,181,000
|
5,039,419
|
|
BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.0135% 12/15/2038 (f)(g)(h)
|
6,852,435
|
6,852,435
|
|
BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 6.7406% 10/15/2036 (f)(g)(h)
|
17,232,000
|
17,210,460
|
|
BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (g)(h)
|
32,521,000
|
30,146,629
|
|
BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 6.5696% 6/15/2041 (f)(g)(h)
|
14,200,000
|
14,199,957
|
|
BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.6181% 6/15/2041 (f)(g)(h)
|
8,250,000
|
8,259,353
|
|
BX Trust 2024-CNY Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 7.3688% 4/15/2041 (f)(g)(h)
|
12,981,797
|
13,022,237
|
|
BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.6204% 11/15/2041 (f)(g)(h)
|
4,748,600
|
4,767,891
|
|
BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.6189% 11/15/2041 (f)(g)(h)
|
15,971,308
|
15,951,934
|
|
BX Trust 2025 Series 2025-DIME Class E, 6.6802% 2/15/2035 (g)(h)
|
15,000,000
|
14,981,250
|
|
BX Trust 2025-ROIC Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 6.6215% 3/15/2030 (f)(g)(h)
|
23,133,602
|
23,046,851
|
|
BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.0895% 11/15/2038 (f)(g)(h)
|
11,725,168
|
11,673,870
|
|
BX Trust Series 2022-LBA6 Class E, CME Term SOFR 1 month Index + 2.7%, 6.3802% 1/15/2039 (f)(g)(h)
|
15,000,000
|
15,000,000
|
|
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0302% 1/15/2039 (f)(g)(h)
|
6,200,000
|
6,192,250
|
|
BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 7.8802% 1/15/2039 (f)(g)(h)
|
11,340,000
|
11,344,335
|
|
BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 6.9792% 1/15/2039 (f)(g)(h)
|
4,367,000
|
4,351,118
|
|
BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 7.8683% 2/15/2039 (f)(g)(h)
|
4,640,176
|
4,642,043
|
|
BX Trust Series 2025-LUNR Class E, CME Term SOFR 1 month Index + 3.95%, 7.6302% 6/15/2040 (f)(g)(h)
|
3,417,727
|
3,426,272
|
|
BX Trust Series 2025-OMG Class E, CME Term SOFR 1 month Index + 2.95%, 6.631% 10/15/2042 (f)(g)(h)
|
9,000,000
|
9,003,600
|
|
BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.281% 10/15/2042 (c)(f)(g)(h)
|
2,000,000
|
2,000,800
|
|
BX Trust Series 2025-TAIL Class E, CME Term SOFR 1 month Index + 3.3%, 6.9802% 6/15/2035 (f)(g)(h)
|
4,500,000
|
4,501,167
|
|
BX Trust Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 7.6198% 3/15/2042 (f)(g)(h)
|
15,000,000
|
14,891,760
|
|
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (g)(h)
|
5,754,000
|
4,614,302
|
|
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (c)(h)
|
3,072,761
|
170,111
|
|
Citigroup Commercial Mortgage Trust Series 2022-GC48 Class E, 2.5% 6/15/2055 (h)
|
2,000,000
|
1,277,855
|
|
Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class B, 6.3597% 7/10/2028 (g)(h)
|
5,000,000
|
5,163,861
|
|
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class B, 5.8524% 10/12/2040 (g)(h)
|
5,000,000
|
5,119,303
|
|
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 5.8524% 10/12/2040 (g)(h)
|
9,750,000
|
9,886,113
|
|
COMM Mortgage Trust Series 2012-CR1 Class D, 5.1034% 5/15/2045 (g)(h)
|
1,138,456
|
1,051,758
|
|
COMM Mortgage Trust Series 2014-UBS2 Class D, 4.624% 3/10/2047 (c)(g)(h)
|
502,707
|
221,945
|
|
COMM Mortgage Trust Series 2015-DC1 Class C, 4.1805% 2/10/2048 (g)
|
2,590,000
|
2,285,442
|
|
COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (g)
|
3,000,000
|
2,813,276
|
|
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (c)(h)
|
2,769,000
|
2,433,175
|
|
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (h)
|
2,769,000
|
2,517,701
|
|
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.026% 9/15/2033 (f)(g)(h)
|
4,265,000
|
240,409
|
|
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0323% 9/15/2033 (f)(g)(h)
|
4,265,000
|
91,134
|
|
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5687% 8/15/2041 (f)(g)(h)
|
10,200,000
|
10,192,589
|
|
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.1115% 6/15/2034 (f)(h)
|
7,120,000
|
3,906,792
|
|
DTP Commercial Mortgage Trust Series 2023-STE2 Class C, 6.6891% 1/15/2041 (g)(h)
|
8,800,000
|
8,998,477
|
|
ELP Series 2025-ELP Class E, 6.665% 11/13/2042 (g)(h)
|
8,965,000
|
9,135,119
|
|
EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (g)(h)
|
5,000,000
|
5,094,358
|
|
Extended Stay America Trust Series 2025-ESH Class E, CME Term SOFR 1 month Index + 3.35%, 7.0302% 10/15/2042 (f)(g)(h)
|
8,000,000
|
8,095,000
|
|
Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7802% 10/15/2042 (f)(g)(h)
|
6,000,000
|
6,075,000
|
|
Extended Stay America Trust Series 2026-ESH2 Class F, 7.42% 2/15/2043 (h)
|
5,645,000
|
5,701,450
|
|
Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.3302% 12/15/2039 (f)(g)(h)
|
3,126,000
|
3,167,415
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1413% 8/10/2044 (g)(h)
|
8,899,000
|
8,191,985
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1413% 8/10/2044 (g)(h)
|
2,733,635
|
2,116,548
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1413% 8/10/2044 (g)(h)
|
8,138,000
|
2,777,184
|
|
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (c)(h)
|
7,897,000
|
23,690
|
|
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.6643% 11/10/2045 (c)(g)(h)
|
1,908,000
|
1,831,680
|
|
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.577% 7/15/2035 (f)(g)(h)
|
3,808,000
|
2,817
|
|
GS Mortgage Securities Trust Series 2023-SHIP Class D, 6.0706% 9/10/2038 (g)(h)
|
9,000,000
|
9,007,818
|
|
GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (g)(h)
|
13,500,000
|
13,548,963
|
|
GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (g)(h)
|
4,300,000
|
4,358,926
|
|
GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.1254% 11/25/2041 (f)(g)(h)
|
4,000,000
|
4,004,266
|
|
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (g)(h)
|
20,270,000
|
19,907,893
|
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (h)
|
8,640,000
|
8,506,847
|
|
JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.6083% 1/15/2048 (g)(h)
|
2,398,000
|
2,145,491
|
|
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2552% 6/15/2051 (g)(h)
|
1,698,000
|
1,364,680
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6895% 6/15/2045 (g)(h)
|
3,237,967
|
3,192,129
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (h)
|
8,192,000
|
7,007,276
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (h)
|
4,044,000
|
2,725,385
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.3311% 4/15/2046 (g)
|
1,649,234
|
16,492
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (g)(h)
|
8,161,000
|
20,321
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (g)(h)
|
5,039,000
|
563,968
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (c)(h)
|
2,000,000
|
480,000
|
|
JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (g)(h)
|
6,544,000
|
6,480,511
|
|
KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.1% 8/15/2038 (f)(g)(h)
|
5,951,129
|
5,914,283
|
|
KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 7.75% 8/15/2038 (f)(g)(h)
|
7,096,721
|
7,064,500
|
|
KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 6.6802% 3/15/2042 (f)(g)(h)
|
4,671,875
|
4,671,636
|
|
MCR Mortgage Trust Series 2024-TWA Class F, 10.382% 6/12/2039 (h)
|
5,500,000
|
5,616,083
|
|
MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 6.9954% 4/15/2038 (f)(g)(h)
|
19,680,800
|
19,680,800
|
|
MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 5.9955% 7/15/2038 (f)(g)(h)
|
3,182,000
|
3,178,023
|
|
MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 7.7455% 7/15/2038 (f)(g)(h)
|
3,476,000
|
3,461,807
|
|
MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 6.9394% 1/15/2039 (f)(g)(h)
|
3,444,000
|
3,445,076
|
|
MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 7.6377% 1/15/2027 (f)(g)(h)
|
11,539,200
|
11,555,359
|
|
MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1802% 9/15/2040 (f)(g)(h)
|
5,250,000
|
5,247,886
|
|
MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (h)
|
4,200,000
|
4,278,099
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(g)(h)
|
2,500,000
|
350,150
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 Class D, 4.7459% 10/15/2046 (g)(h)
|
5,670,988
|
5,274,076
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7057% 5/15/2046 (g)
|
3,302,000
|
3,092,188
|
|
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.7937% 5/15/2046 (g)(h)
|
2,231,000
|
2,063,345
|
|
Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class C, 3.536% 2/15/2053
|
2,765,000
|
2,496,429
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (g)(h)
|
1,509,305
|
1,494,664
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (g)(h)
|
2,937,000
|
2,210,093
|
|
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4924% 6/15/2044 (g)(h)(j)
|
26,059,245
|
97,620
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.94% 7/15/2049 (g)(h)
|
816,514
|
807,713
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.94% 7/15/2049 (g)(h)
|
5,624,050
|
5,458,354
|
|
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.94% 7/15/2049 (g)(h)
|
5,049,500
|
4,853,132
|
|
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (c)(g)(h)
|
5,193,000
|
4,369,234
|
|
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (h)
|
2,966,000
|
2,237,044
|
|
Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050
|
2,470,594
|
2,346,226
|
|
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (h)
|
8,660,960
|
9,094,909
|
|
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (g)(h)
|
13,568,000
|
13,093,801
|
|
MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (g)(h)
|
1,500,000
|
1,291,607
|
|
MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056
|
13,861,000
|
14,680,684
|
|
MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.6828% 5/15/2056 (g)
|
3,750,000
|
3,988,479
|
|
MSWF Commercial Mortgage Trust Series 2023-2 Class AS, 6.491% 12/15/2056
|
10,000,000
|
10,880,383
|
|
MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8763% 12/15/2056 (g)
|
10,000,000
|
10,831,641
|
|
NCMF Trust Series 2025-MFS Class F, 8.437% 6/10/2033 (g)(h)
|
5,000,000
|
5,083,780
|
|
NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (g)(h)
|
18,754,000
|
18,982,497
|
|
NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (g)(h)
|
2,285,000
|
2,297,031
|
|
NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (g)(h)
|
4,590,000
|
4,634,434
|
|
PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 6.3955% 7/15/2038 (c)(f)(g)(h)
|
500,000
|
172,057
|
|
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1455% 7/15/2038 (f)(g)(h)
|
5,944,000
|
1,108,364
|
|
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (h)
|
13,870,000
|
11,901,847
|
|
PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (g)(h)
|
12,000,000
|
12,060,966
|
|
PRM5 Trust Series 2025-PRM5 Class E, 6.8678% 3/10/2033 (g)(h)
|
10,000,000
|
10,056,288
|
|
Prm7 Trust Series 2025-PRM7 Class B, 4.6524% 11/10/2042 (g)(h)
|
4,000,000
|
3,961,075
|
|
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (h)
|
1,523,978
|
1,557,020
|
|
Ride Series 2025-SHRE Class E, 8.069% 2/14/2047 (g)(h)
|
5,000,000
|
5,112,680
|
|
ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (h)
|
13,372,000
|
14,217,810
|
|
SCG Trust Series 2025-SNIP Class E, 7.0802% 9/15/2042 (g)(h)
|
3,000,000
|
3,015,000
|
|
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.6205% 11/15/2034 (f)(g)(h)
|
3,917,900
|
3,925,246
|
|
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8687% 11/15/2034 (f)(g)(h)
|
4,582,200
|
4,593,656
|
|
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (g)(h)
|
5,000,000
|
4,529,107
|
|
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2802% 10/15/2041 (f)(g)(h)
|
9,376,000
|
9,469,664
|
|
SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.031% 1/15/2039 (f)(g)(h)
|
14,615,000
|
14,432,313
|
|
SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 6.7685% 11/15/2038 (f)(g)(h)
|
3,249,672
|
3,247,802
|
|
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.71% 11/15/2036 (f)(g)(h)
|
10,872,000
|
10,850,451
|
|
STWD Trust Series 2021-LIH Class E, CME Term SOFR 1 month Index + 3.0175%, 6.698% 11/15/2036 (f)(g)(h)
|
4,985,000
|
4,978,769
|
|
STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.346% 11/15/2036 (f)(g)(h)
|
15,282,000
|
15,253,346
|
|
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.995% 11/15/2036 (f)(g)(h)
|
9,177,000
|
9,128,884
|
|
SUMIT Mortgage Trust Series 2022-BVUE Class D, 2.8925% 2/12/2041 (g)(h)
|
6,000,000
|
4,872,298
|
|
SUMIT Mortgage Trust Series 2022-BVUE Class F, 2.8925% 2/12/2041 (g)(h)
|
3,211,000
|
2,371,850
|
|
SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.9191% 2/15/2042 (f)(g)(h)
|
19,400,000
|
19,189,046
|
|
Texas Coml Mortgage Trust Series 2025-TWR Class D, CME Term SOFR 1 month Index + 3.0906%, 6.7708% 4/15/2042 (f)(g)(h)
|
1,500,000
|
1,507,500
|
|
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (g)(h)
|
4,699,074
|
4,469,760
|
|
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(g)(h)
|
2,221,350
|
820,696
|
|
VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 7.6955% 7/15/2039 (f)(g)(h)
|
6,685,000
|
5,728,476
|
|
VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 8.7955% 7/15/2039 (c)(f)(g)(h)
|
800,000
|
573,532
|
|
VDCM Commercial Mortgage Trust Series 2025-AZ Class C, 6.0329% 7/13/2044 (g)(h)
|
7,000,000
|
7,119,859
|
|
VDCM Commercial Mortgage Trust Series 2025-AZ Class D, 6.4337% 7/13/2044 (g)(h)
|
5,000,000
|
5,103,931
|
|
Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052
|
883,000
|
755,694
|
|
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class D, 6.9321% 7/15/2035 (g)(h)
|
5,250,000
|
5,321,257
|
|
Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class B, 5.967% 10/15/2058
|
7,000,000
|
7,238,152
|
|
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (c)(g)(h)
|
503,530
|
181,281
|
|
WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (c)(g)
|
3,955,000
|
1,262,322
|
|
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0678% 3/15/2045 (g)(h)
|
4,727,000
|
3,356,170
|
|
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9682% 5/15/2045 (g)(h)
|
2,981,070
|
2,790,997
|
|
WHARF Series 2025-DC Class E, 7.9816% 7/15/2040 (g)(h)
|
10,000,000
|
10,190,741
|
|
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (g)(h)
|
6,725,000
|
3,362,433
|
|
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(g)(h)
|
2,541,000
|
558,994
|
|
TOTAL UNITED STATES
|
1,111,067,629
|
||
|
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $1,166,062,711)
|
1,111,067,629
|
||
Common Stocks - 24.5%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 24.5%
|
|||
Consumer Discretionary - 0.2%
|
|||
Household Durables - 0.2%
|
|||
LGI Homes Inc (b)(d)
|
179,300
|
8,984,723
|
|
Financials - 0.6%
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
|
|||
Dynex Capital Inc
|
1,145,600
|
15,900,928
|
|
MFA Financial Inc
|
1,134,685
|
10,938,363
|
|
Rithm Capital Corp
|
385,699
|
4,219,547
|
|
Rithm Property Trust Inc
|
212,544
|
3,500,600
|
|
TOTAL FINANCIALS
|
34,559,438
|
||
Industrials - 0.0%
|
|||
Construction & Engineering - 0.0%
|
|||
WillScot Holdings Corp
|
58,900
|
1,179,767
|
|
Real Estate - 23.7%
|
|||
Health Care REITs - 2.8%
|
|||
CareTrust REIT Inc
|
284,800
|
10,634,431
|
|
Sabra Health Care REIT Inc
|
846,475
|
15,854,477
|
|
Ventas Inc
|
622,386
|
48,340,721
|
|
Welltower Inc
|
460,100
|
86,664,436
|
|
161,494,065
|
|||
Industrial REITs - 3.2%
|
|||
Americold Realty Trust Inc
|
888,800
|
11,030,008
|
|
EastGroup Properties Inc
|
49,900
|
9,063,836
|
|
First Industrial Realty Trust Inc
|
438,400
|
25,440,352
|
|
LXP Industrial Trust
|
579,754
|
28,726,811
|
|
Prologis Inc
|
758,430
|
99,020,621
|
|
Rexford Industrial Realty Inc
|
252,600
|
10,237,878
|
|
Terreno Realty Corp
|
62,628
|
3,854,127
|
|
187,373,633
|
|||
Office REITs - 0.3%
|
|||
Easterly Government Properties Inc (d)
|
341,480
|
7,987,217
|
|
Postal Realty Trust Inc Class A
|
878,500
|
16,015,055
|
|
24,002,272
|
|||
Residential REITs - 6.4%
|
|||
American Homes 4 Rent Class A
|
480,500
|
15,049,260
|
|
AvalonBay Communities Inc
|
187,800
|
33,366,426
|
|
Elme Communities
|
668,747
|
1,471,243
|
|
Equity LifeStyle Properties Inc
|
1,195,596
|
75,525,800
|
|
Equity Residential
|
525,200
|
32,730,464
|
|
Essex Property Trust Inc
|
94,600
|
23,826,902
|
|
Invitation Homes Inc
|
2,587,100
|
69,153,183
|
|
Mid-America Apartment Communities Inc
|
23,106
|
3,103,136
|
|
Sun Communities Inc
|
323,900
|
41,274,577
|
|
UDR Inc
|
1,591,300
|
59,116,795
|
|
UMH Properties Inc
|
1,260,923
|
19,708,226
|
|
374,326,012
|
|||
Retail REITs - 2.9%
|
|||
Acadia Realty Trust
|
280,626
|
5,615,326
|
|
Brixmor Property Group Inc
|
230,300
|
6,169,737
|
|
Curbline Properties Corp
|
592,918
|
14,378,262
|
|
Federal Realty Investment Trust
|
159,500
|
16,135,020
|
|
InvenTrust Properties Corp
|
433,800
|
12,749,382
|
|
Kimco Realty Corp
|
1,441,300
|
30,382,604
|
|
Kite Realty Group Trust
|
1,149,800
|
27,008,802
|
|
Macerich Co/The
|
341,900
|
6,472,167
|
|
NNN REIT Inc
|
408,800
|
17,034,696
|
|
Realty Income Corp
|
356,182
|
21,784,091
|
|
Retail Value Inc (b)(c)
|
274,131
|
3
|
|
Simon Property Group Inc
|
46,200
|
8,838,522
|
|
SITE Centers Corp
|
296,459
|
1,814,329
|
|
168,382,941
|
|||
Specialized REITs - 8.1%
|
|||
American Tower Corp
|
628,000
|
112,587,840
|
|
Crown Castle Inc
|
263,910
|
22,910,027
|
|
CubeSmart
|
231,100
|
8,673,183
|
|
Digital Realty Trust Inc
|
216,400
|
35,911,580
|
|
Equinix Inc
|
140,500
|
115,340,665
|
|
Extra Space Storage Inc
|
165,549
|
22,840,796
|
|
Gaming and Leisure Properties Inc
|
664,646
|
29,742,909
|
|
Lamar Advertising Co Class A
|
143,000
|
18,348,330
|
|
Public Storage
|
144,300
|
39,854,217
|
|
SBA Communications Corp Class A
|
50,900
|
9,371,199
|
|
VICI Properties Inc
|
1,864,900
|
52,366,392
|
|
Weyerhaeuser Co
|
147,500
|
3,802,549
|
|
471,749,687
|
|||
TOTAL REAL ESTATE
|
1,387,328,610
|
||
TOTAL UNITED STATES
|
1,432,052,538
|
||
|
TOTAL COMMON STOCKS
(Cost $1,202,273,769)
|
1,432,052,538
|
||
Convertible Preferred Stocks - 3.3%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 3.3%
|
|||
Financials - 3.0%
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 3.0%
|
|||
AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (f)(g)
|
673,972
|
16,832,451
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (f)(g)
|
930,100
|
23,373,413
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (f)(g)
|
1,152,034
|
29,365,347
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (f)(g)
|
192,992
|
4,954,105
|
|
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (f)(g)
|
626,604
|
14,781,588
|
|
Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (f)(g)
|
773,686
|
16,990,145
|
|
Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (f)(g)
|
298,683
|
7,723,942
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (f)(g)
|
1,024,554
|
25,163,046
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (f)(g)
|
1,023,942
|
25,741,902
|
|
Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (f)(g)
|
342,711
|
8,636,317
|
|
TOTAL FINANCIALS
|
173,562,256
|
||
Real Estate - 0.3%
|
|||
Hotel & Resort REITs - 0.0%
|
|||
RLJ Lodging Trust Series A,1.95%
|
31,585
|
804,785
|
|
Industrial REITs - 0.3%
|
|||
LXP Industrial Trust 6.5%
|
440,102
|
20,649,586
|
|
TOTAL REAL ESTATE
|
21,454,371
|
||
TOTAL UNITED STATES
|
195,016,627
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $177,416,933)
|
195,016,627
|
||
Non-Convertible Corporate Bonds - 34.7%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED KINGDOM - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
EG Global Finance PLC 12% 11/30/2028 (h)
|
10,000,000
|
10,823,689
|
|
UNITED STATES - 34.5%
|
|||
Communication Services - 0.6%
|
|||
Diversified Telecommunication Services - 0.5%
|
|||
Cipher Compute LLC 7.125% 11/15/2030 (h)
|
3,645,000
|
3,755,848
|
|
Flash Compute LLC 7.25% 12/31/2030 (h)
|
9,420,000
|
9,451,962
|
|
Uniti Services LLC 7.5% 10/15/2033 (h)
|
5,000,000
|
5,162,266
|
|
WULF Compute LLC 7.75% 10/15/2030 (h)
|
11,085,000
|
11,561,877
|
|
29,931,953
|
|||
Media - 0.1%
|
|||
Lamar Media Corp 3.75% 2/15/2028
|
2,000,000
|
1,963,446
|
|
Lamar Media Corp 4% 2/15/2030
|
5,875,000
|
5,679,814
|
|
7,643,260
|
|||
TOTAL COMMUNICATION SERVICES
|
37,575,213
|
||
Consumer Discretionary - 3.1%
|
|||
Hotels, Restaurants & Leisure - 2.0%
|
|||
Choice Hotels International Inc 5.85% 8/1/2034
|
7,000,000
|
7,171,737
|
|
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (h)
|
17,765,000
|
16,445,897
|
|
Hilton Domestic Operating Co Inc 4% 5/1/2031 (h)
|
12,000,000
|
11,454,566
|
|
Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (h)
|
9,360,000
|
9,405,153
|
|
Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (h)
|
12,510,000
|
12,744,563
|
|
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (h)
|
3,800,000
|
3,899,256
|
|
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (h)
|
18,265,000
|
17,035,981
|
|
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027
|
3,000,000
|
3,001,071
|
|
Hyatt Hotels Corp 5.5% 6/30/2034
|
5,000,000
|
5,157,135
|
|
Las Vegas Sands Corp 6% 6/14/2030
|
10,000,000
|
10,432,299
|
|
Marriott Ownership Resorts Inc 4.5% 6/15/2029 (h)
|
15,960,000
|
15,225,793
|
|
Times Square Hotel Trust 8.528% 8/1/2026 (h)
|
624,178
|
625,582
|
|
112,599,033
|
|||
Household Durables - 1.1%
|
|||
Century Communities Inc 3.875% 8/15/2029 (h)
|
13,005,000
|
12,376,583
|
|
Century Communities Inc 6.625% 9/15/2033 (h)
|
9,710,000
|
9,834,006
|
|
LGI Homes Inc 4% 7/15/2029 (h)
|
13,310,000
|
12,215,060
|
|
LGI Homes Inc 7% 11/15/2032 (h)
|
3,905,000
|
3,808,615
|
|
M/I Homes Inc 3.95% 2/15/2030
|
17,070,000
|
16,428,393
|
|
Tri Pointe Homes Inc 5.25% 6/1/2027
|
11,458,000
|
11,490,873
|
|
66,153,530
|
|||
TOTAL CONSUMER DISCRETIONARY
|
178,752,563
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Rexford Industrial Realty LP 2.15% 9/1/2031
|
5,000,000
|
4,385,394
|
|
Health Care - 0.2%
|
|||
Health Care Providers & Services - 0.2%
|
|||
Sabra Health Care LP 3.2% 12/1/2031
|
14,000,000
|
12,817,084
|
|
Sabra Health Care LP 3.9% 10/15/2029
|
989,000
|
969,032
|
|
TOTAL HEALTH CARE
|
13,786,116
|
||
Industrials - 0.2%
|
|||
Commercial Services & Supplies - 0.2%
|
|||
Williams Scotsman Inc 6.625% 4/15/2030 (h)
|
3,495,000
|
3,621,208
|
|
Williams Scotsman Inc 6.625% 6/15/2029 (h)
|
5,000,000
|
5,169,300
|
|
TOTAL INDUSTRIALS
|
8,790,508
|
||
Real Estate - 30.4%
|
|||
Diversified REITs - 6.0%
|
|||
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
|
5,000,000
|
5,164,281
|
|
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (h)
|
5,075,000
|
4,938,232
|
|
Global Net Lease Inc 4.5% 9/30/2028 (h)
|
13,405,000
|
13,126,319
|
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2030
|
3,000,000
|
2,919,050
|
|
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
|
2,000,000
|
1,912,769
|
|
GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033
|
10,000,000
|
10,018,600
|
|
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
|
19,193,000
|
19,559,548
|
|
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
|
17,000,000
|
17,208,981
|
|
GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037
|
6,660,000
|
6,606,596
|
|
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
|
22,000,000
|
21,816,619
|
|
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
|
19,500,000
|
21,126,398
|
|
Safehold GL Holdings LLC 2.8% 6/15/2031
|
7,000,000
|
6,429,836
|
|
Safehold GL Holdings LLC 2.85% 1/15/2032
|
18,250,000
|
16,476,941
|
|
Safehold GL Holdings LLC 6.1% 4/1/2034
|
22,410,000
|
23,822,684
|
|
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (h)
|
18,035,000
|
17,176,983
|
|
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (h)
|
12,645,000
|
12,298,344
|
|
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (h)
|
26,000,000
|
26,006,043
|
|
VICI Properties LP 5.125% 5/15/2032
|
29,000,000
|
29,178,264
|
|
VICI Properties LP 5.625% 4/1/2035
|
20,000,000
|
20,380,738
|
|
VICI Properties LP 5.625% 5/15/2052
|
24,333,000
|
22,772,417
|
|
VICI Properties LP 5.75% 4/1/2034
|
575,000
|
593,289
|
|
VICI Properties LP 6.125% 4/1/2054
|
23,532,000
|
23,563,143
|
|
WP Carey Inc 2.25% 4/1/2033
|
5,000,000
|
4,225,927
|
|
WP Carey Inc 2.45% 2/1/2032
|
2,000,000
|
1,767,835
|
|
WP Carey Inc 3.85% 7/15/2029
|
3,000,000
|
2,968,875
|
|
WP Carey Inc 5.375% 6/30/2034
|
7,000,000
|
7,202,328
|
|
XHR LP 4.875% 6/1/2029 (h)
|
10,000,000
|
9,857,919
|
|
349,118,959
|
|||
Health Care REITs - 2.3%
|
|||
CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (h)
|
21,865,000
|
21,458,320
|
|
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
|
16,000,000
|
11,827,917
|
|
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
|
19,835,000
|
17,006,016
|
|
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
|
10,670,000
|
10,431,365
|
|
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (h)
|
6,285,000
|
6,733,479
|
|
Omega Healthcare Investors Inc 3.25% 4/15/2033
|
18,000,000
|
15,979,531
|
|
Omega Healthcare Investors Inc 3.375% 2/1/2031
|
5,000,000
|
4,677,941
|
|
Ventas Realty LP 2.5% 9/1/2031
|
1,500,000
|
1,348,247
|
|
Ventas Realty LP 4.375% 2/1/2045
|
3,000,000
|
2,532,165
|
|
Ventas Realty LP 4.4% 1/15/2029
|
10,000,000
|
10,053,966
|
|
Ventas Realty LP 5% 1/15/2035
|
5,000,000
|
4,993,204
|
|
Ventas Realty LP 5.625% 7/1/2034
|
5,000,000
|
5,214,324
|
|
Ventas Realty LP 5.7% 9/30/2043
|
3,000,000
|
3,025,188
|
|
Welltower OP LLC 4.125% 3/15/2029
|
3,000,000
|
3,008,727
|
|
Welltower OP LLC 5.125% 7/1/2035
|
14,000,000
|
14,215,532
|
|
132,505,922
|
|||
Hotel & Resort REITs - 0.6%
|
|||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (h)
|
7,000,000
|
6,847,804
|
|
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (h)
|
3,115,000
|
3,209,288
|
|
RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (h)
|
8,000,000
|
8,273,208
|
|
RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (h)
|
5,575,000
|
5,779,000
|
|
RLJ Lodging Trust LP 3.75% 7/1/2026 (h)
|
4,000,000
|
3,976,503
|
|
RLJ Lodging Trust LP 4% 9/15/2029 (h)
|
4,835,000
|
4,588,221
|
|
32,674,024
|
|||
Industrial REITs - 1.3%
|
|||
Lineage OP LP 5.25% 7/15/2030 (h)
|
10,500,000
|
10,589,407
|
|
LXP Industrial Trust 2.375% 10/1/2031
|
7,500,000
|
6,574,515
|
|
LXP Industrial Trust 2.7% 9/15/2030
|
4,422,000
|
4,052,548
|
|
LXP Industrial Trust 6.75% 11/15/2028
|
247,000
|
261,218
|
|
Prologis LP 5% 1/31/2035
|
5,000,000
|
5,048,164
|
|
Prologis LP 5% 3/15/2034
|
15,574,000
|
15,819,615
|
|
Prologis LP 5.125% 1/15/2034
|
5,000,000
|
5,112,122
|
|
Prologis LP 5.25% 3/15/2054
|
8,000,000
|
7,604,259
|
|
Prologis LP 5.25% 5/15/2035
|
7,000,000
|
7,191,092
|
|
Prologis LP 5.25% 6/15/2053
|
15,500,000
|
14,745,343
|
|
76,998,283
|
|||
Office REITs - 0.2%
|
|||
Boston Properties LP 3.25% 1/30/2031
|
8,000,000
|
7,508,547
|
|
Boston Properties LP 6.75% 12/1/2027
|
37,000
|
38,659
|
|
Hudson Pacific Properties LP 4.65% 4/1/2029
|
6,000,000
|
5,499,463
|
|
13,046,669
|
|||
Real Estate Management & Development - 3.4%
|
|||
Americold Realty Operating Partnership LP 5.409% 9/12/2034
|
24,400,000
|
23,923,840
|
|
Americold Realty Operating Partnership LP 5.6% 5/15/2032
|
10,000,000
|
10,132,993
|
|
CBRE Services Inc 5.5% 6/15/2035
|
5,000,000
|
5,153,042
|
|
CBRE Services Inc 5.95% 8/15/2034
|
16,750,000
|
17,826,425
|
|
CoStar Group Inc 2.8% 7/15/2030 (h)
|
2,000,000
|
1,841,191
|
|
Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (h)
|
11,165,000
|
11,234,915
|
|
Essex Portfolio LP 2.55% 6/15/2031
|
2,000,000
|
1,813,738
|
|
Essex Portfolio LP 2.65% 3/15/2032
|
3,000,000
|
2,674,796
|
|
Essex Portfolio LP 5.5% 4/1/2034
|
22,077,000
|
22,744,959
|
|
Extra Space Storage LP 2.35% 3/15/2032
|
12,000,000
|
10,490,163
|
|
Extra Space Storage LP 2.55% 6/1/2031
|
2,000,000
|
1,812,138
|
|
Extra Space Storage LP 5.35% 1/15/2035
|
8,000,000
|
8,162,181
|
|
Extra Space Storage LP 5.4% 2/1/2034
|
15,000,000
|
15,352,712
|
|
Extra Space Storage LP 5.4% 6/15/2035
|
10,000,000
|
10,209,276
|
|
Extra Space Storage LP 5.5% 7/1/2030
|
5,000,000
|
5,202,825
|
|
Extra Space Storage LP 5.9% 1/15/2031
|
9,000,000
|
9,523,494
|
|
Forestar Group Inc 5% 3/1/2028 (h)
|
5,000,000
|
4,996,364
|
|
Kennedy-Wilson Inc 4.75% 2/1/2030
|
8,130,000
|
7,813,743
|
|
Kennedy-Wilson Inc 4.75% 3/1/2029
|
12,075,000
|
11,816,036
|
|
Kennedy-Wilson Inc 5% 3/1/2031
|
6,960,000
|
6,685,150
|
|
Tanger Properties LP 2.75% 9/1/2031
|
5,000,000
|
4,542,542
|
|
Taylor Morrison Communities Inc 5.75% 11/15/2032 (h)
|
4,715,000
|
4,839,570
|
|
198,792,093
|
|||
Residential REITs - 3.7%
|
|||
American Homes 4 Rent LP 2.375% 7/15/2031
|
9,000,000
|
8,033,018
|
|
American Homes 4 Rent LP 3.375% 7/15/2051
|
2,425,000
|
1,621,426
|
|
American Homes 4 Rent LP 3.625% 4/15/2032
|
27,000,000
|
25,359,264
|
|
American Homes 4 Rent LP 4.3% 4/15/2052
|
8,500,000
|
6,694,352
|
|
American Homes 4 Rent LP 4.9% 2/15/2029
|
13,000,000
|
13,220,922
|
|
American Homes 4 Rent LP 4.95% 6/15/2030
|
43,000
|
43,556
|
|
American Homes 4 Rent LP 5.25% 3/15/2035
|
10,000,000
|
10,025,522
|
|
American Homes 4 Rent LP 5.5% 2/1/2034
|
25,000,000
|
25,593,995
|
|
American Homes 4 Rent LP 5.5% 7/15/2034
|
47,000
|
48,063
|
|
ERP Operating LP 4.65% 9/15/2034
|
5,000,000
|
4,937,729
|
|
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
|
35,000,000
|
33,793,341
|
|
Invitation Homes Operating Partnership LP 4.875% 2/1/2035
|
5,000,000
|
4,875,949
|
|
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
|
33,000,000
|
33,849,390
|
|
Sun Communities Operating LP 2.7% 7/15/2031
|
18,000,000
|
16,349,395
|
|
Sun Communities Operating LP 4.2% 4/15/2032
|
18,439,000
|
17,896,763
|
|
UDR Inc 3% 8/15/2031
|
1,500,000
|
1,390,709
|
|
UDR Inc 5.125% 9/1/2034
|
15,000,000
|
15,099,436
|
|
218,832,830
|
|||
Retail REITs - 4.4%
|
|||
Agree LP 2.6% 6/15/2033
|
6,100,000
|
5,263,562
|
|
Agree LP 2.9% 10/1/2030
|
1,500,000
|
1,402,272
|
|
Agree LP 4.8% 10/1/2032
|
1,288,000
|
1,297,854
|
|
Agree LP 5.625% 6/15/2034
|
7,372,000
|
7,710,815
|
|
Brixmor Operating Partnership LP 2.5% 8/16/2031
|
9,000,000
|
8,075,235
|
|
Brixmor Operating Partnership LP 4.05% 7/1/2030
|
4,000,000
|
3,937,485
|
|
Brixmor Operating Partnership LP 4.125% 5/15/2029
|
1,872,000
|
1,865,527
|
|
Brixmor Operating Partnership LP 4.85% 2/15/2033
|
45,000
|
44,900
|
|
Brixmor Operating Partnership LP 5.5% 2/15/2034
|
10,000,000
|
10,268,761
|
|
Kimco Realty OP LLC 4.6% 2/1/2033
|
9,000,000
|
8,965,039
|
|
Kimco Realty OP LLC 6.4% 3/1/2034
|
3,424,000
|
3,767,148
|
|
Kite Realty Group LP 5.2% 8/15/2032
|
18,000,000
|
18,387,577
|
|
Kite Realty Group LP 5.5% 3/1/2034
|
14,007,000
|
14,397,619
|
|
NNN REIT Inc 3.5% 4/15/2051
|
12,000,000
|
8,473,591
|
|
NNN REIT Inc 5.5% 6/15/2034
|
4,000,000
|
4,128,421
|
|
NNN REIT Inc 5.6% 10/15/2033
|
4,689,000
|
4,887,839
|
|
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
|
16,500,000
|
14,774,752
|
|
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
|
16,021,000
|
15,743,496
|
|
Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032
|
10,000,000
|
10,236,447
|
|
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
|
21,507,000
|
22,483,445
|
|
Realty Income Corp 3.4% 1/15/2030
|
7,000,000
|
6,797,508
|
|
Realty Income Corp 4% 7/15/2029
|
3,000,000
|
2,992,674
|
|
Realty Income Corp 5.125% 2/15/2034
|
3,500,000
|
3,576,543
|
|
Realty Income Corp 5.125% 4/15/2035
|
10,000,000
|
10,161,438
|
|
Regency Centers LP 5.25% 1/15/2034
|
5,000,000
|
5,129,859
|
|
Simon Property Group LP 4.75% 9/26/2034
|
18,000,000
|
17,850,354
|
|
Simon Property Group LP 5.125% 10/1/2035
|
5,000,000
|
5,060,523
|
|
Simon Property Group LP 5.85% 3/8/2053
|
19,000,000
|
19,349,237
|
|
Simon Property Group LP 6.25% 1/15/2034
|
5,000,000
|
5,461,463
|
|
Simon Property Group LP 6.65% 1/15/2054
|
15,000,000
|
16,797,618
|
|
259,289,002
|
|||
Specialized REITs - 8.5%
|
|||
American Tower Corp 2.7% 4/15/2031
|
2,000,000
|
1,839,120
|
|
American Tower Corp 3.8% 8/15/2029
|
23,000,000
|
22,679,733
|
|
American Tower Corp 4.05% 3/15/2032
|
22,000,000
|
21,432,934
|
|
American Tower Corp 5.4% 1/31/2035
|
15,000,000
|
15,415,050
|
|
American Tower Corp 5.45% 2/15/2034
|
29,000,000
|
30,041,710
|
|
American Tower Corp 5.55% 7/15/2033
|
18,250,000
|
19,064,937
|
|
American Tower Corp 5.65% 3/15/2033
|
20,000,000
|
21,036,300
|
|
American Tower Corp 5.9% 11/15/2033
|
8,000,000
|
8,544,366
|
|
Crown Castle Inc 2.1% 4/1/2031
|
9,000,000
|
7,950,075
|
|
Crown Castle Inc 2.25% 1/15/2031
|
14,000,000
|
12,521,584
|
|
Crown Castle Inc 2.5% 7/15/2031
|
5,000,000
|
4,478,578
|
|
Crown Castle Inc 2.9% 4/1/2041
|
17,930,000
|
13,078,086
|
|
Crown Castle Inc 3.8% 2/15/2028
|
2,000,000
|
1,987,114
|
|
Crown Castle Inc 4.75% 5/15/2047
|
5,000,000
|
4,306,944
|
|
Crown Castle Inc 5% 1/11/2028
|
3,000,000
|
3,046,778
|
|
Crown Castle Inc 5.1% 5/1/2033
|
30,000,000
|
30,314,529
|
|
Crown Castle Inc 5.2% 2/15/2049
|
15,000,000
|
13,524,599
|
|
Crown Castle Inc 5.2% 9/1/2034
|
30,000,000
|
30,265,220
|
|
Crown Castle Inc 5.6% 6/1/2029
|
5,000,000
|
5,190,790
|
|
Crown Castle Inc 5.8% 3/1/2034
|
36,000,000
|
37,723,724
|
|
CubeSmart LP 2.5% 2/15/2032
|
10,000,000
|
8,873,410
|
|
CubeSmart LP 4.375% 2/15/2029
|
12,000,000
|
12,052,009
|
|
CubeSmart LP 5.125% 11/1/2035
|
10,000,000
|
9,993,083
|
|
EPR Properties 3.6% 11/15/2031
|
2,000,000
|
1,854,855
|
|
EPR Properties 4.95% 4/15/2028
|
8,000,000
|
8,075,014
|
|
Equinix Inc 3% 7/15/2050
|
11,000,000
|
6,998,585
|
|
Equinix Inc 3.2% 11/18/2029
|
10,000,000
|
9,627,178
|
|
Equinix Inc 3.9% 4/15/2032
|
28,000,000
|
26,943,807
|
|
Iron Mountain Inc 4.5% 2/15/2031 (h)
|
4,500,000
|
4,300,280
|
|
Iron Mountain Inc 4.875% 9/15/2027 (h)
|
3,000,000
|
2,998,251
|
|
Iron Mountain Inc 5.25% 7/15/2030 (h)
|
5,000,000
|
4,950,989
|
|
Iron Mountain Inc 6.25% 1/15/2033 (h)
|
21,385,000
|
21,609,350
|
|
Millrose Properties Inc 6.25% 9/15/2032 (h)
|
9,710,000
|
9,819,519
|
|
Millrose Properties Inc 6.375% 8/1/2030 (h)
|
4,715,000
|
4,812,530
|
|
Public Storage Operating Co 5.1% 8/1/2033
|
5,000,000
|
5,163,149
|
|
Public Storage Operating Co 5.35% 8/1/2053
|
8,500,000
|
8,213,416
|
|
SBA Communications Corp 3.125% 2/1/2029
|
25,000,000
|
23,877,794
|
|
SBA Communications Corp 3.875% 2/15/2027
|
20,000,000
|
19,851,744
|
|
494,457,134
|
|||
TOTAL REAL ESTATE
|
1,775,714,916
|
||
TOTAL UNITED STATES
|
2,019,004,710
|
||
|
TOTAL NON-CONVERTIBLE CORPORATE BONDS
(Cost $1,981,311,935)
|
2,029,828,399
|
||
Non-Convertible Preferred Stocks - 8.0%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.2%
|
|||
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Enbridge Inc 5 year U.S. Treasury Index Series 1+ 3.14%, 5.9491% (f)(g)
|
498,275
|
12,262,548
|
|
Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (f)(g)
|
111,400
|
2,701,450
|
|
TOTAL CANADA
|
14,963,998
|
||
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Crest Dartmouth Street 0% (b)(c)(g)(h)
|
1,220,000
|
12
|
|
UNITED STATES - 7.8%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Global Partners LP/MA 9.5% Series B
|
67,800
|
1,755,545
|
|
Financials - 3.1%
|
|||
Capital Markets - 0.2%
|
|||
DigitalBridge Group Inc 7.125% Series J
|
292,503
|
5,668,708
|
|
DigitalBridge Group Inc Series H, 7.125%
|
148,417
|
2,851,091
|
|
DigitalBridge Group Inc Series I, 7.15%
|
142,666
|
2,781,987
|
|
11,301,786
|
|||
Mortgage Real Estate Investment Trusts (REITs) - 2.9%
|
|||
AGNC Investment Corp 7.75% Series G (g)
|
320,000
|
8,044,800
|
|
AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (f)(g)
|
653,202
|
16,715,439
|
|
AGNC Investment Corp Series H, 8.75%
|
300,000
|
7,785,000
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (f)(g)
|
1,069,599
|
26,836,239
|
|
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (f)(g)
|
1,374,443
|
35,558,215
|
|
Arbor Realty Trust Inc Series D 6.375%
|
126,100
|
2,233,319
|
|
Arbor Realty Trust Inc Series F, 6.25% (g)
|
447,536
|
10,011,381
|
|
Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (f)(g)
|
212,370
|
5,328,363
|
|
MFA Financial Inc 7.5%
|
211,532
|
4,262,370
|
|
MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (f)(g)
|
788,551
|
18,294,383
|
|
Pennymac Mortgage Investment Trust 6.75%
|
217,700
|
4,240,796
|
|
Pennymac Mortgage Investment Trust 8.125% (g)
|
194,805
|
4,722,073
|
|
Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (f)(g)
|
309,033
|
7,450,786
|
|
Rithm Capital Corp 7% Series D (g)
|
151,200
|
3,721,032
|
|
Two Harbors Investment Corp 7.625% Series B (g)
|
331,816
|
8,152,719
|
|
Two Harbors Investment Corp 8.125% Series A (g)
|
187,099
|
4,634,442
|
|
167,991,357
|
|||
TOTAL FINANCIALS
|
179,293,143
|
||
Real Estate - 4.7%
|
|||
Diversified REITs - 1.1%
|
|||
Armada Hoffler Properties Inc Series A 6.75%
|
255,050
|
5,496,328
|
|
CTO Realty Growth Inc 6.375%
|
120,000
|
2,436,011
|
|
Gladstone Commercial Corp Series E 6.625%
|
157,675
|
3,596,582
|
|
Gladstone Commercial Corp Series G, 6%
|
391,000
|
7,933,351
|
|
Global Net Lease Inc 6.875% Series B
|
294,000
|
6,732,600
|
|
Global Net Lease Inc 7.25% Series A
|
509,695
|
11,931,960
|
|
Global Net Lease Inc 7.375% Series E
|
379,839
|
8,869,241
|
|
Global Net Lease Inc 7.5%
|
721,484
|
17,813,440
|
|
64,809,513
|
|||
Health Care REITs - 0.2%
|
|||
Global Medical REIT Inc 7.5% Series A
|
150,848
|
3,704,827
|
|
National Healthcare Properties Inc Series A, 7.375%
|
364,800
|
7,113,600
|
|
National Healthcare Properties Inc Series B, 7.125%
|
190,000
|
3,568,200
|
|
14,386,627
|
|||
Hotel & Resort REITs - 1.2%
|
|||
Ashford Hospitality Trust Inc Series H 7.5%
|
18,189
|
210,265
|
|
Braemar Hotels & Resorts Inc 8.25% Series D
|
138,364
|
2,280,239
|
|
Pebblebrook Hotel Trust 6.3% Series F
|
281,697
|
5,774,788
|
|
Pebblebrook Hotel Trust 6.375%
|
666,800
|
13,336,000
|
|
Pebblebrook Hotel Trust 6.375% Series E
|
372,994
|
7,467,340
|
|
Pebblebrook Hotel Trust Series H, 5.7%
|
717,200
|
12,837,880
|
|
Sotherly Hotels Inc 7.875% Series C
|
107,000
|
1,993,410
|
|
Sotherly Hotels Inc 8% Series B
|
67,250
|
1,221,933
|
|
Summit Hotel Properties Inc Series E, 6.25%
|
457,602
|
8,717,318
|
|
Summit Hotel Properties Inc Series F, 5.875%
|
377,000
|
6,835,010
|
|
Sunstone Hotel Investors Inc Series H, 6.125%
|
180,000
|
3,753,000
|
|
Sunstone Hotel Investors Inc Series I, 5.7%
|
240,000
|
4,633,200
|
|
69,060,383
|
|||
Industrial REITs - 0.3%
|
|||
Prologis Inc Series Q, 8.54%
|
93,396
|
4,946,252
|
|
Rexford Industrial Realty Inc 5.625% Series C
|
317,525
|
6,741,056
|
|
Rexford Industrial Realty Inc 5.875% Series B
|
148,400
|
3,347,904
|
|
15,035,212
|
|||
Office REITs - 0.4%
|
|||
Hudson Pacific Properties Inc 4.75% Series C
|
686,200
|
10,745,892
|
|
Vornado Realty Trust 5.25% Series M
|
275,004
|
4,837,320
|
|
Vornado Realty Trust Series L, 5.4%
|
388,600
|
7,103,609
|
|
Vornado Realty Trust Series N 5.25%
|
196,664
|
3,482,919
|
|
26,169,740
|
|||
Real Estate Management & Development - 0.1%
|
|||
Brookfield Property Partners LP 5.75%
|
43,000
|
594,690
|
|
Brookfield Property Partners LP 6.5%
|
34,125
|
538,151
|
|
Seritage Growth Properties Series A, 7%
|
91,986
|
2,217,782
|
|
3,350,623
|
|||
Residential REITs - 0.7%
|
|||
American Homes 4 Rent 5.875% Series G
|
439,881
|
10,066,677
|
|
American Homes 4 Rent Series H, 6.25%
|
411,648
|
9,874,571
|
|
UMH Properties Inc 6.375% Series D
|
844,525
|
18,963,809
|
|
38,905,057
|
|||
Retail REITs - 0.3%
|
|||
Agree Realty Corp 4.25%
|
259,800
|
4,473,756
|
|
Cedar Realty Trust Inc 7.25%
|
31,436
|
579,523
|
|
Kimco Realty Corp 5.125%
|
49,000
|
988,820
|
|
Kimco Realty Corp Series M 5.25%
|
58,100
|
1,192,793
|
|
Regency Centers Corp 5.875%
|
69,225
|
1,550,640
|
|
Regency Centers Corp 6.25% Series A
|
281,325
|
6,597,071
|
|
Saul Centers Inc 6% Series E
|
76,841
|
1,717,397
|
|
Saul Centers Inc 6.125% Series D
|
57,775
|
1,205,868
|
|
18,305,868
|
|||
Specialized REITs - 0.4%
|
|||
Digital Realty Trust Inc 5.25%
|
80,800
|
1,683,064
|
|
Digital Realty Trust Inc Series K 5.85%
|
42,600
|
1,008,342
|
|
Digital Realty Trust Inc Series L, 5.2%
|
82,700
|
1,716,025
|
|
EPR Properties 5.75%
|
50,000
|
1,031,500
|
|
National Storage Affiliates Trust Series A, 6%
|
546,375
|
11,468,411
|
|
Public Storage 4%
|
47,800
|
774,360
|
|
Public Storage 4%
|
45,700
|
740,797
|
|
Public Storage Operating Co 5.05% Series G
|
43,800
|
939,072
|
|
Public Storage Operating Co 5.15% Series F
|
25,800
|
548,508
|
|
Public Storage Series L, 4.625%
|
35,900
|
684,972
|
|
Public Storage Series MM, 4.125%
|
28,000
|
471,517
|
|
Public Storage Series S, 4.1%
|
100,000
|
1,660,000
|
|
22,726,568
|
|||
TOTAL REAL ESTATE
|
272,749,591
|
||
TOTAL UNITED STATES
|
453,798,279
|
||
|
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
(Cost $464,957,382)
|
468,762,289
|
||
Preferred Securities - 0.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.1%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Energy Transfer LP Series G, 7.125% (g)(i)
(Cost $6,000,000)
|
6,000,000
|
6,287,044
|
|
Money Market Funds - 6.7%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (k)
|
3.70
|
386,729,588
|
386,806,934
|
|
Fidelity Securities Lending Cash Central Fund (k)(l)
|
3.70
|
3,494,051
|
3,494,400
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $390,268,802)
|
390,301,334
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 99.4%
(Cost $5,575,141,991)
|
5,811,545,224
|
NET OTHER ASSETS (LIABILITIES) - 0.6%
|
35,061,768
|
NET ASSETS - 100.0%
|
5,846,606,992
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Level 3 security.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
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.
|
(f)
|
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
|
(g)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
(h)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,418,798,294 or 24.3% of net assets.
|
(i)
|
Security is perpetual in nature with no stated maturity date.
|
(j)
|
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
|
(k)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(l)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
552,314,390
|
516,362,857
|
681,881,285
|
7,651,975
|
10,972
|
-
|
386,806,934
|
386,729,588
|
0.7%
|
Fidelity Securities Lending Cash Central Fund
|
-
|
55,511,414
|
52,017,087
|
6,184
|
73
|
-
|
3,494,400
|
3,494,051
|
0.0%
|
Total
|
552,314,390
|
571,874,271
|
733,898,372
|
7,658,159
|
11,045
|
-
|
390,301,334
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Asset-Backed Securities
|
91,470,522
|
-
|
91,470,522
|
-
|
Bank Loan Obligations
|
||||
Communication Services
|
35,289,311
|
-
|
35,289,311
|
-
|
Consumer Discretionary
|
22,449,612
|
-
|
22,449,612
|
-
|
Energy
|
13,658,207
|
-
|
13,658,207
|
-
|
Financials
|
11,158,543
|
-
|
-
|
11,158,543
|
Real Estate
|
4,173,032
|
-
|
4,173,032
|
-
|
Collateralized Mortgage Obligations
|
30,137
|
-
|
-
|
30,137
|
Commercial Mortgage Securities
|
1,111,067,629
|
-
|
1,094,385,493
|
16,682,136
|
Common Stocks
|
||||
Consumer Discretionary
|
8,984,723
|
8,984,723
|
-
|
-
|
Financials
|
34,559,438
|
34,559,438
|
-
|
-
|
Industrials
|
1,179,767
|
1,179,767
|
-
|
-
|
Real Estate
|
1,387,328,610
|
1,387,328,607
|
-
|
3
|
Convertible Preferred Stocks
|
||||
Financials
|
173,562,256
|
173,562,256
|
-
|
-
|
Real Estate
|
21,454,371
|
-
|
21,454,371
|
-
|
Non-Convertible Corporate Bonds
|
||||
Communication Services
|
37,575,213
|
-
|
37,575,213
|
-
|
Consumer Discretionary
|
178,752,563
|
-
|
178,752,563
|
-
|
Energy
|
10,823,689
|
-
|
10,823,689
|
-
|
Financials
|
4,385,394
|
-
|
4,385,394
|
-
|
Health Care
|
13,786,116
|
-
|
13,786,116
|
-
|
Industrials
|
8,790,508
|
-
|
8,790,508
|
-
|
Real Estate
|
1,775,714,916
|
-
|
1,775,714,916
|
-
|
Non-Convertible Preferred Stocks
|
||||
Energy
|
16,719,543
|
16,719,543
|
-
|
-
|
Financials
|
179,293,155
|
179,293,143
|
-
|
12
|
Real Estate
|
272,749,591
|
272,749,591
|
-
|
-
|
Preferred Securities
|
||||
Energy
|
6,287,044
|
-
|
6,287,044
|
-
|
Money Market Funds
|
390,301,334
|
390,301,334
|
-
|
-
|
Total Investments in Securities:
|
5,811,545,224
|
2,464,678,402
|
3,318,995,991
|
27,870,831
|
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $3,431,628) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $5,184,873,189)
|
$
|
5,421,243,890
|
||
Fidelity Central Funds (cost $390,268,802)
|
390,301,334
|
|||
Total Investment in Securities (cost $5,575,141,991)
|
$
|
5,811,545,224
|
||
Cash
|
973,655
|
|||
Receivable for investments sold
|
14,071
|
|||
Receivable for fund shares sold
|
8,461,347
|
|||
Dividends receivable
|
4,590,563
|
|||
Interest receivable
|
35,233,213
|
|||
Distributions receivable from Fidelity Central Funds
|
1,003,344
|
|||
Prepaid expenses
|
3,561
|
|||
Other receivables
|
24,892
|
|||
Total assets
|
5,861,849,870
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
6,938,507
|
||
Payable for fund shares redeemed
|
1,663,746
|
|||
Accrued management fee
|
2,925,817
|
|||
Distribution and service plan fees payable
|
83,569
|
|||
Other payables and accrued expenses
|
136,911
|
|||
Collateral on securities loaned
|
3,494,328
|
|||
Total liabilities
|
15,242,878
|
|||
Net Assets
|
$
|
5,846,606,992
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
5,725,220,784
|
||
Total accumulated earnings (loss)
|
121,386,208
|
|||
Net Assets
|
$
|
5,846,606,992
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($270,225,690 ÷ 22,151,704 shares)(a)
|
$
|
12.20
|
||
Maximum offering price per share (100/96.00 of $12.20)
|
$
|
12.71
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($32,735,962 ÷ 2,682,484 shares)(a)
|
$
|
12.20
|
||
Maximum offering price per share (100/96.00 of $12.20)
|
$
|
12.71
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($23,900,475 ÷ 1,995,640 shares)(a)
|
$
|
11.98
|
||
Real Estate Income :
|
||||
Net Asset Value, offering price and redemption price per share ($1,270,182,371 ÷ 103,256,791 shares)
|
$
|
12.30
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($1,343,884,773 ÷ 109,811,081 shares)
|
$
|
12.24
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($2,905,677,721 ÷ 237,671,147 shares)
|
$
|
12.23
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
47,926,207
|
||
Interest
|
96,575,717
|
|||
Income from Fidelity Central Funds (including $6,184 from security lending)
|
7,658,159
|
|||
Total income
|
152,160,083
|
|||
Expenses
|
||||
Management fee
|
$
|
17,055,162
|
||
Distribution and service plan fees
|
512,428
|
|||
Custodian fees and expenses
|
12,830
|
|||
Independent trustees' fees and expenses
|
11,120
|
|||
Registration fees
|
180,934
|
|||
Audit fees
|
52,711
|
|||
Legal
|
3,407
|
|||
Miscellaneous
|
9,530
|
|||
Total expenses before reductions
|
17,838,122
|
|||
Expense reductions
|
(5,127)
|
|||
Total expenses after reductions
|
17,832,995
|
|||
Net Investment income (loss)
|
134,327,088
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
4,972,316
|
|||
Fidelity Central Funds
|
11,045
|
|||
Total net realized gain (loss)
|
4,983,361
|
|||
Change in net unrealized appreciation (depreciation) on investment securities
|
75,597,483
|
|||
Net gain (loss)
|
80,580,844
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
214,907,932
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
134,327,088
|
$
|
241,529,346
|
Net realized gain (loss)
|
4,983,361
|
56,195,496
|
||
Change in net unrealized appreciation (depreciation)
|
75,597,483
|
(1,000,281)
|
||
Net increase (decrease) in net assets resulting from operations
|
214,907,932
|
296,724,561
|
||
Distributions to shareholders
|
(142,956,313)
|
(234,138,122)
|
||
Share transactions - net increase (decrease)
|
495,037,348
|
430,264,698
|
||
Total increase (decrease) in net assets
|
566,988,967
|
492,851,137
|
||
Net Assets
|
||||
Beginning of period
|
5,279,618,025
|
4,786,766,888
|
||
End of period
|
$
|
5,846,606,992
|
$
|
5,279,618,025
|
Fidelity Advisor® Real Estate Income Fund Class A |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.04
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
$
|
11.02
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.28
|
.55
|
.52
|
.53
|
.39
|
.33
|
||||||
Net realized and unrealized gain (loss)
|
.17
|
.13
|
.53
|
(.88)
|
(1.03)
|
2.53
|
||||||
Total from investment operations
|
.45
|
.68
|
1.05
|
(.35)
|
(.64)
|
2.86
|
||||||
Distributions from net investment income
|
(.29)
|
(.53)
|
(.52)
|
(.56)
|
(.28)
|
(.42) C
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.22)
|
(.02)
|
(.03) C
|
||||||
Total distributions
|
(.29)
|
(.53)
|
(.52)
|
(.78)
|
(.30)
|
(.45)
|
||||||
Net asset value, end of period
|
$
|
12.20
|
$
|
12.04
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
Total Return D,E,F
|
3.79 % |
5.84%
|
9.58%
|
(2.72)%
|
(4.83)%
|
26.64%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.94% I
|
.95%
|
.97%
|
.99%
|
.98%
|
.99%
|
||||||
Expenses net of fee waivers, if any
|
.94 % I |
.95%
|
.96%
|
.98%
|
.98%
|
.99%
|
||||||
Expenses net of all reductions, if any
|
.94% I
|
.95%
|
.96%
|
.98%
|
.98%
|
.99%
|
||||||
Net investment income (loss)
|
4.53% I
|
4.55%
|
4.61%
|
4.61%
|
2.97%
|
2.75%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
270,226
|
$
|
281,521
|
$
|
291,737
|
$
|
304,754
|
$
|
364,443
|
$
|
384,382
|
Portfolio turnover rate J
|
10 % I |
24%
|
24%
|
17%
|
42%
|
26%
|
Fidelity Advisor® Real Estate Income Fund Class M |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.04
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
$
|
11.02
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.28
|
.55
|
.52
|
.52
|
.39
|
.33
|
||||||
Net realized and unrealized gain (loss)
|
.17
|
.13
|
.53
|
(.87)
|
(1.03)
|
2.53
|
||||||
Total from investment operations
|
.45
|
.68
|
1.05
|
(.35)
|
(.64)
|
2.86
|
||||||
Distributions from net investment income
|
(.29)
|
(.53)
|
(.52)
|
(.56)
|
(.28)
|
(.42) C
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.22)
|
(.02)
|
(.03) C
|
||||||
Total distributions
|
(.29)
|
(.53)
|
(.52)
|
(.78)
|
(.30)
|
(.45)
|
||||||
Net asset value, end of period
|
$
|
12.20
|
$
|
12.04
|
$
|
11.89
|
$
|
11.36
|
$
|
12.49
|
$
|
13.43
|
Total Return D,E,F
|
3.79 % |
5.83%
|
9.56%
|
(2.75)%
|
(4.85)%
|
26.62%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.94% I
|
.95%
|
.98%
|
1.01%
|
.99%
|
1.01%
|
||||||
Expenses net of fee waivers, if any
|
.94 % I |
.95%
|
.97%
|
1.00%
|
.99%
|
1.01%
|
||||||
Expenses net of all reductions, if any
|
.94% I
|
.95%
|
.97%
|
1.00%
|
.99%
|
1.01%
|
||||||
Net investment income (loss)
|
4.53% I
|
4.55%
|
4.61%
|
4.59%
|
2.97%
|
2.73%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
32,736
|
$
|
34,256
|
$
|
38,026
|
$
|
42,829
|
$
|
52,919
|
$
|
57,338
|
Portfolio turnover rate J
|
10 % I |
24%
|
24%
|
17%
|
42%
|
26%
|
Fidelity Advisor® Real Estate Income Fund Class C |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
11.82
|
$
|
11.67
|
$
|
11.16
|
$
|
12.27
|
$
|
13.21
|
$
|
10.88
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.23
|
.45
|
.43
|
.43
|
.29
|
.24
|
||||||
Net realized and unrealized gain (loss)
|
.17
|
.13
|
.51
|
(.86)
|
(1.01)
|
2.48
|
||||||
Total from investment operations
|
.40
|
.58
|
.94
|
(.43)
|
(.72)
|
2.72
|
||||||
Distributions from net investment income
|
(.24)
|
(.43)
|
(.43)
|
(.46)
|
(.20)
|
(.36) C
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.22)
|
(.02)
|
(.03) C
|
||||||
Total distributions
|
(.24)
|
(.43)
|
(.43)
|
(.68)
|
(.22)
|
(.39)
|
||||||
Net asset value, end of period
|
$
|
11.98
|
$
|
11.82
|
$
|
11.67
|
$
|
11.16
|
$
|
12.27
|
$
|
13.21
|
Total Return D,E,F
|
3.44 % |
5.08%
|
8.72%
|
(3.46)%
|
(5.54)%
|
25.64%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
1.69% I
|
1.70%
|
1.70%
|
1.74%
|
1.72%
|
1.74%
|
||||||
Expenses net of fee waivers, if any
|
1.69 % I |
1.70%
|
1.70%
|
1.73%
|
1.72%
|
1.74%
|
||||||
Expenses net of all reductions, if any
|
1.69% I
|
1.70%
|
1.70%
|
1.73%
|
1.72%
|
1.74%
|
||||||
Net investment income (loss)
|
3.78% I
|
3.80%
|
3.88%
|
3.86%
|
2.23%
|
2.00%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
23,900
|
$
|
27,200
|
$
|
40,267
|
$
|
56,795
|
$
|
89,135
|
$
|
120,072
|
Portfolio turnover rate J
|
10 % I |
24%
|
24%
|
17%
|
42%
|
26%
|
Fidelity® Real Estate Income Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.14
|
$
|
11.98
|
$
|
11.45
|
$
|
12.58
|
$
|
13.52
|
$
|
11.09
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.30
|
.59
|
.56
|
.56
|
.43
|
.37
|
||||||
Net realized and unrealized gain (loss)
|
.17
|
.14
|
.52
|
(.88)
|
(1.03)
|
2.53
|
||||||
Total from investment operations
|
.47
|
.73
|
1.08
|
(.32)
|
(.60)
|
2.90
|
||||||
Distributions from net investment income
|
(.31)
|
(.57)
|
(.55)
|
(.60)
|
(.32)
|
(.44) C
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.22)
|
(.02)
|
(.03) C
|
||||||
Total distributions
|
(.31)
|
(.57)
|
(.55)
|
(.81) D
|
(.34)
|
(.47)
|
||||||
Net asset value, end of period
|
$
|
12.30
|
$
|
12.14
|
$
|
11.98
|
$
|
11.45
|
$
|
12.58
|
$
|
13.52
|
Total Return E,F
|
3.92 % |
6.21%
|
9.79%
|
(2.42)%
|
(4.56)%
|
26.88%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.65% I
|
.66%
|
.69%
|
.73%
|
.71%
|
.72%
|
||||||
Expenses net of fee waivers, if any
|
.65 % I |
.66%
|
.68%
|
.72%
|
.71%
|
.72%
|
||||||
Expenses net of all reductions, if any
|
.65% I
|
.66%
|
.68%
|
.72%
|
.71%
|
.72%
|
||||||
Net investment income (loss)
|
4.82% I
|
4.84%
|
4.90%
|
4.87%
|
3.24%
|
3.02%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,270,182
|
$
|
1,235,613
|
$
|
1,101,737
|
$
|
1,288,147
|
$
|
1,898,345
|
$
|
2,777,243
|
Portfolio turnover rate J
|
10 % I |
24%
|
24%
|
17%
|
42%
|
26%
|
Fidelity Advisor® Real Estate Income Fund Class I |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.08
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
$
|
11.04
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.29
|
.58
|
.55
|
.56
|
.43
|
.37
|
||||||
Net realized and unrealized gain (loss)
|
.18
|
.14
|
.53
|
(.89)
|
(1.03)
|
2.53
|
||||||
Total from investment operations
|
.47
|
.72
|
1.08
|
(.33)
|
(.60)
|
2.90
|
||||||
Distributions from net investment income
|
(.31)
|
(.56)
|
(.55)
|
(.60)
|
(.32)
|
(.44) C
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.22)
|
(.02)
|
(.03) C
|
||||||
Total distributions
|
(.31)
|
(.56)
|
(.55)
|
(.81) D
|
(.34)
|
(.47)
|
||||||
Net asset value, end of period
|
$
|
12.24
|
$
|
12.08
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
Total Return E,F
|
3.92 % |
6.16%
|
9.86%
|
(2.52)%
|
(4.57)%
|
27.03%
|
||||||
Ratios to Average Net Assets B,G,H
|
||||||||||||
Expenses before reductions
|
.69% I
|
.70%
|
.72%
|
.73%
|
.71%
|
.71%
|
||||||
Expenses net of fee waivers, if any
|
.69 % I |
.70%
|
.71%
|
.72%
|
.71%
|
.71%
|
||||||
Expenses net of all reductions, if any
|
.69% I
|
.70%
|
.71%
|
.72%
|
.71%
|
.71%
|
||||||
Net investment income (loss)
|
4.78% I
|
4.80%
|
4.87%
|
4.87%
|
3.24%
|
3.03%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,343,885
|
$
|
1,273,835
|
$
|
1,396,173
|
$
|
1,379,614
|
$
|
1,946,852
|
$
|
2,810,475
|
Portfolio turnover rate J
|
10 % I |
24%
|
24%
|
17%
|
42%
|
26%
|
Fidelity Advisor® Real Estate Income Fund Class Z |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
12.07
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
$
|
11.04
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.30
|
.60
|
.57
|
.57
|
.44
|
.38
|
||||||
Net realized and unrealized gain (loss)
|
.18
|
.13
|
.53
|
(.88)
|
(1.02)
|
2.53
|
||||||
Total from investment operations
|
.48
|
.73
|
1.10
|
(.31)
|
(.58)
|
2.91
|
||||||
Distributions from net investment income
|
(.32)
|
(.58)
|
(.57)
|
(.61)
|
(.34)
|
(.45) C
|
||||||
Distributions from net realized gain
|
-
|
-
|
-
|
(.22)
|
(.02)
|
(.03) C
|
||||||
Total distributions
|
(.32)
|
(.58)
|
(.57)
|
(.83)
|
(.36)
|
(.48)
|
||||||
Net asset value, end of period
|
$
|
12.23
|
$
|
12.07
|
$
|
11.92
|
$
|
11.39
|
$
|
12.53
|
$
|
13.47
|
Total Return D,E
|
4.00 % |
6.26%
|
9.99%
|
(2.36)%
|
(4.44)%
|
27.15%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.57% H
|
.57%
|
.60%
|
.60%
|
.59%
|
.60%
|
||||||
Expenses net of fee waivers, if any
|
.57 % H |
.57%
|
.59%
|
.60%
|
.59%
|
.60%
|
||||||
Expenses net of all reductions, if any
|
.57% H
|
.57%
|
.59%
|
.60%
|
.59%
|
.60%
|
||||||
Net investment income (loss)
|
4.90% H
|
4.93%
|
4.98%
|
4.99%
|
3.36%
|
3.14%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
2,905,678
|
$
|
2,427,192
|
$
|
1,918,827
|
$
|
1,516,585
|
$
|
1,607,463
|
$
|
919,766
|
Portfolio turnover rate I
|
10 % H |
24%
|
24%
|
17%
|
42%
|
26%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$458,464,053
|
Gross unrealized depreciation
|
(215,032,985)
|
Net unrealized appreciation (depreciation)
|
$243,431,068
|
Tax cost
|
$5,568,114,156
|
Short-term
|
$(24,024,759)
|
Long-term
|
(118,451,187)
|
Total capital loss carryforward
|
$(142,475,946)
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Real Estate Income Fund
|
914,801,520
|
268,389,130
|
Maximum Management Fee Rate %
|
|
Class A
|
.70
|
Class M
|
.72
|
Class C
|
.70
|
Real Estate Income
|
.69
|
Class I
|
.69
|
Class Z
|
.56
|
Total Management Fee Rate %
|
|
Class A
|
.68
|
Class M
|
.68
|
Class C
|
.68
|
Real Estate Income
|
.64
|
Class I
|
.68
|
Class Z
|
.56
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
342,652
|
2,243
|
Class M
|
- %
|
.25%
|
42,339
|
-
|
Class C
|
.75%
|
.25%
|
127,437
|
9,947
|
512,428
|
12,190
|
Retained by FDC ($)
|
|
Class A
|
4,327
|
Class M
|
579
|
Class C A
|
58
|
4,964
|
Amount ($)
|
|
Fidelity Real Estate Income Fund
|
7,098
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Real Estate Income Fund
|
32,305,259
|
1,114,102
|
(19,829)
|
Amount ($)
|
|
Fidelity Real Estate Income Fund
|
4,480
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Real Estate Income Fund
|
631
|
-
|
-
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
|
Fidelity Real Estate Income Fund
|
||
Distributions to shareholders
|
||
Class A
|
$6,513,424
|
$12,627,177
|
Class M
|
808,956
|
1,565,260
|
Class C
|
509,403
|
1,205,877
|
Real Estate Income
|
31,607,122
|
52,763,454
|
Class I
|
33,340,158
|
64,198,332
|
Class Z
|
70,177,250
|
101,778,022
|
Total
|
$142,956,313
|
$234,138,122
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025
|
|
Fidelity Real Estate Income Fund
|
||||
Class A
|
||||
Shares sold
|
1,187,183
|
3,279,694
|
$14,458,302
|
$39,520,990
|
Reinvestment of distributions
|
367,752
|
744,875
|
4,454,184
|
8,900,899
|
Shares redeemed
|
(2,793,413)
|
(5,177,351)
|
(33,974,737)
|
(62,411,878)
|
Net increase (decrease)
|
(1,238,478)
|
(1,152,782)
|
$(15,062,251)
|
$(13,989,989)
|
Class M
|
||||
Shares sold
|
51,982
|
255,344
|
$633,350
|
$3,073,526
|
Reinvestment of distributions
|
63,421
|
123,848
|
768,820
|
1,480,883
|
Shares redeemed
|
(277,771)
|
(731,932)
|
(3,381,204)
|
(8,837,930)
|
Net increase (decrease)
|
(162,368)
|
(352,740)
|
$(1,979,034)
|
$(4,283,521)
|
Class C
|
||||
Shares sold
|
173,467
|
260,329
|
$2,072,851
|
$3,098,935
|
Reinvestment of distributions
|
41,940
|
100,679
|
499,171
|
1,182,293
|
Shares redeemed
|
(521,238)
|
(1,509,024)
|
(6,240,940)
|
(17,868,274)
|
Net increase (decrease)
|
(305,831)
|
(1,148,016)
|
$(3,668,918)
|
$(13,587,046)
|
Real Estate Income
|
||||
Shares sold
|
7,413,482
|
25,452,798
|
$90,992,502
|
$311,223,640
|
Reinvestment of distributions
|
2,275,342
|
3,749,688
|
27,786,162
|
45,198,739
|
Shares redeemed
|
(8,240,917)
|
(19,322,874)
|
(101,180,204)
|
(234,690,763)
|
Net increase (decrease)
|
1,447,907
|
9,879,612
|
$17,598,460
|
$121,731,616
|
Class I
|
||||
Shares sold
|
12,554,792
|
28,306,315
|
$153,421,244
|
$342,073,725
|
Reinvestment of distributions
|
2,564,078
|
5,033,240
|
31,157,212
|
60,298,948
|
Shares redeemed
|
(10,797,718)
|
(44,948,565)
|
(131,918,825)
|
(544,951,905)
|
Net increase (decrease)
|
4,321,152
|
(11,609,010)
|
$52,659,631
|
$(142,579,232)
|
Class Z
|
||||
Shares sold
|
42,186,024
|
52,755,416
|
$515,239,733
|
$635,804,810
|
Reinvestment of distributions
|
5,189,344
|
7,401,751
|
62,972,648
|
88,669,214
|
Shares redeemed
|
(10,878,650)
|
(19,975,570)
|
(132,722,921)
|
(241,501,154)
|
Net increase (decrease)
|
36,496,718
|
40,181,597
|
$445,489,460
|
$482,972,870
|
Strategic Advisers Fidelity Core Income Fund
|
|
Fidelity Real Estate Income Fund
|
31%
|
![]() |


Contents
Common Stocks - 95.9%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Canva Australia Holdings Pty Ltd Class A (a)(b)(c)
|
14,500
|
22,421,060
|
|
BELGIUM - 0.5%
|
|||
Health Care - 0.5%
|
|||
Pharmaceuticals - 0.5%
|
|||
UCB SA
|
657,900
|
199,171,587
|
|
BRAZIL - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Broadline Retail - 0.2%
|
|||
MercadoLibre Inc (c)
|
35,369
|
75,965,185
|
|
CANADA - 0.4%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Cenovus Energy Inc
|
163,636
|
3,229,096
|
|
Information Technology - 0.3%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Celestica Inc (United States) (c)
|
53,400
|
15,004,866
|
|
IT Services - 0.3%
|
|||
Shopify Inc Class A (United States) (c)
|
467,731
|
61,380,339
|
|
TOTAL INFORMATION TECHNOLOGY
|
76,385,205
|
||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Franco-Nevada Corp (United States)
|
205,930
|
48,261,755
|
|
TOTAL CANADA
|
127,876,056
|
||
CHINA - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Alibaba Group Holding Ltd ADR
|
6,260
|
1,061,446
|
|
JD.com Inc A Shares
|
8,491
|
121,087
|
|
TOTAL CONSUMER DISCRETIONARY
|
1,182,533
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Ant International Co Ltd Class C (a)(b)
|
10,036,067
|
16,057,707
|
|
TOTAL CHINA
|
17,240,240
|
||
DENMARK - 0.2%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Ascendis Pharma A/S ADR (c)
|
269,050
|
60,832,205
|
|
FRANCE - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
GenSight Biologics SA (c)(d)
|
210,096
|
19,648
|
|
JAPAN - 0.1%
|
|||
Information Technology - 0.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
Disco Corp
|
98,300
|
41,900,434
|
|
KOREA (SOUTH) - 1.7%
|
|||
Industrials - 0.3%
|
|||
Aerospace & Defense - 0.3%
|
|||
Hanwha Aerospace Co Ltd
|
142,980
|
128,124,461
|
|
Information Technology - 1.4%
|
|||
Semiconductors & Semiconductor Equipment - 1.4%
|
|||
SK Hynix Inc
|
789,280
|
494,547,932
|
|
TOTAL KOREA (SOUTH)
|
622,672,393
|
||
NETHERLANDS - 1.7%
|
|||
Health Care - 1.3%
|
|||
Biotechnology - 1.3%
|
|||
Argenx SE ADR (c)
|
532,626
|
447,672,153
|
|
Information Technology - 0.4%
|
|||
Semiconductors & Semiconductor Equipment - 0.4%
|
|||
ASM International NV
|
52,900
|
44,508,020
|
|
ASML Holding NV depository receipt
|
5,966
|
8,489,618
|
|
BE Semiconductor Industries NV
|
344,815
|
67,235,503
|
|
NXP Semiconductors NV
|
153,900
|
34,802,946
|
|
TOTAL INFORMATION TECHNOLOGY
|
155,036,087
|
||
TOTAL NETHERLANDS
|
602,708,240
|
||
TAIWAN - 4.5%
|
|||
Information Technology - 4.5%
|
|||
Electronic Equipment, Instruments & Components - 1.4%
|
|||
Chroma ATE Inc
|
4,378,000
|
135,923,966
|
|
Delta Electronics Inc
|
10,189,000
|
393,808,966
|
|
529,732,932
|
|||
Semiconductors & Semiconductor Equipment - 3.1%
|
|||
Jentech Precision Industrial Co Ltd
|
656,000
|
59,022,335
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
3,194,212
|
1,055,878,719
|
|
1,114,901,054
|
|||
TOTAL TAIWAN
|
1,644,633,986
|
||
THAILAND - 0.1%
|
|||
Information Technology - 0.1%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Fabrinet (c)
|
59,800
|
29,268,512
|
|
UNITED KINGDOM - 0.4%
|
|||
Health Care - 0.4%
|
|||
Pharmaceuticals - 0.4%
|
|||
Astrazeneca PLC ADR
|
1,499,033
|
139,065,291
|
|
UNITED STATES - 86.1%
|
|||
Communication Services - 21.8%
|
|||
Entertainment - 1.8%
|
|||
Electronic Arts Inc
|
2,300
|
469,016
|
|
Netflix Inc (c)
|
6,093,440
|
508,741,306
|
|
ROBLOX Corp Class A (c)
|
2,150,500
|
141,416,880
|
|
Take-Two Interactive Software Inc (c)
|
11,383
|
2,507,675
|
|
653,134,877
|
|||
Interactive Media & Services - 20.0%
|
|||
Alphabet Inc Class A
|
10,842,083
|
3,664,624,054
|
|
Alphabet Inc Class C
|
4,452,092
|
1,507,166,705
|
|
Epic Games Inc (a)(b)(c)
|
77,600
|
50,446,983
|
|
Meta Platforms Inc Class A
|
2,293,788
|
1,643,499,102
|
|
Reddit Inc Class A (c)
|
2,254,939
|
406,497,854
|
|
7,272,234,698
|
|||
Media - 0.0%
|
|||
Charter Communications Inc Class A (c)(d)
|
53,559
|
11,039,581
|
|
TOTAL COMMUNICATION SERVICES
|
7,936,409,156
|
||
Consumer Discretionary - 8.5%
|
|||
Automobiles - 1.5%
|
|||
Rivian Automotive Inc Class A (c)
|
12,872
|
189,862
|
|
Tesla Inc (c)
|
1,291,400
|
555,831,474
|
|
556,021,336
|
|||
Broadline Retail - 6.3%
|
|||
Amazon.com Inc (c)
|
9,661,586
|
2,312,017,530
|
|
Contextlogic Holdings Inc
|
4,847
|
38,146
|
|
Contextlogic Holdings Inc rights 2/20/2026 (c)
|
4,847
|
0
|
|
2,312,055,676
|
|||
Diversified Consumer Services - 0.1%
|
|||
Duolingo Inc Class A (c)
|
184,400
|
24,720,664
|
|
Hotels, Restaurants & Leisure - 0.5%
|
|||
Airbnb Inc Class A (c)
|
18,817
|
2,434,355
|
|
Domino's Pizza Inc
|
430,501
|
176,647,475
|
|
Marriott International Inc/MD Class A1
|
42,085
|
13,269,401
|
|
192,351,231
|
|||
Specialty Retail - 0.0%
|
|||
ThredUp Inc Class A (c)
|
85,713
|
435,421
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Figs Inc Class A (c)
|
44,634
|
482,494
|
|
Kontoor Brands Inc
|
5,761
|
344,104
|
|
Lululemon Athletica Inc (c)
|
102,595
|
17,902,828
|
|
18,729,426
|
|||
TOTAL CONSUMER DISCRETIONARY
|
3,104,313,754
|
||
Consumer Staples - 0.7%
|
|||
Beverages - 0.4%
|
|||
Monster Beverage Corp (c)
|
1,824,613
|
147,355,746
|
|
Consumer Staples Distribution & Retail - 0.3%
|
|||
Chobani Inc Class A (a)(b)(e)
|
3,711
|
16,537,515
|
|
Costco Wholesale Corp
|
90,889
|
85,458,382
|
|
101,995,897
|
|||
Food Products - 0.0%
|
|||
Mondelez International Inc
|
154,274
|
9,020,401
|
|
Personal Care Products - 0.0%
|
|||
Honest Co Inc/The (c)(d)
|
156,331
|
386,137
|
|
TOTAL CONSUMER STAPLES
|
258,758,181
|
||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Diamondback Energy Inc
|
50,808
|
8,329,972
|
|
EOG Resources Inc
|
13,570
|
1,521,603
|
|
TOTAL ENERGY
|
9,851,575
|
||
Financials - 0.1%
|
|||
Banks - 0.0%
|
|||
Wintrust Financial Corp
|
43,412
|
6,402,836
|
|
Capital Markets - 0.1%
|
|||
Coinbase Global Inc Class A (c)
|
118,400
|
23,057,217
|
|
Moody's Corp
|
2,708
|
1,396,136
|
|
S&P Global Inc
|
674
|
355,730
|
|
24,809,083
|
|||
TOTAL FINANCIALS
|
31,211,919
|
||
Health Care - 6.1%
|
|||
Biotechnology - 3.3%
|
|||
Alnylam Pharmaceuticals Inc (c)
|
1,336,524
|
451,825,303
|
|
Cogent Biosciences Inc (c)
|
1,241,923
|
44,597,455
|
|
Cytokinetics Inc (c)
|
1,874,757
|
118,465,895
|
|
Gilead Sciences Inc
|
1,682,262
|
238,797,091
|
|
GRAIL Inc (c)
|
6,411
|
627,124
|
|
Insmed Inc (c)
|
384,000
|
60,238,080
|
|
Ionis Pharmaceuticals Inc (c)
|
31,362
|
2,592,697
|
|
Legend Biotech Corp ADR (c)
|
4,683,810
|
81,966,675
|
|
Moderna Inc (c)
|
4,057,600
|
178,818,432
|
|
Scholar Rock Holding Corp (c)
|
113,846
|
5,047,932
|
|
Soleno Therapeutics Inc (c)
|
947,900
|
36,551,024
|
|
Trevena Inc (c)
|
706
|
8
|
|
1,219,527,716
|
|||
Health Care Equipment & Supplies - 1.7%
|
|||
Boston Scientific Corp (c)
|
2,725,305
|
254,897,777
|
|
Insulet Corp (c)
|
1,157,782
|
296,172,213
|
|
Intuitive Surgical Inc (c)
|
14,458
|
7,290,013
|
|
Neuronetics Inc (c)(d)
|
38,201
|
79,840
|
|
Outset Medical Inc (c)
|
2,640
|
13,226
|
|
Pulmonx Corp (c)
|
25,840
|
42,378
|
|
TransMedics Group Inc (c)
|
363,712
|
48,728,315
|
|
607,223,762
|
|||
Health Care Technology - 0.3%
|
|||
Veeva Systems Inc Class A (c)
|
583,960
|
119,081,123
|
|
Life Sciences Tools & Services - 0.4%
|
|||
10X Genomics Inc Class A (c)
|
799,023
|
16,140,265
|
|
Danaher Corp
|
425,219
|
93,076,187
|
|
Illumina Inc (c)
|
38,469
|
5,570,696
|
|
Seer Inc Class A (c)
|
582,504
|
1,060,156
|
|
Thermo Fisher Scientific Inc
|
21,724
|
12,569,724
|
|
128,417,028
|
|||
Pharmaceuticals - 0.4%
|
|||
Crinetics Pharmaceuticals Inc (c)
|
2,707,223
|
135,198,717
|
|
Elanco Animal Health Inc (c)
|
87,837
|
2,115,115
|
|
TherapeuticsMD Inc (c)
|
6,770
|
14,623
|
|
137,328,455
|
|||
TOTAL HEALTH CARE
|
2,211,578,084
|
||
Industrials - 6.1%
|
|||
Aerospace & Defense - 4.1%
|
|||
Anduril Industries Inc Class B (a)(b)
|
36,483
|
1,821,961
|
|
Anduril Industries Inc Class C (a)(b)
|
17
|
849
|
|
Space Exploration Technologies Corp (a)(b)(c)
|
3,339,423
|
1,405,897,083
|
|
Space Exploration Technologies Corp Class C (a)(b)(c)
|
152,047
|
64,011,787
|
|
1,471,731,680
|
|||
Commercial Services & Supplies - 0.0%
|
|||
Veralto Corp
|
15,772
|
1,561,113
|
|
Construction & Engineering - 0.0%
|
|||
Bowman Consulting Group Ltd (c)
|
77,261
|
2,691,001
|
|
Electrical Equipment - 2.0%
|
|||
Fluence Energy Inc Class A (c)(d)
|
1,281,300
|
39,425,601
|
|
GE Vernova Inc
|
408,300
|
296,576,871
|
|
Nextpower Inc Class A (c)
|
3,369,000
|
394,476,210
|
|
730,478,682
|
|||
Ground Transportation - 0.0%
|
|||
CSX Corp
|
283,348
|
10,699,220
|
|
Passenger Airlines - 0.0%
|
|||
Wheels Up Experience Inc Class A (c)(d)
|
79,631
|
50,168
|
|
Wheels Up Experience Inc Class A rights (a)(c)
|
11,102
|
0
|
|
Wheels Up Experience Inc Stage 1 rights (a)(c)
|
11,102
|
0
|
|
Wheels Up Experience Inc Stage 3 rights (a)(c)
|
11,103
|
0
|
|
50,168
|
|||
TOTAL INDUSTRIALS
|
2,217,211,864
|
||
Information Technology - 41.3%
|
|||
Communications Equipment - 1.2%
|
|||
Arista Networks Inc (c)
|
1,328,583
|
188,313,354
|
|
Cisco Systems Inc
|
505,338
|
39,578,072
|
|
Lumentum Holdings Inc (c)
|
499,500
|
195,724,080
|
|
Motorola Solutions Inc
|
35,185
|
14,163,370
|
|
437,778,876
|
|||
Electronic Equipment, Instruments & Components - 0.9%
|
|||
Coherent Corp (c)
|
1,184,700
|
251,369,646
|
|
Corning Inc
|
604,000
|
62,363,000
|
|
313,732,646
|
|||
IT Services - 0.3%
|
|||
Twilio Inc Class A (c)
|
909
|
109,498
|
|
X.Ai Holdings Corp Class A (a)(b)
|
1,968,783
|
148,564,365
|
|
148,673,863
|
|||
Semiconductors & Semiconductor Equipment - 20.6%
|
|||
Advanced Micro Devices Inc (c)
|
45,468
|
10,763,640
|
|
Applied Materials Inc
|
64,953
|
20,935,651
|
|
Astera Labs Inc (c)
|
52,179
|
7,859,201
|
|
Broadcom Inc
|
3,041,154
|
1,007,534,320
|
|
First Solar Inc (c)
|
922,900
|
208,132,408
|
|
KLA Corp
|
45,300
|
64,685,682
|
|
Lam Research Corp
|
834,000
|
194,705,640
|
|
MACOM Technology Solutions Holdings Inc (c)
|
359,983
|
78,857,876
|
|
Marvell Technology Inc
|
5,033,160
|
397,216,987
|
|
Micron Technology Inc
|
1,478,810
|
613,528,693
|
|
NVIDIA Corp
|
25,166,077
|
4,809,992,297
|
|
SiTime Corp (c)
|
175,024
|
63,552,965
|
|
Skyworks Solutions Inc
|
92,258
|
5,144,306
|
|
7,482,909,666
|
|||
Software - 8.2%
|
|||
Adobe Inc (c)
|
11,618
|
3,406,979
|
|
Appfolio Inc Class A (c)
|
50,126
|
9,517,925
|
|
Atom Tickets LLC (a)(b)(c)(e)
|
516,103
|
5
|
|
Autodesk Inc (c)
|
178,609
|
45,164,858
|
|
Cadence Design Systems Inc (c)
|
509,881
|
151,108,333
|
|
Datadog Inc Class A (c)
|
899,700
|
116,349,204
|
|
Dynatrace Inc (c)
|
9,045
|
344,524
|
|
Figma Inc Class A
|
313,600
|
8,128,512
|
|
Microsoft Corp
|
5,641,386
|
2,427,431,982
|
|
Palantir Technologies Inc Class A (c)
|
160,500
|
23,527,695
|
|
Synopsys Inc (c)
|
403,134
|
187,503,670
|
|
2,972,483,687
|
|||
Technology Hardware, Storage & Peripherals - 10.1%
|
|||
Apple Inc
|
12,815,827
|
3,325,450,790
|
|
Sandisk Corp/DE
|
103,139
|
59,433,849
|
|
Seagate Technology Holdings PLC
|
557,300
|
227,205,637
|
|
Western Digital Corp
|
282,146
|
70,601,394
|
|
3,682,691,670
|
|||
TOTAL INFORMATION TECHNOLOGY
|
15,038,270,408
|
||
Materials - 0.2%
|
|||
Metals & Mining - 0.2%
|
|||
Alcoa Corp
|
1,412,100
|
80,221,401
|
|
Real Estate - 0.2%
|
|||
Specialized REITs - 0.2%
|
|||
Equinix Inc
|
90,107
|
73,971,540
|
|
Utilities - 1.1%
|
|||
Electric Utilities - 0.7%
|
|||
Constellation Energy Corp
|
326,471
|
91,633,880
|
|
NRG Energy Inc
|
1,025,000
|
156,445,750
|
|
248,079,630
|
|||
Independent Power and Renewable Electricity Producers - 0.4%
|
|||
Vistra Corp
|
894,000
|
141,564,900
|
|
TOTAL UTILITIES
|
389,644,530
|
||
TOTAL UNITED STATES
|
31,351,442,412
|
||
|
TOTAL COMMON STOCKS
(Cost $12,310,467,916)
|
34,935,217,249
|
||
Convertible Preferred Stocks - 0.8%
|
|||
Shares
|
Value ($)
|
||
CHINA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Interactive Media & Services - 0.1%
|
|||
Bytedance Ltd Series E1 (a)(b)(c)
|
130,752
|
33,574,498
|
|
UNITED STATES - 0.7%
|
|||
Consumer Discretionary - 0.4%
|
|||
Automobiles - 0.4%
|
|||
Waymo LLC Series A2 (a)(b)(c)
|
103,940
|
15,891,387
|
|
Waymo LLC Series B2 (a)(b)(c)
|
178,470
|
27,527,213
|
|
Waymo LLC Series C2 (a)(b)(c)
|
513,288
|
76,423,450
|
|
119,842,050
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Discord Inc Series I (a)(b)(c)
|
3,300
|
810,084
|
|
TOTAL CONSUMER DISCRETIONARY
|
120,652,134
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Tenstorrent Holdings Inc Series C1 (a)(b)(c)
|
79,348
|
5,610,697
|
|
Industrials - 0.2%
|
|||
Aerospace & Defense - 0.2%
|
|||
Anduril Industries Inc Series F (a)(b)(c)
|
1,478,951
|
73,858,813
|
|
Anduril Industries Inc Series G (a)(b)
|
342,700
|
17,114,438
|
|
TOTAL INDUSTRIALS
|
90,973,251
|
||
Information Technology - 0.1%
|
|||
Software - 0.1%
|
|||
Anthropic PBC Series F (a)(b)
|
158,200
|
40,995,948
|
|
TOTAL UNITED STATES
|
258,232,030
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $154,755,157)
|
291,806,528
|
||
Domestic Equity Funds - 3.3%
|
|||
Shares
|
Value ($)
|
||
Invesco QQQ Trust ETF
(Cost $1,184,116,256)
|
1,904,600
|
1,184,413,602
|
|
Non-Convertible Preferred Stocks - 0.0%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Castle Creek Biosciences Inc Series A4 (a)(b)(c)
(Cost $10,010,850)
|
30,303
|
6,840,902
|
|
Money Market Funds - 0.1%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (f)
|
3.70
|
701
|
701
|
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
3.70
|
23,585,092
|
23,587,451
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $23,588,152)
|
23,588,152
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $13,682,938,331)
|
36,441,866,433
|
NET OTHER ASSETS (LIABILITIES) - (0.1)%
|
(30,790,672)
|
NET ASSETS - 100.0%
|
36,411,075,761
|
ETF
|
-
|
EXCHANGE-TRADED FUND
|
(a)
|
Level 3 security.
|
(b)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,007,869,230 or 5.5% of net assets.
|
(c)
|
Non-income producing.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anduril Industries Inc Class B
|
6/16/2025
|
1,491,527
|
Anduril Industries Inc Class C
|
6/16/2025
|
694
|
Anduril Industries Inc Series F
|
8/7/2024
|
32,147,366
|
Anduril Industries Inc Series G
|
4/17/2025
|
14,010,536
|
Ant International Co Ltd Class C
|
5/16/2018
|
38,251,213
|
Anthropic PBC Series F
|
8/18/2025
|
22,301,074
|
Atom Tickets LLC
|
8/15/2017
|
3,000,004
|
Bytedance Ltd Series E1
|
11/18/2020
|
14,327,043
|
Canva Australia Holdings Pty Ltd Class A
|
8/19/2025 - 11/12/2025
|
23,869,030
|
Castle Creek Biosciences Inc Series A4
|
9/29/2016
|
10,010,850
|
Chobani Inc Class A
|
10/14/2025
|
16,537,528
|
Discord Inc Series I
|
9/15/2021
|
1,817,061
|
Epic Games Inc
|
7/13/2020 - 3/29/2021
|
61,546,000
|
Space Exploration Technologies Corp
|
1/20/2015 - 7/14/2025
|
40,365,860
|
Space Exploration Technologies Corp Class C
|
9/11/2017 - 7/14/2025
|
15,617,106
|
Tenstorrent Holdings Inc Series C1
|
4/23/2021
|
4,717,626
|
Waymo LLC Series A2
|
5/8/2020
|
8,925,037
|
Waymo LLC Series B2
|
6/11/2021
|
16,369,625
|
Waymo LLC Series C2
|
10/18/2024
|
40,139,789
|
X.Ai Holdings Corp Class A
|
10/27/2021
|
54,254,583
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
51,599,918
|
2,064,084,126
|
2,115,686,854
|
937,541
|
3,511
|
-
|
701
|
701
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
60,115,566
|
1,419,194,841
|
1,455,815,343
|
116,963
|
92,387
|
-
|
23,587,451
|
23,585,092
|
0.1%
|
Total
|
111,715,484
|
3,483,278,967
|
3,571,502,197
|
1,054,504
|
95,898
|
-
|
23,588,152
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
7,936,409,156
|
7,885,962,173
|
-
|
50,446,983
|
Consumer Discretionary
|
3,181,461,472
|
3,181,340,385
|
121,087
|
-
|
Consumer Staples
|
258,758,181
|
242,220,666
|
-
|
16,537,515
|
Energy
|
13,080,671
|
13,080,671
|
-
|
-
|
Financials
|
47,269,626
|
31,211,919
|
-
|
16,057,707
|
Health Care
|
3,058,338,968
|
3,058,338,968
|
-
|
-
|
Industrials
|
2,345,336,325
|
873,604,645
|
-
|
1,471,731,680
|
Information Technology
|
17,502,463,624
|
17,289,577,760
|
41,900,434
|
170,985,430
|
Materials
|
128,483,156
|
128,483,156
|
-
|
-
|
Real Estate
|
73,971,540
|
73,971,540
|
-
|
-
|
Utilities
|
389,644,530
|
389,644,530
|
-
|
-
|
Convertible Preferred Stocks
|
||||
Communication Services
|
33,574,498
|
-
|
-
|
33,574,498
|
Consumer Discretionary
|
120,652,134
|
-
|
-
|
120,652,134
|
Financials
|
5,610,697
|
-
|
-
|
5,610,697
|
Industrials
|
90,973,251
|
-
|
-
|
90,973,251
|
Information Technology
|
40,995,948
|
-
|
-
|
40,995,948
|
Domestic Equity Funds
|
1,184,413,602
|
1,184,413,602
|
-
|
-
|
Non-Convertible Preferred Stocks
|
||||
Health Care
|
6,840,902
|
-
|
-
|
6,840,902
|
Money Market Funds
|
23,588,152
|
23,588,152
|
-
|
-
|
Total Investments in Securities:
|
36,441,866,433
|
34,375,438,167
|
42,021,521
|
2,024,406,745
|
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
|
(119,963)
|
-
|
-
|
(119,963)
|
Beginning Balance ($)
|
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, 2026 ($)
|
|
Common Stocks
|
609,763,603
|
118,571
|
1,050,708,998
|
68,971,141
|
(3,802,356)
|
-
|
-
|
(642)
|
1,725,759,315
|
1,050,284,113
|
Convertible Preferred Stocks
|
458,278,126
|
409,000
|
(162,429,157)
|
22,301,074
|
(26,752,515)
|
-
|
-
|
-
|
291,806,528
|
93,178,133
|
Non-Convertible Preferred Stocks
|
6,175,144
|
-
|
665,758
|
-
|
-
|
-
|
-
|
-
|
6,840,902
|
665,758
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $22,498,631) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $13,659,350,179)
|
$
|
36,418,278,281
|
||
Fidelity Central Funds (cost $23,588,152)
|
23,588,152
|
|||
Total Investment in Securities (cost $13,682,938,331)
|
$
|
36,441,866,433
|
||
Foreign currency held at value (cost $621,893)
|
633,681
|
|||
Receivable for investments sold
|
924,075,169
|
|||
Receivable for fund shares sold
|
10,677,487
|
|||
Dividends receivable
|
1,175,865
|
|||
Distributions receivable from Fidelity Central Funds
|
92,099
|
|||
Prepaid expenses
|
21,526
|
|||
Other receivables
|
561,449
|
|||
Total assets
|
37,379,103,709
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
3,025,170
|
||
Payable for investments purchased
|
837,522,848
|
|||
Unrealized depreciation on unfunded commitments
|
119,963
|
|||
Payable for fund shares redeemed
|
18,248,966
|
|||
Accrued management fee
|
23,400,530
|
|||
Distribution and service plan fees payable
|
2,774
|
|||
Notes payable to affiliates
|
61,561,000
|
|||
Other payables and accrued expenses
|
675,425
|
|||
Collateral on securities loaned
|
23,471,272
|
|||
Total liabilities
|
968,027,948
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||||
Net Assets
|
$
|
36,411,075,761
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
12,512,722,975
|
||
Total accumulated earnings (loss)
|
23,898,352,786
|
|||
Net Assets
|
$
|
36,411,075,761
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($8,162,658 ÷ 330,654 shares)(a)
|
$
|
24.69
|
||
Maximum offering price per share (100/94.25 of $24.69)
|
$
|
26.20
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($1,608,617 ÷ 65,312 shares)(a)
|
$
|
24.63
|
||
Maximum offering price per share (100/96.50 of $24.63)
|
$
|
25.52
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($715,391 ÷ 29,194 shares)(a)
|
$
|
24.50
|
||
OTC :
|
||||
Net Asset Value, offering price and redemption price per share ($26,723,067,656 ÷ 1,076,115,465 shares)
|
$
|
24.83
|
||
Class K :
|
||||
Net Asset Value, offering price and redemption price per share ($9,495,153,813 ÷ 371,376,378 shares)
|
$
|
25.57
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($26,119,802 ÷ 1,053,738 shares)
|
$
|
24.79
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($156,247,824 ÷ 6,299,719 shares)
|
$
|
24.80
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
57,909,568
|
||
Income from Fidelity Central Funds (including $116,963 from security lending)
|
1,054,504
|
|||
Total income
|
58,964,072
|
|||
Expenses
|
||||
Management fee
|
||||
Basic fee
|
$
|
107,480,663
|
||
Performance adjustment
|
24,476,313
|
|||
Distribution and service plan fees
|
13,550
|
|||
Custodian fees and expenses
|
161,759
|
|||
Independent trustees' fees and expenses
|
68,059
|
|||
Registration fees
|
148,685
|
|||
Audit fees
|
61,731
|
|||
Legal
|
22,027
|
|||
Interest
|
122,373
|
|||
Miscellaneous
|
52,939
|
|||
Total expenses before reductions
|
132,608,099
|
|||
Expense reductions
|
(2,523)
|
|||
Total expenses after reductions
|
132,605,576
|
|||
Net Investment income (loss)
|
(73,641,504)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
2,714,462,666
|
|||
Fidelity Central Funds
|
95,898
|
|||
Foreign currency transactions
|
(406,319)
|
|||
Total net realized gain (loss)
|
2,714,152,245
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
2,358,584,204
|
|||
Unfunded commitments
|
(119,963)
|
|||
Assets and liabilities in foreign currencies
|
(76,041)
|
|||
Total change in net unrealized appreciation (depreciation)
|
2,358,388,200
|
|||
Net gain (loss)
|
5,072,540,445
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
4,998,898,941
|
||
Consolidated Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(73,641,504)
|
$
|
(45,135,288)
|
Net realized gain (loss)
|
2,714,152,245
|
2,582,895,246
|
||
Change in net unrealized appreciation (depreciation)
|
2,358,388,200
|
3,408,082,101
|
||
Net increase (decrease) in net assets resulting from operations
|
4,998,898,941
|
5,945,842,059
|
||
Distributions to shareholders
|
(2,647,417,896)
|
(4,058,936,416)
|
||
Share transactions - net increase (decrease)
|
1,250,155,939
|
346,640,815
|
||
Total increase (decrease) in net assets
|
3,601,636,984
|
2,233,546,458
|
||
Net Assets
|
||||
Beginning of period
|
32,809,438,777
|
30,575,892,319
|
||
End of period
|
$
|
36,411,075,761
|
$
|
32,809,438,777
|
Fidelity Advisor® OTC Fund Class A |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
23.15
|
$
|
20.48
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.09)
|
(.09)
|
||
Net realized and unrealized gain (loss)
|
3.52
|
3.47
|
||
Total from investment operations
|
3.43
|
3.38
|
||
Distributions from net realized gain
|
(1.89)
|
(.71)
|
||
Total distributions
|
(1.89)
|
(.71)
|
||
Net asset value, end of period
|
$
|
24.69
|
$
|
23.15
|
Total Return D,E,F
|
15.38 % |
16.71%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
1.07% I
|
1.05% I,J
|
||
Expenses net of fee waivers, if any
|
1.07 % I |
1.05% I,J
|
||
Expenses net of all reductions, if any
|
1.07% I
|
1.05% I,J
|
||
Net investment income (loss)
|
(.73)% I
|
(.52)% I
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
8,163
|
$
|
4,929
|
Portfolio turnover rate K
|
55 % I |
53% L
|
Fidelity Advisor® OTC Fund Class M |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
23.13
|
$
|
20.48
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.12)
|
(.13)
|
||
Net realized and unrealized gain (loss)
|
3.51
|
3.47
|
||
Total from investment operations
|
3.39
|
3.34
|
||
Distributions from net realized gain
|
(1.89)
|
(.69)
|
||
Total distributions
|
(1.89)
|
(.69)
|
||
Net asset value, end of period
|
$
|
24.63
|
$
|
23.13
|
Total Return D,E,F
|
15.22 % |
16.47%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
1.32% I
|
1.30% I,J
|
||
Expenses net of fee waivers, if any
|
1.32 % I |
1.30% I,J
|
||
Expenses net of all reductions, if any
|
1.32% I
|
1.30% I,J
|
||
Net investment income (loss)
|
(.98)% I
|
(.76)% I
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
1,609
|
$
|
1,310
|
Portfolio turnover rate K
|
55 % I |
53% L
|
Fidelity Advisor® OTC Fund Class C |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
23.08
|
$
|
20.48
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.18)
|
(.21)
|
||
Net realized and unrealized gain (loss)
|
3.49
|
3.46
|
||
Total from investment operations
|
3.31
|
3.25
|
||
Distributions from net realized gain
|
(1.89)
|
(.65)
|
||
Total distributions
|
(1.89)
|
(.65)
|
||
Net asset value, end of period
|
$
|
24.50
|
$
|
23.08
|
Total Return D,E,F
|
14.89 % |
16.02%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
1.82% I
|
1.79% I,J
|
||
Expenses net of fee waivers, if any
|
1.82 % I |
1.79% I,J
|
||
Expenses net of all reductions, if any
|
1.82% I
|
1.79% I,J
|
||
Net investment income (loss)
|
(1.48)% I
|
(1.27)% I
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
715
|
$
|
222
|
Portfolio turnover rate K
|
55 % I |
53% L
|
Fidelity® OTC Portfolio |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
23.25
|
$
|
22.00
|
$
|
17.29
|
$
|
14.74
|
$
|
20.67
|
$
|
15.61
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.05)
|
(.03)
|
(.02)
|
- C
|
(.07)
|
(.06)
|
||||||
Net realized and unrealized gain (loss)
|
3.52
|
4.20
|
4.74
|
3.07
|
(3.60)
|
6.21
|
||||||
Total from investment operations
|
3.47
|
4.17
|
4.72
|
3.07
|
(3.67)
|
6.15
|
||||||
Distributions from net investment income
|
-
|
-
|
(.01)
|
-
|
-
|
(.01)
|
||||||
Distributions from net realized gain
|
(1.89)
|
(2.92)
|
-
|
(.52)
|
(2.26)
|
(1.08)
|
||||||
Total distributions
|
(1.89)
|
(2.92)
|
(.01)
|
(.52)
|
(2.26)
|
(1.09)
|
||||||
Net asset value, end of period
|
$
|
24.83
|
$
|
23.25
|
$
|
22.00
|
$
|
17.29
|
$
|
14.74
|
$
|
20.67
|
Total Return D,E
|
15.50 % |
21.19%
|
27.31%
|
21.63%
|
(20.30)%
|
41.90%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.78% H
|
.73%
|
.76%
|
.79%
|
.81%
|
.80%
|
||||||
Expenses net of fee waivers, if any
|
.78 % H |
.73%
|
.75%
|
.79%
|
.81%
|
.80%
|
||||||
Expenses net of all reductions, if any
|
.78% H
|
.73%
|
.75%
|
.78%
|
.81%
|
.80%
|
||||||
Net investment income (loss)
|
(.44)% H
|
(.17)%
|
(.12)%
|
.03%
|
(.37)%
|
(.33)%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
26,723,068
|
$
|
24,202,477
|
$
|
22,787,879
|
$
|
18,890,289
|
$
|
16,626,164
|
$
|
22,272,786
|
Portfolio turnover rate I
|
55 % H |
53% J
|
37%
|
15% J
|
32% J
|
28% J
|
Fidelity® OTC Portfolio Class K |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
23.87
|
$
|
22.51
|
$
|
17.69
|
$
|
15.06
|
$
|
21.06
|
$
|
15.88
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.05)
|
(.02)
|
(.01)
|
.02
|
(.05)
|
(.05)
|
||||||
Net realized and unrealized gain (loss)
|
3.64
|
4.32
|
4.85
|
3.13
|
(3.68)
|
6.33
|
||||||
Total from investment operations
|
3.59
|
4.30
|
4.84
|
3.15
|
(3.73)
|
6.28
|
||||||
Distributions from net investment income
|
-
|
- C
|
(.02)
|
-
|
-
|
(.01)
|
||||||
Distributions from net realized gain
|
(1.89)
|
(2.94)
|
-
|
(.52)
|
(2.27)
|
(1.09)
|
||||||
Total distributions
|
(1.89)
|
(2.94)
|
(.02)
|
(.52)
|
(2.27)
|
(1.10)
|
||||||
Net asset value, end of period
|
$
|
25.57
|
$
|
23.87
|
$
|
22.51
|
$
|
17.69
|
$
|
15.06
|
$
|
21.06
|
Total Return D,E
|
15.60 % |
21.29%
|
27.36%
|
21.71%
|
(20.21)%
|
42.05%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.71% H
|
.65%
|
.67%
|
.70%
|
.73%
|
.72%
|
||||||
Expenses net of fee waivers, if any
|
.71 % H |
.65%
|
.67%
|
.69%
|
.73%
|
.71%
|
||||||
Expenses net of all reductions, if any
|
.71% H
|
.65%
|
.67%
|
.69%
|
.73%
|
.71%
|
||||||
Net investment income (loss)
|
(.37)% H
|
(.09)%
|
(.04)%
|
.12%
|
(.29)%
|
(.25)%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
9,495,154
|
$
|
8,469,188
|
$
|
7,788,013
|
$
|
6,536,453
|
$
|
5,707,169
|
$
|
8,071,580
|
Portfolio turnover rate I
|
55 % H |
53% J
|
37%
|
15% J
|
32% J
|
28% J
|
Fidelity Advisor® OTC Fund Class I |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
23.21
|
$
|
20.48
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.06)
|
(.05)
|
||
Net realized and unrealized gain (loss)
|
3.53
|
3.48
|
||
Total from investment operations
|
3.47
|
3.43
|
||
Distributions from net realized gain
|
(1.89)
|
(.70)
|
||
Total distributions
|
(1.89)
|
(.70)
|
||
Net asset value, end of period
|
$
|
24.79
|
$
|
23.21
|
Total Return D,E
|
15.52 % |
16.94%
|
||
Ratios to Average Net Assets C,F,G
|
||||
Expenses before reductions
|
.82% H
|
.79% H,I
|
||
Expenses net of fee waivers, if any
|
.82 % H |
.79% H,I
|
||
Expenses net of all reductions, if any
|
.82% H
|
.79% H,I
|
||
Net investment income (loss)
|
(.48)% H
|
(.27)% H
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
26,120
|
$
|
163
|
Portfolio turnover rate J
|
55 % H |
53% K
|
Fidelity Advisor® OTC Fund Class Z |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
23.21
|
$
|
20.48
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.04)
|
(.03)
|
||
Net realized and unrealized gain (loss)
|
3.52
|
3.48
|
||
Total from investment operations
|
3.48
|
3.45
|
||
Distributions from net investment income
|
-
|
- D
|
||
Distributions from net realized gain
|
(1.89)
|
(.72)
|
||
Total distributions
|
(1.89)
|
(.72)
|
||
Net asset value, end of period
|
$
|
24.80
|
$
|
23.21
|
Total Return E,F
|
15.57 % |
17.05%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
.71% I
|
.69% I,J
|
||
Expenses net of fee waivers, if any
|
.71 % I |
.69% I,J
|
||
Expenses net of all reductions, if any
|
.71% I
|
.69% I,J
|
||
Net investment income (loss)
|
(.37)% I
|
(.16)% I
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
156,248
|
$
|
130,867
|
Portfolio turnover rate K
|
55 % I |
53% L
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$1,725,759,315
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
4.5 - 82.7 / 57.5
|
Increase
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
22.7 - 51.1 / 50.7
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.6%
|
Increase
|
||
Volatility
|
70.0%
|
Increase
|
|||
Term
|
0.6
|
Increase
|
|||
Book value
|
Book value multiple
|
1.4
|
Increase
|
||
Convertible Preferred Stocks
|
$291,806,528
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.8 - 19.0 / 11.5
|
Increase
|
Black scholes
|
Discount rate
|
3.7%
|
Increase
|
||
Volatility
|
80.0%
|
Increase
|
|||
Term
|
3.0
|
Increase
|
|||
Non-Convertible Preferred Stocks
|
$6,840,902
|
Market approach
|
Transaction price
|
$215.03
|
Increase
|
Premium rate
|
10.0%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.7%
|
Increase
|
||
Volatility
|
85.0%
|
Increase
|
|||
Term
|
3.0
|
Increase
|
Gross unrealized appreciation
|
$23,345,979,153
|
Gross unrealized depreciation
|
(607,378,813)
|
Net unrealized appreciation (depreciation)
|
$22,738,600,340
|
Tax cost
|
$13,703,266,093
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity OTC Portfolio
|
Revolut Group Holdings, Ltd.
|
24,112,631
|
(119,963)
|
Amount ($)
|
% of Total Assets
|
|
Fidelity OTC Portfolio
|
16,537,520
|
.04
|
Purchases ($)
|
Sales ($)
|
|
Fidelity OTC Portfolio
|
9,614,780,871
|
10,896,015,173
|
Shares
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity OTC Portfolio
|
10,899,587
|
175,382,984
|
231,557,006
|
Maximum Management Fee Rate %
|
|
Class A
|
.72
|
Class M
|
.72
|
Class C
|
.72
|
OTC
|
.68
|
Class K
|
.59
|
Class I
|
.72
|
Class Z
|
.59
|
Total Management Fee Rate %
|
|
Class A
|
.68
|
Class M
|
.68
|
Class C
|
.68
|
OTC
|
.64
|
Class K
|
.56
|
Class I
|
.68
|
Class Z
|
.57
|
Performance Adjustment Index
|
|
Fidelity OTC Portfolio
|
Nasdaq Composite Index
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
8,305
|
1,608
|
Class M
|
.25%
|
.25%
|
3,560
|
94
|
Class C
|
.75%
|
.25%
|
1,685
|
1,288
|
13,550
|
2,990
|
Retained by FDC ($)
|
|
Class A
|
9,580
|
Class M
|
335
|
Class CA
|
-
|
9,915
|
Fidelity OTC Portfolio
|
$541,291
|
Amount ($)
|
|
Fidelity OTC Portfolio
|
82,710
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity OTC Portfolio
|
Borrower
|
33,587,848
|
4.19%
|
122,373
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity OTC Portfolio
|
524,062,215
|
661,383,196
|
177,383,353
|
Amount ($)
|
|
Fidelity OTC Portfolio
|
27,004
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity OTC Portfolio
|
12,531
|
6
|
-
|
Amount ($)
|
|
Fidelity OTC Portfolio
|
47,038
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity OTC Portfolio
|
||
Distributions to shareholders
|
||
Class A
|
$487,693
|
$53,917
|
Class M
|
107,391
|
29,301
|
Class C
|
24,637
|
3,249
|
OTC
|
1,962,401,047
|
3,030,112,146
|
Class K
|
671,813,678
|
1,026,242,504
|
Class I
|
1,342,034
|
3,931
|
Class Z
|
11,241,416
|
2,491,368
|
Total
|
$2,647,417,896
|
$4,058,936,416
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity OTC Portfolio
|
||||
Class A
|
||||
Shares sold
|
157,134
|
239,295
|
$3,831,373
|
$4,937,950
|
Reinvestment of distributions
|
20,708
|
2,451
|
487,693
|
53,917
|
Shares redeemed
|
(60,086)
|
(28,848)
|
(1,460,612)
|
(602,665)
|
Net increase (decrease)
|
117,756
|
212,898
|
$2,858,454
|
$4,389,202
|
Class M
|
||||
Shares sold
|
13,556
|
55,314
|
$325,291
|
$1,159,103
|
Reinvestment of distributions
|
4,574
|
1,331
|
107,391
|
29,301
|
Shares redeemed
|
(9,459)
|
(4)
|
(227,553)
|
(80)
|
Net increase (decrease)
|
8,671
|
56,641
|
$205,129
|
$1,188,324
|
Class C
|
||||
Shares sold
|
18,874
|
9,475
|
$457,810
|
$196,626
|
Reinvestment of distributions
|
1,051
|
148
|
24,637
|
3,249
|
Shares redeemed
|
(347)
|
(7)
|
(8,082)
|
(154)
|
Net increase (decrease)
|
19,578
|
9,616
|
$474,365
|
$199,721
|
OTC
|
||||
Shares sold
|
34,169,696
|
65,795,420
|
$830,495,276
|
$1,375,822,986
|
Reinvestment of distributions
|
76,297,302
|
136,949,264
|
1,803,322,040
|
2,796,253,380
|
Shares redeemed
|
(75,471,817)
|
(197,657,589)
|
(1,827,501,359)
|
(4,123,252,375)
|
Net increase (decrease)
|
34,995,181
|
5,087,095
|
$806,315,957
|
$48,823,991
|
Class K
|
||||
Shares sold
|
5,787,597
|
13,348,297
|
$144,495,803
|
$286,527,479
|
Reinvestment of distributions
|
27,630,193
|
48,992,123
|
671,813,678
|
1,026,242,504
|
Shares redeemed
|
(16,782,426)
|
(53,531,926)
|
(416,641,810)
|
(1,143,766,857)
|
Net increase (decrease)
|
16,635,364
|
8,808,494
|
$399,667,671
|
$169,003,126
|
Class I
|
||||
Shares sold
|
1,054,422
|
8,658
|
$25,152,375
|
$178,689
|
Reinvestment of distributions
|
56,726
|
179
|
1,341,899
|
3,931
|
Shares redeemed
|
(64,439)
|
(1,808)
|
(1,567,503)
|
(36,084)
|
Net increase (decrease)
|
1,046,709
|
7,029
|
$24,926,771
|
$146,536
|
Class Z
|
||||
Shares sold
|
821,610
|
7,705,245
|
$19,798,933
|
$167,167,286
|
Reinvestment of distributions
|
393,856
|
102,649
|
9,293,839
|
2,259,313
|
Shares redeemed
|
(553,577)
|
(2,170,064)
|
(13,385,180)
|
(46,536,684)
|
Net increase (decrease)
|
661,889
|
5,637,830
|
$15,707,592
|
$122,889,915
|
![]() |


Contents
Common Stocks - 97.1%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Canva Australia Holdings Pty Ltd Class A (a)(b)(c)
|
1,300
|
2,010,164
|
|
BELGIUM - 0.6%
|
|||
Health Care - 0.6%
|
|||
Pharmaceuticals - 0.6%
|
|||
UCB SA
|
54,200
|
16,408,421
|
|
BRAZIL - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Broadline Retail - 0.2%
|
|||
MercadoLibre Inc (c)
|
2,772
|
5,953,674
|
|
CANADA - 0.3%
|
|||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Cenovus Energy Inc
|
11,994
|
236,683
|
|
Information Technology - 0.2%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Celestica Inc (United States) (c)
|
4,300
|
1,208,257
|
|
IT Services - 0.2%
|
|||
Shopify Inc Class A (United States) (c)
|
35,289
|
4,630,975
|
|
TOTAL INFORMATION TECHNOLOGY
|
5,839,232
|
||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Franco-Nevada Corp (United States)
|
16,697
|
3,913,109
|
|
TOTAL CANADA
|
9,989,024
|
||
CHINA - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Alibaba Group Holding Ltd ADR
|
498
|
84,441
|
|
JD.com Inc A Shares
|
702
|
10,010
|
|
TOTAL CHINA
|
94,451
|
||
DENMARK - 0.2%
|
|||
Health Care - 0.2%
|
|||
Biotechnology - 0.2%
|
|||
Ascendis Pharma A/S ADR (c)
|
21,117
|
4,774,554
|
|
FRANCE - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
GenSight Biologics SA (c)
|
15,383
|
1,438
|
|
JAPAN - 0.1%
|
|||
Information Technology - 0.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
Disco Corp
|
7,900
|
3,367,380
|
|
KOREA (SOUTH) - 1.7%
|
|||
Industrials - 0.3%
|
|||
Aerospace & Defense - 0.3%
|
|||
Hanwha Aerospace Co Ltd
|
11,660
|
10,448,533
|
|
Information Technology - 1.4%
|
|||
Semiconductors & Semiconductor Equipment - 1.4%
|
|||
SK Hynix Inc
|
62,520
|
39,173,850
|
|
TOTAL KOREA (SOUTH)
|
49,622,383
|
||
NETHERLANDS - 1.7%
|
|||
Health Care - 1.3%
|
|||
Biotechnology - 1.3%
|
|||
Argenx SE ADR (c)
|
44,499
|
37,401,410
|
|
Information Technology - 0.4%
|
|||
Semiconductors & Semiconductor Equipment - 0.4%
|
|||
ASM International NV
|
4,300
|
3,617,854
|
|
ASML Holding NV depository receipt
|
196
|
278,908
|
|
BE Semiconductor Industries NV
|
28,200
|
5,498,720
|
|
NXP Semiconductors NV
|
12,200
|
2,758,908
|
|
TOTAL INFORMATION TECHNOLOGY
|
12,154,390
|
||
TOTAL NETHERLANDS
|
49,555,800
|
||
TAIWAN - 4.8%
|
|||
Information Technology - 4.8%
|
|||
Electronic Equipment, Instruments & Components - 1.5%
|
|||
Chroma ATE Inc
|
355,000
|
11,021,701
|
|
Delta Electronics Inc
|
852,000
|
32,930,144
|
|
43,951,845
|
|||
Semiconductors & Semiconductor Equipment - 3.3%
|
|||
Jentech Precision Industrial Co Ltd
|
55,000
|
4,948,519
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
268,676
|
88,813,539
|
|
93,762,058
|
|||
TOTAL TAIWAN
|
137,713,903
|
||
THAILAND - 0.1%
|
|||
Information Technology - 0.1%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Fabrinet (c)
|
4,800
|
2,349,312
|
|
UNITED KINGDOM - 0.4%
|
|||
Health Care - 0.4%
|
|||
Pharmaceuticals - 0.4%
|
|||
Astrazeneca PLC ADR
|
117,819
|
10,930,069
|
|
UNITED STATES - 87.0%
|
|||
Communication Services - 23.7%
|
|||
Entertainment - 1.9%
|
|||
Electronic Arts Inc
|
169
|
34,462
|
|
Netflix Inc (c)
|
516,710
|
43,140,118
|
|
ROBLOX Corp Class A (c)
|
174,852
|
11,498,268
|
|
Take-Two Interactive Software Inc (c)
|
1,490
|
328,247
|
|
55,001,095
|
|||
Interactive Media & Services - 21.8%
|
|||
Alphabet Inc Class A
|
953,018
|
322,120,085
|
|
Alphabet Inc Class C
|
391,716
|
132,607,617
|
|
Epic Games Inc (a)(b)(c)
|
5,200
|
3,380,468
|
|
Meta Platforms Inc Class A
|
188,535
|
135,085,328
|
|
Reddit Inc Class A (c)
|
188,261
|
33,937,810
|
|
627,131,308
|
|||
Media - 0.0%
|
|||
Charter Communications Inc Class A (c)(d)
|
4,143
|
853,955
|
|
TOTAL COMMUNICATION SERVICES
|
682,986,358
|
||
Consumer Discretionary - 7.1%
|
|||
Automobiles - 1.6%
|
|||
Rivian Automotive Inc Class A (c)
|
1,178
|
17,376
|
|
Tesla Inc (c)
|
109,100
|
46,957,731
|
|
46,975,107
|
|||
Broadline Retail - 4.8%
|
|||
Amazon.com Inc (c)
|
576,758
|
138,018,190
|
|
Contextlogic Holdings Inc
|
529
|
4,163
|
|
Contextlogic Holdings Inc rights 2/20/2026 (c)
|
529
|
0
|
|
138,022,353
|
|||
Diversified Consumer Services - 0.1%
|
|||
Duolingo Inc Class A (c)
|
14,700
|
1,970,682
|
|
Hotels, Restaurants & Leisure - 0.5%
|
|||
Airbnb Inc Class A (c)
|
1,461
|
189,010
|
|
Domino's Pizza Inc
|
34,313
|
14,079,653
|
|
Marriott International Inc/MD Class A1
|
3,023
|
953,152
|
|
15,221,815
|
|||
Specialty Retail - 0.0%
|
|||
ThredUp Inc Class A (c)
|
7,142
|
36,280
|
|
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
Figs Inc Class A (c)
|
3,743
|
40,462
|
|
Kontoor Brands Inc
|
454
|
27,117
|
|
Lululemon Athletica Inc (c)
|
8,369
|
1,460,391
|
|
1,527,970
|
|||
TOTAL CONSUMER DISCRETIONARY
|
203,754,207
|
||
Consumer Staples - 0.7%
|
|||
Beverages - 0.4%
|
|||
Monster Beverage Corp (c)
|
144,415
|
11,662,955
|
|
Consumer Staples Distribution & Retail - 0.3%
|
|||
Chobani Inc Class A (a)(b)(e)
|
302
|
1,345,818
|
|
Costco Wholesale Corp
|
6,888
|
6,476,442
|
|
7,822,260
|
|||
Food Products - 0.0%
|
|||
Mondelez International Inc
|
13,621
|
796,420
|
|
Personal Care Products - 0.0%
|
|||
Honest Co Inc/The (c)(d)
|
1,922
|
4,747
|
|
TOTAL CONSUMER STAPLES
|
20,286,382
|
||
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Diamondback Energy Inc
|
4,584
|
751,547
|
|
EOG Resources Inc
|
962
|
107,869
|
|
TOTAL ENERGY
|
859,416
|
||
Financials - 0.1%
|
|||
Banks - 0.0%
|
|||
Wintrust Financial Corp
|
2,977
|
439,078
|
|
Capital Markets - 0.1%
|
|||
Coinbase Global Inc Class A (c)
|
9,696
|
1,888,199
|
|
Moody's Corp
|
437
|
225,300
|
|
S&P Global Inc
|
136
|
71,779
|
|
2,185,278
|
|||
TOTAL FINANCIALS
|
2,624,356
|
||
Health Care - 6.3%
|
|||
Biotechnology - 3.5%
|
|||
Alnylam Pharmaceuticals Inc (c)
|
113,712
|
38,441,480
|
|
Cogent Biosciences Inc (c)
|
99,121
|
3,559,435
|
|
Cytokinetics Inc (c)
|
149,417
|
9,441,660
|
|
Gilead Sciences Inc
|
134,736
|
19,125,775
|
|
GRAIL Inc (c)
|
503
|
49,203
|
|
Insmed Inc (c)
|
31,300
|
4,910,031
|
|
Ionis Pharmaceuticals Inc (c)
|
2,327
|
192,373
|
|
Legend Biotech Corp ADR (c)
|
384,724
|
6,732,670
|
|
Moderna Inc (c)
|
321,300
|
14,159,691
|
|
Scholar Rock Holding Corp (c)
|
10,536
|
467,166
|
|
Soleno Therapeutics Inc (c)
|
79,400
|
3,061,664
|
|
Trevena Inc (c)
|
52
|
1
|
|
100,141,149
|
|||
Health Care Equipment & Supplies - 1.7%
|
|||
Boston Scientific Corp (c)
|
220,640
|
20,636,459
|
|
Insulet Corp (c)
|
96,988
|
24,810,500
|
|
Intuitive Surgical Inc (c)
|
1,087
|
548,087
|
|
Neuronetics Inc (c)
|
2,803
|
5,858
|
|
Outset Medical Inc (c)
|
201
|
1,007
|
|
Pulmonx Corp (c)
|
2,704
|
4,435
|
|
TransMedics Group Inc (c)
|
28,642
|
3,837,312
|
|
49,843,658
|
|||
Health Care Technology - 0.3%
|
|||
Veeva Systems Inc Class A (c)
|
45,881
|
9,356,053
|
|
Life Sciences Tools & Services - 0.4%
|
|||
10X Genomics Inc Class A (c)
|
64,471
|
1,302,314
|
|
Danaher Corp
|
35,164
|
7,697,048
|
|
Illumina Inc (c)
|
3,021
|
437,471
|
|
Seer Inc Class A (c)
|
37,019
|
67,375
|
|
Thermo Fisher Scientific Inc
|
1,717
|
993,473
|
|
10,497,681
|
|||
Pharmaceuticals - 0.4%
|
|||
Crinetics Pharmaceuticals Inc (c)
|
226,529
|
11,312,858
|
|
Elanco Animal Health Inc (c)
|
6,421
|
154,618
|
|
TherapeuticsMD Inc (c)
|
499
|
1,078
|
|
11,468,554
|
|||
TOTAL HEALTH CARE
|
181,307,095
|
||
Industrials - 2.4%
|
|||
Aerospace & Defense - 0.2%
|
|||
Anduril Industries Inc Class B (a)(b)
|
3,198
|
159,708
|
|
Anduril Industries Inc Class C (a)(b)
|
2
|
100
|
|
Space Exploration Technologies Corp (a)(b)(c)
|
4,973
|
2,093,633
|
|
Space Exploration Technologies Corp Class C (a)(b)(c)
|
11,427
|
4,810,767
|
|
7,064,208
|
|||
Commercial Services & Supplies - 0.0%
|
|||
Veralto Corp
|
1,270
|
125,705
|
|
Construction & Engineering - 0.0%
|
|||
Bowman Consulting Group Ltd (c)
|
7,606
|
264,917
|
|
Electrical Equipment - 2.2%
|
|||
Fluence Energy Inc Class A (c)(d)
|
104,500
|
3,215,465
|
|
GE Vernova Inc
|
34,061
|
24,740,889
|
|
Nextpower Inc Class A (c)
|
274,900
|
32,188,041
|
|
60,144,395
|
|||
Ground Transportation - 0.0%
|
|||
CSX Corp
|
24,070
|
908,883
|
|
Passenger Airlines - 0.0%
|
|||
Wheels Up Experience Inc Class A (c)(d)
|
6,718
|
4,232
|
|
TOTAL INDUSTRIALS
|
68,512,340
|
||
Information Technology - 45.2%
|
|||
Communications Equipment - 1.2%
|
|||
Arista Networks Inc (c)
|
110,298
|
15,633,639
|
|
Cisco Systems Inc
|
40,479
|
3,170,315
|
|
Lumentum Holdings Inc (c)
|
40,600
|
15,908,704
|
|
Motorola Solutions Inc
|
2,838
|
1,142,408
|
|
35,855,066
|
|||
Electronic Equipment, Instruments & Components - 0.9%
|
|||
Coherent Corp (c)
|
98,600
|
20,920,948
|
|
Corning Inc
|
48,600
|
5,017,950
|
|
25,938,898
|
|||
IT Services - 0.4%
|
|||
Twilio Inc Class A (c)
|
122
|
14,696
|
|
X.Ai Holdings Corp Class A (a)(b)
|
160,551
|
12,115,179
|
|
12,129,875
|
|||
Semiconductors & Semiconductor Equipment - 22.3%
|
|||
Advanced Micro Devices Inc (c)
|
4,184
|
990,478
|
|
Applied Materials Inc
|
5,812
|
1,873,324
|
|
Astera Labs Inc (c)
|
4,101
|
617,692
|
|
Broadcom Inc
|
245,508
|
81,336,800
|
|
First Solar Inc (c)
|
75,000
|
16,914,000
|
|
KLA Corp
|
3,600
|
5,140,584
|
|
Lam Research Corp
|
66,900
|
15,618,474
|
|
MACOM Technology Solutions Holdings Inc (c)
|
28,880
|
6,326,453
|
|
Marvell Technology Inc
|
408,818
|
32,263,917
|
|
Micron Technology Inc
|
112,095
|
46,505,974
|
|
NVIDIA Corp
|
2,244,082
|
428,911,393
|
|
SiTime Corp (c)
|
14,188
|
5,151,805
|
|
Skyworks Solutions Inc
|
7,793
|
434,537
|
|
642,085,431
|
|||
Software - 9.5%
|
|||
Adobe Inc (c)
|
1,003
|
294,130
|
|
Appfolio Inc Class A (c)
|
2,631
|
499,574
|
|
Autodesk Inc (c)
|
14,930
|
3,775,349
|
|
Cadence Design Systems Inc (c)
|
40,813
|
12,095,341
|
|
Datadog Inc Class A (c)
|
73,407
|
9,492,993
|
|
Dynatrace Inc (c)
|
2,738
|
104,290
|
|
Figma Inc Class A
|
25,696
|
666,040
|
|
Microsoft Corp
|
530,820
|
228,406,538
|
|
Palantir Technologies Inc Class A (c)
|
13,627
|
1,997,582
|
|
Synopsys Inc (c)
|
32,901
|
15,302,749
|
|
272,634,586
|
|||
Technology Hardware, Storage & Peripherals - 10.9%
|
|||
Apple Inc
|
1,103,901
|
286,440,231
|
|
Sandisk Corp/DE
|
8,510
|
4,903,888
|
|
Seagate Technology Holdings PLC
|
44,100
|
17,979,129
|
|
Western Digital Corp
|
21,929
|
5,487,294
|
|
314,810,542
|
|||
TOTAL INFORMATION TECHNOLOGY
|
1,303,454,398
|
||
Materials - 0.2%
|
|||
Metals & Mining - 0.2%
|
|||
Alcoa Corp
|
111,900
|
6,357,039
|
|
Real Estate - 0.2%
|
|||
Specialized REITs - 0.2%
|
|||
Equinix Inc
|
6,877
|
5,645,536
|
|
Utilities - 1.1%
|
|||
Electric Utilities - 0.7%
|
|||
Constellation Energy Corp
|
26,532
|
7,447,001
|
|
NRG Energy Inc
|
83,977
|
12,817,410
|
|
20,264,411
|
|||
Independent Power and Renewable Electricity Producers - 0.4%
|
|||
Vistra Corp
|
73,440
|
11,629,224
|
|
TOTAL UTILITIES
|
31,893,635
|
||
TOTAL UNITED STATES
|
2,507,680,762
|
||
|
TOTAL COMMON STOCKS
(Cost $1,447,884,801)
|
2,800,451,335
|
||
Convertible Preferred Stocks - 1.0%
|
|||
Shares
|
Value ($)
|
||
CHINA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Interactive Media & Services - 0.1%
|
|||
Bytedance Ltd Series E1 (a)(b)(c)
|
6,135
|
1,575,345
|
|
UNITED STATES - 0.9%
|
|||
Consumer Discretionary - 0.3%
|
|||
Automobiles - 0.3%
|
|||
Waymo LLC Series A2 (a)(b)(c)
|
2,467
|
377,180
|
|
Waymo LLC Series B2 (a)(b)(c)
|
15,200
|
2,344,448
|
|
Waymo LLC Series C2 (a)(b)(c)
|
43,612
|
6,493,391
|
|
9,215,019
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Discord Inc Series I (a)(b)(c)
|
300
|
73,644
|
|
TOTAL CONSUMER DISCRETIONARY
|
9,288,663
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Tenstorrent Holdings Inc Series C1 (a)(b)(c)
|
6,595
|
466,332
|
|
Industrials - 0.3%
|
|||
Aerospace & Defense - 0.3%
|
|||
Anduril Industries Inc Series F (a)(b)(c)
|
120,963
|
6,040,892
|
|
Anduril Industries Inc Series G (a)(b)
|
30,200
|
1,508,188
|
|
TOTAL INDUSTRIALS
|
7,549,080
|
||
Information Technology - 0.3%
|
|||
Software - 0.3%
|
|||
Anthropic PBC Series G (a)(b)
|
34,700
|
8,992,033
|
|
TOTAL UNITED STATES
|
26,296,108
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $19,102,111)
|
27,871,453
|
||
Domestic Equity Funds - 2.1%
|
|||
Shares
|
Value ($)
|
||
Invesco QQQ Trust ETF
(Cost $59,310,316)
|
95,100
|
59,139,837
|
|
Money Market Funds - 0.0%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (f)
|
3.70
|
28
|
28
|
|
Fidelity Securities Lending Cash Central Fund (f)(g)
|
3.70
|
2,562,030
|
2,562,286
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $2,562,314)
|
2,562,314
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.2%
(Cost $1,528,859,542)
|
2,890,024,939
|
NET OTHER ASSETS (LIABILITIES) - (0.2)%
|
(6,641,279)
|
NET ASSETS - 100.0%
|
2,883,383,660
|
ETF
|
-
|
EXCHANGE-TRADED FUND
|
(a)
|
Level 3 security.
|
(b)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $52,441,472 or 1.8% of net assets.
|
(c)
|
Non-income producing.
|
(d)
|
Security or a portion of the security is on loan at period end.
|
(e)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(f)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
Anduril Industries Inc Class B
|
6/16/2025
|
130,743
|
Anduril Industries Inc Class C
|
6/16/2025
|
82
|
Anduril Industries Inc Series F
|
8/7/2024
|
2,629,324
|
Anduril Industries Inc Series G
|
4/17/2025
|
1,234,661
|
Anthropic PBC Series G
|
1/27/2026
|
8,992,033
|
Bytedance Ltd Series E1
|
11/18/2020
|
672,237
|
Canva Australia Holdings Pty Ltd Class A
|
8/19/2025 - 11/12/2025
|
2,139,982
|
Chobani Inc Class A
|
10/14/2025
|
1,345,819
|
Discord Inc Series I
|
9/15/2021
|
165,187
|
Epic Games Inc
|
7/13/2020 - 3/29/2021
|
4,292,000
|
Space Exploration Technologies Corp
|
7/1/2024 - 12/12/2025
|
1,574,481
|
Space Exploration Technologies Corp Class C
|
7/1/2024 - 12/12/2025
|
3,153,819
|
Tenstorrent Holdings Inc Series C1
|
4/23/2021
|
392,145
|
Waymo LLC Series A2
|
5/8/2020
|
211,834
|
Waymo LLC Series B2
|
6/11/2021
|
1,394,174
|
Waymo LLC Series C2
|
10/18/2024
|
3,410,516
|
X.Ai Holdings Corp Class A
|
10/27/2021
|
5,743,370
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
3,810,269
|
231,851,649
|
235,662,223
|
150,436
|
333
|
-
|
28
|
28
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
3,001,594
|
73,525,455
|
73,964,880
|
9,638
|
117
|
-
|
2,562,286
|
2,562,030
|
0.0%
|
Total
|
6,811,863
|
305,377,104
|
309,627,103
|
160,074
|
450
|
-
|
2,562,314
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
682,986,358
|
679,605,890
|
-
|
3,380,468
|
Consumer Discretionary
|
209,802,332
|
209,792,322
|
10,010
|
-
|
Consumer Staples
|
20,286,382
|
18,940,564
|
-
|
1,345,818
|
Energy
|
1,096,099
|
1,096,099
|
-
|
-
|
Financials
|
2,624,356
|
2,624,356
|
-
|
-
|
Health Care
|
250,822,987
|
250,822,987
|
-
|
-
|
Industrials
|
78,960,873
|
71,896,665
|
-
|
7,064,208
|
Information Technology
|
1,506,062,629
|
1,488,569,906
|
3,367,380
|
14,125,343
|
Materials
|
10,270,148
|
10,270,148
|
-
|
-
|
Real Estate
|
5,645,536
|
5,645,536
|
-
|
-
|
Utilities
|
31,893,635
|
31,893,635
|
-
|
-
|
Convertible Preferred Stocks
|
||||
Communication Services
|
1,575,345
|
-
|
-
|
1,575,345
|
Consumer Discretionary
|
9,288,663
|
-
|
-
|
9,288,663
|
Financials
|
466,332
|
-
|
-
|
466,332
|
Industrials
|
7,549,080
|
-
|
-
|
7,549,080
|
Information Technology
|
8,992,033
|
-
|
-
|
8,992,033
|
Domestic Equity Funds
|
59,139,837
|
59,139,837
|
-
|
-
|
Money Market Funds
|
2,562,314
|
2,562,314
|
-
|
-
|
Total Investments in Securities:
|
2,890,024,939
|
2,832,860,259
|
3,377,390
|
53,787,290
|
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
|
(9,822)
|
-
|
-
|
(9,822)
|
Beginning Balance ($)
|
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, 2026 ($)
|
|
Common Stocks
|
10,942,566
|
10,075
|
7,518,221
|
7,768,101
|
(323,076)
|
-
|
-
|
(50)
|
25,915,837
|
7,482,120
|
Convertible Preferred Stocks
|
14,058,816
|
31,347
|
5,791,870
|
8,992,033
|
(1,002,613)
|
-
|
-
|
-
|
27,871,453
|
5,679,917
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $2,525,744) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $1,526,297,228)
|
$
|
2,887,462,625
|
||
Fidelity Central Funds (cost $2,562,314)
|
2,562,314
|
|||
Total Investment in Securities (cost $1,528,859,542)
|
$
|
2,890,024,939
|
||
Foreign currency held at value (cost $750)
|
742
|
|||
Receivable for investments sold
|
71,345,508
|
|||
Receivable for fund shares sold
|
2,056,008
|
|||
Dividends receivable
|
62,754
|
|||
Distributions receivable from Fidelity Central Funds
|
20,438
|
|||
Other receivables
|
10,362
|
|||
Total assets
|
2,963,520,751
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
63,219,515
|
||
Unrealized depreciation on unfunded commitments
|
9,822
|
|||
Payable for fund shares redeemed
|
4,426,355
|
|||
Accrued management fee
|
1,194,058
|
|||
Notes payable to affiliates
|
8,723,000
|
|||
Other payables and accrued expenses
|
1,891
|
|||
Collateral on securities loaned
|
2,562,450
|
|||
Total liabilities
|
80,137,091
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||||
Net Assets
|
$
|
2,883,383,660
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
1,382,475,976
|
||
Total accumulated earnings (loss)
|
1,500,907,684
|
|||
Net Assets
|
$
|
2,883,383,660
|
||
Net Asset Value, offering price and redemption price per share ($2,883,383,660 ÷ 94,644,397 shares)
|
$
|
30.47
|
||
Consolidated Statement of Operations
|
||||
Six months ended January 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
4,774,975
|
||
Income from Fidelity Central Funds (including $9,638 from security lending)
|
160,074
|
|||
Total income
|
4,935,049
|
|||
Expenses
|
||||
Management fee
|
$
|
7,021,458
|
||
Independent trustees' fees and expenses
|
5,654
|
|||
Interest
|
4,650
|
|||
Total expenses before reductions
|
7,031,762
|
|||
Expense reductions
|
(571)
|
|||
Total expenses after reductions
|
7,031,191
|
|||
Net Investment income (loss)
|
(2,096,142)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of foreign taxes of $123,132)
|
140,637,270
|
|||
Redemptions in-kind
|
104,952,858
|
|||
Fidelity Central Funds
|
450
|
|||
Foreign currency transactions
|
(25,650)
|
|||
Total net realized gain (loss)
|
245,564,928
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
109,928,171
|
|||
Unfunded commitments
|
(9,822)
|
|||
Assets and liabilities in foreign currencies
|
(63)
|
|||
Total change in net unrealized appreciation (depreciation)
|
109,918,286
|
|||
Net gain (loss)
|
355,483,214
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
353,387,072
|
||
Consolidated Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(2,096,142)
|
$
|
2,170,120
|
Net realized gain (loss)
|
245,564,928
|
145,346,332
|
||
Change in net unrealized appreciation (depreciation)
|
109,918,286
|
321,343,092
|
||
Net increase (decrease) in net assets resulting from operations
|
353,387,072
|
468,859,544
|
||
Distributions to shareholders
|
(117,086,254)
|
(87,141,804)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
172,412,233
|
627,479,462
|
||
Reinvestment of distributions
|
117,086,254
|
87,141,804
|
||
Cost of shares redeemed
|
(490,985,509)
|
(776,169,770)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(201,487,022)
|
(61,548,504)
|
||
Total increase (decrease) in net assets
|
34,813,796
|
320,169,236
|
||
Net Assets
|
||||
Beginning of period
|
2,848,569,864
|
2,528,400,628
|
||
End of period
|
$
|
2,883,383,660
|
$
|
2,848,569,864
|
Other Information
|
||||
Shares
|
||||
Sold
|
5,770,328
|
25,080,298
|
||
Issued in reinvestment of distributions
|
4,016,949
|
3,485,222
|
||
Redeemed
|
(16,727,064)
|
(31,572,299)
|
||
Net increase (decrease)
|
(6,939,787)
|
(3,006,779)
|
||
Fidelity® OTC K6 Portfolio |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
28.04
|
$
|
24.17
|
$
|
19.06
|
$
|
15.63
|
$
|
20.36
|
$
|
14.29
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.02)
|
.02
|
.03
|
.05
|
(.01)
|
(.01)
|
||||||
Net realized and unrealized gain (loss)
|
3.70
|
4.68
|
5.13
|
3.39
|
(3.93)
|
6.15
|
||||||
Total from investment operations
|
3.68
|
4.70
|
5.16
|
3.44
|
(3.94)
|
6.14
|
||||||
Distributions from net investment income
|
(.01)
|
(.05)
|
(.05)
|
(.01)
|
-
|
(.01)
|
||||||
Distributions from net realized gain
|
(1.24)
|
(.78)
|
-
|
-
|
(.79)
|
(.06)
|
||||||
Total distributions
|
(1.25)
|
(.83)
|
(.05)
|
(.01)
|
(.79)
|
(.07)
|
||||||
Net asset value, end of period
|
$
|
30.47
|
$
|
28.04
|
$
|
24.17
|
$
|
19.06
|
$
|
15.63
|
$
|
20.36
|
Total Return C,D
|
13.39 % |
19.88%
|
27.14%
|
22.03%
|
(20.27)%
|
43.11%
|
||||||
Ratios to Average Net Assets B,E,F
|
||||||||||||
Expenses before reductions
|
.50% G
|
.50%
|
.50%
|
.50%
|
.50%
|
.50%
|
||||||
Expenses net of fee waivers, if any
|
.50 % G |
.50%
|
.50%
|
.50%
|
.50%
|
.50%
|
||||||
Expenses net of all reductions, if any
|
.50% G
|
.50%
|
.50%
|
.50%
|
.50%
|
.50%
|
||||||
Net investment income (loss)
|
(.15)% G
|
.08%
|
.15%
|
.34%
|
(.05)%
|
(.05)%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
2,883,384
|
$
|
2,848,570
|
$
|
2,528,401
|
$
|
2,111,172
|
$
|
1,924,349
|
$
|
2,630,559
|
Portfolio turnover rate H
|
61 % G,I |
64% I
|
41%
|
20% I
|
39% I
|
36% I
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$25,915,837
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
4.5 - 82.7 / 59.2
|
Increase
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
22.7 - 51.1 / 46.4
|
Increase
|
|||
Convertible Preferred Stocks
|
$27,871,453
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
1.8 - 19.0 / 13.6
|
Increase
|
Black scholes
|
Discount rate
|
3.7%
|
Increase
|
||
Volatility
|
80.0%
|
Increase
|
|||
Term
|
3.0
|
Increase
|
Gross unrealized appreciation
|
$1,410,507,302
|
Gross unrealized depreciation
|
(55,281,412)
|
Net unrealized appreciation (depreciation)
|
$1,355,225,890
|
Tax cost
|
$1,534,799,049
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity OTC K6 Portfolio
|
Revolut Group Holdings, Ltd.
|
1,974,134
|
(9,822)
|
Amount ($)
|
% of Total Assets
|
|
Fidelity OTC K6 Portfolio
|
1,345,818
|
.05
|
Purchases ($)
|
Sales ($)
|
|
Fidelity OTC K6 Portfolio
|
851,715,990
|
956,412,702
|
Shares
|
Net realized gain or loss on Affiliated Issuers ($)
|
Net realized gain or loss on Unaffiliated Issuers ($)
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity OTC K6 Portfolio
|
5,773,286
|
-
|
104,952,858
|
104,952,858
|
164,423,177
|
Shares
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity OTC K6 Portfolio
|
6,333,752
|
86,321,167
|
150,055,533
|
Shares
|
Total Proceeds ($)
|
|
Fidelity OTC K6 Portfolio
|
7,402,199
|
178,768,481
|
Amount ($)
|
|
Fidelity OTC K6 Portfolio
|
7,017
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity OTC K6 Portfolio
|
Borrower
|
8,555,667
|
3.92%
|
4,650
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity OTC K6 Portfolio
|
44,635,598
|
99,849,834
|
8,065,418
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity OTC K6 Portfolio
|
1,034
|
-
|
-
|
Amount ($)
|
|
Fidelity OTC K6 Portfolio
|
4,729
|
![]() |


Contents
Common Stocks - 100.0%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.6%
|
|||
Information Technology - 0.6%
|
|||
IT Services - 0.6%
|
|||
Shopify Inc Class A (b)
|
177,700
|
23,317,048
|
|
HONG KONG - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Studio City International Holdings Ltd ADR (b)
|
1,090,629
|
3,315,512
|
|
Studio City International Holdings Ltd ADR (b)(f)
|
993,219
|
3,019,386
|
|
TOTAL HONG KONG
|
6,334,898
|
||
NETHERLANDS - 0.4%
|
|||
Information Technology - 0.4%
|
|||
Semiconductors & Semiconductor Equipment - 0.4%
|
|||
NXP Semiconductors NV
|
68,800
|
15,558,432
|
|
SWITZERLAND - 0.3%
|
|||
Consumer Discretionary - 0.3%
|
|||
Textiles, Apparel & Luxury Goods - 0.3%
|
|||
On Holding AG Class A (b)
|
219,136
|
9,915,904
|
|
TAIWAN - 3.9%
|
|||
Information Technology - 3.9%
|
|||
Semiconductors & Semiconductor Equipment - 3.9%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
450,100
|
148,785,056
|
|
UNITED STATES - 94.7%
|
|||
Communication Services - 12.4%
|
|||
Entertainment - 1.1%
|
|||
Netflix Inc (b)
|
515,000
|
42,997,350
|
|
Interactive Media & Services - 10.4%
|
|||
Alphabet Inc Class A
|
557,000
|
188,266,000
|
|
Meta Platforms Inc Class A
|
294,700
|
211,152,550
|
|
399,418,550
|
|||
Media - 0.9%
|
|||
EchoStar Corp (b)(c)
|
320,970
|
36,340,223
|
|
TOTAL COMMUNICATION SERVICES
|
478,756,123
|
||
Consumer Discretionary - 8.5%
|
|||
Broadline Retail - 0.8%
|
|||
Amazon.com Inc (b)
|
123,000
|
29,433,900
|
|
Hotels, Restaurants & Leisure - 2.3%
|
|||
Boyd Gaming Corp
|
642,266
|
54,297,168
|
|
Flutter Entertainment PLC (United Kingdom) (b)
|
92,000
|
15,062,523
|
|
New Cotai LLC / New Cotai Capital Corp (b)(c)(d)
|
411,029
|
73,985
|
|
Red Rock Resorts Inc Class A
|
330,200
|
20,845,526
|
|
90,279,202
|
|||
Household Durables - 4.2%
|
|||
DR Horton Inc
|
64,200
|
9,555,528
|
|
PulteGroup Inc
|
105,900
|
13,247,031
|
|
TopBuild Corp (b)
|
294,300
|
137,747,115
|
|
160,549,674
|
|||
Specialty Retail - 1.2%
|
|||
Dick's Sporting Goods Inc
|
236,200
|
47,712,400
|
|
TOTAL CONSUMER DISCRETIONARY
|
327,975,176
|
||
Consumer Staples - 1.5%
|
|||
Beverages - 0.4%
|
|||
Celsius Holdings Inc (b)
|
286,500
|
15,035,520
|
|
Consumer Staples Distribution & Retail - 1.1%
|
|||
Performance Food Group Co (b)
|
48,800
|
4,657,960
|
|
US Foods Holding Corp (b)
|
458,200
|
38,314,684
|
|
42,972,644
|
|||
TOTAL CONSUMER STAPLES
|
58,008,164
|
||
Energy - 0.3%
|
|||
Oil, Gas & Consumable Fuels - 0.3%
|
|||
Energy Transfer LP
|
590,200
|
10,889,190
|
|
Financials - 15.6%
|
|||
Capital Markets - 3.1%
|
|||
Ares Management Corp Class A
|
410,700
|
61,469,469
|
|
KKR & Co Inc Class A
|
275,000
|
31,421,500
|
|
Moody's Corp
|
53,600
|
27,634,016
|
|
120,524,985
|
|||
Consumer Finance - 1.7%
|
|||
OneMain Holdings Inc
|
1,005,000
|
65,867,700
|
|
Financial Services - 6.9%
|
|||
Apollo Global Management Inc
|
1,168,000
|
157,142,720
|
|
Block Inc Class A (b)
|
667,700
|
40,349,111
|
|
Mastercard Inc Class A
|
54,100
|
29,148,539
|
|
Visa Inc Class A
|
118,800
|
38,233,404
|
|
264,873,774
|
|||
Insurance - 3.9%
|
|||
Arthur J Gallagher & Co
|
599,900
|
149,597,063
|
|
TOTAL FINANCIALS
|
600,863,522
|
||
Health Care - 2.9%
|
|||
Health Care Equipment & Supplies - 2.2%
|
|||
Boston Scientific Corp (b)
|
872,900
|
81,642,337
|
|
Medline Inc Class A
|
63,500
|
2,806,700
|
|
84,449,037
|
|||
Health Care Providers & Services - 0.7%
|
|||
Tenet Healthcare Corp (b)
|
143,109
|
27,087,672
|
|
TOTAL HEALTH CARE
|
111,536,709
|
||
Industrials - 22.6%
|
|||
Aerospace & Defense - 2.3%
|
|||
ATI Inc (b)
|
466,200
|
56,083,860
|
|
TransDigm Group Inc
|
22,200
|
31,691,388
|
|
87,775,248
|
|||
Building Products - 2.6%
|
|||
Builders FirstSource Inc (b)
|
166,503
|
19,047,943
|
|
Carlisle Cos Inc
|
38,400
|
13,090,176
|
|
Trane Technologies PLC
|
164,800
|
69,311,584
|
|
101,449,703
|
|||
Construction & Engineering - 8.6%
|
|||
Comfort Systems USA Inc
|
137,200
|
156,696,121
|
|
Construction Partners Inc Class A (b)
|
188,700
|
20,734,356
|
|
EMCOR Group Inc
|
125,500
|
90,451,615
|
|
IES Holdings Inc (b)
|
126,000
|
47,916,540
|
|
WillScot Holdings Corp
|
792,900
|
15,881,787
|
|
331,680,419
|
|||
Electrical Equipment - 5.3%
|
|||
Eaton Corp PLC
|
89,700
|
31,522,374
|
|
nVent Electric PLC
|
225,300
|
25,292,178
|
|
Vertiv Holdings Co Class A
|
785,800
|
146,300,244
|
|
203,114,796
|
|||
Ground Transportation - 1.0%
|
|||
Uber Technologies Inc (b)
|
489,300
|
39,168,465
|
|
Machinery - 2.8%
|
|||
Parker-Hannifin Corp
|
114,600
|
107,247,264
|
|
Marine Transportation - 0.0%
|
|||
Genco Shipping & Trading Ltd
|
1,493
|
31,204
|
|
TOTAL INDUSTRIALS
|
870,467,099
|
||
Information Technology - 21.8%
|
|||
Communications Equipment - 1.3%
|
|||
Arista Networks Inc (b)
|
345,700
|
48,999,518
|
|
Electronic Equipment, Instruments & Components - 1.2%
|
|||
Coherent Corp (b)
|
215,100
|
45,639,918
|
|
Semiconductors & Semiconductor Equipment - 13.5%
|
|||
Broadcom Inc
|
62,600
|
20,739,380
|
|
KLA Corp
|
15,300
|
21,847,482
|
|
Marvell Technology Inc
|
284,500
|
22,452,740
|
|
Micron Technology Inc
|
313,500
|
130,064,880
|
|
MKS Inc
|
271,700
|
63,960,897
|
|
NVIDIA Corp
|
1,280,900
|
244,818,417
|
|
ON Semiconductor Corp (b)
|
287,996
|
17,248,080
|
|
521,131,876
|
|||
Software - 5.3%
|
|||
AppLovin Corp Class A (b)
|
55,400
|
26,210,294
|
|
Microsoft Corp
|
236,200
|
101,634,498
|
|
Monday.com Ltd (b)
|
121,900
|
13,988,025
|
|
Oracle Corp
|
220,800
|
36,339,264
|
|
Riot Platforms Inc (b)(e)
|
1,102,200
|
17,051,034
|
|
Terawulf Inc (b)(e)
|
793,400
|
10,607,758
|
|
205,830,873
|
|||
Technology Hardware, Storage & Peripherals - 0.5%
|
|||
Dell Technologies Inc Class C
|
154,700
|
17,703,868
|
|
TOTAL INFORMATION TECHNOLOGY
|
839,306,053
|
||
Materials - 2.4%
|
|||
Chemicals - 0.3%
|
|||
Chemours Co/The
|
817,428
|
12,253,246
|
|
Construction Materials - 2.1%
|
|||
Eagle Materials Inc
|
104,000
|
21,196,240
|
|
James Hardie Industries PLC (b)
|
1,260,600
|
28,981,194
|
|
Martin Marietta Materials Inc
|
45,900
|
29,924,505
|
|
80,101,939
|
|||
TOTAL MATERIALS
|
92,355,185
|
||
Utilities - 6.7%
|
|||
Electric Utilities - 2.3%
|
|||
Constellation Energy Corp
|
317,600
|
89,143,968
|
|
Independent Power and Renewable Electricity Producers - 4.4%
|
|||
Vistra Corp
|
1,061,900
|
168,151,865
|
|
TOTAL UTILITIES
|
257,295,833
|
||
TOTAL UNITED STATES
|
3,647,453,054
|
||
|
TOTAL COMMON STOCKS
(Cost $2,090,740,239)
|
3,851,364,392
|
||
Convertible Corporate Bonds - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
New Cotai LLC 5% 2/24/2027 (d)
(Cost $565,850)
|
571,305
|
550,909
|
|
Money Market Funds - 0.8%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Securities Lending Cash Central Fund (g)(h)
(Cost $32,463,829)
|
3.70
|
32,460,583
|
32,463,829
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.8%
(Cost $2,123,769,918)
|
3,884,379,130
|
NET OTHER ASSETS (LIABILITIES) - (0.8)%
|
(32,387,729)
|
NET ASSETS - 100.0%
|
3,851,991,401
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(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 $36,414,208 or 0.9% of net assets.
|
(d)
|
Level 3 security.
|
(e)
|
Security or a portion of the security is on loan at period end.
|
(f)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,019,386 or 0.1% of net assets.
|
(g)
|
Investment made with cash collateral received from securities on loan.
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
EchoStar Corp
|
9/30/2024
|
8,999,998
|
New Cotai LLC / New Cotai Capital Corp
|
9/11/2020
|
2,036,135
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
7,593,759
|
215,608,293
|
223,202,838
|
164,658
|
786
|
-
|
-
|
-
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
18,501,425
|
455,182,586
|
441,219,461
|
26,247
|
(721)
|
-
|
32,463,829
|
32,460,583
|
0.1%
|
Total
|
26,095,184
|
670,790,879
|
664,422,299
|
190,905
|
65
|
-
|
32,463,829
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
478,756,123
|
478,756,123
|
-
|
-
|
Consumer Discretionary
|
344,225,978
|
344,151,993
|
-
|
73,985
|
Consumer Staples
|
58,008,164
|
58,008,164
|
-
|
-
|
Energy
|
10,889,190
|
10,889,190
|
-
|
-
|
Financials
|
600,863,522
|
600,863,522
|
-
|
-
|
Health Care
|
111,536,709
|
111,536,709
|
-
|
-
|
Industrials
|
870,467,099
|
870,467,099
|
-
|
-
|
Information Technology
|
1,026,966,589
|
1,026,966,589
|
-
|
-
|
Materials
|
92,355,185
|
92,355,185
|
-
|
-
|
Utilities
|
257,295,833
|
257,295,833
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Consumer Discretionary
|
550,909
|
-
|
-
|
550,909
|
Money Market Funds
|
32,463,829
|
32,463,829
|
-
|
-
|
Total Investments in Securities:
|
3,884,379,130
|
3,883,754,236
|
-
|
624,894
|
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $29,471,391) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $2,091,306,089)
|
$
|
3,851,915,301
|
||
Fidelity Central Funds (cost $32,463,829)
|
32,463,829
|
|||
Total Investment in Securities (cost $2,123,769,918)
|
$
|
3,884,379,130
|
||
Receivable for investments sold
|
32,200,923
|
|||
Receivable for fund shares sold
|
477,586
|
|||
Dividends receivable
|
133,148
|
|||
Interest receivable
|
2,936
|
|||
Distributions receivable from Fidelity Central Funds
|
5,656
|
|||
Prepaid expenses
|
2,559
|
|||
Receivable from investment adviser for expense reductions
|
8,103
|
|||
Other receivables
|
463,324
|
|||
Total assets
|
3,917,673,365
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
1,444,031
|
||
Payable for investments purchased
|
27,356,005
|
|||
Payable for fund shares redeemed
|
1,917,842
|
|||
Accrued management fee
|
2,171,256
|
|||
Distribution and service plan fees payable
|
237,189
|
|||
Other payables and accrued expenses
|
91,091
|
|||
Collateral on securities loaned
|
32,464,550
|
|||
Total liabilities
|
65,681,964
|
|||
Net Assets
|
$
|
3,851,991,401
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
1,931,187,371
|
||
Total accumulated earnings (loss)
|
1,920,804,030
|
|||
Net Assets
|
$
|
3,851,991,401
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($606,935,145 ÷ 13,437,002 shares)(a)
|
$
|
45.17
|
||
Maximum offering price per share (100/94.25 of $45.17)
|
$
|
47.93
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($228,488,103 ÷ 5,074,037 shares)(a)
|
$
|
45.03
|
||
Maximum offering price per share (100/96.50 of $45.03)
|
$
|
46.66
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($15,410,434 ÷ 344,112 shares)(a)
|
$
|
44.78
|
||
Leveraged Company Stock :
|
||||
Net Asset Value, offering price and redemption price per share ($2,473,147,537 ÷ 54,481,119 shares)
|
$
|
45.39
|
||
Class K :
|
||||
Net Asset Value, offering price and redemption price per share ($176,492,270 ÷ 3,858,807 shares)
|
$
|
45.74
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($301,367,340 ÷ 6,653,516 shares)
|
$
|
45.29
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($50,150,572 ÷ 1,105,804 shares)
|
$
|
45.35
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
10,704,995
|
||
Interest
|
16,578
|
|||
Income from Fidelity Central Funds (including $26,247 from security lending)
|
190,905
|
|||
Total income
|
10,912,478
|
|||
Expenses
|
||||
Management fee
|
$
|
13,136,777
|
||
Distribution and service plan fees
|
1,412,424
|
|||
Custodian fees and expenses
|
42,596
|
|||
Independent trustees' fees and expenses
|
7,848
|
|||
Registration fees
|
120,728
|
|||
Audit fees
|
41,627
|
|||
Legal
|
3,765
|
|||
Interest
|
14,385
|
|||
Miscellaneous
|
6,322
|
|||
Total expenses
|
14,786,472
|
|||
Net Investment income (loss)
|
(3,873,994)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
268,215,544
|
|||
Fidelity Central Funds
|
65
|
|||
Foreign currency transactions
|
6,903
|
|||
Total net realized gain (loss)
|
268,222,512
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(3,460,441)
|
|||
Assets and liabilities in foreign currencies
|
1,269
|
|||
Total change in net unrealized appreciation (depreciation)
|
(3,459,172)
|
|||
Net gain (loss)
|
264,763,340
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
260,889,346
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(3,873,994)
|
$
|
2,218,781
|
Net realized gain (loss)
|
268,222,512
|
198,470,160
|
||
Change in net unrealized appreciation (depreciation)
|
(3,459,172)
|
508,825,347
|
||
Net increase (decrease) in net assets resulting from operations
|
260,889,346
|
709,514,288
|
||
Distributions to shareholders
|
(178,610,742)
|
(363,152,282)
|
||
Share transactions - net increase (decrease)
|
(132,304,659)
|
887,737,837
|
||
Total increase (decrease) in net assets
|
(50,026,055)
|
1,234,099,843
|
||
Net Assets
|
||||
Beginning of period
|
3,902,017,456
|
2,667,917,613
|
||
End of period
|
$
|
3,851,991,401
|
$
|
3,902,017,456
|
Fidelity Advisor® Leveraged Company Stock Fund Class A |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
44.29
|
$
|
39.90
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.09)
|
(.06)
|
||
Net realized and unrealized gain (loss)
|
3.05
|
5.61
|
||
Total from investment operations
|
2.96
|
5.55
|
||
Distributions from net investment income
|
-
|
(.08) D
|
||
Distributions from net realized gain
|
(2.08)
|
(1.08) D
|
||
Total distributions
|
(2.08)
|
(1.16)
|
||
Net asset value, end of period
|
$
|
45.17
|
$
|
44.29
|
Total Return E,F,G
|
6.84 % |
14.35%
|
||
Ratios to Average Net Assets C,H,I
|
||||
Expenses before reductions
|
.96% J
|
.98% J,K
|
||
Expenses net of fee waivers, if any
|
.96 % J |
.98% J,K
|
||
Expenses net of all reductions, if any
|
.96% J
|
.98% J,K
|
||
Net investment income (loss)
|
(.41)% J
|
(.21)% J,K
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
606,935
|
$
|
602,267
|
Portfolio turnover rate L
|
30 % J |
12% M
|
Fidelity Advisor® Leveraged Company Stock Fund Class M |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
44.21
|
$
|
39.90
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.15)
|
(.14)
|
||
Net realized and unrealized gain (loss)
|
3.05
|
5.59
|
||
Total from investment operations
|
2.90
|
5.45
|
||
Distributions from net investment income
|
-
|
(.06) D
|
||
Distributions from net realized gain
|
(2.08)
|
(1.08) D
|
||
Total distributions
|
(2.08)
|
(1.14)
|
||
Net asset value, end of period
|
$
|
45.03
|
$
|
44.21
|
Total Return E,F,G
|
6.71 % |
14.09%
|
||
Ratios to Average Net Assets C,H,I
|
||||
Expenses before reductions
|
1.21% J
|
1.23% J,K
|
||
Expenses net of fee waivers, if any
|
1.21 % J |
1.23% J,K
|
||
Expenses net of all reductions, if any
|
1.21% J
|
1.23% J,K
|
||
Net investment income (loss)
|
(.66)% J
|
(.46)% J,K
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
228,488
|
$
|
227,539
|
Portfolio turnover rate L
|
30 % J |
12% M
|
Fidelity Advisor® Leveraged Company Stock Fund Class C |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
44.09
|
$
|
39.90
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.26)
|
(.29)
|
||
Net realized and unrealized gain (loss)
|
3.03
|
5.58
|
||
Total from investment operations
|
2.77
|
5.29
|
||
Distributions from net investment income
|
-
|
(.02) D
|
||
Distributions from net realized gain
|
(2.08)
|
(1.08) D
|
||
Total distributions
|
(2.08)
|
(1.10)
|
||
Net asset value, end of period
|
$
|
44.78
|
$
|
44.09
|
Total Return E,F,G
|
6.43 % |
13.67%
|
||
Ratios to Average Net Assets C,H,I
|
||||
Expenses before reductions
|
1.71% J
|
1.73% J,K
|
||
Expenses net of fee waivers, if any
|
1.71 % J |
1.73% J,K
|
||
Expenses net of all reductions, if any
|
1.71% J
|
1.73% J,K
|
||
Net investment income (loss)
|
(1.16)% J
|
(.96)% J,K
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
15,410
|
$
|
16,966
|
Portfolio turnover rate L
|
30 % J |
12% M
|
Fidelity® Leveraged Company Stock Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
44.43
|
$
|
40.88
|
$
|
37.87
|
$
|
39.65
|
$
|
48.37
|
$
|
30.88
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.03)
|
.06
|
.13
|
.30
|
.17
|
.03 C
|
||||||
Net realized and unrealized gain (loss)
|
3.07
|
9.05
|
7.13
|
3.69 D
|
(4.89)
|
17.50
|
||||||
Total from investment operations
|
3.04
|
9.11
|
7.26
|
3.99
|
(4.72)
|
17.53
|
||||||
Distributions from net investment income
|
-
|
(.30) E
|
(.22)
|
(.25)
|
(.12)
|
(.04)
|
||||||
Distributions from net realized gain
|
(2.08)
|
(5.26) E
|
(4.04)
|
(5.52)
|
(3.89)
|
-
|
||||||
Total distributions
|
(2.08)
|
(5.56)
|
(4.25) F
|
(5.77)
|
(4.00) F
|
(.04)
|
||||||
Net asset value, end of period
|
$
|
45.39
|
$
|
44.43
|
$
|
40.88
|
$
|
37.87
|
$
|
39.65
|
$
|
48.37
|
Total Return G,H
|
7.00 % |
25.52%
|
21.84%
|
12.01% D
|
(10.85)%
|
56.84%
|
||||||
Ratios to Average Net Assets B,I,J
|
||||||||||||
Expenses before reductions
|
.67% K
|
.69%
|
.73%
|
.75%
|
.74%
|
.75%
|
||||||
Expenses net of fee waivers, if any
|
.67 % K |
.69%
|
.72%
|
.74%
|
.74%
|
.75%
|
||||||
Expenses net of all reductions, if any
|
.67% K
|
.69%
|
.72%
|
.74%
|
.74%
|
.75%
|
||||||
Net investment income (loss)
|
(.12)% K
|
.15%
|
.35%
|
.87%
|
.38%
|
.06% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
2,473,148
|
$
|
2,530,148
|
$
|
2,512,446
|
$
|
1,933,517
|
$
|
1,936,630
|
$
|
2,533,725
|
Portfolio turnover rate L
|
30 % K |
12% M
|
50%
|
58%
|
26%
|
15%
|
Fidelity® Leveraged Company Stock Fund Class K |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
44.74
|
$
|
41.13
|
$
|
38.08
|
$
|
39.84
|
$
|
48.58
|
$
|
31.01
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.01)
|
.09
|
.17
|
.33
|
.21
|
.06 C
|
||||||
Net realized and unrealized gain (loss)
|
3.09
|
9.11
|
7.16
|
3.72 D
|
(4.91)
|
17.59
|
||||||
Total from investment operations
|
3.08
|
9.20
|
7.33
|
4.05
|
(4.70)
|
17.65
|
||||||
Distributions from net investment income
|
-
|
(.33) E
|
(.25)
|
(.28)
|
(.16)
|
(.08)
|
||||||
Distributions from net realized gain
|
(2.08)
|
(5.26) E
|
(4.04)
|
(5.52)
|
(3.89)
|
-
|
||||||
Total distributions
|
(2.08)
|
(5.59)
|
(4.28) F
|
(5.81) F
|
(4.04) F
|
(.08)
|
||||||
Net asset value, end of period
|
$
|
45.74
|
$
|
44.74
|
$
|
41.13
|
$
|
38.08
|
$
|
39.84
|
$
|
48.58
|
Total Return G,H
|
7.04 % |
25.64%
|
21.95%
|
12.11% D
|
(10.77)%
|
57.00%
|
||||||
Ratios to Average Net Assets B,I,J
|
||||||||||||
Expenses before reductions
|
.60% K
|
.61%
|
.63%
|
.65%
|
.65%
|
.66%
|
||||||
Expenses net of fee waivers, if any
|
.60 % K |
.61%
|
.62%
|
.65%
|
.65%
|
.66%
|
||||||
Expenses net of all reductions, if any
|
.60% K
|
.61%
|
.62%
|
.65%
|
.65%
|
.66%
|
||||||
Net investment income (loss)
|
(.04)% K
|
.23%
|
.45%
|
.96%
|
.47%
|
.15% C
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
176,492
|
$
|
175,073
|
$
|
155,472
|
$
|
138,454
|
$
|
273,742
|
$
|
362,018
|
Portfolio turnover rate L
|
30 % K |
12% M
|
50%
|
58%
|
26%
|
15%
|
Fidelity Advisor® Leveraged Company Stock Fund Class I |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
44.35
|
$
|
39.90
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.04)
|
.01
|
||
Net realized and unrealized gain (loss)
|
3.06
|
5.62
|
||
Total from investment operations
|
3.02
|
5.63
|
||
Distributions from net investment income
|
-
|
(.10) D
|
||
Distributions from net realized gain
|
(2.08)
|
(1.08) D
|
||
Total distributions
|
(2.08)
|
(1.18)
|
||
Net asset value, end of period
|
$
|
45.29
|
$
|
44.35
|
Total Return E,F
|
6.97 % |
14.56%
|
||
Ratios to Average Net Assets B,G,H
|
||||
Expenses before reductions
|
.71% I
|
.73% I,J
|
||
Expenses net of fee waivers, if any
|
.71 % I |
.73% I,J
|
||
Expenses net of all reductions, if any
|
.71% I
|
.73% I,J
|
||
Net investment income (loss)
|
(.16)% I
|
.04% I,J
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
301,367
|
$
|
301,210
|
Portfolio turnover rate K
|
30 % I |
12% L
|
Fidelity Advisor® Leveraged Company Stock Fund Class Z |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
44.38
|
$
|
39.90
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.01)
|
.05
|
||
Net realized and unrealized gain (loss)
|
3.06
|
5.62
|
||
Total from investment operations
|
3.05
|
5.67
|
||
Distributions from net investment income
|
-
|
(.11) D
|
||
Distributions from net realized gain
|
(2.08)
|
(1.08) D
|
||
Total distributions
|
(2.08)
|
(1.19)
|
||
Net asset value, end of period
|
$
|
45.35
|
$
|
44.38
|
Total Return E,F
|
7.03 % |
14.67%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
.60% I
|
.61% I,J
|
||
Expenses net of fee waivers, if any
|
.60 % I |
.61% I,J
|
||
Expenses net of all reductions, if any
|
.60% I
|
.61% I,J
|
||
Net investment income (loss)
|
(.04)% I
|
.15% I,J
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
50,151
|
$
|
48,815
|
Portfolio turnover rate K
|
30 % I |
12% L
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$1,851,072,026
|
Gross unrealized depreciation
|
(90,539,817)
|
Net unrealized appreciation (depreciation)
|
$1,760,532,209
|
Tax cost
|
$2,123,846,921
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Leveraged Company Stock Fund
|
584,678,701
|
890,808,143
|
Maximum Management Fee Rate %
|
|
Class A
|
.75
|
Class M
|
.74
|
Class C
|
.77
|
Leveraged Company Stock
|
.70
|
Class K
|
.61
|
Class I
|
.74
|
Class Z
|
.61
|
Total Management Fee Rate %
|
|
Class A
|
.70
|
Class M
|
.70
|
Class C
|
.70
|
Leveraged Company Stock
|
.66
|
Class K
|
.59
|
Class I
|
.70
|
Class Z
|
.59
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
758,043
|
369
|
Class M
|
.25%
|
.25%
|
573,100
|
-
|
Class C
|
.75%
|
.25%
|
81,281
|
4,033
|
1,412,424
|
4,402
|
Retained by FDC ($)
|
|
Class A
|
7,565
|
Class M
|
660
|
Class CA
|
110
|
8,335
|
Amount ($)
|
|
Fidelity Leveraged Company Stock Fund
|
11,222
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Leveraged Company Stock Fund
|
Borrower
|
8,115,125
|
3.99%
|
14,385
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Leveraged Company Stock Fund
|
46,405,040
|
113,922,607
|
16,293,967
|
Amount ($)
|
|
Fidelity Leveraged Company Stock Fund
|
3,129
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Leveraged Company Stock Fund
|
2,891
|
-
|
-
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity Leveraged Company Stock Fund
|
||
Distributions to shareholders
|
||
Class A
|
$27,739,085
|
$16,723,230
|
Class M
|
10,506,010
|
6,369,794
|
Class C
|
745,029
|
514,151
|
Leveraged Company Stock
|
115,120,166
|
308,869,134
|
Class K
|
8,402,669
|
21,027,914
|
Class I
|
13,823,993
|
8,339,469
|
Class Z
|
2,273,790
|
1,308,590
|
Total
|
$178,610,742
|
$363,152,282
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity Leveraged Company Stock Fund
|
||||
Class A
|
||||
Shares sold
|
264,102
|
504,798
|
$11,850,708
|
$19,392,780
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
14,597,554
|
-
|
571,640,793
|
Reinvestment of distributions
|
597,174
|
411,663
|
26,358,579
|
15,886,060
|
Shares redeemed
|
(1,023,861)
|
(1,914,428)
|
(45,937,524)
|
(73,829,090)
|
Net increase (decrease)
|
(162,585)
|
13,599,587
|
$(7,728,237)
|
$533,090,543
|
Class M
|
||||
Shares sold
|
126,191
|
314,906
|
$5,648,546
|
$12,109,161
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
5,710,958
|
-
|
223,583,900
|
Reinvestment of distributions
|
235,263
|
162,794
|
10,359,044
|
6,280,609
|
Shares redeemed
|
(434,124)
|
(1,041,951)
|
(19,415,752)
|
(39,752,043)
|
Net increase (decrease)
|
(72,670)
|
5,146,707
|
$(3,408,162)
|
$202,221,627
|
Class C
|
||||
Shares sold
|
12,244
|
18,438
|
$541,465
|
$709,295
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
485,364
|
-
|
19,002,045
|
Reinvestment of distributions
|
16,930
|
13,202
|
742,638
|
509,447
|
Shares redeemed
|
(69,888)
|
(132,178)
|
(3,125,191)
|
(5,060,661)
|
Net increase (decrease)
|
(40,714)
|
384,826
|
$(1,841,088)
|
$15,160,126
|
Leveraged Company Stock
|
||||
Shares sold
|
2,110,897
|
2,819,212
|
$94,592,061
|
$112,289,544
|
Reinvestment of distributions
|
2,446,220
|
7,916,289
|
108,476,225
|
290,942,748
|
Shares redeemed
|
(7,018,632)
|
(15,253,703)
|
(313,151,291)
|
(581,215,258)
|
Net increase (decrease)
|
(2,461,515)
|
(4,518,202)
|
$(110,083,005)
|
$(177,982,966)
|
Class K
|
||||
Shares sold
|
472,437
|
872,885
|
$21,295,120
|
$34,859,975
|
Reinvestment of distributions
|
188,230
|
568,340
|
8,402,669
|
21,027,914
|
Shares redeemed
|
(715,185)
|
(1,308,040)
|
(32,783,555)
|
(50,271,182)
|
Net increase (decrease)
|
(54,518)
|
133,185
|
$(3,085,766)
|
$5,616,707
|
Class I
|
||||
Shares sold
|
405,595
|
723,022
|
$18,229,081
|
$27,831,489
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
7,245,789
|
-
|
283,745,005
|
Reinvestment of distributions
|
290,527
|
200,470
|
12,852,543
|
7,736,154
|
Shares redeemed
|
(834,445)
|
(1,377,442)
|
(37,486,556)
|
(52,865,199)
|
Net increase (decrease)
|
(138,323)
|
6,791,839
|
$(6,404,932)
|
$266,447,449
|
Class Z
|
||||
Shares sold
|
123,231
|
254,132
|
$5,576,933
|
$9,997,927
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
1,069,229
|
-
|
41,870,977
|
Reinvestment of distributions
|
42,196
|
27,215
|
1,868,528
|
1,049,943
|
Shares redeemed
|
(159,617)
|
(250,582)
|
(7,198,930)
|
(9,734,496)
|
Net increase (decrease)
|
5,810
|
1,099,994
|
$246,531
|
$43,184,351
|
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
|
12,392,531
|
1.1779315628
|
||
Class M
|
223,583,900
|
5,274,937
|
1.0826590038
|
||
Class C
|
19,002,045
|
559,345
|
.8677369093
|
||
Class I
|
283,745,005
|
5,788,684
|
1.2517160368
|
||
Class Z
|
41,870,976
|
848,244
|
1.2605209397
|
Net investment income (loss)
|
$2,010,854
|
Total net realized gain (loss)
|
222,197,883
|
Total change in net unrealized appreciation (depreciation)
|
570,811,613
|
Net increase (decrease) in net assets resulting from operations
|
$795,020,350
|
![]() |


Contents
Common Stocks - 94.5%
|
|||
Shares
|
Value ($)
|
||
BELGIUM - 1.3%
|
|||
Health Care - 1.3%
|
|||
Pharmaceuticals - 1.3%
|
|||
UCB SA
|
631,800
|
191,270,115
|
|
CANADA - 2.2%
|
|||
Energy - 1.9%
|
|||
Oil, Gas & Consumable Fuels - 1.9%
|
|||
Imperial Oil Ltd (b)
|
2,614,745
|
264,172,489
|
|
South Bow Corp
|
369,700
|
10,501,962
|
|
TOTAL ENERGY
|
274,674,451
|
||
Financials - 0.3%
|
|||
Capital Markets - 0.3%
|
|||
Brookfield Corp Class A (United States)
|
962,454
|
43,839,780
|
|
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Altius Minerals Corp
|
78,200
|
2,475,246
|
|
TOTAL CANADA
|
320,989,477
|
||
FRANCE - 0.6%
|
|||
Consumer Staples - 0.3%
|
|||
Beverages - 0.3%
|
|||
Pernod Ricard SA
|
407,700
|
36,283,701
|
|
Remy Cointreau SA (b)
|
79,991
|
3,800,279
|
|
TOTAL CONSUMER STAPLES
|
40,083,980
|
||
Financials - 0.1%
|
|||
Capital Markets - 0.1%
|
|||
Amundi SA (f)(g)
|
205,900
|
18,292,564
|
|
Industrials - 0.2%
|
|||
Aerospace & Defense - 0.2%
|
|||
Airbus SE
|
114,500
|
26,214,778
|
|
TOTAL FRANCE
|
84,591,322
|
||
GERMANY - 0.7%
|
|||
Information Technology - 0.7%
|
|||
Software - 0.7%
|
|||
SAP SE ADR
|
481,645
|
96,829,911
|
|
ITALY - 0.2%
|
|||
Consumer Staples - 0.2%
|
|||
Beverages - 0.2%
|
|||
Davide Campari-Milano NV (b)
|
3,667,700
|
26,015,489
|
|
NETHERLANDS - 0.8%
|
|||
Communication Services - 0.2%
|
|||
Entertainment - 0.2%
|
|||
Universal Music Group NV
|
1,441,600
|
35,344,505
|
|
Information Technology - 0.6%
|
|||
Semiconductors & Semiconductor Equipment - 0.6%
|
|||
ASML Holding NV depository receipt
|
16,300
|
23,194,900
|
|
BE Semiconductor Industries NV
|
269,900
|
52,627,821
|
|
TOTAL INFORMATION TECHNOLOGY
|
75,822,721
|
||
TOTAL NETHERLANDS
|
111,167,226
|
||
SPAIN - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Diversified Telecommunication Services - 0.2%
|
|||
Cellnex Telecom SA (f)(g)
|
1,076,100
|
33,283,955
|
|
SWEDEN - 0.1%
|
|||
Industrials - 0.1%
|
|||
Machinery - 0.1%
|
|||
Atlas Copco AB A Shares
|
1,194,300
|
24,629,091
|
|
TAIWAN - 1.0%
|
|||
Information Technology - 1.0%
|
|||
Semiconductors & Semiconductor Equipment - 1.0%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
420,400
|
138,967,424
|
|
UNITED KINGDOM - 1.3%
|
|||
Consumer Staples - 1.0%
|
|||
Beverages - 0.2%
|
|||
Diageo PLC ADR
|
341,511
|
31,692,221
|
|
Tobacco - 0.8%
|
|||
British American Tobacco PLC ADR
|
1,819,900
|
110,431,532
|
|
TOTAL CONSUMER STAPLES
|
142,123,753
|
||
Financials - 0.1%
|
|||
Capital Markets - 0.1%
|
|||
3i Group PLC
|
429,700
|
19,740,041
|
|
Industrials - 0.2%
|
|||
Professional Services - 0.2%
|
|||
RELX PLC
|
934,739
|
33,138,385
|
|
TOTAL UNITED KINGDOM
|
195,002,179
|
||
UNITED STATES - 85.7%
|
|||
Communication Services - 5.2%
|
|||
Diversified Telecommunication Services - 1.0%
|
|||
Comcast Corp Class A
|
4,295,670
|
127,796,183
|
|
Verizon Communications Inc
|
418,583
|
18,635,315
|
|
146,431,498
|
|||
Entertainment - 0.4%
|
|||
Walt Disney Co/The
|
448,990
|
50,646,072
|
|
Interactive Media & Services - 3.8%
|
|||
Alphabet Inc Class A
|
662,900
|
224,060,200
|
|
Alphabet Inc Class C
|
585,640
|
198,256,709
|
|
Meta Platforms Inc Class A
|
178,900
|
128,181,850
|
|
550,498,759
|
|||
Media - 0.0%
|
|||
Versant Media Group Inc Class A
|
171,826
|
5,598,091
|
|
TOTAL COMMUNICATION SERVICES
|
753,174,420
|
||
Consumer Discretionary - 2.7%
|
|||
Hotels, Restaurants & Leisure - 0.7%
|
|||
Churchill Downs Inc
|
59,900
|
5,891,764
|
|
Domino's Pizza Inc
|
91,500
|
37,545,195
|
|
Marriott International Inc/MD Class A1
|
72,923
|
22,992,622
|
|
Starbucks Corp
|
388,460
|
35,718,897
|
|
102,148,478
|
|||
Household Durables - 0.8%
|
|||
DR Horton Inc
|
79,000
|
11,758,360
|
|
Somnigroup International Inc
|
829,455
|
72,867,622
|
|
Whirlpool Corp (b)
|
337,894
|
27,028,141
|
|
111,654,123
|
|||
Specialty Retail - 1.1%
|
|||
Home Depot Inc/The
|
103,300
|
38,695,147
|
|
Lowe's Cos Inc
|
447,071
|
119,394,781
|
|
158,089,928
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
NIKE Inc Class B
|
391,000
|
24,167,710
|
|
TOTAL CONSUMER DISCRETIONARY
|
396,060,239
|
||
Consumer Staples - 4.9%
|
|||
Beverages - 2.0%
|
|||
Brown-Forman Corp Class B (b)
|
1,056,500
|
28,916,405
|
|
Coca-Cola Co/The
|
1,825,794
|
136,587,649
|
|
Keurig Dr Pepper Inc
|
4,056,600
|
111,313,104
|
|
PepsiCo Inc
|
23,900
|
3,671,757
|
|
280,488,915
|
|||
Consumer Staples Distribution & Retail - 0.6%
|
|||
Sysco Corp
|
349,536
|
29,308,594
|
|
Target Corp
|
559,500
|
59,010,465
|
|
88,319,059
|
|||
Food Products - 0.1%
|
|||
Lamb Weston Holdings Inc
|
191,800
|
8,809,374
|
|
Mondelez International Inc
|
162,700
|
9,513,069
|
|
18,322,443
|
|||
Household Products - 0.3%
|
|||
Colgate-Palmolive Co
|
69,100
|
6,239,039
|
|
Procter & Gamble Co/The
|
222,100
|
33,708,117
|
|
Reynolds Consumer Products Inc
|
97,500
|
2,259,075
|
|
42,206,231
|
|||
Personal Care Products - 1.2%
|
|||
Estee Lauder Cos Inc/The Class A
|
443,600
|
51,138,208
|
|
Kenvue Inc
|
7,338,415
|
127,688,421
|
|
178,826,629
|
|||
Tobacco - 0.7%
|
|||
Philip Morris International Inc
|
538,100
|
96,556,664
|
|
TOTAL CONSUMER STAPLES
|
704,719,941
|
||
Energy - 8.5%
|
|||
Oil, Gas & Consumable Fuels - 8.5%
|
|||
Chevron Corp
|
408,400
|
72,245,960
|
|
ConocoPhillips
|
473,800
|
49,384,174
|
|
Exxon Mobil Corp (d)
|
5,477,063
|
774,456,708
|
|
Murphy Oil Corp
|
624,800
|
18,800,232
|
|
Shell PLC ADR
|
4,114,900
|
316,970,747
|
|
TOTAL ENERGY
|
1,231,857,821
|
||
Financials - 16.8%
|
|||
Banks - 11.5%
|
|||
Bank of America Corp
|
8,134,778
|
432,770,190
|
|
M&T Bank Corp
|
431,594
|
95,628,283
|
|
PNC Financial Services Group Inc/The
|
845,617
|
188,826,276
|
|
Truist Financial Corp
|
684,900
|
35,217,558
|
|
US Bancorp
|
302,367
|
16,965,812
|
|
Wells Fargo & Co
|
9,712,841
|
878,914,982
|
|
1,648,323,101
|
|||
Capital Markets - 1.8%
|
|||
Blue Owl Capital Inc Class A
|
3,180,800
|
43,386,112
|
|
Charles Schwab Corp/The
|
246,000
|
25,564,320
|
|
Intercontinental Exchange Inc
|
166,900
|
29,003,882
|
|
KKR & Co Inc Class A
|
703,265
|
80,355,059
|
|
Moody's Corp
|
26,600
|
13,713,896
|
|
MSCI Inc
|
2,100
|
1,279,362
|
|
Northern Trust Corp
|
301,577
|
45,064,651
|
|
Raymond James Financial Inc
|
135,020
|
22,394,417
|
|
260,761,699
|
|||
Financial Services - 2.1%
|
|||
Apollo Global Management Inc
|
233,900
|
31,468,906
|
|
Mastercard Inc Class A
|
74,067
|
39,906,559
|
|
UWM Holdings Corp Class A
|
4,216,900
|
20,704,979
|
|
Visa Inc Class A
|
665,015
|
214,021,777
|
|
306,102,221
|
|||
Insurance - 1.4%
|
|||
Arthur J Gallagher & Co
|
223,200
|
55,659,384
|
|
Brown & Brown Inc
|
958,300
|
69,093,430
|
|
Chubb Ltd
|
99,156
|
30,694,731
|
|
Marsh & McLennan Cos Inc
|
173,336
|
32,620,102
|
|
Travelers Companies Inc/The
|
56,427
|
16,054,046
|
|
204,121,693
|
|||
TOTAL FINANCIALS
|
2,419,308,714
|
||
Health Care - 9.1%
|
|||
Biotechnology - 0.0%
|
|||
Gilead Sciences Inc
|
89,900
|
12,761,305
|
|
Health Care Equipment & Supplies - 1.9%
|
|||
Abbott Laboratories
|
333,400
|
36,440,620
|
|
Alcon AG (United States) (b)
|
636,800
|
51,568,064
|
|
Baxter International Inc
|
3,229,100
|
64,808,037
|
|
Becton Dickinson & Co
|
151,604
|
30,848,382
|
|
Boston Scientific Corp (c)
|
988,542
|
92,458,333
|
|
276,123,436
|
|||
Health Care Providers & Services - 2.5%
|
|||
Cardinal Health Inc
|
112,711
|
24,219,340
|
|
Cigna Group/The
|
349,254
|
95,734,014
|
|
Humana Inc
|
179,900
|
35,116,480
|
|
McKesson Corp
|
63,467
|
52,754,405
|
|
UnitedHealth Group Inc
|
543,187
|
155,856,646
|
|
363,680,885
|
|||
Life Sciences Tools & Services - 1.1%
|
|||
Bruker Corp (d)
|
697,394
|
30,887,580
|
|
Danaher Corp
|
311,803
|
68,250,559
|
|
Thermo Fisher Scientific Inc
|
90,800
|
52,537,788
|
|
151,675,927
|
|||
Pharmaceuticals - 3.6%
|
|||
Eli Lilly & Co (d)
|
72,548
|
75,243,158
|
|
GSK PLC ADR
|
3,345,875
|
172,647,151
|
|
Haleon PLC ADR (b)
|
9,523,020
|
99,706,019
|
|
Johnson & Johnson
|
344,241
|
78,228,767
|
|
Merck & Co Inc
|
581,200
|
64,088,924
|
|
Royalty Pharma PLC Class A
|
608,500
|
25,362,280
|
|
Zoetis Inc Class A
|
15,400
|
1,922,228
|
|
517,198,527
|
|||
TOTAL HEALTH CARE
|
1,321,440,080
|
||
Industrials - 16.5%
|
|||
Aerospace & Defense - 7.9%
|
|||
Boeing Co (c)
|
1,554,530
|
363,324,752
|
|
GE Aerospace (d)
|
1,948,747
|
597,856,093
|
|
General Dynamics Corp
|
165,561
|
58,126,811
|
|
Howmet Aerospace Inc
|
77,450
|
16,115,796
|
|
Huntington Ingalls Industries Inc (d)
|
155,984
|
65,592,832
|
|
RTX Corp
|
37,200
|
7,474,596
|
|
Textron Inc
|
312,400
|
27,509,944
|
|
1,136,000,824
|
|||
Air Freight & Logistics - 1.3%
|
|||
United Parcel Service Inc Class B
|
1,779,178
|
188,984,287
|
|
Building Products - 0.5%
|
|||
A O Smith Corp
|
740,100
|
54,389,949
|
|
AAON Inc (b)
|
125,092
|
11,390,878
|
|
65,780,827
|
|||
Commercial Services & Supplies - 0.0%
|
|||
Veralto Corp
|
89,934
|
8,901,667
|
|
Electrical Equipment - 3.7%
|
|||
AMETEK Inc
|
40,000
|
8,959,200
|
|
Emerson Electric Co
|
57,900
|
8,508,984
|
|
GE Vernova Inc (d)
|
710,144
|
515,827,297
|
|
533,295,481
|
|||
Ground Transportation - 0.0%
|
|||
Knight-Swift Transportation Holdings Inc
|
144,409
|
7,956,936
|
|
Machinery - 2.0%
|
|||
Allison Transmission Holdings Inc
|
284,800
|
30,957,760
|
|
Cummins Inc
|
52,876
|
30,605,686
|
|
Deere & Co
|
29,400
|
15,523,200
|
|
Donaldson Co Inc
|
827,412
|
84,346,380
|
|
Nordson Corp
|
160,127
|
43,959,665
|
|
Otis Worldwide Corp
|
222,938
|
19,043,364
|
|
Stanley Black & Decker Inc
|
100,228
|
7,883,934
|
|
Westinghouse Air Brake Technologies Corp
|
222,100
|
51,114,094
|
|
283,434,083
|
|||
Professional Services - 0.3%
|
|||
Equifax Inc
|
135,100
|
27,209,140
|
|
TransUnion
|
207,000
|
16,357,140
|
|
43,566,280
|
|||
Trading Companies & Distributors - 0.8%
|
|||
Watsco Inc (b)
|
222,214
|
85,874,600
|
|
Wesco International Inc
|
99,400
|
28,769,342
|
|
114,643,942
|
|||
TOTAL INDUSTRIALS
|
2,382,564,327
|
||
Information Technology - 18.4%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
CDW Corp/DE
|
37,464
|
4,735,074
|
|
IT Services - 0.2%
|
|||
Amdocs Ltd
|
303,400
|
24,860,596
|
|
Semiconductors & Semiconductor Equipment - 8.5%
|
|||
Analog Devices Inc (d)
|
58,808
|
18,282,231
|
|
Applied Materials Inc
|
138,795
|
44,736,404
|
|
Broadcom Inc
|
837,600
|
277,496,880
|
|
Lam Research Corp
|
341,000
|
79,609,860
|
|
Marvell Technology Inc
|
1,104,968
|
87,204,075
|
|
Micron Technology Inc (d)
|
262,300
|
108,823,024
|
|
NVIDIA Corp
|
3,054,400
|
583,787,472
|
|
Teradyne Inc
|
59,200
|
14,270,160
|
|
1,214,210,106
|
|||
Software - 6.2%
|
|||
Intuit Inc
|
65,900
|
32,878,828
|
|
Microsoft Corp
|
1,990,765
|
856,606,272
|
|
889,485,100
|
|||
Technology Hardware, Storage & Peripherals - 3.5%
|
|||
Apple Inc
|
1,581,094
|
410,262,271
|
|
GPGI Inc (e)
|
2,511,929
|
59,206,167
|
|
GPGI Inc Class A (c)
|
85,800
|
2,022,306
|
|
Seagate Technology Holdings PLC
|
85,900
|
35,020,571
|
|
506,511,315
|
|||
TOTAL INFORMATION TECHNOLOGY
|
2,639,802,191
|
||
Materials - 0.7%
|
|||
Chemicals - 0.7%
|
|||
Air Products and Chemicals Inc
|
57,700
|
15,723,250
|
|
Dow Inc
|
220,100
|
6,063,755
|
|
LyondellBasell Industries NV Class A1
|
401,800
|
19,688,200
|
|
Mosaic Co/The
|
1,610,800
|
44,297,000
|
|
PPG Industries Inc
|
60,322
|
6,975,033
|
|
Scotts Miracle-Gro Co/The
|
152,600
|
9,799,972
|
|
Sherwin-Williams Co/The
|
16,000
|
5,674,240
|
|
TOTAL MATERIALS
|
108,221,450
|
||
Real Estate - 0.8%
|
|||
Health Care REITs - 0.0%
|
|||
Ventas Inc
|
109,800
|
8,528,166
|
|
Industrial REITs - 0.0%
|
|||
Terreno Realty Corp
|
100,300
|
6,172,462
|
|
Residential REITs - 0.3%
|
|||
Camden Property Trust
|
121,400
|
13,238,670
|
|
Sun Communities Inc
|
181,700
|
23,154,031
|
|
36,392,701
|
|||
Specialized REITs - 0.5%
|
|||
American Tower Corp
|
365,878
|
65,594,608
|
|
Public Storage
|
2,600
|
718,094
|
|
66,312,702
|
|||
TOTAL REAL ESTATE
|
117,406,031
|
||
Utilities - 2.1%
|
|||
Electric Utilities - 1.9%
|
|||
Constellation Energy Corp
|
16,513
|
4,634,869
|
|
Duke Energy Corp
|
213,721
|
25,935,043
|
|
Edison International
|
300,500
|
18,715,140
|
|
Entergy Corp
|
316,526
|
30,351,678
|
|
Eversource Energy
|
366,600
|
25,343,058
|
|
Exelon Corp
|
174,240
|
7,802,467
|
|
FirstEnergy Corp
|
140,000
|
6,627,600
|
|
NextEra Energy Inc
|
60,000
|
5,274,000
|
|
PG&E Corp
|
301,400
|
4,647,588
|
|
Southern Co/The
|
1,635,566
|
146,072,400
|
|
275,403,843
|
|||
Multi-Utilities - 0.2%
|
|||
Sempra
|
265,092
|
23,065,655
|
|
TOTAL UTILITIES
|
298,469,498
|
||
TOTAL UNITED STATES
|
12,373,024,712
|
||
ZAMBIA - 0.4%
|
|||
Materials - 0.4%
|
|||
Metals & Mining - 0.4%
|
|||
First Quantum Minerals Ltd (c)
|
2,170,400
|
61,351,078
|
|
|
TOTAL COMMON STOCKS
(Cost $7,168,665,806)
|
13,657,121,979
|
||
Convertible Preferred Stocks - 2.0%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 2.0%
|
|||
Health Care - 0.3%
|
|||
Life Sciences Tools & Services - 0.3%
|
|||
Bruker Corp 6.375% Series A
|
133,100
|
46,012,670
|
|
Industrials - 1.7%
|
|||
Aerospace & Defense - 1.7%
|
|||
Boeing Co Series A, 6%
|
3,211,000
|
239,665,267
|
|
TOTAL UNITED STATES
|
285,677,937
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $211,686,731)
|
285,677,937
|
||
U.S. Treasury Obligations - 0.2%
|
||||
Yield (%) (h)
|
Principal
Amount (a)
|
Value ($)
|
||
US Treasury Bills 0% 2/26/2026 (d)
(Cost $27,883,290)
|
3.67
|
27,954,000
|
27,886,569
|
|
Money Market Funds - 4.8%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (i)
|
3.70
|
485,953,644
|
486,050,835
|
|
Fidelity Securities Lending Cash Central Fund (i)(j)
|
3.70
|
210,333,559
|
210,354,592
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $696,423,055)
|
696,405,427
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 101.5%
(Cost $8,104,658,882)
|
14,667,091,912
|
NET OTHER ASSETS (LIABILITIES) - (1.5)%
|
(221,833,262)
|
NET ASSETS - 100.0%
|
14,445,258,650
|
Written Options
|
||||||
Counterparty
|
Number
of Contracts
|
Notional
Amount ($)
|
Exercise
Price ($)
|
Expiration
Date
|
Value ($)
|
|
Call Options
|
||||||
Analog Devices Inc
|
Chicago Board Options Exchange
|
419
|
13,025,872
|
330.00
|
3/2026
|
(347,770)
|
Bruker Corp
|
Chicago Board Options Exchange
|
673
|
2,980,717
|
60.00
|
3/2026
|
(28,603)
|
Bruker Corp
|
Chicago Board Options Exchange
|
673
|
2,980,717
|
57.50
|
3/2026
|
(30,285)
|
Bruker Corp
|
Chicago Board Options Exchange
|
673
|
2,980,717
|
55.00
|
3/2026
|
(38,698)
|
Eli Lilly & Co
|
Chicago Board Options Exchange
|
84
|
8,712,060
|
1,130.00
|
2/2026
|
(111,720)
|
Exxon Mobil Corp
|
Chicago Board Options Exchange
|
2,686
|
37,980,040
|
150.00
|
3/2026
|
(538,543)
|
GE Aerospace
|
Chicago Board Options Exchange
|
740
|
22,702,460
|
370.00
|
3/2026
|
(33,300)
|
GE Vernova Inc
|
Chicago Board Options Exchange
|
336
|
24,406,032
|
800.00
|
4/2026
|
(1,218,000)
|
GE Vernova Inc
|
Chicago Board Options Exchange
|
333
|
24,188,121
|
750.00
|
2/2026
|
(724,275)
|
GE Vernova Inc
|
Chicago Board Options Exchange
|
333
|
24,188,121
|
700.00
|
2/2026
|
(1,568,430)
|
GE Vernova Inc
|
Chicago Board Options Exchange
|
333
|
24,188,121
|
740.00
|
2/2026
|
(844,155)
|
GE Vernova Inc
|
Chicago Board Options Exchange
|
336
|
24,406,032
|
780.00
|
3/2026
|
(955,920)
|
Huntington Ingalls Industries Inc
|
Chicago Board Options Exchange
|
84
|
3,532,284
|
450.00
|
2/2026
|
(76,440)
|
Huntington Ingalls Industries Inc
|
Chicago Board Options Exchange
|
252
|
10,596,852
|
410.00
|
3/2026
|
(753,480)
|
Huntington Ingalls Industries Inc
|
Chicago Board Options Exchange
|
84
|
3,532,284
|
450.00
|
3/2026
|
(115,080)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
251
|
10,413,488
|
360.00
|
3/2026
|
(1,967,213)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
251
|
10,413,488
|
370.00
|
3/2026
|
(1,800,298)
|
Micron Technology Inc
|
Chicago Board Options Exchange
|
252
|
10,454,976
|
390.00
|
3/2026
|
(1,512,000)
|
(12,664,210)
|
||||||
Put Options
|
||||||
GE Vernova Inc
|
Chicago Board Options Exchange
|
560
|
40,676,720
|
480.00
|
2/2026
|
(14,000)
|
(14,000)
|
||||||
TOTAL WRITTEN OPTIONS
|
(12,678,210)
|
|||||
(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)
|
Non-income producing.
|
(d)
|
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $271,386,916.
|
(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 $59,206,167 or 0.4% of net assets.
|
(f)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,576,519 or 0.4% of net assets.
|
(g)
|
Security 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 $51,576,519 or 0.4% of net assets.
|
(h)
|
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
|
(i)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(j)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
GPGI Inc
|
11/3/2025
|
46,470,687
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
365,507,807
|
1,047,660,579
|
927,091,778
|
8,539,004
|
(8,145)
|
(17,628)
|
486,050,835
|
485,953,644
|
0.8%
|
Fidelity Securities Lending Cash Central Fund
|
226,453,130
|
629,607,094
|
645,715,260
|
371,910
|
9,628
|
-
|
210,354,592
|
210,333,559
|
0.7%
|
Total
|
591,960,937
|
1,677,267,673
|
1,572,807,038
|
8,910,914
|
1,483
|
(17,628)
|
696,405,427
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
821,802,880
|
753,174,420
|
68,628,460
|
-
|
Consumer Discretionary
|
396,060,239
|
396,060,239
|
-
|
-
|
Consumer Staples
|
912,943,163
|
912,943,163
|
-
|
-
|
Energy
|
1,506,532,272
|
1,506,532,272
|
-
|
-
|
Financials
|
2,501,181,099
|
2,481,441,058
|
19,740,041
|
-
|
Health Care
|
1,512,710,195
|
1,512,710,195
|
-
|
-
|
Industrials
|
2,466,546,581
|
2,382,564,327
|
83,982,254
|
-
|
Information Technology
|
2,951,422,247
|
2,951,422,247
|
-
|
-
|
Materials
|
172,047,774
|
172,047,774
|
-
|
-
|
Real Estate
|
117,406,031
|
117,406,031
|
-
|
-
|
Utilities
|
298,469,498
|
298,469,498
|
-
|
-
|
Convertible Preferred Stocks
|
||||
Health Care
|
46,012,670
|
-
|
46,012,670
|
-
|
Industrials
|
239,665,267
|
-
|
239,665,267
|
-
|
U.S. Treasury Obligations
|
27,886,569
|
-
|
27,886,569
|
-
|
Money Market Funds
|
696,405,427
|
696,405,427
|
-
|
-
|
Total Investments in Securities:
|
14,667,091,912
|
14,181,176,651
|
485,915,261
|
-
|
Derivative Instruments:
|
||||
Liabilities
|
||||
Written Options
|
(12,678,210)
|
(12,678,210)
|
-
|
-
|
Total Liabilities
|
(12,678,210)
|
(12,678,210)
|
-
|
-
|
Total Derivative Instruments:
|
(12,678,210)
|
(12,678,210)
|
-
|
-
|
Primary Risk Exposure / Derivative Type
|
Value
|
|
Asset ($)
|
Liability ($)
|
|
Equity Risk
|
||
Written Options (a)
|
-
|
(12,678,210)
|
Total Equity Risk
|
-
|
(12,678,210)
|
Total Value of Derivatives
|
-
|
(12,678,210)
|
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $200,760,339) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $7,408,235,827)
|
$
|
13,970,686,485
|
||
Fidelity Central Funds (cost $696,423,055)
|
696,405,427
|
|||
Total Investment in Securities (cost $8,104,658,882)
|
$
|
14,667,091,912
|
||
Foreign currency held at value (cost $238)
|
235
|
|||
Receivable for investments sold
|
29,021,030
|
|||
Receivable for fund shares sold
|
4,623,924
|
|||
Dividends receivable
|
10,320,632
|
|||
Distributions receivable from Fidelity Central Funds
|
1,500,451
|
|||
Prepaid expenses
|
8,455
|
|||
Receivable from investment adviser for expense reductions
|
13,904
|
|||
Other receivables
|
61,012
|
|||
Total assets
|
14,712,641,555
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
497,652
|
||
Payable for investments purchased
|
30,166,953
|
|||
Payable for fund shares redeemed
|
7,027,129
|
|||
Accrued management fee
|
6,053,088
|
|||
Distribution and service plan fees payable
|
316,005
|
|||
Written options, at value (premium received $9,077,725)
|
12,678,210
|
|||
Other payables and accrued expenses
|
298,903
|
|||
Collateral on securities loaned
|
210,344,965
|
|||
Total liabilities
|
267,382,905
|
|||
Net Assets
|
$
|
14,445,258,650
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
7,764,935,542
|
||
Total accumulated earnings (loss)
|
6,680,323,108
|
|||
Net Assets
|
$
|
14,445,258,650
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($733,021,504 ÷ 10,442,439 shares)(a)
|
$
|
70.20
|
||
Maximum offering price per share (100/94.25 of $70.20)
|
$
|
74.48
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($246,334,238 ÷ 3,510,215 shares)(a)
|
$
|
70.18
|
||
Maximum offering price per share (100/96.50 of $70.18)
|
$
|
72.73
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($74,394,337 ÷ 1,061,228 shares)(a)
|
$
|
70.10
|
||
Growth and Income :
|
||||
Net Asset Value, offering price and redemption price per share ($11,260,516,810 ÷ 160,320,318 shares)
|
$
|
70.24
|
||
Class K :
|
||||
Net Asset Value, offering price and redemption price per share ($1,643,184,881 ÷ 23,424,142 shares)
|
$
|
70.15
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($278,488,760 ÷ 3,965,298 shares)
|
$
|
70.23
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($209,318,120 ÷ 2,980,786 shares)
|
$
|
70.22
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
112,188,804
|
||
Interest
|
170,331
|
|||
Income from Fidelity Central Funds (including $371,910 from security lending)
|
8,910,914
|
|||
Total income
|
121,270,049
|
|||
Expenses
|
||||
Management fee
|
$
|
33,774,480
|
||
Distribution and service plan fees
|
1,818,546
|
|||
Custodian fees and expenses
|
250,583
|
|||
Independent trustees' fees and expenses
|
26,225
|
|||
Registration fees
|
129,033
|
|||
Audit fees
|
75,700
|
|||
Legal
|
15,484
|
|||
Miscellaneous
|
20,773
|
|||
Total expenses before reductions
|
36,110,824
|
|||
Expense reductions
|
(52,732)
|
|||
Total expenses after reductions
|
36,058,092
|
|||
Net Investment income (loss)
|
85,211,957
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
391,440,024
|
|||
Fidelity Central Funds
|
1,483
|
|||
Foreign currency transactions
|
(27,094)
|
|||
Written options
|
10,178,308
|
|||
Total net realized gain (loss)
|
401,592,721
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
884,780,784
|
|||
Fidelity Central Funds
|
(17,628)
|
|||
Assets and liabilities in foreign currencies
|
69,840
|
|||
Written options
|
(1,064,380)
|
|||
Total change in net unrealized appreciation (depreciation)
|
883,768,616
|
|||
Net gain (loss)
|
1,285,361,337
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
1,370,573,294
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
85,211,957
|
$
|
152,681,526
|
Net realized gain (loss)
|
401,592,721
|
1,095,465,819
|
||
Change in net unrealized appreciation (depreciation)
|
883,768,616
|
753,846,006
|
||
Net increase (decrease) in net assets resulting from operations
|
1,370,573,294
|
2,001,993,351
|
||
Distributions to shareholders
|
(1,180,984,034)
|
(728,201,156)
|
||
Share transactions - net increase (decrease)
|
1,657,104,320
|
567,743,618
|
||
Total increase (decrease) in net assets
|
1,846,693,580
|
1,841,535,813
|
||
Net Assets
|
||||
Beginning of period
|
12,598,565,070
|
10,757,029,257
|
||
End of period
|
$
|
14,445,258,650
|
$
|
12,598,565,070
|
Fidelity Advisor® Growth & Income Fund Class A |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
69.46
|
$
|
62.51
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
.35
|
.24
|
||
Net realized and unrealized gain (loss)
|
6.56
|
7.08
|
||
Total from investment operations
|
6.91
|
7.32
|
||
Distributions from net investment income
|
(.45)
|
(.36)
|
||
Distributions from net realized gain
|
(5.72)
|
- D
|
||
Total distributions
|
(6.17)
|
(.37) E
|
||
Net asset value, end of period
|
$
|
70.20
|
$
|
69.46
|
Total Return F,G,H
|
10.54 % |
11.78%
|
||
Ratios to Average Net Assets C,I,J
|
||||
Expenses before reductions
|
.81% K
|
.82% K
|
||
Expenses net of fee waivers, if any
|
.81 % K |
.82% K
|
||
Expenses net of all reductions, if any
|
.81% K
|
.82% K
|
||
Net investment income (loss)
|
1.01% K
|
1.04% K
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
733,022
|
$
|
668,894
|
Portfolio turnover rate L
|
18 % K |
15% M
|
Fidelity Advisor® Growth & Income Fund Class M |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
69.44
|
$
|
62.51
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
.26
|
.18
|
||
Net realized and unrealized gain (loss)
|
6.56
|
7.08
|
||
Total from investment operations
|
6.82
|
7.26
|
||
Distributions from net investment income
|
(.36)
|
(.33)
|
||
Distributions from net realized gain
|
(5.72)
|
- D
|
||
Total distributions
|
(6.08)
|
(.33)
|
||
Net asset value, end of period
|
$
|
70.18
|
$
|
69.44
|
Total Return E,F,G
|
10.40 % |
11.69%
|
||
Ratios to Average Net Assets C,H,I
|
||||
Expenses before reductions
|
1.06% J
|
1.07% J
|
||
Expenses net of fee waivers, if any
|
1.06 % J |
1.07% J
|
||
Expenses net of all reductions, if any
|
1.06% J
|
1.07% J
|
||
Net investment income (loss)
|
.76% J
|
.79% J
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
246,334
|
$
|
232,932
|
Portfolio turnover rate K
|
18 % J |
15% L
|
Fidelity Advisor® Growth & Income Fund Class C |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
69.38
|
$
|
62.51
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
.09
|
.07
|
||
Net realized and unrealized gain (loss)
|
6.54
|
7.06
|
||
Total from investment operations
|
6.63
|
7.13
|
||
Distributions from net investment income
|
(.20)
|
(.26)
|
||
Distributions from net realized gain
|
(5.72)
|
- D
|
||
Total distributions
|
(5.91) E
|
(.26)
|
||
Net asset value, end of period
|
$
|
70.10
|
$
|
69.38
|
Total Return F,G,H
|
10.12 % |
11.48%
|
||
Ratios to Average Net Assets B,I,J
|
||||
Expenses before reductions
|
1.56% K
|
1.57% K
|
||
Expenses net of fee waivers, if any
|
1.56 % K |
1.57% K
|
||
Expenses net of all reductions, if any
|
1.56% K
|
1.57% K
|
||
Net investment income (loss)
|
.26% K
|
.28% K
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
74,394
|
$
|
67,497
|
Portfolio turnover rate L
|
18 % K |
15% M
|
Fidelity® Growth & Income Portfolio |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
69.50
|
$
|
62.78
|
$
|
54.20
|
$
|
48.92
|
$
|
51.87
|
$
|
38.15
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.45
|
.87
|
.85
|
.84
|
.76
|
.78
|
||||||
Net realized and unrealized gain (loss)
|
6.56
|
10.05
|
9.84
|
6.13
|
(.61)
|
14.49
|
||||||
Total from investment operations
|
7.01
|
10.92
|
10.69
|
6.97
|
.15
|
15.27
|
||||||
Distributions from net investment income
|
(.55)
|
(.88)
|
(.84)
|
(.86)
|
(1.06)
|
(.79)
|
||||||
Distributions from net realized gain
|
(5.72)
|
(3.32)
|
(1.27)
|
(.83)
|
(2.05)
|
(.75)
|
||||||
Total distributions
|
(6.27)
|
(4.20)
|
(2.11)
|
(1.69)
|
(3.10) C
|
(1.55) C
|
||||||
Net asset value, end of period
|
$
|
70.24
|
$
|
69.50
|
$
|
62.78
|
$
|
54.20
|
$
|
48.92
|
$
|
51.87
|
Total Return D,E
|
10.69 % |
18.36%
|
20.41%
|
14.77%
|
.26%
|
41.01%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.52% H
|
.53%
|
.56%
|
.58%
|
.57%
|
.58%
|
||||||
Expenses net of fee waivers, if any
|
.52 % H |
.53%
|
.56%
|
.58%
|
.57%
|
.58%
|
||||||
Expenses net of all reductions, if any
|
.52% H
|
.53%
|
.56%
|
.58%
|
.57%
|
.58%
|
||||||
Net investment income (loss)
|
1.31% H
|
1.36%
|
1.52%
|
1.71%
|
1.51%
|
1.71%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
11,260,517
|
$
|
10,506,100
|
$
|
9,390,438
|
$
|
8,277,107
|
$
|
7,360,433
|
$
|
7,218,934
|
Portfolio turnover rate I
|
18 % H |
15% J
|
19%
|
13%
|
12%
|
16%
|
Fidelity® Growth & Income Portfolio Class K |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
69.46
|
$
|
62.71
|
$
|
54.14
|
$
|
48.86
|
$
|
51.82
|
$
|
38.11
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.47
|
.91
|
.90
|
.89
|
.81
|
.81
|
||||||
Net realized and unrealized gain (loss)
|
6.56
|
10.06
|
9.83
|
6.13
|
(.62)
|
14.48
|
||||||
Total from investment operations
|
7.03
|
10.97
|
10.73
|
7.02
|
.19
|
15.29
|
||||||
Distributions from net investment income
|
(.62)
|
(.89)
|
(.89)
|
(.91)
|
(1.10)
|
(.83)
|
||||||
Distributions from net realized gain
|
(5.72)
|
(3.32)
|
(1.27)
|
(.83)
|
(2.05)
|
(.75)
|
||||||
Total distributions
|
(6.34)
|
(4.22) C
|
(2.16)
|
(1.74)
|
(3.15)
|
(1.58)
|
||||||
Net asset value, end of period
|
$
|
70.15
|
$
|
69.46
|
$
|
62.71
|
$
|
54.14
|
$
|
48.86
|
$
|
51.82
|
Total Return D,E
|
10.73 % |
18.46%
|
20.52%
|
14.89%
|
.33%
|
41.15%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.45% H
|
.46%
|
.47%
|
.49%
|
.49%
|
.49%
|
||||||
Expenses net of fee waivers, if any
|
.45 % H |
.46%
|
.47%
|
.48%
|
.48%
|
.49%
|
||||||
Expenses net of all reductions, if any
|
.45% H
|
.45%
|
.47%
|
.48%
|
.48%
|
.49%
|
||||||
Net investment income (loss)
|
1.38% H
|
1.43%
|
1.61%
|
1.80%
|
1.60%
|
1.80%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
1,643,185
|
$
|
687,569
|
$
|
1,366,591
|
$
|
1,079,945
|
$
|
323,298
|
$
|
850,210
|
Portfolio turnover rate I
|
18 % H |
15% J
|
19%
|
13%
|
12%
|
16%
|
Fidelity Advisor® Growth & Income Fund Class I |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
69.50
|
$
|
62.51
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
.43
|
.30
|
||
Net realized and unrealized gain (loss)
|
6.56
|
7.09
|
||
Total from investment operations
|
6.99
|
7.39
|
||
Distributions from net investment income
|
(.54)
|
(.40)
|
||
Distributions from net realized gain
|
(5.72)
|
- D
|
||
Total distributions
|
(6.26)
|
(.40)
|
||
Net asset value, end of period
|
$
|
70.23
|
$
|
69.50
|
Total Return E,F
|
10.66 % |
11.90%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
.56% I
|
.57% I
|
||
Expenses net of fee waivers, if any
|
.56 % I |
.57% I
|
||
Expenses net of all reductions, if any
|
.56% I
|
.57% I
|
||
Net investment income (loss)
|
1.26% I
|
1.29% I
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
278,489
|
$
|
248,605
|
Portfolio turnover rate J
|
18 % I |
15% K
|
Fidelity Advisor® Growth & Income Fund Class Z |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
69.49
|
$
|
62.51
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
.47
|
.32
|
||
Net realized and unrealized gain (loss)
|
6.56
|
7.08
|
||
Total from investment operations
|
7.03
|
7.40
|
||
Distributions from net investment income
|
(.58)
|
(.42)
|
||
Distributions from net realized gain
|
(5.72)
|
- D
|
||
Total distributions
|
(6.30)
|
(.42)
|
||
Net asset value, end of period
|
$
|
70.22
|
$
|
69.49
|
Total Return E,F
|
10.73 % |
11.92%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
.45% I
|
.46% I
|
||
Expenses net of fee waivers, if any
|
.45 % I |
.45% I
|
||
Expenses net of all reductions, if any
|
.44% I
|
.45% I
|
||
Net investment income (loss)
|
1.38% I
|
1.39% I
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
209,318
|
$
|
186,970
|
Portfolio turnover rate J
|
18 % I |
15% K
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$6,835,885,679
|
Gross unrealized depreciation
|
(286,851,284)
|
Net unrealized appreciation (depreciation)
|
$6,549,034,395
|
Tax cost
|
$8,114,457,032
|
Equity Risk
|
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Growth & Income Portfolio
|
1,612,962,908
|
1,158,315,303
|
Maximum Management Fee Rate %
|
|
Class A
|
.60
|
Class M
|
.59
|
Class C
|
.61
|
Growth and Income
|
.54
|
Class K
|
.45
|
Class I
|
.61
|
Class Z
|
.45
|
Total Management Fee Rate %
|
|
Class A
|
.55
|
Class M
|
.55
|
Class C
|
.55
|
Growth and Income
|
.51
|
Class K
|
.44
|
Class I
|
.55
|
Class Z
|
.44
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
870,028
|
13,209
|
Class M
|
.25%
|
.25%
|
594,019
|
594
|
Class C
|
.75%
|
.25%
|
354,499
|
57,185
|
1,818,546
|
70,988
|
Retained by FDC ($)
|
|
Class A
|
93,844
|
Class M
|
6,527
|
Class CA
|
354
|
100,725
|
Fidelity Growth & Income Portfolio
|
$60,625
|
Amount ($)
|
|
Fidelity Growth & Income Portfolio
|
26,198
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Growth & Income Portfolio
|
72,839,748
|
78,031,515
|
38,435,207
|
Amount ($)
|
|
Fidelity Growth & Income Portfolio
|
10,488
|
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
|
40,415
|
2,074
|
-
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity Growth & Income Portfolio
|
||
Distributions to shareholders
|
||
Class A
|
$60,448,172
|
$3,520,397
|
Class M
|
20,392,373
|
1,115,703
|
Class C
|
5,884,973
|
256,334
|
Growth and Income
|
954,609,663
|
631,747,017
|
Class K
|
98,245,073
|
89,048,772
|
Class I
|
23,614,417
|
1,489,563
|
Class Z
|
17,789,363
|
1,023,370
|
Total
|
$1,180,984,034
|
$728,201,156
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity Growth & Income Portfolio
|
||||
Class A
|
||||
Shares sold
|
596,064
|
437,926
|
$40,935,740
|
$28,088,010
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
9,556,781
|
-
|
586,499,971
|
Reinvestment of distributions
|
869,360
|
55,050
|
58,266,100
|
3,386,803
|
Shares redeemed
|
(652,770)
|
(419,972)
|
(44,677,335)
|
(26,604,761)
|
Net increase (decrease)
|
812,654
|
9,629,785
|
$54,524,505
|
$591,370,023
|
Class M
|
||||
Shares sold
|
111,271
|
117,610
|
$7,619,353
|
$7,341,688
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
3,353,383
|
-
|
205,797,269
|
Reinvestment of distributions
|
298,422
|
18,035
|
19,983,645
|
1,094,526
|
Shares redeemed
|
(253,900)
|
(134,606)
|
(17,364,870)
|
(8,504,158)
|
Net increase (decrease)
|
155,793
|
3,354,422
|
$10,238,128
|
$205,729,325
|
Class C
|
||||
Shares sold
|
124,165
|
78,012
|
$8,486,819
|
$5,030,571
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
985,180
|
-
|
60,450,580
|
Reinvestment of distributions
|
83,718
|
4,090
|
5,596,359
|
240,625
|
Shares redeemed
|
(119,497)
|
(94,440)
|
(8,176,800)
|
(5,895,471)
|
Net increase (decrease)
|
88,386
|
972,842
|
$5,906,378
|
$59,826,305
|
Growth and Income
|
||||
Shares sold
|
5,636,168
|
11,304,041
|
$387,626,939
|
$719,735,117
|
Reinvestment of distributions
|
13,054,194
|
9,353,428
|
875,754,009
|
580,207,770
|
Shares redeemed
|
(9,546,179)
|
(19,061,067)
|
(654,819,901)
|
(1,205,234,270)
|
Net increase (decrease)
|
9,144,183
|
1,596,402
|
$608,561,047
|
$94,708,617
|
Class K
|
||||
Shares sold
|
13,148,393
|
2,660,510
|
$908,630,968
|
$169,715,018
|
Reinvestment of distributions
|
1,460,462
|
1,438,734
|
98,245,073
|
89,048,772
|
Shares redeemed
|
(1,083,595)
|
(15,991,869)
|
(74,403,811)
|
(1,027,556,696)
|
Net increase (decrease)
|
13,525,260
|
(11,892,625)
|
$932,472,230
|
$(768,792,906)
|
Class I
|
||||
Shares sold
|
729,433
|
276,945
|
$50,040,028
|
$17,659,752
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
3,856,664
|
-
|
236,722,041
|
Reinvestment of distributions
|
327,762
|
22,699
|
21,994,041
|
1,404,015
|
Shares redeemed
|
(669,188)
|
(579,017)
|
(45,851,118)
|
(35,016,560)
|
Net increase (decrease)
|
388,007
|
3,577,291
|
$26,182,951
|
$220,769,248
|
Class Z
|
||||
Shares sold
|
660,321
|
768,143
|
$44,985,474
|
$46,582,529
|
Issued in exchange for the shares of the Acquired Fund(s)
|
-
|
2,100,705
|
-
|
128,941,199
|
Reinvestment of distributions
|
221,081
|
14,880
|
14,844,143
|
938,105
|
Shares redeemed
|
(591,200)
|
(193,144)
|
(40,610,536)
|
(12,328,827)
|
Net increase (decrease)
|
290,202
|
2,690,584
|
$19,219,081
|
$164,133,006
|
Acquired Fund and Share Class
|
Investments $
|
Unrealized appreciation (depreciation) $
|
Net Assets $
|
Shares Exchanged
|
Shares Exchanged Ratio
|
Fidelity Advisor Growth & Income Fund
|
1,217,804,274
|
455,899,046
|
|||
Class A
|
586,499,971
|
14,700,013
|
0.6501205801
|
||
Class M
|
205,797,269
|
5,142,382
|
0.6521068926
|
||
Class C
|
60,450,580
|
1,665,753
|
0.5914325293
|
||
Class I
|
236,722,041
|
5,754,284
|
0.6702248289
|
||
Class Z
|
128,941,199
|
3,127,108
|
0.6717725644
|
Acquiring Fund
|
Net Assets $
|
Total net assets after the acquisition $
|
Fidelity Growth & Income Portfolio
|
10,296,050,234
|
11,514,461,294
|
Net investment income (loss)
|
$162,067,797
|
Total net realized gain (loss)
|
1,137,096,885
|
Total change in net unrealized appreciation (depreciation)
|
744,347,394
|
Net increase (decrease) in net assets resulting from operations
|
$2,043,512,076
|
![]() |


Contents
Common Stocks - 99.8%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.2%
|
|||
Materials - 0.2%
|
|||
Metals & Mining - 0.2%
|
|||
Glencore PLC
|
2,615,900
|
17,833,523
|
|
BERMUDA - 0.2%
|
|||
Industrials - 0.2%
|
|||
Marine Transportation - 0.2%
|
|||
Himalaya Shipping Ltd
|
488,053
|
5,250,225
|
|
Himalaya Shipping Ltd (United States) (a)
|
1,540,100
|
16,725,486
|
|
TOTAL BERMUDA
|
21,975,711
|
||
BRAZIL - 0.5%
|
|||
Materials - 0.5%
|
|||
Metals & Mining - 0.5%
|
|||
Wheaton Precious Metals Corp
|
425,300
|
56,030,968
|
|
CANADA - 3.0%
|
|||
Energy - 1.2%
|
|||
Oil, Gas & Consumable Fuels - 1.2%
|
|||
Imperial Oil Ltd (a)
|
465,300
|
47,010,113
|
|
Teekay Tankers Ltd Class A
|
1,303,262
|
84,086,465
|
|
TOTAL ENERGY
|
131,096,578
|
||
Financials - 1.8%
|
|||
Capital Markets - 1.8%
|
|||
Brookfield Corp Class A (United States)
|
4,137,800
|
188,476,790
|
|
TOTAL CANADA
|
319,573,368
|
||
GERMANY - 0.4%
|
|||
Industrials - 0.4%
|
|||
Electrical Equipment - 0.4%
|
|||
Siemens Energy AG (b)
|
273,400
|
46,844,997
|
|
KOREA (SOUTH) - 1.5%
|
|||
Information Technology - 1.5%
|
|||
Semiconductors & Semiconductor Equipment - 1.2%
|
|||
SK Hynix Inc
|
211,070
|
132,252,473
|
|
Technology Hardware, Storage & Peripherals - 0.3%
|
|||
Samsung Electronics Co Ltd
|
272,890
|
30,190,900
|
|
TOTAL KOREA (SOUTH)
|
162,443,373
|
||
MEXICO - 0.1%
|
|||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Borr Drilling Ltd (a)
|
2,454,349
|
11,486,352
|
|
NETHERLANDS - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
BE Semiconductor Industries NV
|
158,600
|
30,925,426
|
|
NORWAY - 0.6%
|
|||
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Bruton Ltd
|
1,628,340
|
8,876,782
|
|
Industrials - 0.5%
|
|||
Marine Transportation - 0.5%
|
|||
2020 Bulkers Ltd (d)
|
1,487,081
|
22,096,598
|
|
Stolt-Nielsen Ltd
|
1,084,900
|
34,077,385
|
|
TOTAL INDUSTRIALS
|
56,173,983
|
||
TOTAL NORWAY
|
65,050,765
|
||
TAIWAN - 2.1%
|
|||
Information Technology - 2.1%
|
|||
Semiconductors & Semiconductor Equipment - 2.1%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd
|
546,000
|
30,100,715
|
|
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
592,380
|
195,817,133
|
|
TOTAL TAIWAN
|
225,917,848
|
||
UNITED KINGDOM - 1.7%
|
|||
Consumer Discretionary - 0.2%
|
|||
Household Durables - 0.2%
|
|||
Vistry Group PLC (b)
|
2,260,500
|
20,575,668
|
|
Consumer Staples - 1.4%
|
|||
Tobacco - 1.4%
|
|||
British American Tobacco PLC
|
2,413,082
|
145,782,974
|
|
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.1%
|
|||
Subsea 7 SA
|
469,200
|
11,965,684
|
|
TOTAL UNITED KINGDOM
|
178,324,326
|
||
UNITED STATES - 88.7%
|
|||
Communication Services - 12.5%
|
|||
Diversified Telecommunication Services - 0.5%
|
|||
Comcast Corp Class A
|
1,978,542
|
58,861,625
|
|
Interactive Media & Services - 11.6%
|
|||
Alphabet Inc Class A
|
2,459,300
|
831,243,400
|
|
Match Group Inc
|
395,900
|
12,332,285
|
|
Meta Platforms Inc Class A
|
558,300
|
400,021,950
|
|
1,243,597,635
|
|||
Media - 0.0%
|
|||
Versant Media Group Inc Class A
|
70,309
|
2,290,667
|
|
Wireless Telecommunication Services - 0.4%
|
|||
T-Mobile US Inc
|
232,900
|
45,930,209
|
|
TOTAL COMMUNICATION SERVICES
|
1,350,680,136
|
||
Consumer Discretionary - 3.4%
|
|||
Distributors - 0.4%
|
|||
Gold.com Inc
|
931,700
|
48,308,645
|
|
Diversified Consumer Services - 0.4%
|
|||
Service Corp International/US
|
570,400
|
45,877,272
|
|
Hotels, Restaurants & Leisure - 1.1%
|
|||
Carnival Corp (b)
|
678,600
|
20,371,572
|
|
Hilton Worldwide Holdings Inc
|
81,900
|
24,447,969
|
|
Marriott International Inc/MD Class A1
|
103,900
|
32,759,670
|
|
Starbucks Corp
|
900
|
82,755
|
|
Vail Resorts Inc (a)
|
333,500
|
44,378,845
|
|
122,040,811
|
|||
Household Durables - 1.5%
|
|||
DR Horton Inc
|
108,300
|
16,119,372
|
|
PulteGroup Inc
|
34,800
|
4,353,132
|
|
Somnigroup International Inc
|
1,166,300
|
102,459,455
|
|
Whirlpool Corp (a)
|
298,600
|
23,885,014
|
|
146,816,973
|
|||
TOTAL CONSUMER DISCRETIONARY
|
363,043,701
|
||
Consumer Staples - 2.5%
|
|||
Beverages - 1.0%
|
|||
Constellation Brands Inc Class A
|
234,000
|
36,667,800
|
|
Keurig Dr Pepper Inc
|
2,705,800
|
74,247,152
|
|
110,914,952
|
|||
Household Products - 0.1%
|
|||
Reynolds Consumer Products Inc
|
607,200
|
14,068,824
|
|
Tobacco - 1.4%
|
|||
Philip Morris International Inc
|
784,200
|
140,716,848
|
|
TOTAL CONSUMER STAPLES
|
265,700,624
|
||
Energy - 7.2%
|
|||
Energy Equipment & Services - 1.4%
|
|||
Archrock Inc
|
2,275,351
|
67,327,636
|
|
Kodiak Gas Services Inc
|
1,875,200
|
78,777,152
|
|
146,104,788
|
|||
Oil, Gas & Consumable Fuels - 5.8%
|
|||
Black Stone Minerals LP
|
2,132,080
|
31,490,822
|
|
Cheniere Energy Inc
|
95,800
|
20,263,615
|
|
ConocoPhillips
|
288,500
|
30,070,355
|
|
Core Natural Resources Inc
|
446,742
|
42,610,252
|
|
DHT Holdings Inc
|
1,590,200
|
22,787,566
|
|
Energy Transfer LP
|
2,745,500
|
50,654,475
|
|
Enterprise Products Partners LP
|
3,093,500
|
102,673,265
|
|
Exxon Mobil Corp
|
1,179,319
|
166,755,707
|
|
MPLX LP
|
1,259,500
|
70,406,050
|
|
Shell PLC ADR
|
1,210,800
|
93,267,924
|
|
630,980,031
|
|||
TOTAL ENERGY
|
777,084,819
|
||
Financials - 14.1%
|
|||
Banks - 2.4%
|
|||
Bank of America Corp
|
2,324,900
|
123,684,680
|
|
Wells Fargo & Co
|
1,450,483
|
131,254,207
|
|
254,938,887
|
|||
Capital Markets - 5.3%
|
|||
Ares Capital Corp (a)
|
929,298
|
18,483,737
|
|
Blue Owl Capital Corp
|
10,692,554
|
128,310,648
|
|
Blue Owl Capital Inc Class A (a)
|
11,421,900
|
155,794,716
|
|
Cboe Global Markets Inc
|
301,500
|
79,915,590
|
|
Intercontinental Exchange Inc
|
467,100
|
81,172,638
|
|
Jefferies Financial Group Inc
|
292,600
|
17,901,268
|
|
KKR & Co Inc Class A
|
268,800
|
30,713,088
|
|
LPL Financial Holdings Inc
|
67,500
|
24,603,750
|
|
Raymond James Financial Inc
|
214,200
|
35,527,212
|
|
572,422,647
|
|||
Consumer Finance - 0.0%
|
|||
FirstCash Holdings Inc
|
65,700
|
11,201,850
|
|
Financial Services - 3.8%
|
|||
Apollo Global Management Inc
|
1,045,900
|
140,715,386
|
|
Mastercard Inc Class A
|
129,900
|
69,988,821
|
|
UWM Holdings Corp Class A (a)
|
12,462,600
|
61,191,366
|
|
Visa Inc Class A
|
415,416
|
133,693,331
|
|
405,588,904
|
|||
Insurance - 2.6%
|
|||
Arthur J Gallagher & Co
|
248,100
|
61,868,697
|
|
Chubb Ltd
|
204,600
|
63,335,976
|
|
Marsh & McLennan Cos Inc
|
343,200
|
64,586,808
|
|
Travelers Companies Inc/The
|
149,100
|
42,420,441
|
|
W R Berkley Corp (a)
|
682,600
|
46,812,708
|
|
279,024,630
|
|||
TOTAL FINANCIALS
|
1,523,176,918
|
||
Health Care - 6.1%
|
|||
Biotechnology - 0.4%
|
|||
Gilead Sciences Inc
|
303,200
|
43,039,240
|
|
Health Care Equipment & Supplies - 0.4%
|
|||
Baxter International Inc
|
1,990,900
|
39,957,363
|
|
Health Care Providers & Services - 1.4%
|
|||
Cigna Group/The
|
189,300
|
51,889,023
|
|
Humana Inc
|
175,200
|
34,199,040
|
|
UnitedHealth Group Inc
|
242,503
|
69,581,386
|
|
155,669,449
|
|||
Life Sciences Tools & Services - 1.6%
|
|||
Bruker Corp (a)
|
917,500
|
40,636,075
|
|
Danaher Corp
|
178,800
|
39,137,532
|
|
Thermo Fisher Scientific Inc
|
165,700
|
95,875,677
|
|
175,649,284
|
|||
Pharmaceuticals - 2.3%
|
|||
Eli Lilly & Co
|
78,800
|
81,727,420
|
|
Merck & Co Inc
|
398,900
|
43,986,703
|
|
Royalty Pharma PLC Class A
|
2,758,800
|
114,986,784
|
|
240,700,907
|
|||
TOTAL HEALTH CARE
|
655,016,243
|
||
Industrials - 15.9%
|
|||
Aerospace & Defense - 3.9%
|
|||
Boeing Co (b)
|
1,333,540
|
311,674,969
|
|
GE Aerospace
|
136,037
|
41,734,791
|
|
General Dynamics Corp
|
43,600
|
15,307,524
|
|
Huntington Ingalls Industries Inc
|
125,600
|
52,816,056
|
|
421,533,340
|
|||
Air Freight & Logistics - 0.7%
|
|||
United Parcel Service Inc Class B
|
738,300
|
78,422,226
|
|
Building Products - 0.5%
|
|||
A O Smith Corp (a)
|
738,700
|
54,287,063
|
|
Construction & Engineering - 1.1%
|
|||
EMCOR Group Inc
|
162,400
|
117,046,552
|
|
Electrical Equipment - 3.0%
|
|||
GE Vernova Inc
|
298,233
|
216,627,504
|
|
Regal Rexnord Corp
|
249,400
|
40,278,100
|
|
Vertiv Holdings Co Class A
|
341,844
|
63,644,516
|
|
320,550,120
|
|||
Machinery - 4.7%
|
|||
Allison Transmission Holdings Inc
|
1,618,945
|
175,979,322
|
|
Cummins Inc
|
94,900
|
54,930,018
|
|
Otis Worldwide Corp
|
477,500
|
40,788,050
|
|
PACCAR Inc
|
478,900
|
58,861,599
|
|
Westinghouse Air Brake Technologies Corp
|
747,800
|
172,098,692
|
|
502,657,681
|
|||
Passenger Airlines - 0.2%
|
|||
Delta Air Lines Inc
|
285,800
|
18,831,362
|
|
Professional Services - 1.7%
|
|||
Paycom Software Inc (a)
|
595,900
|
80,297,525
|
|
SS&C Technologies Holdings Inc
|
1,317,842
|
107,918,081
|
|
188,215,606
|
|||
Trading Companies & Distributors - 0.1%
|
|||
Applied Industrial Technologies Inc
|
58,000
|
15,103,780
|
|
TOTAL INDUSTRIALS
|
1,716,647,730
|
||
Information Technology - 21.4%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Vontier Corp
|
6,702
|
251,325
|
|
Semiconductors & Semiconductor Equipment - 10.7%
|
|||
Broadcom Inc
|
626,200
|
207,460,060
|
|
Marvell Technology Inc
|
315,150
|
24,871,638
|
|
NVIDIA Corp
|
4,772,825
|
912,230,043
|
|
1,144,561,741
|
|||
Software - 5.1%
|
|||
Intuit Inc
|
29,000
|
14,468,680
|
|
Microsoft Corp
|
1,202,600
|
517,466,754
|
|
Salesforce Inc
|
108,200
|
22,969,778
|
|
554,905,212
|
|||
Technology Hardware, Storage & Peripherals - 5.6%
|
|||
Apple Inc
|
541,568
|
140,526,065
|
|
GPGI Inc (c)
|
1,900,804
|
44,801,950
|
|
GPGI Inc Class A (b)
|
135,100
|
3,184,307
|
|
Seagate Technology Holdings PLC
|
491,400
|
200,338,866
|
|
Western Digital Corp
|
878,800
|
219,902,124
|
|
608,753,312
|
|||
TOTAL INFORMATION TECHNOLOGY
|
2,308,471,590
|
||
Materials - 2.4%
|
|||
Chemicals - 0.3%
|
|||
Corteva Inc
|
143,600
|
10,454,080
|
|
LyondellBasell Industries NV Class A1
|
510,900
|
25,034,100
|
|
35,488,180
|
|||
Containers & Packaging - 0.3%
|
|||
Smurfit WestRock PLC
|
719,300
|
29,944,459
|
|
Metals & Mining - 1.8%
|
|||
Coeur Mining Inc (b)
|
807,400
|
16,503,256
|
|
Newmont Corp
|
760,300
|
85,419,705
|
|
Royal Gold Inc
|
362,600
|
95,476,206
|
|
197,399,167
|
|||
TOTAL MATERIALS
|
262,831,806
|
||
Real Estate - 2.4%
|
|||
Health Care REITs - 0.8%
|
|||
Ventas Inc
|
1,095,100
|
85,056,417
|
|
Real Estate Management & Development - 0.4%
|
|||
St Joe Co/The
|
724,000
|
47,921,560
|
|
Retail REITs - 0.3%
|
|||
Simon Property Group Inc
|
187,700
|
35,908,887
|
|
Specialized REITs - 0.9%
|
|||
Millrose Properties Inc Class A (a)
|
3,043,600
|
90,699,280
|
|
TOTAL REAL ESTATE
|
259,586,144
|
||
Utilities - 0.8%
|
|||
Electric Utilities - 0.8%
|
|||
Edison International
|
210,200
|
13,091,256
|
|
Exelon Corp
|
375,930
|
16,834,145
|
|
NextEra Energy Inc
|
626,600
|
55,078,140
|
|
TOTAL UTILITIES
|
85,003,541
|
||
TOTAL UNITED STATES
|
9,567,243,252
|
||
ZAMBIA - 0.5%
|
|||
Materials - 0.5%
|
|||
Metals & Mining - 0.5%
|
|||
First Quantum Minerals Ltd (b)
|
2,070,300
|
58,521,534
|
|
|
TOTAL COMMON STOCKS
(Cost $6,888,036,797)
|
10,762,171,443
|
||
Money Market Funds - 2.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (e)
|
3.70
|
954
|
954
|
|
Fidelity Securities Lending Cash Central Fund (e)(f)
|
3.70
|
259,601,980
|
259,627,940
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $259,628,894)
|
259,628,894
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 102.2%
(Cost $7,147,665,691)
|
11,021,800,337
|
NET OTHER ASSETS (LIABILITIES) - (2.2)%
|
(235,076,596)
|
NET ASSETS - 100.0%
|
10,786,723,741
|
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Non-income producing.
|
(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 $44,801,950 or 0.4% of net assets.
|
(d)
|
Affiliated company.
|
(e)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(f)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
GPGI Inc
|
11/3/2025
|
35,164,874
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
4,019,611
|
656,692,755
|
663,718,039
|
418,028
|
(1,044)
|
-
|
954
|
954
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
101,632,686
|
1,805,637,567
|
1,647,625,220
|
309,513
|
(17,093)
|
-
|
259,627,940
|
259,601,980
|
0.8%
|
Total
|
105,652,297
|
2,462,330,322
|
2,311,343,259
|
727,541
|
(18,137)
|
-
|
259,628,894
|
||
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
2020 Bulkers Ltd
|
15,738,068
|
2,512,760
|
-
|
1,304,914
|
-
|
3,845,770
|
22,096,598
|
1,487,081
|
Total
|
15,738,068
|
2,512,760
|
-
|
1,304,914
|
-
|
3,845,770
|
22,096,598
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
1,350,680,136
|
1,350,680,136
|
-
|
-
|
Consumer Discretionary
|
383,619,369
|
383,619,369
|
-
|
-
|
Consumer Staples
|
411,483,598
|
265,700,624
|
145,782,974
|
-
|
Energy
|
940,510,215
|
940,510,215
|
-
|
-
|
Financials
|
1,711,653,708
|
1,711,653,708
|
-
|
-
|
Health Care
|
655,016,243
|
655,016,243
|
-
|
-
|
Industrials
|
1,841,642,421
|
1,841,642,421
|
-
|
-
|
Information Technology
|
2,727,758,237
|
2,697,657,522
|
30,100,715
|
-
|
Materials
|
395,217,831
|
377,384,308
|
17,833,523
|
-
|
Real Estate
|
259,586,144
|
259,586,144
|
-
|
-
|
Utilities
|
85,003,541
|
85,003,541
|
-
|
-
|
Money Market Funds
|
259,628,894
|
259,628,894
|
-
|
-
|
Total Investments in Securities:
|
11,021,800,337
|
10,828,083,125
|
193,717,212
|
-
|
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $275,552,322) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $6,870,696,393)
|
$
|
10,740,074,845
|
||
Fidelity Central Funds (cost $259,628,894)
|
259,628,894
|
|||
Other affiliated issuers (cost $17,340,404)
|
22,096,598
|
|||
Total Investment in Securities (cost $7,147,665,691)
|
$
|
11,021,800,337
|
||
Cash
|
1,134
|
|||
Foreign currency held at value (cost $61,343)
|
64,324
|
|||
Receivable for investments sold
|
89,427,631
|
|||
Receivable for fund shares sold
|
3,812,962
|
|||
Dividends receivable
|
8,244,836
|
|||
Distributions receivable from Fidelity Central Funds
|
65,862
|
|||
Prepaid expenses
|
5,332
|
|||
Other receivables
|
35,726
|
|||
Total assets
|
11,123,458,144
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
39,273,944
|
||
Payable for fund shares redeemed
|
5,498,200
|
|||
Accrued management fee
|
6,479,552
|
|||
Distribution and service plan fees payable
|
399,251
|
|||
Notes payable to affiliates
|
25,158,000
|
|||
Other payables and accrued expenses
|
285,294
|
|||
Collateral on securities loaned
|
259,640,162
|
|||
Total liabilities
|
336,734,403
|
|||
Net Assets
|
$
|
10,786,723,741
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
6,714,308,989
|
||
Total accumulated earnings (loss)
|
4,072,414,752
|
|||
Net Assets
|
$
|
10,786,723,741
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($775,708,514 ÷ 17,386,632 shares)(a)
|
$
|
44.62
|
||
Maximum offering price per share (100/94.25 of $44.62)
|
$
|
47.34
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($461,076,077 ÷ 10,339,603 shares)(a)
|
$
|
44.59
|
||
Maximum offering price per share (100/96.50 of $44.59)
|
$
|
46.21
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($58,035,732 ÷ 1,302,052 shares)(a)
|
$
|
44.57
|
||
Dividend Growth :
|
||||
Net Asset Value, offering price and redemption price per share ($8,458,984,481 ÷ 189,415,186 shares)
|
$
|
44.66
|
||
Class K :
|
||||
Net Asset Value, offering price and redemption price per share ($527,701,708 ÷ 11,834,011 shares)
|
$
|
44.59
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($407,583,189 ÷ 9,132,385 shares)
|
$
|
44.63
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($97,634,040 ÷ 2,187,717 shares)
|
$
|
44.63
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends (including $1,304,914 earned from affiliated issuers)
|
$
|
73,476,228
|
||
Interest
|
205
|
|||
Income from Fidelity Central Funds (including $309,513 from security lending)
|
727,541
|
|||
Total income
|
74,203,974
|
|||
Expenses
|
||||
Management fee
|
||||
Basic fee
|
$
|
30,234,152
|
||
Performance adjustment
|
530,884
|
|||
Distribution and service plan fees
|
2,184,529
|
|||
Custodian fees and expenses
|
50,830
|
|||
Independent trustees' fees and expenses
|
19,980
|
|||
Registration fees
|
135,230
|
|||
Audit fees
|
67,288
|
|||
Legal
|
7,241
|
|||
Interest
|
27,977
|
|||
Miscellaneous
|
13,872
|
|||
Total expenses before reductions
|
33,271,983
|
|||
Expense reductions
|
(79,363)
|
|||
Total expenses after reductions
|
33,192,620
|
|||
Net Investment income (loss)
|
41,011,354
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
462,411,979
|
|||
Fidelity Central Funds
|
(18,137)
|
|||
Foreign currency transactions
|
33,264
|
|||
Total net realized gain (loss)
|
462,427,106
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $34,922)
|
934,635,798
|
|||
Affiliated issuers
|
3,845,770
|
|||
Assets and liabilities in foreign currencies
|
75,979
|
|||
Total change in net unrealized appreciation (depreciation)
|
938,557,547
|
|||
Net gain (loss)
|
1,400,984,653
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
1,441,996,007
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
41,011,354
|
$
|
68,249,256
|
Net realized gain (loss)
|
462,427,106
|
946,223,960
|
||
Change in net unrealized appreciation (depreciation)
|
938,557,547
|
236,579,777
|
||
Net increase (decrease) in net assets resulting from operations
|
1,441,996,007
|
1,251,052,993
|
||
Distributions to shareholders
|
(792,151,913)
|
(736,239,547)
|
||
Share transactions - net increase (decrease)
|
2,101,480,112
|
(459,304,731)
|
||
Total increase (decrease) in net assets
|
2,751,324,206
|
55,508,715
|
||
Net Assets
|
||||
Beginning of period
|
8,035,399,535
|
7,979,890,820
|
||
End of period
|
$
|
10,786,723,741
|
$
|
8,035,399,535
|
Fidelity Advisor® Dividend Growth Fund Class A |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
41.80
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.11
|
|
Net realized and unrealized gain (loss)
|
6.54
|
|
Total from investment operations
|
6.65
|
|
Distributions from net investment income
|
(.41)
|
|
Distributions from net realized gain
|
(3.42)
|
|
Total distributions
|
(3.83)
|
|
Net asset value, end of period
|
$
|
44.62
|
Total Return D,E,F
|
16.97 % |
|
Ratios to Average Net Assets C,G,H
|
||
Expenses before reductions
|
.91% I
|
|
Expenses net of fee waivers, if any
|
.91 % I |
|
Expenses net of all reductions, if any
|
.91% I
|
|
Net investment income (loss)
|
.53% I
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
775,709
|
Portfolio turnover rate J
|
43 % I,K |
Fidelity Advisor® Dividend Growth Fund Class M |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
41.80
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.06
|
|
Net realized and unrealized gain (loss)
|
6.52
|
|
Total from investment operations
|
6.58
|
|
Distributions from net investment income
|
(.37)
|
|
Distributions from net realized gain
|
(3.42)
|
|
Total distributions
|
(3.79)
|
|
Net asset value, end of period
|
$
|
44.59
|
Total Return D,E,F
|
16.78 % |
|
Ratios to Average Net Assets C,G,H
|
||
Expenses before reductions
|
1.16% I
|
|
Expenses net of fee waivers, if any
|
1.16 % I |
|
Expenses net of all reductions, if any
|
1.16% I
|
|
Net investment income (loss)
|
.28% I
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
461,076
|
Portfolio turnover rate J
|
43 % I,K |
Fidelity Advisor® Dividend Growth Fund Class C |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
41.80
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
(.05)
|
|
Net realized and unrealized gain (loss)
|
6.52
|
|
Total from investment operations
|
6.47
|
|
Distributions from net investment income
|
(.29)
|
|
Distributions from net realized gain
|
(3.42)
|
|
Total distributions
|
(3.70) D
|
|
Net asset value, end of period
|
$
|
44.57
|
Total Return E,F,G
|
16.51 % |
|
Ratios to Average Net Assets C,H,I
|
||
Expenses before reductions
|
1.66% J
|
|
Expenses net of fee waivers, if any
|
1.66 % J |
|
Expenses net of all reductions, if any
|
1.66% J
|
|
Net investment income (loss)
|
(.22)% J
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
58,036
|
Portfolio turnover rate K
|
43 % J,L |
Fidelity® Dividend Growth Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
42.48
|
$
|
39.71
|
$
|
32.22
|
$
|
32.82
|
$
|
36.80
|
$
|
26.38
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.18
|
.35
|
.37
|
.47
|
.44
|
.42
|
||||||
Net realized and unrealized gain (loss)
|
5.85
|
6.12
|
8.26
|
2.26
|
(1.37)
|
10.59
|
||||||
Total from investment operations
|
6.03
|
6.47
|
8.63
|
2.73
|
(.93)
|
11.01
|
||||||
Distributions from net investment income
|
(.43)
|
(.35)
|
(.47)
|
(.47)
|
(.55)
|
(.59)
|
||||||
Distributions from net realized gain
|
(3.42)
|
(3.35)
|
(.67)
|
(2.85)
|
(2.50)
|
-
|
||||||
Total distributions
|
(3.85)
|
(3.70)
|
(1.14)
|
(3.33) C
|
(3.05)
|
(.59)
|
||||||
Net asset value, end of period
|
$
|
44.66
|
$
|
42.48
|
$
|
39.71
|
$
|
32.22
|
$
|
32.82
|
$
|
36.80
|
Total Return D,E
|
15.25 % |
17.62%
|
27.66%
|
9.39%
|
(2.83)%
|
42.42%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.62% H
|
.67%
|
.71%
|
.58%
|
.48%
|
.49%
|
||||||
Expenses net of fee waivers, if any
|
.61 % H |
.67%
|
.70%
|
.58%
|
.47%
|
.49%
|
||||||
Expenses net of all reductions, if any
|
.61% H
|
.67%
|
.70%
|
.58%
|
.47%
|
.48%
|
||||||
Net investment income (loss)
|
.87% H
|
.89%
|
1.07%
|
1.57%
|
1.27%
|
1.31%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
8,458,984
|
$
|
7,560,395
|
$
|
6,859,493
|
$
|
5,711,207
|
$
|
5,660,951
|
$
|
6,114,159
|
Portfolio turnover rate I
|
43 % H,J |
81% K
|
70%
|
66% K
|
52%
|
93%
|
Fidelity® Dividend Growth Fund Class K |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
42.42
|
$
|
39.65
|
$
|
32.17
|
$
|
32.77
|
$
|
36.76
|
$
|
26.36
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.20
|
.38
|
.41
|
.50
|
.47
|
.44
|
||||||
Net realized and unrealized gain (loss)
|
5.83
|
6.10
|
8.25
|
2.26
|
(1.37)
|
10.57
|
||||||
Total from investment operations
|
6.03
|
6.48
|
8.66
|
2.76
|
(.90)
|
11.01
|
||||||
Distributions from net investment income
|
(.45)
|
(.36)
|
(.50)
|
(.50)
|
(.59)
|
(.61)
|
||||||
Distributions from net realized gain
|
(3.42)
|
(3.35)
|
(.67)
|
(2.85)
|
(2.50)
|
-
|
||||||
Total distributions
|
(3.86) C
|
(3.71)
|
(1.18) C
|
(3.36) C
|
(3.09)
|
(.61)
|
||||||
Net asset value, end of period
|
$
|
44.59
|
$
|
42.42
|
$
|
39.65
|
$
|
32.17
|
$
|
32.77
|
$
|
36.76
|
Total Return D,E
|
15.29 % |
17.68%
|
27.79%
|
9.51%
|
(2.75)%
|
42.53%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.55% H
|
.59%
|
.62%
|
.49%
|
.38%
|
.39%
|
||||||
Expenses net of fee waivers, if any
|
.55 % H |
.59%
|
.61%
|
.48%
|
.38%
|
.39%
|
||||||
Expenses net of all reductions, if any
|
.55% H
|
.59%
|
.61%
|
.48%
|
.38%
|
.38%
|
||||||
Net investment income (loss)
|
.94% H
|
.97%
|
1.16%
|
1.67%
|
1.36%
|
1.41%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
527,702
|
$
|
475,005
|
$
|
1,120,398
|
$
|
509,301
|
$
|
542,465
|
$
|
807,076
|
Portfolio turnover rate I
|
43 % H,J |
81% K
|
70%
|
66% K
|
52%
|
93%
|
Fidelity Advisor® Dividend Growth Fund Class I |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
41.80
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.17
|
|
Net realized and unrealized gain (loss)
|
6.52
|
|
Total from investment operations
|
6.69
|
|
Distributions from net investment income
|
(.45)
|
|
Distributions from net realized gain
|
(3.42)
|
|
Total distributions
|
(3.86) D
|
|
Net asset value, end of period
|
$
|
44.63
|
Total Return E,F
|
17.09 % |
|
Ratios to Average Net Assets C,G,H
|
||
Expenses before reductions
|
.66% I
|
|
Expenses net of fee waivers, if any
|
.66 % I |
|
Expenses net of all reductions, if any
|
.66% I
|
|
Net investment income (loss)
|
.80% I
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
407,583
|
Portfolio turnover rate J
|
43 % I,K |
Fidelity Advisor® Dividend Growth Fund Class Z |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
41.80
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.19
|
|
Net realized and unrealized gain (loss)
|
6.53
|
|
Total from investment operations
|
6.72
|
|
Distributions from net investment income
|
(.47)
|
|
Distributions from net realized gain
|
(3.42)
|
|
Total distributions
|
(3.89)
|
|
Net asset value, end of period
|
$
|
44.63
|
Total Return D,E
|
17.16 % |
|
Ratios to Average Net Assets C,F,G
|
||
Expenses before reductions
|
.55% H
|
|
Expenses net of fee waivers, if any
|
.54 % H |
|
Expenses net of all reductions, if any
|
.54% H
|
|
Net investment income (loss)
|
.90% H
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
97,634
|
Portfolio turnover rate I
|
43 % H,J |
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$4,051,219,016
|
Gross unrealized depreciation
|
(214,977,137)
|
Net unrealized appreciation (depreciation)
|
$3,836,241,879
|
Tax cost
|
$7,185,558,458
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Dividend Growth Fund
|
2,085,774,732
|
2,449,633,796
|
Shares
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity Dividend Growth Fund
|
10,425,311
|
199,320,043
|
402,521,265
|
Maximum Management Fee Rate %
|
|
Class A
|
.70
|
Class M
|
.69
|
Class C
|
.72
|
Dividend Growth
|
.64
|
Class K
|
.55
|
Class I
|
.71
|
Class Z
|
.55
|
Total Management Fee Rate %
|
|
Class A
|
.65
|
Class M
|
.65
|
Class C
|
.65
|
Dividend Growth
|
.60
|
Class K
|
.53
|
Class I
|
.65
|
Class Z
|
.53
|
Performance Adjustment Index
|
|
Fidelity Dividend Growth Fund
|
S&P 500 Index
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
869,196
|
8,348
|
Class M
|
.25%
|
.25%
|
1,052,966
|
-
|
Class C
|
.75%
|
.25%
|
262,367
|
31,697
|
2,184,529
|
40,045
|
Retained by FDC ($)
|
|
Class A
|
72,300
|
Class M
|
3,115
|
Class CA
|
1,046
|
76,461
|
Fidelity Dividend Growth Fund
|
$35,726
|
Amount ($)
|
|
Fidelity Dividend Growth Fund
|
52,101
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Dividend Growth Fund
|
Borrower
|
13,768,526
|
4.23%
|
27,977
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Dividend Growth Fund
|
180,315,169
|
99,285,532
|
15,815,637
|
Amount ($)
|
|
Fidelity Dividend Growth Fund
|
7,218
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Dividend Growth Fund
|
32,703
|
69
|
-
|
Amount ($)
|
|
Fidelity Dividend Growth Fund
|
27,151,225
|
Class-Level Amount ($)
|
|
Class A
|
5,706
|
Class M
|
3,470
|
Class C
|
432
|
Dividend Growth
|
61,988
|
Class K
|
3,830
|
Class I
|
3,294
|
Class Z
|
643
|
Total
|
79,363
|
Six months ended
January 31, 2026A
|
Year ended
July 31, 2025
|
|
Fidelity Dividend Growth Fund
|
||
Distributions to shareholders
|
||
Class A
|
$22,689,677
|
$ -
|
Class M
|
13,312,695
|
-
|
Class C
|
1,548,765
|
-
|
Dividend Growth
|
695,671,928
|
647,245,301
|
Class K
|
43,625,320
|
88,994,246
|
Class I
|
12,552,448
|
-
|
Class Z
|
2,751,080
|
-
|
Total
|
$792,151,913
|
$736,239,547
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026A
|
Year ended
July 31, 2025
|
Six months ended
January 31, 2026A
|
Year ended
July 31, 2025
|
|
Fidelity Dividend Growth Fund
|
||||
Class A
|
||||
Shares sold
|
682,234
|
-
|
$28,417,635
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
17,356,465
|
-
|
698,076,608
|
-
|
Reinvestment of distributions
|
507,861
|
-
|
21,701,792
|
-
|
Shares redeemed
|
(1,159,928)
|
-
|
(49,066,831)
|
-
|
Net increase (decrease)
|
17,386,632
|
-
|
$699,129,204
|
$ -
|
Class M
|
||||
Shares sold
|
336,937
|
-
|
$14,023,141
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
10,719,221
|
-
|
431,019,278
|
-
|
Reinvestment of distributions
|
307,597
|
-
|
13,136,931
|
-
|
Shares redeemed
|
(1,024,152)
|
-
|
(43,223,428)
|
-
|
Net increase (decrease)
|
10,339,603
|
-
|
$414,955,922
|
$ -
|
Class C
|
||||
Shares sold
|
94,496
|
-
|
$3,969,418
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
1,330,305
|
-
|
53,491,655
|
-
|
Reinvestment of distributions
|
36,031
|
-
|
1,539,496
|
-
|
Shares redeemed
|
(158,780)
|
-
|
(6,676,847)
|
-
|
Net increase (decrease)
|
1,302,052
|
-
|
$52,323,722
|
$ -
|
Dividend Growth
|
||||
Shares sold
|
6,954,081
|
22,536,616
|
$289,813,936
|
$872,369,212
|
Reinvestment of distributions
|
16,002,523
|
16,043,805
|
654,703,521
|
611,000,572
|
Shares redeemed
|
(11,525,856)
|
(33,321,298)
|
(487,785,975)
|
(1,284,097,584)
|
Net increase (decrease)
|
11,430,748
|
5,259,123
|
$456,731,482
|
$199,272,200
|
Class K
|
||||
Shares sold
|
1,067,324
|
2,674,552
|
$44,949,909
|
$103,589,988
|
Reinvestment of distributions
|
1,068,045
|
2,352,752
|
43,625,320
|
88,994,246
|
Shares redeemed
|
(1,499,389)
|
(22,089,276)
|
(63,039,157)
|
(851,161,165)
|
Net increase (decrease)
|
635,980
|
(17,061,972)
|
$25,536,072
|
$(658,576,931)
|
Class I
|
||||
Shares sold
|
386,354
|
-
|
$16,017,844
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
10,243,583
|
-
|
411,997,266
|
-
|
Reinvestment of distributions
|
289,226
|
-
|
12,354,099
|
-
|
Shares redeemed
|
(1,786,778)
|
-
|
(76,302,183)
|
-
|
Net increase (decrease)
|
9,132,385
|
-
|
$364,067,026
|
$ -
|
Class Z
|
||||
Shares sold
|
406,165
|
-
|
$17,486,785
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
2,095,387
|
-
|
84,276,351
|
-
|
Reinvestment of distributions
|
58,735
|
-
|
2,509,172
|
-
|
Shares redeemed
|
(372,570)
|
-
|
(15,535,624)
|
-
|
Net increase (decrease)
|
2,187,717
|
-
|
$88,736,684
|
$ -
|
Acquired Fund and Share Class
|
Investments $
|
Unrealized appreciation (depreciation) $
|
Net Assets $
|
Shares Exchanged
|
Shares Exchanged Ratio
|
Fidelity Advisor Dividend Growth Fund
|
1,677,762,721
|
536,654,831
|
|||
Class A
|
698,076,608
|
30,907,100
|
0.5615688712
|
||
Class M
|
431,019,278
|
19,181,589
|
0.5588286496
|
||
Class C
|
53,491,655
|
2,588,422
|
0.5139442925
|
||
Class I
|
411,997,266
|
16,640,827
|
0.6155693685
|
||
Class Z
|
84,276,351
|
3,316,613
|
0.6317851815
|
Acquiring Fund
|
Net Assets $
|
Total net assets after the acquisition $
|
Fidelity Dividend Growth Fund
|
8,048,859,623
|
9,727,720,781
|
Net investment income (loss)
|
$41,617,578
|
Total net realized gain (loss)
|
463,595,657
|
Total change in net unrealized appreciation (depreciation)
|
947,021,340
|
Net increase (decrease) in net assets resulting from operations
|
$1,452,234,575
|
![]() |


Contents
Common Stocks - 99.8%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.9%
|
|||
Energy - 0.9%
|
|||
Oil, Gas & Consumable Fuels - 0.9%
|
|||
Cenovus Energy Inc (United States) (a)
|
273,200
|
5,387,504
|
|
TAIWAN - 2.0%
|
|||
Information Technology - 2.0%
|
|||
Semiconductors & Semiconductor Equipment - 2.0%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
37,000
|
12,230,720
|
|
UNITED KINGDOM - 1.1%
|
|||
Health Care - 1.1%
|
|||
Pharmaceuticals - 1.1%
|
|||
Astrazeneca PLC ADR
|
74,610
|
6,921,570
|
|
UNITED STATES - 95.8%
|
|||
Communication Services - 10.2%
|
|||
Diversified Telecommunication Services - 0.9%
|
|||
Comcast Corp Class A
|
189,813
|
5,646,937
|
|
Entertainment - 1.6%
|
|||
Walt Disney Co/The
|
85,511
|
9,645,641
|
|
Interactive Media & Services - 7.7%
|
|||
Alphabet Inc Class A
|
83,486
|
28,218,268
|
|
Alphabet Inc Class C
|
34,400
|
11,645,432
|
|
Meta Platforms Inc Class A
|
9,000
|
6,448,500
|
|
46,312,200
|
|||
TOTAL COMMUNICATION SERVICES
|
61,604,778
|
||
Consumer Discretionary - 8.0%
|
|||
Automobiles - 1.0%
|
|||
General Motors Co
|
74,700
|
6,274,800
|
|
Broadline Retail - 3.4%
|
|||
Amazon.com Inc (b)
|
85,300
|
20,412,290
|
|
Household Durables - 1.8%
|
|||
PulteGroup Inc
|
62,600
|
7,830,634
|
|
Whirlpool Corp (a)
|
36,700
|
2,935,633
|
|
10,766,267
|
|||
Specialty Retail - 1.8%
|
|||
Lowe's Cos Inc
|
39,664
|
10,592,668
|
|
TOTAL CONSUMER DISCRETIONARY
|
48,046,025
|
||
Consumer Staples - 5.5%
|
|||
Beverages - 2.3%
|
|||
Keurig Dr Pepper Inc
|
368,192
|
10,103,189
|
|
Primo Brands Corp Class A
|
190,700
|
3,611,858
|
|
13,715,047
|
|||
Consumer Staples Distribution & Retail - 2.0%
|
|||
Kroger Co/The
|
84,700
|
5,323,395
|
|
US Foods Holding Corp (b)
|
83,500
|
6,982,270
|
|
12,305,665
|
|||
Food Products - 1.2%
|
|||
Mondelez International Inc
|
120,307
|
7,034,350
|
|
TOTAL CONSUMER STAPLES
|
33,055,062
|
||
Energy - 5.4%
|
|||
Oil, Gas & Consumable Fuels - 5.4%
|
|||
Exxon Mobil Corp
|
146,601
|
20,729,381
|
|
Targa Resources Corp (a)
|
30,400
|
6,109,792
|
|
Valero Energy Corp
|
32,100
|
5,823,903
|
|
TOTAL ENERGY
|
32,663,076
|
||
Financials - 18.9%
|
|||
Banks - 8.4%
|
|||
Citigroup Inc
|
99,000
|
11,455,290
|
|
US Bancorp
|
278,646
|
15,634,827
|
|
Wells Fargo & Co
|
260,458
|
23,568,844
|
|
50,658,961
|
|||
Capital Markets - 4.5%
|
|||
Ameriprise Financial Inc
|
14,600
|
7,696,974
|
|
Blue Owl Capital Inc Class A
|
299,200
|
4,081,088
|
|
Charles Schwab Corp/The
|
87,700
|
9,113,784
|
|
State Street Corp
|
47,000
|
6,150,420
|
|
27,042,266
|
|||
Consumer Finance - 1.7%
|
|||
Capital One Financial Corp
|
49,300
|
10,793,249
|
|
Insurance - 4.3%
|
|||
Arthur J Gallagher & Co
|
23,200
|
5,785,384
|
|
Chubb Ltd
|
25,704
|
7,956,931
|
|
Globe Life Inc
|
35,900
|
5,033,898
|
|
Travelers Companies Inc/The
|
24,281
|
6,908,187
|
|
25,684,400
|
|||
TOTAL FINANCIALS
|
114,178,876
|
||
Health Care - 12.2%
|
|||
Health Care Equipment & Supplies - 0.8%
|
|||
Becton Dickinson & Co
|
22,800
|
4,639,344
|
|
Health Care Providers & Services - 4.3%
|
|||
Cencora Inc
|
17,500
|
6,286,350
|
|
Cigna Group/The
|
28,903
|
7,922,601
|
|
Molina Healthcare Inc (b)
|
35,800
|
6,429,322
|
|
PACS Group Inc (b)
|
160,600
|
5,421,856
|
|
26,060,129
|
|||
Life Sciences Tools & Services - 2.2%
|
|||
ICON PLC (b)
|
34,300
|
6,182,575
|
|
Thermo Fisher Scientific Inc
|
12,700
|
7,348,347
|
|
13,530,922
|
|||
Pharmaceuticals - 4.9%
|
|||
GSK PLC ADR
|
141,900
|
7,322,040
|
|
Merck & Co Inc
|
111,283
|
12,271,176
|
|
Roche Holding AG non-voting shares
|
14,890
|
6,771,078
|
|
Royalty Pharma PLC Class A
|
80,500
|
3,355,240
|
|
29,719,534
|
|||
TOTAL HEALTH CARE
|
73,949,929
|
||
Industrials - 13.7%
|
|||
Aerospace & Defense - 0.8%
|
|||
Textron Inc
|
53,900
|
4,746,434
|
|
Air Freight & Logistics - 1.2%
|
|||
FedEx Corp
|
22,600
|
7,282,850
|
|
Building Products - 0.8%
|
|||
Builders FirstSource Inc (b)
|
43,600
|
4,987,840
|
|
Electrical Equipment - 2.0%
|
|||
Acuity Inc
|
16,300
|
5,040,612
|
|
Regal Rexnord Corp
|
41,779
|
6,747,309
|
|
11,787,921
|
|||
Ground Transportation - 0.6%
|
|||
Saia Inc (b)
|
13,200
|
4,420,284
|
|
Machinery - 3.6%
|
|||
Deere & Co
|
16,687
|
8,810,736
|
|
Dover Corp
|
32,454
|
6,539,156
|
|
Westinghouse Air Brake Technologies Corp
|
27,100
|
6,236,794
|
|
21,586,686
|
|||
Professional Services - 1.7%
|
|||
SS&C Technologies Holdings Inc
|
68,400
|
5,601,276
|
|
TransUnion
|
57,500
|
4,543,650
|
|
10,144,926
|
|||
Trading Companies & Distributors - 3.0%
|
|||
Ferguson Enterprises Inc
|
28,050
|
7,081,503
|
|
United Rentals Inc
|
7,800
|
6,100,068
|
|
Wesco International Inc
|
16,400
|
4,746,652
|
|
17,928,223
|
|||
TOTAL INDUSTRIALS
|
82,885,164
|
||
Information Technology - 10.4%
|
|||
Communications Equipment - 2.0%
|
|||
Cisco Systems Inc
|
152,900
|
11,975,128
|
|
Electronic Equipment, Instruments & Components - 1.8%
|
|||
Arrow Electronics Inc (b)
|
42,200
|
5,591,078
|
|
Sanmina Corp (b)
|
36,200
|
5,128,816
|
|
10,719,894
|
|||
IT Services - 0.6%
|
|||
GoDaddy Inc Class A (b)
|
38,400
|
3,859,968
|
|
Semiconductors & Semiconductor Equipment - 2.0%
|
|||
Intel Corp (b)
|
97,600
|
4,535,472
|
|
Micron Technology Inc
|
18,100
|
7,509,328
|
|
12,044,800
|
|||
Software - 2.6%
|
|||
Gen Digital Inc
|
169,603
|
4,068,776
|
|
Microsoft Corp
|
14,500
|
6,239,205
|
|
Salesforce Inc
|
23,932
|
5,080,524
|
|
15,388,505
|
|||
Technology Hardware, Storage & Peripherals - 1.4%
|
|||
Western Digital Corp
|
34,400
|
8,607,912
|
|
TOTAL INFORMATION TECHNOLOGY
|
62,596,207
|
||
Materials - 4.3%
|
|||
Chemicals - 1.6%
|
|||
Air Products and Chemicals Inc
|
24,000
|
6,540,000
|
|
Mosaic Co/The
|
112,000
|
3,080,000
|
|
9,620,000
|
|||
Construction Materials - 1.1%
|
|||
CRH PLC
|
53,522
|
6,551,628
|
|
Containers & Packaging - 0.8%
|
|||
Smurfit WestRock PLC (a)
|
117,500
|
4,891,525
|
|
Metals & Mining - 0.8%
|
|||
Steel Dynamics Inc
|
27,200
|
4,884,304
|
|
TOTAL MATERIALS
|
25,947,457
|
||
Real Estate - 4.2%
|
|||
Health Care REITs - 1.0%
|
|||
Welltower Inc
|
32,100
|
6,046,356
|
|
Industrial REITs - 1.3%
|
|||
Prologis Inc
|
57,900
|
7,559,424
|
|
Retail REITs - 0.6%
|
|||
Simon Property Group Inc
|
20,700
|
3,960,117
|
|
Specialized REITs - 1.3%
|
|||
Public Storage
|
27,800
|
7,678,082
|
|
TOTAL REAL ESTATE
|
25,243,979
|
||
Utilities - 3.0%
|
|||
Electric Utilities - 2.0%
|
|||
NextEra Energy Inc
|
92,600
|
8,139,540
|
|
NRG Energy Inc
|
26,700
|
4,075,221
|
|
12,214,761
|
|||
Multi-Utilities - 1.0%
|
|||
Sempra
|
68,600
|
5,968,886
|
|
TOTAL UTILITIES
|
18,183,647
|
||
TOTAL UNITED STATES
|
578,354,200
|
||
|
TOTAL COMMON STOCKS
(Cost $513,831,125)
|
602,893,994
|
||
Money Market Funds - 2.4%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (c)
|
3.70
|
561,932
|
562,044
|
|
Fidelity Securities Lending Cash Central Fund (c)(d)
|
3.70
|
13,792,788
|
13,794,167
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $14,356,211)
|
14,356,211
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 102.2%
(Cost $528,187,336)
|
617,250,205
|
NET OTHER ASSETS (LIABILITIES) - (2.2)%
|
(13,346,067)
|
NET ASSETS - 100.0%
|
603,904,138
|
(a)
|
Security or a portion of the security is on loan at period end.
|
(b)
|
Non-income producing.
|
(c)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(d)
|
Investment made with cash collateral received from securities on loan.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
22,475,630
|
47,772,986
|
69,935,304
|
165,112
|
1,109
|
-
|
562,044
|
561,932
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
3,310,875
|
151,013,988
|
140,531,638
|
16,104
|
942
|
-
|
13,794,167
|
13,792,788
|
0.0%
|
Total
|
25,786,505
|
198,786,974
|
210,466,942
|
181,216
|
2,051
|
-
|
14,356,211
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
61,604,778
|
61,604,778
|
-
|
-
|
Consumer Discretionary
|
48,046,025
|
48,046,025
|
-
|
-
|
Consumer Staples
|
33,055,062
|
33,055,062
|
-
|
-
|
Energy
|
38,050,580
|
38,050,580
|
-
|
-
|
Financials
|
114,178,876
|
114,178,876
|
-
|
-
|
Health Care
|
80,871,499
|
74,100,421
|
6,771,078
|
-
|
Industrials
|
82,885,164
|
82,885,164
|
-
|
-
|
Information Technology
|
74,826,927
|
74,826,927
|
-
|
-
|
Materials
|
25,947,457
|
25,947,457
|
-
|
-
|
Real Estate
|
25,243,979
|
25,243,979
|
-
|
-
|
Utilities
|
18,183,647
|
18,183,647
|
-
|
-
|
Money Market Funds
|
14,356,211
|
14,356,211
|
-
|
-
|
Total Investments in Securities:
|
617,250,205
|
610,479,127
|
6,771,078
|
-
|
Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $13,455,390) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $513,831,125)
|
$
|
602,893,994
|
||
Fidelity Central Funds (cost $14,356,211)
|
14,356,211
|
|||
Total Investment in Securities (cost $528,187,336)
|
$
|
617,250,205
|
||
Foreign currency held at value (cost $104,050)
|
108,050
|
|||
Receivable for investments sold
|
124,826
|
|||
Receivable for fund shares sold
|
531,480
|
|||
Dividends receivable
|
244,264
|
|||
Reclaims receivable
|
315,238
|
|||
Distributions receivable from Fidelity Central Funds
|
3,701
|
|||
Prepaid expenses
|
389
|
|||
Receivable from investment adviser for expense reductions
|
37,758
|
|||
Other receivables
|
13,871
|
|||
Total assets
|
618,629,782
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
61,363
|
||
Payable for fund shares redeemed
|
628,042
|
|||
Accrued management fee
|
218,502
|
|||
Distribution and service plan fees payable
|
7,764
|
|||
Other payables and accrued expenses
|
16,748
|
|||
Collateral on securities loaned
|
13,793,225
|
|||
Total liabilities
|
14,725,644
|
|||
Net Assets
|
$
|
603,904,138
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
420,623,182
|
||
Total accumulated earnings (loss)
|
183,280,956
|
|||
Net Assets
|
$
|
603,904,138
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($18,882,530 ÷ 706,641 shares)(a)
|
$
|
26.72
|
||
Maximum offering price per share (100/94.25 of $26.72)
|
$
|
28.35
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($5,363,030 ÷ 200,742 shares)(a)
|
$
|
26.72
|
||
Maximum offering price per share (100/96.50 of $26.72)
|
$
|
27.69
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($1,959,429 ÷ 73,400 shares)(a)
|
$
|
26.70
|
||
Fidelity Blue Chip Value Fund :
|
||||
Net Asset Value, offering price and redemption price per share ($573,658,749 ÷ 21,435,037 shares)
|
$
|
26.76
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($3,204,289 ÷ 119,868 shares)
|
$
|
26.73
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($836,111 ÷ 31,288 shares)
|
$
|
26.72
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
5,938,200
|
||
Income from Fidelity Central Funds (including $16,104 from security lending)
|
181,216
|
|||
Total income
|
6,119,416
|
|||
Expenses
|
||||
Management fee
|
||||
Basic fee
|
$
|
1,942,254
|
||
Performance adjustment
|
(693,895)
|
|||
Distribution and service plan fees
|
31,930
|
|||
Custodian fees and expenses
|
8,445
|
|||
Independent trustees' fees and expenses
|
1,222
|
|||
Registration fees
|
104,935
|
|||
Audit fees
|
46,122
|
|||
Legal
|
6,377
|
|||
Interest
|
3,414
|
|||
Miscellaneous
|
42,339
|
|||
Total expenses before reductions
|
1,493,143
|
|||
Expense reductions
|
(111,548)
|
|||
Total expenses after reductions
|
1,381,595
|
|||
Net Investment income (loss)
|
4,737,821
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
103,214,853
|
|||
Fidelity Central Funds
|
2,051
|
|||
Foreign currency transactions
|
(5,700)
|
|||
Total net realized gain (loss)
|
103,211,204
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers
|
(25,178,164)
|
|||
Assets and liabilities in foreign currencies
|
17,124
|
|||
Total change in net unrealized appreciation (depreciation)
|
(25,161,040)
|
|||
Net gain (loss)
|
78,050,164
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
82,787,985
|
||
Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
4,737,821
|
$
|
12,187,023
|
Net realized gain (loss)
|
103,211,204
|
15,244,671
|
||
Change in net unrealized appreciation (depreciation)
|
(25,161,040)
|
(50,130,075)
|
||
Net increase (decrease) in net assets resulting from operations
|
82,787,985
|
(22,698,381)
|
||
Distributions to shareholders
|
(17,556,791)
|
(60,188,463)
|
||
Share transactions - net increase (decrease)
|
(20,337,772)
|
(101,932,392)
|
||
Total increase (decrease) in net assets
|
44,893,422
|
(184,819,236)
|
||
Net Assets
|
||||
Beginning of period
|
559,010,716
|
743,829,952
|
||
End of period
|
$
|
603,904,138
|
$
|
559,010,716
|
Fidelity Advisor® Blue Chip Value Fund Class A |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
25.10
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.13
|
|
Net realized and unrealized gain (loss)
|
2.25
|
|
Total from investment operations
|
2.38
|
|
Distributions from net investment income
|
(.38)
|
|
Distributions from net realized gain
|
(.38)
|
|
Total distributions
|
(.76)
|
|
Net asset value, end of period
|
$
|
26.72
|
Total Return D,E,F
|
9.66 % |
|
Ratios to Average Net Assets C,G,H
|
||
Expenses before reductions
|
.78% I,J
|
|
Expenses net of fee waivers, if any
|
.74 % I,J |
|
Expenses net of all reductions, if any
|
.74% I,J
|
|
Net investment income (loss)
|
1.34% I,J
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
18,883
|
Portfolio turnover rate K
|
126 % J,L |
Fidelity Advisor® Blue Chip Value Fund Class M |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
25.10
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.11
|
|
Net realized and unrealized gain (loss)
|
2.26
|
|
Total from investment operations
|
2.37
|
|
Distributions from net investment income
|
(.36)
|
|
Distributions from net realized gain
|
(.38)
|
|
Total distributions
|
(.75) D
|
|
Net asset value, end of period
|
$
|
26.72
|
Total Return E,F,G
|
9.59 % |
|
Ratios to Average Net Assets C,H,I
|
||
Expenses before reductions
|
1.03% J,K
|
|
Expenses net of fee waivers, if any
|
.99 % J,K |
|
Expenses net of all reductions, if any
|
.99% J,K
|
|
Net investment income (loss)
|
1.09% J,K
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
5,363
|
Portfolio turnover rate L
|
126 % K,M |
Fidelity Advisor® Blue Chip Value Fund Class C |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
25.10
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.06
|
|
Net realized and unrealized gain (loss)
|
2.26
|
|
Total from investment operations
|
2.32
|
|
Distributions from net investment income
|
(.33)
|
|
Distributions from net realized gain
|
(.38)
|
|
Total distributions
|
(.72) D
|
|
Net asset value, end of period
|
$
|
26.70
|
Total Return E,F,G
|
9.39 % |
|
Ratios to Average Net Assets C,H,I
|
||
Expenses before reductions
|
1.53% J,K
|
|
Expenses net of fee waivers, if any
|
1.49 % J,K |
|
Expenses net of all reductions, if any
|
1.49% J,K
|
|
Net investment income (loss)
|
.59% J,K
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
1,959
|
Portfolio turnover rate L
|
126 % K,M |
Fidelity® Blue Chip Value Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
23.94
|
$
|
27.00
|
$
|
25.17
|
$
|
23.79
|
$
|
23.11
|
$
|
17.02
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
.21
|
.47
|
.38
|
.31
|
.33
|
.27
|
||||||
Net realized and unrealized gain (loss)
|
3.37
|
(1.30)
|
2.36
|
1.69
|
.66
|
6.03
|
||||||
Total from investment operations
|
3.58
|
(.83)
|
2.74
|
2.00
|
.99
|
6.30
|
||||||
Distributions from net investment income
|
(.38)
|
(.42)
|
(.38)
|
(.26)
|
(.31)
|
(.21)
|
||||||
Distributions from net realized gain
|
(.38)
|
(1.80)
|
(.53)
|
(.37)
|
-
|
-
|
||||||
Total distributions
|
(.76)
|
(2.23) C
|
(.91)
|
(.62) C
|
(.31)
|
(.21)
|
||||||
Net asset value, end of period
|
$
|
26.76
|
$
|
23.94
|
$
|
27.00
|
$
|
25.17
|
$
|
23.79
|
$
|
23.11
|
Total Return D,E
|
15.13 % |
(3.28)%
|
11.31%
|
8.61%
|
4.28%
|
37.36%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.49% H,I
|
.56%
|
.85%
|
.80%
|
.63%
|
.58%
|
||||||
Expenses net of fee waivers, if any
|
.45 % H,I |
.56%
|
.85%
|
.79%
|
.63%
|
.58%
|
||||||
Expenses net of all reductions, if any
|
.45% H,I
|
.56%
|
.85%
|
.79%
|
.63%
|
.58%
|
||||||
Net investment income (loss)
|
1.63% H,I
|
1.88%
|
1.52%
|
1.32%
|
1.38%
|
1.35%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
573,659
|
$
|
559,011
|
$
|
743,830
|
$
|
752,556
|
$
|
740,985
|
$
|
525,809
|
Portfolio turnover rate J
|
126 % I,K |
53%
|
39%
|
32%
|
41%
|
52%
|
Fidelity Advisor® Blue Chip Value Fund Class I |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
25.10
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.16
|
|
Net realized and unrealized gain (loss)
|
2.25
|
|
Total from investment operations
|
2.41
|
|
Distributions from net investment income
|
(.40)
|
|
Distributions from net realized gain
|
(.38)
|
|
Total distributions
|
(.78)
|
|
Net asset value, end of period
|
$
|
26.73
|
Total Return D,E
|
9.78 % |
|
Ratios to Average Net Assets C,F,G
|
||
Expenses before reductions
|
.48% H,I
|
|
Expenses net of fee waivers, if any
|
.44 % H,I |
|
Expenses net of all reductions, if any
|
.44% H,I
|
|
Net investment income (loss)
|
1.64% H,I
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
3,204
|
Portfolio turnover rate J
|
126 % I,K |
Fidelity Advisor® Blue Chip Value Fund Class Z |
Six months ended
January 31, 2026
(Unaudited) A
|
||
Selected Per-Share Data
|
||
Net asset value, beginning of period
|
$
|
25.10
|
Income from Investment Operations
|
||
Net investment income (loss) B,C
|
.17
|
|
Net realized and unrealized gain (loss)
|
2.25
|
|
Total from investment operations
|
2.42
|
|
Distributions from net investment income
|
(.42)
|
|
Distributions from net realized gain
|
(.38)
|
|
Total distributions
|
(.80)
|
|
Net asset value, end of period
|
$
|
26.72
|
Total Return D,E
|
9.82 % |
|
Ratios to Average Net Assets C,F,G
|
||
Expenses before reductions
|
.41% H,I
|
|
Expenses net of fee waivers, if any
|
.37 % H,I |
|
Expenses net of all reductions, if any
|
.37% H,I
|
|
Net investment income (loss)
|
1.71% H,I
|
|
Supplemental Data
|
||
Net assets, end of period (000 omitted)
|
$
|
836
|
Portfolio turnover rate J
|
126 % I,K |
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Gross unrealized appreciation
|
$99,724,119
|
Gross unrealized depreciation
|
(10,685,200)
|
Net unrealized appreciation (depreciation)
|
$89,038,919
|
Tax cost
|
$528,211,286
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Blue Chip Value Fund
|
361,613,303
|
399,024,076
|
Maximum Management Fee Rate %
|
|
Class A
|
.72
|
Class M
|
.71
|
Class C
|
.72
|
Fidelity Blue Chip Value Fund
|
.68
|
Class I
|
.66
|
Class Z
|
.60
|
Total Management Fee Rate %
|
|
Class A
|
.71
|
Class M
|
.71
|
Class C
|
.71
|
Fidelity Blue Chip Value Fund
|
.66
|
Class I
|
.66
|
Class Z
|
.59
|
Performance Adjustment Index
|
|
Fidelity Blue Chip Value Fund
|
Russell 1000 Value Index
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
16,104
|
-
|
Class M
|
.25%
|
.25%
|
9,238
|
-
|
Class C
|
.75%
|
.25%
|
6,588
|
665
|
31,930
|
665
|
Retained by FDC ($)
|
|
Class A
|
1,857
|
Class M
|
110
|
Class CA
|
16
|
1,983
|
Amount ($)
|
|
Fidelity Blue Chip Value Fund
|
8,799
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Blue Chip Value Fund
|
Borrower
|
15,667,500
|
3.92%
|
3,414
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Blue Chip Value Fund
|
40,147,701
|
55,279,851
|
26,097,280
|
Amount ($)
|
|
Fidelity Blue Chip Value Fund
|
498
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Blue Chip Value Fund
|
1,742
|
-
|
-
|
Fund-Level Amount ($)
|
|
Fidelity Blue Chip Value Fund
|
31,967
|
Class-Level Amount ($)
|
|
Class A
|
2,340
|
Class M
|
668
|
Class C
|
232
|
Fidelity Blue Chip Value Fund
|
75,641
|
Class I
|
405
|
Class Z
|
76
|
Total
|
79,362
|
Six months ended
January 31, 2026 A
|
Year ended
July 31, 2025
|
|
Fidelity Blue Chip Value Fund
|
||
Distributions to shareholders
|
||
Class A
|
$406,134
|
$ -
|
Class M
|
112,974
|
-
|
Class C
|
40,145
|
-
|
Fidelity Blue Chip Value Fund
|
16,903,537
|
60,188,463
|
Class I
|
73,711
|
-
|
Class Z
|
20,290
|
-
|
Total
|
$17,556,791
|
$ 60,188,463
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026 A
|
Year ended
July 31, 2025
|
Six months ended
January 31, 2026A
|
Year ended
July 31, 2025
|
|
Fidelity Blue Chip Value Fund
|
||||
Class A
|
||||
Shares sold
|
43,674
|
-
|
$1,023,153
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
690,173
|
-
|
17,164,577
|
-
|
Reinvestment of distributions
|
15,592
|
-
|
400,221
|
-
|
Shares redeemed
|
(42,798)
|
-
|
(1,093,611)
|
-
|
Net increase (decrease)
|
706,641
|
-
|
$17,494,340
|
$ -
|
Class M
|
||||
Shares sold
|
8,876
|
-
|
$195,906
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
198,319
|
-
|
4,932,193
|
-
|
Reinvestment of distributions
|
4,372
|
-
|
112,197
|
-
|
Shares redeemed
|
(10,825)
|
-
|
(272,762)
|
-
|
Net increase (decrease)
|
200,742
|
-
|
$4,967,534
|
$ -
|
Class C
|
||||
Shares sold
|
13,555
|
-
|
$338,371
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
69,617
|
-
|
1,731,370
|
-
|
Reinvestment of distributions
|
1,566
|
-
|
40,145
|
-
|
Shares redeemed
|
(11,338)
|
-
|
(286,913)
|
-
|
Net increase (decrease)
|
73,400
|
-
|
$1,822,973
|
$ -
|
Fidelity Blue Chip Value Fund
|
||||
Shares sold
|
823,661
|
2,403,387
|
$21,036,392
|
$59,469,783
|
Reinvestment of distributions
|
468,330
|
1,527,961
|
11,925,847
|
38,173,107
|
Shares redeemed
|
(3,203,858)
|
(8,135,049)
|
(81,321,484)
|
(199,575,282)
|
Net increase (decrease)
|
(1,911,867)
|
(4,203,701)
|
$(48,359,245)
|
$(101,932,392)
|
Class I
|
||||
Shares sold
|
9,932
|
-
|
$228,924
|
$ -
|
Issued in exchange for the shares of the Acquired Fund(s)
|
142,076
|
-
|
3,533,426
|
-
|
Reinvestment of distributions
|
2,858
|
-
|
73,346
|
-
|
Shares redeemed
|
(34,998)
|
-
|
(881,986)
|
-
|
Net increase (decrease)
|
119,868
|
-
|
$2,953,710
|
$ -
|
Class Z
|
||||
Shares sold
|
34,187
|
-
|
$859,063
|
$ -
|
Reinvestment of distributions
|
751
|
-
|
19,245
|
-
|
Shares redeemed
|
(3,650)
|
-
|
(95,392)
|
-
|
Net increase (decrease)
|
31,288
|
-
|
$782,916
|
$ -
|
Acquired Fund
|
Investments $
|
Unrealized appreciation (depreciation) $
|
Net Assets $
|
Shares Exchanged
|
Shares Exchanged Ratio
|
Fidelity Advisor Value Leaders Fund
|
27,309,864
|
6,110,539
|
|||
Class A
|
17,164,577
|
837,351
|
.8242340169
|
||
Class M
|
4,932,193
|
238,947
|
.8299678327
|
||
Class C
|
1,731,370
|
87,361
|
.7968918376
|
||
Class I
|
3,533,426
|
171,012
|
.8307921190
|
Acquiring Fund
|
Net Assets $
|
Total net assets after the acquisition $
|
Fidelity Blue Chip Value Fund
|
570,402,478
|
597,764,044
|
Net investment income (loss)
|
$4,794,543
|
Total net realized gain (loss)
|
103,398,377
|
Total change in net unrealized appreciation (depreciation)
|
(24,364,265)
|
Net increase (decrease) in net assets resulting from operations
|
$83,828,655
|
![]() |


Contents
Common Stocks - 97.8%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Canva Australia Holdings Pty Ltd Class A (b)(c)(d)
|
5,800
|
8,968,424
|
|
BELGIUM - 0.1%
|
|||
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
UCB SA
|
43,400
|
13,138,846
|
|
BRAZIL - 0.0%
|
|||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
NU Holdings Ltd/Cayman Islands Class A (b)
|
243,739
|
4,326,367
|
|
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Vale SA ADR
|
230,300
|
3,700,921
|
|
TOTAL BRAZIL
|
8,027,288
|
||
BURKINA FASO - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
IAMGOLD Corp (United States) (b)
|
533,900
|
9,706,302
|
|
CANADA - 1.5%
|
|||
Consumer Discretionary - 0.3%
|
|||
Specialty Retail - 0.3%
|
|||
Aritzia Inc Subordinate Voting Shares (b)
|
701,849
|
55,322,185
|
|
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Suncor Energy Inc
|
141,800
|
7,494,838
|
|
Information Technology - 1.2%
|
|||
Electronic Equipment, Instruments & Components - 0.8%
|
|||
Celestica Inc (United States) (b)
|
455,535
|
128,000,780
|
|
IT Services - 0.4%
|
|||
Shopify Inc Class A (b)
|
467,697
|
61,369,238
|
|
Software - 0.0%
|
|||
Taalas Inc warrants (b)(c)(d)
|
115,080
|
118,532
|
|
TOTAL INFORMATION TECHNOLOGY
|
189,488,550
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Agnico Eagle Mines Ltd/CA (United States)
|
32,800
|
6,248,400
|
|
TOTAL CANADA
|
258,553,973
|
||
CHILE - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Antofagasta PLC
|
76,600
|
3,823,673
|
|
CHINA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Interactive Media & Services - 0.2%
|
|||
Tencent Holdings Ltd
|
311,000
|
23,904,022
|
|
Consumer Discretionary - 0.0%
|
|||
Automobile Components - 0.0%
|
|||
WeRide Inc ADR (b)(h)
|
383,478
|
3,071,659
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
Luckin Coffee Inc ADR (b)
|
139,300
|
4,648,441
|
|
TOTAL CONSUMER DISCRETIONARY
|
7,720,100
|
||
Consumer Staples - 0.0%
|
|||
Beverages - 0.0%
|
|||
Eastroc Beverage Group Co Ltd H Shares
|
22,300
|
707,927
|
|
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Ant International Co Ltd Class C (c)(d)
|
201,988
|
323,181
|
|
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Pony AI Inc ADR (b)
|
403,275
|
5,597,457
|
|
TOTAL CHINA
|
38,252,687
|
||
DENMARK - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
Ascendis Pharma A/S ADR (b)
|
67,905
|
15,353,321
|
|
FINLAND - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
Amer Sports Inc (b)
|
1,072,210
|
39,275,052
|
|
GERMANY - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Trade Republic Bank GmbH (c)(d)(f)
|
141
|
3,897,389
|
|
INDIA - 0.7%
|
|||
Communication Services - 0.1%
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Bharti Airtel Ltd
|
395,500
|
8,491,514
|
|
Vodafone Idea Ltd (b)
|
68,281,468
|
8,317,927
|
|
TOTAL COMMUNICATION SERVICES
|
16,809,441
|
||
Consumer Discretionary - 0.3%
|
|||
Broadline Retail - 0.1%
|
|||
Meesho (e)
|
7,858,830
|
14,925,898
|
|
Hotels, Restaurants & Leisure - 0.1%
|
|||
Eternal Ltd (b)
|
4,704,300
|
14,036,867
|
|
Specialty Retail - 0.1%
|
|||
Lenskart Solutions Ltd (e)
|
2,451,712
|
12,228,613
|
|
TOTAL CONSUMER DISCRETIONARY
|
41,191,378
|
||
Consumer Staples - 0.0%
|
|||
Food Products - 0.0%
|
|||
Patanjali Foods Ltd
|
646,000
|
3,525,404
|
|
Energy - 0.1%
|
|||
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Reliance Industries Ltd
|
1,220,982
|
18,580,914
|
|
Financials - 0.2%
|
|||
Capital Markets - 0.2%
|
|||
Authum Investment & Infrastucture Ltd
|
5,345,125
|
29,449,660
|
|
Financial Services - 0.0%
|
|||
Jio Financial Services Ltd
|
747,491
|
2,074,688
|
|
Pine Labs Ltd (e)
|
926,488
|
2,304,853
|
|
4,379,541
|
|||
TOTAL FINANCIALS
|
33,829,201
|
||
Health Care - 0.0%
|
|||
Health Care Providers & Services - 0.0%
|
|||
Max Healthcare Institute Ltd
|
284,100
|
2,964,499
|
|
Industrials - 0.0%
|
|||
Aerospace & Defense - 0.0%
|
|||
Hindustan Aeronautics Ltd (i)
|
63,700
|
3,209,106
|
|
Passenger Airlines - 0.0%
|
|||
InterGlobe Aviation Ltd (g)(i)
|
73,000
|
3,659,395
|
|
Transportation Infrastructure - 0.0%
|
|||
JSW Infrastructure Ltd
|
428,200
|
1,207,164
|
|
TOTAL INDUSTRIALS
|
8,075,665
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Welspun Corp Ltd
|
1,129,300
|
8,981,417
|
|
TOTAL INDIA
|
133,957,919
|
||
ISRAEL - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Xsight Labs Ltd warrants 7/24/2032 (b)(c)
|
78,355
|
108,913
|
|
ITALY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Lottomatica Group Spa
|
477,000
|
11,715,336
|
|
KOREA (SOUTH) - 0.0%
|
|||
Consumer Staples - 0.0%
|
|||
Personal Care Products - 0.0%
|
|||
APR Corp/Korea
|
9,630
|
1,792,270
|
|
LUXEMBOURG - 0.0%
|
|||
Financials - 0.0%
|
|||
Capital Markets - 0.0%
|
|||
CVC Capital Partners PLC (g)(i)
|
307,257
|
5,437,612
|
|
NETHERLANDS - 0.2%
|
|||
Information Technology - 0.2%
|
|||
Semiconductors & Semiconductor Equipment - 0.2%
|
|||
NXP Semiconductors NV
|
155,513
|
35,167,710
|
|
SINGAPORE - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Sea Ltd Class A ADR (b)
|
54,900
|
6,395,301
|
|
SWITZERLAND - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
On Holding AG Class A (b)
|
661,834
|
29,947,989
|
|
Health Care - 0.0%
|
|||
Pharmaceuticals - 0.0%
|
|||
Galderma Group AG
|
69,401
|
12,936,275
|
|
TOTAL SWITZERLAND
|
42,884,264
|
||
TAIWAN - 1.2%
|
|||
Information Technology - 1.2%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Delta Electronics Inc
|
115,000
|
4,444,796
|
|
Semiconductors & Semiconductor Equipment - 1.2%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
586,713
|
193,943,850
|
|
TOTAL TAIWAN
|
198,388,646
|
||
UNITED KINGDOM - 0.1%
|
|||
Consumer Staples - 0.1%
|
|||
Tobacco - 0.1%
|
|||
British American Tobacco PLC ADR
|
218,692
|
13,270,231
|
|
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Revolut Group Holdings Ltd (b)(c)(d)
|
3,207
|
4,499,678
|
|
TOTAL UNITED KINGDOM
|
17,769,909
|
||
UNITED STATES - 93.1%
|
|||
Communication Services - 17.1%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
AST SpaceMobile Inc Class A (b)
|
51,100
|
5,682,831
|
|
Entertainment - 2.7%
|
|||
Netflix Inc (b)
|
4,840,080
|
404,098,280
|
|
ROBLOX Corp Class A (b)
|
747,494
|
49,155,205
|
|
Roku Inc Class A (b)
|
44,500
|
4,236,400
|
|
Take-Two Interactive Software Inc (b)
|
128,794
|
28,373,318
|
|
485,863,203
|
|||
Interactive Media & Services - 14.4%
|
|||
Alphabet Inc Class A
|
4,347,068
|
1,469,308,984
|
|
Epic Games Inc (b)(c)(d)
|
607
|
394,605
|
|
Meta Platforms Inc Class A
|
1,375,580
|
985,603,070
|
|
Reddit Inc Class A (b)
|
96,231
|
17,347,562
|
|
Reddit Inc Class B (b)
|
30,951
|
5,579,537
|
|
Snap Inc Class A (b)
|
13,407,181
|
92,911,764
|
|
2,571,145,522
|
|||
Media - 0.0%
|
|||
EchoStar Corp Class A (b)
|
31,500
|
3,566,430
|
|
TOTAL COMMUNICATION SERVICES
|
3,066,257,986
|
||
Consumer Discretionary - 14.7%
|
|||
Automobiles - 1.9%
|
|||
General Motors Co
|
22,900
|
1,923,600
|
|
Neutron Holdings Inc (b)(c)(d)
|
491,550
|
47,090
|
|
Rad Power Bikes Inc (b)(c)(d)
|
101,681
|
1
|
|
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d)
|
110,642
|
1
|
|
Tesla Inc (b)
|
801,314
|
344,893,559
|
|
346,864,251
|
|||
Broadline Retail - 5.7%
|
|||
Amazon.com Inc (b)
|
4,266,275
|
1,020,919,608
|
|
Diversified Consumer Services - 0.0%
|
|||
Phoenix Education Partners Inc
|
10,147
|
309,584
|
|
Hotels, Restaurants & Leisure - 2.3%
|
|||
Brinker International Inc (b)
|
359,852
|
56,755,857
|
|
Cava Group Inc (b)(h)
|
96,700
|
5,861,954
|
|
Cheesecake Factory Inc/The
|
86,400
|
5,007,744
|
|
Chipotle Mexican Grill Inc (b)
|
1,246,745
|
48,460,978
|
|
DoorDash Inc Class A (b)
|
231,886
|
47,448,513
|
|
DraftKings Inc Class A (b)(h)
|
1,503,344
|
41,356,993
|
|
Dutch Bros Inc Class A (b)
|
92,593
|
5,036,133
|
|
Expedia Group Inc Class A
|
18,400
|
4,873,056
|
|
Hilton Worldwide Holdings Inc
|
78,200
|
23,343,482
|
|
Marriott International Inc/MD Class A1
|
72,400
|
22,827,720
|
|
Sonder Holdings Inc Stage 1 rights (b)(c)
|
1,448
|
0
|
|
Sonder Holdings Inc Stage 2 rights (b)(c)
|
1,447
|
0
|
|
Sonder Holdings Inc Stage 3 rights (b)(c)
|
1,447
|
0
|
|
Sonder Holdings Inc Stage 4 rights (b)(c)
|
1,447
|
0
|
|
Sonder Holdings Inc Stage 5 rights (b)(c)
|
1,447
|
0
|
|
Sonder Holdings Inc Stage 5 rights (b)(c)
|
1,447
|
0
|
|
Starbucks Corp
|
1,294,946
|
119,070,286
|
|
Texas Roadhouse Inc
|
51,300
|
9,226,818
|
|
Wingstop Inc (h)
|
86,100
|
22,853,523
|
|
412,123,057
|
|||
Household Durables - 0.9%
|
|||
SharkNinja Inc (b)(h)
|
1,215,068
|
143,621,038
|
|
Somnigroup International Inc
|
119,195
|
10,471,280
|
|
154,092,318
|
|||
Leisure Products - 0.0%
|
|||
Peloton Interactive Inc Class A (b)
|
2,659,962
|
14,869,188
|
|
Specialty Retail - 3.1%
|
|||
Abercrombie & Fitch Co Class A (b)
|
97,808
|
9,548,995
|
|
American Eagle Outfitters Inc
|
121,390
|
2,829,601
|
|
AutoZone Inc (b)
|
1,500
|
5,556,435
|
|
Bath & Body Works Inc
|
447,918
|
9,764,612
|
|
Carvana Co Class A (b)
|
256,799
|
103,004,647
|
|
Fanatics Inc Class A (b)(c)(d)
|
225,366
|
18,029,280
|
|
Five Below Inc (b)
|
103,890
|
19,909,480
|
|
Floor & Decor Holdings Inc Class A (b)
|
54,900
|
3,621,204
|
|
Gap Inc/The
|
337,600
|
9,446,048
|
|
Home Depot Inc/The
|
67,360
|
25,232,382
|
|
Lowe's Cos Inc
|
397,577
|
106,176,915
|
|
RealReal Inc/The (b)
|
578,100
|
8,480,727
|
|
RH (b)(h)
|
262,027
|
52,098,828
|
|
Ross Stores Inc
|
19,200
|
3,622,080
|
|
TJX Cos Inc/The
|
558,983
|
83,741,243
|
|
Urban Outfitters Inc (b)
|
134,965
|
9,562,270
|
|
Victoria's Secret & Co (b)
|
426,600
|
23,253,966
|
|
Warby Parker Inc Class A (b)
|
978,202
|
24,953,933
|
|
Wayfair Inc Class A (b)
|
340,165
|
35,203,676
|
|
554,036,322
|
|||
Textiles, Apparel & Luxury Goods - 0.8%
|
|||
Capri Holdings Ltd (b)
|
1,332,058
|
30,064,549
|
|
Deckers Outdoor Corp (b)
|
164,384
|
19,617,587
|
|
Lululemon Athletica Inc (b)
|
264,961
|
46,235,695
|
|
NIKE Inc Class B
|
603,374
|
37,294,547
|
|
Tapestry Inc
|
87,104
|
11,054,369
|
|
VF Corp
|
165,700
|
3,246,062
|
|
147,512,809
|
|||
TOTAL CONSUMER DISCRETIONARY
|
2,650,727,137
|
||
Consumer Staples - 1.0%
|
|||
Beverages - 0.1%
|
|||
Celsius Holdings Inc (b)
|
362,757
|
19,037,487
|
|
Consumer Staples Distribution & Retail - 0.7%
|
|||
Chobani Inc Class A (c)(d)(f)
|
764
|
3,404,651
|
|
Costco Wholesale Corp
|
101,759
|
95,678,900
|
|
Sprouts Farmers Market Inc (b)
|
94,800
|
6,722,268
|
|
Target Corp
|
147,200
|
15,525,184
|
|
121,331,003
|
|||
Food Products - 0.0%
|
|||
Real Good Food Co LLC /The Class B (b)(c)
|
11,626
|
0
|
|
Real Good Food Co LLC /The Class B unit (b)(g)
|
11,626
|
1,163
|
|
1,163
|
|||
Personal Care Products - 0.1%
|
|||
Estee Lauder Cos Inc/The Class A
|
57,900
|
6,674,712
|
|
Herbalife Ltd (b)
|
499,000
|
8,602,760
|
|
15,277,472
|
|||
Tobacco - 0.1%
|
|||
JUUL Labs Inc Class A (b)(c)(d)
|
10,979,673
|
20,861,379
|
|
TOTAL CONSUMER STAPLES
|
176,508,504
|
||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.0%
|
|||
WaterBridge Infrastructure LLC Class A
|
91,900
|
2,016,286
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Chevron Corp
|
41,100
|
7,270,590
|
|
Exxon Mobil Corp
|
107,900
|
15,257,060
|
|
22,527,650
|
|||
TOTAL ENERGY
|
24,543,936
|
||
Financials - 3.4%
|
|||
Capital Markets - 1.3%
|
|||
Ares Management Corp Class A
|
113,594
|
17,001,614
|
|
Blue Owl Capital Inc Class A
|
1,180,521
|
16,102,306
|
|
Goldman Sachs Group Inc/The
|
84,552
|
79,090,787
|
|
KKR & Co Inc Class A
|
184,743
|
21,108,735
|
|
Morgan Stanley
|
203,045
|
37,116,626
|
|
Robinhood Markets Inc Class A (b)
|
604,401
|
60,125,811
|
|
230,545,879
|
|||
Consumer Finance - 0.1%
|
|||
Figure Technology Solutions Inc Class A (h)
|
237,200
|
13,491,936
|
|
Financial Services - 2.0%
|
|||
Affirm Holdings Inc Class A (b)
|
649,790
|
39,182,337
|
|
Apollo Global Management Inc
|
249,939
|
33,626,793
|
|
Mastercard Inc Class A
|
372,544
|
200,722,983
|
|
Rocket Cos Inc Class A
|
389,438
|
6,982,623
|
|
Toast Inc Class A (b)
|
307,249
|
9,558,516
|
|
Visa Inc Class A
|
231,373
|
74,462,773
|
|
364,536,025
|
|||
TOTAL FINANCIALS
|
608,573,840
|
||
Health Care - 6.6%
|
|||
Biotechnology - 1.8%
|
|||
AbbVie Inc
|
365,798
|
81,576,612
|
|
Alnylam Pharmaceuticals Inc (b)
|
132,122
|
44,665,163
|
|
Apogee Therapeutics Inc (b)
|
100,755
|
6,600,460
|
|
Arcellx Inc (b)
|
20,039
|
1,368,864
|
|
Caris Life Sciences Inc (b)
|
27,836
|
644,682
|
|
Cibus Inc Class A (b)
|
7,991
|
15,582
|
|
Gilead Sciences Inc
|
1,054,444
|
149,678,327
|
|
Janux Therapeutics Inc (b)
|
51,820
|
710,452
|
|
Legend Biotech Corp ADR (b)
|
110,625
|
1,935,938
|
|
Moderna Inc (b)
|
107,400
|
4,733,118
|
|
Praxis Precision Medicines Inc (b)
|
13,400
|
4,207,600
|
|
Regeneron Pharmaceuticals Inc
|
19,400
|
14,384,130
|
|
Revolution Medicines Inc (b)
|
15,300
|
1,483,335
|
|
Scholar Rock Holding Corp (b)
|
93,257
|
4,135,015
|
|
Travere Therapeutics Inc (b)
|
190,000
|
5,907,100
|
|
322,046,378
|
|||
Health Care Equipment & Supplies - 1.0%
|
|||
Blink Health LLC Class A1 (b)(c)(d)
|
7,044
|
260,980
|
|
Boston Scientific Corp (b)
|
1,536,079
|
143,669,469
|
|
Insulet Corp (b)
|
81,147
|
20,758,214
|
|
Intuitive Surgical Inc (b)
|
9,400
|
4,739,668
|
|
Kestra Medical Technologies Ltd
|
96,654
|
2,384,454
|
|
Medline Inc Class A
|
297,600
|
13,153,920
|
|
184,966,705
|
|||
Health Care Providers & Services - 0.6%
|
|||
Cardinal Health Inc
|
179,652
|
38,603,622
|
|
Cencora Inc
|
59,404
|
21,339,105
|
|
Guardant Health Inc (b)
|
80,000
|
9,123,200
|
|
McKesson Corp
|
40,266
|
33,469,502
|
|
102,535,429
|
|||
Health Care Technology - 0.0%
|
|||
Claritev Corp warrants (b)(c)
|
13,856
|
0
|
|
HeartFlow Inc (e)
|
106,157
|
3,170,910
|
|
3,170,910
|
|||
Life Sciences Tools & Services - 0.1%
|
|||
Danaher Corp
|
31,800
|
6,960,702
|
|
Veterinary Emergency Group (b)(c)(d)(f)
|
62,379
|
6,136,222
|
|
13,096,924
|
|||
Pharmaceuticals - 3.1%
|
|||
Crinetics Pharmaceuticals Inc (b)
|
79,100
|
3,950,254
|
|
Elanco Animal Health Inc (b)
|
138,800
|
3,342,304
|
|
Eli Lilly & Co
|
509,336
|
528,257,832
|
|
Johnson & Johnson
|
98,900
|
22,475,025
|
|
Roche Holding AG non-voting shares
|
13,790
|
6,270,864
|
|
564,296,279
|
|||
TOTAL HEALTH CARE
|
1,190,112,625
|
||
Industrials - 8.1%
|
|||
Aerospace & Defense - 4.7%
|
|||
Anduril Industries Inc Class B (c)(d)
|
6,297
|
314,472
|
|
Anduril Industries Inc Class C (c)(d)
|
3
|
150
|
|
Axon Enterprise Inc (b)
|
58,970
|
28,516,713
|
|
Beta Technologies Inc (e)
|
114,383
|
2,459,235
|
|
Beta Technologies Inc Class A (b)
|
89,900
|
1,932,850
|
|
Boeing Co (b)
|
596,727
|
139,467,034
|
|
Carpenter Technology Corp
|
90,752
|
28,843,708
|
|
GE Aerospace
|
361,271
|
110,834,330
|
|
Howmet Aerospace Inc
|
266,388
|
55,430,015
|
|
Red Cat Holdings Inc (b)
|
191,900
|
2,590,650
|
|
Relativity Space Inc (b)(c)
|
3,834
|
4,064
|
|
Rocket Lab Corp
|
121,300
|
9,712,491
|
|
Space Exploration Technologies Corp (b)(c)(d)
|
940,035
|
395,754,735
|
|
Space Exploration Technologies Corp Class C (b)(c)(d)
|
162,357
|
68,352,297
|
|
844,212,744
|
|||
Air Freight & Logistics - 0.0%
|
|||
CH Robinson Worldwide Inc
|
9,900
|
1,930,005
|
|
FedEx Corp
|
7,700
|
2,481,325
|
|
4,411,330
|
|||
Construction & Engineering - 0.2%
|
|||
Comfort Systems USA Inc
|
20,148
|
23,011,031
|
|
Construction Partners Inc Class A (b)
|
23,900
|
2,626,132
|
|
IES Holdings Inc (b)
|
15,100
|
5,742,379
|
|
Legence Corp Class A
|
28,900
|
1,355,699
|
|
32,735,241
|
|||
Electrical Equipment - 0.8%
|
|||
Bloom Energy Corp Class A (b)
|
23,600
|
3,572,332
|
|
GE Vernova Inc
|
170,746
|
124,024,772
|
|
Nextpower Inc Class A (b)
|
147,200
|
17,235,648
|
|
144,832,752
|
|||
Ground Transportation - 0.6%
|
|||
Lyft Inc Class A (b)
|
1,223,523
|
20,640,833
|
|
Old Dominion Freight Line Inc
|
66,500
|
11,517,800
|
|
Uber Technologies Inc (b)
|
913,600
|
73,133,680
|
|
XPO Inc (b)
|
48,000
|
7,109,280
|
|
112,401,593
|
|||
Machinery - 0.3%
|
|||
Caterpillar Inc
|
11,200
|
7,362,432
|
|
Cummins Inc
|
38,800
|
22,458,216
|
|
PACCAR Inc
|
102,400
|
12,585,984
|
|
RBC Bearings Inc (b)
|
11,705
|
5,848,637
|
|
48,255,269
|
|||
Passenger Airlines - 0.6%
|
|||
Alaska Air Group Inc (b)
|
141,108
|
7,172,520
|
|
Delta Air Lines Inc
|
791,117
|
52,126,699
|
|
United Airlines Holdings Inc (b)
|
499,322
|
51,090,627
|
|
110,389,846
|
|||
Trading Companies & Distributors - 0.9%
|
|||
Ferguson Enterprises Inc
|
36,967
|
9,332,688
|
|
FTAI Aviation Ltd
|
566,655
|
154,311,490
|
|
163,644,178
|
|||
TOTAL INDUSTRIALS
|
1,460,882,953
|
||
Information Technology - 41.1%
|
|||
Communications Equipment - 0.6%
|
|||
Arista Networks Inc (b)
|
53,400
|
7,568,916
|
|
Lumentum Holdings Inc (b)(h)
|
241,795
|
94,744,953
|
|
102,313,869
|
|||
Electronic Equipment, Instruments & Components - 0.9%
|
|||
Amphenol Corp Class A
|
483,014
|
69,592,657
|
|
Coherent Corp (b)
|
280,728
|
59,564,867
|
|
Corning Inc
|
161,760
|
16,701,720
|
|
Jabil Inc
|
61,500
|
14,587,185
|
|
160,446,429
|
|||
IT Services - 1.0%
|
|||
Akamai Technologies Inc (b)
|
40,500
|
3,934,575
|
|
Cloudflare Inc Class A (b)
|
221,857
|
39,346,339
|
|
MongoDB Inc Class A (b)
|
19,025
|
7,064,553
|
|
Snowflake Inc (b)
|
329,424
|
63,480,005
|
|
Twilio Inc Class A (b)
|
398,875
|
48,048,483
|
|
X.Ai Holdings Corp Class A (c)(d)
|
127,501
|
9,621,225
|
|
171,495,180
|
|||
Semiconductors & Semiconductor Equipment - 24.4%
|
|||
Astera Labs Inc (b)
|
571,399
|
86,064,117
|
|
Broadcom Inc
|
2,655,745
|
879,848,319
|
|
GlobalFoundries Inc (b)
|
340,309
|
14,361,040
|
|
Impinj Inc (b)
|
133
|
18,367
|
|
Marvell Technology Inc
|
3,836,078
|
302,743,276
|
|
Monolithic Power Systems Inc
|
149,842
|
168,444,884
|
|
NVIDIA Corp
|
15,482,149
|
2,959,103,139
|
|
4,410,583,142
|
|||
Software - 7.7%
|
|||
Applied Intuition Inc Class A (b)(c)(d)
|
7,903
|
895,252
|
|
AppLovin Corp Class A (b)
|
533,952
|
252,618,031
|
|
Celestial AI Inc (c)(d)
|
10,310
|
276,513
|
|
Circle Internet Group Inc Class A (h)
|
39,100
|
2,499,663
|
|
Crowdstrike Holdings Inc Class A (b)
|
43,479
|
19,191,848
|
|
Figma Inc Class A
|
101,166
|
2,622,223
|
|
Microsoft Corp
|
1,898,036
|
816,705,910
|
|
OpenAI Group Pbc Class A (c)(d)
|
11,900
|
5,682,012
|
|
Oracle Corp
|
701,901
|
115,518,867
|
|
Palantir Technologies Inc Class A (b)
|
462,410
|
67,784,682
|
|
Rubrik Inc Class A (b)
|
125,100
|
6,999,345
|
|
Salesforce Inc
|
78,700
|
16,707,223
|
|
Samsara Inc Class A (b)
|
226,700
|
6,358,935
|
|
Servicenow Inc (b)
|
461,255
|
53,971,448
|
|
Stripe LLC Class B (b)(c)(d)
|
19,200
|
795,264
|
|
Unity Software Inc (b)
|
108,960
|
3,170,736
|
|
Zoom Communications Inc Class A (b)
|
98,800
|
9,099,480
|
|
1,380,897,432
|
|||
Technology Hardware, Storage & Peripherals - 6.5%
|
|||
Apple Inc
|
3,835,243
|
995,168,854
|
|
Sandisk Corp/DE
|
109,100
|
62,868,875
|
|
Seagate Technology Holdings PLC
|
29,700
|
12,108,393
|
|
Western Digital Corp
|
429,800
|
107,548,854
|
|
1,177,694,976
|
|||
TOTAL INFORMATION TECHNOLOGY
|
7,403,431,028
|
||
Materials - 0.2%
|
|||
Construction Materials - 0.2%
|
|||
Martin Marietta Materials Inc
|
26,158
|
17,053,708
|
|
Vulcan Materials Co
|
60,735
|
18,253,297
|
|
35,307,005
|
|||
Metals & Mining - 0.0%
|
|||
Alcoa Corp
|
56,700
|
3,221,127
|
|
Century Aluminum Co (b)
|
75,500
|
3,422,415
|
|
6,643,542
|
|||
TOTAL MATERIALS
|
41,950,547
|
||
Real Estate - 0.6%
|
|||
Health Care REITs - 0.6%
|
|||
Welltower Inc
|
526,956
|
99,257,432
|
|
Real Estate Management & Development - 0.0%
|
|||
Compass Inc Class A (b)
|
800,614
|
10,023,687
|
|
TOTAL REAL ESTATE
|
109,281,119
|
||
Utilities - 0.2%
|
|||
Electric Utilities - 0.2%
|
|||
Constellation Energy Corp
|
23,600
|
6,624,048
|
|
Entergy Corp
|
129,852
|
12,451,508
|
|
NRG Energy Inc
|
71,620
|
10,931,361
|
|
30,006,917
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Vistra Corp
|
62,063
|
9,827,676
|
|
TOTAL UTILITIES
|
39,834,593
|
||
TOTAL UNITED STATES
|
16,772,104,268
|
||
ZAMBIA - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
First Quantum Minerals Ltd (b)
|
245,600
|
6,942,418
|
|
|
TOTAL COMMON STOCKS
(Cost $7,709,192,748)
|
17,631,661,521
|
||
Convertible Corporate Bonds - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Neutron Holdings Inc 4% 5/22/2027 (c)(d)
|
237,400
|
1,066,401
|
|
Neutron Holdings Inc 4% 6/12/2027 (c)(d)
|
64,200
|
288,386
|
|
Neutron Holdings Inc 8% 10/29/2026 (c)(d)(j)
|
3,017,519
|
5,394,118
|
|
TOTAL CONSUMER DISCRETIONARY
|
6,748,905
|
||
Information Technology - 0.0%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Enevate Corp 10% 5/12/2199 (c)(d)
|
20,586
|
6,880
|
|
TOTAL UNITED STATES
|
6,755,785
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $3,339,706)
|
6,755,785
|
||
Convertible Preferred Stocks - 1.9%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc Series B (c)(d)
|
38,100
|
2,644,902
|
|
CHINA - 0.0%
|
|||
Communication Services - 0.0%
|
|||
Interactive Media & Services - 0.0%
|
|||
Bytedance Ltd Series E1 (b)(c)(d)
|
31,950
|
8,204,121
|
|
ESTONIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Bolt Technology OU Series E (b)(c)(d)
|
20,165
|
4,375,368
|
|
FINLAND - 0.1%
|
|||
Health Care - 0.1%
|
|||
Health Care Technology - 0.1%
|
|||
Oura Health Oy Series D (b)(c)(d)
|
215,427
|
11,540,424
|
|
Oura Health Oy Series E (c)(d)
|
238,021
|
12,750,785
|
|
TOTAL FINLAND
|
24,291,209
|
||
ISRAEL - 0.0%
|
|||
Industrials - 0.0%
|
|||
Electrical Equipment - 0.0%
|
|||
Element Labs Inc Series A (c)(d)
|
216,700
|
1,711,930
|
|
Element Labs Inc Series B (c)(d)
|
144,300
|
1,266,954
|
|
TOTAL INDUSTRIALS
|
2,978,884
|
||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Xsight Labs Ltd Series D (b)(c)(d)
|
130,900
|
196,350
|
|
Xsight Labs Ltd Series F (c)(d)
|
261,182
|
1,096,964
|
|
TOTAL INFORMATION TECHNOLOGY
|
1,293,314
|
||
TOTAL ISRAEL
|
4,272,198
|
||
UNITED KINGDOM - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
NScale Global Holdings Ltd Series B (c)(d)
|
1,200
|
512,388
|
|
UNITED STATES - 1.8%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Neutron Holdings Inc Series 1C (b)(c)(d)
|
3,178,083
|
304,460
|
|
Neutron Holdings Inc Series 1D (b)(c)(d)
|
5,904,173
|
565,620
|
|
Rad Power Bikes Inc Series A (b)(c)(d)
|
13,256
|
0
|
|
Rad Power Bikes Inc Series C (b)(c)(d)
|
52,162
|
0
|
|
Rad Power Bikes Inc Series D (b)(c)(d)
|
102,800
|
1
|
|
Waymo LLC Series A2 (b)(c)(d)
|
7,817
|
1,195,141
|
|
Waymo LLC Series C2 (b)(c)(d)
|
35,524
|
5,289,168
|
|
7,354,390
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Discord Inc Series I (b)(c)(d)
|
700
|
171,836
|
|
TOTAL CONSUMER DISCRETIONARY
|
7,526,226
|
||
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
GoBrands Inc Series G (b)(c)(d)
|
18,300
|
889,014
|
|
GoBrands Inc Series H (b)(c)(d)
|
11,467
|
710,381
|
|
1,599,395
|
|||
Food Products - 0.0%
|
|||
AgBiome LLC Series C (b)(c)(d)
|
68,700
|
1
|
|
Tobacco - 0.0%
|
|||
JUUL Labs Inc Series E (b)(c)(d)
|
12,508
|
23,765
|
|
TOTAL CONSUMER STAPLES
|
1,623,161
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Akeana Series C (b)(c)(d)
|
85,300
|
1,014,217
|
|
Tenstorrent Holdings Inc Series C1 (b)(c)(d)
|
16,673
|
1,178,948
|
|
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
|
26,748
|
1,996,471
|
|
Tenstorrent Holdings Inc Series D2 (b)(c)(d)
|
7,862
|
567,557
|
|
TOTAL FINANCIALS
|
4,757,193
|
||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Neurona Therapeutics Inc Series F (c)(d)
|
438,700
|
1,030,945
|
|
Health Care Equipment & Supplies - 0.0%
|
|||
Blink Health LLC Series C (b)(c)(d)
|
16,970
|
628,739
|
|
Blink Health LLC Series D (b)(c)(d)
|
3,936
|
145,828
|
|
774,567
|
|||
TOTAL HEALTH CARE
|
1,805,512
|
||
Industrials - 0.2%
|
|||
Aerospace & Defense - 0.2%
|
|||
ABL Space Systems Co Series A10 (b)(c)(d)
|
183,227
|
47,639
|
|
ABL Space Systems Co Series A8 (b)(c)(d)
|
33,728
|
8,769
|
|
ABL Space Systems Co Series A9 (b)(c)(d)
|
19,187
|
4,989
|
|
Anduril Industries Inc Series F (b)(c)(d)
|
129,683
|
6,476,369
|
|
Anduril Industries Inc Series G (c)(d)
|
59,000
|
2,946,460
|
|
9,484,226
|
|||
Air Freight & Logistics - 0.0%
|
|||
Zipline International Inc Series G (b)(c)(d)
|
65,890
|
3,706,971
|
|
Zipline International Inc Series H (c)(d)
|
55,600
|
3,128,056
|
|
6,835,027
|
|||
Electrical Equipment - 0.0%
|
|||
Empower Semiconductor Inc Series D (c)(d)
|
270,300
|
2,062,389
|
|
TOTAL INDUSTRIALS
|
18,381,642
|
||
Information Technology - 1.6%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Cellink Corp Series D (b)(c)(d)
|
92,760
|
304,253
|
|
Cerebras Systems Inc Series G (c)(d)
|
239,800
|
21,346,996
|
|
Enevate Corp Series E (b)(c)(d)
|
1,325,513
|
106,040
|
|
Frore Systems Inc Series C (b)(c)(d)
|
85,893
|
2,226,347
|
|
Menlo Microsystems Inc Series C (b)(c)(d)
|
560,500
|
308,275
|
|
24,291,911
|
|||
IT Services - 0.5%
|
|||
Gupshup Inc (b)(c)(d)
|
78,911
|
358,256
|
|
X.Ai Holdings Corp Series B (c)(d)
|
872,295
|
65,823,382
|
|
X.Ai Holdings Corp Series C (c)(d)
|
160,442
|
12,106,953
|
|
Yanka Industries Inc Series F (b)(c)(d)
|
55,991
|
147,256
|
|
78,435,847
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Alif Semiconductor Series C (b)(c)(d)
|
47,598
|
1,365,587
|
|
Alif Semiconductor Series D (c)(d)
|
50,000
|
1,518,000
|
|
Danger Devices Inc Series B (c)(d)
|
1,028,200
|
935,661
|
|
Retym Inc Series C (b)(c)(d)
|
154,149
|
1,607,774
|
|
Retym Inc Series D (b)(c)(d)
|
45,360
|
498,960
|
|
SiMa Technologies Inc Series B (b)(c)(d)
|
313,000
|
2,056,410
|
|
SiMa Technologies Inc Series B1 (b)(c)(d)
|
20,966
|
159,342
|
|
8,141,734
|
|||
Software - 0.9%
|
|||
Algolia Inc Series D (b)(c)(d)
|
30,436
|
479,063
|
|
Anthropic PBC Series D (b)(c)(d)
|
92,022
|
25,189,183
|
|
Anthropic PBC Series E (c)(d)
|
9,200
|
2,384,088
|
|
Anthropic PBC Series F (c)(d)
|
62,100
|
16,092,594
|
|
Applied Intuition Inc Series A2 (b)(c)(d)
|
10,287
|
1,165,311
|
|
Applied Intuition Inc Series B2 (b)(c)(d)
|
4,960
|
561,869
|
|
Celestial AI Inc Series A (c)(d)
|
65,737
|
1,763,066
|
|
Celestial AI Inc Series B (c)(d)
|
49,465
|
1,326,651
|
|
Celestial AI Inc Series C1 (c)(d)
|
198,147
|
5,314,303
|
|
Crusoe Energy Systems LLC Series D (b)(c)(d)
|
70,763
|
7,642,404
|
|
Crusoe Energy Systems LLC Series E (c)(d)
|
37,473
|
4,047,084
|
|
Databricks Inc Series G (b)(c)(d)
|
48,000
|
9,120,001
|
|
Databricks Inc Series H (b)(c)(d)
|
31,572
|
5,998,680
|
|
Databricks Inc Series I (b)(c)(d)
|
1,359
|
258,210
|
|
Databricks Inc Series J (b)(c)(d)
|
44,987
|
8,547,530
|
|
Databricks Inc Series K (c)(d)
|
12,400
|
2,356,000
|
|
Databricks Inc Series L (c)(d)
|
47,200
|
8,968,000
|
|
Density Ai Inc (c)(d)
|
534,900
|
797,001
|
|
Lyte Ai Inc Series B (b)(c)(d)
|
165,469
|
1,739,079
|
|
MOLOCO Inc Series A (b)(c)(d)
|
20,180
|
1,373,653
|
|
Nuro Inc/DE Series E (c)(d)
|
107,458
|
1,230,394
|
|
OpenAI Group Pbc Series A-2 (c)(d)
|
37,152
|
17,739,337
|
|
OpenAI Group Pbc Series A-3 (c)(d)
|
9,742
|
4,651,610
|
|
Physical Intelligence Inc Series B (c)(d)
|
4,600
|
1,247,566
|
|
Runway AI Inc Series D (b)(c)(d)
|
129,200
|
1,890,196
|
|
Runway AI Inc Series P (c)(d)
|
7,345
|
107,457
|
|
Skyryse Inc Series B (b)(c)(d)
|
67,400
|
1,762,510
|
|
Skyryse Inc Series C (c)(d)
|
59,100
|
1,596,882
|
|
Skyryse Inc Series C-1 (c)(d)
|
7,862
|
206,063
|
|
Stripe LLC Series H (b)(c)(d)
|
8,086
|
334,922
|
|
Stripe LLC Series I (b)(c)(d)
|
124,536
|
5,158,281
|
|
141,048,988
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Lightmatter Inc Series C1 (b)(c)(d)
|
70,909
|
3,802,141
|
|
Lightmatter Inc Series C2 (b)(c)(d)
|
11,138
|
613,926
|
|
Lightmatter Inc Series D (b)(c)(d)
|
86,242
|
6,103,346
|
|
10,519,413
|
|||
TOTAL INFORMATION TECHNOLOGY
|
262,437,893
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Diamond Foundry Inc Series C (b)(c)(d)
|
249,802
|
7,758,850
|
|
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Redwood Materials Series C (b)(c)(d)
|
37,990
|
1,813,643
|
|
Redwood Materials Series D (b)(c)(d)
|
10,886
|
519,698
|
|
Redwood Materials Series E (c)(d)
|
3,529
|
168,474
|
|
TOTAL UTILITIES
|
2,501,815
|
||
TOTAL UNITED STATES
|
306,792,292
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $197,623,559)
|
351,092,478
|
||
Preferred Securities - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc 0% (c)(d)(k)
|
569,920
|
566,671
|
|
UNITED STATES - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Rad Power Bikes Inc 8% 12/31/2199 (c)(d)
|
110,642
|
20,667
|
|
Information Technology - 0.0%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Enevate Corp 6% (c)(d)(k)
|
77,629
|
9,788
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
SiMa Technologies Inc 10% 12/31/2027 (c)(d)
|
356,309
|
409,898
|
|
TOTAL INFORMATION TECHNOLOGY
|
419,686
|
||
TOTAL UNITED STATES
|
440,353
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $1,114,500)
|
1,007,024
|
||
Money Market Funds - 0.7%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Cash Central Fund (l)
|
3.70
|
51,455,680
|
51,465,970
|
|
Fidelity Securities Lending Cash Central Fund (l)(m)
|
3.70
|
67,604,863
|
67,611,624
|
|
|
TOTAL MONEY MARKET FUNDS
(Cost $119,077,594)
|
119,077,594
|
|||
|
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $8,030,348,107)
|
18,109,594,402
|
NET OTHER ASSETS (LIABILITIES) - (0.4)%
|
(67,410,921)
|
NET ASSETS - 100.0%
|
18,042,183,481
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Level 3 security.
|
(d)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $900,186,580 or 5.0% of net assets.
|
(e)
|
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 $35,089,509 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(f)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(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 $9,098,170 or 0.1% of net assets.
|
(h)
|
Security or a portion of the security is on loan at period end.
|
(i)
|
Security 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 $12,306,113 or 0.1% of net assets.
|
(j)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(k)
|
Security is perpetual in nature with no stated maturity date.
|
(l)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(m)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
ABL Space Systems Co Series A10
|
12/14/2023
|
313,081
|
ABL Space Systems Co Series A8
|
3/24/2021
|
1,338,638
|
ABL Space Systems Co Series A9
|
10/22/2021
|
1,166,473
|
AgBiome LLC Series C
|
6/29/2018
|
435,125
|
Akeana Series C
|
1/23/2024
|
1,088,496
|
Algolia Inc Series D
|
7/23/2021
|
890,102
|
Alif Semiconductor Series C
|
3/8/2022
|
966,170
|
Alif Semiconductor Series D
|
4/11/2025
|
1,350,855
|
Anduril Industries Inc Class B
|
6/16/2025
|
257,439
|
Anduril Industries Inc Class C
|
6/16/2025
|
122
|
Anduril Industries Inc Series F
|
8/7/2024
|
2,818,868
|
Anduril Industries Inc Series G
|
4/17/2025
|
2,412,085
|
Ant International Co Ltd Class C
|
5/16/2018
|
769,853
|
Anthropic PBC Series D
|
5/31/2024
|
2,761,074
|
Anthropic PBC Series E
|
2/14/2025
|
515,996
|
Anthropic PBC Series F
|
8/18/2025
|
8,754,089
|
Applied Intuition Inc Class A
|
7/2/2024
|
471,769
|
Applied Intuition Inc Series A2
|
7/2/2024
|
614,081
|
Applied Intuition Inc Series B2
|
7/2/2024
|
296,087
|
Blink Health LLC Class A1
|
12/30/2020 - 6/17/2024
|
199,200
|
Blink Health LLC Series C
|
11/7/2019 - 7/14/2021
|
647,847
|
Blink Health LLC Series D
|
6/17/2024 - 6/25/2024
|
165,311
|
Bolt Technology OU Series E
|
1/3/2022
|
5,238,796
|
Bytedance Ltd Series E1
|
11/18/2020
|
3,500,895
|
Canva Australia Holdings Pty Ltd Class A
|
8/19/2025 - 11/12/2025
|
9,547,612
|
Celestial AI Inc
|
2/25/2025
|
152,750
|
Celestial AI Inc Series A
|
2/25/2025
|
973,940
|
Celestial AI Inc Series B
|
2/25/2025
|
732,858
|
Celestial AI Inc Series C1
|
2/25/2025
|
3,453,742
|
Cellink Corp Series D
|
1/20/2022
|
1,931,625
|
Cerebras Systems Inc Series G
|
9/19/2025
|
8,688,530
|
Chobani Inc Class A
|
10/14/2025
|
3,404,654
|
Crusoe Energy Systems LLC Series D
|
12/10/2024
|
2,064,286
|
Crusoe Energy Systems LLC Series E
|
10/8/2025
|
3,148,042
|
Danger Devices Inc Series B
|
3/5/2025
|
925,894
|
Databricks Inc Series G
|
2/1/2021
|
2,837,886
|
Databricks Inc Series H
|
8/31/2021
|
2,320,041
|
Databricks Inc Series I
|
9/14/2023
|
99,887
|
Databricks Inc Series J
|
12/17/2024
|
4,161,298
|
Databricks Inc Series K
|
9/8/2025
|
1,860,000
|
Databricks Inc Series L
|
12/18/2025
|
8,968,000
|
Density Ai Inc
|
12/5/2025
|
796,993
|
Diamond Foundry Inc Series C
|
3/15/2021
|
5,995,248
|
Discord Inc Series I
|
9/15/2021
|
385,437
|
Element Labs Inc Series A
|
2/11/2025
|
799,319
|
Element Labs Inc Series B
|
6/27/2025
|
1,266,795
|
Empower Semiconductor Inc Series D
|
6/27/2025
|
2,169,374
|
Enevate Corp 10% 5/12/2199
|
11/12/2024
|
20,586
|
Enevate Corp 6%
|
11/2/2023 - 10/31/2025
|
77,629
|
Enevate Corp Series E
|
1/29/2021
|
1,469,576
|
Epic Games Inc
|
7/30/2020
|
349,025
|
Fanatics Inc Class A
|
8/13/2020 - 10/24/2022
|
10,009,624
|
Frore Systems Inc Series C
|
5/10/2024
|
1,380,335
|
GoBrands Inc Series G
|
3/2/2021
|
4,569,827
|
GoBrands Inc Series H
|
7/22/2021
|
4,454,821
|
Gupshup Inc
|
6/8/2021
|
1,804,316
|
JUUL Labs Inc Class A
|
12/20/2017 - 11/4/2025
|
15,291,136
|
JUUL Labs Inc Series E
|
12/20/2017 - 7/6/2018
|
342,963
|
Lightmatter Inc Series C1
|
5/19/2023
|
1,166,935
|
Lightmatter Inc Series C2
|
12/18/2023
|
289,608
|
Lightmatter Inc Series D
|
10/11/2024
|
6,919,239
|
Lyte Ai Inc Series B
|
8/13/2024
|
2,099,156
|
Menlo Microsystems Inc Series C
|
2/9/2022
|
742,942
|
MOLOCO Inc Series A
|
6/26/2023
|
1,210,800
|
Neurona Therapeutics Inc Series F
|
3/28/2025
|
903,722
|
Neutron Holdings Inc
|
2/4/2021
|
4,916
|
Neutron Holdings Inc 4% 5/22/2027
|
6/4/2020
|
237,400
|
Neutron Holdings Inc 4% 6/12/2027
|
6/12/2020
|
64,200
|
Neutron Holdings Inc 8% 10/29/2026
|
10/29/2021 - 10/29/2025
|
3,017,520
|
Neutron Holdings Inc Series 1C
|
7/3/2018
|
581,081
|
Neutron Holdings Inc Series 1D
|
1/25/2019
|
1,431,762
|
NScale Global Holdings Ltd Series B
|
9/25/2025
|
455,856
|
Nuro Inc/DE Series E
|
4/1/2025
|
1,374,763
|
OpenAI Group Pbc Class A
|
9/3/2025
|
5,117,000
|
OpenAI Group Pbc Series A-2
|
9/30/2024
|
6,979,271
|
OpenAI Group Pbc Series A-3
|
4/11/2025
|
2,989,577
|
Oura Health Oy Series D
|
12/18/2024
|
5,534,320
|
Oura Health Oy Series E
|
9/24/2025
|
12,750,785
|
Physical Intelligence Inc Series B
|
10/24/2025
|
1,249,173
|
Rad Power Bikes Inc
|
1/21/2021
|
490,493
|
Rad Power Bikes Inc 8% 12/31/2199
|
10/6/2023
|
110,642
|
Rad Power Bikes Inc Series A
|
1/21/2021
|
63,944
|
Rad Power Bikes Inc Series C
|
1/21/2021
|
251,621
|
Rad Power Bikes Inc Series D
|
9/17/2021
|
985,215
|
Rad Power Bikes Inc warrants 10/6/2033
|
10/6/2023
|
0
|
Redwood Materials Series C
|
5/28/2021
|
1,800,858
|
Redwood Materials Series D
|
6/2/2023
|
519,653
|
Redwood Materials Series E
|
10/20/2025
|
168,459
|
Retym Inc Series C
|
5/17/2023 - 6/20/2023
|
1,199,557
|
Retym Inc Series D
|
1/29/2025
|
480,226
|
Revolut Group Holdings Ltd
|
12/27/2024
|
2,789,311
|
Runway AI Inc Series D
|
9/6/2024
|
1,400,758
|
Runway AI Inc Series P
|
11/4/2025
|
107,444
|
SiMa Technologies Inc 10% 12/31/2027
|
4/8/2024 - 1/5/2026
|
356,309
|
SiMa Technologies Inc Series B
|
5/10/2021
|
1,604,876
|
SiMa Technologies Inc Series B1
|
4/25/2022
|
148,668
|
Skyryse Inc Series B
|
10/21/2021
|
1,663,430
|
Skyryse Inc Series C
|
9/16/2025 - 11/21/2025
|
1,597,130
|
Skyryse Inc Series C-1
|
8/13/2024
|
159,357
|
Space Exploration Technologies Corp
|
8/4/2020 - 8/30/2024
|
75,341,379
|
Space Exploration Technologies Corp Class C
|
12/15/2022 - 7/1/2024
|
14,499,349
|
Stripe LLC Class B
|
5/18/2021
|
770,465
|
Stripe LLC Series H
|
3/15/2021
|
324,451
|
Stripe LLC Series I
|
3/20/2023 - 5/12/2023
|
2,507,425
|
Taalas Inc 0%
|
12/23/2025
|
569,920
|
Taalas Inc Series B
|
2/19/2025
|
2,092,201
|
Taalas Inc warrants
|
12/23/2025
|
115,080
|
Tenstorrent Holdings Inc Series C1
|
4/23/2021
|
991,307
|
Tenstorrent Holdings Inc Series D1
|
7/16/2024 - 1/15/2025
|
2,108,450
|
Tenstorrent Holdings Inc Series D2
|
7/17/2024
|
597,355
|
Trade Republic Bank GmbH
|
12/16/2025
|
3,862,535
|
Veterinary Emergency Group
|
9/16/2021 - 3/17/2022
|
2,585,288
|
Waymo LLC Series A2
|
5/8/2020
|
671,224
|
Waymo LLC Series C2
|
10/18/2024
|
2,778,023
|
X.Ai Holdings Corp Class A
|
10/25/2022 - 7/18/2025
|
4,624,384
|
X.Ai Holdings Corp Series B
|
5/13/2024
|
10,441,371
|
X.Ai Holdings Corp Series C
|
11/22/2024
|
3,473,569
|
Xsight Labs Ltd Series D
|
2/16/2021
|
1,046,676
|
Xsight Labs Ltd Series F
|
1/11/2024 - 12/30/2024
|
1,209,270
|
Yanka Industries Inc Series F
|
4/8/2021
|
1,784,814
|
Zipline International Inc Series G
|
6/7/2024
|
2,763,842
|
Zipline International Inc Series H
|
12/3/2025
|
3,128,293
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Beta Technologies Inc
|
5/4/2026
|
HeartFlow Inc
|
2/4/2026
|
Lenskart Solutions Ltd
|
5/7/2026
|
Meesho
|
6/10/2026
|
Pine Labs Ltd
|
5/13/2026
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
111,325,104
|
857,605,185
|
917,471,133
|
2,812,936
|
6,814
|
-
|
51,465,970
|
51,455,680
|
0.1%
|
Fidelity Securities Lending Cash Central Fund
|
132,911,064
|
698,491,571
|
763,786,738
|
203,503
|
(4,273)
|
-
|
67,611,624
|
67,604,863
|
0.2%
|
Total
|
244,236,168
|
1,556,096,756
|
1,681,257,871
|
3,016,439
|
2,541
|
-
|
119,077,594
|
||
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
3,106,971,449
|
3,082,672,822
|
23,904,022
|
394,605
|
Consumer Discretionary
|
2,842,294,478
|
2,824,218,106
|
-
|
18,076,372
|
Consumer Staples
|
195,804,336
|
171,538,306
|
-
|
24,266,030
|
Energy
|
50,619,688
|
50,619,688
|
-
|
-
|
Financials
|
660,887,268
|
652,167,020
|
-
|
8,720,248
|
Health Care
|
1,234,505,566
|
1,208,901,225
|
19,207,139
|
6,397,202
|
Industrials
|
1,468,958,618
|
1,004,532,900
|
-
|
464,425,718
|
Information Technology
|
7,841,150,728
|
7,814,684,593
|
-
|
26,466,135
|
Materials
|
81,353,678
|
81,353,678
|
-
|
-
|
Real Estate
|
109,281,119
|
109,281,119
|
-
|
-
|
Utilities
|
39,834,593
|
39,834,593
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Consumer Discretionary
|
6,748,905
|
-
|
-
|
6,748,905
|
Information Technology
|
6,880
|
-
|
-
|
6,880
|
Convertible Preferred Stocks
|
||||
Communication Services
|
8,204,121
|
-
|
-
|
8,204,121
|
Consumer Discretionary
|
7,526,226
|
-
|
-
|
7,526,226
|
Consumer Staples
|
1,623,161
|
-
|
-
|
1,623,161
|
Financials
|
4,757,193
|
-
|
-
|
4,757,193
|
Health Care
|
26,096,721
|
-
|
-
|
26,096,721
|
Industrials
|
21,360,526
|
-
|
-
|
21,360,526
|
Information Technology
|
271,263,865
|
-
|
-
|
271,263,865
|
Materials
|
7,758,850
|
-
|
-
|
7,758,850
|
Utilities
|
2,501,815
|
-
|
-
|
2,501,815
|
Preferred Securities
|
||||
Consumer Discretionary
|
20,667
|
-
|
-
|
20,667
|
Information Technology
|
986,357
|
-
|
-
|
986,357
|
Money Market Funds
|
119,077,594
|
119,077,594
|
-
|
-
|
Total Investments in Securities:
|
18,109,594,402
|
17,158,881,644
|
43,111,161
|
907,601,597
|
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
|
(11,225)
|
-
|
-
|
(11,225)
|
Beginning Balance ($)
|
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, 2026 ($)
|
|
Common Stocks
|
209,784,193
|
-
|
296,705,811
|
63,240,840
|
(20,984,534)
|
-
|
-
|
-
|
548,746,310
|
305,078,973
|
Convertible Preferred Stocks
|
280,575,972
|
-
|
50,764,507
|
61,800,998
|
(42,048,999)
|
-
|
-
|
-
|
351,092,478
|
114,210,168
|
Convertible Corporate Bonds
|
4,907,902
|
-
|
1,731,825
|
116,058
|
-
|
-
|
-
|
-
|
6,755,785
|
1,731,825
|
Preferred Securities
|
2,475,769
|
-
|
(284,980)
|
589,192
|
(1,772,957)
|
-
|
-
|
-
|
1,007,024
|
(41,901)
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $86,001,142) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $7,911,270,513)
|
$
|
17,990,516,808
|
||
Fidelity Central Funds (cost $119,077,594)
|
119,077,594
|
|||
Total Investment in Securities (cost $8,030,348,107)
|
$
|
18,109,594,402
|
||
Cash
|
12,806
|
|||
Foreign currency held at value (cost $1,158,790)
|
1,161,702
|
|||
Receivable for investments sold
|
19,567,827
|
|||
Receivable for fund shares sold
|
21,395,414
|
|||
Dividends receivable
|
2,322,363
|
|||
Interest receivable
|
135,138
|
|||
Distributions receivable from Fidelity Central Funds
|
79,907
|
|||
Other receivables
|
156,684
|
|||
Total assets
|
18,154,426,243
|
|||
Liabilities
|
||||
Payable for investments purchased
|
$
|
14,605,915
|
||
Unrealized depreciation on unfunded commitments
|
11,225
|
|||
Payable for fund shares redeemed
|
19,439,125
|
|||
Accrued management fee
|
6,832,332
|
|||
Other payables and accrued expenses
|
3,735,540
|
|||
Collateral on securities loaned
|
67,618,625
|
|||
Total liabilities
|
112,242,762
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||||
Net Assets
|
$
|
18,042,183,481
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
7,616,749,992
|
||
Total accumulated earnings (loss)
|
10,425,433,489
|
|||
Net Assets
|
$
|
18,042,183,481
|
||
Net Asset Value, offering price and redemption price per share ($18,042,183,481 ÷ 408,466,232 shares)
|
$
|
44.17
|
||
Consolidated Statement of Operations
|
||||
Six months ended January 31, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
30,977,520
|
||
Interest
|
126,722
|
|||
Income from Fidelity Central Funds (including $203,503 from security lending)
|
3,016,439
|
|||
Total income
|
34,120,681
|
|||
Expenses
|
||||
Management fee
|
$
|
40,104,820
|
||
Independent trustees' fees and expenses
|
35,226
|
|||
Interest
|
35,336
|
|||
Total expenses before reductions
|
40,175,382
|
|||
Expense reductions
|
(3,759)
|
|||
Total expenses after reductions
|
40,171,623
|
|||
Net Investment income (loss)
|
(6,050,942)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of foreign taxes of $288,104)
|
259,984,299
|
|||
Redemptions in-kind
|
186,763,704
|
|||
Fidelity Central Funds
|
2,541
|
|||
Foreign currency transactions
|
(133,473)
|
|||
Total net realized gain (loss)
|
446,617,071
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,327,155)
|
1,167,805,220
|
|||
Unfunded commitments
|
(11,225)
|
|||
Assets and liabilities in foreign currencies
|
2,911
|
|||
Total change in net unrealized appreciation (depreciation)
|
1,167,796,906
|
|||
Net gain (loss)
|
1,614,413,977
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
1,608,363,035
|
||
Consolidated Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(6,050,942)
|
$
|
22,201,973
|
Net realized gain (loss)
|
446,617,071
|
589,415,876
|
||
Change in net unrealized appreciation (depreciation)
|
1,167,796,906
|
2,991,685,301
|
||
Net increase (decrease) in net assets resulting from operations
|
1,608,363,035
|
3,603,303,150
|
||
Distributions to shareholders
|
(176,438,573)
|
(107,111,324)
|
||
Share transactions
|
||||
Proceeds from sales of shares
|
1,844,653,936
|
3,649,025,767
|
||
Reinvestment of distributions
|
175,654,174
|
106,831,062
|
||
Cost of shares redeemed
|
(2,608,635,750)
|
(5,506,938,052)
|
||
Net increase (decrease) in net assets resulting from share transactions
|
(588,327,640)
|
(1,751,081,223)
|
||
Total increase (decrease) in net assets
|
843,596,822
|
1,745,110,603
|
||
Net Assets
|
||||
Beginning of period
|
17,198,586,659
|
15,453,476,056
|
||
End of period
|
$
|
18,042,183,481
|
$
|
17,198,586,659
|
Other Information
|
||||
Shares
|
||||
Sold
|
42,876,342
|
103,008,293
|
||
Issued in reinvestment of distributions
|
4,133,003
|
3,133,661
|
||
Redeemed
|
(60,676,345)
|
(156,451,624)
|
||
Net increase (decrease)
|
(13,667,000)
|
(50,309,670)
|
||
Fidelity® Blue Chip Growth K6 Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
40.74
|
$
|
32.71
|
$
|
25.32
|
$
|
20.19
|
$
|
27.89
|
$
|
19.32
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.01)
|
.05
|
.12
|
.05
|
- C
|
(.03)
|
||||||
Net realized and unrealized gain (loss)
|
3.87
|
8.21
|
7.34
|
5.10
|
(5.83)
|
8.91
|
||||||
Total from investment operations
|
3.86
|
8.26
|
7.46
|
5.15
|
(5.83)
|
8.88
|
||||||
Distributions from net investment income
|
(.02)
|
(.23)
|
(.07)
|
(.02)
|
-
|
(.02)
|
||||||
Distributions from net realized gain
|
(.41)
|
-
|
-
|
-
|
(1.87)
|
(.29)
|
||||||
Total distributions
|
(.43)
|
(.23)
|
(.07)
|
(.02)
|
(1.87)
|
(.31)
|
||||||
Net asset value, end of period
|
$
|
44.17
|
$
|
40.74
|
$
|
32.71
|
$
|
25.32
|
$
|
20.19
|
$
|
27.89
|
Total Return D,E
|
9.51 % |
25.38%
|
29.54%
|
25.55%
|
(22.62)%
|
46.28%
|
||||||
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 % H |
.45%
|
.45%
|
.45%
|
.45%
|
.45%
|
||||||
Expenses net of all reductions, if any
|
.45% H
|
.45%
|
.45%
|
.45%
|
.45%
|
.45%
|
||||||
Net investment income (loss)
|
(.07)% H
|
.14%
|
.43%
|
.23%
|
.01%
|
(.10)%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
18,042,183
|
$
|
17,198,587
|
$
|
15,453,476
|
$
|
9,888,912
|
$
|
6,821,284
|
$
|
6,455,689
|
Portfolio turnover rate I,J
|
22 % H |
34%
|
17%
|
24%
|
37%
|
44%
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$548,746,310
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.9 - 82.7 / 20.5
|
Increase
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
22.7 - 51.1 / 50.9
|
Increase
|
|||
Enterprise value/Net income (EV/NI)
|
27.4 - 38.2 / 32.4
|
Increase
|
|||
Market approach
|
Transaction price
|
$4.63 - $54.91 / $30.83
|
Increase
|
||
Discount rate
|
17.6%
|
Decrease
|
|||
Probability rate
|
10.0% - 70.0% / 33.3%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.5% - 3.8% / 3.6%
|
Increase
|
||
Volatility
|
70.0% - 80.0% / 75.3%
|
Increase
|
|||
Term
|
1.0 - 5.0 / 2.0
|
Increase
|
|||
Book value
|
Book value multiple
|
1.4
|
Increase
|
||
Convertible Corporate Bonds
|
$6,755,785
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.8
|
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% - 75.0% / 33.3%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.7% - 4.2% / 3.7%
|
Increase
|
||
Volatility
|
75.0% - 100.0% / 75.0%
|
Increase
|
|||
Term
|
0.4
|
Increase
|
|||
Convertible Preferred Stocks
|
$351,092,478
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.7 - 82.7 / 38.2
|
Increase
|
Enterprise value/Gross profit multiple (EV/GP)
|
11.9
|
Increase
|
|||
Market approach
|
Transaction price
|
$0.90 - $271.56 / $34.42
|
Increase
|
||
Discount rate
|
10.0% - 95.0% / 19.8%
|
Decrease
|
|||
Premium rate
|
10.0% - 65.0% / 38.9%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.6% - 3.8% / 3.7%
|
Increase
|
||
Volatility
|
40.0% - 100.0% / 68.3%
|
Increase
|
|||
Term
|
2.0 - 5.0 / 3.3
|
Increase
|
|||
Preferred Securities
|
$1,007,024
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Discount rate
|
17.6% - 37.9% / 26.2%
|
Decrease
|
|||
Probability rate
|
0.0% - 75.0% / 34.5%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.5% - 4.2% / 3.5%
|
Increase
|
||
Volatility
|
55.0% - 100.0% / 69.8%
|
Increase
|
|||
Term
|
0.4 - 1.0 / 1.0
|
Increase
|
Gross unrealized appreciation
|
$10,320,613,827
|
Gross unrealized depreciation
|
(300,944,720)
|
Net unrealized appreciation (depreciation)
|
$10,019,669,107
|
Tax cost
|
$8,089,925,295
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
Spinny Series G Convertible Preferred
|
1,806,826
|
-
|
Fidelity Blue Chip Growth K6 Fund
|
Revolut Group Holdings, Ltd.
|
2,256,153
|
(11,225)
|
Amount ($)
|
% of Total Assets
|
|
Fidelity Blue Chip Growth K6 Fund
|
13,438,262
|
.07
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
1,936,847,455
|
2,371,439,114
|
Shares
|
Net realized gain or loss on Unaffiliated Issuers ($)
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
6,626,820
|
186,763,704
|
186,763,704
|
273,422,585
|
Shares
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
17,234,936
|
349,420,316
|
575,938,420
|
Amount ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
49,487
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
Borrower
|
20,486,375
|
3.88%
|
35,336
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
129,400,331
|
145,525,513
|
4,907,973
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
22,027
|
313
|
-
|
Amount ($)
|
|
Fidelity Blue Chip Growth K6 Fund
|
23,044,851
|
![]() |


Contents
Common Stocks - 97.0%
|
|||
Shares
|
Value ($)
|
||
AUSTRALIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Canva Australia Holdings Pty Ltd Class A (b)(c)(d)
|
27,100
|
41,904,188
|
|
BELGIUM - 0.1%
|
|||
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
UCB SA
|
188,200
|
56,975,365
|
|
BRAZIL - 0.0%
|
|||
Financials - 0.0%
|
|||
Banks - 0.0%
|
|||
NU Holdings Ltd/Cayman Islands Class A (b)
|
1,108,923
|
19,683,383
|
|
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Vale SA ADR
|
1,132,600
|
18,200,882
|
|
TOTAL BRAZIL
|
37,884,265
|
||
BURKINA FASO - 0.1%
|
|||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
IAMGOLD Corp (United States) (b)
|
2,583,000
|
46,958,940
|
|
CANADA - 1.3%
|
|||
Consumer Discretionary - 0.3%
|
|||
Specialty Retail - 0.3%
|
|||
Aritzia Inc Subordinate Voting Shares (b)
|
3,362,936
|
265,078,339
|
|
Energy - 0.0%
|
|||
Oil, Gas & Consumable Fuels - 0.0%
|
|||
Suncor Energy Inc
|
699,800
|
36,987,923
|
|
Information Technology - 1.0%
|
|||
Electronic Equipment, Instruments & Components - 0.7%
|
|||
Celestica Inc (United States) (b)
|
1,946,382
|
546,913,879
|
|
IT Services - 0.3%
|
|||
Shopify Inc Class A (b)
|
2,025,317
|
265,753,599
|
|
Software - 0.0%
|
|||
Taalas Inc warrants (b)(c)(d)
|
554,030
|
570,651
|
|
TOTAL INFORMATION TECHNOLOGY
|
813,238,129
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Agnico Eagle Mines Ltd/CA (United States)
|
161,600
|
30,784,800
|
|
TOTAL CANADA
|
1,146,089,191
|
||
CHILE - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Antofagasta PLC
|
376,800
|
18,808,878
|
|
CHINA - 0.2%
|
|||
Communication Services - 0.2%
|
|||
Interactive Media & Services - 0.2%
|
|||
Tencent Holdings Ltd
|
1,415,300
|
108,782,518
|
|
Consumer Discretionary - 0.0%
|
|||
Automobile Components - 0.0%
|
|||
WeRide Inc ADR (b)(h)
|
1,763,133
|
14,122,695
|
|
Hotels, Restaurants & Leisure - 0.0%
|
|||
Luckin Coffee Inc ADR (b)
|
647,000
|
21,590,390
|
|
TOTAL CONSUMER DISCRETIONARY
|
35,713,085
|
||
Consumer Staples - 0.0%
|
|||
Beverages - 0.0%
|
|||
Eastroc Beverage Group Co Ltd H Shares
|
110,400
|
3,504,717
|
|
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Ant International Co Ltd Class C (c)(d)
|
3,214,400
|
5,143,040
|
|
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Pony AI Inc ADR (b)
|
1,878,873
|
26,078,757
|
|
TOTAL CHINA
|
179,222,117
|
||
DENMARK - 0.1%
|
|||
Health Care - 0.1%
|
|||
Biotechnology - 0.1%
|
|||
Ascendis Pharma A/S ADR (b)
|
416,896
|
94,260,186
|
|
FINLAND - 0.2%
|
|||
Consumer Discretionary - 0.2%
|
|||
Textiles, Apparel & Luxury Goods - 0.2%
|
|||
Amer Sports Inc (b)
|
4,715,958
|
172,745,542
|
|
GERMANY - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Trade Republic Bank GmbH (c)(d)(f)
|
663
|
18,326,022
|
|
INDIA - 0.8%
|
|||
Communication Services - 0.1%
|
|||
Wireless Telecommunication Services - 0.1%
|
|||
Bharti Airtel Ltd
|
1,759,200
|
37,770,596
|
|
Vodafone Idea Ltd (b)
|
287,941,126
|
35,076,476
|
|
TOTAL COMMUNICATION SERVICES
|
72,847,072
|
||
Consumer Discretionary - 0.3%
|
|||
Broadline Retail - 0.1%
|
|||
Meesho (e)
|
51,599,045
|
97,999,582
|
|
Hotels, Restaurants & Leisure - 0.1%
|
|||
Eternal Ltd (b)
|
18,746,668
|
55,937,012
|
|
Specialty Retail - 0.1%
|
|||
Lenskart Solutions Ltd (e)
|
10,406,170
|
51,903,744
|
|
Lenskart Solutions Ltd (e)
|
341,954
|
1,705,593
|
|
53,609,337
|
|||
TOTAL CONSUMER DISCRETIONARY
|
207,545,931
|
||
Consumer Staples - 0.0%
|
|||
Food Products - 0.0%
|
|||
Patanjali Foods Ltd
|
3,072,736
|
16,768,786
|
|
Energy - 0.2%
|
|||
Oil, Gas & Consumable Fuels - 0.2%
|
|||
Reliance Industries Ltd
|
11,292,286
|
171,846,096
|
|
Financials - 0.2%
|
|||
Capital Markets - 0.2%
|
|||
Authum Investment & Infrastucture Ltd
|
25,045,170
|
137,989,616
|
|
Financial Services - 0.0%
|
|||
Jio Financial Services Ltd
|
6,689,593
|
18,567,206
|
|
Pine Labs Ltd (e)
|
8,277,220
|
20,591,497
|
|
39,158,703
|
|||
TOTAL FINANCIALS
|
177,148,319
|
||
Health Care - 0.0%
|
|||
Health Care Providers & Services - 0.0%
|
|||
Max Healthcare Institute Ltd
|
1,343,300
|
14,016,941
|
|
Industrials - 0.0%
|
|||
Aerospace & Defense - 0.0%
|
|||
Hindustan Aeronautics Ltd (j)
|
289,000
|
14,559,367
|
|
Passenger Airlines - 0.0%
|
|||
InterGlobe Aviation Ltd (g)(j)
|
341,100
|
17,098,896
|
|
Transportation Infrastructure - 0.0%
|
|||
JSW Infrastructure Ltd
|
1,831,400
|
5,163,008
|
|
TOTAL INDUSTRIALS
|
36,821,271
|
||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
Welspun Corp Ltd
|
5,004,153
|
39,798,445
|
|
TOTAL INDIA
|
736,792,861
|
||
ISRAEL - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Rapyd Financial Network 2016 Ltd (b)(c)(d)
|
204,327
|
8,293,633
|
|
Rapyd Financial Network 2016 Ltd warrants 3/5/2038 (b)(c)(d)
|
4,241
|
44,700
|
|
TOTAL FINANCIALS
|
8,338,333
|
||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Xsight Labs Ltd warrants 7/24/2032 (b)(c)
|
713,512
|
991,781
|
|
TOTAL ISRAEL
|
9,330,114
|
||
ITALY - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Hotels, Restaurants & Leisure - 0.1%
|
|||
Lottomatica Group Spa
|
2,262,100
|
55,558,199
|
|
JAPAN - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Kioxia Holdings Corp (b)
|
299,700
|
41,364,642
|
|
KOREA (SOUTH) - 0.1%
|
|||
Consumer Staples - 0.0%
|
|||
Personal Care Products - 0.0%
|
|||
APR Corp/Korea
|
45,350
|
8,440,234
|
|
Information Technology - 0.1%
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
SK Hynix Inc
|
104,660
|
65,577,978
|
|
TOTAL KOREA (SOUTH)
|
74,018,212
|
||
LUXEMBOURG - 0.0%
|
|||
Financials - 0.0%
|
|||
Capital Markets - 0.0%
|
|||
CVC Capital Partners PLC (g)(j)
|
1,342,215
|
23,753,549
|
|
NETHERLANDS - 0.3%
|
|||
Information Technology - 0.3%
|
|||
Semiconductors & Semiconductor Equipment - 0.3%
|
|||
ASML Holding NV depository receipt
|
65,000
|
92,495,000
|
|
NXP Semiconductors NV
|
648,908
|
146,744,055
|
|
TOTAL NETHERLANDS
|
239,239,055
|
||
SINGAPORE - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Broadline Retail - 0.0%
|
|||
Sea Ltd Class A ADR (b)
|
270,100
|
31,463,949
|
|
SWITZERLAND - 0.2%
|
|||
Consumer Discretionary - 0.1%
|
|||
Textiles, Apparel & Luxury Goods - 0.1%
|
|||
On Holding AG Class A (b)
|
2,915,083
|
131,907,506
|
|
Health Care - 0.1%
|
|||
Pharmaceuticals - 0.1%
|
|||
Galderma Group AG
|
308,821
|
57,563,920
|
|
TOTAL SWITZERLAND
|
189,471,426
|
||
TAIWAN - 1.1%
|
|||
Information Technology - 1.1%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Delta Electronics Inc
|
553,000
|
21,373,673
|
|
Semiconductors & Semiconductor Equipment - 1.1%
|
|||
Taiwan Semiconductor Manufacturing Co Ltd ADR
|
2,774,327
|
917,081,533
|
|
TOTAL TAIWAN
|
938,455,206
|
||
UNITED KINGDOM - 0.1%
|
|||
Consumer Staples - 0.1%
|
|||
Tobacco - 0.1%
|
|||
British American Tobacco PLC ADR
|
1,012,429
|
61,434,192
|
|
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Revolut Group Holdings Ltd (b)(c)(d)
|
13,549
|
19,010,331
|
|
TOTAL UNITED KINGDOM
|
80,444,523
|
||
UNITED STATES - 92.3%
|
|||
Communication Services - 16.2%
|
|||
Diversified Telecommunication Services - 0.0%
|
|||
AST SpaceMobile Inc Class A (b)
|
251,500
|
27,969,315
|
|
Entertainment - 2.4%
|
|||
Netflix Inc (b)
|
20,768,390
|
1,733,952,881
|
|
ROBLOX Corp Class A (b)
|
3,145,990
|
206,880,302
|
|
Roku Inc Class A (b)
|
218,200
|
20,772,640
|
|
Take-Two Interactive Software Inc (b)
|
438,465
|
96,593,840
|
|
2,058,199,663
|
|||
Interactive Media & Services - 13.8%
|
|||
Alphabet Inc Class A
|
22,044,915
|
7,451,181,270
|
|
Epic Games Inc (b)(c)(d)
|
6,131
|
3,985,702
|
|
Meta Platforms Inc Class A
|
5,926,422
|
4,246,281,363
|
|
Reddit Inc Class A (b)
|
365,902
|
65,961,154
|
|
Reddit Inc Class B (b)
|
566,705
|
102,159,910
|
|
Snap Inc Class A (b)
|
57,258,582
|
396,801,973
|
|
12,266,371,372
|
|||
Media - 0.0%
|
|||
EchoStar Corp Class A (b)
|
155,500
|
17,605,710
|
|
TOTAL COMMUNICATION SERVICES
|
14,370,146,060
|
||
Consumer Discretionary - 15.5%
|
|||
Automobiles - 1.6%
|
|||
General Motors Co
|
113,000
|
9,492,000
|
|
Neutron Holdings Inc (b)(c)(d)
|
7,152,433
|
685,203
|
|
Rad Power Bikes Inc (b)(c)(d)
|
928,091
|
9
|
|
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d)
|
980,651
|
10
|
|
Tesla Inc (b)
|
3,325,958
|
1,431,525,583
|
|
1,441,702,805
|
|||
Broadline Retail - 7.7%
|
|||
Amazon.com Inc (b)
|
28,798,886
|
6,891,573,420
|
|
Diversified Consumer Services - 0.0%
|
|||
Phoenix Education Partners Inc (h)
|
53,866
|
1,643,451
|
|
Hotels, Restaurants & Leisure - 2.0%
|
|||
Brinker International Inc (b)
|
1,666,962
|
262,913,247
|
|
Cava Group Inc (b)(h)
|
469,400
|
28,455,028
|
|
Cheesecake Factory Inc/The
|
414,600
|
24,030,216
|
|
Chipotle Mexican Grill Inc (b)
|
4,751,908
|
184,706,664
|
|
DoorDash Inc Class A (b)
|
1,097,753
|
224,622,219
|
|
DraftKings Inc Class A (b)
|
6,837,583
|
188,101,908
|
|
Dutch Bros Inc Class A (b)
|
421,843
|
22,944,041
|
|
Expedia Group Inc Class A
|
90,900
|
24,073,956
|
|
Hilton Worldwide Holdings Inc
|
382,400
|
114,150,224
|
|
Marriott International Inc/MD Class A1
|
355,100
|
111,963,030
|
|
Sonder Holdings Inc Stage 1 rights (b)(c)
|
16,222
|
0
|
|
Sonder Holdings Inc Stage 2 rights (b)(c)
|
16,221
|
0
|
|
Sonder Holdings Inc Stage 3 rights (b)(c)
|
16,222
|
0
|
|
Sonder Holdings Inc Stage 4 rights (b)(c)
|
16,221
|
0
|
|
Sonder Holdings Inc Stage 5 rights (b)(c)
|
16,221
|
0
|
|
Sonder Holdings Inc Stage 5 rights (b)(c)
|
16,221
|
0
|
|
Starbucks Corp
|
5,082,877
|
467,370,540
|
|
Texas Roadhouse Inc
|
246,800
|
44,389,448
|
|
Wingstop Inc (h)
|
414,300
|
109,967,649
|
|
1,807,688,170
|
|||
Household Durables - 0.8%
|
|||
SharkNinja Inc (b)
|
5,525,800
|
653,149,560
|
|
Somnigroup International Inc
|
374,949
|
32,939,270
|
|
686,088,830
|
|||
Leisure Products - 0.1%
|
|||
Peloton Interactive Inc Class A (b)(h)
|
11,953,169
|
66,818,214
|
|
Specialty Retail - 2.7%
|
|||
Abercrombie & Fitch Co Class A (b)
|
160,303
|
15,650,382
|
|
American Eagle Outfitters Inc
|
529,900
|
12,351,969
|
|
AutoZone Inc (b)
|
7,200
|
26,670,888
|
|
Bath & Body Works Inc
|
2,065,071
|
45,018,548
|
|
Carvana Co Class A (b)
|
1,036,481
|
415,742,894
|
|
Fanatics Inc Class A (b)(c)(d)
|
1,938,909
|
155,112,720
|
|
Five Below Inc (b)(h)
|
336,354
|
64,458,881
|
|
Floor & Decor Holdings Inc Class A (b)
|
259,200
|
17,096,832
|
|
Gap Inc/The
|
1,645,700
|
46,046,686
|
|
Home Depot Inc/The
|
304,434
|
114,037,932
|
|
Lowe's Cos Inc
|
1,652,697
|
441,369,261
|
|
RealReal Inc/The (b)
|
2,755,100
|
40,417,317
|
|
RH (b)(i)
|
1,138,122
|
226,292,797
|
|
Ross Stores Inc
|
94,000
|
17,733,100
|
|
TJX Cos Inc/The
|
2,096,966
|
314,146,476
|
|
Urban Outfitters Inc (b)
|
646,338
|
45,793,047
|
|
Victoria's Secret & Co (b)(h)
|
2,033,600
|
110,851,536
|
|
Warby Parker Inc Class A (b)
|
4,643,456
|
118,454,563
|
|
Wayfair Inc Class A (b)
|
1,783,957
|
184,621,710
|
|
2,411,867,539
|
|||
Textiles, Apparel & Luxury Goods - 0.6%
|
|||
Capri Holdings Ltd (b)(i)
|
5,973,923
|
134,831,442
|
|
Deckers Outdoor Corp (b)
|
193,166
|
23,052,430
|
|
Lululemon Athletica Inc (b)
|
1,008,961
|
176,063,695
|
|
NIKE Inc Class B
|
2,009,822
|
124,227,098
|
|
Tapestry Inc
|
413,000
|
52,413,830
|
|
Tory Burch LLC Class A (b)(c)(d)(f)
|
293,611
|
11,999,882
|
|
VF Corp
|
761,300
|
14,913,867
|
|
537,502,244
|
|||
TOTAL CONSUMER DISCRETIONARY
|
13,844,884,673
|
||
Consumer Staples - 0.5%
|
|||
Beverages - 0.1%
|
|||
Celsius Holdings Inc (b)
|
1,684,165
|
88,384,979
|
|
Consumer Staples Distribution & Retail - 0.2%
|
|||
Chobani Inc Class A (c)(d)(f)
|
3,602
|
16,051,773
|
|
Costco Wholesale Corp
|
71,723
|
67,437,551
|
|
Sprouts Farmers Market Inc (b)
|
456,300
|
32,356,233
|
|
Target Corp
|
699,700
|
73,797,359
|
|
189,642,916
|
|||
Food Products - 0.0%
|
|||
Real Good Food Co LLC /The Class B (b)(c)
|
105,172
|
0
|
|
Real Good Food Co LLC /The Class B unit (b)(g)
|
105,172
|
10,517
|
|
10,517
|
|||
Personal Care Products - 0.1%
|
|||
Estee Lauder Cos Inc/The Class A
|
278,900
|
32,151,592
|
|
Herbalife Ltd (b)
|
2,420,400
|
41,727,696
|
|
73,879,288
|
|||
Tobacco - 0.1%
|
|||
JUUL Labs Inc Class A (b)(c)(d)
|
48,026,139
|
91,249,664
|
|
JUUL Labs Inc Class B (b)(c)(d)
|
6,625
|
12,588
|
|
91,262,252
|
|||
TOTAL CONSUMER STAPLES
|
443,179,952
|
||
Energy - 0.1%
|
|||
Energy Equipment & Services - 0.0%
|
|||
WaterBridge Infrastructure LLC Class A
|
429,000
|
9,412,260
|
|
Oil, Gas & Consumable Fuels - 0.1%
|
|||
Chevron Corp
|
202,500
|
35,822,250
|
|
Exxon Mobil Corp
|
531,800
|
75,196,520
|
|
111,018,770
|
|||
TOTAL ENERGY
|
120,431,030
|
||
Financials - 2.8%
|
|||
Capital Markets - 1.1%
|
|||
Ares Management Corp Class A
|
494,355
|
73,990,113
|
|
Blue Owl Capital Inc Class A
|
4,375,441
|
59,681,015
|
|
Goldman Sachs Group Inc/The
|
366,885
|
343,187,898
|
|
KKR & Co Inc Class A
|
792,341
|
90,532,883
|
|
Morgan Stanley
|
916,220
|
167,485,016
|
|
Robinhood Markets Inc Class A (b)
|
2,689,507
|
267,552,156
|
|
1,002,429,081
|
|||
Consumer Finance - 0.1%
|
|||
Figure Technology Solutions Inc Class A (h)
|
1,162,700
|
66,134,376
|
|
Financial Services - 1.6%
|
|||
Affirm Holdings Inc Class A (b)
|
2,812,598
|
169,599,659
|
|
Apollo Global Management Inc
|
1,087,939
|
146,371,313
|
|
Mastercard Inc Class A
|
1,514,763
|
816,139,157
|
|
Rocket Cos Inc Class A
|
1,757,184
|
31,506,309
|
|
Toast Inc Class A (b)
|
1,345,883
|
41,870,420
|
|
Visa Inc Class A
|
743,749
|
239,360,741
|
|
1,444,847,599
|
|||
TOTAL FINANCIALS
|
2,513,411,056
|
||
Health Care - 5.9%
|
|||
Biotechnology - 1.6%
|
|||
AbbVie Inc
|
1,703,987
|
380,006,141
|
|
Alnylam Pharmaceuticals Inc (b)
|
578,056
|
195,417,611
|
|
Apogee Therapeutics Inc (b)
|
506,150
|
33,157,887
|
|
Arcellx Inc (b)
|
87,461
|
5,974,461
|
|
Caris Life Sciences Inc (b)
|
132,300
|
3,064,068
|
|
Cibus Inc Class A (b)
|
153,600
|
299,519
|
|
Gilead Sciences Inc
|
4,759,577
|
675,621,955
|
|
Janux Therapeutics Inc (b)
|
232,662
|
3,189,796
|
|
Legend Biotech Corp ADR (b)
|
488,003
|
8,540,053
|
|
Moderna Inc (b)
|
527,900
|
23,264,553
|
|
Praxis Precision Medicines Inc (b)
|
65,600
|
20,598,400
|
|
Regeneron Pharmaceuticals Inc
|
92,300
|
68,435,835
|
|
Revolution Medicines Inc (b)
|
75,100
|
7,280,945
|
|
Scholar Rock Holding Corp (b)
|
413,385
|
18,329,491
|
|
Travere Therapeutics Inc (b)
|
921,400
|
28,646,326
|
|
1,471,827,041
|
|||
Health Care Equipment & Supplies - 0.9%
|
|||
Blink Health LLC Class A1 (b)(c)(d)
|
63,681
|
2,359,381
|
|
Boston Scientific Corp (b)
|
6,183,021
|
578,297,954
|
|
Insulet Corp (b)
|
362,107
|
92,630,592
|
|
Intuitive Surgical Inc (b)
|
45,200
|
22,790,744
|
|
Kestra Medical Technologies Ltd
|
436,803
|
10,775,930
|
|
Medline Inc Class A
|
1,445,500
|
63,891,100
|
|
770,745,701
|
|||
Health Care Providers & Services - 0.5%
|
|||
Cardinal Health Inc
|
820,800
|
176,373,504
|
|
Cencora Inc
|
271,464
|
97,515,298
|
|
Guardant Health Inc (b)
|
381,500
|
43,506,260
|
|
McKesson Corp
|
185,443
|
154,142,076
|
|
471,537,138
|
|||
Health Care Technology - 0.0%
|
|||
Claritev Corp warrants (b)(c)
|
138,859
|
0
|
|
HeartFlow Inc (e)
|
460,506
|
13,755,314
|
|
13,755,314
|
|||
Life Sciences Tools & Services - 0.1%
|
|||
Danaher Corp
|
154,600
|
33,840,394
|
|
Veterinary Emergency Group (b)(c)(d)(f)
|
524,494
|
51,594,475
|
|
85,434,869
|
|||
Pharmaceuticals - 2.8%
|
|||
Crinetics Pharmaceuticals Inc (b)
|
387,900
|
19,371,726
|
|
Elanco Animal Health Inc (b)
|
683,600
|
16,461,088
|
|
Eli Lilly & Co
|
2,216,696
|
2,299,046,257
|
|
Johnson & Johnson
|
481,200
|
109,352,700
|
|
Roche Holding AG non-voting shares
|
66,610
|
30,290,226
|
|
2,474,521,997
|
|||
TOTAL HEALTH CARE
|
5,287,822,060
|
||
Industrials - 6.0%
|
|||
Aerospace & Defense - 3.1%
|
|||
Anduril Industries Inc Class B (c)(d)
|
27,087
|
1,352,725
|
|
Anduril Industries Inc Class C (c)(d)
|
13
|
649
|
|
Axon Enterprise Inc (b)
|
264,272
|
127,796,654
|
|
Beta Technologies Inc (e)
|
828,079
|
17,803,699
|
|
Beta Technologies Inc Class A (b)
|
424,400
|
9,124,600
|
|
Boeing Co (b)
|
2,417,171
|
564,941,206
|
|
Carpenter Technology Corp
|
371,091
|
117,943,853
|
|
GE Aerospace
|
1,130,887
|
346,944,823
|
|
Howmet Aerospace Inc
|
1,195,667
|
248,794,389
|
|
Red Cat Holdings Inc (b)
|
943,700
|
12,739,950
|
|
Relativity Space Inc (b)(c)
|
34,453
|
36,519
|
|
Rocket Lab Corp
|
596,700
|
47,777,769
|
|
Space Exploration Technologies Corp (b)(c)(d)
|
3,006,587
|
1,265,773,127
|
|
Space Exploration Technologies Corp Class C (b)(c)(d)
|
104,067
|
43,812,207
|
|
2,804,842,170
|
|||
Air Freight & Logistics - 0.0%
|
|||
CH Robinson Worldwide Inc
|
49,200
|
9,591,540
|
|
FedEx Corp
|
38,000
|
12,245,500
|
|
21,837,040
|
|||
Construction & Engineering - 0.2%
|
|||
Comfort Systems USA Inc
|
95,400
|
108,956,340
|
|
Construction Partners Inc Class A (b)
|
112,000
|
12,306,560
|
|
IES Holdings Inc (b)
|
73,300
|
27,875,257
|
|
Legence Corp Class A
|
127,300
|
5,971,643
|
|
155,109,800
|
|||
Electrical Equipment - 0.6%
|
|||
Bloom Energy Corp Class A (b)
|
116,800
|
17,680,016
|
|
GE Vernova Inc
|
594,909
|
432,124,050
|
|
Nextpower Inc Class A (b)
|
704,600
|
82,501,614
|
|
532,305,680
|
|||
Ground Transportation - 0.5%
|
|||
Lyft Inc Class A (b)
|
4,844,252
|
81,722,531
|
|
Old Dominion Freight Line Inc
|
322,900
|
55,926,280
|
|
Uber Technologies Inc (b)
|
3,047,355
|
243,940,768
|
|
XPO Inc (b)
|
234,600
|
34,746,606
|
|
416,336,185
|
|||
Machinery - 0.3%
|
|||
Caterpillar Inc
|
52,900
|
34,774,344
|
|
Cummins Inc
|
182,300
|
105,518,886
|
|
PACCAR Inc
|
500,600
|
61,528,746
|
|
RBC Bearings Inc (b)
|
56,175
|
28,068,962
|
|
229,890,938
|
|||
Passenger Airlines - 0.6%
|
|||
Alaska Air Group Inc (b)(h)
|
573,918
|
29,172,252
|
|
Delta Air Lines Inc
|
3,697,204
|
243,608,772
|
|
United Airlines Holdings Inc (b)
|
2,301,597
|
235,499,405
|
|
508,280,429
|
|||
Trading Companies & Distributors - 0.7%
|
|||
Ferguson Enterprises Inc
|
172,325
|
43,505,170
|
|
FTAI Aviation Ltd
|
2,235,735
|
608,835,355
|
|
652,340,525
|
|||
TOTAL INDUSTRIALS
|
5,320,942,767
|
||
Information Technology - 44.4%
|
|||
Communications Equipment - 0.5%
|
|||
Arista Networks Inc (b)
|
262,100
|
37,150,054
|
|
Lumentum Holdings Inc (b)(h)
|
1,100,987
|
431,410,746
|
|
468,560,800
|
|||
Electronic Equipment, Instruments & Components - 0.8%
|
|||
Amphenol Corp Class A
|
2,118,391
|
305,217,775
|
|
Coherent Corp (b)
|
1,257,616
|
266,840,963
|
|
Corning Inc
|
765,000
|
78,986,250
|
|
Jabil Inc
|
301,900
|
71,607,661
|
|
722,652,649
|
|||
IT Services - 0.9%
|
|||
Akamai Technologies Inc (b)
|
200,000
|
19,430,000
|
|
Cloudflare Inc Class A (b)
|
1,037,855
|
184,063,584
|
|
MongoDB Inc Class A (b)
|
89,200
|
33,122,636
|
|
Snowflake Inc (b)
|
1,526,496
|
294,155,779
|
|
Twilio Inc Class A (b)
|
1,881,769
|
226,677,894
|
|
X.Ai Holdings Corp Class A (c)(d)
|
820,912
|
61,946,020
|
|
819,395,913
|
|||
Semiconductors & Semiconductor Equipment - 23.1%
|
|||
Advanced Micro Devices Inc (b)
|
1,500,500
|
355,213,365
|
|
Astera Labs Inc (b)
|
2,568,270
|
386,832,827
|
|
Broadcom Inc
|
8,762,228
|
2,902,926,137
|
|
GlobalFoundries Inc (b)
|
1,296,261
|
54,702,214
|
|
Impinj Inc (b)
|
7,153
|
987,829
|
|
KLA Corp
|
28,100
|
40,125,114
|
|
Lam Research Corp
|
595,900
|
139,118,814
|
|
Marvell Technology Inc
|
17,821,340
|
1,406,460,153
|
|
Micron Technology Inc
|
1,511,100
|
626,925,168
|
|
Monolithic Power Systems Inc
|
619,256
|
696,136,632
|
|
NVIDIA Corp
|
72,767,995
|
13,908,146,885
|
|
Onto Innovation Inc (b)
|
53,800
|
10,870,290
|
|
20,528,445,428
|
|||
Software - 8.6%
|
|||
Applied Intuition Inc Class A (b)(c)(d)
|
33,762
|
3,824,559
|
|
AppLovin Corp Class A (b)
|
2,345,260
|
1,109,565,959
|
|
Atom Tickets LLC (b)(c)(d)(f)
|
1,204,239
|
12
|
|
Celestial AI Inc (c)(d)
|
44,508
|
1,193,705
|
|
Circle Internet Group Inc Class A (h)
|
193,200
|
12,351,276
|
|
Crowdstrike Holdings Inc Class A (b)
|
199,626
|
88,115,915
|
|
Figma Inc Class A
|
447,530
|
11,599,978
|
|
Microsoft Corp
|
12,585,910
|
5,415,591,214
|
|
OpenAI Group Pbc Class A (c)(d)
|
56,300
|
26,882,124
|
|
Oracle Corp
|
2,311,193
|
380,376,144
|
|
Palantir Technologies Inc Class A (b)
|
2,213,406
|
324,463,186
|
|
Rubrik Inc Class A (b)
|
614,800
|
34,398,060
|
|
Salesforce Inc
|
375,400
|
79,693,666
|
|
Samsara Inc Class A (b)
|
1,107,900
|
31,076,595
|
|
Servicenow Inc (b)
|
976,745
|
114,288,932
|
|
Stripe LLC Class B (b)(c)(d)
|
173,600
|
7,190,512
|
|
Tanium Inc Class B (b)(c)(d)
|
554,900
|
4,300,475
|
|
Unity Software Inc (b)
|
515,500
|
15,001,050
|
|
Zoom Communications Inc Class A (b)
|
479,200
|
44,134,320
|
|
7,704,047,682
|
|||
Technology Hardware, Storage & Peripherals - 10.5%
|
|||
Apple Inc
|
32,535,223
|
8,442,239,664
|
|
Sandisk Corp/DE
|
517,200
|
298,036,500
|
|
Seagate Technology Holdings PLC
|
146,900
|
59,889,661
|
|
Western Digital Corp
|
2,040,600
|
510,619,338
|
|
9,310,785,163
|
|||
TOTAL INFORMATION TECHNOLOGY
|
39,553,887,635
|
||
Materials - 0.2%
|
|||
Construction Materials - 0.2%
|
|||
Martin Marietta Materials Inc
|
118,151
|
77,028,544
|
|
Vulcan Materials Co
|
274,211
|
82,411,374
|
|
159,439,918
|
|||
Metals & Mining - 0.0%
|
|||
Alcoa Corp
|
279,000
|
15,849,990
|
|
Century Aluminum Co (b)
|
371,500
|
16,840,095
|
|
32,690,085
|
|||
TOTAL MATERIALS
|
192,130,003
|
||
Real Estate - 0.5%
|
|||
Health Care REITs - 0.5%
|
|||
Welltower Inc
|
2,252,957
|
424,366,981
|
|
Real Estate Management & Development - 0.0%
|
|||
Compass Inc Class A (b)
|
3,767,800
|
47,172,856
|
|
TOTAL REAL ESTATE
|
471,539,837
|
||
Utilities - 0.2%
|
|||
Electric Utilities - 0.2%
|
|||
Constellation Energy Corp
|
112,164
|
31,482,191
|
|
Entergy Corp
|
608,900
|
58,387,421
|
|
NRG Energy Inc
|
338,790
|
51,709,518
|
|
141,579,130
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Vistra Corp
|
288,856
|
45,740,348
|
|
TOTAL UTILITIES
|
187,319,478
|
||
TOTAL UNITED STATES
|
82,305,694,551
|
||
ZAMBIA - 0.0%
|
|||
Materials - 0.0%
|
|||
Metals & Mining - 0.0%
|
|||
First Quantum Minerals Ltd (b)
|
1,209,300
|
34,183,496
|
|
|
TOTAL COMMON STOCKS
(Cost $30,686,143,269)
|
86,572,944,477
|
||
Convertible Corporate Bonds - 0.1%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
UNITED STATES - 0.1%
|
|||
Consumer Discretionary - 0.1%
|
|||
Automobiles - 0.1%
|
|||
Neutron Holdings Inc 4% 5/22/2027 (c)(d)
|
2,432,800
|
10,928,138
|
|
Neutron Holdings Inc 4% 6/12/2027 (c)(d)
|
647,200
|
2,907,222
|
|
Neutron Holdings Inc 8% 10/29/2026 (c)(d)(k)
|
24,887,736
|
44,489,317
|
|
TOTAL CONSUMER DISCRETIONARY
|
58,324,677
|
||
Information Technology - 0.0%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Enevate Corp 10% 5/12/2199 (c)(d)
|
187,681
|
62,723
|
|
TOTAL UNITED STATES
|
58,387,400
|
||
|
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $28,155,417)
|
58,387,400
|
||
Convertible Preferred Stocks - 3.0%
|
|||
Shares
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc Series B (c)(d)
|
164,500
|
11,419,590
|
|
CHINA - 0.1%
|
|||
Communication Services - 0.1%
|
|||
Interactive Media & Services - 0.1%
|
|||
Bytedance Ltd Series E1 (b)(c)(d)
|
293,038
|
75,246,298
|
|
ESTONIA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Bolt Technology OU Series E (b)(c)(d)
|
170,267
|
36,944,247
|
|
FINLAND - 0.1%
|
|||
Health Care - 0.1%
|
|||
Health Care Technology - 0.1%
|
|||
Oura Health Oy Series D (b)(c)(d)
|
913,194
|
48,919,802
|
|
Oura Health Oy Series E (c)(d)
|
1,105,259
|
59,208,725
|
|
TOTAL FINLAND
|
108,128,527
|
||
ISRAEL - 0.0%
|
|||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Rapyd Financial Network 2016 Ltd Series F (c)(d)
|
14,138
|
552,796
|
|
Industrials - 0.0%
|
|||
Electrical Equipment - 0.0%
|
|||
Element Labs Inc Series A (c)(d)
|
932,003
|
7,362,824
|
|
Element Labs Inc Series B (c)(d)
|
674,000
|
5,917,720
|
|
TOTAL INDUSTRIALS
|
13,280,544
|
||
Information Technology - 0.0%
|
|||
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
Xsight Labs Ltd Series D (b)(c)(d)
|
1,192,000
|
1,788,000
|
|
Xsight Labs Ltd Series F (c)(d)
|
2,378,372
|
9,989,162
|
|
TOTAL INFORMATION TECHNOLOGY
|
11,777,162
|
||
TOTAL ISRAEL
|
25,610,502
|
||
UNITED KINGDOM - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
NScale Global Holdings Ltd Series B (c)(d)
|
5,700
|
2,433,843
|
|
UNITED STATES - 2.8%
|
|||
Consumer Discretionary - 0.1%
|
|||
Automobiles - 0.1%
|
|||
Neutron Holdings Inc Series 1C (b)(c)(d)
|
50,654,200
|
4,852,672
|
|
Neutron Holdings Inc Series 1D (b)(c)(d)
|
85,315,542
|
8,173,229
|
|
Rad Power Bikes Inc Series A (b)(c)(d)
|
120,997
|
0
|
|
Rad Power Bikes Inc Series C (b)(c)(d)
|
476,111
|
5
|
|
Rad Power Bikes Inc Series D (b)(c)(d)
|
867,000
|
9
|
|
Waymo LLC Series A2 (b)(c)(d)
|
81,316
|
12,432,403
|
|
Waymo LLC Series C2 (b)(c)(d)
|
149,427
|
22,248,186
|
|
47,706,504
|
|||
Hotels, Restaurants & Leisure - 0.0%
|
|||
Discord Inc Series I (b)(c)(d)
|
6,100
|
1,497,428
|
|
TOTAL CONSUMER DISCRETIONARY
|
49,203,932
|
||
Consumer Staples - 0.0%
|
|||
Consumer Staples Distribution & Retail - 0.0%
|
|||
GoBrands Inc Series G (b)(c)(d)
|
166,200
|
8,073,996
|
|
GoBrands Inc Series H (b)(c)(d)
|
104,029
|
6,444,597
|
|
14,518,593
|
|||
Food Products - 0.0%
|
|||
AgBiome LLC Series C (b)(c)(d)
|
1,091,300
|
11
|
|
Tobacco - 0.0%
|
|||
JUUL Labs Inc Series C (b)(c)(d)
|
2,570,575
|
4,884,093
|
|
JUUL Labs Inc Series D (b)(c)(d)
|
13,822
|
26,261
|
|
JUUL Labs Inc Series E (b)(c)(d)
|
14,959
|
28,422
|
|
4,938,776
|
|||
TOTAL CONSUMER STAPLES
|
19,457,380
|
||
Financials - 0.0%
|
|||
Financial Services - 0.0%
|
|||
Akeana Series C (b)(c)(d)
|
363,100
|
4,317,259
|
|
Tenstorrent Holdings Inc Series C1 (b)(c)(d)
|
150,460
|
10,639,027
|
|
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
|
112,771
|
8,417,227
|
|
Tenstorrent Holdings Inc Series D2 (b)(c)(d)
|
47,443
|
3,424,910
|
|
TOTAL FINANCIALS
|
26,798,423
|
||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Castle Creek Biosciences Inc Series B (b)(c)(d)
|
3,301
|
715,821
|
|
Castle Creek Biosciences Inc Series D2 (b)(c)(d)
|
5,347
|
1,071,165
|
|
Neurona Therapeutics Inc Series F (c)(d)
|
1,902,800
|
4,471,580
|
|
6,258,566
|
|||
Health Care Equipment & Supplies - 0.0%
|
|||
Blink Health LLC Series C (b)(c)(d)
|
170,685
|
6,323,879
|
|
Blink Health LLC Series D (b)(c)(d)
|
38,410
|
1,423,091
|
|
7,746,970
|
|||
TOTAL HEALTH CARE
|
14,005,536
|
||
Industrials - 1.1%
|
|||
Aerospace & Defense - 1.1%
|
|||
ABL Space Systems Co Series A10 (b)(c)(d)
|
789,444
|
205,256
|
|
ABL Space Systems Co Series A8 (b)(c)(d)
|
306,520
|
79,695
|
|
ABL Space Systems Co Series A9 (b)(c)(d)
|
158,338
|
41,168
|
|
Anduril Industries Inc Series F (b)(c)(d)
|
544,932
|
27,213,904
|
|
Anduril Industries Inc Series G (c)(d)
|
254,700
|
12,719,718
|
|
Space Exploration Technologies Corp Series G (b)(c)(d)
|
98,074
|
412,891,540
|
|
Space Exploration Technologies Corp Series H (b)(c)(d)
|
25,767
|
108,479,070
|
|
Space Exploration Technologies Corp Series J (b)(c)(d)
|
5,376
|
22,632,960
|
|
Space Exploration Technologies Corp Series N (b)(c)(d)
|
79,406
|
334,299,260
|
|
918,562,571
|
|||
Air Freight & Logistics - 0.0%
|
|||
Zipline International Inc Series G (b)(c)(d)
|
281,500
|
15,837,190
|
|
Zipline International Inc Series H (c)(d)
|
265,700
|
14,948,282
|
|
30,785,472
|
|||
Electrical Equipment - 0.0%
|
|||
Empower Semiconductor Inc Series D (c)(d)
|
1,263,700
|
9,642,031
|
|
TOTAL INDUSTRIALS
|
958,990,074
|
||
Information Technology - 1.5%
|
|||
Electronic Equipment, Instruments & Components - 0.1%
|
|||
Cellink Corp Series D (b)(c)(d)
|
771,513
|
2,530,563
|
|
Cerebras Systems Inc Series G (c)(d)
|
1,109,600
|
98,776,592
|
|
Enevate Corp Series E (b)(c)(d)
|
12,084,432
|
966,755
|
|
Frore Systems Inc Series C (b)(c)(d)
|
366,694
|
9,504,708
|
|
Menlo Microsystems Inc Series C (b)(c)(d)
|
4,680,700
|
2,574,385
|
|
114,353,003
|
|||
IT Services - 0.4%
|
|||
Gupshup Inc (b)(c)(d)
|
709,497
|
3,221,116
|
|
X.Ai Holdings Corp Series B (c)(d)
|
3,688,585
|
278,340,625
|
|
X.Ai Holdings Corp Series C (c)(d)
|
674,457
|
50,894,525
|
|
Yanka Industries Inc Series F (b)(c)(d)
|
508,854
|
1,338,286
|
|
333,794,552
|
|||
Semiconductors & Semiconductor Equipment - 0.1%
|
|||
Alif Semiconductor Series C (b)(c)(d)
|
391,847
|
11,242,090
|
|
Alif Semiconductor Series D (c)(d)
|
217,800
|
6,612,408
|
|
Danger Devices Inc Series B (c)(d)
|
4,462,000
|
4,060,420
|
|
Retym Inc Series C (b)(c)(d)
|
810,037
|
8,448,686
|
|
Retym Inc Series D (b)(c)(d)
|
194,389
|
2,138,279
|
|
SiMa Technologies Inc Series B (b)(c)(d)
|
2,821,200
|
18,535,284
|
|
SiMa Technologies Inc Series B1 (b)(c)(d)
|
188,978
|
1,436,233
|
|
52,473,400
|
|||
Software - 0.8%
|
|||
Algolia Inc Series D (b)(c)(d)
|
276,495
|
4,352,031
|
|
Anthropic PBC Series D (b)(c)(d)
|
393,051
|
107,589,850
|
|
Anthropic PBC Series E (c)(d)
|
39,600
|
10,261,944
|
|
Anthropic PBC Series F (c)(d)
|
287,400
|
74,476,836
|
|
Applied Intuition Inc Series A2 (b)(c)(d)
|
43,948
|
4,978,429
|
|
Applied Intuition Inc Series B2 (b)(c)(d)
|
21,192
|
2,400,630
|
|
Celestial AI Inc Series A (c)(d)
|
283,807
|
7,611,704
|
|
Celestial AI Inc Series B (c)(d)
|
213,558
|
5,727,625
|
|
Celestial AI Inc Series C1 (c)(d)
|
855,468
|
22,943,652
|
|
Crusoe Energy Systems LLC Series D (b)(c)(d)
|
300,371
|
32,440,068
|
|
Crusoe Energy Systems LLC Series E (c)(d)
|
176,563
|
19,068,804
|
|
Databricks Inc Series G (b)(c)(d)
|
437,958
|
83,212,020
|
|
Databricks Inc Series H (b)(c)(d)
|
273,924
|
52,045,560
|
|
Databricks Inc Series I (b)(c)(d)
|
6,675
|
1,268,250
|
|
Databricks Inc Series J (b)(c)(d)
|
190,149
|
36,128,310
|
|
Databricks Inc Series K (c)(d)
|
58,500
|
11,115,000
|
|
Dataminr Inc Series D, 8% (b)(c)(d)
|
277,250
|
2,098,783
|
|
Density Ai Inc (c)(d)
|
2,558,700
|
3,812,463
|
|
Lyte Ai Inc Series B (b)(c)(d)
|
692,307
|
7,276,147
|
|
MOLOCO Inc Series A (b)(c)(d)
|
103,822
|
7,067,164
|
|
Nuro Inc/DE Series E (c)(d)
|
465,136
|
5,325,807
|
|
OpenAI Group Pbc Series A-2 (c)(d)
|
156,615
|
74,780,531
|
|
OpenAI Group Pbc Series A-3 (c)(d)
|
43,828
|
20,926,993
|
|
Physical Intelligence Inc Series B (c)(d)
|
21,600
|
5,858,136
|
|
Runway AI Inc Series D (b)(c)(d)
|
540,130
|
7,902,102
|
|
Runway AI Inc Series P (c)(d)
|
34,558
|
505,583
|
|
Skyryse Inc Series B (b)(c)(d)
|
560,000
|
14,644,000
|
|
Skyryse Inc Series C (c)(d)
|
274,500
|
7,416,990
|
|
Skyryse Inc Series C-1 (c)(d)
|
65,325
|
1,712,168
|
|
Stripe LLC Series H (b)(c)(d)
|
73,100
|
3,027,802
|
|
Stripe LLC Series I (b)(c)(d)
|
1,129,819
|
46,797,103
|
|
684,772,485
|
|||
Technology Hardware, Storage & Peripherals - 0.1%
|
|||
Lightmatter Inc Series C1 (b)(c)(d)
|
372,617
|
19,979,724
|
|
Lightmatter Inc Series C2 (b)(c)(d)
|
58,528
|
3,226,063
|
|
Lightmatter Inc Series D (b)(c)(d)
|
363,511
|
25,725,673
|
|
48,931,460
|
|||
TOTAL INFORMATION TECHNOLOGY
|
1,234,324,900
|
||
Materials - 0.1%
|
|||
Metals & Mining - 0.1%
|
|||
Diamond Foundry Inc Series C (b)(c)(d)
|
2,271,329
|
70,547,479
|
|
Utilities - 0.0%
|
|||
Independent Power and Renewable Electricity Producers - 0.0%
|
|||
Redwood Materials Series C (b)(c)(d)
|
341,408
|
16,298,818
|
|
Redwood Materials Series D (b)(c)(d)
|
97,832
|
4,670,500
|
|
Redwood Materials Series E (c)(d)
|
16,614
|
793,152
|
|
TOTAL UTILITIES
|
21,762,470
|
||
TOTAL UNITED STATES
|
2,395,090,194
|
||
|
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $1,158,063,681)
|
2,654,873,201
|
||
Non-Convertible Preferred Stocks - 0.0%
|
|||
Shares
|
Value ($)
|
||
UNITED STATES - 0.0%
|
|||
Health Care - 0.0%
|
|||
Biotechnology - 0.0%
|
|||
Castle Creek Biosciences Inc Series A4 (b)(c)(d)
(Cost $9,830,736)
|
29,758
|
6,717,869
|
|
Preferred Securities - 0.0%
|
|||
Principal
Amount (a)
|
Value ($)
|
||
CANADA - 0.0%
|
|||
Information Technology - 0.0%
|
|||
Software - 0.0%
|
|||
Taalas Inc 0% (c)(d)(l)
|
2,743,770
|
2,728,130
|
|
UNITED STATES - 0.0%
|
|||
Consumer Discretionary - 0.0%
|
|||
Automobiles - 0.0%
|
|||
Rad Power Bikes Inc 8% 12/31/2199 (c)(d)
|
980,651
|
183,055
|
|
Information Technology - 0.0%
|
|||
Electronic Equipment, Instruments & Components - 0.0%
|
|||
Enevate Corp 6% (c)(d)(l)
|
707,738
|
89,151
|
|
Semiconductors & Semiconductor Equipment - 0.0%
|
|||
SiMa Technologies Inc 10% 12/31/2027 (c)(d)
|
3,211,571
|
4,204,019
|
|
SiMa Technologies Inc 7.5% 12/31/2027 (c)(d)
|
2,189,200
|
2,602,557
|
|
6,806,576
|
|||
TOTAL INFORMATION TECHNOLOGY
|
6,895,727
|
||
TOTAL UNITED STATES
|
7,078,782
|
||
|
TOTAL PREFERRED SECURITIES
(Cost $9,832,930)
|
9,806,912
|
||
Money Market Funds - 0.2%
|
||||
Yield (%)
|
Shares
|
Value ($)
|
||
Fidelity Securities Lending Cash Central Fund (m)(n)
(Cost $217,439,288)
|
3.70
|
217,417,546
|
217,439,288
|
|
|
TOTAL INVESTMENT IN SECURITIES - 100.3%
(Cost $32,109,465,321)
|
89,520,169,147
|
NET OTHER ASSETS (LIABILITIES) - (0.3)%
|
(247,194,279)
|
NET ASSETS - 100.0%
|
89,272,974,868
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
(b)
|
Non-income producing.
|
(c)
|
Level 3 security.
|
(d)
|
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,538,027,674 or 5.1% of net assets.
|
(e)
|
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 $203,759,429 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
|
(f)
|
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
|
(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 $40,862,962 or 0.0% of net assets.
|
(h)
|
Security or a portion of the security is on loan at period end.
|
(i)
|
Affiliated company.
|
(j)
|
Security 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 $55,411,812 or 0.1% of net assets.
|
(k)
|
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
|
(l)
|
Security is perpetual in nature with no stated maturity date.
|
(m)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
(n)
|
Investment made with cash collateral received from securities on loan.
|
Additional information on each restricted holding is as follows:
|
||
Security
|
Acquisition Date
|
Acquisition Cost ($)
|
ABL Space Systems Co Series A10
|
12/14/2023
|
1,348,924
|
ABL Space Systems Co Series A8
|
3/24/2021
|
12,165,467
|
ABL Space Systems Co Series A9
|
10/22/2021
|
9,626,140
|
AgBiome LLC Series C
|
6/29/2018
|
6,911,967
|
Akeana Series C
|
1/23/2024
|
4,633,446
|
Algolia Inc Series D
|
7/23/2021
|
8,086,110
|
Alif Semiconductor Series C
|
3/8/2022
|
7,953,922
|
Alif Semiconductor Series D
|
4/11/2025
|
5,884,324
|
Anduril Industries Inc Class B
|
6/16/2025
|
1,107,392
|
Anduril Industries Inc Class C
|
6/16/2025
|
531
|
Anduril Industries Inc Series F
|
8/7/2024
|
11,844,969
|
Anduril Industries Inc Series G
|
4/17/2025
|
10,412,849
|
Ant International Co Ltd Class C
|
5/16/2018
|
12,251,284
|
Anthropic PBC Series D
|
5/31/2024
|
11,793,299
|
Anthropic PBC Series E
|
2/14/2025
|
2,221,025
|
Anthropic PBC Series F
|
8/18/2025
|
40,514,088
|
Applied Intuition Inc Class A
|
7/2/2024
|
2,015,419
|
Applied Intuition Inc Series A2
|
7/2/2024
|
2,623,472
|
Applied Intuition Inc Series B2
|
7/2/2024
|
1,265,054
|
Atom Tickets LLC
|
8/15/2017
|
7,000,000
|
Blink Health LLC Class A1
|
12/30/2020 - 6/17/2024
|
1,806,910
|
Blink Health LLC Series C
|
11/7/2019 - 7/14/2021
|
6,516,071
|
Blink Health LLC Series D
|
6/17/2024 - 6/25/2024
|
1,613,220
|
Bolt Technology OU Series E
|
1/3/2022
|
44,234,771
|
Bytedance Ltd Series E1
|
11/18/2020
|
32,109,399
|
Canva Australia Holdings Pty Ltd Class A
|
8/19/2025 - 11/12/2025
|
44,610,394
|
Castle Creek Biosciences Inc Series A4
|
9/29/2016
|
9,830,736
|
Castle Creek Biosciences Inc Series B
|
10/9/2018
|
1,359,517
|
Castle Creek Biosciences Inc Series D2
|
6/28/2021
|
916,699
|
Celestial AI Inc
|
2/25/2025
|
659,417
|
Celestial AI Inc Series A
|
2/25/2025
|
4,204,799
|
Celestial AI Inc Series B
|
2/25/2025
|
3,164,011
|
Celestial AI Inc Series C1
|
2/25/2025
|
14,910,979
|
Cellink Corp Series D
|
1/20/2022
|
16,065,910
|
Cerebras Systems Inc Series G
|
9/19/2025
|
40,203,471
|
Chobani Inc Class A
|
10/14/2025
|
16,051,785
|
Crusoe Energy Systems LLC Series D
|
12/10/2024
|
8,762,375
|
Crusoe Energy Systems LLC Series E
|
10/8/2025
|
14,832,750
|
Danger Devices Inc Series B
|
3/5/2025
|
4,018,031
|
Databricks Inc Series G
|
2/1/2021
|
25,893,230
|
Databricks Inc Series H
|
8/31/2021
|
20,129,068
|
Databricks Inc Series I
|
9/14/2023
|
490,613
|
Databricks Inc Series J
|
12/17/2024
|
17,588,783
|
Databricks Inc Series K
|
9/8/2025
|
8,775,000
|
Dataminr Inc Series D, 8%
|
3/6/2015
|
3,534,938
|
Density Ai Inc
|
12/5/2025
|
3,812,425
|
Diamond Foundry Inc Series C
|
3/15/2021
|
54,511,896
|
Discord Inc Series I
|
9/15/2021
|
3,358,809
|
Element Labs Inc Series A
|
2/11/2025
|
3,437,784
|
Element Labs Inc Series B
|
6/27/2025
|
5,916,979
|
Empower Semiconductor Inc Series D
|
6/27/2025
|
10,142,203
|
Enevate Corp 10% 5/12/2199
|
11/12/2024
|
187,681
|
Enevate Corp 6%
|
11/2/2023 - 10/31/2025
|
707,738
|
Enevate Corp Series E
|
1/29/2021
|
13,397,828
|
Epic Games Inc
|
7/30/2020
|
3,525,324
|
Fanatics Inc Class A
|
8/13/2020 - 10/24/2022
|
78,989,836
|
Frore Systems Inc Series C
|
5/10/2024
|
5,892,919
|
GoBrands Inc Series G
|
3/2/2021
|
41,503,015
|
GoBrands Inc Series H
|
7/22/2021
|
40,414,287
|
Gupshup Inc
|
6/8/2021
|
16,222,791
|
JUUL Labs Inc Class A
|
12/20/2017 - 11/4/2025
|
65,791,361
|
JUUL Labs Inc Class B
|
11/21/2017
|
0
|
JUUL Labs Inc Series C
|
5/22/2015 - 7/6/2018
|
0
|
JUUL Labs Inc Series D
|
6/25/2018 - 7/6/2018
|
0
|
JUUL Labs Inc Series E
|
12/20/2017
|
320,664
|
Lightmatter Inc Series C1
|
5/19/2023
|
6,132,083
|
Lightmatter Inc Series C2
|
12/18/2023
|
1,521,833
|
Lightmatter Inc Series D
|
10/11/2024
|
29,164,670
|
Lyte Ai Inc Series B
|
8/13/2024
|
8,782,676
|
Menlo Microsystems Inc Series C
|
2/9/2022
|
6,204,268
|
MOLOCO Inc Series A
|
6/26/2023
|
6,229,320
|
Neurona Therapeutics Inc Series F
|
3/28/2025
|
3,919,768
|
Neutron Holdings Inc
|
2/4/2021
|
71,531
|
Neutron Holdings Inc 4% 5/22/2027
|
6/4/2020
|
2,432,800
|
Neutron Holdings Inc 4% 6/12/2027
|
6/12/2020
|
647,200
|
Neutron Holdings Inc 8% 10/29/2026
|
10/29/2021 - 10/29/2025
|
24,887,736
|
Neutron Holdings Inc Series 1C
|
7/3/2018
|
9,261,614
|
Neutron Holdings Inc Series 1D
|
1/25/2019
|
20,689,019
|
NScale Global Holdings Ltd Series B
|
9/25/2025
|
2,165,316
|
Nuro Inc/DE Series E
|
4/1/2025
|
5,950,713
|
OpenAI Group Pbc Class A
|
9/3/2025
|
24,209,000
|
OpenAI Group Pbc Series A-2
|
9/30/2024
|
29,421,124
|
OpenAI Group Pbc Series A-3
|
4/11/2025
|
13,449,203
|
Oura Health Oy Series D
|
12/18/2024
|
23,459,953
|
Oura Health Oy Series E
|
9/24/2025
|
59,208,725
|
Physical Intelligence Inc Series B
|
10/24/2025
|
5,865,681
|
Rad Power Bikes Inc
|
1/21/2021
|
4,476,962
|
Rad Power Bikes Inc 8% 12/31/2199
|
10/6/2023
|
980,651
|
Rad Power Bikes Inc Series A
|
1/21/2021
|
583,670
|
Rad Power Bikes Inc Series C
|
1/21/2021
|
2,296,683
|
Rad Power Bikes Inc Series D
|
9/17/2021
|
8,309,155
|
Rad Power Bikes Inc warrants 10/6/2033
|
10/6/2023
|
0
|
Rapyd Financial Network 2016 Ltd
|
3/30/2021
|
14,999,992
|
Rapyd Financial Network 2016 Ltd Series F
|
3/6/2025
|
618,930
|
Rapyd Financial Network 2016 Ltd warrants 3/5/2038
|
3/6/2025
|
0
|
Redwood Materials Series C
|
5/28/2021
|
16,183,924
|
Redwood Materials Series D
|
6/2/2023
|
4,670,095
|
Redwood Materials Series E
|
10/20/2025
|
793,083
|
Retym Inc Series C
|
5/17/2023 - 6/20/2023
|
6,303,546
|
Retym Inc Series D
|
1/29/2025
|
2,057,996
|
Revolut Group Holdings Ltd
|
12/27/2024
|
11,784,207
|
Runway AI Inc Series D
|
9/6/2024
|
5,855,969
|
Runway AI Inc Series P
|
11/4/2025
|
505,521
|
SiMa Technologies Inc 10% 12/31/2027
|
4/8/2024 - 1/5/2026
|
3,211,571
|
SiMa Technologies Inc 7.5% 12/31/2027
|
7/18/2025
|
2,189,200
|
SiMa Technologies Inc Series B
|
5/10/2021
|
14,465,422
|
SiMa Technologies Inc Series B1
|
4/25/2022
|
1,340,024
|
Skyryse Inc Series B
|
10/21/2021
|
13,820,783
|
Skyryse Inc Series C
|
9/16/2025 - 11/21/2025
|
7,418,143
|
Skyryse Inc Series C-1
|
8/13/2024
|
1,324,031
|
Space Exploration Technologies Corp
|
10/16/2015 - 12/9/2024
|
60,518,403
|
Space Exploration Technologies Corp Class C
|
9/11/2017 - 12/9/2024
|
11,127,463
|
Space Exploration Technologies Corp Series G
|
1/20/2015 - 9/7/2023
|
8,180,646
|
Space Exploration Technologies Corp Series H
|
8/4/2017
|
3,478,545
|
Space Exploration Technologies Corp Series J
|
9/7/2023
|
4,354,560
|
Space Exploration Technologies Corp Series N
|
8/4/2020
|
21,439,621
|
Stripe LLC Class B
|
5/18/2021
|
6,966,287
|
Stripe LLC Series H
|
3/15/2021
|
2,933,137
|
Stripe LLC Series I
|
3/20/2023 - 5/12/2023
|
22,747,934
|
Taalas Inc 0%
|
12/23/2025
|
2,743,770
|
Taalas Inc Series B
|
2/19/2025
|
9,033,254
|
Taalas Inc warrants
|
12/23/2025
|
554,030
|
Tanium Inc Class B
|
4/21/2017
|
2,754,690
|
Tenstorrent Holdings Inc Series C1
|
4/23/2021
|
8,945,545
|
Tenstorrent Holdings Inc Series D1
|
7/16/2024 - 1/15/2025
|
8,889,338
|
Tenstorrent Holdings Inc Series D2
|
7/17/2024
|
3,604,719
|
Tory Burch LLC Class A
|
5/14/2015
|
20,890,423
|
Trade Republic Bank GmbH
|
12/16/2025
|
18,162,133
|
Veterinary Emergency Group
|
9/16/2021 - 3/17/2022
|
21,635,527
|
Waymo LLC Series A2
|
5/8/2020
|
6,982,377
|
Waymo LLC Series C2
|
10/18/2024
|
11,685,386
|
X.Ai Holdings Corp Class A
|
10/25/2022 - 7/18/2025
|
29,717,656
|
X.Ai Holdings Corp Series B
|
5/13/2024
|
44,152,363
|
X.Ai Holdings Corp Series C
|
11/22/2024
|
14,601,994
|
Xsight Labs Ltd Series D
|
2/16/2021
|
9,531,232
|
Xsight Labs Ltd Series F
|
1/11/2024 - 12/30/2024
|
11,011,865
|
Yanka Industries Inc Series F
|
4/8/2021
|
16,220,636
|
Zipline International Inc Series G
|
6/7/2024
|
11,807,883
|
Zipline International Inc Series H
|
12/3/2025
|
14,949,414
|
Additional information on each lock-up restriction is as follows:
|
|
Security
|
Restriction Expiration Date
|
Beta Technologies Inc
|
5/4/2026
|
HeartFlow Inc
|
2/4/2026
|
Lenskart Solutions Ltd
|
2/3/2026
|
Lenskart Solutions Ltd
|
5/7/2026
|
Meesho
|
6/10/2026
|
Pine Labs Ltd
|
5/13/2026
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
Fidelity Cash Central Fund
|
15,397,957
|
2,107,759,806
|
2,123,127,389
|
1,682,061
|
(30,374)
|
-
|
-
|
-
|
0.0%
|
Fidelity Securities Lending Cash Central Fund
|
289,896,195
|
2,334,284,285
|
2,406,733,439
|
993,593
|
(7,753)
|
-
|
217,439,288
|
217,417,546
|
0.7%
|
Total
|
305,294,152
|
4,442,044,091
|
4,529,860,828
|
2,675,654
|
(38,127)
|
-
|
217,439,288
|
||
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
Capri Holdings Ltd
|
101,240,501
|
8,202,141
|
-
|
-
|
-
|
25,388,800
|
134,831,442
|
5,973,923
|
Restoration Hardware Inc
|
234,020,646
|
-
|
-
|
-
|
-
|
(7,727,849)
|
226,292,797
|
1,138,122
|
Total
|
335,261,147
|
8,202,141
|
-
|
-
|
-
|
17,660,951
|
361,124,239
|
Valuation Inputs at Reporting Date:
|
||||
Description
|
Total ($)
|
Level 1 ($)
|
Level 2 ($)
|
Level 3 ($)
|
Investments in Securities:
|
||||
Common Stocks
|
||||
Communication Services
|
14,551,775,650
|
14,439,007,430
|
108,782,518
|
3,985,702
|
Consumer Discretionary
|
14,744,897,224
|
14,577,099,400
|
-
|
167,797,824
|
Consumer Staples
|
533,327,881
|
426,013,856
|
-
|
107,314,025
|
Energy
|
329,265,049
|
329,265,049
|
-
|
-
|
Financials
|
2,784,814,033
|
2,733,996,307
|
-
|
50,817,726
|
Health Care
|
5,510,638,472
|
5,368,830,470
|
87,854,146
|
53,953,856
|
Industrials
|
5,357,764,038
|
4,046,788,811
|
-
|
1,310,975,227
|
Information Technology
|
41,720,737,371
|
41,571,933,344
|
-
|
148,804,027
|
Materials
|
380,865,444
|
380,865,444
|
-
|
-
|
Real Estate
|
471,539,837
|
471,539,837
|
-
|
-
|
Utilities
|
187,319,478
|
187,319,478
|
-
|
-
|
Convertible Corporate Bonds
|
||||
Consumer Discretionary
|
58,324,677
|
-
|
-
|
58,324,677
|
Information Technology
|
62,723
|
-
|
-
|
62,723
|
Convertible Preferred Stocks
|
||||
Communication Services
|
75,246,298
|
-
|
-
|
75,246,298
|
Consumer Discretionary
|
49,203,932
|
-
|
-
|
49,203,932
|
Consumer Staples
|
19,457,380
|
-
|
-
|
19,457,380
|
Financials
|
27,351,219
|
-
|
-
|
27,351,219
|
Health Care
|
122,134,063
|
-
|
-
|
122,134,063
|
Industrials
|
972,270,618
|
-
|
-
|
972,270,618
|
Information Technology
|
1,296,899,742
|
-
|
-
|
1,296,899,742
|
Materials
|
70,547,479
|
-
|
-
|
70,547,479
|
Utilities
|
21,762,470
|
-
|
-
|
21,762,470
|
Non-Convertible Preferred Stocks
|
||||
Health Care
|
6,717,869
|
-
|
-
|
6,717,869
|
Preferred Securities
|
||||
Consumer Discretionary
|
183,055
|
-
|
-
|
183,055
|
Information Technology
|
9,623,857
|
-
|
-
|
9,623,857
|
Money Market Funds
|
217,439,288
|
217,439,288
|
-
|
-
|
Total Investments in Securities:
|
89,520,169,147
|
84,750,098,714
|
196,636,664
|
4,573,433,769
|
Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
|
(51,914)
|
-
|
-
|
(51,914)
|
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 ($)
|
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
|
|
Common Stocks
|
1,069,527,697
|
5,611,661
|
709,004,477
|
170,206,687
|
(110,702,136)
|
-
|
1
|
-
|
1,843,648,387
|
747,381,935
|
Convertible Preferred Stocks
|
1,547,614,308
|
-
|
953,814,601
|
243,237,976
|
(89,793,684)
|
-
|
-
|
-
|
2,654,873,201
|
979,689,630
|
Non-Convertible Preferred Stocks
|
6,064,085
|
-
|
653,784
|
-
|
-
|
-
|
-
|
-
|
6,717,869
|
653,784
|
Convertible Corporate Bonds
|
42,365,469
|
-
|
15,064,710
|
957,221
|
-
|
-
|
-
|
-
|
58,387,400
|
15,064,710
|
Preferred Securities
|
16,322,009
|
-
|
(1,109,261)
|
2,917,895
|
(8,323,731)
|
-
|
-
|
-
|
9,806,912
|
147,299
|
|
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
|
||||||||||
Consolidated Statement of Assets and Liabilities
|
||||
|
As of January 31, 2026 (Unaudited)
|
||||
Assets
|
||||
Investment in securities, at value (including securities loaned of $218,851,531) - See accompanying schedule:
|
||||
Unaffiliated issuers (cost $31,564,095,787)
|
$
|
88,941,605,620
|
||
Fidelity Central Funds (cost $217,439,288)
|
217,439,288
|
|||
Other affiliated issuers (cost $327,930,246)
|
361,124,239
|
|||
Total Investment in Securities (cost $32,109,465,321)
|
$
|
89,520,169,147
|
||
Foreign currency held at value (cost $6,681,921)
|
6,696,589
|
|||
Receivable for investments sold
|
130,202,658
|
|||
Receivable for fund shares sold
|
79,731,161
|
|||
Dividends receivable
|
11,768,901
|
|||
Interest receivable
|
1,247,216
|
|||
Distributions receivable from Fidelity Central Funds
|
429,916
|
|||
Prepaid expenses
|
52,311
|
|||
Other receivables
|
1,889,728
|
|||
Total assets
|
89,752,187,627
|
|||
Liabilities
|
||||
Payable to custodian bank
|
$
|
12,663,074
|
||
Payable for investments purchased
|
108,089,946
|
|||
Unrealized depreciation on unfunded commitments
|
51,914
|
|||
Payable for fund shares redeemed
|
55,174,330
|
|||
Accrued management fee
|
52,700,175
|
|||
Distribution and service plan fees payable
|
28,633
|
|||
Deferred taxes
|
31,811,212
|
|||
Other payables and accrued expenses
|
1,284,196
|
|||
Collateral on securities loaned
|
217,409,279
|
|||
Total liabilities
|
479,212,759
|
|||
Commitments and contingent liabilities (see Significant Accounting Policies note)
|
||||
Net Assets
|
$
|
89,272,974,868
|
||
Net Assets consist of:
|
||||
Paid in capital
|
$
|
31,982,089,562
|
||
Total accumulated earnings (loss)
|
57,290,885,306
|
|||
Net Assets
|
$
|
89,272,974,868
|
||
Net Asset Value and Maximum Offering Price
|
||||
Class A :
|
||||
Net Asset Value and redemption price per share ($72,863,714 ÷ 274,564 shares)(a)
|
$
|
265.38
|
||
Maximum offering price per share (100/94.25 of $265.38)
|
$
|
281.57
|
||
Class M :
|
||||
Net Asset Value and redemption price per share ($9,047,902 ÷ 34,181 shares)(a)
|
$
|
264.71
|
||
Maximum offering price per share (100/96.50 of $264.71)
|
$
|
274.31
|
||
Class C :
|
||||
Net Asset Value and offering price per share ($12,901,754 ÷ 49,088 shares)(a)
|
$
|
262.83
|
||
Blue Chip Growth :
|
||||
Net Asset Value, offering price and redemption price per share ($72,483,276,210 ÷ 271,675,304 shares)
|
$
|
266.80
|
||
Class K :
|
||||
Net Asset Value, offering price and redemption price per share ($7,196,300,283 ÷ 26,797,340 shares)
|
$
|
268.55
|
||
Class I :
|
||||
Net Asset Value, offering price and redemption price per share ($322,383,137 ÷ 1,210,733 shares)
|
$
|
266.27
|
||
Class Z :
|
||||
Net Asset Value, offering price and redemption price per share ($9,176,201,868 ÷ 34,425,013 shares)
|
$
|
266.56
|
||
(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, 2026 (Unaudited)
|
||||
Investment Income
|
||||
Dividends
|
$
|
140,922,981
|
||
Interest
|
1,082,005
|
|||
Income from Fidelity Central Funds (including $993,593 from security lending)
|
2,675,654
|
|||
Total income
|
144,680,640
|
|||
Expenses
|
||||
Management fee
|
||||
Basic fee
|
$
|
240,872,362
|
||
Performance adjustment
|
59,655,256
|
|||
Distribution and service plan fees
|
135,743
|
|||
Custodian fees and expenses
|
380,377
|
|||
Independent trustees' fees and expenses
|
164,584
|
|||
Registration fees
|
452,109
|
|||
Audit fees
|
77,743
|
|||
Legal
|
59,640
|
|||
Interest
|
268,177
|
|||
Miscellaneous
|
129,029
|
|||
Total expenses
|
302,195,020
|
|||
Net Investment income (loss)
|
(157,514,380)
|
|||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of foreign taxes of $3,781,412)
|
1,283,934,109
|
|||
Fidelity Central Funds
|
(38,127)
|
|||
Foreign currency transactions
|
(868,548)
|
|||
Futures contracts
|
11,024,355
|
|||
Total net realized gain (loss)
|
1,294,051,789
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investment Securities:
|
||||
Unaffiliated issuers (net of decrease in deferred foreign taxes of $9,266,332)
|
6,650,724,966
|
|||
Affiliated issuers
|
105,406,635
|
|||
Unfunded commitments
|
(51,914)
|
|||
Assets and liabilities in foreign currencies
|
(41,632)
|
|||
Total change in net unrealized appreciation (depreciation)
|
6,756,038,055
|
|||
Net gain (loss)
|
8,050,089,844
|
|||
Net increase (decrease) in net assets resulting from operations
|
$
|
7,892,575,464
|
||
Consolidated Statement of Changes in Net Assets
|
||||
Six months ended
January 31, 2026
(Unaudited)
|
Year ended
July 31, 2025
|
|||
Increase (Decrease) in Net Assets
|
||||
Operations
|
||||
Net investment income (loss)
|
$
|
(157,514,380)
|
$
|
(119,566,658)
|
Net realized gain (loss)
|
1,294,051,789
|
1,878,214,125
|
||
Change in net unrealized appreciation (depreciation)
|
6,756,038,055
|
13,616,651,098
|
||
Net increase (decrease) in net assets resulting from operations
|
7,892,575,464
|
15,375,298,565
|
||
Distributions to shareholders
|
(1,632,271,792)
|
(4,175,320,825)
|
||
Share transactions - net increase (decrease)
|
3,235,049,091
|
3,337,051,589
|
||
Total increase (decrease) in net assets
|
9,495,352,763
|
14,537,029,329
|
||
Net Assets
|
||||
Beginning of period
|
79,777,622,105
|
65,240,592,776
|
||
End of period
|
$
|
89,272,974,868
|
$
|
79,777,622,105
|
Fidelity Advisor® Blue Chip Growth Fund Class A |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
246.63
|
$
|
211.52
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.87)
|
(1.00)
|
||
Net realized and unrealized gain (loss)
|
24.69
|
38.43
|
||
Total from investment operations
|
23.82
|
37.43
|
||
Distributions from net investment income
|
-
|
(.40) D
|
||
Distributions from net realized gain
|
(5.07)
|
(1.92) D
|
||
Total distributions
|
(5.07)
|
(2.32)
|
||
Net asset value, end of period
|
$
|
265.38
|
$
|
246.63
|
Total Return E,F,G
|
9.77 % |
17.77%
|
||
Ratios to Average Net Assets C,H,I
|
||||
Expenses before reductions
|
1.02% J
|
.97% J,K
|
||
Expenses net of fee waivers, if any
|
1.02 % J |
.97% J,K
|
||
Expenses net of all reductions, if any
|
1.02% J
|
.97% J,K
|
||
Net investment income (loss)
|
(.68)% J
|
(.56)% J,K
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
72,864
|
$
|
38,767
|
Portfolio turnover rate L
|
26 % J |
34% M
|
Fidelity Advisor® Blue Chip Growth Fund Class M |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
246.32
|
$
|
211.52
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(1.20)
|
(1.41)
|
||
Net realized and unrealized gain (loss)
|
24.66
|
38.36
|
||
Total from investment operations
|
23.46
|
36.95
|
||
Distributions from net investment income
|
-
|
(.23) D
|
||
Distributions from net realized gain
|
(5.07)
|
(1.92) D
|
||
Total distributions
|
(5.07)
|
(2.15)
|
||
Net asset value, end of period
|
$
|
264.71
|
$
|
246.32
|
Total Return E,F,G
|
9.63 % |
17.54%
|
||
Ratios to Average Net Assets C,H,I
|
||||
Expenses before reductions
|
1.27% J
|
1.21% J,K
|
||
Expenses net of fee waivers, if any
|
1.27 % J |
1.21% J,K
|
||
Expenses net of all reductions, if any
|
1.27% J
|
1.21% J,K
|
||
Net investment income (loss)
|
(.93)% J
|
(.79)% J,K
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
9,048
|
$
|
5,261
|
Portfolio turnover rate L
|
26 % J |
34% M
|
Fidelity Advisor® Blue Chip Growth Fund Class C |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
245.21
|
$
|
211.52
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(1.83)
|
(2.35)
|
||
Net realized and unrealized gain (loss)
|
24.52
|
38.28
|
||
Total from investment operations
|
22.69
|
35.93
|
||
Distributions from net investment income
|
-
|
(.32) D
|
||
Distributions from net realized gain
|
(5.07)
|
(1.92) D
|
||
Total distributions
|
(5.07)
|
(2.24)
|
||
Net asset value, end of period
|
$
|
262.83
|
$
|
245.21
|
Total Return E,F
|
9.36 % |
17.05%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
1.77% I
|
1.72% I,J
|
||
Expenses net of fee waivers, if any
|
1.77 % I |
1.72% I,J
|
||
Expenses net of all reductions, if any
|
1.77% I
|
1.72% I,J
|
||
Net investment income (loss)
|
(1.43)% I
|
(1.32)% I,J
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
12,902
|
$
|
6,030
|
Portfolio turnover rate K
|
26 % I |
34% L
|
Fidelity® Blue Chip Growth Fund |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
247.56
|
$
|
213.10
|
$
|
164.62
|
$
|
132.94
|
$
|
187.79
|
$
|
138.12
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.49)
|
(.38)
|
(.06)
|
(.13)
|
(.50)
|
(.73)
|
||||||
Net realized and unrealized gain (loss)
|
24.80
|
48.35
|
50.16
|
32.45
|
(38.32)
|
60.84
|
||||||
Total from investment operations
|
24.31
|
47.97
|
50.10
|
32.32
|
(38.82)
|
60.11
|
||||||
Distributions from net investment income
|
-
|
(.51) C
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(5.07)
|
(13.00) C
|
(1.62)
|
(.64)
|
(16.03)
|
(10.44)
|
||||||
Total distributions
|
(5.07)
|
(13.51)
|
(1.62)
|
(.64)
|
(16.03)
|
(10.44)
|
||||||
Net asset value, end of period
|
$
|
266.80
|
$
|
247.56
|
$
|
213.10
|
$
|
164.62
|
$
|
132.94
|
$
|
187.79
|
Total Return D,E
|
9.93 % |
23.78%
|
30.74%
|
24.43%
|
(22.85)%
|
45.70%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.72% H
|
.61%
|
.50%
|
.69%
|
.76%
|
.79%
|
||||||
Expenses net of fee waivers, if any
|
.72 % H |
.61%
|
.49%
|
.68%
|
.76%
|
.79%
|
||||||
Expenses net of all reductions, if any
|
.72% H
|
.61%
|
.49%
|
.68%
|
.76%
|
.78%
|
||||||
Net investment income (loss)
|
(.38)% H
|
(.17)%
|
(.03)%
|
(.10)%
|
(.31)%
|
(.44)%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
72,483,276
|
$
|
67,405,448
|
$
|
59,681,817
|
$
|
45,272,122
|
$
|
36,726,496
|
$
|
48,318,328
|
Portfolio turnover rate I
|
26 % H |
34% J
|
22% J
|
19% J
|
34% J
|
41% J
|
Fidelity® Blue Chip Growth Fund Class K |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
Selected Per-Share Data
|
||||||||||||
Net asset value, beginning of period
|
$
|
249.07
|
$
|
214.37
|
$
|
165.45
|
$
|
133.48
|
$
|
188.45
|
$
|
138.50
|
Income from Investment Operations
|
||||||||||||
Net investment income (loss) A,B
|
(.41)
|
(.23)
|
.10
|
(.01)
|
(.37)
|
(.60)
|
||||||
Net realized and unrealized gain (loss)
|
24.96
|
48.64
|
50.44
|
32.62
|
(38.45)
|
61.04
|
||||||
Total from investment operations
|
24.55
|
48.41
|
50.54
|
32.61
|
(38.82)
|
60.44
|
||||||
Distributions from net investment income
|
-
|
(.71) C
|
-
|
-
|
-
|
-
|
||||||
Distributions from net realized gain
|
(5.07)
|
(13.00) C
|
(1.62)
|
(.64)
|
(16.15)
|
(10.49)
|
||||||
Total distributions
|
(5.07)
|
(13.71)
|
(1.62)
|
(.64)
|
(16.15)
|
(10.49)
|
||||||
Net asset value, end of period
|
$
|
268.55
|
$
|
249.07
|
$
|
214.37
|
$
|
165.45
|
$
|
133.48
|
$
|
188.45
|
Total Return D,E
|
9.97 % |
23.87%
|
30.85%
|
24.55%
|
(22.78)%
|
45.83%
|
||||||
Ratios to Average Net Assets B,F,G
|
||||||||||||
Expenses before reductions
|
.65% H
|
.54%
|
.42%
|
.59%
|
.68%
|
.71%
|
||||||
Expenses net of fee waivers, if any
|
.65 % H |
.54%
|
.41%
|
.59%
|
.68%
|
.71%
|
||||||
Expenses net of all reductions, if any
|
.65% H
|
.54%
|
.41%
|
.59%
|
.68%
|
.70%
|
||||||
Net investment income (loss)
|
(.31)% H
|
(.11)%
|
.05%
|
(.01)%
|
(.23)%
|
(.36)%
|
||||||
Supplemental Data
|
||||||||||||
Net assets, end of period (000 omitted)
|
$
|
7,196,300
|
$
|
6,714,259
|
$
|
5,558,776
|
$
|
4,472,770
|
$
|
4,380,450
|
$
|
8,634,939
|
Portfolio turnover rate I
|
26 % H |
34% J
|
22% J
|
19% J
|
34% J
|
41% J
|
Fidelity Advisor® Blue Chip Growth Fund Class I |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
247.14
|
$
|
211.52
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.55)
|
(.63)
|
||
Net realized and unrealized gain (loss)
|
24.75
|
38.57
|
||
Total from investment operations
|
24.20
|
37.94
|
||
Distributions from net investment income
|
-
|
(.40) D
|
||
Distributions from net realized gain
|
(5.07)
|
(1.92) D
|
||
Total distributions
|
(5.07)
|
(2.32)
|
||
Net asset value, end of period
|
$
|
266.27
|
$
|
247.14
|
Total Return E,F
|
9.90 % |
18.01%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
.77% I
|
.72% I,J
|
||
Expenses net of fee waivers, if any
|
.77 % I |
.72% I,J
|
||
Expenses net of all reductions, if any
|
.77% I
|
.72% I,J
|
||
Net investment income (loss)
|
(.43)% I
|
(.35)% I,J
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
322,383
|
$
|
11,057
|
Portfolio turnover rate K
|
26 % I |
34% L
|
Fidelity Advisor® Blue Chip Growth Fund Class Z |
Six months ended
January 31, 2026
(Unaudited)
|
Years ended July 31, 2025 A
|
|||
Selected Per-Share Data
|
||||
Net asset value, beginning of period
|
$
|
247.26
|
$
|
211.52
|
Income from Investment Operations
|
||||
Net investment income (loss) B,C
|
(.41)
|
(.36)
|
||
Net realized and unrealized gain (loss)
|
24.78
|
38.51
|
||
Total from investment operations
|
24.37
|
38.15
|
||
Distributions from net investment income
|
-
|
(.49) D
|
||
Distributions from net realized gain
|
(5.07)
|
(1.92) D
|
||
Total distributions
|
(5.07)
|
(2.41)
|
||
Net asset value, end of period
|
$
|
266.56
|
$
|
247.26
|
Total Return E,F
|
9.97 % |
18.12%
|
||
Ratios to Average Net Assets C,G,H
|
||||
Expenses before reductions
|
.65% I
|
.61% I,J
|
||
Expenses net of fee waivers, if any
|
.65 % I |
.61% I,J
|
||
Expenses net of all reductions, if any
|
.65% I
|
.61% I,J
|
||
Net investment income (loss)
|
(.32)% I
|
(.20)% I,J
|
||
Supplemental Data
|
||||
Net assets, end of period (000 omitted)
|
$
|
9,176,202
|
$
|
5,596,801
|
Portfolio turnover rate K
|
26 % I |
34% L
|
Fidelity Central Fund
|
Investment Manager
|
Investment Objective
|
Investment Practices
|
Expense RatioA
|
Fidelity Money Market Central Funds
|
Fidelity Management & Research Company LLC (FMR)
|
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
|
Short-term Investments
|
Less than .005%
|
Asset Type
|
Fair Value
|
Valuation Technique(s)
|
Unobservable Input
|
Amount or Range/Weighted Average
|
Impact to Valuation from an Increase in InputA
|
Common Stocks
|
$1,843,648,387
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.9 - 82.7 /18.9
|
Increase
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
7.5 - 51.1 / 50.3
|
Increase
|
|||
Enterprise value/Net income (EV/NI)
|
27.4 - 38.2 / 32.7
|
Increase
|
|||
Market approach
|
Transaction price
|
$4.63 - $54.91 / $23.00
|
Increase
|
||
Discount rate
|
17.6%
|
Decrease
|
|||
Probability rate
|
10.0% - 70.0% / 33.3%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.5% - 3.8% / 3.6%
|
Increase
|
||
Volatility
|
50.0% - 80.0% / 73.2%
|
Increase
|
|||
Term
|
1.0 - 5.0 / 2.3
|
Increase
|
|||
Book value
|
Book value multiple
|
1.4
|
Increase
|
||
Convertible Corporate Bonds
|
$58,387,400
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
3.8
|
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% - 75.0% / 33.3%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.7% - 4.2% / 3.7%
|
Increase
|
||
Volatility
|
75.0% - 100.0% / 75.0%
|
Increase
|
|||
Term
|
0.4
|
Increase
|
|||
Convertible Preferred Stocks
|
$2,654,873,201
|
Market comparable
|
Enterprise value/Revenue multiple (EV/R)
|
0.7 - 82.7 / 33.8
|
Increase
|
Enterprise value/EBITDA multiple (EV/EBITDA)
|
51.1
|
Increase
|
|||
Enterprise value/Gross profit multiple (EV/GP)
|
11.9
|
Increase
|
|||
Market approach
|
Transaction price
|
$0.90 - $271.56 / $32.97
|
Increase
|
||
Discount rate
|
10.0% - 95.0% / 27.0%
|
Decrease
|
|||
Premium rate
|
10.0% - 65.0% / 37.7%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.6% - 3.8% / 3.7%
|
Increase
|
||
Volatility
|
40.0% - 100.0% / 68.3%
|
Increase
|
|||
Term
|
2.0 - 5.0 / 3.2
|
Increase
|
|||
Preferred Securities
|
$9,806,912
|
Market approach
|
Transaction price
|
$100.00
|
Increase
|
Discount rate
|
17.6% - 46.9% / 34.5%
|
Decrease
|
|||
Probability rate
|
0.0% - 75.0% / 35.8%
|
Increase
|
|||
Recovery value
|
Recovery value
|
$0.00
|
Increase
|
||
Black scholes
|
Discount rate
|
3.5% - 4.2% / 3.5%
|
Increase
|
||
Volatility
|
55.0% - 100.0% / 62.5%
|
Increase
|
|||
Term
|
0.4 - 1.0 / 0.9
|
Increase
|
|||
Non-Convertible Preferred Stocks
|
$6,717,869
|
Market approach
|
Transaction price
|
$215.03
|
Increase
|
Premium rate
|
10.0%
|
Increase
|
|||
Black scholes
|
Discount rate
|
3.7%
|
Increase
|
||
Volatility
|
85.0%
|
Increase
|
|||
Term
|
3.0
|
Increase
|
Gross unrealized appreciation
|
$58,531,660,432
|
Gross unrealized depreciation
|
(1,382,457,487)
|
Net unrealized appreciation (depreciation)
|
$57,149,202,945
|
Tax cost
|
$32,370,966,202
|
Investment to be Acquired
|
Commitment Amount ($)
|
Unrealized Appreciation (Depreciation)($)
|
|
Fidelity Blue Chip Growth Fund
|
Revolut Group Holdings, Ltd.
|
10,434,706
|
(51,914)
|
Spinny Series G Convertible Preferred
|
8,662,596
|
-
|
Amount ($)
|
% of Total Assets
|
|
Fidelity Blue Chip Growth Fund
|
97,972,164
|
.11
|
SPV Name
|
Net Assets of SPV
|
% of Fund's Total Assets
|
|
Fidelity Blue Chip Growth Fund
|
Fid FDI 312, LLC
|
157,756,828
|
.2
|
Equity Risk
|
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
|
Purchases ($)
|
Sales ($)
|
|
Fidelity Blue Chip Growth Fund
|
12,758,103,942
|
11,227,511,018
|
Shares
|
Total net realized gain or loss on Investments ($)
|
Total Proceeds ($)
|
|
Fidelity Blue Chip Growth Fund
|
1,467,936
|
242,747,794
|
335,775,699
|
Shares
|
Total Proceeds ($)
|
|
Fidelity Blue Chip Growth Fund
|
953,777
|
215,191,169
|
Maximum Management Fee Rate %
|
|
Class A
|
.67
|
Class M
|
.67
|
Class C
|
.67
|
Blue Chip Growth
|
.63
|
Class K
|
.54
|
Class I
|
.67
|
Class Z
|
.54
|
Total Management Fee Rate %
|
|
Class A
|
.62
|
Class M
|
.62
|
Class C
|
.62
|
Blue Chip Growth
|
.58
|
Class K
|
.51
|
Class I
|
.62
|
Class Z
|
.51
|
Performance Adjustment Index
|
|
Fidelity Blue Chip Growth Fund
|
Russell 1000 Growth Index
|
Distribution Fee
|
Service Fee
|
Total Fees ($)
|
Retained by FDC ($)
|
|
Class A
|
- %
|
.25%
|
69,326
|
12,563
|
Class M
|
.25%
|
.25%
|
18,800
|
22
|
Class C
|
.75%
|
.25%
|
47,617
|
37,107
|
135,743
|
49,692
|
Retained by FDC ($)
|
|
Class A
|
75,592
|
Class M
|
2,589
|
Class CA
|
1,242
|
79,423
|
Fidelity Blue Chip Growth Fund
|
$1,073,172
|
Amount ($)
|
|
Fidelity Blue Chip Growth Fund
|
240,079
|
Borrower or Lender
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Blue Chip Growth Fund
|
Borrower
|
17,517,445
|
4.27%
|
266,098
|
Purchases ($)
|
Sales ($)
|
Realized Gain (Loss) ($)
|
|
Fidelity Blue Chip Growth Fund
|
820,483,110
|
620,514,890
|
68,979,081
|
Amount ($)
|
|
Fidelity Blue Chip Growth Fund
|
34,508
|
Amount ($)
|
|
Fidelity Blue Chip Growth Fund
|
65,041
|
Total Security Lending Fees Paid to NFS ($)
|
Security Lending Income From Securities Loaned to NFS ($)
|
Value of Securities Loaned to NFS at Period End ($)
|
|
Fidelity Blue Chip Growth Fund
|
105,431
|
5,699
|
-
|
Amount ($)
|
|
Fidelity Blue Chip Growth Fund
|
13,981,951
|
Average Loan Balance ($)
|
Weighted Average Interest Rate
|
Interest Expense ($)
|
|
Fidelity Blue Chip Growth Fund
|
16,309,000
|
4.59%
|
2,079
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity Blue Chip Growth Fund
|
||
Distributions to shareholders
|
||
Class A
|
$908,456
|
$70,438
|
Class M
|
121,244
|
17,850
|
Class C
|
158,284
|
8,569
|
Blue Chip Growth
|
1,374,358,882
|
3,816,391,104
|
Class K
|
135,870,776
|
355,175,421
|
Class I
|
5,120,616
|
7,119
|
Class Z
|
115,733,534
|
3,650,324
|
Total
|
$1,632,271,792
|
$4,175,320,825
|
Shares
|
Shares
|
Dollars
|
Dollars
|
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
Six months ended
January 31, 2026
|
Year ended
July 31, 2025A
|
|
Fidelity Blue Chip Growth Fund
|
||||
Class A
|
||||
Shares sold
|
144,221
|
170,299
|
$37,420,504
|
$37,757,867
|
Reinvestment of distributions
|
3,592
|
306
|
905,800
|
70,438
|
Shares redeemed
|
(30,437)
|
(13,417)
|
(7,898,264)
|
(2,916,799)
|
Net increase (decrease)
|
117,376
|
157,188
|
$30,428,040
|
$34,911,506
|
Class M
|
||||
Shares sold
|
14,695
|
25,217
|
$3,766,011
|
$5,603,881
|
Reinvestment of distributions
|
473
|
78
|
119,086
|
17,850
|
Shares redeemed
|
(2,345)
|
(3,937)
|
(599,554)
|
(860,390)
|
Net increase (decrease)
|
12,823
|
21,358
|
$3,285,543
|
$4,761,341
|
Class C
|
||||
Shares sold
|
26,149
|
26,703
|
$6,710,629
|
$5,932,854
|
Reinvestment of distributions
|
630
|
37
|
157,764
|
8,569
|
Shares redeemed
|
(2,283)
|
(2,148)
|
(591,238)
|
(455,391)
|
Net increase (decrease)
|
24,496
|
24,592
|
$6,277,155
|
$5,486,032
|
Blue Chip Growth
|
||||
Shares sold
|
18,127,401
|
49,614,739
|
$4,717,407,737
|
$10,838,630,621
|
Reinvestment of distributions
|
4,907,073
|
16,660,152
|
1,242,618,079
|
3,462,396,207
|
Shares redeemed
|
(23,634,017)
|
(74,061,675)
|
(6,146,788,918)
|
(16,128,727,864)
|
Net increase (decrease)
|
(599,543)
|
(7,786,784)
|
$(186,763,102)
|
$(1,827,701,036)
|
Class K
|
||||
Shares sold
|
2,655,240
|
7,567,043
|
$695,923,880
|
$1,653,307,661
|
Reinvestment of distributions
|
532,826
|
1,697,164
|
135,779,969
|
355,004,226
|
Shares redeemed
|
(3,348,044)
|
(8,237,638)
|
(876,871,944)
|
(1,745,391,174)
|
Net increase (decrease)
|
(159,978)
|
1,026,569
|
$(45,168,095)
|
$262,920,713
|
Class I
|
||||
Shares sold
|
1,185,508
|
53,000
|
$296,942,595
|
$11,976,596
|
Reinvestment of distributions
|
20,242
|
31
|
5,116,869
|
7,119
|
Shares redeemed
|
(39,757)
|
(8,291)
|
(10,419,727)
|
(1,700,738)
|
Net increase (decrease)
|
1,165,993
|
44,740
|
$291,639,737
|
$10,282,977
|
Class Z
|
||||
Shares sold
|
12,054,684
|
22,958,409
|
$3,209,423,880
|
$4,918,298,465
|
Reinvestment of distributions
|
442,526
|
13,409
|
111,932,517
|
3,088,154
|
Shares redeemed
|
(707,397)
|
(336,618)
|
(186,006,584)
|
(74,996,563)
|
Net increase (decrease)
|
11,789,813
|
22,635,200
|
$3,135,349,813
|
$4,846,390,056
|
![]() |
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 Funds 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 Funds (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 Trusts 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 Trusts 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
| (a) | (1) | Not applicable. |
| (a) | (2) | |
| (a) | (3) | Not applicable. |
| (b) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Securities Fund
| By: | /s/Stacie M. Smith |
|
| Stacie M. Smith |
|
| President and Treasurer (Principal Executive Officer) |
|
|
|
| Date: | March 25, 2026 |
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, 2026 |
| By: | /s/Stephanie Caron |
|
| Stephanie Caron |
|
| Chief Financial Officer (Principal Financial Officer) |
|
|
|
| Date: | March 25, 2026 |