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, 2020 |
Item 1.
Reports to Stockholders
Fidelity® Agricultural Productivity Fund
Fidelity® Water Sustainability Fund
Semi-Annual Report
November 30, 2020
Contents
Fidelity® Agricultural Productivity Fund | |
Fidelity® Water Sustainability Fund | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Agricultural Productivity Fund
Investment Summary (Unaudited)
Top Five Stocks as of November 30, 2020
% of fund's net assets | |
Deere & Co. | 19.1 |
Nutrien Ltd. | 7.9 |
Corteva, Inc. | 7.7 |
FMC Corp. | 7.1 |
Archer Daniels Midland Co. | 6.4 |
48.2 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Industrials | 32.1 |
Materials | 31.6 |
Consumer Staples | 30.7 |
Health Care | 2.4 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020 * | ||
Stocks | 96.8% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.2% |
* Foreign investments - 31.9%
Fidelity® Agricultural Productivity Fund
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.8% | |||
Shares | Value | ||
CONSUMER STAPLES - 30.7% | |||
Food Products - 30.7% | |||
Adecoagro SA (a) | 27,282 | $168,603 | |
Archer Daniels Midland Co. | 14,761 | 734,655 | |
Bakkafrost (a) | 3,773 | 236,051 | |
Bunge Ltd. | 6,166 | 363,116 | |
Cranswick PLC | 3,757 | 171,216 | |
Darling Ingredients, Inc. (a) | 9,495 | 458,419 | |
Ingredion, Inc. | 2,592 | 199,973 | |
Lamb Weston Holdings, Inc. | 5,570 | 403,157 | |
Mowi ASA | 11,309 | 229,329 | |
Nomad Foods Ltd. (a) | 6,271 | 151,445 | |
Sakata Seed Corp. | 3,635 | 116,887 | |
Sanderson Farms, Inc. | 1,467 | 200,583 | |
The Simply Good Foods Co. (a) | 5,098 | 110,831 | |
3,544,265 | |||
HEALTH CARE - 2.4% | |||
Biotechnology - 2.4% | |||
Calyxt, Inc. (a) | 16,612 | 61,797 | |
Genus PLC | 3,981 | 220,067 | |
281,864 | |||
INDUSTRIALS - 32.1% | |||
Machinery - 28.4% | |||
AGCO Corp. | 3,335 | 308,521 | |
CNH Industrial NV | 29,814 | 324,817 | |
Deere & Co. | 8,439 | 2,207,808 | |
Kubota Corp. | 22,133 | 437,149 | |
3,278,295 | |||
Road & Rail - 2.1% | |||
Rumo SA (a) | 68,816 | 243,542 | |
Trading Companies & Distributors - 1.6% | |||
Titan Machinery, Inc. (a) | 9,993 | 182,572 | |
TOTAL INDUSTRIALS | 3,704,409 | ||
MATERIALS - 30.6% | |||
Chemicals - 30.6% | |||
CF Industries Holdings, Inc. | 11,274 | 420,520 | |
Corteva, Inc. | 23,254 | 891,093 | |
FMC Corp. | 7,064 | 819,495 | |
Nutrien Ltd. | 18,458 | 911,032 | |
The Mosaic Co. | 12,032 | 264,223 | |
The Scotts Miracle-Gro Co. Class A | 1,342 | 235,883 | |
3,542,246 | |||
TOTAL COMMON STOCKS | |||
(Cost $9,011,960) | 11,072,784 | ||
Nonconvertible Preferred Stocks - 1.0% | |||
MATERIALS - 1.0% | |||
Chemicals - 1.0% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) | |||
(Cost $91,416) | 2,409 | 113,513 | |
Money Market Funds - 3.4% | |||
Fidelity Cash Central Fund 0.09% (b) | |||
(Cost $388,982) | 388,904 | 388,982 | |
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $9,492,358) | 11,575,279 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (19,080) | ||
NET ASSETS - 100% | $11,556,199 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $132 |
Total | $132 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Staples | $3,544,265 | $2,790,782 | $753,483 | $-- |
Health Care | 281,864 | 61,797 | 220,067 | -- |
Industrials | 3,704,409 | 2,942,443 | 761,966 | -- |
Materials | 3,655,759 | 3,655,759 | -- | -- |
Money Market Funds | 388,982 | 388,982 | -- | -- |
Total Investments in Securities: | $11,575,279 | $9,839,763 | $1,735,516 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 68.1% |
Canada | 7.9% |
Japan | 4.8% |
United Kingdom | 3.4% |
Bermuda | 3.1% |
Netherlands | 2.8% |
Brazil | 2.1% |
Faroe Islands | 2.0% |
Norway | 2.0% |
Luxembourg | 1.5% |
British Virgin Islands | 1.3% |
Chile | 1.0% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Agricultural Productivity Fund
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $9,103,376) | $11,186,297 | |
Fidelity Central Funds (cost $388,982) | 388,982 | |
Total Investment in Securities (cost $9,492,358) | $11,575,279 | |
Foreign currency held at value (cost $4,818) | 4,818 | |
Receivable for fund shares sold | 296,465 | |
Dividends receivable | 14,857 | |
Distributions receivable from Fidelity Central Funds | 30 | |
Prepaid expenses | 9,324 | |
Receivable from investment adviser for expense reductions | 4,593 | |
Other receivables | 262 | |
Total assets | 11,905,628 | |
Liabilities | ||
Payable for investments purchased | $193,962 | |
Payable for fund shares redeemed | 127,150 | |
Accrued management fee | 5,689 | |
Other affiliated payables | 2,326 | |
Other payables and accrued expenses | 20,302 | |
Total liabilities | 349,429 | |
Net Assets | $11,556,199 | |
Net Assets consist of: | ||
Paid in capital | $9,445,530 | |
Total accumulated earnings (loss) | 2,110,669 | |
Net Assets | $11,556,199 | |
Net Asset Value, offering price and redemption price per share ($11,556,199 ÷ 793,279 shares) | $14.57 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $56,554 | |
Income from Fidelity Central Funds | 132 | |
Total income | 56,686 | |
Expenses | ||
Management fee | $21,707 | |
Transfer agent fees | 9,275 | |
Accounting fees and expenses | 1,657 | |
Custodian fees and expenses | 7,450 | |
Independent trustees' fees and expenses | 12 | |
Registration fees | 20,519 | |
Audit | 16,823 | |
Legal | 1 | |
Miscellaneous | 322 | |
Total expenses before reductions | 77,766 | |
Expense reductions | (46,939) | |
Total expenses after reductions | 30,827 | |
Net investment income (loss) | 25,859 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 12,208 | |
Fidelity Central Funds | (13) | |
Foreign currency transactions | (2,148) | |
Total net realized gain (loss) | 10,047 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,926,750 | |
Assets and liabilities in foreign currencies | 418 | |
Total change in net unrealized appreciation (depreciation) | 1,927,168 | |
Net gain (loss) | 1,937,215 | |
Net increase (decrease) in net assets resulting from operations | $1,963,074 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $25,859 | $5,031 |
Net realized gain (loss) | 10,047 | (5,798) |
Change in net unrealized appreciation (depreciation) | 1,927,168 | 155,816 |
Net increase (decrease) in net assets resulting from operations | 1,963,074 | 155,049 |
Distributions to shareholders | (7,454) | – |
Share transactions | ||
Proceeds from sales of shares | 7,860,794 | 3,288,879 |
Reinvestment of distributions | 7,409 | – |
Cost of shares redeemed | (1,657,313) | (54,239) |
Net increase (decrease) in net assets resulting from share transactions | 6,210,890 | 3,234,640 |
Total increase (decrease) in net assets | 8,166,510 | 3,389,689 |
Net Assets | ||
Beginning of period | 3,389,689 | – |
End of period | $11,556,199 | $3,389,689 |
Other Information | ||
Shares | ||
Sold | 615,671 | 315,981 |
Issued in reinvestment of distributions | 677 | – |
Redeemed | (133,792) | (5,258) |
Net increase (decrease) | 482,556 | 310,723 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Agricultural Productivity Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $10.91 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .05 | .03 |
Net realized and unrealized gain (loss) | 3.63 | .88 |
Total from investment operations | 3.68 | .91 |
Distributions from net investment income | (.02) | – |
Distributions from net realized gain | –C | – |
Total distributions | (.02) | – |
Net asset value, end of period | $14.57 | $10.91 |
Total ReturnD,E | 33.79% | 9.10% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | 2.45%H | 7.25%H,I |
Expenses net of fee waivers, if any | .99%H,J | .97%H,I,J |
Expenses net of all reductions | .97%H,J | .97%H,I,J |
Net investment income (loss) | .81%H | 2.42%H,I |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $11,556 | $3,390 |
Portfolio turnover rateK | 55%H | 4%L |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Audit fees are not annualized.
J The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Water Sustainability Fund
Investment Summary (Unaudited)
Top Five Stocks as of November 30, 2020
% of fund's net assets | |
Roper Technologies, Inc. | 10.2 |
American Water Works Co., Inc. | 9.6 |
Tetra Tech, Inc. | 7.1 |
Halma PLC | 7.0 |
Xylem, Inc. | 6.6 |
40.5 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Industrials | 58.8 |
Utilities | 21.2 |
Information Technology | 9.1 |
Health Care | 7.4 |
Materials | 2.1 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020 * | ||
Stocks | 98.6% | |
Short-Term Investments and Net Other Assets (Liabilities) | 1.4% |
* Foreign investments - 20.1%
Fidelity® Water Sustainability Fund
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.5% | |||
Shares | Value | ||
HEALTH CARE - 7.4% | |||
Health Care Equipment & Supplies - 4.4% | |||
Danaher Corp. | 4,467 | $1,003,422 | |
Life Sciences Tools & Services - 3.0% | |||
Thermo Fisher Scientific, Inc. | 1,477 | 686,775 | |
TOTAL HEALTH CARE | 1,690,197 | ||
INDUSTRIALS - 58.8% | |||
Building Products - 6.1% | |||
Advanced Drain Systems, Inc. | 14,466 | 1,009,004 | |
Geberit AG (Reg.) | 642 | 386,416 | |
1,395,420 | |||
Commercial Services & Supplies - 7.1% | |||
Tetra Tech, Inc. | 13,563 | 1,617,388 | |
Electrical Equipment - 5.5% | |||
AMETEK, Inc. | 8,776 | 1,040,219 | |
Rockwell Automation, Inc. | 797 | 203,681 | |
1,243,900 | |||
Industrial Conglomerates - 10.2% | |||
Roper Technologies, Inc. | 5,431 | 2,319,036 | |
Machinery - 29.9% | |||
Evoqua Water Technologies Corp. (a) | 30,115 | 785,700 | |
Franklin Electric Co., Inc. | 11,693 | 790,330 | |
IDEX Corp. | 1,938 | 374,325 | |
Ingersoll Rand, Inc. (a) | 2,843 | 125,860 | |
Parker Hannifin Corp. | 3,119 | 833,584 | |
Pentair PLC | 27,422 | 1,421,008 | |
Rexnord Corp. | 16,895 | 633,731 | |
Watts Water Technologies, Inc. Class A | 2,997 | 351,099 | |
Xylem, Inc. | 15,547 | 1,492,046 | |
6,807,683 | |||
TOTAL INDUSTRIALS | 13,383,427 | ||
INFORMATION TECHNOLOGY - 9.1% | |||
Electronic Equipment & Components - 9.1% | |||
Badger Meter, Inc. | 5,642 | 465,126 | |
Halma PLC | 54,414 | 1,601,105 | |
2,066,231 | |||
MATERIALS - 2.1% | |||
Chemicals - 2.1% | |||
Olin Corp. | 21,600 | 472,824 | |
UTILITIES - 20.1% | |||
Multi-Utilities - 4.1% | |||
Algonquin Power & Utilities Corp. | 58,981 | 924,204 | |
Water Utilities - 16.0% | |||
American States Water Co. | 3,062 | 226,037 | |
American Water Works Co., Inc. | 14,306 | 2,194,254 | |
California Water Service Group | 4,018 | 198,811 | |
Essential Utilities, Inc. | 9,347 | 423,232 | |
Middlesex Water Co. | 4,792 | 328,204 | |
SJW Corp. | 2,093 | 137,301 | |
York Water Co. | 3,139 | 141,381 | |
3,649,220 | |||
TOTAL UTILITIES | 4,573,424 | ||
TOTAL COMMON STOCKS | |||
(Cost $19,781,290) | 22,186,103 | ||
Nonconvertible Preferred Stocks - 1.1% | |||
UTILITIES - 1.1% | |||
Water Utilities - 1.1% | |||
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR | |||
(Cost $237,609) | 29,238 | 242,675 | |
Money Market Funds - 2.7% | |||
Fidelity Cash Central Fund 0.09% (b) | |||
(Cost $609,813) | 609,691 | 609,813 | |
TOTAL INVESTMENT IN SECURITIES - 101.3% | |||
(Cost $20,628,712) | 23,038,591 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (290,857) | ||
NET ASSETS - 100% | $22,747,734 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $168 |
Total | $168 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Health Care | $1,690,197 | $1,690,197 | $-- | $-- |
Industrials | 13,383,427 | 12,997,011 | 386,416 | -- |
Information Technology | 2,066,231 | 465,126 | 1,601,105 | -- |
Materials | 472,824 | 472,824 | -- | -- |
Utilities | 4,816,099 | 4,816,099 | -- | -- |
Money Market Funds | 609,813 | 609,813 | -- | -- |
Total Investments in Securities: | $23,038,591 | $21,051,070 | $1,987,521 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 79.9% |
United Kingdom | 7.0% |
Ireland | 6.2% |
Canada | 4.1% |
Switzerland | 1.7% |
Brazil | 1.1% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Water Sustainability Fund
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $20,018,899) | $22,428,778 | |
Fidelity Central Funds (cost $609,813) | 609,813 | |
Total Investment in Securities (cost $20,628,712) | $23,038,591 | |
Receivable for fund shares sold | 212,044 | |
Dividends receivable | 30,860 | |
Distributions receivable from Fidelity Central Funds | 37 | |
Prepaid expenses | 9,326 | |
Receivable from investment adviser for expense reductions | 4,997 | |
Other receivables | 491 | |
Total assets | 23,296,346 | |
Liabilities | ||
Payable for investments purchased | $464,826 | |
Payable for fund shares redeemed | 47,249 | |
Accrued management fee | 11,707 | |
Other affiliated payables | 4,800 | |
Other payables and accrued expenses | 20,030 | |
Total liabilities | 548,612 | |
Net Assets | $22,747,734 | |
Net Assets consist of: | ||
Paid in capital | $20,045,041 | |
Total accumulated earnings (loss) | 2,702,693 | |
Net Assets | $22,747,734 | |
Net Asset Value, offering price and redemption price per share ($22,747,734 ÷ 1,741,828 shares) | $13.06 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $71,314 | |
Income from Fidelity Central Funds | 168 | |
Total income | 71,482 | |
Expenses | ||
Management fee | $41,404 | |
Transfer agent fees | 16,926 | |
Accounting fees and expenses | 3,158 | |
Custodian fees and expenses | 6,325 | |
Independent trustees' fees and expenses | 21 | |
Registration fees | 21,711 | |
Audit | 16,823 | |
Legal | 1 | |
Miscellaneous | 324 | |
Total expenses before reductions | 106,693 | |
Expense reductions | (47,919) | |
Total expenses after reductions | 58,774 | |
Net investment income (loss) | 12,708 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 307,735 | |
Fidelity Central Funds | (85) | |
Foreign currency transactions | 23 | |
Total net realized gain (loss) | 307,673 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 2,139,511 | |
Assets and liabilities in foreign currencies | (8) | |
Total change in net unrealized appreciation (depreciation) | 2,139,503 | |
Net gain (loss) | 2,447,176 | |
Net increase (decrease) in net assets resulting from operations | $2,459,884 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $12,708 | $4,526 |
Net realized gain (loss) | 307,673 | (26,455) |
Change in net unrealized appreciation (depreciation) | 2,139,503 | 270,397 |
Net increase (decrease) in net assets resulting from operations | 2,459,884 | 248,468 |
Distributions to shareholders | (5,660) | – |
Share transactions | ||
Proceeds from sales of shares | 17,949,325 | 4,185,926 |
Reinvestment of distributions | 5,618 | – |
Cost of shares redeemed | (2,024,926) | (70,901) |
Net increase (decrease) in net assets resulting from share transactions | 15,930,017 | 4,115,025 |
Total increase (decrease) in net assets | 18,384,241 | 4,363,493 |
Net Assets | ||
Beginning of period | 4,363,493 | – |
End of period | $22,747,734 | $4,363,493 |
Other Information | ||
Shares | ||
Sold | 1,505,880 | 412,664 |
Issued in reinvestment of distributions | 529 | – |
Redeemed | (170,328) | (6,917) |
Net increase (decrease) | 1,336,081 | 405,747 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Water Sustainability Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $10.75 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .01 | .02 |
Net realized and unrealized gain (loss) | 2.31 | .73 |
Total from investment operations | 2.32 | .75 |
Distributions from net investment income | (.01) | – |
Total distributions | (.01) | – |
Net asset value, end of period | $13.06 | $10.75 |
Total ReturnC,D | 21.60% | 7.50% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | 1.77%G | 4.15%G,H |
Expenses net of fee waivers, if any | .99%G,I | .97%G,H,I |
Expenses net of all reductions | .97%G,I | .97%G,H,I |
Net investment income (loss) | .21%G | 1.39%G,H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $22,748 | $4,363 |
Portfolio turnover rateJ | 116%G | 13%K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Audit fees are not annualized.
I The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended November 30, 2020
1. Organization.
Fidelity Agricultural Productivity Fund and Fidelity Water Sustainability Fund (the Funds) are non-diversified funds of Fidelity Summer Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds ,including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2020 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, capital loss carryforwards, and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Agricultural Productivity Fund | $9,523,668 | $2,131,270 | $(79,659) | $2,051,611 |
Fidelity Water Sustainability Fund | 20,691,915 | 2,501,215 | (154,539) | 2,346,676 |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | |
Fidelity Water Sustainability Fund | $(8,247) |
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Agricultural Productivity Fund | 7,677,801 | 1,709,479 |
Fidelity Water Sustainability Fund | 22,614,017 | 6,942,230 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
Individual Rate | Group Rate | Total | |
Fidelity Agricultural Productivity Fund | .45% | .23% | .68% |
Fidelity Water Sustainability Fund | .45% | .23% | .69% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Agricultural Productivity Fund | .29% |
Fidelity Water Sustainability Fund | .28% |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
% of Average Net Assets | |
Fidelity Agricultural Productivity Fund | .05 |
Fidelity Water Sustainability Fund | .05 |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Agricultural Productivity Fund | $67 |
Fidelity Water Sustainability Fund | 138 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through September 30, 2021. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Fidelity Agricultural Productivity Fund | 1.00% | $46,366 |
Fidelity Water Sustainability Fund | 1.00% | $46,892 |
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
Brokerage service rebates | Custodian credits | |
Fidelity Agricultural Productivity Fund | $572 | $1 |
Fidelity Water Sustainability Fund | 1,026 | 1 |
7. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares of the following Funds:
Affiliated % | |
Fidelity Agricultural Productivity Fund | 13% |
8. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Agricultural Productivity Fund | .99% | |||
Actual | $1,000.00 | $1,337.90 | $5.80 | |
Hypothetical-C | $1,000.00 | $1,020.10 | $5.01 | |
Fidelity Water Sustainability Fund | .99% | |||
Actual | $1,000.00 | $1,216.00 | $5.50 | |
Hypothetical-C | $1,000.00 | $1,020.10 | $5.01 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
DAS-DSW-SANN-0121
1.9897394.100
Fidelity® Disruptive Automation Fund
Fidelity® Disruptive Communications Fund
Fidelity® Disruptive Finance Fund
Fidelity® Disruptive Medicine Fund
Fidelity® Disruptive Technology Fund
Semi-Annual Report
November 30, 2020
Contents
Fidelity® Disruptive Automation Fund | |
Fidelity® Disruptive Communications Fund | |
Fidelity® Disruptive Finance Fund | |
Fidelity® Disruptive Medicine Fund | |
Fidelity® Disruptive Technology Fund | |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Disruptive Automation Fund
Investment Summary (Unaudited)
Top Five Stocks as of November 30, 2020
% of fund's net assets | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 5.4 |
Siemens AG | 5.1 |
FANUC Corp. | 5.0 |
Keyence Corp. | 4.7 |
Alphabet, Inc. Class C | 4.6 |
24.8 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Industrials | 49.3 |
Information Technology | 36.1 |
Communication Services | 4.6 |
Health Care | 4.3 |
Consumer Discretionary | 3.1 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 97.4% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.6% |
* Foreign investments - 58.2%
Fidelity® Disruptive Automation Fund
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.4% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 4.6% | |||
Interactive Media & Services - 4.6% | |||
Alphabet, Inc. Class C (a) | 2,103 | $3,702,836 | |
CONSUMER DISCRETIONARY - 3.1% | |||
Household Durables - 2.2% | |||
Midea Group Co. Ltd. (A Shares) | 133,238 | 1,758,914 | |
Internet & Direct Marketing Retail - 0.9% | |||
Amazon.com, Inc. (a) | 227 | 719,145 | |
TOTAL CONSUMER DISCRETIONARY | 2,478,059 | ||
HEALTH CARE - 4.3% | |||
Health Care Equipment & Supplies - 4.3% | |||
Intuitive Surgical, Inc. (a) | 4,690 | 3,405,175 | |
INDUSTRIALS - 49.3% | |||
Electrical Equipment - 8.3% | |||
AMETEK, Inc. | 17,577 | 2,083,402 | |
Rockwell Automation, Inc. | 13,779 | 3,521,361 | |
Sensata Technologies, Inc. PLC (a) | 20,501 | 1,001,064 | |
6,605,827 | |||
Industrial Conglomerates - 6.5% | |||
Honeywell International, Inc. | 5,423 | 1,105,858 | |
Siemens AG | 30,393 | 4,056,690 | |
5,162,548 | |||
Machinery - 25.5% | |||
Airtac International Group | 38,000 | 1,103,955 | |
Daifuku Co. Ltd. | 10,419 | 1,205,298 | |
FANUC Corp. | 16,185 | 3,970,023 | |
HIWIN Technologies Corp. | 232,540 | 2,486,558 | |
HIWIN Technologies Corp. rights 11/14/20 (a) | 5,676 | 21,953 | |
Misumi Group, Inc. | 28,608 | 897,330 | |
Nabtesco Corp. | 24,351 | 999,282 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 304,006 | 3,558,112 | |
SMC Corp. | 5,063 | 3,220,339 | |
THK Co. Ltd. | 93,466 | 2,884,261 | |
20,347,111 | |||
Professional Services - 4.4% | |||
Recruit Holdings Co. Ltd. | 84,927 | 3,560,235 | |
Road & Rail - 4.6% | |||
Uber Technologies, Inc. (a) | 73,962 | 3,672,953 | |
TOTAL INDUSTRIALS | 39,348,674 | ||
INFORMATION TECHNOLOGY - 36.1% | |||
Electronic Equipment & Components - 13.6% | |||
Cognex Corp. | 12,040 | 904,686 | |
Hexagon AB (B Shares) | 27,013 | 2,251,519 | |
Keyence Corp. | 7,284 | 3,713,845 | |
National Instruments Corp. | 15,169 | 567,776 | |
Renishaw PLC | 45,992 | 3,414,476 | |
10,852,302 | |||
IT Services - 2.5% | |||
Accenture PLC Class A | 8,009 | 1,994,962 | |
Semiconductors & Semiconductor Equipment - 9.9% | |||
NVIDIA Corp. | 6,609 | 3,542,821 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 137,140 | 2,328,859 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 20,816 | 2,019,568 | |
7,891,248 | |||
Software - 10.1% | |||
Altair Engineering, Inc. Class A (a) | 17,714 | 954,785 | |
ANSYS, Inc. (a) | 2,328 | 787,004 | |
Autodesk, Inc. (a) | 3,309 | 927,281 | |
Manhattan Associates, Inc. (a) | 7,166 | 732,652 | |
Microsoft Corp. | 8,385 | 1,794,977 | |
Parametric Technology Corp. (a) | 17,989 | 1,940,114 | |
Synopsys, Inc. (a) | 4,177 | 950,268 | |
8,087,081 | |||
TOTAL INFORMATION TECHNOLOGY | 28,825,593 | ||
TOTAL COMMON STOCKS | |||
(Cost $64,332,451) | 77,760,337 | ||
Money Market Funds - 1.3% | |||
Fidelity Cash Central Fund 0.09% (b) | |||
(Cost $1,045,087) | 1,044,878 | 1,045,087 | |
TOTAL INVESTMENT IN SECURITIES - 98.7% | |||
(Cost $65,377,538) | 78,805,424 | ||
NET OTHER ASSETS (LIABILITIES) - 1.3% | 1,020,896 | ||
NET ASSETS - 100% | $79,826,320 |
Legend
(a) Non-income producing
(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $671 |
Total | $671 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $3,702,836 | $3,702,836 | $-- | $-- |
Consumer Discretionary | 2,478,059 | 2,478,059 | -- | -- |
Health Care | 3,405,175 | 3,405,175 | -- | -- |
Industrials | 39,348,674 | 18,533,263 | 20,815,411 | -- |
Information Technology | 28,825,593 | 17,116,894 | 11,708,699 | -- |
Money Market Funds | 1,045,087 | 1,045,087 | -- | -- |
Total Investments in Securities: | $78,805,424 | $46,281,314 | $32,524,110 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 41.8% |
Japan | 25.6% |
Taiwan | 8.5% |
China | 6.7% |
United Kingdom | 5.6% |
Germany | 5.1% |
Sweden | 2.8% |
Ireland | 2.5% |
Cayman Islands | 1.4% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Automation Fund
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $64,332,451) | $77,760,337 | |
Fidelity Central Funds (cost $1,045,087) | 1,045,087 | |
Total Investment in Securities (cost $65,377,538) | $78,805,424 | |
Foreign currency held at value (cost $128,033) | 128,033 | |
Receivable for fund shares sold | 1,123,883 | |
Dividends receivable | 48,324 | |
Distributions receivable from Fidelity Central Funds | 131 | |
Other receivables | 1,089 | |
Total assets | 80,106,884 | |
Liabilities | ||
Payable for investments purchased | $128,056 | |
Payable for fund shares redeemed | 109,415 | |
Accrued management fee | 43,093 | |
Total liabilities | 280,564 | |
Net Assets | $79,826,320 | |
Net Assets consist of: | ||
Paid in capital | $66,019,973 | |
Total accumulated earnings (loss) | 13,806,347 | |
Net Assets | $79,826,320 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Disruptive Automation Fund: | ||
Net Asset Value, offering price and redemption price per share ($60,211,465 ÷ 3,735,422 shares) | $16.12 | |
Loyalty Class 1: | ||
Net Asset Value, offering price and redemption price per share ($161,420 ÷ 10,000 shares) | $16.14 | |
Loyalty Class 2: | ||
Net Asset Value, offering price and redemption price per share ($161,673 ÷ 10,000 shares) | $16.17 | |
Class F: | ||
Net Asset Value, offering price and redemption price per share ($19,291,762 ÷ 1,190,011 shares) | $16.21 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $108,728 | |
Non-Cash dividends | 275,684 | |
Income from Fidelity Central Funds | 671 | |
Total income | 385,083 | |
Expenses | ||
Management fee | $148,162 | |
Independent trustees' fees and expenses | 69 | |
Total expenses before reductions | 148,231 | |
Expense reductions | (2,966) | |
Total expenses after reductions | 145,265 | |
Net investment income (loss) | 239,818 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 178,597 | |
Fidelity Central Funds | (54) | |
Foreign currency transactions | (36,538) | |
Total net realized gain (loss) | 142,005 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 12,684,349 | |
Assets and liabilities in foreign currencies | 1,164 | |
Total change in net unrealized appreciation (depreciation) | 12,685,513 | |
Net gain (loss) | 12,827,518 | |
Net increase (decrease) in net assets resulting from operations | $13,067,336 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $239,818 | $196 |
Net realized gain (loss) | 142,005 | 4,772 |
Change in net unrealized appreciation (depreciation) | 12,685,513 | 742,618 |
Net increase (decrease) in net assets resulting from operations | 13,067,336 | 747,586 |
Distributions to shareholders | (8,545) | – |
Share transactions - net increase (decrease) | 57,143,013 | 8,876,930 |
Total increase (decrease) in net assets | 70,201,804 | 9,624,516 |
Net Assets | ||
Beginning of period | 9,624,516 | – |
End of period | $79,826,320 | $9,624,516 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Disruptive Automation Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.90 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .06C | (.01) |
Net realized and unrealized gain (loss) | 4.16 | 1.91 |
Total from investment operations | 4.22 | 1.90 |
Distributions from net realized gain | –D | – |
Net asset value, end of period | $16.12 | $11.90 |
Total ReturnE,F | 35.50% | 19.00% |
Ratios to Average Net AssetsG,H | ||
Expenses before reductions | 1.01%I,J | 1.01%I,J |
Expenses net of fee waivers, if any | 1.01%I,J | 1.01%I,J |
Expenses net of all reductions | 1.00%I | 1.01%I,J |
Net investment income (loss) | .89%C,I | (.47)%I |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $60,211 | $5,308 |
Portfolio turnover rateK | 15%I | 6%L |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.47) %.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Automation Fund Loyalty Class 1
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.90 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .07C | –D |
Net realized and unrealized gain (loss) | 4.17 | 1.90 |
Total from investment operations | 4.24 | 1.90 |
Net asset value, end of period | $16.14 | $11.90 |
Total ReturnE,F | 35.63% | 19.00% |
Ratios to Average Net AssetsG,H | ||
Expenses before reductions | .75%I | .75%I |
Expenses net of fee waivers, if any | .75%I | .75%I |
Expenses net of all reductions | .74%I | .75%I |
Net investment income (loss) | 1.04%C,I | (.21)%I |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $161 | $119 |
Portfolio turnover rateJ | 15%I | 6%K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.31) %.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Automation Fund Loyalty Class 2
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.90 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .09C | –D |
Net realized and unrealized gain (loss) | 4.18 | 1.90 |
Total from investment operations | 4.27 | 1.90 |
Net asset value, end of period | $16.17 | $11.90 |
Total ReturnE,F | 35.88% | 19.00% |
Ratios to Average Net AssetsG,H | ||
Expenses before reductions | .50%I | .50%I |
Expenses net of fee waivers, if any | .50%I | .50%I |
Expenses net of all reductions | .49%I | .50%I |
Net investment income (loss) | 1.29%C,I | .04%I |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $162 | $119 |
Portfolio turnover rateJ | 15%I | 6%K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been (.06) %.
D Amount represents less than $.005 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Automation Fund Class F
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.91 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .13C | .01 |
Net realized and unrealized gain (loss) | 4.18 | 1.90 |
Total from investment operations | 4.31 | 1.91 |
Distributions from net realized gain | (.01) | – |
Total distributions | (.01) | – |
Net asset value, end of period | $16.21 | $11.91 |
Total ReturnD,E | 36.17% | 19.10% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | - %H | - %H |
Expenses net of fee waivers, if any | - %H | - %H |
Expenses net of all reductions | (.01)%H | - %H |
Net investment income (loss) | 1.92%C,H | .54%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $19,292 | $4,078 |
Portfolio turnover rateI | 15%H | 6%J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.09 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been .57%.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Communications Fund
Investment Summary (Unaudited)
Top Five Stocks as of November 30, 2020
% of fund's net assets | |
T-Mobile U.S., Inc. | 5.8 |
Facebook, Inc. Class A | 5.5 |
Alphabet, Inc. Class A | 5.0 |
Twitter, Inc. | 5.0 |
Amazon.com, Inc. | 4.9 |
26.2 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Communication Services | 53.6 |
Information Technology | 23.8 |
Consumer Discretionary | 9.9 |
Industrials | 5.1 |
Real Estate | 3.6 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 96.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.1% |
* Foreign investments - 18.8%
Fidelity® Disruptive Communications Fund
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 53.6% | |||
Diversified Telecommunication Services - 6.5% | |||
Cellnex Telecom SA (a) | 17,423 | $1,103,686 | |
China Tower Corp. Ltd. (H Shares) (a) | 3,642,742 | 571,212 | |
Iridium Communications, Inc. (b) | 12,258 | 393,359 | |
Liberty Global PLC Class A (b) | 18,179 | 409,391 | |
Liberty Latin America Ltd. Class C (b) | 35,025 | 396,133 | |
2,873,781 | |||
Entertainment - 8.2% | |||
Activision Blizzard, Inc. | 22,266 | 1,769,702 | |
Netflix, Inc. (b) | 1,921 | 942,635 | |
Roku, Inc. Class A (b) | 2,990 | 877,774 | |
3,590,111 | |||
Interactive Media & Services - 24.6% | |||
Alphabet, Inc. Class A (b) | 1,255 | 2,201,772 | |
ANGI Homeservices, Inc. Class A (b) | 45,105 | 557,498 | |
Facebook, Inc. Class A (b) | 8,706 | 2,411,301 | |
Match Group, Inc. (b) | 2,854 | 397,305 | |
Snap, Inc. Class A (b) | 27,219 | 1,209,068 | |
Tencent Holdings Ltd. | 15,122 | 1,102,360 | |
Twitter, Inc. (b) | 47,175 | 2,194,109 | |
Z Holdings Corp. | 116,187 | 732,681 | |
10,806,094 | |||
Media - 8.5% | |||
DISH Network Corp. Class A (b) | 57,105 | 2,048,356 | |
Liberty Broadband Corp. Class A (b) | 10,782 | 1,690,294 | |
3,738,650 | |||
Wireless Telecommunication Services - 5.8% | |||
T-Mobile U.S., Inc. | 19,260 | 2,560,424 | |
TOTAL COMMUNICATION SERVICES | 23,569,060 | ||
CONSUMER DISCRETIONARY - 9.9% | |||
Internet & Direct Marketing Retail - 9.9% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 5,553 | 1,462,438 | |
Amazon.com, Inc. (b) | 677 | 2,144,763 | |
Rakuten, Inc. | 68,741 | 768,268 | |
4,375,469 | |||
ENERGY - 0.9% | |||
Oil, Gas & Consumable Fuels - 0.9% | |||
Reliance Industries Ltd. sponsored GDR (a) | 7,597 | 391,824 | |
INDUSTRIALS - 5.1% | |||
Construction & Engineering - 0.8% | |||
Dycom Industries, Inc. (b) | 5,981 | 375,966 | |
Road & Rail - 4.3% | |||
Uber Technologies, Inc. (b) | 37,978 | 1,885,987 | |
TOTAL INDUSTRIALS | 2,261,953 | ||
INFORMATION TECHNOLOGY - 23.8% | |||
Communications Equipment - 7.4% | |||
Arista Networks, Inc. (b) | 5,558 | 1,504,551 | |
F5 Networks, Inc. (b) | 10,710 | 1,743,695 | |
3,248,246 | |||
IT Services - 1.3% | |||
Akamai Technologies, Inc. (b) | 3,724 | 385,471 | |
Fastly, Inc. Class A (b) | 2,311 | 195,903 | |
581,374 | |||
Semiconductors & Semiconductor Equipment - 9.1% | |||
Impinj, Inc. (b) | 12,737 | 532,279 | |
Lam Research Corp. | 1,075 | 486,610 | |
NVIDIA Corp. | 1,314 | 704,383 | |
NXP Semiconductors NV | 5,399 | 855,310 | |
ON Semiconductor Corp. (b) | 32,558 | 936,043 | |
Renesas Electronics Corp. (b) | 54,057 | 479,032 | |
3,993,657 | |||
Software - 6.0% | |||
Cloudflare, Inc. (b) | 7,108 | 533,669 | |
RingCentral, Inc. (b) | 1,177 | 349,628 | |
Slack Technologies, Inc. Class A (b) | 20,319 | 871,279 | |
Zoom Video Communications, Inc. Class A (b) | 1,814 | 867,745 | |
2,622,321 | |||
TOTAL INFORMATION TECHNOLOGY | 10,445,598 | ||
REAL ESTATE - 3.6% | |||
Equity Real Estate Investment Trusts (REITs) - 3.6% | |||
American Tower Corp. | 6,767 | 1,564,530 | |
TOTAL COMMON STOCKS | |||
(Cost $36,198,968) | 42,608,434 | ||
Money Market Funds - 2.1% | |||
Fidelity Cash Central Fund 0.09% (c) | |||
(Cost $894,754) | 894,575 | 894,754 | |
TOTAL INVESTMENT IN SECURITIES - 99.0% | |||
(Cost $37,093,722) | 43,503,188 | ||
NET OTHER ASSETS (LIABILITIES) - 1.0% | 456,679 | ||
NET ASSETS - 100% | $43,959,867 |
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,066,722 or 4.7% of net assets.
(b) Non-income producing
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $379 |
Total | $379 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $23,569,060 | $20,059,121 | $3,509,939 | $-- |
Consumer Discretionary | 4,375,469 | 3,607,201 | 768,268 | -- |
Energy | 391,824 | -- | 391,824 | -- |
Industrials | 2,261,953 | 2,261,953 | -- | -- |
Information Technology | 10,445,598 | 9,966,566 | 479,032 | -- |
Real Estate | 1,564,530 | 1,564,530 | -- | -- |
Money Market Funds | 894,754 | 894,754 | -- | -- |
Total Investments in Securities: | $43,503,188 | $38,354,125 | $5,149,063 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 81.2% |
Cayman Islands | 5.8% |
Japan | 4.5% |
Spain | 2.5% |
Netherlands | 2.0% |
China | 1.3% |
Others (Individually Less Than 1%) | 2.7% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Communications Fund
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $36,198,968) | $42,608,434 | |
Fidelity Central Funds (cost $894,754) | 894,754 | |
Total Investment in Securities (cost $37,093,722) | $43,503,188 | |
Foreign currency held at value (cost $40,595) | 40,595 | |
Receivable for fund shares sold | 510,589 | |
Distributions receivable from Fidelity Central Funds | 74 | |
Other receivables | 591 | |
Total assets | 44,055,037 | |
Liabilities | ||
Payable for investments purchased | $40,595 | |
Payable for fund shares redeemed | 36,178 | |
Accrued management fee | 18,397 | |
Total liabilities | 95,170 | |
Net Assets | $43,959,867 | |
Net Assets consist of: | ||
Paid in capital | $36,863,189 | |
Total accumulated earnings (loss) | 7,096,678 | |
Net Assets | $43,959,867 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Disruptive Communications Fund: | ||
Net Asset Value, offering price and redemption price per share ($25,102,672 ÷ 1,652,987 shares) | $15.19 | |
Loyalty Class 1: | ||
Net Asset Value, offering price and redemption price per share ($152,144 ÷ 10,000 shares) | $15.21 | |
Loyalty Class 2: | ||
Net Asset Value, offering price and redemption price per share ($152,382 ÷ 10,000 shares) | $15.24 | |
Class F: | ||
Net Asset Value, offering price and redemption price per share ($18,552,669 ÷ 1,214,186 shares) | $15.28 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $12,423 | |
Income from Fidelity Central Funds | 379 | |
Total income | 12,802 | |
Expenses | ||
Management fee | $70,004 | |
Independent trustees' fees and expenses | 45 | |
Total expenses before reductions | 70,049 | |
Expense reductions | (1,434) | |
Total expenses after reductions | 68,615 | |
Net investment income (loss) | (55,813) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 744,821 | |
Fidelity Central Funds | 20 | |
Foreign currency transactions | 194 | |
Total net realized gain (loss) | 745,035 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 5,877,728 | |
Assets and liabilities in foreign currencies | 28 | |
Total change in net unrealized appreciation (depreciation) | 5,877,756 | |
Net gain (loss) | 6,622,791 | |
Net increase (decrease) in net assets resulting from operations | $6,566,978 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(55,813) | $1,656 |
Net realized gain (loss) | 745,035 | (61) |
Change in net unrealized appreciation (depreciation) | 5,877,756 | 531,710 |
Net increase (decrease) in net assets resulting from operations | 6,566,978 | 533,305 |
Distributions to shareholders | (3,599) | – |
Share transactions - net increase (decrease) | 30,255,665 | 6,607,518 |
Total increase (decrease) in net assets | 36,819,044 | 7,140,823 |
Net Assets | ||
Beginning of period | 7,140,823 | – |
End of period | $43,959,867 | $7,140,823 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Disruptive Communications Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.58 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.06) | –C |
Net realized and unrealized gain (loss) | 3.67 | 1.58 |
Total from investment operations | 3.61 | 1.58 |
Distributions from net investment income | –C | – |
Total distributions | –C | – |
Net asset value, end of period | $15.19 | $11.58 |
Total ReturnD,E | 31.19% | 15.80% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | 1.01%H,I | 1.01%H,I |
Expenses net of fee waivers, if any | 1.01%H,I | 1.01%H,I |
Expenses net of all reductions | 1.00%H | 1.01%H,I |
Net investment income (loss) | (.89)%H | (.23)%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $25,103 | $2,880 |
Portfolio turnover rateJ | 38%H | 0 %K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Communications Fund Loyalty Class 1
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.58 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.04) | –C |
Net realized and unrealized gain (loss) | 3.67 | 1.58 |
Total from investment operations | 3.63 | 1.58 |
Net asset value, end of period | $15.21 | $11.58 |
Total ReturnD,E | 31.35% | 15.80% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .75%H | .75%H |
Expenses net of fee waivers, if any | .75%H | .75%H |
Expenses net of all reductions | .74%H | .75%H |
Net investment income (loss) | (.64)%H | .04%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $152 | $116 |
Portfolio turnover rateI | 38%H | 0 %J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Communications Fund Loyalty Class 2
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.59 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.03) | –C |
Net realized and unrealized gain (loss) | 3.68 | 1.59 |
Total from investment operations | 3.65 | 1.59 |
Net asset value, end of period | $15.24 | $11.59 |
Total ReturnD,E | 31.49% | 15.90% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .50%H | .50%H |
Expenses net of fee waivers, if any | .50%H | .50%H |
Expenses net of all reductions | .49%H | .50%H |
Net investment income (loss) | (.39)%H | .29%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $152 | $116 |
Portfolio turnover rateI | 38%H | 0 %J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Communications Fund Class F
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.59 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .01 | .01 |
Net realized and unrealized gain (loss) | 3.68 | 1.58 |
Total from investment operations | 3.69 | 1.59 |
Distributions from net investment income | –C | – |
Total distributions | –C | – |
Net asset value, end of period | $15.28 | $11.59 |
Total ReturnD,E | 31.88% | 15.90% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | - %H | - %H |
Expenses net of fee waivers, if any | - %H | - %H |
Expenses net of all reductions | (.01)%H | - %H |
Net investment income (loss) | .11%H | .79%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $18,553 | $4,029 |
Portfolio turnover rateI | 38%H | 0 %J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Finance Fund
Investment Summary (Unaudited)
Top Five Stocks as of November 30, 2020
% of fund's net assets | |
MasterCard, Inc. Class A | 6.0 |
Capital One Financial Corp. | 5.8 |
Signature Bank | 5.8 |
Visa, Inc. Class A | 5.5 |
Global Payments, Inc. | 5.3 |
28.4 |
Top Five Market Sectors as of November 30, 2020
% of fund's net assets | |
Financials | 62.3 |
Information Technology | 27.4 |
Industrials | 3.8 |
Real Estate | 2.2 |
Consumer Discretionary | 1.6 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 97.3% | |
Short-Term Investments and Net Other Assets (Liabilities) | 2.7% |
* Foreign investments - 16.0%
Fidelity® Disruptive Finance Fund
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.3% | |||
Shares | Value | ||
CONSUMER DISCRETIONARY - 1.6% | |||
Internet & Direct Marketing Retail - 1.6% | |||
MercadoLibre, Inc. (a) | 408 | $633,759 | |
FINANCIALS - 62.3% | |||
Banks - 13.9% | |||
DBS Group Holdings Ltd. | 77,890 | 1,463,541 | |
DNB ASA | 79,828 | 1,439,397 | |
Signature Bank | 20,606 | 2,311,787 | |
Skandiabanken ASA (b) | 43,055 | 344,313 | |
5,559,038 | |||
Capital Markets - 23.4% | |||
Apollo Global Management LLC Class A | 18,741 | 817,482 | |
Avanza Bank Holding AB | 42,364 | 931,418 | |
BlackRock, Inc. Class A | 2,674 | 1,867,388 | |
Brookfield Asset Management, Inc. Class A | 13,405 | 542,768 | |
Cboe Global Markets, Inc. | 5,728 | 523,081 | |
Moelis & Co. Class A | 26,944 | 1,057,283 | |
MSCI, Inc. | 1,550 | 634,601 | |
SEI Investments Co. | 19,082 | 1,006,576 | |
Tradeweb Markets, Inc. Class A | 9,026 | 538,401 | |
Virtu Financial, Inc. Class A | 63,717 | 1,452,110 | |
9,371,108 | |||
Consumer Finance - 11.6% | |||
Ally Financial, Inc. | 49,178 | 1,458,128 | |
Capital One Financial Corp. | 27,013 | 2,313,393 | |
First Cash Financial Services, Inc. | 13,618 | 874,820 | |
4,646,341 | |||
Diversified Financial Services - 0.0% | |||
Triterras, Inc. (a) | 600 | 7,146 | |
Insurance - 9.7% | |||
Arch Capital Group Ltd. (a) | 30,315 | 975,991 | |
Arthur J. Gallagher & Co. | 10,593 | 1,222,538 | |
BRP Group, Inc. (a) | 40,423 | 1,190,457 | |
Hiscox Ltd. (a) | 33,020 | 470,880 | |
3,859,866 | |||
Thrifts & Mortgage Finance - 3.7% | |||
NMI Holdings, Inc. (a) | 46,790 | 1,025,169 | |
Pennymac Financial Services, Inc. | 7,742 | 446,249 | |
1,471,418 | |||
TOTAL FINANCIALS | 24,914,917 | ||
INDUSTRIALS - 3.8% | |||
Professional Services - 3.8% | |||
Equifax, Inc. | 5,871 | 979,870 | |
Verisk Analytics, Inc. | 2,767 | 548,724 | |
1,528,594 | |||
INFORMATION TECHNOLOGY - 27.4% | |||
IT Services - 27.4% | |||
Black Knight, Inc. (a) | 12,414 | 1,137,371 | |
Fidelity National Information Services, Inc. | 13,536 | 2,008,878 | |
Global Payments, Inc. | 10,767 | 2,101,611 | |
MasterCard, Inc. Class A | 7,093 | 2,386,865 | |
Network International Holdings PLC (a)(b) | 58,461 | 210,483 | |
PayPal Holdings, Inc. (a) | 4,242 | 908,297 | |
Visa, Inc. Class A | 10,446 | 2,197,316 | |
10,950,821 | |||
REAL ESTATE - 2.2% | |||
Equity Real Estate Investment Trusts (REITs) - 2.2% | |||
Alexandria Real Estate Equities, Inc. | 2,594 | 424,716 | |
American Homes 4 Rent Class A | 15,712 | 451,249 | |
875,965 | |||
TOTAL COMMON STOCKS | |||
(Cost $34,107,510) | 38,904,056 | ||
Money Market Funds - 2.0% | |||
Fidelity Cash Central Fund 0.09% (c) | |||
(Cost $803,275) | 803,114 | 803,275 | |
TOTAL INVESTMENT IN SECURITIES - 99.3% | |||
(Cost $34,910,785) | 39,707,331 | ||
NET OTHER ASSETS (LIABILITIES) - 0.7% | 293,444 | ||
NET ASSETS - 100% | $40,000,775 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $554,796 or 1.4% 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.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $318 |
Total | $318 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Consumer Discretionary | $633,759 | $633,759 | $-- | $-- |
Financials | 24,914,917 | 21,728,909 | 3,186,008 | -- |
Industrials | 1,528,594 | 1,528,594 | -- | -- |
Information Technology | 10,950,821 | 10,740,338 | 210,483 | -- |
Real Estate | 875,965�� | 875,965 | -- | -- |
Money Market Funds | 803,275 | 803,275 | -- | -- |
Total Investments in Securities: | $39,707,331 | $36,310,840 | $3,396,491 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 84.1% |
Norway | 4.5% |
Singapore | 3.6% |
Bermuda | 3.6% |
Sweden | 2.3% |
Canada | 1.4% |
Others (Individually Less Than 1%) | 0.5% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Finance Fund
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $34,107,510) | $38,904,056 | |
Fidelity Central Funds (cost $803,275) | 803,275 | |
Total Investment in Securities (cost $34,910,785) | $39,707,331 | |
Receivable for fund shares sold | 311,703 | |
Dividends receivable | 34,680 | |
Distributions receivable from Fidelity Central Funds | 62 | |
Other receivables | 269 | |
Total assets | 40,054,045 | |
Liabilities | ||
Payable for investments purchased | $7,157 | |
Payable for fund shares redeemed | 30,094 | |
Accrued management fee | 16,019 | |
Total liabilities | 53,270 | |
Net Assets | $40,000,775 | |
Net Assets consist of: | ||
Paid in capital | $34,715,389 | |
Total accumulated earnings (loss) | 5,285,386 | |
Net Assets | $40,000,775 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Disruptive Finance Fund: | ||
Net Asset Value, offering price and redemption price per share ($21,621,805 ÷ 1,476,686 shares) | $14.64 | |
Loyalty Class 1: | ||
Net Asset Value, offering price and redemption price per share ($146,784 ÷ 10,003 shares) | $14.67 | |
Loyalty Class 2: | ||
Net Asset Value, offering price and redemption price per share ($147,014 ÷ 10,006 shares) | $14.69 | |
Class F: | ||
Net Asset Value, offering price and redemption price per share ($18,085,172 ÷ 1,227,886 shares) | $14.73 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $148,887 | |
Income from Fidelity Central Funds | 318 | |
Total income | 149,205 | |
Expenses | ||
Management fee | $52,504 | |
Independent trustees' fees and expenses | 37 | |
Total expenses before reductions | 52,541 | |
Expense reductions | (1,134) | |
Total expenses after reductions | 51,407 | |
Net investment income (loss) | 97,798 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 393,100 | |
Fidelity Central Funds | (8) | |
Foreign currency transactions | (474) | |
Total net realized gain (loss) | 392,618 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,259,785 | |
Assets and liabilities in foreign currencies | (11) | |
Total change in net unrealized appreciation (depreciation) | 4,259,774 | |
Net gain (loss) | 4,652,392 | |
Net increase (decrease) in net assets resulting from operations | $4,750,190 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $97,798 | $10,362 |
Net realized gain (loss) | 392,618 | 620 |
Change in net unrealized appreciation (depreciation) | 4,259,774 | 536,836 |
Net increase (decrease) in net assets resulting from operations | 4,750,190 | 547,818 |
Distributions to shareholders | (12,601) | – |
Share transactions - net increase (decrease) | 28,577,807 | 6,137,561 |
Total increase (decrease) in net assets | 33,315,396 | 6,685,379 |
Net Assets | ||
Beginning of period | 6,685,379 | – |
End of period | $40,000,775 | $6,685,379 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Disruptive Finance Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.86 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .03 | .03 |
Net realized and unrealized gain (loss) | 2.76 | 1.83 |
Total from investment operations | 2.79 | 1.86 |
Distributions from net investment income | (.01) | – |
Distributions from net realized gain | –C | – |
Total distributions | (.01) | – |
Net asset value, end of period | $14.64 | $11.86 |
Total ReturnD,E | 23.55% | 18.60% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | 1.01%H,I | 1.01%H,I |
Expenses net of fee waivers, if any | 1.01%H,I | 1.01%H,I |
Expenses net of all reductions | 1.00%H | 1.01%H,I |
Net investment income (loss) | .44%H | 1.99%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $21,622 | $2,373 |
Portfolio turnover rateJ | 16%H | 0 %K,L |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Amount represents less than .005%.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Finance Fund Loyalty Class 1
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.86 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .04 | .03 |
Net realized and unrealized gain (loss) | 2.77 | 1.83 |
Total from investment operations | 2.81 | 1.86 |
Distributions from net investment income | –C | – |
Distributions from net realized gain | –C | – |
Total distributions | –C | – |
Net asset value, end of period | $14.67 | $11.86 |
Total ReturnD,E | 23.72% | 18.60% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .75%H | .75%H |
Expenses net of fee waivers, if any | .75%H | .75%H |
Expenses net of all reductions | .74%H | .75%H |
Net investment income (loss) | .56%H | 2.26%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $147 | $119 |
Portfolio turnover rateI | 16%H | 0 %J,K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Finance Fund Loyalty Class 2
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.87 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .05 | .03 |
Net realized and unrealized gain (loss) | 2.78 | 1.84 |
Total from investment operations | 2.83 | 1.87 |
Distributions from net investment income | (.01) | – |
Distributions from net realized gain | –C | – |
Total distributions | (.01) | – |
Net asset value, end of period | $14.69 | $11.87 |
Total ReturnD,E | 23.83% | 18.70% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .50%H | .50%H |
Expenses net of fee waivers, if any | .50%H | .50%H |
Expenses net of all reductions | .49%H | .50%H |
Net investment income (loss) | .81%H | 2.51%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $147 | $119 |
Portfolio turnover rateI | 16%H | 0 %J,K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Finance Fund Class F
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.87 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .09 | .04 |
Net realized and unrealized gain (loss) | 2.78 | 1.83 |
Total from investment operations | 2.87 | 1.87 |
Distributions from net investment income | (.01) | – |
Distributions from net realized gain | –C | – |
Total distributions | (.01) | – |
Net asset value, end of period | $14.73 | $11.87 |
Total ReturnD,E | 24.24% | 18.70% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | - %H | - %H |
Expenses net of fee waivers, if any | - %H | - %H |
Expenses net of all reductions | (.01)%H | - %H |
Net investment income (loss) | 1.38%H | 3.01%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $18,085 | $4,075 |
Portfolio turnover rateI | 16%H | 0 %J,K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Medicine Fund
Investment Summary (Unaudited)
Top Five Stocks as of November 30, 2020
% of fund's net assets | |
Danaher Corp. | 5.0 |
Masimo Corp. | 4.6 |
UnitedHealth Group, Inc. | 4.3 |
Roche Holding AG (participation certificate) | 4.3 |
Regeneron Pharmaceuticals, Inc. | 4.0 |
22.2 |
Top Market Sectors as of November 30, 2020
% of fund's net assets | |
Health Care | 97.0 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 97.0% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.0% |
* Foreign investments - 12.6%
Fidelity® Disruptive Medicine Fund
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% | |||
Shares | Value | ||
HEALTH CARE - 97.0% | |||
Biotechnology - 25.7% | |||
Acceleron Pharma, Inc. (a) | 2,338 | $276,048 | |
ADC Therapeutics SA (a) | 3,214 | 119,914 | |
Agios Pharmaceuticals, Inc. (a) | 3,307 | 153,180 | |
Alexion Pharmaceuticals, Inc. (a) | 12,716 | 1,552,751 | |
Alnylam Pharmaceuticals, Inc. (a) | 5,556 | 721,780 | |
Aprea Therapeutics, Inc. (a) | 6,295 | 158,886 | |
Argenx SE (a) | 95 | 27,211 | |
Argenx SE ADR (a) | 520 | 149,146 | |
Ascendis Pharma A/S sponsored ADR (a) | 1,913 | 322,780 | |
Exelixis, Inc. (a) | 6,965 | 133,449 | |
FibroGen, Inc. (a) | 12,046 | 497,620 | |
Innovent Biologics, Inc. (a)(b) | 62,156 | 408,245 | |
Keros Therapeutics, Inc. | 2,978 | 225,167 | |
Neurocrine Biosciences, Inc. (a) | 15,783 | 1,498,438 | |
Passage Bio, Inc. | 1,964 | 40,282 | |
Regeneron Pharmaceuticals, Inc. (a) | 3,232 | 1,667,809 | |
Relay Therapeutics, Inc. (a) | 4,347 | 231,739 | |
Revolution Medicines, Inc. | 1,754 | 76,527 | |
Sarepta Therapeutics, Inc. (a) | 5,334 | 751,347 | |
Taysha Gene Therapies, Inc. | 7,489 | 169,401 | |
Turning Point Therapeutics, Inc. (a) | 2,528 | 269,232 | |
Vertex Pharmaceuticals, Inc. (a) | 3,952 | 900,068 | |
Viela Bio, Inc. (a) | 5,154 | 197,604 | |
Xenon Pharmaceuticals, Inc. (a) | 3,018 | 35,884 | |
Zentalis Pharmaceuticals, Inc. | 3,511 | 178,921 | |
Zymeworks, Inc. (a) | 200 | 10,530 | |
10,773,959 | |||
Health Care Equipment & Supplies - 32.9% | |||
Align Technology, Inc. (a) | 1,876 | 902,900 | |
Atricure, Inc. (a) | 13,466 | 585,502 | |
Becton, Dickinson & Co. | 4,190 | 983,980 | |
Boston Scientific Corp. (a) | 42,114 | 1,396,079 | |
Danaher Corp. | 9,337 | 2,097,371 | |
DexCom, Inc. (a) | 2,100 | 671,328 | |
Genmark Diagnostics, Inc. (a) | 18,690 | 249,885 | |
Insulet Corp. (a) | 1,805 | 465,167 | |
Intuitive Surgical, Inc. (a) | 1,526 | 1,107,952 | |
Masimo Corp. (a) | 7,607 | 1,935,905 | |
Nanosonics Ltd. (a) | 22,950 | 112,197 | |
Nevro Corp. (a) | 625 | 100,781 | |
Penumbra, Inc. (a) | 4,589 | 1,018,299 | |
Shockwave Medical, Inc. (a) | 2,465 | 241,151 | |
Stryker Corp. | 4,704 | 1,097,914 | |
Tandem Diabetes Care, Inc. (a) | 5,947 | 558,304 | |
ViewRay, Inc. (a) | 75,950 | 291,648 | |
13,816,363 | |||
Health Care Providers & Services - 13.2% | |||
Centene Corp. (a) | 22,343 | 1,377,446 | |
Guardant Health, Inc. (a) | 8,225 | 996,212 | |
Humana, Inc. | 3,340 | 1,337,737 | |
UnitedHealth Group, Inc. | 5,406 | 1,818,254 | |
5,529,649 | |||
Health Care Technology - 2.5% | |||
Castlight Health, Inc. Class B (a) | 148,987 | 187,724 | |
Inspire Medical Systems, Inc. (a) | 1,522 | 282,696 | |
Veeva Systems, Inc. Class A (a) | 2,062 | 570,906 | |
1,041,326 | |||
Life Sciences Tools & Services - 12.6% | |||
10X Genomics, Inc. (a) | 3,709 | 567,885 | |
Bio-Rad Laboratories, Inc. Class A (a) | 1,852 | 997,302 | |
Bruker Corp. | 15,671 | 793,109 | |
Lonza Group AG | 1,507 | 948,163 | |
Nanostring Technologies, Inc. (a) | 2,249 | 111,640 | |
Sartorius Stedim Biotech | 2,097 | 756,119 | |
Thermo Fisher Scientific, Inc. | 2,411 | 1,121,067 | |
5,295,285 | |||
Pharmaceuticals - 10.1% | |||
AstraZeneca PLC sponsored ADR | 25,005 | 1,323,765 | |
Nektar Therapeutics (a) | 11,354 | 186,092 | |
Roche Holding AG (participation certificate) | 5,476 | 1,798,576 | |
Royalty Pharma PLC | 7,778 | 331,343 | |
Sanofi SA | 5,821 | 586,750 | |
4,226,526 | |||
TOTAL HEALTH CARE | 40,683,108 | ||
TOTAL COMMON STOCKS | |||
(Cost $38,630,836) | 40,683,108 | ||
Money Market Funds - 2.4% | |||
Fidelity Cash Central Fund 0.09% (c) | |||
(Cost $1,009,403) | 1,009,202 | 1,009,404 | |
TOTAL INVESTMENT IN SECURITIES - 99.4% | |||
(Cost $39,640,239) | 41,692,512 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 246,905 | ||
NET ASSETS - 100% | $41,939,417 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $408,245 or 1.0% 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.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $385 |
Total | $385 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Health Care | $40,683,108 | $36,158,044 | $4,525,064 | $-- |
Money Market Funds | 1,009,404 | 1,009,404 | -- | -- |
Total Investments in Securities: | $41,692,512 | $37,167,448 | $4,525,064 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 87.4% |
Switzerland | 6.8% |
France | 3.2% |
Cayman Islands | 1.0% |
Others (Individually Less Than 1%) | 1.6% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Medicine Fund
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $38,630,836) | $40,683,108 | |
Fidelity Central Funds (cost $1,009,403) | 1,009,404 | |
Total Investment in Securities (cost $39,640,239) | $41,692,512 | |
Receivable for investments sold | 35,949 | |
Receivable for fund shares sold | 281,200 | |
Dividends receivable | 1,793 | |
Distributions receivable from Fidelity Central Funds | 69 | |
Other receivables | 336 | |
Total assets | 42,011,859 | |
Liabilities | ||
Payable for fund shares redeemed | $52,328 | |
Accrued management fee | 20,114 | |
Total liabilities | 72,442 | |
Net Assets | $41,939,417 | |
Net Assets consist of: | ||
Paid in capital | $39,480,406 | |
Total accumulated earnings (loss) | 2,459,011 | |
Net Assets | $41,939,417 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Disruptive Medicine Fund: | ||
Net Asset Value, offering price and redemption price per share ($25,357,664 ÷ 2,093,953 shares) | $12.11 | |
Loyalty Class 1: | ||
Net Asset Value, offering price and redemption price per share ($121,242 ÷ 10,000 shares) | $12.12 | |
Loyalty Class 2: | ||
Net Asset Value, offering price and redemption price per share ($121,432 ÷ 10,000 shares) | $12.14 | |
Class F: | ||
Net Asset Value, offering price and redemption price per share ($16,339,079 ÷ 1,341,264 shares) | $12.18 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $29,256 | |
Income from Fidelity Central Funds | 385 | |
Total income | 29,641 | |
Expenses | ||
Management fee | $78,456 | |
Independent trustees' fees and expenses | 47 | |
Total expenses before reductions | 78,503 | |
Expense reductions | (940) | |
Total expenses after reductions | 77,563 | |
Net investment income (loss) | (47,922) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 456,440 | |
Fidelity Central Funds | (36) | |
Foreign currency transactions | (45) | |
Total net realized gain (loss) | 456,359 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,583,715 | |
Fidelity Central Funds | 1 | |
Assets and liabilities in foreign currencies | 13 | |
Total change in net unrealized appreciation (depreciation) | 1,583,729 | |
Net gain (loss) | 2,040,088 | |
Net increase (decrease) in net assets resulting from operations | $1,992,166 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(47,922) | $(1,963) |
Net realized gain (loss) | 456,359 | 253 |
Change in net unrealized appreciation (depreciation) | 1,583,729 | 468,544 |
Net increase (decrease) in net assets resulting from operations | 1,992,166 | 466,834 |
Share transactions - net increase (decrease) | 30,147,090 | 9,333,327 |
Total increase (decrease) in net assets | 32,139,256 | 9,800,161 |
Net Assets | ||
Beginning of period | 9,800,161 | – |
End of period | $41,939,417 | $9,800,161 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Disruptive Medicine Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.06 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.05) | (.01) |
Net realized and unrealized gain (loss) | 1.10 | 1.07 |
Total from investment operations | 1.05 | 1.06 |
Net asset value, end of period | $12.11 | $11.06 |
Total ReturnC,D | 9.49% | 10.60% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | 1.01%G,H | 1.01%G,H |
Expenses net of fee waivers, if any | 1.01%G,H | 1.01%G,H |
Expenses net of all reductions | 1.00%G | 1.01%G,H |
Net investment income (loss) | (.77)%G | (.75)%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $25,358 | $5,666 |
Portfolio turnover rateI | 33%G | 0 %J,K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Medicine Fund Loyalty Class 1
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.05 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.03) | (.01) |
Net realized and unrealized gain (loss) | 1.10 | 1.06 |
Total from investment operations | 1.07 | 1.05 |
Net asset value, end of period | $12.12 | $11.05 |
Total ReturnC,D | 9.68% | 10.50% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | .75%G | .75%G |
Expenses net of fee waivers, if any | .75%G | .75%G |
Expenses net of all reductions | .74%G | .75%G |
Net investment income (loss) | (.52)%G | (.48)%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $121 | $111 |
Portfolio turnover rateH | 33%G | 0 %I,J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Amount represents less than .005%.
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Medicine Fund Loyalty Class 2
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.06 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.02) | –C |
Net realized and unrealized gain (loss) | 1.10 | 1.06 |
Total from investment operations | 1.08 | 1.06 |
Net asset value, end of period | $12.14 | $11.06 |
Total ReturnD,E | 9.76% | 10.60% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .50%H | .50%H |
Expenses net of fee waivers, if any | .50%H | .50%H |
Expenses net of all reductions | .49%H | .50%H |
Net investment income (loss) | (.27)%H | (.23)%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $121 | $111 |
Portfolio turnover rateI | 33%H | 0 %J,K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Medicine Fund Class F
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.07 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .01 | –C |
Net realized and unrealized gain (loss) | 1.10 | 1.07 |
Total from investment operations | 1.11 | 1.07 |
Net asset value, end of period | $12.18 | $11.07 |
Total ReturnD,E | 10.03% | 10.70% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | - %H | - %H |
Expenses net of fee waivers, if any | - %H | - %H |
Expenses net of all reductions | (.01)%H | - %H |
Net investment income (loss) | .23%H | .27%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $16,339 | $3,914 |
Portfolio turnover rateI | 33%H | 0 %J,K |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount represents less than .005%.
K Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Technology Fund
Investment Summary (Unaudited)
Top Five Stocks as of November 30, 2020
% of fund's net assets | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 5.1 |
Alphabet, Inc. Class C | 5.0 |
Microsoft Corp. | 4.7 |
Salesforce.com, Inc. | 4.5 |
Facebook, Inc. Class A | 4.2 |
23.5 |
Top Market Sectors as of November 30, 2020
% of fund's net assets | |
Information Technology | 46.0 |
Communication Services | 29.3 |
Consumer Discretionary | 20.0 |
Industrials | 1.6 |
Asset Allocation (% of fund's net assets)
As of November 30, 2020* | ||
Stocks | 96.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 3.1% |
* Foreign investments - 35.2%
Fidelity® Disruptive Technology Fund
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.9% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 29.3% | |||
Entertainment - 4.8% | |||
Bilibili, Inc. ADR (a) | 18,366 | $1,154,487 | |
Netflix, Inc. (a) | 5,539 | 2,717,987 | |
Roku, Inc. Class A (a) | 3,687 | 1,082,393 | |
4,954,867 | |||
Interactive Media & Services - 22.4% | |||
Alphabet, Inc. Class C (a) | 2,956 | 5,204,747 | |
Facebook, Inc. Class A (a) | 15,605 | 4,322,117 | |
InterActiveCorp (a) | 14,329 | 2,034,575 | |
Kakao Corp. | 2,757 | 915,253 | |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 36,897 | 1,062,862 | |
Tencent Holdings Ltd. | 55,211 | 4,024,757 | |
Yandex NV Series A (a) | 17,432 | 1,202,111 | |
Z Holdings Corp. | 683,245 | 4,308,576 | |
23,074,998 | |||
Wireless Telecommunication Services - 2.1% | |||
T-Mobile U.S., Inc. | 15,629 | 2,077,719 | |
TOTAL COMMUNICATION SERVICES | 30,107,584 | ||
CONSUMER DISCRETIONARY - 20.0% | |||
Automobiles - 0.9% | |||
Tesla, Inc. (a) | 1,585 | 899,646 | |
Internet & Direct Marketing Retail - 19.1% | |||
Alibaba Group Holding Ltd. sponsored ADR (a) | 12,797 | 3,370,218 | |
Amazon.com, Inc. (a) | 1,120 | 3,548,205 | |
Delivery Hero AG (a)(b) | 7,781 | 946,070 | |
MakeMyTrip Ltd. (a) | 76,658 | 1,901,885 | |
Meituan Class B (a) | 99,893 | 3,735,640 | |
MercadoLibre, Inc. (a) | 671 | 1,042,284 | |
Pinduoduo, Inc. ADR (a) | 21,852 | 3,033,276 | |
Zalando SE (a)(b) | 12,659 | 1,285,865 | |
Zozo, Inc. | 34,410 | 857,520 | |
19,720,963 | |||
TOTAL CONSUMER DISCRETIONARY | 20,620,609 | ||
INDUSTRIALS - 1.6% | |||
Road & Rail - 1.6% | |||
Lyft, Inc. (a) | 19,940 | 761,110 | |
Uber Technologies, Inc. (a) | 18,337 | 910,615 | |
1,671,725 | |||
INFORMATION TECHNOLOGY - 46.0% | |||
Communications Equipment - 1.4% | |||
Arista Networks, Inc. (a) | 5,356 | 1,449,869 | |
IT Services - 9.2% | |||
Adyen BV (a)(b) | 723 | 1,381,041 | |
MongoDB, Inc. Class A (a) | 4,559 | 1,309,846 | |
Snowflake Computing, Inc. | 9,941 | 3,239,175 | |
Square, Inc. (a) | 7,220 | 1,523,131 | |
Twilio, Inc. Class A (a) | 6,463 | 2,068,742 | |
9,521,935 | |||
Semiconductors & Semiconductor Equipment - 7.5% | |||
NVIDIA Corp. | 4,564 | 2,446,578 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 54,399 | 5,277,794 | |
7,724,372 | |||
Software - 25.4% | |||
Adobe, Inc. (a) | 8,898 | 4,257,426 | |
HubSpot, Inc. (a) | 5,573 | 2,197,601 | |
Intuit, Inc. | 5,919 | 2,083,606 | |
Kingdee International Software Group Co. Ltd. | 526,026 | 1,826,423 | |
Microsoft Corp. | 22,461 | 4,808,226 | |
Parametric Technology Corp. (a) | 21,297 | 2,296,881 | |
Salesforce.com, Inc. (a) | 18,858 | 4,635,296 | |
Workday, Inc. Class A (a) | 18,034 | 4,053,863 | |
26,159,322 | |||
Technology Hardware, Storage & Peripherals - 2.5% | |||
Apple, Inc. | 21,324 | 2,538,622 | |
TOTAL INFORMATION TECHNOLOGY | 47,394,120 | ||
TOTAL COMMON STOCKS | |||
(Cost $82,715,269) | 99,794,038 | ||
Money Market Funds - 2.1% | |||
Fidelity Cash Central Fund 0.09% (c) | |||
(Cost $2,172,744) | 2,172,309 | 2,172,744 | |
TOTAL INVESTMENT IN SECURITIES - 99.0% | |||
(Cost $84,888,013) | 101,966,782 | ||
NET OTHER ASSETS (LIABILITIES) - 1.0% | 1,059,444 | ||
NET ASSETS - 100% | $103,026,226 |
Legend
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,612,976 or 3.5% 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.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $806 |
Total | $806 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | $30,107,584 | $20,711,389 | $9,396,195 | $-- |
Consumer Discretionary | 20,620,609 | 13,795,514 | 6,825,095 | -- |
Industrials | 1,671,725 | 1,671,725 | -- | -- |
Information Technology | 47,394,120 | 44,186,656 | 3,207,464 | -- |
Money Market Funds | 2,172,744 | 2,172,744 | -- | -- |
Total Investments in Securities: | $101,966,782 | $82,538,028 | $19,428,754 | $-- |
Other Information
Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):
United States of America | 64.8% |
Cayman Islands | 16.6% |
Taiwan | 5.1% |
Japan | 5.0% |
Netherlands | 2.5% |
Germany | 2.2% |
Mauritius | 1.9% |
British Virgin Islands | 1.0% |
Others (Individually Less Than 1%) | 0.9% |
100.0% |
See accompanying notes which are an integral part of the financial statements.
Fidelity® Disruptive Technology Fund
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $82,715,269) | $99,794,038 | |
Fidelity Central Funds (cost $2,172,744) | 2,172,744 | |
Total Investment in Securities (cost $84,888,013) | $101,966,782 | |
Foreign currency held at value (cost $3,303) | 3,303 | |
Receivable for investments sold | 6 | |
Receivable for fund shares sold | 1,242,392 | |
Dividends receivable | 12,224 | |
Distributions receivable from Fidelity Central Funds | 174 | |
Other receivables | 389 | |
Total assets | 103,225,270 | |
Liabilities | ||
Payable for fund shares redeemed | $138,038 | |
Accrued management fee | 61,006 | |
Total liabilities | 199,044 | |
Net Assets | $103,026,226 | |
Net Assets consist of: | ||
Paid in capital | $85,419,881 | |
Total accumulated earnings (loss) | 17,606,345 | |
Net Assets | $103,026,226 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Disruptive Technology Fund: | ||
Net Asset Value, offering price and redemption price per share ($83,034,715 ÷ 4,925,656 shares) | $16.86 | |
Loyalty Class 1: | ||
Net Asset Value, offering price and redemption price per share ($168,777 ÷ 10,000 shares) | $16.88 | |
Loyalty Class 2: | ||
Net Asset Value, offering price and redemption price per share ($169,042 ÷ 10,000 shares) | $16.90 | |
Class F: | ||
Net Asset Value, offering price and redemption price per share ($19,653,692 ÷ 1,158,943 shares) | $16.96 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends | $49,444 | |
Income from Fidelity Central Funds | 806 | |
Total income | 50,250 | |
Expenses | ||
Management fee | $212,674 | |
Independent trustees' fees and expenses | 91 | |
Total expenses before reductions | 212,765 | |
Expense reductions | (1,646) | |
Total expenses after reductions | 211,119 | |
Net investment income (loss) | (160,869) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 693,579 | |
Fidelity Central Funds | (162) | |
Foreign currency transactions | (4,979) | |
Total net realized gain (loss) | 688,438 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 16,319,276 | |
Assets and liabilities in foreign currencies | 112 | |
Total change in net unrealized appreciation (depreciation) | 16,319,388 | |
Net gain (loss) | 17,007,826 | |
Net increase (decrease) in net assets resulting from operations | $16,846,957 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(160,869) | $(1,104) |
Net realized gain (loss) | 688,438 | (161) |
Change in net unrealized appreciation (depreciation) | 16,319,388 | 759,388 |
Net increase (decrease) in net assets resulting from operations | 16,846,957 | 758,123 |
Share transactions - net increase (decrease) | 75,722,560 | 9,698,586 |
Total increase (decrease) in net assets | 92,569,517 | 10,456,709 |
Net Assets | ||
Beginning of period | 10,456,709 | – |
End of period | $103,026,226 | $10,456,709 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Disruptive Technology Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.49 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.06) | (.01) |
Net realized and unrealized gain (loss) | 5.43 | 1.50 |
Total from investment operations | 5.37 | 1.49 |
Net asset value, end of period | $16.86 | $11.49 |
Total ReturnC,D | 46.74% | 14.90% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | 1.01%G,H | 1.01%G,H |
Expenses net of fee waivers, if any | 1.01%G,H | 1.01%G,H |
Expenses net of all reductions | 1.00%G | 1.01%G,H |
Net investment income (loss) | (.82)%G | (.62)%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $83,035 | $6,198 |
Portfolio turnover rateI | 19%G | 0 %J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Technology Fund Loyalty Class 1
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.49 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.04) | –C |
Net realized and unrealized gain (loss) | 5.43 | 1.49 |
Total from investment operations | 5.39 | 1.49 |
Net asset value, end of period | $16.88 | $11.49 |
Total ReturnD,E | 46.91% | 14.90% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .75%H | .75%H |
Expenses net of fee waivers, if any | .75%H | .75%H |
Expenses net of all reductions | .75%H | .75%H |
Net investment income (loss) | (.56)%H | (.36)%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $169 | $115 |
Portfolio turnover rateI | 19%H | 0 %J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Technology Fund Loyalty Class 2
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.50 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.02) | –C |
Net realized and unrealized gain (loss) | 5.42 | 1.50 |
Total from investment operations | 5.40 | 1.50 |
Net asset value, end of period | $16.90 | $11.50 |
Total ReturnD,E | 46.96% | 15.00% |
Ratios to Average Net AssetsF,G | ||
Expenses before reductions | .50%H | .50%H |
Expenses net of fee waivers, if any | .50%H | .50%H |
Expenses net of all reductions | .50%H | .50%H |
Net investment income (loss) | (.31)%H | (.10)%H |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $169 | $115 |
Portfolio turnover rateI | 19%H | 0 %J |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptive Technology Fund Class F
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.51 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | .01 | .01 |
Net realized and unrealized gain (loss) | 5.44 | 1.50 |
Total from investment operations | 5.45 | 1.51 |
Net asset value, end of period | $16.96 | $11.51 |
Total ReturnC,D | 47.35% | 15.10% |
Ratios to Average Net AssetsE,F | ||
Expenses before reductions | - %G | - %G |
Expenses net of fee waivers, if any | - %G | - %G |
Expenses net of all reductions | (.01)%G | - %G |
Net investment income (loss) | .19%G | .39%G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $19,654 | $4,029 |
Portfolio turnover rateH | 19%G | 0 %I |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended November 30, 2020
1. Organization.
Fidelity Disruptive Automation Fund, Fidelity Disruptive Communications Fund, Fidelity Disruptive Finance Fund, Fidelity Disruptive Medicine Fund and Fidelity Disruptive Technology Fund (the Funds) are non-diversified funds of Fidelity Summer Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Each Fund offers Fidelity Disruptive Fund, Loyalty Class 1, Loyalty Class 2 and Class F shares. Each class has equal rights as to assets and voting privileges, except for matters affecting a single class. For certain accounts, Fidelity Disruptive Fund shares will automatically convert to Loyalty Class 1 shares after a holding period of one year from the initial date of purchase; and then from Loyalty Class 1 shares to Loyalty Class 2 shares after another holding period of two years. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
The Funds invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2020 is included at the end of each Fund's Schedule of Investments.
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations in "Non-cash dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and net operating losses.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Disruptive Automation Fund | $65,386,475 | $13,650,780 | $(231,831) | $13,418,949 |
Fidelity Disruptive Communications Fund | 37,095,959 | 7,094,855 | (687,626) | 6,407,229 |
Fidelity Disruptive Finance Fund | 34,910,785 | 5,194,517 | (397,971) | 4,796,546 |
Fidelity Disruptive Medicine Fund | 39,696,717 | 3,809,220 | (1,813,425) | 1,995,975 |
Fidelity Disruptive Technology Fund | 84,903,520 | 17,787,782 | (724,520) | 17,063,262 |
Restricted Securities (including Private Placements). The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Disruptive Automation Fund | 58,699,820 | 3,064,048 |
Fidelity Disruptive Communications Fund | 33,695,447 | 4,692,242 |
Fidelity Disruptive Finance Fund | 29,375,483 | 1,660,910 |
Fidelity Disruptive Medicine Fund | 33,241,933 | 4,244,688 |
Fidelity Disruptive Technology Fund | 77,562,571 | 5,045,829 |
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide each Fund with investment management related services for which each Class of each Fund pays a monthly all-inclusive management fee based on an annual percentage of class-level average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses, such as proxy and shareholder meeting expenses.
Under the expense contract, the investment adviser pays all other class-level operating expenses as necessary, except the compensation of the independent Trustees and certain miscellaneous expenses, such as proxy and shareholder meeting expenses, so that total expenses of Loyalty Class 1, Loyalty Class 2 and Class F do not exceed an annual percentage of class-level average net assets.
For the reporting period, the annual management fee and expense contract rates were as follows:
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% |
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
Amount | |
Fidelity Disruptive Automation Fund | $120 |
Fidelity Disruptive Communications Fund | 294 |
Fidelity Disruptive Finance Fund | 174 |
Fidelity Disruptive Medicine Fund | 422 |
Fidelity Disruptive Technology Fund | 189 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Expense Reductions.
Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.
Brokerage service rebates | Custodian credits | |
Fidelity Disruptive Automation Fund | $2,966 | $– |
Fidelity Disruptive Communications Fund | 1,434 | – |
Fidelity Disruptive Finance Fund | 1,133 | 1 |
Fidelity Disruptive Medicine Fund | 939 | 1 |
Fidelity Disruptive Technology Fund | 1,645 | 1 |
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended November 30, 2020 | Year ended May 31, 2020(a) | |
Fidelity Disruptive Automation Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Automation Fund | $5,105 | $– |
Class F | 3,440 | – |
Total | $8,545 | $– |
Fidelity Disruptive Communications Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Communications Fund | $1,283 | $– |
Class F | 2,316 | – |
Total | $3,599 | $– |
Fidelity Disruptive Finance Fund | ||
Distributions to shareholders | ||
Fidelity Disruptive Finance Fund | $4,471 | $– |
Loyalty Class 1 | 30 | – |
Loyalty Class 2 | 70 | – |
Class F | 8,030 | – |
Total | $12,601 | $– |
(a) For the period April 16, 2020 (commencement of operations) to May 31, 2020.
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended November 30, 2020 | Year ended May 31, 2020(a) | Six months ended November 30, 2020 | Year ended May 31, 2020(a) | |
Fidelity Disruptive Automation Fund | ||||
Fidelity Disruptive Automation Fund | ||||
Shares sold | 3,771,007 | 452,967 | $52,200,460 | $5,036,225 |
Reinvestment of distributions | 389 | – | 4,926 | – |
Shares redeemed | (482,032) | (6,909) | (6,621,600) | (77,292) |
Net increase (decrease) | 3,289,364 | 446,058 | $45,583,786 | $4,958,933 |
Loyalty Class 1 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Loyalty Class 2 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Class F | ||||
Shares sold | 857,120 | 342,523 | $11,691,968 | $3,720,235 |
Reinvestment of distributions | 271 | – | 3,440 | – |
Shares redeemed | (9,712) | (191) | (136,181) | (2,238) |
Net increase (decrease) | 847,679 | 342,332 | $11,559,227 | $3,717,997 |
Fidelity Disruptive Communications Fund | ||||
Fidelity Disruptive Communications Fund | ||||
Shares sold | 1,645,707 | 258,071 | $21,944,452 | $2,794,674 |
Reinvestment of distributions | 94 | – | 1,210 | – |
Shares redeemed | (241,553) | (9,332) | (3,248,100) | (105,153) |
Net increase (decrease) | 1,404,248 | 248,739 | $18,697,562 | $2,689,521 |
Loyalty Class 1 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Loyalty Class 2 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Class F | ||||
Shares sold | 876,529 | 347,747 | $11,691,968 | $3,720,235 |
Reinvestment of distributions | 179 | – | 2,316 | – |
Shares redeemed | (10,073) | (196) | (136,181) | (2,238) |
Net increase (decrease) | 866,635 | 347,551 | $11,558,103 | $3,717,997 |
Fidelity Disruptive Finance Fund | ||||
Fidelity Disruptive Finance Fund | ||||
Shares sold | 1,522,168 | 202,416 | $20,164,122 | $2,245,693 |
Reinvestment of distributions | 360 | – | 4,330 | – |
Shares redeemed | (245,913) | (2,345) | (3,154,562) | (26,129) |
Net increase (decrease) | 1,276,615 | 200,071 | $17,013,890 | $2,219,564 |
Loyalty Class 1 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Reinvestment of distributions | 3 | – | 30 | – |
Net increase (decrease) | 3 | 10,000 | $30 | $100,000 |
Loyalty Class 2 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Reinvestment of distributions | 6 | – | 70 | – |
Net increase (decrease) | 6 | 10,000 | $70 | $100,000 |
Class F | ||||
Shares sold | 894,342 | 343,487 | $11,691,968 | $3,720,335 |
Reinvestment of distributions | 666 | – | 8,030 | – |
Shares redeemed | (10,408) | (201) | (136,181) | (2,338) |
Net increase (decrease) | 884,600 | 343,286 | $11,563,817 | $3,717,997 |
Fidelity Disruptive Medicine Fund | ||||
Fidelity Disruptive Medicine Fund | ||||
Shares sold | 2,047,571 | 525,696 | $24,047,720 | $5,556,562 |
Shares redeemed | (466,083) | (13,231) | (5,456,417) | (141,232) |
Net increase (decrease) | 1,581,488 | 512,465 | $18,591,303 | $5,415,330 |
Loyalty Class 1 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Loyalty Class 2 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Class F | ||||
Shares sold | 999,227 | 353,841 | $11,691,968 | $3,720,235 |
Shares redeemed | (11,599) | (205) | (136,181) | (2,238) |
Net increase (decrease) | 987,628 | 353,636 | $11,555,787 | $3,717,997 |
Fidelity Disruptive Technology Fund | ||||
Fidelity Disruptive Technology Fund | ||||
Shares sold | 5,247,042 | 547,403 | $77,089,905 | $5,867,846 |
Shares redeemed | (860,565) | (8,224) | (12,923,132) | (87,257) |
Net increase (decrease) | 4,386,477 | 539,179 | $64,166,773 | $5,780,589 |
Loyalty Class 1 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Loyalty Class 2 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Class F | ||||
Shares sold | 817,832 | 350,373 | $11,691,968 | $3,720,235 |
Shares redeemed | (9,064) | (198) | (136,181) | (2,238) |
Net increase (decrease) | 808,768 | 350,175 | $11,555,787 | $3,717,997 |
(a) For the period April 16, 2020 (commencement of operations) to May 31, 2020.
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
10. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Disruptive Automation Fund | ||||
Fidelity Disruptive Automation Fund | 1.01% | |||
Actual | $1,000.00 | $1,355.00 | $5.96 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Loyalty Class 1 | .75% | |||
Actual | $1,000.00 | $1,356.30 | $4.43 | |
Hypothetical-C | $1,000.00 | $1,021.31 | $3.80 | |
Loyalty Class 2 | .50% | |||
Actual | $1,000.00 | $1,358.80 | $2.96 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.54 | |
Class F | - % | |||
Actual | $1,000.00 | $1,361.70 | $- | |
Hypothetical-C | $1,000.00 | $1,025.07 | $- | |
Fidelity Disruptive Communications Fund | ||||
Fidelity Disruptive Communications Fund | 1.01% | |||
Actual | $1,000.00 | $1,311.90 | $5.85 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Loyalty Class 1 | .75% | |||
Actual | $1,000.00 | $1,313.50 | $4.35 | |
Hypothetical-C | $1,000.00 | $1,021.31 | $3.80 | |
Loyalty Class 2 | .50% | |||
Actual | $1,000.00 | $1,314.90 | $2.90 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.54 | |
Class F | - % | |||
Actual | $1,000.00 | $1,318.80 | $- | |
Hypothetical-C | $1,000.00 | $1,025.07 | $- | |
Fidelity Disruptive Finance Fund | ||||
Fidelity Disruptive Finance Fund | 1.01% | |||
Actual | $1,000.00 | $1,235.50 | $5.66 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Loyalty Class 1 | .75% | |||
Actual | $1,000.00 | $1,237.20 | $4.21 | |
Hypothetical-C | $1,000.00 | $1,021.31 | $3.80 | |
Loyalty Class 2 | .50% | |||
Actual | $1,000.00 | $1,238.30 | $2.81 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.54 | |
Class F | - % | |||
Actual | $1,000.00 | $1,242.40 | $- | |
Hypothetical-C | $1,000.00 | $1,025.07 | $- | |
Fidelity Disruptive Medicine Fund | ||||
Fidelity Disruptive Medicine Fund | 1.01% | |||
Actual | $1,000.00 | $1,094.90 | $5.30 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Loyalty Class 1 | .75% | |||
Actual | $1,000.00 | $1,096.80 | $3.94 | |
Hypothetical-C | $1,000.00 | $1,021.31 | $3.80 | |
Loyalty Class 2 | .50% | |||
Actual | $1,000.00 | $1,097.60 | $2.63 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.54 | |
Class F | - % | |||
Actual | $1,000.00 | $1,100.30 | $- | |
Hypothetical-C | $1,000.00 | $1,025.07 | $- | |
Fidelity Disruptive Technology Fund | ||||
Fidelity Disruptive Technology Fund | 1.01% | |||
Actual | $1,000.00 | $1,467.40 | $6.25 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Loyalty Class 1 | .75% | |||
Actual | $1,000.00 | $1,469.10 | $4.64 | |
Hypothetical-C | $1,000.00 | $1,021.31 | $3.80 | |
Loyalty Class 2 | .50% | |||
Actual | $1,000.00 | $1,469.60 | $3.10 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.54 | |
Class F | - % | |||
Actual | $1,000.00 | $1,473.50 | $- | |
Hypothetical-C | $1,000.00 | $1,025.07 | $- |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
DSS-SANN-0121
1.9897373.100
Fidelity® Disruptors Fund
Semi-Annual Report
November 30, 2020
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.Top Holdings as of November 30, 2020
% of fund's net assets | |
Fidelity Disruptive Technology Fund Class F | 21.3 |
Fidelity Disruptive Automation Fund Class F | 21.0 |
Fidelity Disruptive Communications Fund Class F | 20.2 |
Fidelity Disruptive Finance Fund Class F | 19.7 |
Fidelity Disruptive Medicine Fund Class F | 17.8 |
100.0 |
Asset Allocation (% of fund's net assets)
Period end | ||
Domestic Equity Funds | 100.0% |
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 100.0% | |||
Shares | Value | ||
Fidelity Disruptive Automation Fund Class F (a) | 1,180,006 | $19,127,898 | |
Fidelity Disruptive Communications Fund Class F (a) | 1,204,183 | 18,399,922 | |
Fidelity Disruptive Finance Fund Class F (a) | 1,217,874 | 17,939,285 | |
Fidelity Disruptive Medicine Fund Class F (a) | 1,331,264 | 16,214,793 | |
Fidelity Disruptive Technology Fund Class F (a) | 1,148,943 | 19,486,076 | |
TOTAL DOMESTIC EQUITY FUNDS | |||
(Cost $75,860,692) | 91,167,974 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $75,860,692) | 91,167,974 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (3,150) | ||
NET ASSETS - 100% | $91,164,824 |
Legend
(a) Affiliated Fund
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
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 | $3,961,392 | $11,695,349 | $136,181 | $3,380 | $(2,634) | $3,609,972 | $19,127,898 |
Fidelity Disruptive Communications Fund Class F | 3,912,215 | 11,694,243 | 136,181 | 2,276 | (5,412) | 2,935,057 | 18,399,922 |
Fidelity Disruptive Finance Fund Class F | 3,956,105 | 11,699,857 | 136,181 | 7,889 | (4,303) | 2,423,807 | 17,939,285 |
Fidelity Disruptive Medicine Fund Class F | 3,800,621 | 11,691,968 | 136,181 | -- | (2,736) | 861,121 | 16,214,793 |
Fidelity Disruptive Technology Fund Class F | 3,912,007 | 11,691,968 | 136,180 | -- | (6,649) | 4,024,930 | 19,486,076 |
Total | $19,542,340 | $58,473,385 | $680,904 | $13,545 | $(21,734) | $13,854,887 | $91,167,974 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Domestic Equity Funds | $91,167,974 | $91,167,974 | $-- | $-- |
Total Investments in Securities: | $91,167,974 | $91,167,974 | $-- | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
November 30, 2020 (Unaudited) | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: | ||
Affiliated issuers (cost $75,860,692) | $91,167,974 | |
Total Investment in Securities (cost $75,860,692) | $91,167,974 | |
Cash | 312 | |
Receivable for investments sold | 65,760 | |
Receivable for fund shares sold | 661,898 | |
Total assets | 91,895,944 | |
Liabilities | ||
Payable for investments purchased | $569,592 | |
Payable for fund shares redeemed | 92,306 | |
Accrued management fee | 69,222 | |
Total liabilities | 731,120 | |
Net Assets | $91,164,824 | |
Net Assets consist of: | ||
Paid in capital | $76,141,733 | |
Total accumulated earnings (loss) | 15,023,091 | |
Net Assets | $91,164,824 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Disruptors Fund: | ||
Net Asset Value, offering price and redemption price per share ($90,864,921 ÷ 6,074,369 shares) | $14.96 | |
Loyalty Class 1: | ||
Net Asset Value, offering price and redemption price per share ($149,834 ÷ 10,000 shares) | $14.98 | |
Loyalty Class 2: | ||
Net Asset Value, offering price and redemption price per share ($150,069 ÷ 10,000 shares) | $15.01 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended November 30, 2020 (Unaudited) | ||
Investment Income | ||
Dividends (including $13,545 earned from other affiliated issuers) | $13,545 | |
Expenses | ||
Management fee | $275,868 | |
Independent trustees' fees and expenses | 99 | |
Total expenses before reductions | 275,967 | |
Expense reductions | (6) | |
Total expenses after reductions | 275,961 | |
Net investment income (loss) | (262,416) | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Affiliated issuers | (21,734) | |
Total net realized gain (loss) | (21,734) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Affiliated issuers | 13,854,887 | |
Total change in net unrealized appreciation (depreciation) | 13,854,887 | |
Net gain (loss) | 13,833,153 | |
Net increase (decrease) in net assets resulting from operations | $13,570,737 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended November 30, 2020 (Unaudited) | For the period April 16, 2020 (commencement of operations) to May 31, 2020 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $(262,416) | $(11,948) |
Net realized gain (loss) | (21,734) | 261 |
Change in net unrealized appreciation (depreciation) | 13,854,887 | 1,452,395 |
Net increase (decrease) in net assets resulting from operations | 13,570,737 | 1,440,708 |
Share transactions - net increase (decrease) | 58,052,205 | 18,101,174 |
Total increase (decrease) in net assets | 71,622,942 | 19,541,882 |
Net Assets | ||
Beginning of period | 19,541,882 | – |
End of period | $91,164,824 | $19,541,882 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Disruptors Fund
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.57 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.06) | (.01) |
Net realized and unrealized gain (loss) | 3.45 | 1.58 |
Total from investment operations | 3.39 | 1.57 |
Net asset value, end of period | $14.96 | $11.57 |
Total ReturnC,D | 29.30% | 15.70% |
Ratios to Average Net AssetsE | ||
Expenses before reductions | 1.01%F | 1.01%F,G |
Expenses net of fee waivers, if any | 1.01%F | 1.01%F,G |
Expenses net of all reductions | 1.01%F | 1.01%F,G |
Net investment income (loss) | (.96)%F | (1.01)%F,G |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $90,865 | $19,310 |
Portfolio turnover rateH | 2%F | 0 %I |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
G On certain classes, the size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptors Fund Loyalty Class 1
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.58 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.05) | (.01) |
Net realized and unrealized gain (loss) | 3.45 | 1.59 |
Total from investment operations | 3.40 | 1.58 |
Net asset value, end of period | $14.98 | $11.58 |
Total ReturnC,D | 29.36% | 15.80% |
Ratios to Average Net AssetsE | ||
Expenses before reductions | .75%F | .75%F |
Expenses net of fee waivers, if any | .75%F | .75%F |
Expenses net of all reductions | .75%F | .75%F |
Net investment income (loss) | (.70)%F | (.75)%F |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $150 | $116 |
Portfolio turnover rateG | 2%F | 0%H |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Fidelity Disruptors Fund Loyalty Class 2
Six months ended (Unaudited) November 30, | Years endedMay 31, | |
2020 | 2020 A | |
Selected Per–Share Data | ||
Net asset value, beginning of period | $11.58 | $10.00 |
Income from Investment Operations | ||
Net investment income (loss)B | (.03) | (.01) |
Net realized and unrealized gain (loss) | 3.46 | 1.59 |
Total from investment operations | 3.43 | 1.58 |
Net asset value, end of period | $15.01 | $11.58 |
Total ReturnC,D | 29.62% | 15.80% |
Ratios to Average Net AssetsE | ||
Expenses before reductions | .50%F | .50%F |
Expenses net of fee waivers, if any | .50%F | .50%F |
Expenses net of all reductions | .50%F | .50%F |
Net investment income (loss) | (.45)%F | (.50)%F |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $150 | $116 |
Portfolio turnover rateG | 2%F | 0 %H |
A For the period April 16, 2020 (commencement of operations) to May 31, 2020.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended November 30, 2020
1. Organization.
Fidelity Disruptors Fund (the Fund) is a fund of Fidelity Summer Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is authorized to issue an unlimited number of shares. The Fund offers Fidelity Disruptors Fund, Loyalty Class 1 and Loyalty Class 2 shares. Each class has equal rights as to assets and voting privileges, except for matters affecting a single class. For certain accounts, Fidelity Disruptors Fund shares will automatically convert to Loyalty Class 1 shares after a holding period of one year from the initial date of purchase; and then from Loyalty Class 1 shares to Loyalty Class 2 shares after another holding period of two years.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) as an investment of the Fund but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows. Investments in open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. The aggregate value of investments by input level as of November 30, 2020 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) are recorded on the ex-dividend date.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds (ETFs). Although not included in the Fund's expenses, the Fund indirectly bears its proportionate share of any underlying mutual funds or exchange-traded funds (ETFs) expenses through the impact of these expenses on each underlying mutual fund's or exchange-traded fund's (ETFs) NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to net operating losses and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $15,331,580 |
Gross unrealized depreciation | (43,528) |
Net unrealized appreciation (depreciation) | $15,288,052 |
Tax cost | $75,879,922 |
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, are noted in the table below.
Purchases ($) | Sales ($) | |
Fidelity Disruptors Fund | 58,473,385 | 680,904 |
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each Class of the Fund pays a monthly all-inclusive management fee based on an annual percentage of class-level average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses, such as proxy and shareholder meeting expenses.
Under the expense contract, the investment adviser pays all other class-level operating expenses as necessary, except the compensation of the independent Trustees and certain miscellaneous expenses, such as proxy and shareholder meeting expenses, so that total expenses of Loyalty Class 1 and Loyalty Class 2 do not exceed an annual percentage of class-level average net assets.
For the reporting period, the annual management fee and expense contract rates were as follows:
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% |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
5. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $6.
6. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Shares | Shares | Dollars | Dollars | |
Six months ended November 30, 2020 | Year ended May 31, 2020(a) | Six months ended November 30, 2020 | Year ended May 31, 2020(a) | |
Fidelity Disruptors Fund | ||||
Shares sold | 5,162,546 | 1,689,161 | $68,220,901 | $18,130,615 |
Shares redeemed | (756,546) | (20,792) | (10,168,696) | (229,441) |
Net increase (decrease) | 4,406,000 | 1,668,369 | $58,052,205 | $17,901,174 |
Loyalty Class 1 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
Loyalty Class 2 | ||||
Shares sold | – | 10,000 | $– | $100,000 |
Net increase (decrease) | – | 10,000 | $– | $100,000 |
(a) For the period April 16, 2020 (commencement of operations) to May 31, 2020.
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
8. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2020 to November 30, 2020).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value June 1, 2020 | Ending Account Value November 30, 2020 | Expenses Paid During Period-B June 1, 2020 to November 30, 2020 | |
Fidelity Disruptors Fund | ||||
Fidelity Disruptors Fund | 1.01% | |||
Actual | $1,000.00 | $1,293.00 | $5.81 | |
Hypothetical-C | $1,000.00 | $1,020.00 | $5.11 | |
Loyalty Class 1 | .75% | |||
Actual | $1,000.00 | $1,293.60 | $4.31 | |
Hypothetical-C | $1,000.00 | $1,021.31 | $3.80 | |
Loyalty Class 2 | .50% | |||
Actual | $1,000.00 | $1,296.20 | $2.88 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.54 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
DSL-SANN-0121
1.9897406.100
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 22, 2021 |
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 22, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 22, 2021 |