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 811-02737
Fidelity Summer Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | May 31 |
Date of reporting period: | November 30, 2022 |
Item 1.
Reports to Stockholders
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 4.5 | |
Agilent Technologies, Inc. | 2.2 | |
MasterCard, Inc. Class A | 2.2 | |
Accenture PLC Class A | 1.9 | |
The Home Depot, Inc. | 1.9 | |
Elevance Health, Inc. | 1.9 | |
Autodesk, Inc. | 1.9 | |
Enphase Energy, Inc. | 1.9 | |
Danaher Corp. | 1.8 | |
Morgan Stanley | 1.7 | |
21.9 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 26.3 | |
Industrials | 19.1 | |
Financials | 14.4 | |
Health Care | 12.3 | |
Consumer Discretionary | 10.9 | |
Consumer Staples | 4.4 | |
Utilities | 3.4 | |
Materials | 2.9 | |
Communication Services | 1.7 | |
Real Estate | 1.7 | |
Energy | 0.9 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 27.3% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 98.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.7% | |||
Interactive Media & Services - 1.7% | |||
Alphabet, Inc. Class A (a) | 3,631 | 366,695 | |
CONSUMER DISCRETIONARY - 10.9% | |||
Automobiles - 1.3% | |||
General Motors Co. | 3,284 | 133,199 | |
Tesla, Inc. (a) | 717 | 139,600 | |
272,799 | |||
Hotels, Restaurants & Leisure - 1.8% | |||
Chipotle Mexican Grill, Inc. (a) | 58 | 94,364 | |
Compass Group PLC | 8,893 | 202,742 | |
Hilton Worldwide Holdings, Inc. | 712 | 101,545 | |
398,651 | |||
Household Durables - 1.3% | |||
Sony Group Corp. | 3,370 | 279,171 | |
Internet & Direct Marketing Retail - 1.2% | |||
Etsy, Inc. (a) | 1,889 | 249,518 | |
Specialty Retail - 1.9% | |||
The Home Depot, Inc. | 1,299 | 420,863 | |
Textiles, Apparel & Luxury Goods - 3.4% | |||
Kering SA | 336 | 201,881 | |
NIKE, Inc. Class B | 3,148 | 345,304 | |
On Holding AG (a) | 3,316 | 64,397 | |
Ralph Lauren Corp. | 1,098 | 124,206 | |
735,788 | |||
TOTAL CONSUMER DISCRETIONARY | 2,356,790 | ||
CONSUMER STAPLES - 4.4% | |||
Food & Staples Retailing - 1.1% | |||
Kesko Oyj | 7,484 | 160,873 | |
Walmart, Inc. | 552 | 84,136 | |
245,009 | |||
Household Products - 1.7% | |||
Colgate-Palmolive Co. | 3,467 | 268,623 | |
Procter & Gamble Co. | 577 | 86,065 | |
354,688 | |||
Personal Products - 1.6% | |||
L'Oreal SA | 929 | 348,892 | |
TOTAL CONSUMER STAPLES | 948,589 | ||
ENERGY - 0.9% | |||
Energy Equipment & Services - 0.9% | |||
Baker Hughes Co. Class A | 6,436 | 186,773 | |
FINANCIALS - 14.4% | |||
Banks - 2.7% | |||
Amalgamated Financial Corp. | 9,763 | 260,379 | |
The Toronto-Dominion Bank | 4,789 | 318,745 | |
579,124 | |||
Capital Markets - 8.3% | |||
Intercontinental Exchange, Inc. | 3,402 | 368,471 | |
Moody's Corp. | 559 | 166,733 | |
Morgan Stanley | 4,059 | 377,771 | |
Morningstar, Inc. | 976 | 239,247 | |
MSCI, Inc. | 680 | 345,324 | |
S&P Global, Inc. | 854 | 301,291 | |
1,798,837 | |||
Consumer Finance - 1.7% | |||
American Express Co. | 2,244 | 353,632 | |
Insurance - 1.7% | |||
Marsh & McLennan Companies, Inc. | 2,160 | 374,069 | |
TOTAL FINANCIALS | 3,105,662 | ||
HEALTH CARE - 12.3% | |||
Biotechnology - 1.4% | |||
Gilead Sciences, Inc. | 3,401 | 298,710 | |
Health Care Providers & Services - 1.9% | |||
Elevance Health, Inc. | 774 | 412,480 | |
Life Sciences Tools & Services - 6.3% | |||
Agilent Technologies, Inc. | 3,054 | 473,309 | |
Danaher Corp. | 1,388 | 379,493 | |
Mettler-Toledo International, Inc. (a) | 156 | 229,251 | |
Thermo Fisher Scientific, Inc. | 479 | 268,345 | |
1,350,398 | |||
Pharmaceuticals - 2.7% | |||
Novo Nordisk A/S Series B | 2,081 | 261,037 | |
Sanofi SA | 3,601 | 325,276 | |
586,313 | |||
TOTAL HEALTH CARE | 2,647,901 | ||
INDUSTRIALS - 19.1% | |||
Aerospace & Defense - 1.1% | |||
Hexcel Corp. | 3,840 | 230,208 | |
Building Products - 2.6% | |||
Daikin Industries Ltd. | 679 | 111,981 | |
Nibe Industrier AB (B Shares) | 10,949 | 103,369 | |
Trane Technologies PLC | 1,905 | 339,890 | |
555,240 | |||
Commercial Services & Supplies - 0.5% | |||
Tetra Tech, Inc. | 737 | 113,933 | |
Construction & Engineering - 2.7% | |||
AECOM | 3,405 | 289,425 | |
Arcadis NV | 1,082 | 44,167 | |
Quanta Services, Inc. | 1,643 | 246,253 | |
579,845 | |||
Electrical Equipment - 6.5% | |||
Acuity Brands, Inc. | 1,234 | 232,350 | |
Bloom Energy Corp. Class A (a) | 1,710 | 36,406 | |
ChargePoint Holdings, Inc. Class A (a) | 697 | 8,657 | |
Eaton Corp. PLC | 1,266 | 206,928 | |
Enovix Corp. (a) | 2,159 | 28,175 | |
Fluence Energy, Inc. (a) | 4,235 | 72,757 | |
Hubbell, Inc. Class B | 497 | 126,268 | |
NuScale Power Corp. (a) | 4,261 | 46,445 | |
Rockwell Automation, Inc. | 800 | 211,376 | |
Schneider Electric SA | 1,699 | 250,899 | |
Sunrun, Inc. (a) | 429 | 13,977 | |
Vestas Wind Systems A/S | 6,515 | 169,274 | |
1,403,512 | |||
Machinery - 3.7% | |||
Deere & Co. | 799 | 352,359 | |
Energy Recovery, Inc. (a) | 4,695 | 108,830 | |
Ingersoll Rand, Inc. | 3,333 | 179,882 | |
Kornit Digital Ltd. (a) | 915 | 23,461 | |
Westinghouse Air Brake Tech Co. | 1,430 | 144,559 | |
809,091 | |||
Professional Services - 2.0% | |||
ICF International, Inc. | 856 | 92,765 | |
KBR, Inc. | 6,381 | 329,706 | |
Verisk Analytics, Inc. | 103 | 18,922 | |
441,393 | |||
TOTAL INDUSTRIALS | 4,133,222 | ||
INFORMATION TECHNOLOGY - 26.3% | |||
Electronic Equipment & Components - 0.3% | |||
Landis+Gyr Group AG | 1,045 | 72,970 | |
IT Services - 6.6% | |||
Accenture PLC Class A | 1,403 | 422,205 | |
Amadeus IT Holding SA Class A (a) | 3,493 | 188,858 | |
IBM Corp. | 2,367 | 352,446 | |
MasterCard, Inc. Class A | 1,315 | 468,666 | |
1,432,175 | |||
Semiconductors & Semiconductor Equipment - 9.3% | |||
AEHR Test Systems (a) | 2,809 | 73,231 | |
Aixtron AG | 5,859 | 193,156 | |
Allegro MicroSystems LLC (a) | 4,574 | 142,434 | |
Analog Devices, Inc. | 1,241 | 213,340 | |
Enphase Energy, Inc. (a) | 1,264 | 405,226 | |
NVIDIA Corp. | 1,936 | 327,629 | |
onsemi (a) | 3,546 | 266,659 | |
SolarEdge Technologies, Inc. (a) | 809 | 241,778 | |
STMicroelectronics NV (NY Shares) unit | 3,465 | 134,719 | |
1,998,172 | |||
Software - 10.1% | |||
Aspen Technology, Inc. (a) | 1,605 | 369,953 | |
Autodesk, Inc. (a) | 2,016 | 407,131 | |
Microsoft Corp. | 3,831 | 977,438 | |
PTC, Inc. (a) | 1,686 | 214,476 | |
Volue A/S (a) | 70,136 | 219,037 | |
2,188,035 | |||
TOTAL INFORMATION TECHNOLOGY | 5,691,352 | ||
MATERIALS - 2.9% | |||
Chemicals - 2.3% | |||
Aspen Aerogels, Inc. (a) | 2,100 | 25,326 | |
Koninklijke DSM NV | 2,428 | 314,920 | |
Sika AG | 623 | 159,214 | |
499,460 | |||
Metals & Mining - 0.6% | |||
Lynas Rare Earths Ltd. (a) | 13,712 | 81,340 | |
MP Materials Corp. (a) | 1,197 | 39,800 | |
121,140 | |||
TOTAL MATERIALS | 620,600 | ||
REAL ESTATE - 1.7% | |||
Equity Real Estate Investment Trusts (REITs) - 1.7% | |||
Prologis (REIT), Inc. | 3,070 | 361,615 | |
UTILITIES - 3.4% | |||
Electric Utilities - 2.0% | |||
ELIA GROUP SA/NV | 1,609 | 229,264 | |
ORSTED A/S (b) | 830 | 72,675 | |
Verbund AG | 1,423 | 128,815 | |
430,754 | |||
Independent Power and Renewable Electricity Producers - 1.4% | |||
Brookfield Renewable Corp. | 6,308 | 205,704 | |
Energix-Renewable Energies Ltd. | 13,467 | 49,340 | |
Enlight Renewable Energy Ltd. (a) | 24,511 | 54,873 | |
309,917 | |||
TOTAL UTILITIES | 740,671 | ||
TOTAL COMMON STOCKS (Cost $21,826,843) | 21,159,870 | ||
Convertible Preferred Stocks - 0.0% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Textiles, Apparel & Luxury Goods - 0.0% | |||
CelLink Corp. Series D (c)(d) (Cost $8,330) | 400 | 6,312 | |
Money Market Funds - 2.7% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (e) (Cost $580,674) | 580,558 | 580,674 | |
TOTAL INVESTMENT IN SECURITIES - 100.7% (Cost $22,415,847) | 21,746,856 |
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (147,963) |
NET ASSETS - 100.0% | 21,598,893 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $72,675 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 $6,312 or 0.0% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
CelLink Corp. Series D | 1/20/22 | 8,330 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 409,555 | 2,119,399 | 1,948,280 | 4,911 | - | - | 580,674 | 0.0% |
Total | 409,555 | 2,119,399 | 1,948,280 | 4,911 | - | - | 580,674 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 366,695 | 366,695 | - | - |
Consumer Discretionary | 2,363,102 | 1,672,996 | 683,794 | 6,312 |
Consumer Staples | 948,589 | 438,824 | 509,765 | - |
Energy | 186,773 | 186,773 | - | - |
Financials | 3,105,662 | 3,105,662 | - | - |
Health Care | 2,647,901 | 2,061,588 | 586,313 | - |
Industrials | 4,133,222 | 3,453,532 | 679,690 | - |
Information Technology | 5,691,352 | 5,017,331 | 674,021 | - |
Materials | 620,600 | 65,126 | 555,474 | - |
Real Estate | 361,615 | 361,615 | - | - |
Utilities | 740,671 | 309,917 | 430,754 | - |
Money Market Funds | 580,674 | 580,674 | - | - |
Total Investments in Securities: | 21,746,856 | 17,620,733 | 4,119,811 | 6,312 |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $21,835,173) | $21,166,182 | |||
Fidelity Central Funds (cost $580,674) | 580,674 | |||
Total Investment in Securities (cost $22,415,847) | $ | 21,746,856 | ||
Cash | 6,664 | |||
Receivable for investments sold | 119,981 | |||
Receivable for fund shares sold | 51,158 | |||
Dividends receivable | 14,347 | |||
Reclaims receivable | 11,114 | |||
Distributions receivable from Fidelity Central Funds | 1,182 | |||
Prepaid expenses | 26 | |||
Receivable from investment adviser for expense reductions | 3,007 | |||
Total assets | 21,954,335 | |||
Liabilities | ||||
Payable for investments purchased | $214,420 | |||
Payable for fund shares redeemed | 96,307 | |||
Accrued management fee | 10,505 | |||
Distribution and service plan fees payable | 466 | |||
Other affiliated payables | 4,601 | |||
Audit fee payable | 23,840 | |||
Other payables and accrued expenses | 5,303 | |||
Total Liabilities | 355,442 | |||
Net Assets | $ | 21,598,893 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 25,677,638 | ||
Total accumulated earnings (loss) | (4,078,745) | |||
Net Assets | $ | 21,598,893 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($374,403 ÷ 42,610 shares) (a) | $ | 8.79 | ||
Maximum offering price per share (100/94.25 of $8.79) | $ | 9.33 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($501,936 ÷ 57,336 shares) (a) | $ | 8.75 | ||
Maximum offering price per share (100/96.50 of $8.75) | $ | 9.07 | ||
Class C : | ||||
Net Asset Value and offering price per share ($256,664 ÷ 29,533 shares) (a) | $ | 8.69 | ||
Fidelity Climate Action Fund : | ||||
Net Asset Value , offering price and redemption price per share ($19,880,758 ÷ 2,255,005 shares) | $ | 8.82 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($295,864 ÷ 33,562 shares) | $ | 8.82 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($289,268 ÷ 32,743 shares) | $ | 8.83 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 93,594 | ||
Income from Fidelity Central Funds | 4,911 | |||
Total Income | 98,505 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 66,710 | ||
Performance adjustment | (5,502) | |||
Transfer agent fees | 24,571 | |||
Distribution and service plan fees | 2,538 | |||
Accounting fees and expenses | 3,484 | |||
Custodian fees and expenses | 8,850 | |||
Independent trustees' fees and expenses | 34 | |||
Registration fees | 26,961 | |||
Audit | 25,059 | |||
Legal | 7 | |||
Miscellaneous | 36 | |||
Total expenses before reductions | 152,748 | |||
Expense reductions | (47,315) | |||
Total expenses after reductions | 105,433 | |||
Net Investment income (loss) | (6,928) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (1,824,570) | |||
Foreign currency transactions | (676) | |||
Total net realized gain (loss) | (1,825,246) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,681,738 | |||
Assets and liabilities in foreign currencies | 105 | |||
Total change in net unrealized appreciation (depreciation) | 1,681,843 | |||
Net gain (loss) | (143,403) | |||
Net increase (decrease) in net assets resulting from operations | $ | (150,331) |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | For the period June 15, 2021 (commencement of operations) through May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (6,928) | $ | 5,217 |
Net realized gain (loss) | (1,825,246) | (1,576,313) | ||
Change in net unrealized appreciation (depreciation) | 1,681,843 | (2,350,796) | ||
Net increase (decrease) in net assets resulting from operations | (150,331) | (3,921,892) | ||
Distributions to shareholders | (6,506) | - | ||
Share transactions - net increase (decrease) | 1,595,748 | 24,081,874 | ||
Total increase (decrease) in net assets | 1,438,911 | 20,159,982 | ||
Net Assets | ||||
Beginning of period | 20,159,982 | - | ||
End of period | $ | 21,598,893 | $ | 20,159,982 |
Fidelity Advisor® Climate Action Fund Class A |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 8.88 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | (.01) | (.02) | ||
Net realized and unrealized gain (loss) | (.08) | (1.10) | ||
Total from investment operations | (.09) | (1.12) | ||
Net asset value, end of period | $ | 8.79 | $ | 8.88 |
Total Return D,E,F | (1.01)% | (11.20)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.81% I | 2.95% I | ||
Expenses net of fee waivers, if any | 1.30% I | 1.29% I | ||
Expenses net of all reductions | 1.30% I | 1.29% I | ||
Net investment income (loss) | (.30)% I | (.19)% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 374 | $ | 405 |
Portfolio turnover rate J | 48% I | 57% I |
Fidelity Advisor® Climate Action Fund Class M |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 8.86 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | (.02) | (.04) | ||
Net realized and unrealized gain (loss) | (.09) | (1.10) | ||
Total from investment operations | (.11) | (1.14) | ||
Net asset value, end of period | $ | 8.75 | $ | 8.86 |
Total Return D,E,F | (1.24)% | (11.40)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.83% I | 3.33% I | ||
Expenses net of fee waivers, if any | 1.54% I | 1.55% I | ||
Expenses net of all reductions | 1.54% I | 1.55% I | ||
Net investment income (loss) | (.54)% I | (.45)% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 502 | $ | 132 |
Portfolio turnover rate J | 48% I | 57% I |
Fidelity Advisor® Climate Action Fund Class C |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 8.82 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | (.04) | (.09) | ||
Net realized and unrealized gain (loss) | (.09) | (1.09) | ||
Total from investment operations | (.13) | (1.18) | ||
Net asset value, end of period | $ | 8.69 | $ | 8.82 |
Total Return D,E,F | (1.47)% | (11.80)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 2.51% I | 3.55% I | ||
Expenses net of fee waivers, if any | 2.05% I | 2.04% I | ||
Expenses net of all reductions | 2.05% I | 2.04% I | ||
Net investment income (loss) | (1.05)% I | (.94)% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 257 | $ | 265 |
Portfolio turnover rate J | 48% I | 57% I |
Fidelity® Climate Action Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 8.90 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | - D | .01 | ||
Net realized and unrealized gain (loss) | (.08) | (1.11) | ||
Total from investment operations | (.08) | (1.10) | ||
Distributions from net investment income | - D | - | ||
Net asset value, end of period | $ | 8.82 | $ | 8.90 |
Total Return E,F | (.86)% | (11.00)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.53% I | 2.66% I | ||
Expenses net of fee waivers, if any | 1.05% I | 1.05% I | ||
Expenses net of all reductions | 1.05% I | 1.05% I | ||
Net investment income (loss) | (.05)% I | .06% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 19,881 | $ | 19,057 |
Portfolio turnover rate J | 48% I | 57% I |
Fidelity Advisor® Climate Action Fund Class I |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 8.90 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | - D | .01 | ||
Net realized and unrealized gain (loss) | (.08) | (1.11) | ||
Total from investment operations | (.08) | (1.10) | ||
Distributions from net investment income | - D | - | ||
Net asset value, end of period | $ | 8.82 | $ | 8.90 |
Total Return E,F | (.86)% | (11.00)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.39% I | 2.93% I | ||
Expenses net of fee waivers, if any | 1.04% I | 1.04% I | ||
Expenses net of all reductions | 1.04% I | 1.04% I | ||
Net investment income (loss) | (.04)% I | .06% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 296 | $ | 192 |
Portfolio turnover rate J | 48% I | 57% I |
Fidelity Advisor® Climate Action Fund Class Z |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 8.91 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | - D | .02 | ||
Net realized and unrealized gain (loss) | (.08) | (1.11) | ||
Total from investment operations | (.08) | (1.09) | ||
Distributions from net investment income | - D | - | ||
Net asset value, end of period | $ | 8.83 | $ | 8.91 |
Total Return E,F | (.86)% | (10.90)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.17% I | 3.00% I | ||
Expenses net of fee waivers, if any | .89% I | .90% I | ||
Expenses net of all reductions | .89% I | .90% I | ||
Net investment income (loss) | .11% I | .20% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 289 | $ | 109 |
Portfolio turnover rate J | 48% I | 57% I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $1,463,797 |
Gross unrealized depreciation | (2,181,362) |
Net unrealized appreciation (depreciation) | $(717,565) |
Tax cost | $22,464,421 |
Short-term | $(1,437,874) |
Long-term | (2,896) |
Total capital loss carryforward | $(1,440,770) |
Purchases ($) | Sales ($) | |
Fidelity Climate Action Fund | 6,197,855 | 4,637,440 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $468 | $2,171 |
Class M | .25% | .25% | 814 | 189 |
Class C | .75% | .25% | 1,256 | 1,060 |
$2,538 | $3,420 |
Retained by FDC | |
Class A | $125 |
Class M | 101 |
$226 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $502 | .27 |
Class M | 282 | .17 |
Class C | 292 | .23 |
Fidelity Climate Action Fund | 23,292 | .25 |
Class I | 161 | .15 |
Class Z | 42 | .04 |
$24,571 |
% of Average Net Assets | |
Fidelity Climate Action Fund | .04 |
Amount | |
Fidelity Climate Action Fund | $86 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Climate Action Fund | 179,564 | 264,179 | (69,062) |
Amount | |
Fidelity Climate Action Fund | $17 |
Expense Limitations | Reimbursement | |
Class A | 1.30% | $953 |
Class M | 1.55% | 464 |
Class C | 2.05% | 585 |
Fidelity Climate Action Fund | 1.05% | 44,276 |
Class I | 1.05% | 368 |
Class Z | .90% | 271 |
$46,917 |
Six months ended November 30, 2022 | Year ended May 31, 2022 A | |
Fidelity Climate Action Fund | ||
Distributions to shareholders | ||
Fidelity Climate Action Fund | 6,404 | - |
Class I | 65 | - |
Class Z | 37 | - |
Total | $6,506 | $- |
Shares | Shares | Dollars | Dollars | |
Six months ended November 30, 2022 | Year ended May 31, 2022 A | Six months ended November 30, 2022 | Year ended May 31, 2022 A | |
Fidelity Climate Action Fund | ||||
Class A | ||||
Shares sold | 4,119 | 69,899 | $34,586 | $727,430 |
Shares redeemed | (7,122) | (24,286) | (57,040) | (224,337) |
Net increase (decrease) | (3,003) | 45,613 | $(22,454) | $503,093 |
Class M | ||||
Shares sold | 44,424 | 20,283 | $357,541 | $205,303 |
Shares redeemed | (2,024) | (5,347) | (15,608) | (54,128) |
Net increase (decrease) | 42,400 | 14,936 | $341,933 | $151,175 |
Class C | ||||
Shares sold | 1,402 | 48,324 | $11,951 | $508,720 |
Shares redeemed | (1,938) | (18,255) | (14,939) | (174,926) |
Net increase (decrease) | (536) | 30,069 | $(2,988) | $333,794 |
Fidelity Climate Action Fund | ||||
Shares sold | 400,795 | 2,931,754 | $3,385,147 | $30,765,171 |
Reinvestment of distributions | 700 | - | 5,821 | - |
Shares redeemed | (287,397) | (790,847) | (2,381,199) | (8,022,973) |
Net increase (decrease) | 114,098 | 2,140,907 | $1,009,769 | $22,742,198 |
Class I | ||||
Shares sold | 13,106 | 21,601 | $100,424 | $227,485 |
Reinvestment of distributions | 8 | - | 65 | - |
Shares redeemed | (1,153) | - | (8,950) | - |
Net increase (decrease) | 11,961 | 21,601 | $91,539 | $227,485 |
Class Z | ||||
Shares sold | 22,362 | 12,403 | $192,062 | $126,011 |
Reinvestment of distributions | 4 | - | 37 | - |
Shares redeemed | (1,819) | (207) | (14,150) | (1,882) |
Net increase (decrease) | 20,547 | 12,196 | $177,949 | $124,129 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Climate Action Fund | ||||||||||
Class A | 1.30% | |||||||||
Actual | $ 1,000 | $ 989.90 | $ 6.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.55 | $ 6.58 | |||||||
Class M | 1.54% | |||||||||
Actual | $ 1,000 | $ 987.60 | $ 7.67 | |||||||
Hypothetical- B | $ 1,000 | $ 1,017.35 | $ 7.79 | |||||||
Class C | 2.05% | |||||||||
Actual | $ 1,000 | $ 985.30 | $ 10.20 | |||||||
Hypothetical- B | $ 1,000 | $ 1,014.79 | $ 10.35 | |||||||
Fidelity® Climate Action Fund | 1.05% | |||||||||
Actual | $ 1,000 | $ 991.40 | $ 5.24 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.80 | $ 5.32 | |||||||
Class I | 1.04% | |||||||||
Actual | $ 1,000 | $ 991.40 | $ 5.19 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.85 | $ 5.27 | |||||||
Class Z | .89% | |||||||||
Actual | $ 1,000 | $ 991.40 | $ 4.44 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.61 | $ 4.51 | |||||||
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 5.4 | |
Apple, Inc. | 3.1 | |
Alphabet, Inc. Class C | 3.0 | |
UnitedHealth Group, Inc. | 2.8 | |
Eli Lilly & Co. | 2.6 | |
Bank of America Corp. | 2.1 | |
The Coca-Cola Co. | 1.9 | |
Huntington Bancshares, Inc. | 1.8 | |
MasterCard, Inc. Class A | 1.8 | |
Regeneron Pharmaceuticals, Inc. | 1.7 | |
26.2 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 21.2 | |
Health Care | 19.0 | |
Financials | 13.4 | |
Industrials | 11.0 | |
Consumer Discretionary | 9.9 | |
Energy | 5.8 | |
Communication Services | 5.5 | |
Consumer Staples | 4.9 | |
Materials | 3.8 | |
Utilities | 1.3 | |
Real Estate | 0.5 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 7.3% |
Common Stocks - 96.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 5.5% | |||
Diversified Telecommunication Services - 1.0% | |||
Verizon Communications, Inc. | 732 | 28,533 | |
Entertainment - 0.3% | |||
Electronic Arts, Inc. | 66 | 8,631 | |
Interactive Media & Services - 3.3% | |||
Alphabet, Inc. Class C (a) | 803 | 81,464 | |
Zoominfo Technologies, Inc. (a) | 288 | 8,237 | |
89,701 | |||
Wireless Telecommunication Services - 0.9% | |||
T-Mobile U.S., Inc. (a) | 166 | 25,142 | |
TOTAL COMMUNICATION SERVICES | 152,007 | ||
CONSUMER DISCRETIONARY - 9.9% | |||
Auto Components - 0.4% | |||
Lear Corp. | 73 | 10,530 | |
Hotels, Restaurants & Leisure - 2.5% | |||
Hilton Worldwide Holdings, Inc. | 239 | 34,086 | |
Marriott International, Inc. Class A | 216 | 35,716 | |
69,802 | |||
Internet & Direct Marketing Retail - 1.3% | |||
Amazon.com, Inc. (a) | 372 | 35,913 | |
Multiline Retail - 2.0% | |||
Dollar General Corp. | 126 | 32,216 | |
Target Corp. | 136 | 22,722 | |
54,938 | |||
Specialty Retail - 3.1% | |||
Lowe's Companies, Inc. | 100 | 21,255 | |
The Home Depot, Inc. | 75 | 24,299 | |
TJX Companies, Inc. | 485 | 38,824 | |
84,378 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
Tapestry, Inc. | 414 | 15,637 | |
TOTAL CONSUMER DISCRETIONARY | 271,198 | ||
CONSUMER STAPLES - 4.9% | |||
Beverages - 4.2% | |||
Diageo PLC | 829 | 38,285 | |
Keurig Dr. Pepper, Inc. | 664 | 25,677 | |
The Coca-Cola Co. | 799 | 50,824 | |
114,786 | |||
Household Products - 0.7% | |||
Kimberly-Clark Corp. | 65 | 8,816 | |
The Clorox Co. | 78 | 11,595 | |
20,411 | |||
TOTAL CONSUMER STAPLES | 135,197 | ||
ENERGY - 5.8% | |||
Energy Equipment & Services - 3.6% | |||
Baker Hughes Co. Class A | 1,069 | 31,022 | |
Halliburton Co. | 881 | 33,381 | |
Schlumberger Ltd. | 641 | 33,044 | |
97,447 | |||
Oil, Gas & Consumable Fuels - 2.2% | |||
Cheniere Energy, Inc. | 124 | 21,745 | |
EQT Corp. | 421 | 17,855 | |
Hess Corp. | 154 | 22,162 | |
61,762 | |||
TOTAL ENERGY | 159,209 | ||
FINANCIALS - 13.4% | |||
Banks - 5.5% | |||
Bank of America Corp. | 1,554 | 58,819 | |
Huntington Bancshares, Inc. | 3,215 | 49,768 | |
JPMorgan Chase & Co. | 110 | 15,200 | |
Wells Fargo & Co. | 596 | 28,578 | |
152,365 | |||
Capital Markets - 3.9% | |||
BlackRock, Inc. Class A | 34 | 24,344 | |
Intercontinental Exchange, Inc. | 375 | 40,616 | |
Morgan Stanley | 214 | 19,917 | |
Raymond James Financial, Inc. | 188 | 21,977 | |
106,854 | |||
Consumer Finance - 0.8% | |||
American Express Co. | 137 | 21,590 | |
Insurance - 3.2% | |||
Arthur J. Gallagher & Co. | 175 | 34,844 | |
MetLife, Inc. | 290 | 22,243 | |
The Travelers Companies, Inc. | 162 | 30,749 | |
87,836 | |||
TOTAL FINANCIALS | 368,645 | ||
HEALTH CARE - 19.0% | |||
Biotechnology - 4.6% | |||
AbbVie, Inc. | 214 | 34,493 | |
Gilead Sciences, Inc. | 226 | 19,850 | |
Regeneron Pharmaceuticals, Inc. (a) | 62 | 46,605 | |
Vertex Pharmaceuticals, Inc. (a) | 79 | 24,996 | |
125,944 | |||
Health Care Providers & Services - 6.1% | |||
Centene Corp. (a) | 231 | 20,109 | |
Cigna Corp. | 117 | 38,480 | |
Humana, Inc. | 56 | 30,794 | |
UnitedHealth Group, Inc. | 141 | 77,234 | |
166,617 | |||
Life Sciences Tools & Services - 2.7% | |||
Agilent Technologies, Inc. | 260 | 40,295 | |
Danaher Corp. | 66 | 18,045 | |
Thermo Fisher Scientific, Inc. | 30 | 16,807 | |
75,147 | |||
Pharmaceuticals - 5.6% | |||
AstraZeneca PLC sponsored ADR | 146 | 9,924 | |
Bristol-Myers Squibb Co. | 299 | 24,004 | |
Eli Lilly & Co. | 195 | 72,361 | |
Merck & Co., Inc. | 248 | 27,310 | |
Zoetis, Inc. Class A | 128 | 19,730 | |
153,329 | |||
TOTAL HEALTH CARE | 521,037 | ||
INDUSTRIALS - 11.0% | |||
Aerospace & Defense - 2.6% | |||
Lockheed Martin Corp. | 79 | 38,330 | |
Northrop Grumman Corp. | 62 | 33,064 | |
71,394 | |||
Building Products - 2.0% | |||
Carrier Global Corp. | 436 | 19,324 | |
The AZEK Co., Inc. (a) | 543 | 10,502 | |
Trane Technologies PLC | 141 | 25,157 | |
54,983 | |||
Construction & Engineering - 0.6% | |||
Quanta Services, Inc. | 113 | 16,936 | |
Electrical Equipment - 1.7% | |||
Eaton Corp. PLC | 179 | 29,258 | |
Hubbell, Inc. Class B | 26 | 6,606 | |
Sunrun, Inc. (a) | 327 | 10,654 | |
46,518 | |||
Industrial Conglomerates - 1.1% | |||
Honeywell International, Inc. | 136 | 29,859 | |
Machinery - 2.9% | |||
Caterpillar, Inc. | 79 | 18,676 | |
Cummins, Inc. | 119 | 29,888 | |
Deere & Co. | 67 | 29,547 | |
78,111 | |||
Professional Services - 0.1% | |||
Equifax, Inc. | 20 | 3,947 | |
TOTAL INDUSTRIALS | 301,748 | ||
INFORMATION TECHNOLOGY - 21.2% | |||
IT Services - 5.0% | |||
Accenture PLC Class A | 136 | 40,926 | |
MasterCard, Inc. Class A | 138 | 49,183 | |
Visa, Inc. Class A | 214 | 46,438 | |
136,547 | |||
Semiconductors & Semiconductor Equipment - 4.3% | |||
Analog Devices, Inc. | 41 | 7,048 | |
Applied Materials, Inc. | 162 | 17,755 | |
Lam Research Corp. | 38 | 17,950 | |
Marvell Technology, Inc. | 402 | 18,701 | |
NVIDIA Corp. | 96 | 16,246 | |
onsemi (a) | 199 | 14,965 | |
Qualcomm, Inc. | 107 | 13,534 | |
SolarEdge Technologies, Inc. (a) | 46 | 13,748 | |
119,947 | |||
Software - 8.8% | |||
Adobe, Inc. (a) | 116 | 40,012 | |
Coupa Software, Inc. (a) | 182 | 11,510 | |
Intuit, Inc. | 45 | 18,342 | |
Microsoft Corp. | 580 | 147,976 | |
Salesforce.com, Inc. (a) | 100 | 16,025 | |
Workday, Inc. Class A (a) | 44 | 7,388 | |
241,253 | |||
Technology Hardware, Storage & Peripherals - 3.1% | |||
Apple, Inc. | 570 | 84,377 | |
TOTAL INFORMATION TECHNOLOGY | 582,124 | ||
MATERIALS - 3.8% | |||
Chemicals - 1.4% | |||
CF Industries Holdings, Inc. | 153 | 16,553 | |
Linde PLC | 66 | 22,208 | |
38,761 | |||
Containers & Packaging - 0.3% | |||
Avery Dennison Corp. | 34 | 6,573 | |
Metals & Mining - 2.1% | |||
Newmont Corp. | 734 | 34,843 | |
Steel Dynamics, Inc. | 218 | 22,657 | |
57,500 | |||
TOTAL MATERIALS | 102,834 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.5% | |||
SL Green Realty Corp. | 235 | 9,861 | |
Weyerhaeuser Co. | 122 | 3,991 | |
13,852 | |||
UTILITIES - 1.3% | |||
Electric Utilities - 1.3% | |||
NextEra Energy, Inc. | 425 | 35,998 | |
TOTAL COMMON STOCKS (Cost $2,530,904) | 2,643,849 | ||
Money Market Funds - 1.1% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (b) (Cost $28,967) | 28,961 | 28,967 | |
TOTAL INVESTMENT IN SECURITIES - 97.4% (Cost $2,559,871) | 2,672,816 |
NET OTHER ASSETS (LIABILITIES) - 2.6% | 71,460 |
NET ASSETS - 100.0% | 2,744,276 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 19,723 | 1,140,039 | 1,130,795 | 799 | - | - | 28,967 | 0.0% |
Total | 19,723 | 1,140,039 | 1,130,795 | 799 | - | - | 28,967 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 152,007 | 152,007 | - | - |
Consumer Discretionary | 271,198 | 271,198 | - | - |
Consumer Staples | 135,197 | 96,912 | 38,285 | - |
Energy | 159,209 | 159,209 | - | - |
Financials | 368,645 | 368,645 | - | - |
Health Care | 521,037 | 521,037 | - | - |
Industrials | 301,748 | 301,748 | - | - |
Information Technology | 582,124 | 582,124 | - | - |
Materials | 102,834 | 102,834 | - | - |
Real Estate | 13,852 | 13,852 | - | - |
Utilities | 35,998 | 35,998 | - | - |
Money Market Funds | 28,967 | 28,967 | - | - |
Total Investments in Securities: | 2,672,816 | 2,634,531 | 38,285 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $2,530,904) | $2,643,849 | |||
Fidelity Central Funds (cost $28,967) | 28,967 | |||
Total Investment in Securities (cost $2,559,871) | $ | 2,672,816 | ||
Cash | 11,287 | |||
Receivable for fund shares sold | 68,342 | |||
Dividends receivable | 2,916 | |||
Distributions receivable from Fidelity Central Funds | 250 | |||
Prepaid expenses | 8,658 | |||
Receivable from investment adviser for expense reductions | 5,479 | |||
Other receivables | 1 | |||
Total assets | 2,769,749 | |||
Liabilities | ||||
Payable for fund shares redeemed | $3,024 | |||
Accrued management fee | 1,060 | |||
Audit fee payable | 18,730 | |||
Custody fee payable | 2,659 | |||
Total Liabilities | 25,473 | |||
Net Assets | $ | 2,744,276 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 2,665,061 | ||
Total accumulated earnings (loss) | 79,215 | |||
Net Assets | $ | 2,744,276 | ||
Net Asset Value , offering price and redemption price per share ($2,744,276 ÷ 291,485 shares) | $ | 9.41 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 10,638 | ||
Income from Fidelity Central Funds | 799 | |||
Total Income | 11,437 | |||
Expenses | ||||
Management fee | $ | 3,714 | ||
Custodian fees and expenses | 3,424 | |||
Independent trustees' fees and expenses | 2 | |||
Registration fees | 18,035 | |||
Audit | 13,989 | |||
Miscellaneous | 30 | |||
Total expenses before reductions | 39,194 | |||
Expense reductions | (35,041) | |||
Total expenses after reductions | 4,153 | |||
Net Investment income (loss) | 7,284 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (38,865) | |||
Foreign currency transactions | (1) | |||
Total net realized gain (loss) | (38,866) | |||
Change in net unrealized appreciation (depreciation) on investment securities | 177,559 | |||
Net gain (loss) | 138,693 | |||
Net increase (decrease) in net assets resulting from operations | $ | 145,977 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | For the period April 14, 2022 (commencement of operations) through May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 7,284 | $ | 618 |
Net realized gain (loss) | (38,866) | (1,921) | ||
Change in net unrealized appreciation (depreciation) | 177,559 | (64,614) | ||
Net increase (decrease) in net assets resulting from operations | 145,977 | (65,917) | ||
Distributions to shareholders | (845) | - | ||
Share transactions | ||||
Proceeds from sales of shares | 1,733,491 | 1,002,483 | ||
Reinvestment of distributions | 843 | - | ||
Cost of shares redeemed | (71,604) | (152) | ||
Net increase (decrease) in net assets resulting from share transactions | 1,662,730 | 1,002,331 | ||
Total increase (decrease) in net assets | 1,807,862 | 936,414 | ||
Net Assets | ||||
Beginning of period | 936,414 | - | ||
End of period | $ | 2,744,276 | $ | 936,414 |
Other Information | ||||
Shares | ||||
Sold | 199,225 | 100,265 | ||
Issued in reinvestment of distributions | 96 | - | ||
Redeemed | (8,086) | (15) | ||
Net increase (decrease) | 191,235 | 100,250 | ||
Fidelity® SAI Sustainable Future Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.34 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .05 | .01 | ||
Net realized and unrealized gain (loss) | .03 | (.67) | ||
Total from investment operations | .08 | (.66) | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 9.41 | $ | 9.34 |
Total Return D,E | .84% | (6.60)% | ||
Ratios to Average Net Assets C,F,G | ||||
Expenses before reductions | 5.56% H | 7.05% H,I | ||
Expenses net of fee waivers, if any | .59% H | .60% H,I | ||
Expenses net of all reductions | .59% H | .60% H,I | ||
Net investment income (loss) | 1.03% H | .53% H,I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 2,744 | $ | 936 |
Portfolio turnover rate J | 30% H | 1% K |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $194,710 |
Gross unrealized depreciation | (98,728) |
Net unrealized appreciation (depreciation) | $95,982 |
Tax cost | $2,576,834 |
Short-term | $(1,915) |
Long-term | (-) |
Total capital loss carryforward | $(1,915) |
Purchases ($) | Sales ($) | |
Fidelity SAI Sustainable Future Fund | 1,800,212 | 209,331 |
Amount | |
Fidelity SAI Sustainable Future Fund | $23 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity SAI Sustainable Future Fund | 12,311 | - | - |
Fund | Affiliated % |
Fidelity SAI Sustainable Future Fund | 35% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® SAI Sustainable Future Fund | .59% | |||||||||
Actual | $ 1,000 | $ 1,008.40 | $ 2.97 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.11 | $ 2.99 | |||||||
Contents
Top Holdings (% of Fund's net assets) | ||
Honeywell International, Inc. | 5.2 | |
Misumi Group, Inc. | 5.1 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.5 | |
Hexagon AB (B Shares) | 4.4 | |
Intuitive Surgical, Inc. | 4.3 | |
Keyence Corp. | 4.3 | |
Alphabet, Inc. Class C | 4.0 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 3.9 | |
NVIDIA Corp. | 3.8 | |
SMC Corp. | 3.8 | |
43.3 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 45.7 | |
Industrials | 44.2 | |
Health Care | 4.3 | |
Communication Services | 4.0 | |
Consumer Discretionary | 1.3 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 56.6% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.5% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.0% | |||
Interactive Media & Services - 4.0% | |||
Alphabet, Inc. Class C (a) | 40,451 | 4,103,754 | |
CONSUMER DISCRETIONARY - 1.3% | |||
Auto Components - 0.1% | |||
Mobileye Global, Inc. | 1,600 | 45,616 | |
Automobiles - 0.6% | |||
Tesla, Inc. (a) | 2,996 | 583,321 | |
Internet & Direct Marketing Retail - 0.6% | |||
Amazon.com, Inc. (a) | 6,768 | 653,383 | |
TOTAL CONSUMER DISCRETIONARY | 1,282,320 | ||
HEALTH CARE - 4.3% | |||
Health Care Equipment & Supplies - 4.3% | |||
Intuitive Surgical, Inc. (a) | 16,198 | 4,379,777 | |
INDUSTRIALS - 44.2% | |||
Electrical Equipment - 5.0% | |||
AMETEK, Inc. | 10,193 | 1,451,687 | |
Rockwell Automation, Inc. | 9,079 | 2,398,853 | |
Sensata Technologies, Inc. PLC | 26,481 | 1,194,293 | |
5,044,833 | |||
Industrial Conglomerates - 7.7% | |||
Honeywell International, Inc. | 23,858 | 5,238,022 | |
Siemens AG | 18,697 | 2,592,990 | |
7,831,012 | |||
Machinery - 27.9% | |||
Airtac International Group | 41,783 | 1,300,491 | |
AutoStore Holdings Ltd. (a)(b)(c) | 757,817 | 1,405,493 | |
Daifuku Co. Ltd. | 21,209 | 1,104,144 | |
FANUC Corp. | 21,000 | 3,157,581 | |
HIWIN Technologies Corp. | 602,165 | 3,687,889 | |
Kardex AG | 7,703 | 1,276,887 | |
Misumi Group, Inc. | 207,557 | 5,159,335 | |
Nabtesco Corp. | 34,676 | 873,602 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 394,568 | 3,951,396 | |
SMC Corp. | 8,496 | 3,876,817 | |
Symbotic, Inc. (a)(b) | 41,694 | 460,719 | |
THK Co. Ltd. | 102,970 | 2,031,127 | |
28,285,481 | |||
Professional Services - 3.6% | |||
Recruit Holdings Co. Ltd. | 111,125 | 3,595,479 | |
TOTAL INDUSTRIALS | 44,756,805 | ||
INFORMATION TECHNOLOGY - 45.7% | |||
Electronic Equipment & Components - 14.1% | |||
Cognex Corp. | 17,090 | 850,740 | |
Hexagon AB (B Shares) | 391,987 | 4,482,502 | |
Keyence Corp. | 10,181 | 4,307,907 | |
National Instruments Corp. | 28,383 | 1,164,271 | |
Renishaw PLC | 75,942 | 3,430,978 | |
14,236,398 | |||
IT Services - 2.6% | |||
Accenture PLC Class A | 8,854 | 2,664,434 | |
Semiconductors & Semiconductor Equipment - 11.9% | |||
NVIDIA Corp. | 23,003 | 3,892,798 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 283,291 | 4,565,344 | |
Teradyne, Inc. | 38,471 | 3,595,115 | |
12,053,257 | |||
Software - 17.1% | |||
Altair Engineering, Inc. Class A (a) | 17,166 | 842,336 | |
ANSYS, Inc. (a) | 14,184 | 3,606,991 | |
Autodesk, Inc. (a) | 4,645 | 938,058 | |
Dassault Systemes SA | 53,589 | 1,998,189 | |
Manhattan Associates, Inc. (a) | 6,718 | 846,065 | |
Microsoft Corp. | 9,648 | 2,461,591 | |
Nemetschek SE | 11,576 | 578,541 | |
PTC, Inc. (a) | 30,452 | 3,873,799 | |
Synopsys, Inc. (a) | 5,652 | 1,919,080 | |
Unity Software, Inc. (a)(b) | 7,536 | 297,747 | |
17,362,397 | |||
TOTAL INFORMATION TECHNOLOGY | 46,316,486 | ||
TOTAL COMMON STOCKS (Cost $104,431,046) | 100,839,142 | ||
Money Market Funds - 1.9% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 3.86% (d)(e) (Cost $1,932,300) | 1,932,107 | 1,932,300 | |
TOTAL INVESTMENT IN SECURITIES - 101.4% (Cost $106,363,346) | 102,771,442 |
NET OTHER ASSETS (LIABILITIES) - (1.4)% | (1,463,173) |
NET ASSETS - 100.0% | 101,308,269 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,405,493 or 1.4% of net assets. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 850,375 | 6,854,797 | 7,705,172 | 4,451 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | 5,229,900 | 7,581,409 | 10,879,009 | 26,068 | - | - | 1,932,300 | 0.0% |
Total | 6,080,275 | 14,436,206 | 18,584,181 | 30,519 | - | - | 1,932,300 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 4,103,754 | 4,103,754 | - | - |
Consumer Discretionary | 1,282,320 | 1,282,320 | - | - |
Health Care | 4,379,777 | 4,379,777 | - | - |
Industrials | 44,756,805 | 10,743,574 | 34,013,231 | - |
Information Technology | 46,316,486 | 26,953,025 | 19,363,461 | - |
Money Market Funds | 1,932,300 | 1,932,300 | - | - |
Total Investments in Securities: | 102,771,442 | 49,394,750 | 53,376,692 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,796,103) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $104,431,046) | $100,839,142 | |||
Fidelity Central Funds (cost $1,932,300) | 1,932,300 | |||
Total Investment in Securities (cost $106,363,346) | $ | 102,771,442 | ||
Foreign currency held at value (cost $61) | 62 | |||
Receivable for investments sold | 538,809 | |||
Receivable for fund shares sold | 96,271 | |||
Dividends receivable | 208,062 | |||
Reclaims receivable | 56,562 | |||
Distributions receivable from Fidelity Central Funds | 19,811 | |||
Total assets | 103,691,019 | |||
Liabilities | ||||
Payable to custodian bank | $228,460 | |||
Payable for fund shares redeemed | 170,499 | |||
Accrued management fee | 51,491 | |||
Collateral on securities loaned | 1,932,300 | |||
Total Liabilities | 2,382,750 | |||
Net Assets | $ | 101,308,269 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 110,942,002 | ||
Total accumulated earnings (loss) | (9,633,733) | |||
Net Assets | $ | 101,308,269 | ||
Net Asset Value and Maximum Offering Price | ||||
Fidelity Disruptive Automation Fund : | ||||
Net Asset Value , offering price and redemption price per share ($19,078,089 ÷ 1,310,557 shares) | $ | 14.56 | ||
Loyalty Class 1 : | ||||
Net Asset Value , offering price and redemption price per share ($60,153,445 ÷ 4,135,907 shares) | $ | 14.54 | ||
Loyalty Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($150,778 ÷ 10,291 shares) | $ | 14.65 | ||
Class F : | ||||
Net Asset Value , offering price and redemption price per share ($21,925,957 ÷ 1,488,415 shares) | $ | 14.73 |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 543,480 | ||
Income from Fidelity Central Funds (including $26,068 from security lending) | 30,519 | |||
Income before foreign taxes withheld | 573,999 | |||
Less foreign taxes withheld | (31,030) | |||
Total Income | 542,969 | |||
Expenses | ||||
Management fee | $ | 347,267 | ||
Independent trustees' fees and expenses | 194 | |||
Total expenses before reductions | 347,461 | |||
Expense reductions | (170) | |||
Total expenses after reductions | 347,291 | |||
Net Investment income (loss) | 195,678 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (5,650,839) | |||
Foreign currency transactions | (17,147) | |||
Total net realized gain (loss) | (5,667,986) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 258,382 | |||
Assets and liabilities in foreign currencies | 9,087 | |||
Total change in net unrealized appreciation (depreciation) | 267,469 | |||
Net gain (loss) | (5,400,517) | |||
Net increase (decrease) in net assets resulting from operations | $ | (5,204,839) |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 195,678 | $ | (18,589) |
Net realized gain (loss) | (5,667,986) | 1,691,921 | ||
Change in net unrealized appreciation (depreciation) | 267,469 | (28,551,388) | ||
Net increase (decrease) in net assets resulting from operations | (5,204,839) | (26,878,056) | ||
Distributions to shareholders | - | (4,074,695) | ||
Share transactions - net increase (decrease) | (17,127,301) | 1,799,212 | ||
Total increase (decrease) in net assets | (22,332,140) | (29,153,539) | ||
Net Assets | ||||
Beginning of period | 123,640,409 | 152,793,948 | ||
End of period | $ | 101,308,269 | $ | 123,640,409 |
Fidelity® Disruptive Automation Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 14.93 | $ | 18.28 | $ | 11.90 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | - D | (.06) | .01 | (.01) | ||||
Net realized and unrealized gain (loss) | (.37) | (2.92) | 6.42 | 1.91 | ||||
Total from investment operations | (.37) | (2.98) | 6.43 | 1.90 | ||||
Distributions from net investment income | - | - | (.04) | - | ||||
Distributions from net realized gain | - | (.37) | (.02) | - | ||||
Total distributions | - | (.37) | (.05) E | - | ||||
Net asset value, end of period | $ | 14.56 | $ | 14.93 | $ | 18.28 | $ | 11.90 |
Total Return F,G | (2.48)% | (16.75)% | 54.13% | 19.00% | ||||
Ratios to Average Net Assets C,H,I | ||||||||
Expenses before reductions | 1.00% J | 1.00% | 1.01% K | 1.01% J,K | ||||
Expenses net of fee waivers, if any | 1.00% J | 1.00% | 1.01% K | 1.01% J,K | ||||
Expenses net of all reductions | 1.00% J | 1.00% | 1.01% K | 1.01% J,K | ||||
Net investment income (loss) | .02% J | (.33)% | .06% | (.47)% J | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 19,078 | $ | 36,333 | $ | 111,910 | $ | 5,308 |
Portfolio turnover rate L | 15% J | 22% | 14% | 6% M |
Fidelity® Disruptive Automation Fund Loyalty Class 1 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 14.90 | $ | 18.34 | $ | 11.90 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .02 | - | .02 | - D | ||||
Net realized and unrealized gain (loss) | (.38) | (2.91) | 6.46 | 1.90 | ||||
Total from investment operations | (.36) | (2.91) | 6.48 | 1.90 | ||||
Distributions from net investment income | - | - | (.03) | - | ||||
Distributions from net realized gain | - | (.53) | (.01) | - | ||||
Total distributions | - | (.53) | (.04) | - | ||||
Net asset value, end of period | $ | 14.54 | $ | 14.90 | $ | 18.34 | $ | 11.90 |
Total Return E,F | (2.42)% | (16.52)% | 54.47% | 19.00% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .75% I | .75% | .76% J | .75% I | ||||
Expenses net of fee waivers, if any | .75% I | .75% | .76% J | .75% I | ||||
Expenses net of all reductions | .75% I | .75% | .76% J | .75% I | ||||
Net investment income (loss) | .27% I | (.02)% | .10% | (.21)% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 60,153 | $ | 60,357 | $ | 6,792 | $ | 119 |
Portfolio turnover rate K | 15% I | 22% | 14% | 6% L |
Fidelity® Disruptive Automation Fund Loyalty Class 2 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 14.99 | $ | 18.37 | $ | 11.90 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .04 | .04 | .12 | - D | ||||
Net realized and unrealized gain (loss) | (.38) | (2.92) | 6.41 | 1.90 | ||||
Total from investment operations | (.34) | (2.88) | 6.53 | 1.90 | ||||
Distributions from net investment income | - | - | (.05) | - | ||||
Distributions from net realized gain | - | (.50) | (.01) | - | ||||
Total distributions | - | (.50) | (.06) | - | ||||
Net asset value, end of period | $ | 14.65 | $ | 14.99 | $ | 18.37 | $ | 11.90 |
Total Return E,F | (2.27)% | (16.32)% | 54.91% | 19.00% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .50% I | .50% | .50% | .50% I | ||||
Expenses net of fee waivers, if any | .50% I | .50% | .50% | .50% I | ||||
Expenses net of all reductions | .50% I | .50% | .50% | .50% I | ||||
Net investment income (loss) | .52% I | .20% | .75% | .04% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 151 | $ | 154 | $ | 184 | $ | 119 |
Portfolio turnover rate J | 15% I | 22% | 14% | 6% K |
Fidelity® Disruptive Automation Fund Class F |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 15.03 | $ | 18.42 | $ | 11.91 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .07 | .13 | .19 | .01 | ||||
Net realized and unrealized gain (loss) | (.37) | (2.93) | 6.43 | 1.90 | ||||
Total from investment operations | (.30) | (2.80) | 6.62 | 1.91 | ||||
Distributions from net investment income | - | - | (.09) | - | ||||
Distributions from net realized gain | - | (.59) | (.02) | - | ||||
Total distributions | - | (.59) | (.11) | - | ||||
Net asset value, end of period | $ | 14.73 | $ | 15.03 | $ | 18.42 | $ | 11.91 |
Total Return D,E | (2.00)% | (15.93)% | 55.67% | 19.10% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | -% H | -% | -% | -% H | ||||
Expenses net of fee waivers, if any | -% H | -% | -% | -% H | ||||
Expenses net of all reductions | -% H | -% | -% | -% H | ||||
Net investment income (loss) | 1.02% H | .69% | 1.14% | .54% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 21,926 | $ | 26,796 | $ | 33,908 | $ | 4,078 |
Portfolio turnover rate I | 15% H | 22% | 14% | 6% J |
Top Holdings (% of Fund's net assets) | ||
T-Mobile U.S., Inc. | 6.9 | |
Alphabet, Inc. Class A | 6.7 | |
Activision Blizzard, Inc. | 6.7 | |
American Tower Corp. | 6.3 | |
Meta Platforms, Inc. Class A | 5.7 | |
Arista Networks, Inc. | 5.6 | |
Netflix, Inc. | 5.4 | |
Liberty Broadband Corp. Class A | 5.0 | |
Sea Ltd. ADR | 4.9 | |
Amazon.com, Inc. | 4.3 | |
57.5 | ||
Market Sectors (% of Fund's net assets) | ||
Communication Services | 58.3 | |
Information Technology | 23.3 | |
Consumer Discretionary | 7.6 | |
Real Estate | 6.3 | |
Energy | 3.4 | |
Industrials | 0.9 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 18.3% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 58.3% | |||
Diversified Telecommunication Services - 4.4% | |||
Cellnex Telecom SA (a) | 23,838 | 819,754 | |
Liberty Global PLC Class A (b) | 22,454 | 450,876 | |
Liberty Latin America Ltd. Class C (b) | 39,936 | 311,101 | |
1,581,731 | |||
Entertainment - 17.0% | |||
Activision Blizzard, Inc. | 32,041 | 2,369,432 | |
Netflix, Inc. (b) | 6,294 | 1,923,006 | |
Sea Ltd. ADR (b) | 30,174 | 1,761,256 | |
6,053,694 | |||
Interactive Media & Services - 22.5% | |||
Alphabet, Inc. Class A (b) | 23,643 | 2,387,707 | |
Angi, Inc. (b) | 131,326 | 292,857 | |
Bumble, Inc. (b) | 12,901 | 314,268 | |
Match Group, Inc. (b) | 19,493 | 985,566 | |
Meta Platforms, Inc. Class A (b) | 17,226 | 2,034,391 | |
Snap, Inc. Class A (b) | 138,203 | 1,424,873 | |
Tencent Holdings Ltd. | 15,264 | 577,228 | |
8,016,890 | |||
Media - 7.5% | |||
DISH Network Corp. Class A (b) | 55,993 | 898,688 | |
Liberty Broadband Corp. Class A (b) | 19,891 | 1,794,168 | |
2,692,856 | |||
Wireless Telecommunication Services - 6.9% | |||
T-Mobile U.S., Inc. (b) | 16,134 | 2,443,656 | |
TOTAL COMMUNICATION SERVICES | 20,788,827 | ||
CONSUMER DISCRETIONARY - 7.6% | |||
Internet & Direct Marketing Retail - 7.6% | |||
Amazon.com, Inc. (b) | 15,818 | 1,527,070 | |
Rakuten Group, Inc. | 101,976 | 489,951 | |
Uber Technologies, Inc. (b) | 24,091 | 702,012 | |
2,719,033 | |||
ENERGY - 3.4% | |||
Oil, Gas & Consumable Fuels - 3.4% | |||
Reliance Industries Ltd. sponsored GDR (a) | 18,544 | 1,234,057 | |
INDUSTRIALS - 0.9% | |||
Construction & Engineering - 0.9% | |||
Dycom Industries, Inc. (b) | 3,541 | 322,727 | |
INFORMATION TECHNOLOGY - 23.3% | |||
Communications Equipment - 5.6% | |||
Arista Networks, Inc. (b) | 14,344 | 1,998,119 | |
IT Services - 4.1% | |||
Akamai Technologies, Inc. (b) | 6,312 | 598,756 | |
Cloudflare, Inc. (b) | 3,426 | 168,354 | |
Twilio, Inc. Class A (b) | 13,923 | 682,505 | |
1,449,615 | |||
Semiconductors & Semiconductor Equipment - 9.5% | |||
Impinj, Inc. (b) | 4,765 | 607,776 | |
NVIDIA Corp. | 8,009 | 1,355,363 | |
NXP Semiconductors NV | 2,844 | 500,089 | |
onsemi (b) | 6,697 | 503,614 | |
Renesas Electronics Corp. (b) | 44,604 | 437,463 | |
3,404,305 | |||
Software - 4.1% | |||
RingCentral, Inc. (b) | 9,848 | 364,967 | |
Zscaler, Inc. (b) | 8,106 | 1,081,746 | |
1,446,713 | |||
TOTAL INFORMATION TECHNOLOGY | 8,298,752 | ||
REAL ESTATE - 6.3% | |||
Equity Real Estate Investment Trusts (REITs) - 6.3% | |||
American Tower Corp. | 10,092 | 2,232,855 | |
TOTAL COMMON STOCKS (Cost $42,097,554) | 35,596,251 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $42,097,554) | 35,596,251 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 54,564 |
NET ASSETS - 100.0% | 35,650,815 |
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,053,811 or 5.8% of net assets. |
(b) | Non-income producing |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 895 | 4,402,686 | 4,403,581 | 1,991 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | - | 5,941,260 | 5,941,260 | 193 | - | - | - | 0.0% |
Total | 895 | 10,343,946 | 10,344,841 | 2,184 | - | - | - | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 20,788,827 | 19,391,845 | 1,396,982 | - |
Consumer Discretionary | 2,719,033 | 2,229,082 | 489,951 | - |
Energy | 1,234,057 | - | 1,234,057 | - |
Industrials | 322,727 | 322,727 | - | - |
Information Technology | 8,298,752 | 7,861,289 | 437,463 | - |
Real Estate | 2,232,855 | 2,232,855 | - | - |
Total Investments in Securities: | 35,596,251 | 32,037,798 | 3,558,453 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $42,097,554): | $ | 35,596,251 | ||
Receivable for investments sold | 288,423 | |||
Receivable for fund shares sold | 9,281 | |||
Dividends receivable | 583 | |||
Distributions receivable from Fidelity Central Funds | 916 | |||
Total assets | 35,895,454 | |||
Liabilities | ||||
Payable to custodian bank | 120,668 | |||
Payable for fund shares redeemed | 113,075 | |||
Accrued management fee | 10,896 | |||
Total Liabilities | 244,639 | |||
Net Assets | $ | 35,650,815 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 50,558,071 | ||
Total accumulated earnings (loss) | (14,907,256) | |||
Net Assets | $ | 35,650,815 | ||
Net Asset Value and Maximum Offering Price | ||||
Fidelity Disruptive Communications Fund : | ||||
Net Asset Value , offering price and redemption price per share ($3,574,229 ÷ 331,874 shares) | $ | 10.77 | ||
Loyalty Class 1 : | ||||
Net Asset Value , offering price and redemption price per share ($12,984,215 ÷ 1,207,995 shares) | $ | 10.75 | ||
Loyalty Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($116,015 ÷ 10,716 shares) | $ | 10.83 | ||
Class F : | ||||
Net Asset Value , offering price and redemption price per share ($18,976,356 ÷ 1,743,610 shares) | $ | 10.88 |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 46,411 | ||
Income from Fidelity Central Funds (including $193 from security lending) | 2,184 | |||
Total Income | 48,595 | |||
Expenses | ||||
Management fee | $ | 80,271 | ||
Independent trustees' fees and expenses | 75 | |||
Total expenses before reductions | 80,346 | |||
Expense reductions | (179) | |||
Total expenses after reductions | 80,167 | |||
Net Investment income (loss) | (31,572) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,844,652) | |||
Foreign currency transactions | 269 | |||
Total net realized gain (loss) | (3,844,383) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (14,074) | |||
Assets and liabilities in foreign currencies | (70) | |||
Total change in net unrealized appreciation (depreciation) | (14,144) | |||
Net gain (loss) | (3,858,527) | |||
Net increase (decrease) in net assets resulting from operations | $ | (3,890,099) |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (31,572) | $ | (178,644) |
Net realized gain (loss) | (3,844,383) | (2,270,127) | ||
Change in net unrealized appreciation (depreciation) | (14,144) | (17,889,936) | ||
Net increase (decrease) in net assets resulting from operations | (3,890,099) | (20,338,707) | ||
Distributions to shareholders | - | (4,360,933) | ||
Share transactions - net increase (decrease) | (7,533,368) | (1,888,994) | ||
Total increase (decrease) in net assets | (11,423,467) | (26,588,634) | ||
Net Assets | ||||
Beginning of period | 47,074,282 | 73,662,916 | ||
End of period | $ | 35,650,815 | $ | 47,074,282 |
Fidelity® Disruptive Communications Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.62 | $ | 17.02 | $ | 11.58 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.04) | (.13) | (.13) | - D | ||||
Net realized and unrealized gain (loss) | (.81) | (4.45) | 5.78 | 1.58 | ||||
Total from investment operations | (.85) | (4.58) | 5.65 | 1.58 | ||||
Distributions from net investment income | - | - | - D | - | ||||
Distributions from net realized gain | - | (.82) | (.20) | - | ||||
Total distributions | - | (.82) | (.21) E | - | ||||
Net asset value, end of period | $ | 10.77 | $ | 11.62 | $ | 17.02 | $ | 11.58 |
Total Return F,G | (7.31)% | (28.39)% | 48.96% | 15.80% | ||||
Ratios to Average Net Assets C,H,I | ||||||||
Expenses before reductions | 1.00% J,K | .99% K | 1.01% K | 1.01% J,K | ||||
Expenses net of fee waivers, if any | 1.00% J,K | .99% K | 1.01% K | 1.01% J,K | ||||
Expenses net of all reductions | 1.00% J,K | .99% K | 1.01% K | 1.01% J,K | ||||
Net investment income (loss) | (.76)% J | (.81)% | (.83)% | (.23)% J | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 3,574 | $ | 7,746 | $ | 36,731 | $ | 2,880 |
Portfolio turnover rate L | 30% J | 32% | 39% | -% M |
Fidelity® Disruptive Communications Fund Loyalty Class 1 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.59 | $ | 17.09 | $ | 11.58 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.03) | (.08) | (.09) | - D | ||||
Net realized and unrealized gain (loss) | (.81) | (4.44) | 5.80 | 1.58 | ||||
Total from investment operations | (.84) | (4.52) | 5.71 | 1.58 | ||||
Distributions from net realized gain | - | (.98) | (.20) | - | ||||
Total distributions | - | (.98) | (.20) | - | ||||
Net asset value, end of period | $ | 10.75 | $ | 11.59 | $ | 17.09 | $ | 11.58 |
Total Return E,F | (7.25)% | (28.19)% | 49.47% | 15.80% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .75% I | .75% | .76% J | .75% I | ||||
Expenses net of fee waivers, if any | .75% I | .75% | .76% J | .75% I | ||||
Expenses net of all reductions | .75% I | .75% | .75% | .75% I | ||||
Net investment income (loss) | (.51)% I | (.51)% | (.57)% | .04% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 12,984 | $ | 14,470 | $ | 3,476 | $ | 116 |
Portfolio turnover rate K | 30% I | 32% | 39% | -% L |
Fidelity® Disruptive Communications Fund Loyalty Class 2 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.66 | $ | 17.11 | $ | 11.59 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.01) | (.04) | (.05) | - D | ||||
Net realized and unrealized gain (loss) | (.82) | (4.47) | 5.79 | 1.59 | ||||
Total from investment operations | (.83) | (4.51) | 5.74 | 1.59 | ||||
Distributions from net realized gain | - | (.94) | (.22) | - | ||||
Total distributions | - | (.94) | (.22) | - | ||||
Net asset value, end of period | $ | 10.83 | $ | 11.66 | $ | 17.11 | $ | 11.59 |
Total Return E,F | (7.12)% | (27.99)% | 49.70% | 15.90% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .50% I | .50% | .50% | .50% I | ||||
Expenses net of fee waivers, if any | .50% I | .50% | .50% | .50% I | ||||
Expenses net of all reductions | .50% I | .50% | .50% | .50% I | ||||
Net investment income (loss) | (.26)% I | (.28)% | (.32)% | .29% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 116 | $ | 125 | $ | 174 | $ | 116 |
Portfolio turnover rate J | 30% I | 32% | 39% | -% K |
Fidelity® Disruptive Communications Fund Class F |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.69 | $ | 17.16 | $ | 11.59 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .01 | .04 | .03 | .01 | ||||
Net realized and unrealized gain (loss) | (.82) | (4.48) | 5.80 | 1.58 | ||||
Total from investment operations | (.81) | (4.44) | 5.83 | 1.59 | ||||
Distributions from net investment income | - | - | - D | - | ||||
Distributions from net realized gain | - | (1.03) | (.26) | - | ||||
Total distributions | - | (1.03) | (.26) | - | ||||
Net asset value, end of period | $ | 10.88 | $ | 11.69 | $ | 17.16 | $ | 11.59 |
Total Return E,F | (6.93)% | (27.66)% | 50.57% | 15.90% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | -% I | -% | -% | -% I | ||||
Expenses net of fee waivers, if any | -% I | -% | -% | -% I | ||||
Expenses net of all reductions | -% I | -% | -% | -% I | ||||
Net investment income (loss) | .24% I | .23% | .18% | .79% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 18,976 | $ | 24,733 | $ | 33,282 | $ | 4,029 |
Portfolio turnover rate J | 30% I | 32% | 39% | -% K |
Top Holdings (% of Fund's net assets) | ||
Arch Capital Group Ltd. | 8.1 | |
MasterCard, Inc. Class A | 5.9 | |
Visa, Inc. Class A | 5.6 | |
BRP Group, Inc. | 5.5 | |
BlackRock, Inc. Class A | 5.0 | |
Equifax, Inc. | 4.9 | |
Capital One Financial Corp. | 4.0 | |
Adyen BV | 3.9 | |
DBS Group Holdings Ltd. | 3.8 | |
Intercontinental Exchange, Inc. | 3.5 | |
50.2 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 65.1 | |
Information Technology | 25.4 | |
Industrials | 6.6 | |
Real Estate | 1.7 | |
Consumer Discretionary | 0.8 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 28.7% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 0.8% | |||
Internet & Direct Marketing Retail - 0.8% | |||
MercadoLibre, Inc. (a) | 444 | 413,357 | |
FINANCIALS - 65.1% | |||
Banks - 15.5% | |||
DBS Group Holdings Ltd. | 73,912 | 1,927,533 | |
DNB Bank ASA | 78,173 | 1,526,417 | |
FinecoBank SpA | 97,828 | 1,588,894 | |
Pathward Financial, Inc. | 14,586 | 634,929 | |
Signature Bank | 10,009 | 1,396,256 | |
Silvergate Capital Corp. (a)(b) | 3,567 | 97,843 | |
SVB Financial Group (a) | 2,587 | 599,615 | |
7,771,487 | |||
Capital Markets - 18.0% | |||
BlackRock, Inc. Class A | 3,482 | 2,493,112 | |
Brookfield Asset Management, Inc. Class A | 32,080 | 1,512,572 | |
Cboe Global Markets, Inc. | 7,555 | 958,276 | |
Intercontinental Exchange, Inc. | 16,045 | 1,737,834 | |
MSCI, Inc. | 1,780 | 903,937 | |
Tradeweb Markets, Inc. Class A | 8,903 | 547,178 | |
Virtu Financial, Inc. Class A | 37,262 | 826,471 | |
8,979,380 | |||
Consumer Finance - 6.0% | |||
Ally Financial, Inc. | 17,777 | 480,157 | |
Capital One Financial Corp. | 19,166 | 1,978,698 | |
NerdWallet, Inc. (b) | 43,817 | 556,476 | |
3,015,331 | |||
Diversified Financial Services - 3.0% | |||
Apollo Global Management, Inc. | 21,485 | 1,490,844 | |
Insurance - 19.1% | |||
Arch Capital Group Ltd. (a) | 67,613 | 4,050,695 | |
Arthur J. Gallagher & Co. | 8,619 | 1,716,129 | |
BRP Group, Inc. (a) | 90,525 | 2,719,371 | |
Hiscox Ltd. | 85,183 | 1,039,143 | |
9,525,338 | |||
Thrifts & Mortgage Finance - 3.5% | |||
NMI Holdings, Inc. (a) | 57,414 | 1,236,123 | |
PennyMac Financial Services, Inc. | 8,848 | 527,872 | |
1,763,995 | |||
TOTAL FINANCIALS | 32,546,375 | ||
INDUSTRIALS - 6.6% | |||
Professional Services - 6.6% | |||
Equifax, Inc. | 12,496 | 2,466,336 | |
Verisk Analytics, Inc. | 4,511 | 828,716 | |
3,295,052 | |||
INFORMATION TECHNOLOGY - 25.4% | |||
IT Services - 23.2% | |||
Adyen BV (a)(c) | 1,251 | 1,970,724 | |
Block, Inc.: | |||
Class A (a) | 5,912 | 400,656 | |
Class A unit (a) | 2,481 | 165,891 | |
Dlocal Ltd. (a) | 103,975 | 1,518,035 | |
Flywire Corp. (a) | 20,067 | 435,253 | |
MasterCard, Inc. Class A | 8,261 | 2,944,220 | |
Repay Holdings Corp. (a) | 66,148 | 586,071 | |
Visa, Inc. Class A | 12,905 | 2,800,385 | |
Worldline SA (a)(c) | 16,122 | 763,719 | |
11,584,954 | |||
Software - 2.2% | |||
Black Knight, Inc. (a) | 18,097 | 1,121,833 | |
TOTAL INFORMATION TECHNOLOGY | 12,706,787 | ||
REAL ESTATE - 1.7% | |||
Equity Real Estate Investment Trusts (REITs) - 1.5% | |||
American Homes 4 Rent Class A | 22,041 | 728,896 | |
Real Estate Management & Development - 0.2% | |||
Doma Holdings, Inc. Class A (a)(b) | 296,454 | 117,099 | |
TOTAL REAL ESTATE | 845,995 | ||
TOTAL COMMON STOCKS (Cost $46,287,622) | 49,807,566 | ||
Money Market Funds - 0.1% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 3.86% (d)(e) (Cost $71,200) | 71,193 | 71,200 | |
TOTAL INVESTMENT IN SECURITIES - 99.7% (Cost $46,358,822) | 49,878,766 |
NET OTHER ASSETS (LIABILITIES) - 0.3% | 126,110 |
NET ASSETS - 100.0% | 50,004,876 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,734,443 or 5.5% of net assets. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 129,104 | 5,431,720 | 5,560,824 | 2,123 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | 798,225 | 11,821,994 | 12,549,019 | 2,478 | - | - | 71,200 | 0.0% |
Total | 927,329 | 17,253,714 | 18,109,843 | 4,601 | - | - | 71,200 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | 413,357 | 413,357 | - | - |
Financials | 32,546,375 | 26,464,388 | 6,081,987 | - |
Industrials | 3,295,052 | 3,295,052 | - | - |
Information Technology | 12,706,787 | 9,806,453 | 2,900,334 | - |
Real Estate | 845,995 | 845,995 | - | - |
Money Market Funds | 71,200 | 71,200 | - | - |
Total Investments in Securities: | 49,878,766 | 40,896,445 | 8,982,321 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $39,997) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $46,287,622) | $49,807,566 | |||
Fidelity Central Funds (cost $71,200) | 71,200 | |||
Total Investment in Securities (cost $46,358,822) | $ | 49,878,766 | ||
Receivable for investments sold | 242,768 | |||
Receivable for fund shares sold | 11,061 | |||
Dividends receivable | 28,147 | |||
Distributions receivable from Fidelity Central Funds | 528 | |||
Total assets | 50,161,270 | |||
Liabilities | ||||
Payable to custodian bank | 2,757 | |||
Payable for fund shares redeemed | 63,666 | |||
Accrued management fee | 18,771 | |||
Collateral on securities loaned | 71,200 | |||
Total Liabilities | 156,394 | |||
Net Assets | $ | 50,004,876 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 52,009,723 | ||
Total accumulated earnings (loss) | (2,004,847) | |||
Net Assets | $ | 50,004,876 | ||
Net Asset Value and Maximum Offering Price | ||||
Fidelity Disruptive Finance Fund : | ||||
Net Asset Value , offering price and redemption price per share ($6,510,692 ÷ 464,088 shares) | $ | 14.03 | ||
Loyalty Class 1 : | ||||
Net Asset Value , offering price and redemption price per share ($22,132,508 ÷ 1,578,841 shares) | $ | 14.02 | ||
Loyalty Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($155,358 ÷ 11,012 shares) | $ | 14.11 | ||
Class F : | ||||
Net Asset Value , offering price and redemption price per share ($21,206,318 ÷ 1,499,216 shares) | $ | 14.14 |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 285,616 | ||
Income from Fidelity Central Funds (including $2,478 from security lending) | 4,601 | |||
Total Income | 290,217 | |||
Expenses | ||||
Management fee | $ | 137,754 | ||
Independent trustees' fees and expenses | 101 | |||
Total expenses before reductions | 137,855 | |||
Expense reductions | (173) | |||
Total expenses after reductions | 137,682 | |||
Net Investment income (loss) | 152,535 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,877,698) | |||
Foreign currency transactions | (4,816) | |||
Total net realized gain (loss) | (3,882,514) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,139,993 | |||
Assets and liabilities in foreign currencies | (372) | |||
Total change in net unrealized appreciation (depreciation) | 1,139,621 | |||
Net gain (loss) | (2,742,893) | |||
Net increase (decrease) in net assets resulting from operations | $ | (2,590,358) |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 152,535 | $ | 529,474 |
Net realized gain (loss) | (3,882,514) | 3,333,522 | ||
Change in net unrealized appreciation (depreciation) | 1,139,621 | (16,077,322) | ||
Net increase (decrease) in net assets resulting from operations | (2,590,358) | (12,214,326) | ||
Distributions to shareholders | (3,479,029) | (2,188,878) | ||
Share transactions - net increase (decrease) | (9,187,201) | (7,220,651) | ||
Total increase (decrease) in net assets | (15,256,588) | (21,623,855) | ||
Net Assets | ||||
Beginning of period | 65,261,464 | 86,885,319 | ||
End of period | $ | 50,004,876 | $ | 65,261,464 |
Fidelity® Disruptive Finance Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 15.22 | $ | 18.20 | $ | 11.86 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | - D | .02 | .11 E | .03 | ||||
Net realized and unrealized gain (loss) | (.38) | (2.67) | 6.41 | 1.83 | ||||
Total from investment operations | (.38) | (2.65) | 6.52 | 1.86 | ||||
Distributions from net investment income | - | (.04) | (.05) | - | ||||
Distributions from net realized gain | (.81) | (.29) | (.13) | - | ||||
Total distributions | (.81) | (.33) | (.18) | - | ||||
Net asset value, end of period | $ | 14.03 | $ | 15.22 | $ | 18.20 | $ | 11.86 |
Total Return F,G | (2.19)% | (14.88)% | 55.31% | 18.60% | ||||
Ratios to Average Net Assets C,H,I | ||||||||
Expenses before reductions | 1.00% J | 1.00% | 1.01% K | 1.01% J,K | ||||
Expenses net of fee waivers, if any | 1.00% J | 1.00% | 1.01% K | 1.01% J,K | ||||
Expenses net of all reductions | 1.00% J | 1.00% | 1.01% K | 1.01% J,K | ||||
Net investment income (loss) | .03% J | .12% | .72% E | 1.99% J | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 6,511 | $ | 18,486 | $ | 48,219 | $ | 2,373 |
Portfolio turnover rate L | 22% J | 43% | 18% | -% M,N |
Fidelity® Disruptive Finance Fund Loyalty Class 1 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 15.21 | $ | 18.28 | $ | 11.86 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .02 | .08 | .20 D | .03 | ||||
Net realized and unrealized gain (loss) | (.38) | (2.68) | 6.38 | 1.83 | ||||
Total from investment operations | (.36) | (2.60) | 6.58 | 1.86 | ||||
Distributions from net investment income | (.02) | (.18) | (.03) | - | ||||
Distributions from net realized gain | (.81) | (.29) | (.13) | - | ||||
Total distributions | (.83) | (.47) | (.16) | - | ||||
Net asset value, end of period | $ | 14.02 | $ | 15.21 | $ | 18.28 | $ | 11.86 |
Total Return E,F | (2.04)% | (14.68)% | 55.73% | 18.60% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .75% I,J | .76% J | .75% | .75% I | ||||
Expenses net of fee waivers, if any | .75% I,J | .76% J | .75% | .75% I | ||||
Expenses net of all reductions | .75% I,J | .76% J | .75% | .75% I | ||||
Net investment income (loss) | .31% I | .48% | 1.30% D | 2.26% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 22,133 | $ | 20,775 | $ | 2,668 | $ | 119 |
Portfolio turnover rate K | 22% I | 43% | 18% | -% L,M |
Fidelity® Disruptive Finance Fund Loyalty Class 2 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 15.30 | $ | 18.30 | $ | 11.87 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .04 | .12 | .15 D | .03 | ||||
Net realized and unrealized gain (loss) | (.39) | (2.69) | 6.46 | 1.84 | ||||
Total from investment operations | (.35) | (2.57) | 6.61 | 1.87 | ||||
Distributions from net investment income | (.03) | (.14) | (.05) | - | ||||
Distributions from net realized gain | (.81) | (.29) | (.13) | - | ||||
Total distributions | (.84) | (.43) | (.18) | - | ||||
Net asset value, end of period | $ | 14.11 | $ | 15.30 | $ | 18.30 | $ | 11.87 |
Total Return E,F | (1.93)% | (14.44)% | 56.03% | 18.70% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .50% I | .50% | .50% | .50% I | ||||
Expenses net of fee waivers, if any | .50% I | .50% | .50% | .50% I | ||||
Expenses net of all reductions | .50% I | .50% | .50% | .50% I | ||||
Net investment income (loss) | .56% I | .66% | 1.03% D | 2.51% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 155 | $ | 158 | $ | 185 | $ | 119 |
Portfolio turnover rate J | 22% I | 43% | 18% | -% K,L |
Fidelity® Disruptive Finance Fund Class F |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 15.34 | $ | 18.35 | $ | 11.87 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .07 | .21 | .26 D | .04 | ||||
Net realized and unrealized gain (loss) | (.39) | (2.70) | 6.45 | 1.83 | ||||
Total from investment operations | (.32) | (2.49) | 6.71 | 1.87 | ||||
Distributions from net investment income | (.07) | (.23) | (.10) | - | ||||
Distributions from net realized gain | (.81) | (.29) | (.13) | - | ||||
Total distributions | (.88) | (.52) | (.23) | - | ||||
Net asset value, end of period | $ | 14.14 | $ | 15.34 | $ | 18.35 | $ | 11.87 |
Total Return E,F | (1.74)% | (14.04)% | 56.95% | 18.70% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | -% I | -% | -% | -% I | ||||
Expenses net of fee waivers, if any | -% I | -% | -% | -% I | ||||
Expenses net of all reductions | -% I | -% | -% | -% I | ||||
Net investment income (loss) | 1.05% I | 1.14% | 1.68% D | 3.01% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 21,206 | $ | 25,842 | $ | 35,814 | $ | 4,075 |
Portfolio turnover rate J | 22% I | 43% | 18% | -% K,L |
Top Holdings (% of Fund's net assets) | ||
Insulet Corp. | 4.9 | |
UnitedHealth Group, Inc. | 4.1 | |
Alnylam Pharmaceuticals, Inc. | 4.0 | |
Danaher Corp. | 3.9 | |
Boston Scientific Corp. | 3.8 | |
Humana, Inc. | 3.8 | |
Penumbra, Inc. | 3.7 | |
Royalty Pharma PLC | 3.5 | |
Centene Corp. | 3.5 | |
Vertex Pharmaceuticals, Inc. | 3.4 | |
38.6 | ||
Market Sectors (% of Fund's net assets) | ||
Health Care | 99.6 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 10% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.6% | |||
Shares | Value ($) | ||
HEALTH CARE - 99.6% | |||
Biotechnology - 30.0% | |||
ADC Therapeutics SA (a) | 37,790 | 138,311 | |
Alnylam Pharmaceuticals, Inc. (a) | 8,828 | 1,947,369 | |
ALX Oncology Holdings, Inc. (a) | 10,700 | 118,770 | |
Argenx SE ADR (a) | 3,417 | 1,359,863 | |
Ascendis Pharma A/S sponsored ADR (a) | 3,865 | 475,627 | |
Beam Therapeutics, Inc. (a)(b) | 3,430 | 158,432 | |
Blueprint Medicines Corp. (a) | 11,928 | 570,039 | |
Cerevel Therapeutics Holdings (a)(b) | 31,165 | 902,538 | |
Cyteir Therapeutics, Inc. (a) | 7,254 | 10,446 | |
Cytokinetics, Inc. (a) | 11,932 | 507,110 | |
Graphite Bio, Inc. (a) | 55,459 | 195,770 | |
Innovent Biologics, Inc. (a)(c) | 52,569 | 212,291 | |
Instil Bio, Inc. (a) | 54,690 | 72,738 | |
Intellia Therapeutics, Inc. (a) | 2,307 | 118,718 | |
Janux Therapeutics, Inc. (a)(b) | 17,326 | 236,327 | |
Keros Therapeutics, Inc. (a) | 4,895 | 243,967 | |
Legend Biotech Corp. ADR (a) | 15,734 | 810,458 | |
Mirati Therapeutics, Inc. (a) | 8,363 | 764,211 | |
Natera, Inc. (a) | 4,274 | 175,747 | |
Regeneron Pharmaceuticals, Inc. (a) | 2,091 | 1,571,805 | |
Relay Therapeutics, Inc. (a) | 8,190 | 152,170 | |
Repligen Corp. (a) | 1,617 | 289,184 | |
Sarepta Therapeutics, Inc. (a) | 2,090 | 256,673 | |
Seagen, Inc. (a) | 6,193 | 751,768 | |
Stoke Therapeutics, Inc. (a) | 11,631 | 87,698 | |
Tenaya Therapeutics, Inc. (a) | 18,312 | 48,527 | |
Vertex Pharmaceuticals, Inc. (a) | 5,264 | 1,665,530 | |
Verve Therapeutics, Inc. (a)(b) | 6,755 | 156,919 | |
Xenon Pharmaceuticals, Inc. (a) | 2,845 | 104,924 | |
Zai Lab Ltd. ADR (a) | 8,673 | 334,431 | |
Zentalis Pharmaceuticals, Inc. (a) | 5,570 | 123,208 | |
14,561,569 | |||
Health Care Equipment & Supplies - 29.4% | |||
Align Technology, Inc. (a) | 977 | 192,137 | |
Atricure, Inc. (a) | 9,175 | 418,013 | |
Boston Scientific Corp. (a) | 40,814 | 1,847,650 | |
DexCom, Inc. (a) | 9,722 | 1,130,474 | |
Inspire Medical Systems, Inc. (a) | 3,228 | 779,788 | |
Insulet Corp. (a) | 7,948 | 2,379,393 | |
Intuitive Surgical, Inc. (a) | 3,980 | 1,076,152 | |
Masimo Corp. (a) | 5,945 | 861,668 | |
Nanosonics Ltd. (a) | 157,395 | 515,910 | |
Nevro Corp. (a) | 11,197 | 523,012 | |
Penumbra, Inc. (a) | 8,639 | 1,809,957 | |
ResMed, Inc. | 4,145 | 954,179 | |
Stryker Corp. | 4,308 | 1,007,598 | |
Tandem Diabetes Care, Inc. (a) | 9,897 | 416,169 | |
ViewRay, Inc. (a) | 80,494 | 387,981 | |
14,300,081 | |||
Health Care Providers & Services - 14.1% | |||
agilon health, Inc. (a) | 12,285 | 215,725 | |
Centene Corp. (a) | 19,482 | 1,695,908 | |
Guardant Health, Inc. (a) | 10,430 | 545,906 | |
Humana, Inc. | 3,308 | 1,819,069 | |
Oak Street Health, Inc. (a) | 26,237 | 567,244 | |
UnitedHealth Group, Inc. | 3,664 | 2,006,993 | |
6,850,845 | |||
Health Care Technology - 2.3% | |||
Doximity, Inc. (a)(b) | 9,093 | 309,071 | |
Phreesia, Inc. (a) | 12,429 | 345,775 | |
Veeva Systems, Inc. Class A (a) | 2,559 | 487,131 | |
1,141,977 | |||
Life Sciences Tools & Services - 18.9% | |||
10X Genomics, Inc. (a) | 22,838 | 882,917 | |
Bio-Techne Corp. | 9,600 | 815,904 | |
Bruker Corp. | 22,486 | 1,515,781 | |
Charles River Laboratories International, Inc. (a) | 3,167 | 723,881 | |
Danaher Corp. | 6,925 | 1,893,364 | |
Lonza Group AG | 734 | 386,152 | |
Olink Holding AB ADR (a)(b) | 11,974 | 285,340 | |
Sartorius Stedim Biotech | 3,031 | 1,034,490 | |
Thermo Fisher Scientific, Inc. | 1,702 | 953,494 | |
West Pharmaceutical Services, Inc. | 2,950 | 692,247 | |
9,183,570 | |||
Pharmaceuticals - 4.9% | |||
Arvinas Holding Co. LLC (a) | 5,944 | 243,942 | |
Edgewise Therapeutics, Inc. (a) | 22,109 | 197,876 | |
Royalty Pharma PLC | 38,895 | 1,710,213 | |
Theseus Pharmaceuticals, Inc. (a)(b) | 32,021 | 211,018 | |
2,363,049 | |||
TOTAL COMMON STOCKS (Cost $47,732,529) | 48,401,091 | ||
Money Market Funds - 3.3% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 3.86% (d)(e) (Cost $1,598,825) | 1,598,665 | 1,598,825 | |
TOTAL INVESTMENT IN SECURITIES - 102.9% (Cost $49,331,354) | 49,999,916 |
NET OTHER ASSETS (LIABILITIES) - (2.9)% | (1,418,546) |
NET ASSETS - 100.0% | 48,581,370 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $212,291 or 0.4% of net assets. |
(d) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 154,056 | 5,170,990 | 5,325,046 | 2,912 | - | - | - | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | 1,644,325 | 10,422,163 | 10,467,663 | 13,204 | - | - | 1,598,825 | 0.0% |
Total | 1,798,381 | 15,593,153 | 15,792,709 | 16,116 | - | - | 1,598,825 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Health Care | 48,401,091 | 46,252,248 | 2,148,843 | - |
Money Market Funds | 1,598,825 | 1,598,825 | - | - |
Total Investments in Securities: | 49,999,916 | 47,851,073 | 2,148,843 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $1,630,991) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $47,732,529) | $48,401,091 | |||
Fidelity Central Funds (cost $1,598,825) | 1,598,825 | |||
Total Investment in Securities (cost $49,331,354) | $ | 49,999,916 | ||
Receivable for investments sold | 328,491 | |||
Receivable for fund shares sold | 21,553 | |||
Dividends receivable | 20,583 | |||
Distributions receivable from Fidelity Central Funds | 2,200 | |||
Total assets | 50,372,743 | |||
Liabilities | ||||
Payable to custodian bank | 87,279 | |||
Payable for investments purchased | 9,986 | |||
Payable for fund shares redeemed | 77,314 | |||
Accrued management fee | 17,969 | |||
Collateral on securities loaned | 1,598,825 | |||
Total Liabilities | 1,791,373 | |||
Net Assets | $ | 48,581,370 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 54,794,884 | ||
Total accumulated earnings (loss) | (6,213,514) | |||
Net Assets | $ | 48,581,370 | ||
Net Asset Value and Maximum Offering Price | ||||
Fidelity Disruptive Medicine Fund : | ||||
Net Asset Value , offering price and redemption price per share ($7,137,629 ÷ 637,040 shares) | $ | 11.20 | ||
Loyalty Class 1 : | ||||
Net Asset Value , offering price and redemption price per share ($20,185,325 ÷ 1,796,635 shares) | $ | 11.24 | ||
Loyalty Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($115,399 ÷ 10,201 shares) | $ | 11.31 | ||
Class F : | ||||
Net Asset Value , offering price and redemption price per share ($21,143,017 ÷ 1,853,270 shares) | $ | 11.41 |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 64,299 | ||
Income from Fidelity Central Funds (including $13,204 from security lending) | 16,116 | |||
Total Income | 80,415 | |||
Expenses | ||||
Management fee | $ | 120,919 | ||
Independent trustees' fees and expenses | 94 | |||
Total expenses before reductions | 121,013 | |||
Expense reductions | (174) | |||
Total expenses after reductions | 120,839 | |||
Net Investment income (loss) | (40,424) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (3,496,983) | |||
Foreign currency transactions | (989) | |||
Total net realized gain (loss) | (3,497,972) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 9,133,119 | |||
Assets and liabilities in foreign currencies | (153) | |||
Total change in net unrealized appreciation (depreciation) | 9,132,966 | |||
Net gain (loss) | 5,634,994 | |||
Net increase (decrease) in net assets resulting from operations | $ | 5,594,570 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (40,424) | $ | (141,798) |
Net realized gain (loss) | (3,497,972) | (3,258,269) | ||
Change in net unrealized appreciation (depreciation) | 9,132,966 | (13,446,263) | ||
Net increase (decrease) in net assets resulting from operations | 5,594,570 | (16,846,330) | ||
Distributions to shareholders | - | (869,901) | ||
Share transactions - net increase (decrease) | (9,410,813) | 1,922,239 | ||
Total increase (decrease) in net assets | (3,816,243) | (15,793,992) | ||
Net Assets | ||||
Beginning of period | 52,397,613 | 68,191,605 | ||
End of period | $ | 48,581,370 | $ | 52,397,613 |
Fidelity® Disruptive Medicine Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 9.96 | $ | 13.00 | $ | 11.06 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.04) | (.09) | (.07) | (.01) | ||||
Net realized and unrealized gain (loss) | 1.28 | (2.82) | 2.10 | 1.07 | ||||
Total from investment operations | 1.24 | (2.91) | 2.03 | 1.06 | ||||
Distributions from net realized gain | - | (.13) | (.09) | - | ||||
Total distributions | - | (.13) | (.09) | - | ||||
Net asset value, end of period | $ | 11.20 | $ | 9.96 | $ | 13.00 | $ | 11.06 |
Total Return D,E | 12.45% | (22.68)% | 18.44% | 10.60% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | 1.00% H | 1.00% | 1.01% I | 1.01% H,I | ||||
Expenses net of fee waivers, if any | 1.00% H | 1.00% | 1.01% I | 1.01% H,I | ||||
Expenses net of all reductions | 1.00% H | 1.00% | 1.01% I | 1.01% H,I | ||||
Net investment income (loss) | (.69)% H | (.70)% | (.58)% | (.75)% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 7,138 | $ | 11,027 | $ | 32,331 | $ | 5,666 |
Portfolio turnover rate J | 27% H | 47% | 44% | -% K,L |
Fidelity® Disruptive Medicine Fund Loyalty Class 1 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 9.98 | $ | 13.04 | $ | 11.05 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.02) | (.06) | (.03) | (.01) | ||||
Net realized and unrealized gain (loss) | 1.28 | (2.82) | 2.11 | 1.06 | ||||
Total from investment operations | 1.26 | (2.88) | 2.08 | 1.05 | ||||
Distributions from net realized gain | - | (.18) | (.09) | - | ||||
Total distributions | - | (.18) | (.09) | - | ||||
Net asset value, end of period | $ | 11.24 | $ | 9.98 | $ | 13.04 | $ | 11.05 |
Total Return D,E | 12.63% | (22.46)% | 18.86% | 10.50% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | .75% H | .75% | .76% I | .75% H | ||||
Expenses net of fee waivers, if any | .75% H | .75% | .76% I | .75% H | ||||
Expenses net of all reductions | .75% H | .75% | .76% I | .75% H | ||||
Net investment income (loss) | (.44)% H | (.46)% | (.25)% | (.48)% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 20,185 | $ | 16,746 | $ | 3,786 | $ | 111 |
Portfolio turnover rate J | 27% H | 47% | 44% | -% K,L |
Fidelity® Disruptive Medicine Fund Loyalty Class 2 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 10.03 | $ | 13.06 | $ | 11.06 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.01) | (.03) | (.01) | - D | ||||
Net realized and unrealized gain (loss) | 1.29 | (2.84) | 2.12 | 1.06 | ||||
Total from investment operations | 1.28 | (2.87) | 2.11 | 1.06 | ||||
Distributions from net realized gain | - | (.16) | (.11) | - | ||||
Total distributions | - | (.16) | (.11) | - | ||||
Net asset value, end of period | $ | 11.31 | $ | 10.03 | $ | 13.06 | $ | 11.06 |
Total Return E,F | 12.76% | (22.33)% | 19.10% | 10.60% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .50% I | .50% | .50% | .50% I | ||||
Expenses net of fee waivers, if any | .50% I | .50% | .50% | .50% I | ||||
Expenses net of all reductions | .50% I | .50% | .50% | .50% I | ||||
Net investment income (loss) | (.19)% I | (.21)% | (.11)% | (.23)% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 115 | $ | 102 | $ | 132 | $ | 111 |
Portfolio turnover rate J | 27% I | 47% | 44% | -% K,L |
Fidelity® Disruptive Medicine Fund Class F |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 10.09 | $ | 13.09 | $ | 11.07 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .02 | .04 | .06 | - D | ||||
Net realized and unrealized gain (loss) | 1.30 | (2.86) | 2.10 | 1.07 | ||||
Total from investment operations | 1.32 | (2.82) | 2.16 | 1.07 | ||||
Distributions from net realized gain | - | (.18) | (.14) | - | ||||
Total distributions | - | (.18) | (.14) | - | ||||
Net asset value, end of period | $ | 11.41 | $ | 10.09 | $ | 13.09 | $ | 11.07 |
Total Return E,F | 13.08% | (21.89)% | 19.60% | 10.70% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | -% I | -% | -% | -% I | ||||
Expenses net of fee waivers, if any | -% I | -% | -% | -% I | ||||
Expenses net of all reductions | -% I | -% | -% | -% I | ||||
Net investment income (loss) | .30% | .29% | .45% | .27% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 21,143 | $ | 24,523 | $ | 31,943 | $ | 3,914 |
Portfolio turnover rate J | 27% I | 47% | 44% | -% K,L |
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 5.3 | |
ASML Holding NV (Netherlands) | 4.8 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 4.7 | |
Adobe, Inc. | 4.5 | |
Salesforce.com, Inc. | 4.5 | |
Workday, Inc. Class A | 4.5 | |
Alphabet, Inc. Class C | 4.0 | |
Marvell Technology, Inc. | 3.8 | |
Enphase Energy, Inc. | 3.7 | |
Amazon.com, Inc. | 3.6 | |
43.4 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 68.7 | |
Communication Services | 20.3 | |
Consumer Discretionary | 10.9 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 28.4% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.9% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 20.3% | |||
Entertainment - 7.0% | |||
Netflix, Inc. (a) | 9,151 | 2,795,905 | |
Sea Ltd. ADR (a) | 44,031 | 2,570,089 | |
Spotify Technology SA (a) | 6,472 | 514,006 | |
5,880,000 | |||
Interactive Media & Services - 10.6% | |||
Alphabet, Inc. Class C (a) | 33,546 | 3,403,242 | |
Kakao Corp. | 8,756 | 388,459 | |
Meta Platforms, Inc. Class A (a) | 9,052 | 1,069,041 | |
Snap, Inc. Class A (a) | 70,407 | 725,896 | |
Tencent Holdings Ltd. | 21,657 | 818,988 | |
Yandex NV Series A (a)(b) | 47,740 | 163,741 | |
Z Holdings Corp. | 841,654 | 2,316,187 | |
8,885,554 | |||
Wireless Telecommunication Services - 2.7% | |||
T-Mobile U.S., Inc. (a) | 14,998 | 2,271,597 | |
TOTAL COMMUNICATION SERVICES | 17,037,151 | ||
CONSUMER DISCRETIONARY - 10.9% | |||
Automobiles - 0.8% | |||
Tesla, Inc. (a) | 3,262 | 635,111 | |
Hotels, Restaurants & Leisure - 2.3% | |||
Airbnb, Inc. Class A (a) | 6,331 | 646,648 | |
MakeMyTrip Ltd. (a)(c) | 42,604 | 1,264,913 | |
1,911,561 | |||
Internet & Direct Marketing Retail - 7.8% | |||
Amazon.com, Inc. (a) | 31,174 | 3,009,538 | |
Doordash, Inc. (a) | 6,424 | 374,198 | |
Farfetch Ltd. Class A (a)(c) | 67,510 | 573,835 | |
Global-e Online Ltd. (a) | 22,752 | 490,761 | |
Lyft, Inc. (a) | 28,196 | 316,359 | |
Uber Technologies, Inc. (a) | 25,489 | 742,749 | |
ZOZO, Inc. | 42,121 | 1,063,414 | |
6,570,854 | |||
TOTAL CONSUMER DISCRETIONARY | 9,117,526 | ||
INFORMATION TECHNOLOGY - 68.7% | |||
Electronic Equipment & Components - 1.8% | |||
Samsung SDI Co. Ltd. | 2,634 | 1,503,520 | |
IT Services - 9.0% | |||
Accenture PLC Class A | 5,045 | 1,518,192 | |
Adyen BV (a)(d) | 1,216 | 1,915,588 | |
Block, Inc. Class A (a) | 12,690 | 860,001 | |
MongoDB, Inc. Class A (a) | 9,041 | 1,380,470 | |
Snowflake, Inc. (a) | 8,586 | 1,226,939 | |
Twilio, Inc. Class A (a) | 12,404 | 608,044 | |
7,509,234 | |||
Semiconductors & Semiconductor Equipment - 23.2% | |||
ASML Holding NV (Netherlands) | 6,626 | 4,045,307 | |
BE Semiconductor Industries NV | 10,696 | 696,711 | |
Enphase Energy, Inc. (a) | 9,562 | 3,065,482 | |
Marvell Technology, Inc. | 69,038 | 3,211,648 | |
NVIDIA Corp. | 15,427 | 2,610,711 | |
SolarEdge Technologies, Inc. (a) | 6,531 | 1,951,855 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 46,944 | 3,895,413 | |
19,477,127 | |||
Software - 33.1% | |||
Adobe, Inc. (a) | 11,019 | 3,800,784 | |
Amplitude, Inc. (a) | 30,556 | 437,562 | |
Atlassian Corp. PLC (a) | 8,197 | 1,078,315 | |
Bill.Com Holdings, Inc. (a) | 6,372 | 767,316 | |
Confluent, Inc. (a)(c) | 38,982 | 897,755 | |
Crowdstrike Holdings, Inc. (a) | 6,014 | 707,547 | |
HashiCorp, Inc. (c) | 26,377 | 720,092 | |
HubSpot, Inc. (a) | 4,899 | 1,484,544 | |
Intuit, Inc. | 4,939 | 2,013,087 | |
Kingdee International Software Group Co. Ltd. (a) | 395,119 | 666,772 | |
Microsoft Corp. | 17,575 | 4,484,086 | |
Palo Alto Networks, Inc. (a) | 9,460 | 1,607,254 | |
Paycom Software, Inc. (a) | 3,372 | 1,143,445 | |
Qualtrics International, Inc. (a) | 42,530 | 436,358 | |
Salesforce.com, Inc. (a) | 23,371 | 3,745,203 | |
Workday, Inc. Class A (a) | 22,226 | 3,731,745 | |
27,721,865 | |||
Technology Hardware, Storage & Peripherals - 1.6% | |||
Apple, Inc. | 9,052 | 1,339,968 | |
TOTAL INFORMATION TECHNOLOGY | 57,551,714 | ||
TOTAL COMMON STOCKS (Cost $114,174,939) | 83,706,391 | ||
Money Market Funds - 3.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (e) | 66,445 | 66,458 | |
Fidelity Securities Lending Cash Central Fund 3.86% (e)(f) | 2,878,587 | 2,878,875 | |
TOTAL MONEY MARKET FUNDS (Cost $2,945,333) | 2,945,333 | ||
TOTAL INVESTMENT IN SECURITIES - 103.4% (Cost $117,120,272) | 86,651,724 |
NET OTHER ASSETS (LIABILITIES) - (3.4)% | (2,858,373) |
NET ASSETS - 100.0% | 83,793,351 |
(a) | Non-income producing |
(b) | Level 3 security |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,915,588 or 2.3% of net assets. |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 907,846 | 9,989,466 | 10,830,854 | 8,230 | - | - | 66,458 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | 5,285,219 | 23,411,826 | 25,818,170 | 21,755 | - | - | 2,878,875 | 0.0% |
Total | 6,193,065 | 33,401,292 | 36,649,024 | 29,985 | - | - | 2,945,333 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 17,037,151 | 13,349,776 | 3,523,634 | 163,741 |
Consumer Discretionary | 9,117,526 | 8,054,112 | 1,063,414 | - |
Information Technology | 57,551,714 | 48,723,816 | 8,827,898 | - |
Money Market Funds | 2,945,333 | 2,945,333 | - | - |
Total Investments in Securities: | 86,651,724 | 73,073,037 | 13,414,946 | 163,741 |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $2,900,637) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $114,174,939) | $83,706,391 | |||
Fidelity Central Funds (cost $2,945,333) | 2,945,333 | |||
Total Investment in Securities (cost $117,120,272) | $ | 86,651,724 | ||
Receivable for fund shares sold | 218,295 | |||
Dividends receivable | 14,322 | |||
Distributions receivable from Fidelity Central Funds | 906 | |||
Total assets | 86,885,247 | |||
Liabilities | ||||
Payable for fund shares redeemed | 171,202 | |||
Accrued management fee | 41,819 | |||
Collateral on securities loaned | 2,878,875 | |||
Total Liabilities | 3,091,896 | |||
Net Assets | $ | 83,793,351 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 130,183,499 | ||
Total accumulated earnings (loss) | (46,390,148) | |||
Net Assets | $ | 83,793,351 | ||
Net Asset Value and Maximum Offering Price | ||||
Fidelity Disruptive Technology Fund : | ||||
Net Asset Value , offering price and redemption price per share ($19,522,861 ÷ 1,796,520 shares) | $ | 10.87 | ||
Loyalty Class 1 : | ||||
Net Asset Value , offering price and redemption price per share ($45,302,736 ÷ 4,156,893 shares) | $ | 10.90 | ||
Loyalty Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($113,352 ÷ 10,327 shares) | $ | 10.98 | ||
Class F : | ||||
Net Asset Value , offering price and redemption price per share ($18,854,402 ÷ 1,702,662 shares) | $ | 11.07 |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 144,625 | ||
Income from Fidelity Central Funds (including $21,755 from security lending) | 29,985 | |||
Income before foreign taxes withheld | 174,610 | |||
Less foreign taxes withheld | (16,692) | |||
Total Income | 157,918 | |||
Expenses | ||||
Management fee | $ | 318,526 | ||
Independent trustees' fees and expenses | 177 | |||
Total expenses before reductions | 318,703 | |||
Expense reductions | (180) | |||
Total expenses after reductions | 318,523 | |||
Net Investment income (loss) | (160,605) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (15,458,334) | |||
Foreign currency transactions | (73) | |||
Total net realized gain (loss) | (15,458,407) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 6,725,904 | |||
Assets and liabilities in foreign currencies | 2,602 | |||
Total change in net unrealized appreciation (depreciation) | 6,728,506 | |||
Net gain (loss) | (8,729,901) | |||
Net increase (decrease) in net assets resulting from operations | $ | (8,890,506) |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (160,605) | $ | (808,781) |
Net realized gain (loss) | (15,458,407) | 2,344,017 | ||
Change in net unrealized appreciation (depreciation) | 6,728,506 | (57,703,932) | ||
Net increase (decrease) in net assets resulting from operations | (8,890,506) | (56,168,696) | ||
Distributions to shareholders | (1,210,975) | (2,859,572) | ||
Share transactions - net increase (decrease) | (12,219,359) | (5,482,616) | ||
Total increase (decrease) in net assets | (22,320,840) | (64,510,884) | ||
Net Assets | ||||
Beginning of period | 106,114,191 | 170,625,075 | ||
End of period | $ | 83,793,351 | $ | 106,114,191 |
Fidelity® Disruptive Technology Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.81 | $ | 18.10 | $ | 11.49 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.04) | (.14) | (.13) | (.01) | ||||
Net realized and unrealized gain (loss) | (.76) | (5.88) | 6.81 | 1.50 | ||||
Total from investment operations | (.80) | (6.02) | 6.68 | 1.49 | ||||
Distributions from net realized gain | (.14) | (.27) | (.07) | - | ||||
Total distributions | (.14) | (.27) | (.07) | - | ||||
Net asset value, end of period | $ | 10.87 | $ | 11.81 | $ | 18.10 | $ | 11.49 |
Total Return D,E | (6.86)% | (33.85)% | 58.13% | 14.90% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | 1.00% H,I | .99% I | 1.01% I | 1.01% H,I | ||||
Expenses net of fee waivers, if any | 1.00% H,I | .99% I | 1.01% I | 1.01% H,I | ||||
Expenses net of all reductions | 1.00% H,I | .99% I | 1.01% I | 1.01% H,I | ||||
Net investment income (loss) | (.67)% H | (.78)% | (.77)% | (.62)% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 19,523 | $ | 34,802 | $ | 130,244 | $ | 6,198 |
Portfolio turnover rate J | 21% H | 33% | 29% | -% K |
Fidelity® Disruptive Technology Fund Loyalty Class 1 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.83 | $ | 18.15 | $ | 11.49 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.02) | (.08) | (.07) | - D | ||||
Net realized and unrealized gain (loss) | (.77) | (5.89) | 6.78 | 1.49 | ||||
Total from investment operations | (.79) | (5.97) | 6.71 | 1.49 | ||||
Distributions from net realized gain | (.14) | (.35) | (.05) | - | ||||
Total distributions | (.14) | (.35) | (.05) | - | ||||
Net asset value, end of period | $ | 10.90 | $ | 11.83 | $ | 18.15 | $ | 11.49 |
Total Return E,F | (6.76)% | (33.65)% | 58.46% | 14.90% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .75% I | .75% | .76% J | .75% I | ||||
Expenses net of fee waivers, if any | .75% I | .75% | .76% J | .75% I | ||||
Expenses net of all reductions | .75% I | .75% | .76% J | .75% I | ||||
Net investment income (loss) | (.42)% I | (.46)% | (.44)% | (.36)% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 45,303 | $ | 46,694 | $ | 7,600 | $ | 115 |
Portfolio turnover rate K | 21% I | 33% | 29% | -% L |
Fidelity® Disruptive Technology Fund Loyalty Class 2 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.90 | $ | 18.18 | $ | 11.50 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.01) | (.04) | (.05) | - D | ||||
Net realized and unrealized gain (loss) | (.77) | (5.93) | 6.81 | 1.50 | ||||
Total from investment operations | (.78) | (5.97) | 6.76 | 1.50 | ||||
Distributions from net realized gain | (.14) | (.31) | (.08) | - | ||||
Total distributions | (.14) | (.31) | (.08) | - | ||||
Net asset value, end of period | $ | 10.98 | $ | 11.90 | $ | 18.18 | $ | 11.50 |
Total Return E,F | (6.63)% | (33.49)% | 58.79% | 15.00% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | .50% I | .50% | .50% | .50% I | ||||
Expenses net of fee waivers, if any | .50% I | .50% | .50% | .50% I | ||||
Expenses net of all reductions | .50% I | .50% | .50% | .50% I | ||||
Net investment income (loss) | (.17)% I | (.25)% | (.28)% | (.10)% I | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 113 | $ | 121 | $ | 183 | $ | 115 |
Portfolio turnover rate J | 21% I | 33% | 29% | -% K |
Fidelity® Disruptive Technology Fund Class F |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 11.97 | $ | 18.24 | $ | 11.51 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .02 | .04 | .04 | .01 | ||||
Net realized and unrealized gain (loss) | (.78) | (5.96) | 6.81 | 1.50 | ||||
Total from investment operations | (.76) | (5.92) | 6.85 | 1.51 | ||||
Distributions from net realized gain | (.14) | (.35) | (.12) | - | ||||
Total distributions | (.14) | (.35) | (.12) | - | ||||
Net asset value, end of period | $ | 11.07 | $ | 11.97 | $ | 18.24 | $ | 11.51 |
Total Return D,E | (6.43)% | (33.19)% | 59.58% | 15.10% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | -% H | -% | -% | -% H | ||||
Expenses net of fee waivers, if any | -% H | -% | -% | -% H | ||||
Expenses net of all reductions | -% H | -% | -% | -% H | ||||
Net investment income (loss) | .33% H | .25% | .23% | .39% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 18,854 | $ | 24,497 | $ | 32,598 | $ | 4,029 |
Portfolio turnover rate I | 21% H | 33% | 29% | -% J |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Disruptive Automation Fund | $106,905,633 | $12,689,313 | $ (16,823,504) | $(4,134,191) |
Fidelity Disruptive Communications Fund | 43,772,017 | 5,031,122 | (13,206,888) | (8,175,766) |
Fidelity Disruptive Finance Fund | 46,630,291 | 9,793,565 | (6,545,090) | 3,248,475 |
Fidelity Disruptive Medicine Fund | 49,669,694 | 8,301,249 | (7,971,027) | 330,222 |
Fidelity Disruptive Technology Fund | 118,469,109 | 8,203,243 | (40,020,628) | (31,817,385) |
Short-term | Total capital loss carryforward | ||
Fidelity Disruptive Medicine Fund | (3,145,154) | (3,145,154) | |
Capital losses | Ordinary losses | |
Fidelity Disruptive Automation Fund | $ (518,865) | $(-) |
Fidelity Disruptive Communications Fund | (4,315,626) | (15,902) |
Fidelity Disruptive Finance Fund | (1,676,464) | (-) |
Fidelity Disruptive Medicine Fund | (-) | (25,217) |
Fidelity Disruptive Technology Fund | (-) | (146,929) |
Purchases ($) | Sales ($) | |
Fidelity Disruptive Automation Fund | 8,089,957 | 24,601,696 |
Fidelity Disruptive Communications Fund | 6,042,512 | 13,709,757 |
Fidelity Disruptive Finance Fund | 5,999,346 | 18,591,608 |
Fidelity Disruptive Medicine Fund | 6,939,415 | 16,366,618 |
Fidelity Disruptive Technology Fund | 10,114,741 | 22,889,408 |
Management Fee Annual % of Class-Level Average Net Assets | Expense Contract Annual % of Class-Level Average Net Assets | |
Fidelity Disruptive Automation Fund | ||
Fidelity Disruptive Automation Fund | 1.00% | N/A |
Loyalty Class 1 | 1.00% | .75% |
Loyalty Class 2 | 1.00% | .50% |
Class F | 1.00% | .00% |
Fidelity Disruptive Communications Fund | ||
Fidelity Disruptive Communications Fund | 1.00% | N/A |
Loyalty Class 1 | 1.00% | .75% |
Loyalty Class 2 | 1.00% | .50% |
Class F | 1.00% | .00% |
Fidelity Disruptive Finance Fund | ||
Fidelity Disruptive Finance Fund | 1.00% | N/A |
Loyalty Class 1 | 1.00% | .75% |
Loyalty Class 2 | 1.00% | .50% |
Class F | 1.00% | .00% |
Fidelity Disruptive Medicine Fund | ||
Fidelity Disruptive Medicine Fund | 1.00% | N/A |
Loyalty Class 1 | 1.00% | .75% |
Loyalty Class 2 | 1.00% | .50% |
Class F | 1.00% | .00% |
Fidelity Disruptive Technology Fund | ||
Fidelity Disruptive Technology Fund | 1.00% | N/A |
Loyalty Class 1 | 1.00% | .75% |
Loyalty Class 2 | 1.00% | .50% |
Class F | 1.00% | .00% |
Amount | |
Fidelity Disruptive Automation Fund | $342 |
Fidelity Disruptive Communications Fund | 106 |
Fidelity Disruptive Finance Fund | 60 |
Fidelity Disruptive Medicine Fund | 161 |
Fidelity Disruptive Technology Fund | 156 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Disruptive Automation Fund | - | 260,332 | (105,013) |
Fidelity Disruptive Communications Fund | 214,437 | 43,233 | (22,984) |
Fidelity Disruptive Finance Fund | 2,662,059 | 34,442 | 741 |
Fidelity Disruptive Medicine Fund | 1,160,588 | 770,427 | (3,495) |
Fidelity Disruptive Technology Fund | 144,342 | - | - |
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 Disruptive Automation Fund | $2,896 | $- | $- |
Fidelity Disruptive Communications Fund | $18 | $- | $- |
Fidelity Disruptive Finance Fund | $230 | $451 | $- |
Fidelity Disruptive Medicine Fund | $1,371 | $24 | $- |
Fidelity Disruptive Technology Fund | $2,152 | $28 | $- |
Custodian credits | Transfer Agent credits | |
Fidelity Disruptive Automation Fund | 54 | |
Loyalty Class 1 | 79 | |
Class F | 37 | |
Fidelity Disruptive Communications Fund | 6 | |
Fidelity Disruptive Communications Fund | 29 | |
Loyalty Class 1 | 53 | |
Class F | 91 | |
Fidelity Disruptive Finance Fund | 62 | |
Loyalty Class 1 | 45 | |
Class F | 66 | |
Fidelity Disruptive Medicine Fund | 42 | |
Loyalty Class 1 | 53 | |
Class F | 79 | |
Fidelity Disruptive Technology Fund | 8 | |
Fidelity Disruptive Technology Fund | 67 | |
Loyalty Class 1 | 67 | |
Class F | 38 |
Six months ended November 30, 2022 | Year ended May 31, 2022 | |
Fidelity Disruptive Automation Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Automation Fund | $- | $1,812,440 |
Loyalty Class 1 | - | 1,093,147 |
Loyalty Class 2 | - | 5,010 |
Class F | - | 1,164,098 |
Total | $- | $4,074,695 |
Fidelity Disruptive Communications Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Communications Fund | $- | $1,427,817 |
Loyalty Class 1 | - | 778,546 |
Loyalty Class 2 | - | 9,700 |
Class F | - | 2,144,870 |
Total | $- | $4,360,933 |
Fidelity Disruptive Finance Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Finance Fund | $889,399 | $736,400 |
Loyalty Class 1 | 1,135,724 | 350,964 |
Loyalty Class 2 | 8,741 | 4,381 |
Class F | 1,445,165 | 1,097,133 |
Total | $3,479,029 | $2,188,878 |
Fidelity Disruptive Medicine Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Medicine Fund | $- | $313,911 |
Loyalty Class 1 | - | 95,065 |
Loyalty Class 2 | - | 1,584 |
Class F | - | 459,341 |
Total | $- | $869,901 |
Fidelity Disruptive Technology Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Technology Fund | $403,963 | $1,574,286 |
Loyalty Class 1 | 534,280 | 619,752 |
Loyalty Class 2 | 1,388 | 3,166 |
Class F | 271,344 | 662,368 |
Total | $1,210,975 | $2,859,572 |
Shares | Shares | Dollars | Dollars | |
Six months ended November 30, 2022 | Year ended May 31, 2022 | Six months ended November 30, 2022 | Year ended May 31, 2022 | |
Fidelity Disruptive Automation Fund | ||||
Fidelity Disruptive Automation Fund | ||||
Shares sold | 353,096 | 2,752,234 | $4,917,711 | $51,921,559 |
Reinvestment of distributions | - | 88,636 | - | 1,722,187 |
Shares redeemed | (1,475,972) | (6,530,903) | (19,448,505) | (120,981,122) |
Net increase (decrease) | (1,122,876) | (3,690,033) | $(14,530,794) | $(67,337,376) |
Loyalty Class 1 | ||||
Shares sold | 621,708 | 4,560,941 | $8,590,002 | $84,668,905 |
Reinvestment of distributions | - | 51,313 | - | 1,010,135 |
Shares redeemed | (536,961) | (931,384) | (7,414,282) | (15,777,057) |
Net increase (decrease) | 84,747 | 3,680,870 | $1,175,720 | $69,901,983 |
Loyalty Class 2 | ||||
Shares sold | 1,243 | - | $17,906 | $- |
Reinvestment of distributions | - | 256 | - | 5,010 |
Shares redeemed | (1,243) | - | (18,055) | - |
Net increase (decrease) | - | 256 | $(149) | $5,010 |
Class F | ||||
Shares sold | 12,758 | 331,731 | $177,985 | $6,114,342 |
Reinvestment of distributions | - | 59,316 | - | 1,164,098 |
Shares redeemed | (306,712) | (449,808) | (3,950,063) | (8,048,845) |
Net increase (decrease) | (293,954) | (58,761) | $(3,772,078) | $(770,405) |
Fidelity Disruptive Communications Fund | ||||
Fidelity Disruptive Communications Fund | ||||
Shares sold | 121,980 | 778,402 | $1,354,525 | $13,145,562 |
Reinvestment of distributions | - | 79,255 | - | 1,353,700 |
Shares redeemed | (456,476) | (2,348,937) | (4,676,260) | (38,618,424) |
Net increase (decrease) | (334,496) | (1,491,280) | $(3,321,735) | $(24,119,162) |
Loyalty Class 1 | ||||
Shares sold | 158,070 | 1,560,001 | $1,711,794 | $25,719,807 |
Reinvestment of distributions | - | 43,190 | - | 711,850 |
Shares redeemed | (198,929) | (557,772) | (2,151,250) | (8,111,660) |
Net increase (decrease) | (40,859) | 1,045,419 | $(439,456) | $18,319,997 |
Loyalty Class 2 | ||||
Shares sold | 470 | - | $5,415 | $- |
Reinvestment of distributions | - | 575 | - | 9,700 |
Shares redeemed | (470) | - | (5,514) | - |
Net increase (decrease) | - | 575 | $(99) | $9,700 |
Class F | ||||
Shares sold | 16,341 | 499,239 | $177,985 | $8,186,239 |
Reinvestment of distributions | - | 127,405 | - | 2,144,870 |
Shares redeemed | (388,880) | (450,224) | (3,950,063) | (6,430,638) |
Net increase (decrease) | (372,539) | 176,420 | $(3,772,078) | $3,900,471 |
Fidelity Disruptive Finance Fund | ||||
Fidelity Disruptive Finance Fund | ||||
Shares sold | 134,509 | 1,522,405 | $1,879,840 | $28,354,963 |
Reinvestment of distributions | 64,830 | 37,862 | 860,296 | 699,750 |
Shares redeemed | (949,935) | (2,995,268) | (12,447,174) | (54,505,311) |
Net increase (decrease) | (750,596) | (1,435,001) | $(9,707,038) | $(25,450,598) |
Loyalty Class 1 | ||||
Shares sold | 376,964 | 1,495,157 | $5,108,596 | $27,284,785 |
Reinvestment of distributions | 75,475 | 17,088 | 1,000,037 | 315,495 |
Shares redeemed | (239,320) | (292,449) | (3,270,362) | (5,046,813) |
Net increase (decrease) | 213,119 | 1,219,796 | $2,838,271 | $22,553,467 |
Loyalty Class 2 | ||||
Shares sold | 1,246 | - | $17,290 | $- |
Reinvestment of distributions | 656 | 236 | 8,741 | 4,380 |
Shares redeemed | (1,246) | - | (17,552) | - |
Net increase (decrease) | 656 | 236 | $8,479 | $4,380 |
Class F | ||||
Shares sold | 12,872 | 262,444 | $177,985 | $4,963,476 |
Reinvestment of distributions | 108,414 | 59,129 | 1,445,165 | 1,097,133 |
Shares redeemed | (306,857) | (588,999) | (3,950,063) | (10,388,509) |
Net increase (decrease) | (185,571) | (267,426) | $(2,326,913) | $(4,327,900) |
Fidelity Disruptive Medicine Fund | ||||
Fidelity Disruptive Medicine Fund | ||||
Shares sold | 463,778 | 1,365,657 | $4,942,077 | $ 18,194,183 |
Reinvestment of distributions | - | 21,668 | - | 297,724 |
Shares redeemed | (933,783) | (2,767,183) | (9,600,561) | (35,824,976) |
Net increase (decrease) | (470,005) | (1,379,858) | $(4,658,484) | $(17,333,069) |
Loyalty Class 1 | ||||
Shares sold | 350,255 | 1,803,906 | $3,644,176 | $23,287,853 |
Reinvestment of distributions | - | 6,145 | - | 84,377 |
Shares redeemed | (232,352) | (421,676) | (2,458,794) | (4,950,843) |
Net increase (decrease) | 117,903 | 1,388,375 | $1,185,382 | $18,421,387 |
Loyalty Class 2 | ||||
Shares sold | 154 | - | $1,704 | $- |
Reinvestment of distributions | - | 115 | - | 1,584 |
Shares redeemed | (154) | - | (1,720) | - |
Net increase (decrease) | - | 115 | $(16) | $1,584 |
Class F | ||||
Shares sold | 16,389 | 612,276 | $177,985 | $8,148,906 |
Reinvestment of distributions | - | 33,286 | - | 459,341 |
Shares redeemed | (593,241) | (654,892) | (6,115,680) | (7,775,910) |
Net increase (decrease) | (576,852) | (9,330) | $(5,937,695) | $832,337 |
Fidelity Disruptive Technology Fund | ||||
Fidelity Disruptive Technology Fund | ||||
Shares sold | 1,508,821 | 3,479,218 | $ 17,068,799 | $ 62,077,719 |
Reinvestment of distributions | 34,545 | 77,426 | 392,082 | 1,510,441 |
Shares redeemed | (2,693,512) | (7,805,680) | (28,498,128) | (142,978,770) |
Net increase (decrease) | (1,150,146) | (4,249,036) | $(11,037,247) | $(79,390,610) |
Loyalty Class 1 | ||||
Shares sold | 689,438 | 5,021,866 | $ 7,654,409 | $ 92,457,308 |
Reinvestment of distributions | 43,936 | 28,742 | 499,555 | 564,426 |
Shares redeemed | (523,766) | (1,521,976) | (5,836,719) | (24,013,647) |
Net increase (decrease) | 209,608 | 3,528,632 | $2,317,245 | $69,008,087 |
Loyalty Class 2 | ||||
Shares sold | 113 | - | $1,295 | $- |
Reinvestment of distributions | 121 | 162 | 1,388 | 3,166 |
Shares redeemed | (113) | - | (1,306) | - |
Net increase (decrease) | 121 | 162 | $1,377 | $3,166 |
Class F | ||||
Shares sold | 15,888 | 592,417 | $ 177,985 | $ 10,092,143 |
Reinvestment of distributions | 23,554 | 33,738 | 271,344 | 662,368 |
Shares redeemed | (382,817) | (367,127) | (3,950,063) | (5,857,770) |
Net increase (decrease) | (343,375) | 259,028 | $(3,500,734) | $4,896,741 |
Fidelity Disruptors Fund | |
Fidelity Disruptive Automation Fund | 21% |
Fidelity Disruptive Communications Fund | 53% |
Fidelity Disruptive Finance Fund | 42% |
Fidelity Disruptive Medicine Fund | 43% |
Fidelity Disruptive Technology Fund | 22% |
Current Mutual Funds (Target and Predecessor Funds) | New ETFs |
Fidelity Disruptive Automation Fund | Fidelity Disruptive Automation ETF |
Fidelity Disruptive Communications Fund | Fidelity Disruptive Communications ETF |
Fidelity Disruptive Finance Fund | Fidelity Disruptive Finance ETF |
Fidelity Disruptive Medicine Fund | Fidelity Disruptive Medicine ETF |
Fidelity Disruptive Technology Fund | Fidelity Disruptive Technology ETF |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Disruptive Automation Fund | ||||||||||
Fidelity® Disruptive Automation Fund | 1.00% | |||||||||
Actual | $ 1,000 | $ 975.20 | $ 4.95 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.05 | $ 5.06 | |||||||
Loyalty Class 1 | .75% | |||||||||
Actual | $ 1,000 | $ 975.80 | $ 3.71 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.31 | $ 3.80 | |||||||
Loyalty Class 2 | .50% | |||||||||
Actual | $ 1,000 | $ 977.30 | $ 2.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.56 | $ 2.54 | |||||||
Class F | -% | |||||||||
Actual | $ 1,000 | $ 980.00 | $- | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- | |||||||
Fidelity® Disruptive Communications Fund | ||||||||||
Fidelity® Disruptive Communications Fund | .99% | |||||||||
Actual | $ 1,000 | $ 926.90 | $ 4.78 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.10 | $ 5.01 | |||||||
Loyalty Class 1 | .75% | |||||||||
Actual | $ 1,000 | $ 927.50 | $ 3.62 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.31 | $ 3.80 | |||||||
Loyalty Class 2 | .50% | |||||||||
Actual | $ 1,000 | $ 928.80 | $ 2.42 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.56 | $ 2.54 | |||||||
Class F | -% | |||||||||
Actual | $ 1,000 | $ 930.70 | $- | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- | |||||||
Fidelity® Disruptive Finance Fund | ||||||||||
Fidelity® Disruptive Finance Fund | 1.00% | |||||||||
Actual | $ 1,000 | $ 978.10 | $ 4.96 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.05 | $ 5.06 | |||||||
Loyalty Class 1 | .76% | |||||||||
Actual | $ 1,000 | $ 979.60 | $ 3.77 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.26 | $ 3.85 | |||||||
Loyalty Class 2 | .50% | |||||||||
Actual | $ 1,000 | $ 980.70 | $ 2.48 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.56 | $ 2.54 | |||||||
Class F | -% | |||||||||
Actual | $ 1,000 | $ 982.60 | $- | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- | |||||||
Fidelity® Disruptive Medicine Fund | ||||||||||
Fidelity® Disruptive Medicine Fund | 1.00% | |||||||||
Actual | $ 1,000 | $ 1,124.50 | $ 5.33 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.05 | $ 5.06 | |||||||
Loyalty Class 1 | .75% | |||||||||
Actual | $ 1,000 | $ 1,126.30 | $ 4.00 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.31 | $ 3.80 | |||||||
Loyalty Class 2 | .50% | |||||||||
Actual | $ 1,000 | $ 1,127.60 | $ 2.67 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.56 | $ 2.54 | |||||||
Class F | -% | |||||||||
Actual | $ 1,000 | $ 1,130.80 | $- | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- | |||||||
Fidelity® Disruptive Technology Fund | ||||||||||
Fidelity® Disruptive Technology Fund | .99% | |||||||||
Actual | $ 1,000 | $ 931.40 | $ 4.79 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.10 | $ 5.01 | |||||||
Loyalty Class 1 | .75% | |||||||||
Actual | $ 1,000 | $ 932.40 | $ 3.63 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.31 | $ 3.80 | |||||||
Loyalty Class 2 | .50% | |||||||||
Actual | $ 1,000 | $ 933.70 | $ 2.42 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.56 | $ 2.54 | |||||||
Class F | -% | |||||||||
Actual | $ 1,000 | $ 935.70 | $- | |||||||
Hypothetical- B | $ 1,000 | $ 1,025.07 | $- | |||||||
Contents
Top Holdings (% of Fund's net assets) | ||
Fidelity Disruptive Automation Fund Class F | 21.5 | |
Fidelity Disruptive Finance Fund Class F | 20.7 | |
Fidelity Disruptive Medicine Fund Class F | 20.7 | |
Fidelity Disruptive Communications Fund Class F | 18.6 | |
Fidelity Disruptive Technology Fund Class F | 18.5 | |
100.0 | ||
Asset Allocation (% of Fund's net assets) |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Domestic Equity Funds - 100.0% | |||
Shares | Value ($) | ||
Fidelity Disruptive Automation Fund Class F (a) | 1,478,044 | 21,771,583 | |
Fidelity Disruptive Communications Fund Class F (a) | 1,732,811 | 18,852,980 | |
Fidelity Disruptive Finance Fund Class F (a) | 1,488,089 | 21,056,455 | |
Fidelity Disruptive Medicine Fund Class F (a) | 1,843,022 | 21,028,885 | |
Fidelity Disruptive Technology Fund Class F (a) | 1,692,289 | 18,733,642 | |
TOTAL DOMESTIC EQUITY FUNDS (Cost $108,731,437) | 101,443,545 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% (Cost $108,731,437) | 101,443,545 |
NET OTHER ASSETS (LIABILITIES) - 0.0% | (2,833) |
NET ASSETS - 100.0% | 101,440,712 |
(a) | Affiliated Fund |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Disruptive Automation Fund Class F | 26,633,114 | 177,985 | 3,950,063 | - | (1,512,794) | 423,341 | 21,771,583 |
Fidelity Disruptive Communications Fund Class F | 24,611,541 | 177,985 | 3,950,063 | - | (2,252,227) | 265,744 | 18,852,980 |
Fidelity Disruptive Finance Fund Class F | 25,684,493 | 1,616,232 | 3,952,322 | 1,435,988 | (794,482) | (1,497,466) | 21,056,455 |
Fidelity Disruptive Medicine Fund Class F | 24,416,531 | 177,984 | 6,115,680 | - | (1,583,188) | 4,133,238 | 21,028,885 |
Fidelity Disruptive Technology Fund Class F | 24,368,348 | 448,363 | 3,950,491 | 269,950 | (2,773,789) | 641,211 | 18,733,642 |
125,714,027 | 2,598,549 | 21,918,619 | 1,705,938 | (8,916,480) | 3,966,068 | 101,443,545 |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Domestic Equity Funds | 101,443,545 | 101,443,545 | - | - |
Total Investments in Securities: | 101,443,545 | 101,443,545 | - | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Affiliated issuers (cost $108,731,437) | 101,443,545 | |||
Total Investment in Securities (cost $108,731,437) | $ | 101,443,545 | ||
Cash | 312 | |||
Receivable for investments sold | 212,907 | |||
Receivable for fund shares sold | 161,749 | |||
Total assets | 101,818,513 | |||
Liabilities | ||||
Payable for fund shares redeemed | $311,766 | |||
Accrued management fee | 66,035 | |||
Total Liabilities | 377,801 | |||
Net Assets | $ | 101,440,712 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 119,876,048 | ||
Total accumulated earnings (loss) | (18,435,336) | |||
Net Assets | $ | 101,440,712 | ||
Net Asset Value and Maximum Offering Price | ||||
Fidelity Disruptors Fund : | ||||
Net Asset Value , offering price and redemption price per share ($24,278,966 ÷ 1,921,569 shares) | $ | 12.63 | ||
Loyalty Class 1 : | ||||
Net Asset Value , offering price and redemption price per share ($77,031,254 ÷ 6,077,755 shares) | $ | 12.67 | ||
Loyalty Class 2 : | ||||
Net Asset Value , offering price and redemption price per share ($130,492 ÷ 10,242 shares) | $ | 12.74 |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends: | ||||
Affiliated issuers | $ | 112,722 | ||
Expenses | ||||
Management fee | $ | 468,396 | ||
Independent trustees' fees and expenses | 204 | |||
Total expenses before reductions | 468,600 | |||
Expense reductions | (173) | |||
Total expenses after reductions | 468,427 | |||
Net Investment income (loss) | (355,705) | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Affiliated issuers | (8,916,480) | |||
Capital gain distributions from underlying funds: | ||||
Affiliated issuers | 1,593,216 | |||
Total net realized gain (loss) | (7,323,264) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Affiliated issuers | 3,966,068 | |||
Total change in net unrealized appreciation (depreciation) | 3,966,068 | |||
Net gain (loss) | (3,357,196) | |||
Net increase (decrease) in net assets resulting from operations | $ | (3,712,901) |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | (355,705) | $ | (1,064,141) |
Net realized gain (loss) | (7,323,264) | 1,032,572 | ||
Change in net unrealized appreciation (depreciation) | 3,966,068 | (41,431,290) | ||
Net increase (decrease) in net assets resulting from operations | (3,712,901) | (41,462,859) | ||
Distributions to shareholders | - | (2,740,280) | ||
Share transactions - net increase (decrease) | (20,556,572) | 3,294,782 | ||
Total increase (decrease) in net assets | (24,269,473) | (40,908,357) | ||
Net Assets | ||||
Beginning of period | 125,710,185 | 166,618,542 | ||
End of period | $ | 101,440,712 | $ | 125,710,185 |
Fidelity® Disruptors Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 12.80 | $ | 16.89 | $ | 11.57 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.05) | (.12) | (.12) | (.01) | ||||
Net realized and unrealized gain (loss) | (.12) | (3.75) | 5.55 | 1.58 | ||||
Total from investment operations | (.17) | (3.87) | 5.43 | 1.57 | ||||
Distributions from net realized gain | - | (.22) | (.11) | - | ||||
Total distributions | - | (.22) | (.11) | - | ||||
Net asset value, end of period | $ | 12.63 | $ | 12.80 | $ | 16.89 | $ | 11.57 |
Total Return D,E | (1.33)% | (23.29)% | 46.99% | 15.70% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | 1.00% H | 1.00% | 1.01% I | 1.01% H,I | ||||
Expenses net of fee waivers, if any | 1.00% H | 1.00% | 1.01% I | 1.01% H,I | ||||
Expenses net of all reductions | 1.00% H | 1.00% | 1.01% I | 1.01% H,I | ||||
Net investment income (loss) | (.80)% H | (.69)% | (.77)% | (1.01)% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 24,279 | $ | 48,579 | $ | 141,385 | $ | 19,310 |
Portfolio turnover rate J | 5% H | 22% | 3% | -% K |
Fidelity® Disruptors Fund Loyalty Class 1 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 12.83 | $ | 16.95 | $ | 11.58 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.03) | (.08) | (.12) | (.01) | ||||
Net realized and unrealized gain (loss) | (.13) | (3.75) | 5.59 | 1.59 | ||||
Total from investment operations | (.16) | (3.83) | 5.47 | 1.58 | ||||
Distributions from net realized gain | - | (.29) | (.10) | - | ||||
Total distributions | - | (.29) | (.10) | - | ||||
Net asset value, end of period | $ | 12.67 | $ | 12.83 | $ | 16.95 | $ | 11.58 |
Total Return D,E | (1.25)% | (23.07)% | 47.32% | 15.80% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | .75% H | .75% | .77% I | .75% H | ||||
Expenses net of fee waivers, if any | .75% H | .75% | .77% I | .75% H | ||||
Expenses net of all reductions | .75% H | .75% | .77% I | .75% H | ||||
Net investment income (loss) | (.55)% H | (.51)% | (.74)% | (.75)% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 77,031 | $ | 76,999 | $ | 25,062 | $ | 116 |
Portfolio turnover rate J | 5% H | 22% | 3% | -% K |
Fidelity® Disruptors Fund Loyalty Class 2 |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 12.88 | $ | 16.97 | $ | 11.58 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | (.02) | (.04) | (.04) | (.01) | ||||
Net realized and unrealized gain (loss) | (.12) | (3.76) | 5.55 | 1.59 | ||||
Total from investment operations | (.14) | (3.80) | 5.51 | 1.58 | ||||
Distributions from net realized gain | - | (.29) | (.12) | - | ||||
Total distributions | - | (.29) | (.12) | - | ||||
Net asset value, end of period | $ | 12.74 | $ | 12.88 | $ | 16.97 | $ | 11.58 |
Total Return D,E | (1.09)% | (22.86)% | 47.69% | 15.80% | ||||
Ratios to Average Net Assets C,F,G | ||||||||
Expenses before reductions | .50% H | .50% | .50% | .50% H | ||||
Expenses net of fee waivers, if any | .50% H | .50% | .50% | .50% H | ||||
Expenses net of all reductions | .50% H | .50% | .50% | .50% H | ||||
Net investment income (loss) | (.30)% H | (.22)% | (.26)% | (.50)% H | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 130 | $ | 132 | $ | 171 | $ | 116 |
Portfolio turnover rate I | 5% H | 22% | 3% | -% J |
Gross unrealized appreciation | $5,155,964 |
Gross unrealized depreciation | (12,761,598) |
Net unrealized appreciation (depreciation) | $(7,605,634) |
Tax cost | $109,049,179 |
Purchases ($) | Sales ($) | |
Fidelity Disruptors Fund | 2,598,549 | 21,918,619 |
Management Fee Annual % of Class-Level Average Net Assets | Expense Contract Annual % of Class-Level Average Net Assets | |
Fidelity Disruptors Fund | 1.00% | N/A |
Loyalty Class 1 | 1.00% | .75% |
Loyalty Class 2 | 1.00% | .50% |
Expense reduction | |
Fidelity Disruptors Fund | $68 |
Loyalty Class 1 | 103 |
$171 |
Six months ended November 30, 2022 | Year ended May 31, 2022 | |
Fidelity Disruptors Fund | ||
Distributions to shareholders | ||
Fidelity Disruptors Fund | $- | $1,248,331 |
Loyalty Class 1 | - | 1,488,996 |
Loyalty Class 2 | - | 2,953 |
Total | $- | $2,740,280 |
Shares | Shares | Dollars | Dollars | |
Six months ended November 30, 2022 | Year ended May 31, 2022 | Six months ended November 30, 2022 | Year ended May 31, 2022 | |
Fidelity Disruptors Fund | ||||
Fidelity Disruptors Fund | ||||
Shares sold | 473,143 | 3,364,718 | $5,813,465 | $ 57,885,306 |
Reinvestment of distributions | - | 64,582 | - | 1,155,369 |
Shares redeemed | (2,345,650) | (8,005,363) | (27,417,055) | (134,859,195) |
Net increase (decrease) | (1,872,507) | (4,576,063) | $(21,603,590) | $(75,818,520) |
Loyalty Class 1 | ||||
Shares sold | 896,058 | 5,960,783 | $ 11,020,058 | $ 101,335,523 |
Reinvestment of distributions | - | 77,695 | - | 1,391,522 |
Shares redeemed | (820,847) | (1,514,632) | (9,973,040) | (23,616,696) |
Net increase (decrease) | 75,211 | 4,523,846 | $1,047,018 | $79,110,349 |
Loyalty Class 2 | ||||
Reinvestment of distributions | - | 164 | - | 2,953 |
Net increase (decrease) | - | 164 | $- | $2,953 |
Fund | Fidelity Disruptors Fund |
Fidelity Disruptive Automation Fund | 21% |
Fidelity Disruptive Communications Fund | 53% |
Fidelity Disruptive Finance Fund | 42% |
Fidelity Disruptive Medicine Fund | 43% |
Fidelity Disruptive Technology Fund | 22% |
Current Mutual Fund (Target and Predecessor Fund) | New ETF |
Fidelity Disruptors Fund | Fidelity Disruptors ETF |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Disruptors Fund | ||||||||||
Fidelity® Disruptors Fund | 1.00% | |||||||||
Actual | $ 1,000 | $ 986.70 | $ 4.98 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.05 | $ 5.06 | |||||||
Loyalty Class 1 | .75% | |||||||||
Actual | $ 1,000 | $ 987.50 | $ 3.74 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.31 | $ 3.80 | |||||||
Loyalty Class 2 | .50% | |||||||||
Actual | $ 1,000 | $ 989.10 | $ 2.49 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.56 | $ 2.54 | |||||||
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 6.3 | |
Danaher Corp. | 3.1 | |
Prologis (REIT), Inc. | 2.8 | |
Cigna Corp. | 2.5 | |
The Travelers Companies, Inc. | 2.4 | |
Apple, Inc. | 2.4 | |
Bank of America Corp. | 2.2 | |
Procter & Gamble Co. | 2.2 | |
Merck & Co., Inc. | 2.1 | |
The Home Depot, Inc. | 2.0 | |
28.0 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.8 | |
Health Care | 13.6 | |
Financials | 12.4 | |
Consumer Discretionary | 12.0 | |
Industrials | 10.1 | |
Consumer Staples | 5.9 | |
Communication Services | 5.5 | |
Materials | 4.8 | |
Energy | 3.6 | |
Utilities | 2.8 | |
Real Estate | 2.8 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 12.1% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.1% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 5.5% | |||
Entertainment - 1.3% | |||
Netflix, Inc. (a) | 728 | 222,426 | |
Interactive Media & Services - 1.7% | |||
Alphabet, Inc. Class A (a) | 2,727 | 275,400 | |
Media - 2.5% | |||
Cable One, Inc. | 133 | 96,331 | |
Comcast Corp. Class A | 4,504 | 165,027 | |
Interpublic Group of Companies, Inc. | 4,784 | 164,378 | |
425,736 | |||
TOTAL COMMUNICATION SERVICES | 923,562 | ||
CONSUMER DISCRETIONARY - 12.0% | |||
Auto Components - 0.8% | |||
Aptiv PLC (a) | 1,222 | 130,351 | |
Automobiles - 0.8% | |||
General Motors Co. | 3,161 | 128,210 | |
Diversified Consumer Services - 1.8% | |||
Adtalem Global Education, Inc. (a) | 4,052 | 168,563 | |
Bright Horizons Family Solutions, Inc. (a) | 1,923 | 142,687 | |
311,250 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Marriott International, Inc. Class A | 1,182 | 195,444 | |
Household Durables - 1.3% | |||
Taylor Morrison Home Corp. (a) | 7,407 | 225,099 | |
Internet & Direct Marketing Retail - 2.0% | |||
Amazon.com, Inc. (a) | 1,482 | 143,072 | |
eBay, Inc. | 4,299 | 195,347 | |
338,419 | |||
Specialty Retail - 2.0% | |||
The Home Depot, Inc. | 1,051 | 340,513 | |
Textiles, Apparel & Luxury Goods - 2.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 282 | 218,840 | |
Tapestry, Inc. | 3,367 | 127,172 | |
346,012 | |||
TOTAL CONSUMER DISCRETIONARY | 2,015,298 | ||
CONSUMER STAPLES - 5.9% | |||
Beverages - 0.9% | |||
Keurig Dr. Pepper, Inc. | 3,939 | 152,321 | |
Food & Staples Retailing - 0.8% | |||
Albertsons Companies, Inc. | 6,882 | 144,178 | |
Food Products - 1.1% | |||
Darling Ingredients, Inc. (a) | 2,569 | 184,531 | |
Household Products - 2.2% | |||
Procter & Gamble Co. | 2,441 | 364,100 | |
Personal Products - 0.9% | |||
Estee Lauder Companies, Inc. Class A | 637 | 150,198 | |
TOTAL CONSUMER STAPLES | 995,328 | ||
ENERGY - 3.6% | |||
Energy Equipment & Services - 1.2% | |||
Baker Hughes Co. Class A | 6,836 | 198,381 | |
Oil, Gas & Consumable Fuels - 2.4% | |||
Cheniere Energy, Inc. | 456 | 79,964 | |
Denbury, Inc. (a) | 1,464 | 131,409 | |
Valero Energy Corp. | 1,448 | 193,482 | |
404,855 | |||
TOTAL ENERGY | 603,236 | ||
FINANCIALS - 12.4% | |||
Banks - 3.2% | |||
Bank of America Corp. | 9,828 | 371,990 | |
Huntington Bancshares, Inc. | 10,596 | 164,026 | |
536,016 | |||
Capital Markets - 5.4% | |||
BlackRock, Inc. Class A | 272 | 194,752 | |
Moody's Corp. | 633 | 188,805 | |
Northern Trust Corp. | 2,793 | 260,056 | |
State Street Corp. | 3,304 | 263,230 | |
906,843 | |||
Consumer Finance - 1.4% | |||
American Express Co. | 1,479 | 233,076 | |
Insurance - 2.4% | |||
The Travelers Companies, Inc. | 2,174 | 412,647 | |
TOTAL FINANCIALS | 2,088,582 | ||
HEALTH CARE - 13.4% | |||
Biotechnology - 1.7% | |||
Vertex Pharmaceuticals, Inc. (a) | 906 | 286,658 | |
Health Care Providers & Services - 2.7% | |||
Cigna Corp. | 1,268 | 417,033 | |
Guardant Health, Inc. (a) | 823 | 43,076 | |
460,109 | |||
Life Sciences Tools & Services - 4.2% | |||
Danaher Corp. | 1,883 | 514,831 | |
ICON PLC (a) | 860 | 185,278 | |
700,109 | |||
Pharmaceuticals - 4.8% | |||
Merck & Co., Inc. | 3,188 | 351,063 | |
Roche Holding AG (participation certificate) | 388 | 126,730 | |
UCB SA | 1,851 | 149,406 | |
Zoetis, Inc. Class A | 1,218 | 187,743 | |
814,942 | |||
TOTAL HEALTH CARE | 2,261,818 | ||
INDUSTRIALS - 10.1% | |||
Air Freight & Logistics - 1.3% | |||
United Parcel Service, Inc. Class B | 1,121 | 212,687 | |
Building Products - 1.0% | |||
Johnson Controls International PLC | 2,694 | 178,989 | |
Electrical Equipment - 1.3% | |||
Acuity Brands, Inc. | 962 | 181,135 | |
Generac Holdings, Inc. (a) | 381 | 40,203 | |
221,338 | |||
Machinery - 2.2% | |||
Deere & Co. | 510 | 224,910 | |
Ingersoll Rand, Inc. | 2,613 | 141,024 | |
365,934 | |||
Professional Services - 4.3% | |||
KBR, Inc. | 5,650 | 291,936 | |
Manpower, Inc. | 2,423 | 212,061 | |
Verisk Analytics, Inc. | 1,177 | 216,227 | |
720,224 | |||
TOTAL INDUSTRIALS | 1,699,172 | ||
INFORMATION TECHNOLOGY - 25.8% | |||
Electronic Equipment & Components - 0.6% | |||
Flex Ltd. (a) | 4,925 | 108,252 | |
IT Services - 3.8% | |||
Accenture PLC Class A | 1,080 | 325,004 | |
MasterCard, Inc. Class A | 529 | 188,536 | |
PayPal Holdings, Inc. (a) | 1,606 | 125,926 | |
639,466 | |||
Semiconductors & Semiconductor Equipment - 7.1% | |||
Advanced Micro Devices, Inc. (a) | 1,711 | 132,825 | |
NVIDIA Corp. | 1,865 | 315,614 | |
NXP Semiconductors NV | 1,102 | 193,776 | |
onsemi (a) | 4,361 | 327,947 | |
SolarEdge Technologies, Inc. (a) | 768 | 229,524 | |
1,199,686 | |||
Software - 11.9% | |||
Adobe, Inc. (a) | 484 | 166,946 | |
Autodesk, Inc. (a) | 883 | 178,322 | |
Intuit, Inc. | 633 | 258,004 | |
Microsoft Corp. | 4,132 | 1,054,236 | |
Salesforce.com, Inc. (a) | 2,117 | 339,249 | |
1,996,757 | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Apple, Inc. | 2,710 | 401,161 | |
TOTAL INFORMATION TECHNOLOGY | 4,345,322 | ||
MATERIALS - 4.8% | |||
Chemicals - 2.1% | |||
Eastman Chemical Co. | 1,057 | 91,557 | |
Linde PLC | 791 | 266,156 | |
357,713 | |||
Containers & Packaging - 2.7% | |||
Avery Dennison Corp. | 1,521 | 294,055 | |
Crown Holdings, Inc. | 1,986 | 163,269 | |
457,324 | |||
TOTAL MATERIALS | 815,037 | ||
REAL ESTATE - 2.8% | |||
Equity Real Estate Investment Trusts (REITs) - 2.8% | |||
Prologis (REIT), Inc. | 3,970 | 467,626 | |
UTILITIES - 2.8% | |||
Electric Utilities - 2.2% | |||
NextEra Energy, Inc. | 2,204 | 186,679 | |
ORSTED A/S (b) | 2,077 | 181,863 | |
368,542 | |||
Water Utilities - 0.6% | |||
American Water Works Co., Inc. | 659 | 100,010 | |
TOTAL UTILITIES | 468,552 | ||
TOTAL COMMON STOCKS (Cost $17,491,781) | 16,683,533 | ||
Convertible Preferred Stocks - 0.2% | |||
Shares | Value ($) | ||
HEALTH CARE - 0.2% | |||
Health Care Providers & Services - 0.2% | |||
Somatus, Inc. Series E (c)(d) (Cost $32,287) | 37 | 31,780 | |
Money Market Funds - 0.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (e) (Cost $82,537) | 82,521 | 82,537 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $17,606,605) | 16,797,850 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 31,099 |
NET ASSETS - 100.0% | 16,828,949 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $181,863 or 1.1% 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 $31,780 or 0.2% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Additional information on each restricted holding is as follows: | ||
Security | Acquisition Date | Acquisition Cost ($) |
Somatus, Inc. Series E | 1/31/22 | 32,287 |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 109,161 | 2,782,284 | 2,808,908 | 1,401 | - | - | 82,537 | 0.0% |
Total | 109,161 | 2,782,284 | 2,808,908 | 1,401 | - | - | 82,537 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 923,562 | 923,562 | - | - |
Consumer Discretionary | 2,015,298 | 1,796,458 | 218,840 | - |
Consumer Staples | 995,328 | 995,328 | - | - |
Energy | 603,236 | 603,236 | - | - |
Financials | 2,088,582 | 2,088,582 | - | - |
Health Care | 2,293,598 | 1,985,682 | 276,136 | 31,780 |
Industrials | 1,699,172 | 1,699,172 | - | - |
Information Technology | 4,345,322 | 4,345,322 | - | - |
Materials | 815,037 | 815,037 | - | - |
Real Estate | 467,626 | 467,626 | - | - |
Utilities | 468,552 | 286,689 | 181,863 | - |
Money Market Funds | 82,537 | 82,537 | - | - |
Total Investments in Securities: | 16,797,850 | 16,089,231 | 676,839 | 31,780 |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $17,524,068) | $16,715,313 | |||
Fidelity Central Funds (cost $82,537) | 82,537 | |||
Total Investment in Securities (cost $17,606,605) | $ | 16,797,850 | ||
Cash | 1 | |||
Foreign currency held at value (cost $1) | 1 | |||
Receivable for investments sold | 340,754 | |||
Receivable for fund shares sold | 1,024 | |||
Dividends receivable | 62,676 | |||
Distributions receivable from Fidelity Central Funds | 372 | |||
Prepaid expenses | 21 | |||
Receivable from investment adviser for expense reductions | 3,234 | |||
Total assets | 17,205,933 | |||
Liabilities | ||||
Payable for investments purchased | $339,236 | |||
Payable for fund shares redeemed | 114 | |||
Accrued management fee | 7,072 | |||
Distribution and service plan fees payable | 512 | |||
Other affiliated payables | 3,706 | |||
Audit fee payable | 23,840 | |||
Other payables and accrued expenses | 2,504 | |||
Total Liabilities | 376,984 | |||
Net Assets | $ | 16,828,949 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 18,637,616 | ||
Total accumulated earnings (loss) | (1,808,667) | |||
Net Assets | $ | 16,828,949 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($648,078 ÷ 68,566 shares) (a) | $ | 9.45 | ||
Maximum offering price per share (100/94.25 of $9.45) | $ | 10.03 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($334,324 ÷ 35,452 shares) (a) | $ | 9.43 | ||
Maximum offering price per share (100/96.50 of $9.43) | $ | 9.77 | ||
Class C : | ||||
Net Asset Value and offering price per share ($314,075 ÷ 33,501 shares) (a) | $ | 9.38 | ||
Fidelity Sustainable U.S. Equity Fund : | ||||
Net Asset Value , offering price and redemption price per share ($15,301,964 ÷ 1,615,960 shares) | $ | 9.47 | ||
Class I : | ||||
Net Asset Value , offering price and redemption price per share ($116,967 ÷ 12,353 shares) | $ | 9.47 | ||
Class Z : | ||||
Net Asset Value , offering price and redemption price per share ($113,541 ÷ 11,966 shares) | $ | 9.49 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 107,833 | ||
Special dividends | 43,915 | |||
Income from Fidelity Central Funds | 1,401 | |||
Total Income | 153,149 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 41,310 | ||
Performance adjustment | (448) | |||
Transfer agent fees | 19,811 | |||
Distribution and service plan fees | 2,900 | |||
Accounting fees and expenses | 2,771 | |||
Custodian fees and expenses | 3,689 | |||
Independent trustees' fees and expenses | 27 | |||
Registration fees | 31,997 | |||
Audit | 22,220 | |||
Legal | 5 | |||
Miscellaneous | 29 | |||
Total expenses before reductions | 124,311 | |||
Expense reductions | (51,326) | |||
Total expenses after reductions | 72,985 | |||
Net Investment income (loss) | 80,164 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (600,239) | |||
Foreign currency transactions | (171) | |||
Total net realized gain (loss) | (600,410) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 637,347 | |||
Assets and liabilities in foreign currencies | (12) | |||
Total change in net unrealized appreciation (depreciation) | 637,335 | |||
Net gain (loss) | 36,925 | |||
Net increase (decrease) in net assets resulting from operations | $ | 117,089 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | For the period June 15, 2021 (commencement of operations) through May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 80,164 | $ | 22,250 |
Net realized gain (loss) | (600,410) | (425,572) | ||
Change in net unrealized appreciation (depreciation) | 637,335 | (1,446,167) | ||
Net increase (decrease) in net assets resulting from operations | 117,089 | (1,849,489) | ||
Distributions to shareholders | (12,698) | (58,306) | ||
Share transactions - net increase (decrease) | 661,790 | 17,970,563 | ||
Total increase (decrease) in net assets | 766,181 | 16,062,768 | ||
Net Assets | ||||
Beginning of period | 16,062,768 | - | ||
End of period | $ | 16,828,949 | $ | 16,062,768 |
Fidelity Sustainable U.S. Equity Fund Class A |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.38 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .04 D | - E | ||
Net realized and unrealized gain (loss) | .03 | (.58) | ||
Total from investment operations | .07 | (.58) | ||
Distributions from net realized gain | - | (.04) | ||
Total distributions | - | (.04) | ||
Net asset value, end of period | $ | 9.45 | $ | 9.38 |
Total Return F,G,H | .75% | (5.87)% | ||
Ratios to Average Net Assets C,I,J | ||||
Expenses before reductions | 1.80% K | 3.52% K | ||
Expenses net of fee waivers, if any | 1.15% K | 1.14% K | ||
Expenses net of all reductions | 1.15% K | 1.14% K | ||
Net investment income (loss) | .53% D,K | -% K,L | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 648 | $ | 633 |
Portfolio turnover rate M | 54% K | 55% K |
Fidelity Sustainable U.S. Equity Fund Class M |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.37 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .02 D | (.02) | ||
Net realized and unrealized gain (loss) | .04 | (.59) | ||
Total from investment operations | .06 | (.61) | ||
Distributions from net realized gain | - | (.02) | ||
Total distributions | - | (.02) | ||
Net asset value, end of period | $ | 9.43 | $ | 9.37 |
Total Return E,F,G | .64% | (6.10)% | ||
Ratios to Average Net Assets C,H,I | ||||
Expenses before reductions | 2.03% J | 4.05% J | ||
Expenses net of fee waivers, if any | 1.40% J | 1.39% J | ||
Expenses net of all reductions | 1.39% J | 1.39% J | ||
Net investment income (loss) | .28% D,J | (.26)% J | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 334 | $ | 258 |
Portfolio turnover rate K | 54% J | 55% J |
Fidelity Sustainable U.S. Equity Fund Class C |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.34 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | - D,E | (.07) | ||
Net realized and unrealized gain (loss) | .04 | (.58) | ||
Total from investment operations | .04 | (.65) | ||
Distributions from net realized gain | - | (.01) | ||
Total distributions | - | (.01) | ||
Net asset value, end of period | $ | 9.38 | $ | 9.34 |
Total Return F,G,H | .43% | (6.53)% | ||
Ratios to Average Net Assets C,I,J | ||||
Expenses before reductions | 2.54% K | 4.65% K | ||
Expenses net of fee waivers, if any | 1.89% K | 1.89% K | ||
Expenses net of all reductions | 1.89% K | 1.89% K | ||
Net investment income (loss) | (.22)% E,K | (.75)% K | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 314 | $ | 273 |
Portfolio turnover rate L | 54% K | 55% K |
Fidelity Sustainable U.S. Equity Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.40 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .05 D | .02 | ||
Net realized and unrealized gain (loss) | .03 | (.57) | ||
Total from investment operations | .08 | (.55) | ||
Distributions from net investment income | (.01) | (.01) | ||
Distributions from net realized gain | - | (.04) | ||
Total distributions | (.01) | (.05) | ||
Net asset value, end of period | $ | 9.47 | $ | 9.40 |
Total Return E,F | .84% | (5.58)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.55% I | 3.21% I | ||
Expenses net of fee waivers, if any | .90% I | .89% I | ||
Expenses net of all reductions | .90% I | .89% I | ||
Net investment income (loss) | .78% D,I | .24% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 15,302 | $ | 14,669 |
Portfolio turnover rate J | 54% I | 55% I |
Fidelity Sustainable U.S. Equity Fund Class I |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.40 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .05 D | .02 | ||
Net realized and unrealized gain (loss) | .03 | (.57) | ||
Total from investment operations | .08 | (.55) | ||
Distributions from net investment income | (.01) | (.01) | ||
Distributions from net realized gain | - | (.04) | ||
Total distributions | (.01) | (.05) | ||
Net asset value, end of period | $ | 9.47 | $ | 9.40 |
Total Return E,F | .84% | (5.58)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.43% I | 3.76% I | ||
Expenses net of fee waivers, if any | .90% I | .90% I | ||
Expenses net of all reductions | .90% I | .90% I | ||
Net investment income (loss) | .78% D,I | .24% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 117 | $ | 116 |
Portfolio turnover rate J | 54% I | 55% I |
Fidelity Sustainable U.S. Equity Fund Class Z |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.41 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .05 D | .04 | ||
Net realized and unrealized gain (loss) | .04 | (.58) | ||
Total from investment operations | .09 | (.54) | ||
Distributions from net investment income | (.01) | (.01) | ||
Distributions from net realized gain | - | (.04) | ||
Total distributions | (.01) | (.05) | ||
Net asset value, end of period | $ | 9.49 | $ | 9.41 |
Total Return E,F | .94% | (5.48)% | ||
Ratios to Average Net Assets C,G,H | ||||
Expenses before reductions | 1.35% I | 3.72% I | ||
Expenses net of fee waivers, if any | .75% I | .75% I | ||
Expenses net of all reductions | .75% I | .75% I | ||
Net investment income (loss) | .93% D,I | .39% I | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 114 | $ | 113 |
Portfolio turnover rate J | 54% I | 55% I |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $1,260,088 |
Gross unrealized depreciation | (2,403,735) |
Net unrealized appreciation (depreciation) | $(1,143,647) |
Tax cost | $17,941,497 |
Purchases ($) | Sales ($) | |
Fidelity Sustainable U.S. Equity Fund | 5,023,338 | 4,208,857 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $767 | $2,424 |
Class M | .25% | .25% | 738 | 357 |
Class C | .75% | .25% | 1,395 | 1,016 |
$2,900 | $3,797 |
Retained by FDC | |
Class A | $125 |
Class M | 24 |
$149 |
Amount | % of Class-Level Average Net Assets A | |
Class A | $777 | .25 |
Class M | 357 | .24 |
Class C | 352 | .25 |
Fidelity Sustainable U.S. Equity Fund | 18,235 | .26 |
Class I | 68 | .12 |
Class Z | 22 | .04 |
$19,811 |
% of Average Net Assets | |
Fidelity Sustainable U.S. Equity Fund | .04 |
Amount | |
Fidelity Sustainable U.S. Equity Fund | $52 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Sustainable U.S. Equity Fund | 28,411 | 70,200 | (8,054) |
Amount | |
Fidelity Sustainable U.S. Equity Fund | $14 |
Expense Limitations | Reimbursement | |
Class A | 1.15% | $2,009 |
Class M | 1.40% | 934 |
Class C | 1.90% | 894 |
Fidelity Sustainable U.S. Equity Fund | .90% | 46,548 |
Class I | .90% | 291 |
Class Z | .75% | 320 |
$50,996 |
Six months ended November 30, 2022 | Year ended May 31, 2022 A | |
Fidelity Sustainable U.S. Equity Fund | ||
Distributions to shareholders | ||
Class A | $- | $1,154 |
Class M | - | 328 |
Class C | - | 138 |
Fidelity Sustainable U.S. Equity Fund | 12,503 | 55,616 |
Class I | 99 | 590 |
Class Z | 96 | 480 |
Total | $12,698 | $58,306 |
Shares | Shares | Dollars | Dollars | |
Six months ended November 30, 2022 | Year ended May 31, 2022 | Six months ended November 30, 2022 | Year ended May 31, 2022 A | |
Fidelity Sustainable U.S. Equity Fund | ||||
Class A | ||||
Shares sold | 3,912 | 73,664 | $34,670 | $763,410 |
Reinvestment of distributions | - | 108 | - | 1,154 |
Shares redeemed | (2,851) | (6,267) | (25,002) | (60,042) |
Net increase (decrease) | 1,061 | 67,505 | $9,668 | $704,522 |
Class M | ||||
Shares sold | 7,948 | 27,530 | $70,790 | $285,645 |
Reinvestment of distributions | - | 31 | - | 328 |
Shares redeemed | (57) | - | (530) | - |
Net increase (decrease) | 7,891 | 27,561 | $70,260 | $285,973 |
Class C | ||||
Shares sold | 4,457 | 30,322 | $39,910 | $306,710 |
Reinvestment of distributions | - | 13 | - | 138 |
Shares redeemed | (181) | (1,110) | (1,555) | (10,221) |
Net increase (decrease) | 4,276 | 29,225 | $38,355 | $296,627 |
Fidelity Sustainable U.S. Equity Fund | ||||
Shares sold | 359,646 | 2,019,003 | $3,224,805 | $21,143,713 |
Reinvestment of distributions | 1,276 | 4,747 | 11,304 | 50,883 |
Shares redeemed | (305,770) | (462,942) | (2,692,326) | (4,758,254) |
Net increase (decrease) | 55,152 | 1,560,808 | $543,783 | $16,436,342 |
Class I | ||||
Shares sold | - | 12,287 | $- | $125,000 |
Reinvestment of distributions | 11 | 55 | 99 | 590 |
Net increase (decrease) | 11 | 12,342 | $99 | $125,590 |
Class Z | ||||
Shares sold | - | 11,964 | $- | $121,029 |
Reinvestment of distributions | 11 | 45 | 96 | 480 |
Shares redeemed | (54) | - | (471) | - |
Net increase (decrease) | (43) | 12,009 | $(375) | $121,509 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Sustainable U.S. Equity Fund | ||||||||||
Class A | 1.15% | |||||||||
Actual | $ 1,000 | $ 1,007.50 | $ 5.79 | |||||||
Hypothetical- B | $ 1,000 | $ 1,019.30 | $ 5.82 | |||||||
Class M | 1.40% | |||||||||
Actual | $ 1,000 | $ 1,006.40 | $ 7.04 | |||||||
Hypothetical- B | $ 1,000 | $ 1,018.05 | $ 7.08 | |||||||
Class C | 1.89% | |||||||||
Actual | $ 1,000 | $ 1,004.30 | $ 9.50 | |||||||
Hypothetical- B | $ 1,000 | $ 1,015.59 | $ 9.55 | |||||||
Fidelity® Sustainable U.S. Equity Fund | .90% | |||||||||
Actual | $ 1,000 | $ 1,008.40 | $ 4.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.56 | $ 4.56 | |||||||
Class I | .90% | |||||||||
Actual | $ 1,000 | $ 1,008.40 | $ 4.53 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.56 | $ 4.56 | |||||||
Class Z | .75% | |||||||||
Actual | $ 1,000 | $ 1,009.40 | $ 3.78 | |||||||
Hypothetical- B | $ 1,000 | $ 1,021.31 | $ 3.80 | |||||||
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 6.3 | |
Danaher Corp. | 3.1 | |
Prologis (REIT), Inc. | 2.8 | |
Cigna Corp. | 2.5 | |
The Travelers Companies, Inc. | 2.4 | |
Apple, Inc. | 2.4 | |
Bank of America Corp. | 2.2 | |
Procter & Gamble Co. | 2.2 | |
Merck & Co., Inc. | 2.1 | |
The Home Depot, Inc. | 2.0 | |
28.0 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.9 | |
Health Care | 13.4 | |
Financials | 12.4 | |
Consumer Discretionary | 12.0 | |
Industrials | 10.1 | |
Consumer Staples | 5.9 | |
Communication Services | 5.5 | |
Materials | 4.9 | |
Energy | 3.6 | |
Real Estate | 2.8 | |
Utilities | 2.8 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 12.1% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 99.3% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 5.5% | |||
Entertainment - 1.3% | |||
Netflix, Inc. (a) | 140 | 42,774 | |
Interactive Media & Services - 1.6% | |||
Alphabet, Inc. Class A (a) | 523 | 52,818 | |
Media - 2.6% | |||
Cable One, Inc. | 26 | 18,832 | |
Comcast Corp. Class A | 864 | 31,657 | |
Interpublic Group of Companies, Inc. | 918 | 31,542 | |
82,031 | |||
TOTAL COMMUNICATION SERVICES | 177,623 | ||
CONSUMER DISCRETIONARY - 12.0% | |||
Auto Components - 0.8% | |||
Aptiv PLC (a) | 235 | 25,067 | |
Automobiles - 0.8% | |||
General Motors Co. | 606 | 24,579 | |
Diversified Consumer Services - 1.9% | |||
Adtalem Global Education, Inc. (a) | 777 | 32,323 | |
Bright Horizons Family Solutions, Inc. (a) | 369 | 27,380 | |
59,703 | |||
Hotels, Restaurants & Leisure - 1.2% | |||
Marriott International, Inc. Class A | 227 | 37,534 | |
Household Durables - 1.3% | |||
Taylor Morrison Home Corp. (a) | 1,421 | 43,184 | |
Internet & Direct Marketing Retail - 2.0% | |||
Amazon.com, Inc. (a) | 284 | 27,417 | |
eBay, Inc. | 825 | 37,488 | |
64,905 | |||
Specialty Retail - 2.0% | |||
The Home Depot, Inc. | 202 | 65,446 | |
Textiles, Apparel & Luxury Goods - 2.0% | |||
LVMH Moet Hennessy Louis Vuitton SE | 53 | 41,130 | |
Tapestry, Inc. | 646 | 24,399 | |
65,529 | |||
TOTAL CONSUMER DISCRETIONARY | 385,947 | ||
CONSUMER STAPLES - 5.9% | |||
Beverages - 0.9% | |||
Keurig Dr. Pepper, Inc. | 756 | 29,235 | |
Food & Staples Retailing - 0.8% | |||
Albertsons Companies, Inc. | 1,320 | 27,654 | |
Food Products - 1.1% | |||
Darling Ingredients, Inc. (a) | 493 | 35,412 | |
Household Products - 2.2% | |||
Procter & Gamble Co. | 468 | 69,807 | |
Personal Products - 0.9% | |||
Estee Lauder Companies, Inc. Class A | 122 | 28,766 | |
TOTAL CONSUMER STAPLES | 190,874 | ||
ENERGY - 3.6% | |||
Energy Equipment & Services - 1.2% | |||
Baker Hughes Co. Class A | 1,311 | 38,045 | |
Oil, Gas & Consumable Fuels - 2.4% | |||
Cheniere Energy, Inc. | 87 | 15,256 | |
Denbury, Inc. (a) | 281 | 25,223 | |
Valero Energy Corp. | 278 | 37,146 | |
77,625 | |||
TOTAL ENERGY | 115,670 | ||
FINANCIALS - 12.4% | |||
Banks - 3.2% | |||
Bank of America Corp. | 1,885 | 71,347 | |
Huntington Bancshares, Inc. | 2,033 | 31,471 | |
102,818 | |||
Capital Markets - 5.4% | |||
BlackRock, Inc. Class A | 52 | 37,232 | |
Moody's Corp. | 121 | 36,091 | |
Northern Trust Corp. | 536 | 49,907 | |
State Street Corp. | 634 | 50,511 | |
173,741 | |||
Consumer Finance - 1.4% | |||
American Express Co. | 284 | 44,756 | |
Insurance - 2.4% | |||
The Travelers Companies, Inc. | 417 | 79,151 | |
TOTAL FINANCIALS | 400,466 | ||
HEALTH CARE - 13.4% | |||
Biotechnology - 1.7% | |||
Vertex Pharmaceuticals, Inc. (a) | 174 | 55,054 | |
Health Care Providers & Services - 2.7% | |||
Cigna Corp. | 243 | 79,920 | |
Guardant Health, Inc. (a) | 132 | 6,909 | |
86,829 | |||
Life Sciences Tools & Services - 4.2% | |||
Danaher Corp. | 361 | 98,701 | |
ICON PLC (a) | 165 | 35,548 | |
134,249 | |||
Pharmaceuticals - 4.8% | |||
Merck & Co., Inc. | 612 | 67,393 | |
Roche Holding AG (participation certificate) | 72 | 23,517 | |
UCB SA | 347 | 28,009 | |
Zoetis, Inc. Class A | 234 | 36,069 | |
154,988 | |||
TOTAL HEALTH CARE | 431,120 | ||
INDUSTRIALS - 10.1% | |||
Air Freight & Logistics - 1.3% | |||
United Parcel Service, Inc. Class B | 215 | 40,792 | |
Building Products - 1.0% | |||
Johnson Controls International PLC | 517 | 34,349 | |
Electrical Equipment - 1.3% | |||
Acuity Brands, Inc. | 185 | 34,834 | |
Generac Holdings, Inc. (a) | 73 | 7,703 | |
42,537 | |||
Machinery - 2.2% | |||
Deere & Co. | 98 | 43,218 | |
Ingersoll Rand, Inc. | 501 | 27,039 | |
70,257 | |||
Professional Services - 4.3% | |||
KBR, Inc. | 1,084 | 56,010 | |
Manpower, Inc. | 465 | 40,697 | |
Verisk Analytics, Inc. | 226 | 41,518 | |
138,225 | |||
TOTAL INDUSTRIALS | 326,160 | ||
INFORMATION TECHNOLOGY - 25.9% | |||
Electronic Equipment & Components - 0.6% | |||
Flex Ltd. (a) | 945 | 20,771 | |
IT Services - 3.8% | |||
Accenture PLC Class A | 207 | 62,293 | |
MasterCard, Inc. Class A | 101 | 35,996 | |
PayPal Holdings, Inc. (a) | 308 | 24,150 | |
122,439 | |||
Semiconductors & Semiconductor Equipment - 7.2% | |||
Advanced Micro Devices, Inc. (a) | 328 | 25,463 | |
NVIDIA Corp. | 358 | 60,584 | |
NXP Semiconductors NV | 211 | 37,102 | |
onsemi (a) | 837 | 62,942 | |
SolarEdge Technologies, Inc. (a) | 147 | 43,932 | |
230,023 | |||
Software - 11.9% | |||
Adobe, Inc. (a) | 93 | 32,078 | |
Autodesk, Inc. (a) | 169 | 34,130 | |
Intuit, Inc. | 121 | 49,318 | |
Microsoft Corp. | 793 | 202,328 | |
Salesforce.com, Inc. (a) | 406 | 65,062 | |
382,916 | |||
Technology Hardware, Storage & Peripherals - 2.4% | |||
Apple, Inc. | 520 | 76,976 | |
TOTAL INFORMATION TECHNOLOGY | 833,125 | ||
MATERIALS - 4.9% | |||
Chemicals - 2.2% | |||
Eastman Chemical Co. | 203 | 17,584 | |
Linde PLC | 152 | 51,145 | |
68,729 | |||
Containers & Packaging - 2.7% | |||
Avery Dennison Corp. | 292 | 56,452 | |
Crown Holdings, Inc. | 381 | 31,322 | |
87,774 | |||
TOTAL MATERIALS | 156,503 | ||
REAL ESTATE - 2.8% | |||
Equity Real Estate Investment Trusts (REITs) - 2.8% | |||
Prologis (REIT), Inc. | 762 | 89,756 | |
UTILITIES - 2.8% | |||
Electric Utilities - 2.2% | |||
NextEra Energy, Inc. | 423 | 35,828 | |
ORSTED A/S (b) | 389 | 34,061 | |
69,889 | |||
Water Utilities - 0.6% | |||
American Water Works Co., Inc. | 126 | 19,122 | |
TOTAL UTILITIES | 89,011 | ||
TOTAL COMMON STOCKS (Cost $3,055,345) | 3,196,255 | ||
TOTAL INVESTMENT IN SECURITIES - 99.3% (Cost $3,055,345) | 3,196,255 |
NET OTHER ASSETS (LIABILITIES) - 0.7% | 21,504 |
NET ASSETS - 100.0% | 3,217,759 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $34,061 or 1.1% of net assets. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 4,355 | 1,176,419 | 1,180,774 | 360 | - | - | - | 0.0% |
Total | 4,355 | 1,176,419 | 1,180,774 | 360 | - | - | - | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 177,623 | 177,623 | - | - |
Consumer Discretionary | 385,947 | 344,817 | 41,130 | - |
Consumer Staples | 190,874 | 190,874 | - | - |
Energy | 115,670 | 115,670 | - | - |
Financials | 400,466 | 400,466 | - | - |
Health Care | 431,120 | 379,594 | 51,526 | - |
Industrials | 326,160 | 326,160 | - | - |
Information Technology | 833,125 | 833,125 | - | - |
Materials | 156,503 | 156,503 | - | - |
Real Estate | 89,756 | 89,756 | - | - |
Utilities | 89,011 | 54,950 | 34,061 | - |
Total Investments in Securities: | 3,196,255 | 3,069,538 | 126,717 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $3,055,345): | $ | 3,196,255 | ||
Receivable for investments sold | 65,040 | |||
Receivable for fund shares sold | 86,523 | |||
Dividends receivable | 9,714 | |||
Distributions receivable from Fidelity Central Funds | 131 | |||
Prepaid expenses | 8,658 | |||
Receivable from investment adviser for expense reductions | 6,372 | |||
Total assets | 3,372,693 | |||
Liabilities | ||||
Payable to custodian bank | $59 | |||
Payable for investments purchased | 127,361 | |||
Payable for fund shares redeemed | 3,549 | |||
Accrued management fee | 1,227 | |||
Audit fee payable | 18,730 | |||
Other payables and accrued expenses | 4,008 | |||
Total Liabilities | 154,934 | |||
Net Assets | $ | 3,217,759 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 3,103,042 | ||
Total accumulated earnings (loss) | 114,717 | |||
Net Assets | $ | 3,217,759 | ||
Net Asset Value , offering price and redemption price per share ($3,217,759 ÷ 345,500 shares) | $ | 9.31 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 10,377 | ||
Special dividends | 6,590 | |||
Income from Fidelity Central Funds | 360 | |||
Total Income | 17,327 | |||
Expenses | ||||
Management fee | $ | 4,045 | ||
Custodian fees and expenses | 6,329 | |||
Independent trustees' fees and expenses | 2 | |||
Registration fees | 16,035 | |||
Audit | 13,989 | |||
Miscellaneous | 30 | |||
Total expenses before reductions | 40,430 | |||
Expense reductions | (35,890) | |||
Total expenses after reductions | 4,540 | |||
Net Investment income (loss) | 12,787 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (32,022) | |||
Foreign currency transactions | 27 | |||
Total net realized gain (loss) | (31,995) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 210,102 | |||
Assets and liabilities in foreign currencies | 137 | |||
Total change in net unrealized appreciation (depreciation) | 210,239 | |||
Net gain (loss) | 178,244 | |||
Net increase (decrease) in net assets resulting from operations | $ | 191,031 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | For the period April 14, 2022 (commencement of operations) through May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 12,787 | $ | 848 |
Net realized gain (loss) | (31,995) | (7,001) | ||
Change in net unrealized appreciation (depreciation) | 210,239 | (69,192) | ||
Net increase (decrease) in net assets resulting from operations | 191,031 | (75,345) | ||
Distributions to shareholders | (969) | - | ||
Share transactions | ||||
Proceeds from sales of shares | 2,164,052 | 1,003,695 | ||
Reinvestment of distributions | 964 | - | ||
Cost of shares redeemed | (65,059) | (610) | ||
Net increase (decrease) in net assets resulting from share transactions | 2,099,957 | 1,003,085 | ||
Total increase (decrease) in net assets | 2,290,019 | 927,740 | ||
Net Assets | ||||
Beginning of period | 927,740 | - | ||
End of period | $ | 3,217,759 | $ | 927,740 |
Other Information | ||||
Shares | ||||
Sold | 252,472 | 100,392 | ||
Issued in reinvestment of distributions | 111 | - | ||
Redeemed | (7,414) | (61) | ||
Net increase (decrease) | 245,169 | 100,331 | ||
Fidelity SAI Sustainable U.S. Equity Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.25 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .07 D | .01 | ||
Net realized and unrealized gain (loss) | - E | (.76) | ||
Total from investment operations | .07 | (.75) | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 9.31 | $ | 9.25 |
Total Return F,G | .75% | (7.50)% | ||
Ratios to Average Net Assets C,H,I | ||||
Expenses before reductions | 5.27% J | 7.28% J,K | ||
Expenses net of fee waivers, if any | .59% J | .60% J,K | ||
Expenses net of all reductions | .59% J | .60% J,K | ||
Net investment income (loss) | 1.24% D,J | .73% J,K | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 3,218 | $ | 928 |
Portfolio turnover rate L | 59% J | 2% M |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $250,593 |
Gross unrealized depreciation | (128,844) |
Net unrealized appreciation (depreciation) | $121,749 |
Tax cost | $3,074,506 |
Short-term | $(6,255) |
Purchases ($) | Sales ($) | |
Fidelity SAI Sustainable U.S. Equity Fund | 2,561,014 | 475,247 |
Amount | |
Fidelity SAI Sustainable U.S. Equity Fund | $18 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity SAI Sustainable U.S. Equity Fund | 23,862 | 8,186 | 72 |
Fund | Affiliated % |
Fidelity SAI Sustainable U.S. Equity Fund | 30% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity SAI Sustainable U.S. Equity Fund | .59% | |||||||||
Actual | $ 1,000 | $ 1,007.50 | $ 2.97 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.11 | $ 2.99 | |||||||
Contents
Top Holdings (% of Fund's net assets) | ||
Deere & Co. | 21.7 | |
Corteva, Inc. | 9.9 | |
Nutrien Ltd. | 8.8 | |
Archer Daniels Midland Co. | 8.6 | |
CNH Industrial NV | 4.6 | |
CF Industries Holdings, Inc. | 4.4 | |
The Mosaic Co. | 4.0 | |
FMC Corp. | 4.0 | |
Lamb Weston Holdings, Inc. | 3.5 | |
Bunge Ltd. | 3.4 | |
72.9 | ||
Market Sectors (% of Fund's net assets) | ||
Materials | 39.4 | |
Industrials | 32.6 | |
Consumer Staples | 25.3 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 27.8% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 95.0% | |||
Shares | Value ($) | ||
CONSUMER STAPLES - 25.3% | |||
Food Products - 25.3% | |||
Adecoagro SA | 58,431 | 482,640 | |
Archer Daniels Midland Co. | 131,939 | 12,864,053 | |
Bunge Ltd. | 48,272 | 5,060,836 | |
Darling Ingredients, Inc. (a) | 47,531 | 3,414,152 | |
First Resources Ltd. | 691,400 | 826,221 | |
Ingredion, Inc. | 46,853 | 4,590,188 | |
Lamb Weston Holdings, Inc. | 60,420 | 5,250,498 | |
Origin Enterprises PLC | 180,421 | 736,896 | |
Sakata Seed Corp. | 61,543 | 2,106,428 | |
The Simply Good Foods Co. (a) | 65,735 | 2,622,827 | |
37,954,739 | |||
INDUSTRIALS - 32.6% | |||
Machinery - 32.6% | |||
AGCO Corp. | 33,829 | 4,489,785 | |
CNH Industrial NV | 432,475 | 6,970,137 | |
Deere & Co. | 73,709 | 32,505,668 | |
Toro Co. | 44,590 | 4,949,044 | |
48,914,634 | |||
MATERIALS - 37.1% | |||
Chemicals - 37.1% | |||
CF Industries Holdings, Inc. | 61,006 | 6,600,239 | |
Corteva, Inc. | 221,069 | 14,846,994 | |
Fertiglobe PLC | 580,947 | 729,130 | |
FMC Corp. | 45,969 | 6,005,390 | |
K+S AG | 66,292 | 1,463,237 | |
Nufarm Ltd. | 369,289 | 1,528,129 | |
Nutrien Ltd. (b) | 164,146 | 13,192,450 | |
OCI NV | 81,703 | 3,458,816 | |
Sabic Agriculture-Nutrients Co. | 49,866 | 1,912,796 | |
The Mosaic Co. | 117,564 | 6,031,033 | |
55,768,214 | |||
TOTAL COMMON STOCKS (Cost $117,118,966) | 142,637,587 | ||
Nonconvertible Preferred Stocks - 2.3% | |||
Shares | Value ($) | ||
MATERIALS - 2.3% | |||
Chemicals - 2.3% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) (Cost $2,474,085) | 34,501 | 3,424,917 | |
Money Market Funds - 9.8% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (c) | 6,061,034 | 6,062,246 | |
Fidelity Securities Lending Cash Central Fund 3.86% (c)(d) | 8,633,537 | 8,634,400 | |
TOTAL MONEY MARKET FUNDS (Cost $14,696,646) | 14,696,646 | ||
TOTAL INVESTMENT IN SECURITIES - 107.1% (Cost $134,289,697) | 160,759,150 |
NET OTHER ASSETS (LIABILITIES) - (7.1)% | (10,596,307) |
NET ASSETS - 100.0% | 150,162,843 |
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 2,644,690 | 45,719,438 | 42,301,882 | 39,142 | - | - | 6,062,246 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | 117,300 | 42,334,458 | 33,817,358 | 4,804 | - | - | 8,634,400 | 0.0% |
Total | 2,761,990 | 88,053,896 | 76,119,240 | 43,946 | - | - | 14,696,646 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Consumer Staples | 37,954,739 | 34,285,194 | 3,669,545 | - |
Industrials | 48,914,634 | 41,944,497 | 6,970,137 | - |
Materials | 59,193,131 | 52,742,949 | 6,450,182 | - |
Money Market Funds | 14,696,646 | 14,696,646 | - | - |
Total Investments in Securities: | 160,759,150 | 143,669,286 | 17,089,864 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value (including securities loaned of $8,006,376) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $119,593,051) | $146,062,504 | |||
Fidelity Central Funds (cost $14,696,646) | 14,696,646 | |||
Total Investment in Securities (cost $134,289,697) | $ | 160,759,150 | ||
Foreign currency held at value (cost $20) | 20 | |||
Receivable for fund shares sold | 349,116 | |||
Dividends receivable | 177,535 | |||
Distributions receivable from Fidelity Central Funds | 13,973 | |||
Prepaid expenses | 152 | |||
Receivable from investment adviser for expense reductions | 5,122 | |||
Total assets | 161,305,068 | |||
Liabilities | ||||
Payable for investments purchased | $2,307,774 | |||
Payable for fund shares redeemed | 60,743 | |||
Accrued management fee | 79,054 | |||
Other affiliated payables | 32,868 | |||
Other payables and accrued expenses | 27,386 | |||
Collateral on securities loaned | 8,634,400 | |||
Total Liabilities | 11,142,225 | |||
Net Assets | $ | 150,162,843 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 138,944,964 | ||
Total accumulated earnings (loss) | 11,217,879 | |||
Net Assets | $ | 150,162,843 | ||
Net Asset Value , offering price and redemption price per share ($150,162,843 ÷ 6,670,329 shares) | $ | 22.51 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 1,489,151 | ||
Income from Fidelity Central Funds (including $4,804 from security lending) | 43,946 | |||
Total Income | 1,533,097 | |||
Expenses | ||||
Management fee | $ | 436,314 | ||
Transfer agent fees | 160,910 | |||
Accounting fees | 32,051 | |||
Custodian fees and expenses | 11,034 | |||
Independent trustees' fees and expenses | 233 | |||
Registration fees | 15,661 | |||
Audit | 19,988 | |||
Legal | 52 | |||
Miscellaneous | 326 | |||
Total expenses before reductions | 676,569 | |||
Expense reductions | (67,793) | |||
Total expenses after reductions | 608,776 | |||
Net Investment income (loss) | 924,321 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (12,690,654) | |||
Foreign currency transactions | (23,220) | |||
Total net realized gain (loss) | (12,713,874) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 11,646,476 | |||
Assets and liabilities in foreign currencies | 1,954 | |||
Total change in net unrealized appreciation (depreciation) | 11,648,430 | |||
Net gain (loss) | (1,065,444) | |||
Net increase (decrease) in net assets resulting from operations | $ | (141,123) |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 924,321 | $ | 607,733 |
Net realized gain (loss) | (12,713,874) | (3,423,365) | ||
Change in net unrealized appreciation (depreciation) | 11,648,430 | 7,152,170 | ||
Net increase (decrease) in net assets resulting from operations | (141,123) | 4,336,538 | ||
Distributions to shareholders | (394,144) | (407,469) | ||
Share transactions | ||||
Proceeds from sales of shares | 62,149,303 | 173,532,384 | ||
Reinvestment of distributions | 364,083 | 359,937 | ||
Cost of shares redeemed | (78,360,520) | (74,170,058) | ||
Net increase (decrease) in net assets resulting from share transactions | (15,847,134) | 99,722,263 | ||
Total increase (decrease) in net assets | (16,382,401) | 103,651,332 | ||
Net Assets | ||||
Beginning of period | 166,545,244 | 62,893,912 | ||
End of period | $ | 150,162,843 | $ | 166,545,244 |
Other Information | ||||
Shares | ||||
Sold | 3,025,981 | 8,214,591 | ||
Issued in reinvestment of distributions | 20,115 | 19,892 | ||
Redeemed | (4,083,264) | (3,856,315) | ||
Net increase (decrease) | (1,037,168) | 4,378,168 | ||
Fidelity® Agricultural Productivity Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 21.61 | $ | 18.89 | $ | 10.91 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .15 | .16 D | .13 E | .03 | ||||
Net realized and unrealized gain (loss) | .81 F | 2.69 | 7.92 | .88 | ||||
Total from investment operations | .96 | 2.85 | 8.05 | .91 | ||||
Distributions from net investment income | (.06) | (.09) | (.07) | - | ||||
Distributions from net realized gain | - | (.04) | - G | - | ||||
Total distributions | (.06) | (.13) | (.07) | - | ||||
Net asset value, end of period | $ | 22.51 | $ | 21.61 | $ | 18.89 | $ | 10.91 |
Total Return H,I | 4.53% | 15.24% | 74.02% | 9.10% | ||||
Ratios to Average Net Assets C,J,K | ||||||||
Expenses before reductions | 1.05% L | 1.15% | 1.59% | 7.25% L,M | ||||
Expenses net of fee waivers, if any | .95% L | .99% | 1.00% | .97% L,M,N | ||||
Expenses net of all reductions | .95% L | .99% | .98% | .97% L,M,N | ||||
Net investment income (loss) | 1.44% L | .81% D | .80% E | 2.42% L,M | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 150,163 | $ | 166,545 | $ | 62,894 | $ | 3,390 |
Portfolio turnover rate O | 48% L | 50% | 19% | 4% P |
Top Holdings (% of Fund's net assets) | ||
Roper Technologies, Inc. | 14.3 | |
American Water Works Co., Inc. | 9.5 | |
Teledyne Technologies, Inc. | 9.4 | |
Tetra Tech, Inc. | 8.7 | |
Xylem, Inc. | 7.6 | |
IDEX Corp. | 5.0 | |
Danaher Corp. | 4.9 | |
Severn Trent PLC | 4.8 | |
Evoqua Water Technologies Corp. | 4.8 | |
Ingersoll Rand, Inc. | 4.6 | |
73.6 | ||
Market Sectors (% of Fund's net assets) | ||
Industrials | 40.8 | |
Utilities | 27.1 | |
Information Technology | 25.8 | |
Health Care | 4.9 | |
Energy | 0.4 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 11.3% |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable. |
Common Stocks - 98.3% | |||
Shares | Value ($) | ||
ENERGY - 0.4% | |||
Energy Equipment & Services - 0.4% | |||
Select Energy Services, Inc. Class A | 43,693 | 357,846 | |
HEALTH CARE - 4.9% | |||
Life Sciences Tools & Services - 4.9% | |||
Danaher Corp. | 16,129 | 4,409,830 | |
INDUSTRIALS - 40.8% | |||
Building Products - 3.7% | |||
Advanced Drain Systems, Inc. | 33,829 | 3,290,209 | |
Commercial Services & Supplies - 8.7% | |||
Tetra Tech, Inc. | 50,812 | 7,855,027 | |
Machinery - 28.4% | |||
Crane Holdings Co. | 15,458 | 1,637,621 | |
Energy Recovery, Inc. (a) | 4,805 | 111,380 | |
Evoqua Water Technologies Corp. (a) | 98,147 | 4,268,413 | |
Georg Fischer AG (Reg.) | 26,857 | 1,638,287 | |
IDEX Corp. | 18,758 | 4,454,837 | |
Ingersoll Rand, Inc. | 76,526 | 4,130,108 | |
Mueller Water Products, Inc. Class A | 47,475 | 553,559 | |
Organo Corp. | 8,888 | 184,384 | |
Watts Water Technologies, Inc. Class A | 10,905 | 1,727,897 | |
Xylem, Inc. | 61,215 | 6,877,505 | |
25,583,991 | |||
TOTAL INDUSTRIALS | 36,729,227 | ||
INFORMATION TECHNOLOGY - 25.8% | |||
Electronic Equipment & Components - 11.5% | |||
Badger Meter, Inc. | 16,388 | 1,898,058 | |
Teledyne Technologies, Inc. (a) | 20,093 | 8,441,069 | |
10,339,127 | |||
Software - 14.3% | |||
Roper Technologies, Inc. | 29,397 | 12,902,047 | |
TOTAL INFORMATION TECHNOLOGY | 23,241,174 | ||
UTILITIES - 26.4% | |||
Multi-Utilities - 3.8% | |||
Veolia Environnement SA | 133,837 | 3,463,952 | |
Water Utilities - 22.6% | |||
American States Water Co. | 38,405 | 3,763,306 | |
American Water Works Co., Inc. | 56,664 | 8,599,329 | |
Essential Utilities, Inc. | 22,772 | 1,098,521 | |
Middlesex Water Co. | 26,910 | 2,514,740 | |
Severn Trent PLC | 131,214 | 4,318,547 | |
York Water Co. | 1,914 | 87,451 | |
20,381,894 | |||
TOTAL UTILITIES | 23,845,846 | ||
TOTAL COMMON STOCKS (Cost $84,436,616) | 88,583,923 | ||
Nonconvertible Preferred Stocks - 0.7% | |||
Shares | Value ($) | ||
UTILITIES - 0.7% | |||
Water Utilities - 0.7% | |||
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR (Cost $425,639) | 52,301 | 604,077 | |
Money Market Funds - 0.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (b) (Cost $470,098) | 470,004 | 470,098 | |
TOTAL INVESTMENT IN SECURITIES - 99.5% (Cost $85,332,353) | 89,658,098 |
NET OTHER ASSETS (LIABILITIES) - 0.5% | 426,007 |
NET ASSETS - 100.0% | 90,084,105 |
(a) | Non-income producing |
(b) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 76,712 | 12,538,082 | 12,144,696 | 12,389 | - | - | 470,098 | 0.0% |
Fidelity Securities Lending Cash Central Fund 3.86% | 3,878,522 | 5,693,772 | 9,572,294 | 4,053 | - | - | - | 0.0% |
Total | 3,955,234 | 18,231,854 | 21,716,990 | 16,442 | - | - | 470,098 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Energy | 357,846 | 357,846 | - | - |
Health Care | 4,409,830 | 4,409,830 | - | - |
Industrials | 36,729,227 | 34,906,556 | 1,822,671 | - |
Information Technology | 23,241,174 | 23,241,174 | - | - |
Utilities | 24,449,923 | 16,667,424 | 7,782,499 | - |
Money Market Funds | 470,098 | 470,098 | - | - |
Total Investments in Securities: | 89,658,098 | 80,052,928 | 9,605,170 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $84,862,255) | $89,188,000 | |||
Fidelity Central Funds (cost $470,098) | 470,098 | |||
Total Investment in Securities (cost $85,332,353) | $ | 89,658,098 | ||
Cash | 1 | |||
Receivable for investments sold | 441,245 | |||
Receivable for fund shares sold | 63,535 | |||
Dividends receivable | 129,874 | |||
Distributions receivable from Fidelity Central Funds | 1,937 | |||
Prepaid expenses | 121 | |||
Receivable from investment adviser for expense reductions | 8,804 | |||
Total assets | 90,303,615 | |||
Liabilities | ||||
Payable to custodian bank | 404 | |||
Payable for fund shares redeemed | 117,173 | |||
Accrued management fee | 49,368 | |||
Transfer agent fee payable | 18,126 | |||
Other affiliated payables | 3,625 | |||
Audit fee payable | 25,870 | |||
Other payables and accrued expenses | 4,944 | |||
Total Liabilities | 219,510 | |||
Net Assets | $ | 90,084,105 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 93,233,483 | ||
Total accumulated earnings (loss) | (3,149,378) | |||
Net Assets | $ | 90,084,105 | ||
Net Asset Value , offering price and redemption price per share ($90,084,105 ÷ 6,364,891 shares) | $ | 14.15 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 561,900 | ||
Income from Fidelity Central Funds (including $4,053 from security lending) | 16,442 | |||
Total Income | 578,342 | |||
Expenses | ||||
Management fee | $ | 303,466 | ||
Transfer agent fees | 113,290 | |||
Accounting fees | 22,296 | |||
Custodian fees and expenses | 6,250 | |||
Independent trustees' fees and expenses | 158 | |||
Registration fees | 6,697 | |||
Audit | 23,622 | |||
Legal | 34 | |||
Miscellaneous | 266 | |||
Total expenses before reductions | 476,079 | |||
Expense reductions | (51,742) | |||
Total expenses after reductions | 424,337 | |||
Net Investment income (loss) | 154,005 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (4,175,958) | |||
Foreign currency transactions | (4,688) | |||
Total net realized gain (loss) | (4,180,646) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 6,851,904 | |||
Assets and liabilities in foreign currencies | 264 | |||
Total change in net unrealized appreciation (depreciation) | 6,852,168 | |||
Net gain (loss) | 2,671,522 | |||
Net increase (decrease) in net assets resulting from operations | $ | 2,825,527 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | Year ended May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 154,005 | $ | (278,649) |
Net realized gain (loss) | (4,180,646) | (1,201,417) | ||
Change in net unrealized appreciation (depreciation) | 6,852,168 | (10,178,025) | ||
Net increase (decrease) in net assets resulting from operations | 2,825,527 | (11,658,091) | ||
Distributions to shareholders | - | (1,680,405) | ||
Share transactions | ||||
Proceeds from sales of shares | 11,940,753 | 89,360,090 | ||
Reinvestment of distributions | - | 1,573,631 | ||
Cost of shares redeemed | (18,915,142) | (39,135,950) | ||
Net increase (decrease) in net assets resulting from share transactions | (6,974,389) | 51,797,771 | ||
Total increase (decrease) in net assets | (4,148,862) | 38,459,275 | ||
Net Assets | ||||
Beginning of period | 94,232,967 | 55,773,692 | ||
End of period | $ | 90,084,105 | $ | 94,232,967 |
Other Information | ||||
Shares | ||||
Sold | 900,618 | 5,677,575 | ||
Issued in reinvestment of distributions | - | 95,180 | ||
Redeemed | (1,496,002) | (2,570,640) | ||
Net increase (decrease) | (595,384) | 3,202,115 | ||
Fidelity® Water Sustainability Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 | 2021 | 2020 A | |||||
Selected Per-Share Data | ||||||||
Net asset value, beginning of period | $ | 13.54 | $ | 14.84 | $ | 10.75 | $ | 10.00 |
Income from Investment Operations | ||||||||
Net investment income (loss) B,C | .02 | (.04) | .01 | .02 | ||||
Net realized and unrealized gain (loss) | .59 | (1.02) | 4.28 | .73 | ||||
Total from investment operations | .61 | (1.06) | 4.29 | .75 | ||||
Distributions from net investment income | - | - D | (.02) | - | ||||
Distributions from net realized gain | - | (.24) | (.18) | - | ||||
Total distributions | - | (.24) | (.20) | - | ||||
Net asset value, end of period | $ | 14.15 | $ | 13.54 | $ | 14.84 | $ | 10.75 |
Total Return E,F | 4.51% | (7.44)% | 40.20% | 7.50% | ||||
Ratios to Average Net Assets C,G,H | ||||||||
Expenses before reductions | 1.06% I | 1.11% | 1.44% | 4.15% I,J | ||||
Expenses net of fee waivers, if any | .95% I | 1.00% | 1.00% | .97% I,J,K | ||||
Expenses net of all reductions | .95% I | 1.00% | .98% | .97% I,J,K | ||||
Net investment income (loss) | .34% I | (.29)% | .11% | 1.39% I,J | ||||
Supplemental Data | ||||||||
Net assets, end of period (000 omitted) | $ | 90,084 | $ | 94,233 | $ | 55,774 | $ | 4,363 |
Portfolio turnover rate L | 43% I | 55% | 95% | 13% M |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Agricultural Productivity Fund | $135,886,439 | $28,313,717 | $(3,441,006) | $24,872,711 |
Fidelity Water Sustainability Fund | 85,857,029 | 7,836,974 | (4,035,905) | 3,801,069 |
Short-term | |
Fidelity Agricultural Productivity Fund | $(2,800,265) |
Capital losses | Ordinary losses | |
Fidelity Water Sustainability Fund | $(3,044,659) | $(96,180) |
Purchases ($) | Sales ($) | |
Fidelity Agricultural Productivity Fund | 31,362,754 | 48,307,917 |
Fidelity Water Sustainability Fund | 19,037,783 | 26,653,768 |
Individual Rate | Group Rate | Total | |
Fidelity Agricultural Productivity Fund | .45% | .23% | .68% |
Fidelity Water Sustainability Fund | .45% | .23% | .68% |
Fidelity Agricultural Productivity Fund | .25% |
Fidelity Water Sustainability Fund | .25% |
% of Average Net Assets | |
Fidelity Agricultural Productivity Fund | .05 |
Fidelity Water Sustainability Fund | .05 |
Amount | |
Fidelity Agricultural Productivity Fund | $197 |
Fidelity Water Sustainability Fund | 182 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Agricultural Productivity Fund | 646,319 | 294,360 | (35,530) |
Fidelity Water Sustainability Fund | 1,058,081 | 1,879,139 | (203,122) |
Amount | |
Fidelity Agricultural Productivity Fund | $120 |
Fidelity Water Sustainability Fund | 82 |
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 Agricultural Productivity Fund | $496 | $- | $- |
Fidelity Water Sustainability Fund | $425 | $- | $- |
Expense Limitations | Reimbursement | |
Fidelity Agricultural Productivity Fund | .95% | $65,294 |
Fidelity Water Sustainability Fund | .95% | $49,900 |
Custodian credits | Transfer Agent credits | |
Fidelity Agricultural Productivity Fund | $- | $179 |
Fidelity Water Sustainability Fund | 6 | 184 |
Amount | |
Fidelity Agricultural Productivity Fund | $2,320 |
Fidelity Water Sustainability Fund | 1,652 |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® Agricultural Productivity Fund | .95% | |||||||||
Actual | $ 1,000 | $ 1,045.30 | $ 4.87 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.31 | $ 4.81 | |||||||
Fidelity® Water Sustainability Fund | .95% | |||||||||
Actual | $ 1,000 | $ 1,045.10 | $ 4.87 | |||||||
Hypothetical- B | $ 1,000 | $ 1,020.31 | $ 4.81 | |||||||
Contents
Top Holdings (% of Fund's net assets) | ||
Microsoft Corp. | 6.7 | |
Apple, Inc. | 5.9 | |
Alphabet, Inc. Class A | 3.5 | |
Amazon.com, Inc. | 2.9 | |
Exxon Mobil Corp. | 2.1 | |
Bank of America Corp. | 1.9 | |
UnitedHealth Group, Inc. | 1.9 | |
Visa, Inc. Class A | 1.7 | |
NVIDIA Corp. | 1.7 | |
Wells Fargo & Co. | 1.6 | |
29.9 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 25.6 | |
Health Care | 15.0 | |
Financials | 11.4 | |
Consumer Discretionary | 9.8 | |
Industrials | 8.5 | |
Communication Services | 7.8 | |
Consumer Staples | 6.0 | |
Energy | 5.6 | |
Materials | 3.1 | |
Utilities | 2.9 | |
Real Estate | 2.9 | |
Asset Allocation (% of Fund's net assets) |
Foreign investments - 9.3% |
Common Stocks - 98.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 7.8% | |||
Entertainment - 1.6% | |||
Cinemark Holdings, Inc. (a) | 372 | 5,063 | |
Netflix, Inc. (a) | 132 | 40,330 | |
Sea Ltd. ADR (a) | 154 | 8,989 | |
Take-Two Interactive Software, Inc. (a) | 84 | 8,878 | |
The Walt Disney Co. (a) | 229 | 22,412 | |
Warner Bros Discovery, Inc. (a) | 295 | 3,363 | |
89,035 | |||
Interactive Media & Services - 5.0% | |||
Alphabet, Inc. Class A (a) | 1,885 | 190,366 | |
Meta Platforms, Inc. Class A (a) | 603 | 71,214 | |
Snap, Inc. Class A (a) | 1,074 | 11,073 | |
Tongdao Liepin Group (a) | 2,123 | 2,145 | |
274,798 | |||
Media - 0.7% | |||
Charter Communications, Inc. Class A (a) | 30 | 11,739 | |
Comcast Corp. Class A | 681 | 24,952 | |
36,691 | |||
Wireless Telecommunication Services - 0.5% | |||
T-Mobile U.S., Inc. (a) | 192 | 29,080 | |
TOTAL COMMUNICATION SERVICES | 429,604 | ||
CONSUMER DISCRETIONARY - 9.8% | |||
Auto Components - 0.2% | |||
Lear Corp. | 66 | 9,520 | |
Automobiles - 1.4% | |||
Ferrari NV | 35 | 7,807 | |
Tesla, Inc. (a) | 360 | 70,092 | |
77,899 | |||
Distributors - 0.3% | |||
LKQ Corp. | 245 | 13,311 | |
Hotels, Restaurants & Leisure - 1.1% | |||
Booking Holdings, Inc. (a) | 13 | 27,033 | |
Marriott International, Inc. Class A | 203 | 33,566 | |
60,599 | |||
Household Durables - 0.1% | |||
Mohawk Industries, Inc. (a) | 64 | 6,485 | |
Internet & Direct Marketing Retail - 3.3% | |||
Amazon.com, Inc. (a) | 1,632 | 157,553 | |
eBay, Inc. | 293 | 13,314 | |
Uber Technologies, Inc. (a) | 344 | 10,024 | |
180,891 | |||
Multiline Retail - 0.6% | |||
Dollar General Corp. | 97 | 24,801 | |
Nordstrom, Inc. | 207 | 4,341 | |
Target Corp. | 20 | 3,341 | |
32,483 | |||
Specialty Retail - 2.2% | |||
Burlington Stores, Inc. (a) | 30 | 5,870 | |
Industria de Diseno Textil SA | 285 | 7,440 | |
Lowe's Companies, Inc. | 205 | 43,573 | |
The Home Depot, Inc. | 86 | 27,863 | |
TJX Companies, Inc. | 477 | 38,184 | |
122,930 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
NIKE, Inc. Class B | 116 | 12,724 | |
PVH Corp. | 129 | 8,666 | |
Tapestry, Inc. | 330 | 12,464 | |
33,854 | |||
TOTAL CONSUMER DISCRETIONARY | 537,972 | ||
CONSUMER STAPLES - 6.0% | |||
Beverages - 1.2% | |||
The Coca-Cola Co. | 1,020 | 64,882 | |
Food & Staples Retailing - 1.8% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 251 | 11,435 | |
Costco Wholesale Corp. | 134 | 72,260 | |
Walmart, Inc. | 99 | 15,090 | |
98,785 | |||
Food Products - 0.6% | |||
Bunge Ltd. | 333 | 34,912 | |
Household Products - 1.5% | |||
Procter & Gamble Co. | 557 | 83,082 | |
Personal Products - 0.9% | |||
Estee Lauder Companies, Inc. Class A | 198 | 46,686 | |
TOTAL CONSUMER STAPLES | 328,347 | ||
ENERGY - 5.6% | |||
Energy Equipment & Services - 0.5% | |||
Schlumberger Ltd. | 527 | 27,167 | |
Oil, Gas & Consumable Fuels - 5.1% | |||
Canadian Natural Resources Ltd. | 437 | 26,090 | |
Eco Atlantic Oil & Gas Ltd. (a) | 8,611 | 2,305 | |
Exxon Mobil Corp. | 1,042 | 116,016 | |
Hess Corp. | 276 | 39,719 | |
Imperial Oil Ltd. | 415 | 23,611 | |
MEG Energy Corp. (a) | 1,351 | 19,233 | |
Phillips 66 Co. | 188 | 20,387 | |
Tourmaline Oil Corp. | 226 | 13,755 | |
Valero Energy Corp. | 162 | 21,646 | |
Vertex Energy, Inc. (a) | 223 | 1,849 | |
284,611 | |||
TOTAL ENERGY | 311,778 | ||
FINANCIALS - 11.4% | |||
Banks - 5.8% | |||
AIB Group PLC | 529 | 1,718 | |
Bank of America Corp. | 2,746 | 103,936 | |
BankUnited, Inc. | 184 | 6,756 | |
BNP Paribas SA | 93 | 5,226 | |
Citizens Financial Group, Inc. | 277 | 11,739 | |
Comerica, Inc. | 138 | 9,900 | |
DNB Bank ASA | 37 | 722 | |
Eurobank Ergasias Services and Holdings SA ADR (a) | 7,476 | 3,906 | |
JPMorgan Chase & Co. | 286 | 39,519 | |
NatWest Group PLC | 477 | 1,517 | |
Piraeus Financial Holdings SA (a) | 819 | 1,220 | |
PNC Financial Services Group, Inc. | 80 | 13,461 | |
Societe Generale Series A | 262 | 6,594 | |
U.S. Bancorp | 429 | 19,472 | |
UniCredit SpA | 634 | 8,659 | |
Wells Fargo & Co. | 1,791 | 85,878 | |
320,223 | |||
Capital Markets - 1.8% | |||
Bank of New York Mellon Corp. | 732 | 33,599 | |
BlackRock, Inc. Class A | 21 | 15,036 | |
Cboe Global Markets, Inc. | 62 | 7,864 | |
Goldman Sachs Group, Inc. | 18 | 6,951 | |
Intercontinental Exchange, Inc. | 137 | 14,838 | |
State Street Corp. | 282 | 22,467 | |
100,755 | |||
Consumer Finance - 0.7% | |||
American Express Co. | 116 | 18,280 | |
Capital One Financial Corp. | 95 | 9,808 | |
OneMain Holdings, Inc. | 184 | 7,242 | |
35,330 | |||
Diversified Financial Services - 0.0% | |||
Sunrisemezz Ltd. (a) | 43 | 5 | |
Insurance - 3.1% | |||
Arthur J. Gallagher & Co. | 102 | 20,309 | |
Assurant, Inc. | 60 | 7,693 | |
Chubb Ltd. | 17 | 3,733 | |
Globe Life, Inc. | 164 | 19,673 | |
Hartford Financial Services Group, Inc. | 264 | 20,162 | |
Marsh & McLennan Companies, Inc. | 201 | 34,809 | |
Prudential PLC | 285 | 3,390 | |
The Travelers Companies, Inc. | 319 | 60,549 | |
170,318 | |||
TOTAL FINANCIALS | 626,631 | ||
HEALTH CARE - 15.0% | |||
Biotechnology - 2.4% | |||
AbbVie, Inc. | 113 | 18,213 | |
Alnylam Pharmaceuticals, Inc. (a) | 34 | 7,500 | |
Beam Therapeutics, Inc. (a) | 87 | 4,019 | |
Biogen, Inc. (a) | 24 | 7,324 | |
Karuna Therapeutics, Inc. (a) | 17 | 4,000 | |
Legend Biotech Corp. ADR (a) | 218 | 11,229 | |
PTC Therapeutics, Inc. (a) | 52 | 2,157 | |
Regeneron Pharmaceuticals, Inc. (a) | 39 | 29,316 | |
Relay Therapeutics, Inc. (a) | 243 | 4,515 | |
Sarepta Therapeutics, Inc. (a) | 91 | 11,176 | |
Seagen, Inc. (a) | 54 | 6,555 | |
Vertex Pharmaceuticals, Inc. (a) | 55 | 17,402 | |
Xencor, Inc. (a) | 317 | 9,421 | |
132,827 | |||
Health Care Equipment & Supplies - 2.9% | |||
Boston Scientific Corp. (a) | 1,236 | 55,954 | |
Insulet Corp. (a) | 83 | 24,848 | |
Intuitive Surgical, Inc. (a) | 38 | 10,275 | |
Masimo Corp. (a) | 82 | 11,885 | |
Nevro Corp. (a) | 123 | 5,745 | |
Penumbra, Inc. (a) | 65 | 13,618 | |
ResMed, Inc. | 69 | 15,884 | |
Stryker Corp. | 55 | 12,864 | |
Tandem Diabetes Care, Inc. (a) | 172 | 7,233 | |
158,306 | |||
Health Care Providers & Services - 4.7% | |||
agilon health, Inc. (a) | 861 | 15,119 | |
Centene Corp. (a) | 272 | 23,678 | |
Cigna Corp. | 111 | 36,507 | |
HCA Holdings, Inc. | 67 | 16,095 | |
Humana, Inc. | 59 | 32,444 | |
LifeStance Health Group, Inc. (a) | 522 | 2,657 | |
Molina Healthcare, Inc. (a) | 38 | 12,797 | |
Oak Street Health, Inc. (a) | 719 | 15,545 | |
Surgery Partners, Inc. (a) | 77 | 2,180 | |
UnitedHealth Group, Inc. | 187 | 102,431 | |
259,453 | |||
Health Care Technology - 0.2% | |||
Doximity, Inc. (a) | 160 | 5,438 | |
Phreesia, Inc. (a) | 152 | 4,229 | |
9,667 | |||
Life Sciences Tools & Services - 2.7% | |||
Agilent Technologies, Inc. | 63 | 9,764 | |
Bruker Corp. | 141 | 9,505 | |
Danaher Corp. | 203 | 55,502 | |
IQVIA Holdings, Inc. (a) | 69 | 15,043 | |
Lonza Group AG | 7 | 3,683 | |
Thermo Fisher Scientific, Inc. | 86 | 48,179 | |
West Pharmaceutical Services, Inc. | 43 | 10,090 | |
151,766 | |||
Pharmaceuticals - 2.1% | |||
AstraZeneca PLC (United Kingdom) | 158 | 21,384 | |
Bristol-Myers Squibb Co. | 113 | 9,072 | |
Eli Lilly & Co. | 149 | 55,291 | |
Merck & Co., Inc. | 89 | 9,801 | |
Roche Holding AG (participation certificate) | 45 | 14,698 | |
UCB SA | 63 | 5,085 | |
115,331 | |||
TOTAL HEALTH CARE | 827,350 | ||
INDUSTRIALS - 8.5% | |||
Aerospace & Defense - 1.3% | |||
Lockheed Martin Corp. | 145 | 70,353 | |
Airlines - 0.3% | |||
Delta Air Lines, Inc. (a) | 515 | 18,216 | |
Building Products - 1.0% | |||
Trane Technologies PLC | 304 | 54,240 | |
Electrical Equipment - 2.1% | |||
AMETEK, Inc. | 531 | 75,625 | |
Emerson Electric Co. | 442 | 42,330 | |
117,955 | |||
Machinery - 2.2% | |||
Caterpillar, Inc. | 218 | 51,537 | |
Fortive Corp. | 1,010 | 68,226 | |
119,763 | |||
Professional Services - 0.1% | |||
Dun & Bradstreet Holdings, Inc. | 372 | 5,007 | |
Road & Rail - 1.5% | |||
CSX Corp. | 1,899 | 62,078 | |
Old Dominion Freight Lines, Inc. | 71 | 21,485 | |
83,563 | |||
TOTAL INDUSTRIALS | 469,097 | ||
INFORMATION TECHNOLOGY - 25.6% | |||
Electronic Equipment & Components - 0.4% | |||
Amphenol Corp. Class A | 301 | 24,209 | |
IT Services - 3.9% | |||
Accenture PLC Class A | 35 | 10,533 | |
Block, Inc. Class A (a) | 201 | 13,622 | |
Capgemini SA | 76 | 13,741 | |
Cognizant Technology Solutions Corp. Class A | 343 | 21,338 | |
Dlocal Ltd. (a) | 348 | 5,081 | |
MasterCard, Inc. Class A | 45 | 16,038 | |
MongoDB, Inc. Class A (a) | 64 | 9,772 | |
PayPal Holdings, Inc. (a) | 96 | 7,527 | |
Twilio, Inc. Class A (a) | 149 | 7,304 | |
Visa, Inc. Class A | 430 | 93,310 | |
Wix.com Ltd. (a) | 89 | 8,054 | |
Worldline SA (a)(b) | 161 | 7,627 | |
213,947 | |||
Semiconductors & Semiconductor Equipment - 4.9% | |||
Advanced Micro Devices, Inc. (a) | 148 | 11,489 | |
ASML Holding NV (Netherlands) | 17 | 10,379 | |
Lam Research Corp. | 57 | 26,926 | |
Marvell Technology, Inc. | 172 | 8,001 | |
Micron Technology, Inc. | 574 | 33,091 | |
NVIDIA Corp. | 545 | 92,230 | |
NXP Semiconductors NV | 132 | 23,211 | |
Renesas Electronics Corp. (a) | 2,174 | 21,322 | |
SolarEdge Technologies, Inc. (a) | 54 | 16,138 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 331 | 27,466 | |
270,253 | |||
Software - 10.5% | |||
Adobe, Inc. (a) | 129 | 44,496 | |
Autodesk, Inc. (a) | 102 | 20,599 | |
Black Knight, Inc. (a) | 73 | 4,525 | |
Coupa Software, Inc. (a) | 126 | 7,968 | |
Elastic NV (a) | 76 | 4,650 | |
HubSpot, Inc. (a) | 47 | 14,242 | |
Intuit, Inc. | 82 | 33,422 | |
Microsoft Corp. | 1,451 | 370,212 | |
Salesforce.com, Inc. (a) | 262 | 41,986 | |
Synopsys, Inc. (a) | 61 | 20,712 | |
Workday, Inc. Class A (a) | 81 | 13,600 | |
576,412 | |||
Technology Hardware, Storage & Peripherals - 5.9% | |||
Apple, Inc. | 2,210 | 327,146 | |
TOTAL INFORMATION TECHNOLOGY | 1,411,967 | ||
MATERIALS - 3.1% | |||
Chemicals - 2.3% | |||
Air Products & Chemicals, Inc. | 50 | 15,508 | |
Celanese Corp. Class A | 12 | 1,288 | |
CF Industries Holdings, Inc. | 124 | 13,416 | |
Chemtrade Logistics Income Fund | 98 | 675 | |
DuPont de Nemours, Inc. | 142 | 10,012 | |
Ecolab, Inc. | 55 | 8,241 | |
Linde PLC | 96 | 32,302 | |
LyondellBasell Industries NV Class A | 126 | 10,711 | |
Olin Corp. | 97 | 5,527 | |
Sherwin-Williams Co. | 51 | 12,708 | |
The Chemours Co. LLC | 98 | 3,043 | |
Tronox Holdings PLC | 308 | 4,352 | |
Valvoline, Inc. | 277 | 9,135 | |
126,918 | |||
Construction Materials - 0.2% | |||
Martin Marietta Materials, Inc. | 13 | 4,764 | |
Vulcan Materials Co. | 28 | 5,133 | |
9,897 | |||
Containers & Packaging - 0.3% | |||
Aptargroup, Inc. | 47 | 4,989 | |
Crown Holdings, Inc. | 37 | 3,042 | |
Greif, Inc. Class A | 54 | 3,797 | |
Sealed Air Corp. | 97 | 5,163 | |
16,991 | |||
Metals & Mining - 0.3% | |||
First Quantum Minerals Ltd. | 640 | 15,216 | |
TOTAL MATERIALS | 169,022 | ||
REAL ESTATE - 2.9% | |||
Equity Real Estate Investment Trusts (REITs) - 2.8% | |||
Alexandria Real Estate Equities, Inc. | 28 | 4,357 | |
American Tower Corp. | 89 | 19,691 | |
Corporate Office Properties Trust (SBI) | 258 | 7,165 | |
Crown Castle International Corp. | 132 | 18,669 | |
CubeSmart | 138 | 5,712 | |
Elme Communities (SBI) | 431 | 8,517 | |
Equinix, Inc. | 27 | 18,648 | |
Equity Lifestyle Properties, Inc. | 193 | 12,819 | |
Host Hotels & Resorts, Inc. | 736 | 13,940 | |
Mid-America Apartment Communities, Inc. | 52 | 8,574 | |
Prologis (REIT), Inc. | 135 | 15,902 | |
Simon Property Group, Inc. | 43 | 5,136 | |
Ventas, Inc. | 117 | 5,444 | |
Welltower, Inc. | 139 | 9,873 | |
154,447 | |||
Real Estate Management & Development - 0.1% | |||
Cushman & Wakefield PLC (a) | 290 | 3,312 | |
TOTAL REAL ESTATE | 157,759 | ||
UTILITIES - 2.9% | |||
Electric Utilities - 1.7% | |||
Edison International | 159 | 10,599 | |
Exelon Corp. | 327 | 13,528 | |
FirstEnergy Corp. | 335 | 13,815 | |
NextEra Energy, Inc. | 389 | 32,948 | |
PG&E Corp. (a) | 324 | 5,087 | |
Southern Co. | 299 | 20,224 | |
96,201 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
The AES Corp. | 374 | 10,816 | |
Multi-Utilities - 1.0% | |||
Consolidated Edison, Inc. | 68 | 6,667 | |
Dominion Energy, Inc. | 167 | 10,205 | |
NiSource, Inc. | 377 | 10,533 | |
Public Service Enterprise Group, Inc. | 142 | 8,598 | |
Sempra Energy | 99 | 16,453 | |
52,456 | |||
TOTAL UTILITIES | 159,473 | ||
TOTAL COMMON STOCKS (Cost $5,341,496) | 5,429,000 | ||
Money Market Funds - 1.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 3.86% (c) (Cost $64,033) | 64,020 | 64,033 | |
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $5,405,529) | 5,493,033 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 9,615 |
NET ASSETS - 100.0% | 5,502,648 |
(a) | Non-income producing |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,627 or 0.1% of net assets. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 3.86% | 20,845 | 2,234,146 | 2,190,958 | 942 | - | - | 64,033 | 0.0% |
Total | 20,845 | 2,234,146 | 2,190,958 | 942 | - | - | 64,033 | |
Valuation Inputs at Reporting Date: | ||||
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 429,604 | 427,459 | 2,145 | - |
Consumer Discretionary | 537,972 | 530,532 | 7,440 | - |
Consumer Staples | 328,347 | 328,347 | - | - |
Energy | 311,778 | 311,778 | - | - |
Financials | 626,631 | 597,580 | 29,051 | - |
Health Care | 827,350 | 782,500 | 44,850 | - |
Industrials | 469,097 | 469,097 | - | - |
Information Technology | 1,411,967 | 1,358,898 | 53,069 | - |
Materials | 169,022 | 169,022 | - | - |
Real Estate | 157,759 | 157,759 | - | - |
Utilities | 159,473 | 159,473 | - | - |
Money Market Funds | 64,033 | 64,033 | - | - |
Total Investments in Securities: | 5,493,033 | 5,356,478 | 136,555 | - |
Statement of Assets and Liabilities | ||||
November 30, 2022 (Unaudited) | ||||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $5,341,496) | $5,429,000 | |||
Fidelity Central Funds (cost $64,033) | 64,033 | |||
Total Investment in Securities (cost $5,405,529) | $ | 5,493,033 | ||
Cash | 5,499 | |||
Receivable for investments sold | 31,098 | |||
Receivable for fund shares sold | 139,763 | |||
Dividends receivable | 6,386 | |||
Distributions receivable from Fidelity Central Funds | 375 | |||
Prepaid expenses | 8,660 | |||
Receivable from investment adviser for expense reductions | 4,185 | |||
Total assets | 5,688,999 | |||
Liabilities | ||||
Payable for investments purchased | $156,655 | |||
Payable for fund shares redeemed | 6,583 | |||
Accrued management fee | 1,713 | |||
Audit fee payable | 18,730 | |||
Other payables and accrued expenses | 2,670 | |||
Total Liabilities | 186,351 | |||
Net Assets | $ | 5,502,648 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 5,427,843 | ||
Total accumulated earnings (loss) | 74,805 | |||
Net Assets | $ | 5,502,648 | ||
Net Asset Value , offering price and redemption price per share ($5,502,648 ÷ 595,594 shares) | $ | 9.24 | ||
Statement of Operations | ||||
Six months ended November 30, 2022 (Unaudited) | ||||
Investment Income | ||||
Dividends | $ | 19,005 | ||
Income from Fidelity Central Funds | 942 | |||
Total Income | 19,947 | |||
Expenses | ||||
Management fee | $ | 6,014 | ||
Custodian fees and expenses | 5,222 | |||
Independent trustees' fees and expenses | 4 | |||
Registration fees | 16,035 | |||
Audit | 13,989 | |||
Legal | 1 | |||
Miscellaneous | 31 | |||
Total expenses before reductions | 41,296 | |||
Expense reductions | (34,356) | |||
Total expenses after reductions | 6,940 | |||
Net Investment income (loss) | 13,007 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (19,621) | |||
Foreign currency transactions | (15) | |||
Total net realized gain (loss) | (19,636) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 212,928 | |||
Assets and liabilities in foreign currencies | (1) | |||
Total change in net unrealized appreciation (depreciation) | 212,927 | |||
Net gain (loss) | 193,291 | |||
Net increase (decrease) in net assets resulting from operations | $ | 206,298 |
Statement of Changes in Net Assets | ||||
Six months ended November 30, 2022 (Unaudited) | For the period April 14, 2022 (commencement of operations) through May 31, 2022 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 13,007 | $ | 1,913 |
Net realized gain (loss) | (19,636) | (5,870) | ||
Change in net unrealized appreciation (depreciation) | 212,927 | (125,423) | ||
Net increase (decrease) in net assets resulting from operations | 206,298 | (129,380) | ||
Distributions to shareholders | (2,113) | - | ||
Share transactions | ||||
Proceeds from sales of shares | 3,516,220 | 2,004,590 | ||
Reinvestment of distributions | 2,107 | - | ||
Cost of shares redeemed | (94,973) | (101) | ||
Net increase (decrease) in net assets resulting from share transactions | 3,423,354 | 2,004,489 | ||
Total increase (decrease) in net assets | 3,627,539 | 1,875,109 | ||
Net Assets | ||||
Beginning of period | 1,875,109 | - | ||
End of period | $ | 5,502,648 | $ | 1,875,109 |
Other Information | ||||
Shares | ||||
Sold | 405,566 | 200,488 | ||
Issued in reinvestment of distributions | 239 | - | ||
Redeemed | (10,689) | (10) | ||
Net increase (decrease) | 395,116 | 200,478 | ||
Fidelity® SAI Sustainable Sector Fund |
Six months ended (Unaudited) November 30, 2022 | Years ended May 31, 2022 A | |||
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ | 9.35 | $ | 10.00 |
Income from Investment Operations | ||||
Net investment income (loss) B,C | .04 | .01 | ||
Net realized and unrealized gain (loss) | (.14) D | (.66) | ||
Total from investment operations | (.10) | (.65) | ||
Distributions from net investment income | (.01) | - | ||
Total distributions | (.01) | - | ||
Net asset value, end of period | $ | 9.24 | $ | 9.35 |
Total Return E,F | (1.06)% | (6.50)% | ||
Ratios to Average Net Assets B,G,H | ||||
Expenses before reductions | 2.93% I | 3.86% I,J | ||
Expenses net of fee waivers, if any | .49% I | .50% I,J | ||
Expenses net of all reductions | .49% I | .50% I,J | ||
Net investment income (loss) | .92% I | .81% I,J | ||
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $ | 5,503 | $ | 1,875 |
Portfolio turnover rate K | 104% I | 3% L |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio A |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $359,222 |
Gross unrealized depreciation | (287,229) |
Net unrealized appreciation (depreciation) | $71,993 |
Tax cost | $5,421,040 |
Short-term | $(4,821) |
Purchases ($) | Sales ($) | |
Fidelity SAI Sustainable Sector Fund | 4,911,227 | 1,523,426 |
Amount | |
Fidelity SAI Sustainable Sector Fund | $ 36 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity SAI Sustainable Sector Fund | 14,934 | 15,920 | (464) |
Fund | Affiliated % |
Fidelity SAI Sustainable Sector Fund | 34% |
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2022 | Ending Account Value November 30, 2022 | Expenses Paid During Period- C June 1, 2022 to November 30, 2022 | |||||||
Fidelity® SAI Sustainable Sector Fund | .49% | |||||||||
Actual | $ 1,000 | $ 989.40 | $ 2.44 | |||||||
Hypothetical- B | $ 1,000 | $ 1,022.61 | $ 2.48 | |||||||
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Summer Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Summer Street Trust’s (the “Trust”) disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(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 Summer Street Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | January 19, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | January 19, 2023 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 19, 2023 |