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 811-03587
Fidelity Financial Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, 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: | November 30 |
Date of reporting period: | November 30, 2023 |
Item 1.
Reports to Stockholders
Contents
Average Annual Total Returns | |||
Periods ended November 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Fidelity® Equity Dividend Income Fund | 2.73% | 8.55% | 8.26% |
Class K | 2.78% | 8.65% | 8.37% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Equity Dividend Income Fund, a class of the fund, on November 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000® Value Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
Exxon Mobil Corp. | 3.3 | |
Johnson & Johnson | 3.0 | |
Wells Fargo & Co. | 2.7 | |
Comcast Corp. Class A | 2.5 | |
Merck & Co., Inc. | 2.3 | |
Verizon Communications, Inc. | 2.1 | |
U.S. Bancorp | 2.0 | |
Unilever PLC sponsored ADR | 2.0 | |
Cisco Systems, Inc. | 1.9 | |
Shell PLC ADR | 1.8 | |
23.6 | ||
Market Sectors (% of Fund's net assets) | ||
Financials | 21.1 | |
Health Care | 15.6 | |
Consumer Staples | 10.5 | |
Information Technology | 9.2 | |
Utilities | 9.0 | |
Industrials | 8.0 | |
Energy | 7.8 | |
Communication Services | 5.5 | |
Consumer Discretionary | 3.9 | |
Real Estate | 3.8 | |
Materials | 3.4 | |
Asset Allocation (% of Fund's net assets) |
Written Options - (0.0)% |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Geographic Diversification (% of Fund's net assets) |
* Includes Short-Term investments and Net Other Assets (Liabilities). Percentages are adjusted for the effect of derivatives, if applicable. |
Common Stocks - 97.8% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 5.5% | |||
Diversified Telecommunication Services - 2.1% | |||
Verizon Communications, Inc. | 3,061,900 | 117,363 | |
Media - 3.4% | |||
Comcast Corp. Class A (a) | 3,423,900 | 143,427 | |
Omnicom Group, Inc. | 404,200 | 32,591 | |
WPP PLC | 1,849,900 | 16,535 | |
192,553 | |||
TOTAL COMMUNICATION SERVICES | 309,916 | ||
CONSUMER DISCRETIONARY - 3.9% | |||
Automobile Components - 0.5% | |||
Lear Corp. | 228,400 | 30,549 | |
Broadline Retail - 0.6% | |||
eBay, Inc. | 828,000 | 33,956 | |
Household Durables - 0.4% | |||
Whirlpool Corp. (b) | 232,800 | 25,352 | |
Specialty Retail - 1.3% | |||
Lowe's Companies, Inc. | 225,900 | 44,916 | |
Williams-Sonoma, Inc. (b) | 154,000 | 28,881 | |
73,797 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Tapestry, Inc. | 1,912,800 | 60,578 | |
TOTAL CONSUMER DISCRETIONARY | 224,232 | ||
CONSUMER STAPLES - 10.5% | |||
Beverages - 4.1% | |||
Anheuser-Busch InBev SA NV ADR (b) | 362,800 | 22,831 | |
Carlsberg A/S Series B | 160,300 | 19,888 | |
Coca-Cola European Partners PLC | 1,050,900 | 63,727 | |
Keurig Dr. Pepper, Inc. | 2,126,900 | 67,146 | |
The Coca-Cola Co. | 960,700 | 56,143 | |
229,735 | |||
Consumer Staples Distribution & Retail - 0.8% | |||
Sysco Corp. | 647,400 | 46,723 | |
Food Products - 0.4% | |||
Tyson Foods, Inc. Class A | 527,900 | 24,727 | |
Household Products - 1.7% | |||
Reckitt Benckiser Group PLC | 798,200 | 54,491 | |
Reynolds Consumer Products, Inc. | 1,593,100 | 41,803 | |
96,294 | |||
Personal Care Products - 3.5% | |||
Kenvue, Inc. | 4,231,635 | 86,495 | |
Unilever PLC sponsored ADR | 2,376,000 | 113,335 | |
199,830 | |||
TOTAL CONSUMER STAPLES | 597,309 | ||
ENERGY - 7.8% | |||
Oil, Gas & Consumable Fuels - 7.8% | |||
Enterprise Products Partners LP | 2,925,300 | 78,340 | |
Exxon Mobil Corp. | 1,823,000 | 187,295 | |
Shell PLC ADR | 1,545,500 | 101,694 | |
TotalEnergies SE | 1,085,200 | 73,966 | |
441,295 | |||
FINANCIALS - 21.1% | |||
Banks - 11.1% | |||
Bank of America Corp. | 2,914,800 | 88,872 | |
Cullen/Frost Bankers, Inc. | 271,000 | 26,637 | |
East West Bancorp, Inc. | 524,600 | 33,008 | |
Huntington Bancshares, Inc. | 3,134,200 | 35,291 | |
M&T Bank Corp. | 774,700 | 99,293 | |
PNC Financial Services Group, Inc. | 595,400 | 79,760 | |
U.S. Bancorp | 2,988,400 | 113,918 | |
Wells Fargo & Co. | 3,459,508 | 154,259 | |
631,038 | |||
Capital Markets - 1.9% | |||
Bank of New York Mellon Corp. | 1,170,600 | 56,563 | |
CME Group, Inc. (a) | 128,600 | 28,081 | |
LPL Financial | 106,700 | 23,719 | |
108,363 | |||
Financial Services - 3.5% | |||
Fidelity National Information Services, Inc. | 859,600 | 50,407 | |
Global Payments, Inc. | 785,500 | 91,464 | |
Visa, Inc. Class A (a) | 222,000 | 56,983 | |
198,854 | |||
Insurance - 4.6% | |||
AXA SA | 1,811,200 | 56,474 | |
Chubb Ltd. | 429,879 | 98,627 | |
First American Financial Corp. | 390,200 | 23,256 | |
The Travelers Companies, Inc. | 460,500 | 83,176 | |
261,533 | |||
TOTAL FINANCIALS | 1,199,788 | ||
HEALTH CARE - 15.6% | |||
Health Care Equipment & Supplies - 0.6% | |||
Baxter International, Inc. | 915,200 | 33,020 | |
Health Care Providers & Services - 3.9% | |||
Cigna Group | 256,500 | 67,429 | |
Elevance Health, Inc. | 203,000 | 97,336 | |
UnitedHealth Group, Inc. | 100,700 | 55,684 | |
220,449 | |||
Pharmaceuticals - 11.1% | |||
Bristol-Myers Squibb Co. | 1,970,400 | 97,298 | |
GSK PLC sponsored ADR | 1,351,100 | 48,626 | |
Johnson & Johnson | 1,118,407 | 172,973 | |
Merck & Co., Inc. | 1,263,900 | 129,524 | |
Organon & Co. | 1,738,770 | 19,683 | |
Roche Holding AG (participation certificate) | 250,260 | 67,325 | |
Royalty Pharma PLC | 1,565,000 | 42,365 | |
Sanofi SA sponsored ADR | 1,213,800 | 56,745 | |
634,539 | |||
TOTAL HEALTH CARE | 888,008 | ||
INDUSTRIALS - 8.0% | |||
Aerospace & Defense - 1.7% | |||
General Dynamics Corp. | 323,100 | 79,796 | |
Lockheed Martin Corp. | 37,900 | 16,970 | |
96,766 | |||
Building Products - 0.3% | |||
Owens Corning | 137,700 | 18,669 | |
Electrical Equipment - 1.2% | |||
Regal Rexnord Corp. | 589,600 | 70,634 | |
Industrial Conglomerates - 1.0% | |||
3M Co. | 298,100 | 29,533 | |
Hitachi Ltd. | 376,500 | 26,118 | |
55,651 | |||
Machinery - 1.6% | |||
Allison Transmission Holdings, Inc. | 686,700 | 36,725 | |
Parker Hannifin Corp. | 120,100 | 52,025 | |
88,750 | |||
Professional Services - 2.2% | |||
Genpact Ltd. | 1,300,100 | 44,151 | |
Science Applications International Corp. | 122,900 | 14,430 | |
SS&C Technologies Holdings, Inc. | 1,176,300 | 66,179 | |
124,760 | |||
TOTAL INDUSTRIALS | 455,230 | ||
INFORMATION TECHNOLOGY - 9.2% | |||
Communications Equipment - 1.9% | |||
Cisco Systems, Inc. | 2,240,400 | 108,391 | |
IT Services - 2.7% | |||
Amdocs Ltd. | 846,728 | 70,930 | |
Capgemini SA | 407,600 | 83,410 | |
154,340 | |||
Semiconductors & Semiconductor Equipment - 2.8% | |||
Microchip Technology, Inc. | 1,103,750 | 92,097 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 709,300 | 69,022 | |
161,119 | |||
Software - 1.8% | |||
Gen Digital, Inc. | 1,786,500 | 39,446 | |
Microsoft Corp. (a) | 161,500 | 61,194 | |
100,640 | |||
TOTAL INFORMATION TECHNOLOGY | 524,490 | ||
MATERIALS - 3.4% | |||
Chemicals - 1.2% | |||
Celanese Corp. Class A | 210,500 | 29,188 | |
CF Industries Holdings, Inc. | 196,700 | 14,782 | |
Olin Corp. | 389,400 | 18,356 | |
The Chemours Co. LLC | 311,200 | 8,536 | |
70,862 | |||
Containers & Packaging - 2.2% | |||
Berry Global Group, Inc. | 541,800 | 35,824 | |
Crown Holdings, Inc. | 440,300 | 37,870 | |
Silgan Holdings, Inc. | 474,300 | 19,788 | |
Sonoco Products Co. | 568,400 | 31,353 | |
124,835 | |||
TOTAL MATERIALS | 195,697 | ||
REAL ESTATE - 3.8% | |||
Equity Real Estate Investment Trusts (REITs) - 3.8% | |||
Alexandria Real Estate Equities, Inc. | 166,000 | 18,160 | |
American Tower Corp. | 171,000 | 35,701 | |
COPT Defense Properties (SBI) | 1,513,700 | 36,632 | |
Crown Castle International Corp. | 555,900 | 65,196 | |
Essex Property Trust, Inc. | 89,100 | 19,019 | |
Gaming & Leisure Properties | 296,400 | 13,851 | |
Public Storage | 111,500 | 28,852 | |
217,411 | |||
UTILITIES - 9.0% | |||
Electric Utilities - 6.4% | |||
American Electric Power Co., Inc. | 287,800 | 22,894 | |
Duke Energy Corp. | 1,086,000 | 100,216 | |
Edison International | 1,047,794 | 70,192 | |
Eversource Energy | 504,500 | 29,972 | |
Exelon Corp. | 1,067,100 | 41,094 | |
FirstEnergy Corp. | 1,972,900 | 72,879 | |
PPL Corp. | 1,089,400 | 28,455 | |
365,702 | |||
Independent Power and Renewable Electricity Producers - 0.4% | |||
Vistra Corp. | 634,700 | 22,475 | |
Multi-Utilities - 2.2% | |||
CMS Energy Corp. | 557,000 | 31,615 | |
Sempra | 1,229,900 | 89,623 | |
121,238 | |||
TOTAL UTILITIES | 509,415 | ||
TOTAL COMMON STOCKS (Cost $4,975,463) | 5,562,791 | ||
Money Market Funds - 3.1% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (c) | 102,385,322 | 102,406 | |
Fidelity Securities Lending Cash Central Fund 5.39% (c)(d) | 72,482,500 | 72,490 | |
TOTAL MONEY MARKET FUNDS (Cost $174,896) | 174,896 | ||
TOTAL INVESTMENT IN SECURITIES - 100.9% (Cost $5,150,359) | 5,737,687 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (49,248) |
NET ASSETS - 100.0% | 5,688,439 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) | |
Call Options | ||||||
CME Group, Inc. Class A | Chicago Board Options Exchange | 303 | 6,616 | 230.00 | 12/15/23 | (8) |
Comcast Corp. Class A | Chicago Board Options Exchange | 8,496 | 35,590 | 50.00 | 01/19/24 | (34) |
Microsoft Corp. | Chicago Board Options Exchange | 380 | 14,399 | 360.00 | 12/15/23 | (761) |
Visa, Inc. Class A | Chicago Board Options Exchange | 382 | 9,805 | 260.00 | 12/15/23 | (63) |
TOTAL WRITTEN OPTIONS | (866) |
(a) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $66,410,000. |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
(d) | Investment made with cash collateral received from securities on loan. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 189,261 | 943,660 | 1,030,515 | 7,887 | - | - | 102,406 | 0.2% |
Fidelity Securities Lending Cash Central Fund 5.39% | 181,944 | 1,074,543 | 1,183,997 | 1,279 | - | - | 72,490 | 0.3% |
Total | 371,205 | 2,018,203 | 2,214,512 | 9,166 | - | - | 174,896 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 309,916 | 293,381 | 16,535 | - |
Consumer Discretionary | 224,232 | 224,232 | - | - |
Consumer Staples | 597,309 | 522,930 | 74,379 | - |
Energy | 441,295 | 367,329 | 73,966 | - |
Financials | 1,199,788 | 1,143,314 | 56,474 | - |
Health Care | 888,008 | 820,683 | 67,325 | - |
Industrials | 455,230 | 455,230 | - | - |
Information Technology | 524,490 | 524,490 | - | - |
Materials | 195,697 | 195,697 | - | - |
Real Estate | 217,411 | 217,411 | - | - |
Utilities | 509,415 | 509,415 | - | - |
Money Market Funds | 174,896 | 174,896 | - | - |
Total Investments in Securities: | 5,737,687 | 5,449,008 | 288,679 | - |
Derivative Instruments: Liabilities | ||||
Written Options | (866) | (866) | - | - |
Total Liabilities | (866) | (866) | - | - |
Total Derivative Instruments: | (866) | (866) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Written Options (a) | 0 | (866) |
Total Equity Risk | 0 | (866) |
Total Value of Derivatives | 0 | (866) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | November 30, 2023 | |||
Assets | ||||
Investment in securities, at value (including securities loaned of $70,979) - See accompanying schedule: | ||||
Unaffiliated issuers (cost $4,975,463) | $ | 5,562,791 | ||
Fidelity Central Funds (cost $174,896) | 174,896 | |||
Total Investment in Securities (cost $5,150,359) | $ | 5,737,687 | ||
Receivable for investments sold | 28,936 | |||
Receivable for fund shares sold | 947 | |||
Dividends receivable | 19,418 | |||
Distributions receivable from Fidelity Central Funds | 474 | |||
Prepaid expenses | 7 | |||
Total assets | 5,787,469 | |||
Liabilities | ||||
Payable for investments purchased | $ | 19,788 | ||
Payable for fund shares redeemed | 3,229 | |||
Accrued management fee | 1,960 | |||
Written options, at value (premium received $794) | 866 | |||
Other affiliated payables | 619 | |||
Other payables and accrued expenses | 78 | |||
Collateral on securities loaned | 72,490 | |||
Total Liabilities | 99,030 | |||
Net Assets | $ | 5,688,439 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 4,909,578 | ||
Total accumulated earnings (loss) | 778,861 | |||
Net Assets | $ | 5,688,439 | ||
Net Asset Value and Maximum Offering Price | ||||
Equity Dividend Income : | ||||
Net Asset Value, offering price and redemption price per share ($4,914,903 ÷ 184,057 shares) | $ | 26.70 | ||
Class K : | ||||
Net Asset Value, offering price and redemption price per share ($773,536 ÷ 28,977 shares) | $ | 26.69 |
Statement of Operations | ||||
Amounts in thousands | Year ended November 30, 2023 | |||
Investment Income | ||||
Dividends | $ | 173,628 | ||
Income from Fidelity Central Funds (including $1,279 from security lending) | 9,166 | |||
Total Income | 182,794 | |||
Expenses | ||||
Management fee | $ | 24,392 | ||
Transfer agent fees | 6,708 | |||
Accounting fees | 989 | |||
Custodian fees and expenses | 163 | |||
Independent trustees' fees and expenses | 34 | |||
Registration fees | 88 | |||
Audit | 103 | |||
Legal | 10 | |||
Miscellaneous | 28 | |||
Total expenses before reductions | 32,515 | |||
Expense reductions | (350) | |||
Total expenses after reductions | 32,165 | |||
Net Investment income (loss) | 150,629 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 156,164 | |||
Redemptions in-kind | 21,212 | |||
Foreign currency transactions | 173 | |||
Written options | 1,489 | |||
Total net realized gain (loss) | 179,038 | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (177,759) | |||
Assets and liabilities in foreign currencies | 31 | |||
Written options | (72) | |||
Total change in net unrealized appreciation (depreciation) | (177,800) | |||
Net gain (loss) | 1,238 | |||
Net increase (decrease) in net assets resulting from operations | $ | 151,867 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended November 30, 2023 | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 150,629 | $ | 132,281 |
Net realized gain (loss) | 179,038 | 318,761 | ||
Change in net unrealized appreciation (depreciation) | (177,800) | 91,598 | ||
Net increase (decrease) in net assets resulting from operations | 151,867 | 542,640 | ||
Distributions to shareholders | (425,124) | (636,444) | ||
Share transactions - net increase (decrease) | (36,448) | 429,005 | ||
Total increase (decrease) in net assets | (309,705) | 335,201 | ||
Net Assets | ||||
Beginning of period | 5,998,144 | 5,662,943 | ||
End of period | $ | 5,688,439 | $ | 5,998,144 |
Fidelity® Equity Dividend Income Fund |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 28.03 | $ | 28.54 | $ | 24.68 | $ | 26.64 | $ | 27.18 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .69 | .62 | .63 | .62 | .65 | |||||
Net realized and unrealized gain (loss) | (.03) | 2.06 | 3.88 | (.46) | 1.92 | |||||
Total from investment operations | .66 | 2.68 | 4.51 | .16 | 2.57 | |||||
Distributions from net investment income | (.63) | (.59) | (.64) | (.63) | (.62) | |||||
Distributions from net realized gain | (1.36) | (2.60) | (.01) | (1.50) | (2.49) | |||||
Total distributions | (1.99) | (3.19) | (.65) | (2.12) C | (3.11) | |||||
Net asset value, end of period | $ | 26.70 | $ | 28.03 | $ | 28.54 | $ | 24.68 | $ | 26.64 |
Total Return D | 2.73% | 9.72% | 18.40% | .76% | 12.07% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .58% | .58% | .58% | .60% | .60% | |||||
Expenses net of fee waivers, if any | .57% | .57% | .58% | .60% | .60% | |||||
Expenses net of all reductions | .57% | .57% | .58% | .59% | .60% | |||||
Net investment income (loss) | 2.61% | 2.28% | 2.21% | 2.72% | 2.65% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 4,915 | $ | 5,186 | $ | 4,903 | $ | 4,409 | $ | 4,949 |
Portfolio turnover rate G | 45% H | 48% | 47% | 71% | 52% |
Fidelity® Equity Dividend Income Fund Class K |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 28.03 | $ | 28.53 | $ | 24.67 | $ | 26.64 | $ | 27.18 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .71 | .65 | .65 | .63 | .68 | |||||
Net realized and unrealized gain (loss) | (.04) | 2.06 | 3.89 | (.45) | 1.91 | |||||
Total from investment operations | .67 | 2.71 | 4.54 | .18 | 2.59 | |||||
Distributions from net investment income | (.65) | (.62) | (.66) | (.65) | (.64) | |||||
Distributions from net realized gain | (1.36) | (2.60) | (.01) | (1.50) | (2.49) | |||||
Total distributions | (2.01) | (3.21) C | (.68) C | (2.15) | (3.13) | |||||
Net asset value, end of period | $ | 26.69 | $ | 28.03 | $ | 28.53 | $ | 24.67 | $ | 26.64 |
Total Return D | 2.78% | 9.86% | 18.51% | .84% | 12.18% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .49% | .49% | .49% | .51% | .51% | |||||
Expenses net of fee waivers, if any | .49% | .49% | .49% | .51% | .51% | |||||
Expenses net of all reductions | .49% | .49% | .49% | .50% | .51% | |||||
Net investment income (loss) | 2.70% | 2.37% | 2.30% | 2.81% | 2.74% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 774 | $ | 812 | $ | 760 | $ | 696 | $ | 300 |
Portfolio turnover rate G | 45% H | 48% | 47% | 71% | 52% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $856,188 |
Gross unrealized depreciation | (243,026) |
Net unrealized appreciation (depreciation) | $613,162 |
Tax Cost | $5,124,525 |
Undistributed ordinary income | $89,963 |
Undistributed long-term capital gain | $99,493 |
Net unrealized appreciation (depreciation) on securities and other investments | $589,406 |
November 30, 2023 | November 30, 2022 | |
Ordinary Income | $136,512 | $ 249,503 |
Long-term Capital Gains | 288,612 | 386,941 |
Total | $425,124 | $ 636,444 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Equity Dividend Income Fund | 2,526,365 | 2,687,519 |
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | Participating classes | |
Fidelity Equity Dividend Income Fund | 2,268 | 21,212 | 61,773 | Equity Dividend Income |
Amount | % of Class-Level Average Net Assets | |
Equity Dividend Income | $6,380 | .13 |
Class K | 328 | .04 |
% of Class-Level Average Net Assets | |
Equity Dividend Income | 0.1270% |
% of Average Net Assets | |
Fidelity Equity Dividend Income Fund | .02 |
% of Average Net Assets | |
Fidelity Equity Dividend Income Fund | 0.0169% |
Amount | |
Fidelity Equity Dividend Income Fund | $62 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Equity Dividend Income Fund | 267,143 | 177,027 | 30,846 |
Amount | |
Fidelity Equity Dividend Income Fund | $10 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Equity Dividend Income Fund | $131 | $13 | $- |
Year ended November 30, 2023 | Year ended November 30, 2022 | |
Fidelity Equity Dividend Income Fund | ||
Distributions to shareholders | ||
Equity Dividend Income | $367,518 | $551,350 |
Class K | 57,606 | 85,094 |
Total | $425,124 | $636,444 |
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2023 | Year ended November 30, 2022 | Year ended November 30, 2023 | Year ended November 30, 2022 | |
Fidelity Equity Dividend Income Fund | ||||
Equity Dividend Income | ||||
Shares sold | 10,718 | 13,861 | $284,744 | $380,818 |
Reinvestment of distributions | 13,279 | 18,689 | 341,350 | 515,591 |
Shares redeemed | (24,931) | (19,380) | (656,710) | (528,369) |
Net increase (decrease) | (934) | 13,170 | $(30,616) | $368,040 |
Class K | ||||
Shares sold | 6,998 | 10,839 | $182,721 | $295,244 |
Reinvestment of distributions | 2,241 | 3,085 | 57,606 | 85,094 |
Shares redeemed | (9,235) | (11,583) | (246,159) | (319,373) |
Net increase (decrease) | 4 | 2,341 | $(5,832) | $60,965 |
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, 2023 to November 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Expenses Paid During Period- C June 1, 2023 to November 30, 2023 | |||||||
Fidelity® Equity Dividend Income Fund | ||||||||||
Fidelity® Equity Dividend Income Fund | .57% | |||||||||
Actual | $ 1,000 | $ 1,076.40 | $ 2.97 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.21 | $ 2.89 | |||||||
Class K | .48% | |||||||||
Actual | $ 1,000 | $ 1,076.90 | $ 2.50 | |||||||
Hypothetical-B | $ 1,000 | $ 1,022.66 | $ 2.43 | |||||||
Contents
Average Annual Total Returns | |||
Periods ended November 30, 2023 | Past 1 year | Past 5 years | Past 10 years |
Class A (incl. 5.75% sales charge) | -3.05% | 9.97% | 6.77% |
Class M (incl. 3.50% sales charge) | -1.00% | 10.19% | 6.72% |
Class C (incl. contingent deferred sales charge) | 1.10% | 10.44% | 6.75% |
Fidelity® Convertible Securities Fund | 3.21% | 11.62% | 7.72% |
Class I | 3.17% | 11.59% | 7.69% |
Class Z | 3.29% | 11.72% | 7.76% |
$10,000 Over 10 Years |
Let's say hypothetically that $10,000 was invested in Fidelity® Convertible Securities Fund, a class of the fund, on November 30, 2013. The chart shows how the value of your investment would have changed, and also shows how the ICE® BofA® All US Convertibles Index performed over the same period. |
Top Holdings (% of Fund's net assets) | ||
(excluding cash equivalents) | ||
Palo Alto Networks, Inc. 0.375% 6/1/25 | 2.4 | |
DHT Holdings, Inc. | 2.2 | |
MicroStrategy, Inc. 0% 2/15/27 | 1.7 | |
Unity Software, Inc. 0% 11/15/26 | 1.5 | |
Snap, Inc. 0.125% 3/1/28 | 1.3 | |
Southern Co. 3.875% 12/15/25 | 1.3 | |
Duke Energy Corp. 4.125% 4/15/26 | 1.3 | |
PG&E Corp. 4.25% 12/1/27 | 1.3 | |
DraftKings, Inc. 0% 3/15/28 | 1.3 | |
Northern Oil & Gas, Inc. 3.625% 4/15/29 | 1.2 | |
15.5 | ||
Market Sectors (% of Fund's net assets) | ||
Information Technology | 26.9 | |
Consumer Discretionary | 10.3 | |
Utilities | 9.6 | |
Communication Services | 7.4 | |
Health Care | 7.4 | |
Industrials | 6.1 | |
Energy | 6.0 | |
Financials | 3.4 | |
Real Estate | 2.6 | |
Materials | 1.8 | |
Consumer Staples | 1.3 | |
Quality Diversification (% of Fund's net assets) |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Asset Allocation (% of Fund's net assets) |
Written options - (0.0)% |
Percentages shown as 0.0% may reflect amounts less than 0.05%. |
Corporate Bonds - 72.4% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
Convertible Bonds - 71.0% | |||
COMMUNICATION SERVICES - 6.4% | |||
Entertainment - 1.6% | |||
Liberty Media Corp. 2.375% 9/30/53 (b) | 6,757 | 6,818 | |
Liberty Media Corp. Liberty Formula One 2.25% 8/15/27 | 8,245 | 8,349 | |
Live Nation Entertainment, Inc. 3.125% 1/15/29 (b) | 6,454 | 6,861 | |
Zynga, Inc. 0% 12/15/26 | 5,479 | 4,383 | |
26,411 | |||
Interactive Media & Services - 2.8% | |||
Liberty TripAdvisor Holdings, Inc. 0.5% 6/30/51 (b) | 2,433 | 1,971 | |
Snap, Inc.: | |||
0% 5/1/27 | 17,175 | 13,204 | |
0.125% 3/1/28 | 30,576 | 22,259 | |
0.25% 5/1/25 | 2,787 | 2,755 | |
0.75% 8/1/26 | 4,240 | 4,102 | |
TripAdvisor, Inc. 0.25% 4/1/26 | 2,952 | 2,552 | |
46,843 | |||
Media - 2.0% | |||
DISH Network Corp.: | |||
0% 12/15/25 | 13,668 | 7,065 | |
3.375% 8/15/26 | 26,227 | 11,868 | |
Liberty Broadband Corp. 3.125% 3/31/53 (b) | 9,550 | 9,544 | |
Liberty Media Corp. 3.75% 3/15/28 (b) | 5,200 | 5,975 | |
34,452 | |||
TOTAL COMMUNICATION SERVICES | 107,706 | ||
CONSUMER DISCRETIONARY - 9.5% | |||
Automobiles - 2.0% | |||
Ford Motor Co. 0% 3/15/26 | 8,778 | 8,185 | |
Rivian Automotive, Inc.: | |||
3.625% 10/15/30(b) | 13,420 | 12,875 | |
4.625% 3/15/29(b) | 11,612 | 12,767 | |
33,827 | |||
Broadline Retail - 0.7% | |||
Etsy, Inc.: | |||
0.125% 10/1/26 | 3,588 | 3,949 | |
0.125% 9/1/27 | 4,407 | 3,616 | |
0.25% 6/15/28 | 4,610 | 3,536 | |
11,101 | |||
Hotels, Restaurants & Leisure - 4.5% | |||
Booking Holdings, Inc. 0.75% 5/1/25 | 6,343 | 10,672 | |
Carnival Corp. 5.75% 12/1/27 (b) | 8,435 | 11,881 | |
Cracker Barrel Old Country Store, Inc. 0.625% 6/15/26 | 3,044 | 2,549 | |
DraftKings, Inc. 0% 3/15/28 | 26,448 | 21,225 | |
Penn Entertainment, Inc. 2.75% 5/15/26 | 11,294 | 14,304 | |
Royal Caribbean Cruises Ltd. 6% 8/15/25 | 6,377 | 14,278 | |
74,909 | |||
Leisure Products - 1.1% | |||
Peloton Interactive, Inc. 0% 2/15/26 | 16,347 | 12,367 | |
Topgolf Callaway Brands Corp. 2.75% 5/1/26 | 6,490 | 6,448 | |
18,815 | |||
Specialty Retail - 1.2% | |||
The RealReal, Inc.: | |||
1% 3/1/28 | 5,044 | 2,066 | |
3% 6/15/25 | 220 | 160 | |
Wayfair LLC 0.625% 10/1/25 | 20,823 | 18,507 | |
20,733 | |||
TOTAL CONSUMER DISCRETIONARY | 159,385 | ||
CONSUMER STAPLES - 0.9% | |||
Food Products - 0.3% | |||
Freshpet, Inc. 3% 4/1/28 (b) | 1,700 | 2,120 | |
Post Holdings, Inc. 2.5% 8/15/27 | 3,090 | 3,064 | |
5,184 | |||
Tobacco - 0.6% | |||
Turning Point Brands, Inc. 2.5% 7/15/24 | 9,442 | 9,194 | |
TOTAL CONSUMER STAPLES | 14,378 | ||
ENERGY - 2.7% | |||
Oil, Gas & Consumable Fuels - 2.7% | |||
EQT Corp. 1.75% 5/1/26 | 3,231 | 8,854 | |
Northern Oil & Gas, Inc. 3.625% 4/15/29 | 16,893 | 19,647 | |
Peabody Energy Corp. 3.25% 3/1/28 | 2,047 | 2,883 | |
Pioneer Natural Resources Co. 0.25% 5/15/25 | 4,525 | 11,165 | |
World Kinect Corp. 3.25% 7/1/28 (b) | 2,580 | 2,456 | |
45,005 | |||
FINANCIALS - 1.9% | |||
Capital Markets - 0.6% | |||
Coinbase Global, Inc. 0.5% 6/1/26 | 13,127 | 10,969 | |
Consumer Finance - 0.9% | |||
Bread Financial Holdings, Inc. 4.25% 6/15/28 (b) | 2,540 | 2,369 | |
LendingTree, Inc. 0.5% 7/15/25 | 11,873 | 9,350 | |
SoFi Technologies, Inc. 0% 10/15/26 (b) | 4,411 | 3,361 | |
15,080 | |||
Financial Services - 0.4% | |||
Affirm Holdings, Inc. 0% 11/15/26 | 5,457 | 4,240 | |
Shift4 Payments, Inc. 0.5% 8/1/27 | 2,014 | 1,776 | |
6,016 | |||
TOTAL FINANCIALS | 32,065 | ||
HEALTH CARE - 7.4% | |||
Biotechnology - 2.3% | |||
Alnylam Pharmaceuticals, Inc. 1% 9/15/27 | 4,620 | 4,259 | |
BridgeBio Pharma, Inc. 2.25% 2/1/29 | 14,240 | 10,805 | |
Dynavax Technologies Corp. 2.5% 5/15/26 | 200 | 286 | |
Exact Sciences Corp. 2% 3/1/30 (b) | 7,298 | 7,791 | |
Insmed, Inc. 0.75% 6/1/28 | 3,200 | 3,138 | |
Mirum Pharmaceuticals, Inc. 4% 5/1/29 (b) | 2,160 | 2,770 | |
Natera, Inc. 2.25% 5/1/27 | 1,392 | 2,160 | |
Sarepta Therapeutics, Inc.: | |||
1.25% 9/15/27 | 7,627 | 7,093 | |
1.5% 11/15/24 | 760 | 941 | |
39,243 | |||
Health Care Equipment & Supplies - 3.2% | |||
CONMED Corp. 2.25% 6/15/27 | 2,740 | 2,684 | |
DexCom, Inc. 0.375% 5/15/28 (b) | 5,597 | 5,496 | |
Enovis Corp. 3.875% 10/15/28 (b) | 2,840 | 3,138 | |
Envista Holdings Corp. 2.375% 6/1/25 | 3,649 | 4,351 | |
Glaukos Corp. 2.75% 6/15/27 | 2,154 | 2,792 | |
Insulet Corp. 0.375% 9/1/26 | 3,592 | 3,840 | |
Integer Holdings Corp. 2.125% 2/15/28 (b) | 6,389 | 7,424 | |
Lantheus Holdings, Inc. 2.625% 12/15/27 (b) | 2,990 | 3,562 | |
LivaNova U.S.A., Inc. 3% 12/15/25 | 4,024 | 4,097 | |
NuVasive, Inc. 0.375% 3/15/25 | 3,750 | 3,441 | |
Omnicell, Inc. 0.25% 9/15/25 | 2,491 | 2,231 | |
Shockwave Medical, Inc. 1% 8/15/28 (b) | 6,070 | 5,600 | |
TransMedics Group, Inc. 1.5% 6/1/28 (b) | 4,056 | 4,363 | |
53,019 | |||
Health Care Providers & Services - 1.0% | |||
Accolade, Inc. 0.5% 4/1/26 | 15,909 | 13,464 | |
Guardant Health, Inc. 0% 11/15/27 | 4,885 | 3,300 | |
16,764 | |||
Health Care Technology - 0.4% | |||
Health Catalyst, Inc. 2.5% 4/15/25 | 1,647 | 1,520 | |
Teladoc Health, Inc. 1.25% 6/1/27 | 5,479 | 4,404 | |
Veradigm, Inc. 0.875% 1/1/27 | 161 | 166 | |
6,090 | |||
Life Sciences Tools & Services - 0.1% | |||
Repligen Corp. 0.375% 7/15/24 | 1,330 | 1,850 | |
Pharmaceuticals - 0.4% | |||
Amphastar Pharmaceuticals, Inc. 2% 3/15/29 (b) | 2,130 | 2,414 | |
Jazz Investments I Ltd. 2% 6/15/26 | 4,936 | 4,862 | |
7,276 | |||
TOTAL HEALTH CARE | 124,242 | ||
INDUSTRIALS - 5.0% | |||
Aerospace & Defense - 0.8% | |||
Axon Enterprise, Inc. 0.5% 12/15/27 (b) | 7,390 | 8,606 | |
Spirit Aerosystems, Inc. 3.25% 11/1/28 (b) | 4,720 | 5,524 | |
14,130 | |||
Commercial Services & Supplies - 0.3% | |||
Tetra Tech, Inc. 2.25% 8/15/28 (b) | 4,340 | 4,402 | |
Construction & Engineering - 0.6% | |||
Fluor Corp. 1.125% 8/15/29 (b) | 5,528 | 5,854 | |
Granite Construction, Inc. 3.75% 5/15/28 (b) | 4,100 | 4,826 | |
10,680 | |||
Electrical Equipment - 0.3% | |||
Array Technologies, Inc. 1% 12/1/28 | 2,989 | 2,759 | |
Bloom Energy Corp. NULL 3% 6/1/28 (b) | 2,530 | 2,641 | |
5,400 | |||
Ground Transportation - 1.6% | |||
Lyft, Inc. 1.5% 5/15/25 | 2,024 | 1,860 | |
Uber Technologies, Inc.: | |||
0% 12/15/25 | 5,200 | 5,066 | |
0.875% 12/1/28(b) | 18,575 | 19,206 | |
26,132 | |||
Machinery - 0.2% | |||
John Bean Technologies Corp. 0.25% 5/15/26 | 4,147 | 3,747 | |
Passenger Airlines - 0.5% | |||
American Airlines Group, Inc. 6.5% 7/1/25 | 7,782 | 8,226 | |
Southwest Airlines Co. 1.25% 5/1/25 | 170 | 167 | |
8,393 | |||
Professional Services - 0.7% | |||
CSG Systems International, Inc. 3.875% 9/15/28 (b) | 2,860 | 2,749 | |
Parsons Corp. 0.25% 8/15/25 | 6,218 | 8,814 | |
11,563 | |||
TOTAL INDUSTRIALS | 84,447 | ||
INFORMATION TECHNOLOGY - 26.2% | |||
Communications Equipment - 0.7% | |||
Lumentum Holdings, Inc.: | |||
0.5% 12/15/26 | 5,074 | 4,262 | |
0.5% 6/15/28 | 5,800 | 4,242 | |
1.5% 12/15/29(b) | 3,345 | 2,945 | |
11,449 | |||
Electronic Equipment, Instruments & Components - 0.7% | |||
Advanced Energy Industries, Inc. 2.5% 9/15/28 (b) | 2,625 | 2,584 | |
Insight Enterprises, Inc. 0.75% 2/15/25 | 2,745 | 6,072 | |
Par Technology Corp. 1.5% 10/15/27 | 261 | 216 | |
Vishay Intertechnology, Inc. 2.25% 9/15/30 (b) | 3,500 | 3,264 | |
12,136 | |||
IT Services - 5.8% | |||
Akamai Technologies, Inc.: | |||
0.125% 5/1/25 | 8,678 | 10,842 | |
0.375% 9/1/27 | 9,041 | 9,900 | |
1.125% 2/15/29(b) | 9,537 | 10,076 | |
BigCommerce Holdings, Inc. 0.25% 10/1/26 | 5,219 | 4,097 | |
Cloudflare, Inc. 0% 8/15/26 | 15,035 | 13,193 | |
Digitalocean Holdings, Inc. 0% 12/1/26 | 11,329 | 8,915 | |
Fastly, Inc. 0% 3/15/26 | 6,880 | 5,913 | |
MongoDB, Inc. 0.25% 1/15/26 | 8,574 | 17,255 | |
Okta, Inc.: | |||
0.125% 9/1/25 | 4,621 | 4,147 | |
0.375% 6/15/26 | 3,932 | 3,382 | |
Perficient, Inc. 0.125% 11/15/26 | 4,337 | 3,529 | |
Wix.com Ltd. 0% 8/15/25 | 6,688 | 5,929 | |
97,178 | |||
Semiconductors & Semiconductor Equipment - 1.8% | |||
ON Semiconductor Corp.: | |||
0% 5/1/27 | 6,173 | 8,914 | |
0.5% 3/1/29(b) | 10,970 | 10,515 | |
Veeco Instruments, Inc. 2.875% 6/1/29 (b) | 820 | 975 | |
Wolfspeed, Inc.: | |||
0.25% 2/15/28 | 7,555 | 4,673 | |
1.75% 5/1/26 | 4,351 | 4,529 | |
29,606 | |||
Software - 15.6% | |||
Altair Engineering, Inc.: | |||
0.25% 6/1/24 | 3,124 | 4,895 | |
1.75% 6/15/27 | 4,600 | 5,322 | |
Avalara, Inc. 0.25% 8/1/26 | 3,525 | 3,499 | |
Bentley Systems, Inc.: | |||
0.125% 1/15/26 | 3,500 | 3,452 | |
0.375% 7/1/27 | 4,676 | 4,129 | |
Bill Holdings, Inc.: | |||
0% 12/1/25 | 5,355 | 4,779 | |
0% 4/1/27 | 15,239 | 12,039 | |
BlackLine, Inc. 0% 3/15/26 | 14,471 | 12,499 | |
Box, Inc. 0% 1/15/26 | 4,133 | 4,662 | |
Confluent, Inc. 0% 1/15/27 | 5,296 | 4,297 | |
CyberArk Software Ltd. 0% 11/15/24 | 2,489 | 3,253 | |
Datadog, Inc. 0.125% 6/15/25 | 5,010 | 6,804 | |
Dropbox, Inc.: | |||
0% 3/1/26 | 1,969 | 1,883 | |
0% 3/1/28 | 2,025 | 1,949 | |
Everbridge, Inc.: | |||
0% 3/15/26 | 3,157 | 2,652 | |
0.125% 12/15/24 | 4,904 | 4,512 | |
Guidewire Software, Inc. 1.25% 3/15/25 | 2,797 | 2,972 | |
HubSpot, Inc. 0.375% 6/1/25 | 3,253 | 5,810 | |
InterDigital, Inc. 3.5% 6/1/27 | 3,270 | 4,478 | |
LivePerson, Inc. 0% 12/15/26 | 7,827 | 5,156 | |
MicroStrategy, Inc.: | |||
0% 2/15/27 | 37,482 | 29,120 | |
0.75% 12/15/25 | 3,219 | 4,458 | |
Pagerduty, Inc.: | |||
1.25% 7/1/25 | 1,647 | 1,546 | |
1.5% 10/15/28(b) | 3,330 | 3,453 | |
Palo Alto Networks, Inc. 0.375% 6/1/25 | 13,782 | 40,893 | |
Pegasystems, Inc. 0.75% 3/1/25 | 1,489 | 1,377 | |
Progress Software Corp. 1% 4/15/26 | 3,982 | 4,163 | |
Q2 Holdings, Inc. 0.75% 6/1/26 | 2,453 | 2,163 | |
Rapid7, Inc.: | |||
0.25% 3/15/27 | 213 | 187 | |
1.25% 3/15/29(b) | 4,420 | 4,663 | |
RingCentral, Inc. 0% 3/15/26 | 4,484 | 3,744 | |
Splunk, Inc.: | |||
1.125% 9/15/25 | 6,242 | 6,860 | |
1.125% 6/15/27 | 9,600 | 9,254 | |
Tyler Technologies, Inc. 0.25% 3/15/26 | 5,401 | 5,425 | |
Unity Software, Inc. 0% 11/15/26 | 31,727 | 25,588 | |
Varonis Systems, Inc. 1.25% 8/15/25 | 2,684 | 3,831 | |
Workiva, Inc. 1.25% 8/15/28 (b) | 5,625 | 5,476 | |
Zscaler, Inc. 0.125% 7/1/25 | 6,580 | 9,156 | |
260,399 | |||
Technology Hardware, Storage & Peripherals - 1.6% | |||
Seagate HDD Cayman 3.5% 6/1/28 (b) | 11,380 | 12,894 | |
Western Digital Corp. 3% 11/15/28 (b) | 12,600 | 14,414 | |
27,308 | |||
TOTAL INFORMATION TECHNOLOGY | 438,076 | ||
MATERIALS - 0.6% | |||
Chemicals - 0.1% | |||
Livent Corp. 4.125% 7/15/25 | 1,084 | 1,774 | |
Metals & Mining - 0.5% | |||
Equinox Gold Corp. 4.75% 10/15/28 (b) | 1,910 | 2,082 | |
MP Materials Corp. 0.25% 4/1/26 (b) | 3,129 | 2,581 | |
United States Steel Corp. 5% 11/1/26 | 1,447 | 3,907 | |
8,570 | |||
TOTAL MATERIALS | 10,344 | ||
REAL ESTATE - 2.6% | |||
Equity Real Estate Investment Trusts (REITs) - 1.7% | |||
Ventas Realty LP 3.75% 6/1/26 (b) | 13,928 | 14,179 | |
Welltower OP LLC 2.75% 5/15/28 (b) | 12,150 | 13,220 | |
27,399 | |||
Real Estate Management & Development - 0.9% | |||
Redfin Corp.: | |||
0% 10/15/25 | 2,410 | 1,994 | |
0.5% 4/1/27 | 16,564 | 9,441 | |
Zillow Group, Inc. 1.375% 9/1/26 | 3,614 | 4,064 | |
15,499 | |||
TOTAL REAL ESTATE | 42,898 | ||
UTILITIES - 7.8% | |||
Electric Utilities - 5.8% | |||
Alliant Energy Corp. 3.875% 3/15/26 (b) | 2,600 | 2,564 | |
Duke Energy Corp. 4.125% 4/15/26 (b) | 22,045 | 21,736 | |
FirstEnergy Corp. 4% 5/1/26 (b) | 13,330 | 13,123 | |
NRG Energy, Inc. 2.75% 6/1/48 | 6,911 | 8,421 | |
PG&E Corp. 4.25% 12/1/27 (b) | 21,152 | 21,416 | |
PPL Capital Funding, Inc. 2.875% 3/15/28 (b) | 7,740 | 7,322 | |
Southern Co. 3.875% 12/15/25 (b) | 21,975 | 21,942 | |
96,524 | |||
Independent Power and Renewable Electricity Producers - 0.7% | |||
NextEra Energy Partners LP 0% 11/15/25 (b) | 11,350 | 9,727 | |
Ormat Technologies, Inc. 2.5% 7/15/27 | 1,700 | 1,605 | |
11,332 | |||
Multi-Utilities - 0.8% | |||
CenterPoint Energy, Inc. 4.25% 8/15/26 (b) | 6,974 | 6,917 | |
CMS Energy Corp. 3.375% 5/1/28 (b) | 6,460 | 6,282 | |
13,199 | |||
Water Utilities - 0.5% | |||
American Water Capital Corp. 3.625% 6/15/26 (b) | 8,918 | 8,882 | |
TOTAL UTILITIES | 129,937 | ||
TOTAL CONVERTIBLE BONDS | 1,188,483 | ||
Nonconvertible Bonds - 1.4% | |||
COMMUNICATION SERVICES - 0.6% | |||
Media - 0.6% | |||
Gannett Holdings LLC 6% 11/1/26 (b) | 10,650 | 9,352 | |
CONSUMER STAPLES - 0.4% | |||
Tobacco - 0.4% | |||
Turning Point Brands, Inc. 5.625% 2/15/26 (b) | 6,673 | 6,223 | |
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
SFL Corp. Ltd. 7.25% 5/12/26 (b) | 1,700 | 1,642 | |
INFORMATION TECHNOLOGY - 0.3% | |||
Software - 0.3% | |||
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.5% 9/1/25 (b) | 7,490 | 5,836 | |
TOTAL NONCONVERTIBLE BONDS | 23,053 | ||
TOTAL CORPORATE BONDS (Cost $1,144,882) | 1,211,536 | ||
Common Stocks - 6.5% | |||
Shares | Value ($) (000s) | ||
COMMUNICATION SERVICES - 0.4% | |||
Entertainment - 0.4% | |||
The Walt Disney Co. | 79,700 | 7,387 | |
CONSUMER DISCRETIONARY - 0.8% | |||
Automobiles - 0.2% | |||
Stellantis NV (c) | 163,600 | 3,544 | |
Broadline Retail - 0.2% | |||
Amazon.com, Inc. (c)(d) | 21,800 | 3,185 | |
Hotels, Restaurants & Leisure - 0.4% | |||
A&W Revenue Royalties Income Fund | 164,000 | 3,737 | |
Super Group SGHC Ltd. (d) | 905,921 | 2,754 | |
6,491 | |||
TOTAL CONSUMER DISCRETIONARY | 13,220 | ||
ENERGY - 3.2% | |||
Oil, Gas & Consumable Fuels - 3.2% | |||
DHT Holdings, Inc. | 3,630,042 | 36,155 | |
Scorpio Tankers, Inc. | 310,000 | 17,016 | |
53,171 | |||
INDUSTRIALS - 0.5% | |||
Electrical Equipment - 0.1% | |||
Babcock & Wilcox Enterprises, Inc. (d) | 1,382,611 | 1,963 | |
Ground Transportation - 0.4% | |||
Uber Technologies, Inc. (d) | 96,800 | 5,458 | |
TOTAL INDUSTRIALS | 7,421 | ||
INFORMATION TECHNOLOGY - 0.4% | |||
Semiconductors & Semiconductor Equipment - 0.4% | |||
NVIDIA Corp. (c) | 14,400 | 6,735 | |
MATERIALS - 1.2% | |||
Metals & Mining - 1.2% | |||
Agnico Eagle Mines Ltd. (United States) | 143,900 | 7,727 | |
Newmont Corp. | 175,100 | 7,037 | |
Wheaton Precious Metals Corp. | 104,100 | 5,090 | |
19,854 | |||
TOTAL COMMON STOCKS (Cost $93,884) | 107,788 | ||
Convertible Preferred Stocks - 3.7% | |||
Shares | Value ($) (000s) | ||
FINANCIALS - 1.5% | |||
Banks - 1.0% | |||
Bank of America Corp. 7.25% | 7,695 | 8,641 | |
Wells Fargo & Co. 7.50% | 7,617 | 8,517 | |
17,158 | |||
Financial Services - 0.5% | |||
Apollo Global Management, Inc. Series A, 6.75% | 143,900 | 7,994 | |
TOTAL FINANCIALS | 25,152 | ||
INDUSTRIALS - 0.6% | |||
Machinery - 0.6% | |||
Chart Industries, Inc. | 157,800 | 8,591 | |
RBC Bearings, Inc. | 15,800 | 1,892 | |
10,483 | |||
UTILITIES - 1.6% | |||
Electric Utilities - 1.0% | |||
NextEra Energy, Inc. 6.296% | 457,600 | 16,853 | |
Independent Power and Renewable Electricity Producers - 0.6% | |||
The AES Corp. 6.875% | 139,600 | 9,448 | |
TOTAL UTILITIES | 26,301 | ||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $63,434) | 61,936 | ||
Preferred Securities - 0.2% | |||
Principal Amount (a) (000s) | Value ($) (000s) | ||
UTILITIES - 0.2% | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
Vistra Corp. 7% (b)(e)(f) (Cost $3,126) | 3,345 | 3,286 | |
Money Market Funds - 18.3% | |||
Shares | Value ($) (000s) | ||
Fidelity Cash Central Fund 5.40% (g) (Cost $306,596) | 306,534,813 | 306,596 | |
TOTAL INVESTMENT IN SECURITIES - 101.1% (Cost $1,611,922) | 1,691,142 |
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (18,013) |
NET ASSETS - 100.0% | 1,673,129 |
Written Options | ||||||
Counterparty | Number of Contracts | Notional Amount ($) (000s) | Exercise Price ($) | Expiration Date | Value ($) (000s) | |
Call Options | ||||||
Amazon.com, Inc. | Chicago Board Options Exchange | 200 | 2,922 | 145.00 | 12/15/23 | (73) |
NVIDIA Corp. | Chicago Board Options Exchange | 100 | 4,677 | 510.00 | 12/15/23 | (18) |
Stellantis NV | Chicago Board Options Exchange | 1,600 | 3,466 | 21.00 | 12/15/23 | (144) |
TOTAL WRITTEN OPTIONS | (235) |
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $424,935,000 or 25.4% of net assets. |
(c) | Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $11,065,000. |
(d) | Non-income producing |
(e) | Security is perpetual in nature with no stated maturity date. |
(f) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request. |
Affiliate (Amounts in thousands) | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 42,677 | 978,873 | 714,954 | 7,571 | - | - | 306,596 | 0.6% |
Fidelity Securities Lending Cash Central Fund 5.39% | 23,170 | 87,724 | 110,894 | 70 | - | - | - | 0.0% |
Total | 65,847 | 1,066,597 | 825,848 | 7,641 | - | - | 306,596 | |
Valuation Inputs at Reporting Date: | ||||
Description (Amounts in thousands) | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | ||||
Equities: | ||||
Communication Services | 7,387 | 7,387 | - | - |
Consumer Discretionary | 13,220 | 13,220 | - | - |
Energy | 53,171 | 53,171 | - | - |
Financials | 25,152 | 7,994 | 17,158 | - |
Industrials | 17,904 | 7,421 | 10,483 | - |
Information Technology | 6,735 | 6,735 | - | - |
Materials | 19,854 | 19,854 | - | - |
Utilities | 26,301 | - | 26,301 | - |
Corporate Bonds | 1,211,536 | - | 1,211,536 | - |
Preferred Securities | 3,286 | - | 3,286 | - |
Money Market Funds | 306,596 | 306,596 | - | - |
Total Investments in Securities: | 1,691,142 | 422,378 | 1,268,764 | - |
Derivative Instruments: Liabilities | ||||
Written Options | (235) | (235) | - | - |
Total Liabilities | (235) | (235) | - | - |
Total Derivative Instruments: | (235) | (235) | - | - |
Primary Risk Exposure / Derivative Type | Value | |
(Amounts in thousands) | Asset ($) | Liability ($) |
Equity Risk | ||
Written Options (a) | 0 | (235) |
Total Equity Risk | 0 | (235) |
Total Value of Derivatives | 0 | (235) |
Statement of Assets and Liabilities | ||||
Amounts in thousands (except per-share amounts) | November 30, 2023 | |||
Assets | ||||
Investment in securities, at value - See accompanying schedule: | ||||
Unaffiliated issuers (cost $1,305,326) | $ | 1,384,546 | ||
Fidelity Central Funds (cost $306,596) | 306,596 | |||
Total Investment in Securities (cost $1,611,922) | $ | 1,691,142 | ||
Foreign currency held at value (cost $17) | 17 | |||
Receivable for investments sold | 1,377 | |||
Receivable for fund shares sold | 693 | |||
Dividends receivable | 1,392 | |||
Interest receivable | 4,742 | |||
Distributions receivable from Fidelity Central Funds | 1,438 | |||
Prepaid expenses | 2 | |||
Total assets | 1,700,803 | |||
Liabilities | ||||
Payable for investments purchased | $ | 25,100 | ||
Payable for fund shares redeemed | 1,216 | |||
Accrued management fee | 821 | |||
Distribution and service plan fees payable | 18 | |||
Written options, at value (premium receivable $223) | 235 | |||
Other affiliated payables | 224 | |||
Other payables and accrued expenses | 60 | |||
Total Liabilities | 27,674 | |||
Net Assets | $ | 1,673,129 | ||
Net Assets consist of: | ||||
Paid in capital | $ | 1,566,647 | ||
Total accumulated earnings (loss) | 106,482 | |||
Net Assets | $ | 1,673,129 | ||
Net Asset Value and Maximum Offering Price | ||||
Class A : | ||||
Net Asset Value and redemption price per share ($43,752 ÷ 1,406 shares)(a) | $ | 31.12 | ||
Maximum offering price per share (100/94.25 of $31.12) | $ | 33.02 | ||
Class M : | ||||
Net Asset Value and redemption price per share ($7,776 ÷ 249 shares)(a)(b) | $ | 31.17 | ||
Maximum offering price per share (100/96.50 of $31.17) | $ | 32.30 | ||
Class C : | ||||
Net Asset Value and offering price per share ($6,990 ÷ 226 shares)(a)(b) | $ | 30.88 | ||
Convertible Securities : | ||||
Net Asset Value, offering price and redemption price per share ($1,463,300 ÷ 46,713 shares) | $ | 31.33 | ||
Class I : | ||||
Net Asset Value, offering price and redemption price per share ($81,632 ÷ 2,611 shares) | $ | 31.26 | ||
Class Z : | ||||
Net Asset Value, offering price and redemption price per share ($69,679 ÷ 2,231 shares)(b) | $ | 31.24 | ||
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. | ||||
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or shares. |
Statement of Operations | ||||
Amounts in thousands | Year ended November 30, 2023 | |||
Investment Income | ||||
Dividends | $ | 13,368 | ||
Interest | 47,538 | |||
Income from Fidelity Central Funds (including $70 from security lending) | 7,641 | |||
Total Income | 68,547 | |||
Expenses | ||||
Management fee | ||||
Basic fee | $ | 7,191 | ||
Performance adjustment | 2,516 | |||
Transfer agent fees | 2,266 | |||
Distribution and service plan fees | 225 | |||
Accounting fees | 464 | |||
Custodian fees and expenses | 22 | |||
Independent trustees' fees and expenses | 10 | |||
Registration fees | 117 | |||
Audit | 63 | |||
Legal | 3 | |||
Miscellaneous | 8 | |||
Total expenses before reductions | 12,885 | |||
Expense reductions | (106) | |||
Total expenses after reductions | 12,779 | |||
Net Investment income (loss) | 55,768 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | (5,718) | |||
Foreign currency transactions | 7 | |||
Written options | (965) | |||
Total net realized gain (loss) | (6,676) | |||
Change in net unrealized appreciation (depreciation) on: | ||||
Investment Securities: | ||||
Unaffiliated issuers | 1,499 | |||
Written options | (12) | |||
Total change in net unrealized appreciation (depreciation) | 1,487 | |||
Net gain (loss) | (5,189) | |||
Net increase (decrease) in net assets resulting from operations | $ | 50,579 |
Statement of Changes in Net Assets | ||||
Amount in thousands | Year ended November 30, 2023 | Year ended November 30, 2022 | ||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income (loss) | $ | 55,768 | $ | 35,641 |
Net realized gain (loss) | (6,676) | 52,681 | ||
Change in net unrealized appreciation (depreciation) | 1,487 | (338,145) | ||
Net increase (decrease) in net assets resulting from operations | 50,579 | (249,823) | ||
Distributions to shareholders | (64,636) | (376,367) | ||
Share transactions - net increase (decrease) | (48,343) | 184,864 | ||
Total increase (decrease) in net assets | (62,400) | (441,326) | ||
Net Assets | ||||
Beginning of period | 1,735,529 | 2,176,855 | ||
End of period | $ | 1,673,129 | $ | 1,735,529 |
Fidelity Advisor® Convertible Securities Fund Class A |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 31.39 | $ | 43.06 | $ | 40.70 | $ | 30.97 | $ | 28.07 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .93 | .53 | .42 | .70 | .43 | |||||
Net realized and unrealized gain (loss) | (.09) | (4.80) | 5.89 | 10.23 | 4.38 | |||||
Total from investment operations | .84 | (4.27) | 6.31 | 10.93 | 4.81 | |||||
Distributions from net investment income | (.69) C | (.48) | (.81) | (.63) | (.40) | |||||
Distributions from net realized gain | (.42) C | (6.92) | (3.14) | (.57) | (1.51) | |||||
Total distributions | (1.11) | (7.40) | (3.95) | (1.20) | (1.91) | |||||
Net asset value, end of period | $ | 31.12 | $ | 31.39 | $ | 43.06 | $ | 40.70 | $ | 30.97 |
Total Return D,E | 2.86% | (12.04)% | 16.43% | 36.42% | 18.75% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | 1.04% | 1.02% | .97% | .93% | .81% | |||||
Expenses net of fee waivers, if any | 1.04% | 1.02% | .97% | .92% | .80% | |||||
Expenses net of all reductions | 1.04% | 1.02% | .97% | .92% | .80% | |||||
Net investment income (loss) | 3.01% | 1.63% | .98% | 2.11% | 1.52% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 44 | $ | 46 | $ | 57 | $ | 40 | $ | 25 |
Portfolio turnover rate H | 89% | 85% | 87% | 147% | 151% |
Fidelity Advisor® Convertible Securities Fund Class M |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 31.44 | $ | 43.09 | $ | 40.73 | $ | 30.98 | $ | 28.09 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .85 | .45 | .31 | .61 | .35 | |||||
Net realized and unrealized gain (loss) | (.09) | (4.79) | 5.89 | 10.26 | 4.36 | |||||
Total from investment operations | .76 | (4.34) | 6.20 | 10.87 | 4.71 | |||||
Distributions from net investment income | (.61) C | (.38) | (.70) | (.55) | (.32) | |||||
Distributions from net realized gain | (.42) C | (6.92) | (3.14) | (.57) | (1.51) | |||||
Total distributions | (1.03) | (7.31) D | (3.84) | (1.12) | (1.82) D | |||||
Net asset value, end of period | $ | 31.17 | $ | 31.44 | $ | 43.09 | $ | 40.73 | $ | 30.98 |
Total Return E,F | 2.59% | (12.24)% | 16.10% | 36.10% | 18.34% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.30% | 1.28% | 1.23% | 1.19% | 1.09% | |||||
Expenses net of fee waivers, if any | 1.29% | 1.28% | 1.22% | 1.19% | 1.09% | |||||
Expenses net of all reductions | 1.29% | 1.28% | 1.22% | 1.19% | 1.08% | |||||
Net investment income (loss) | 2.75% | 1.38% | .73% | 1.84% | 1.24% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 8 | $ | 8 | $ | 11 | $ | 9 | $ | 6 |
Portfolio turnover rate I | 89% | 85% | 87% | 147% | 151% |
Fidelity Advisor® Convertible Securities Fund Class C |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 31.15 | $ | 42.73 | $ | 40.42 | $ | 30.76 | $ | 27.89 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | .68 | .29 | .09 | .44 | .22 | |||||
Net realized and unrealized gain (loss) | (.07) | (4.76) | 5.85 | 10.19 | 4.34 | |||||
Total from investment operations | .61 | (4.47) | 5.94 | 10.63 | 4.56 | |||||
Distributions from net investment income | (.45) C | (.18) | (.49) | (.40) | (.18) | |||||
Distributions from net realized gain | (.42) C | (6.92) | (3.14) | (.57) | (1.51) | |||||
Total distributions | (.88) D | (7.11) D | (3.63) | (.97) | (1.69) | |||||
Net asset value, end of period | $ | 30.88 | $ | 31.15 | $ | 42.73 | $ | 40.42 | $ | 30.76 |
Total Return E,F | 2.09% | (12.70)% | 15.53% | 35.42% | 17.82% | |||||
Ratios to Average Net Assets B,G,H | ||||||||||
Expenses before reductions | 1.81% | 1.79% | 1.74% | 1.69% | 1.55% | |||||
Expenses net of fee waivers, if any | 1.81% | 1.79% | 1.74% | 1.69% | 1.55% | |||||
Expenses net of all reductions | 1.81% | 1.79% | 1.74% | 1.68% | 1.55% | |||||
Net investment income (loss) | 2.24% | .86% | .21% | 1.35% | .77% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 7 | $ | 8 | $ | 19 | $ | 24 | $ | 17 |
Portfolio turnover rate I | 89% | 85% | 87% | 147% | 151% |
Fidelity® Convertible Securities Fund |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 31.58 | $ | 43.29 | $ | 40.89 | $ | 31.09 | $ | 28.18 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | 1.02 | .64 | .55 | .80 | .52 | |||||
Net realized and unrealized gain (loss) | (.07) | (4.84) | 5.92 | 10.29 | 4.38 | |||||
Total from investment operations | .95 | (4.20) | 6.47 | 11.09 | 4.90 | |||||
Distributions from net investment income | (.78) C | (.59) | (.93) | (.72) | (.48) | |||||
Distributions from net realized gain | (.42) C | (6.92) | (3.14) | (.57) | (1.51) | |||||
Total distributions | (1.20) | (7.51) | (4.07) | (1.29) | (1.99) | |||||
Net asset value, end of period | $ | 31.33 | $ | 31.58 | $ | 43.29 | $ | 40.89 | $ | 31.09 |
Total Return D | 3.21% | (11.79)% | 16.78% | 36.88% | 19.04% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .75% | .72% | .67% | .63% | .51% | |||||
Expenses net of fee waivers, if any | .74% | .72% | .67% | .63% | .51% | |||||
Expenses net of all reductions | .74% | .72% | .67% | .62% | .51% | |||||
Net investment income (loss) | 3.31% | 1.93% | 1.28% | 2.41% | 1.81% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 1,463 | $ | 1,539 | $ | 1,922 | $ | 1,791 | $ | 1,429 |
Portfolio turnover rate G | 89% | 85% | 87% | 147% | 151% |
Fidelity Advisor® Convertible Securities Fund Class I |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 31.51 | $ | 43.20 | $ | 40.82 | $ | 31.04 | $ | 28.13 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | 1.02 | .62 | .53 | .79 | .52 | |||||
Net realized and unrealized gain (loss) | (.08) | (4.81) | 5.91 | 10.27 | 4.38 | |||||
Total from investment operations | .94 | (4.19) | 6.44 | 11.06 | 4.90 | |||||
Distributions from net investment income | (.76) C | (.58) | (.92) | (.71) | (.48) | |||||
Distributions from net realized gain | (.42) C | (6.92) | (3.14) | (.57) | (1.51) | |||||
Total distributions | (1.19) D | (7.50) | (4.06) | (1.28) | (1.99) | |||||
Net asset value, end of period | $ | 31.26 | $ | 31.51 | $ | 43.20 | $ | 40.82 | $ | 31.04 |
Total Return E | 3.17% | (11.80)% | 16.72% | 36.84% | 19.07% | |||||
Ratios to Average Net Assets B,F,G | ||||||||||
Expenses before reductions | .77% | .75% | .70% | .65% | .52% | |||||
Expenses net of fee waivers, if any | .77% | .75% | .70% | .65% | .52% | |||||
Expenses net of all reductions | .77% | .75% | .70% | .64% | .52% | |||||
Net investment income (loss) | 3.28% | 1.90% | 1.25% | 2.39% | 1.80% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 82 | $ | 93 | $ | 110 | $ | 65 | $ | 61 |
Portfolio turnover rate H | 89% | 85% | 87% | 147% | 151% |
Fidelity Advisor® Convertible Securities Fund Class Z |
Years ended November 30, | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Selected Per-Share Data | ||||||||||
Net asset value, beginning of period | $ | 31.50 | $ | 43.19 | $ | 40.81 | $ | 31.03 | $ | 28.14 |
Income from Investment Operations | ||||||||||
Net investment income (loss) A,B | 1.05 | .66 | .58 | .83 | .56 | |||||
Net realized and unrealized gain (loss) | (.08) | (4.81) | 5.91 | 10.27 | 4.35 | |||||
Total from investment operations | .97 | (4.15) | 6.49 | 11.10 | 4.91 | |||||
Distributions from net investment income | (.81) C | (.62) | (.97) | (.75) | (.51) | |||||
Distributions from net realized gain | (.42) C | (6.92) | (3.14) | (.57) | (1.51) | |||||
Total distributions | (1.23) | (7.54) | (4.11) | (1.32) | (2.02) | |||||
Net asset value, end of period | $ | 31.24 | $ | 31.50 | $ | 43.19 | $ | 40.81 | $ | 31.03 |
Total Return D | 3.29% | (11.69)% | 16.86% | 37.01% | 19.15% | |||||
Ratios to Average Net Assets B,E,F | ||||||||||
Expenses before reductions | .66% | .63% | .59% | .53% | .41% | |||||
Expenses net of fee waivers, if any | .65% | .63% | .59% | .53% | .41% | |||||
Expenses net of all reductions | .65% | .63% | .59% | .53% | .41% | |||||
Net investment income (loss) | 3.40% | 2.02% | 1.36% | 2.50% | 1.91% | |||||
Supplemental Data | ||||||||||
Net assets, end of period (in millions) | $ | 70 | $ | 42 | $ | 57 | $ | 35 | $ | 32 |
Portfolio turnover rate G | 89% | 85% | 87% | 147% | 151% |
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense RatioA |
Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
Gross unrealized appreciation | $148,505 |
Gross unrealized depreciation | (51,310) |
Net unrealized appreciation (depreciation) | $97,195 |
Tax Cost | $1,593,712 |
Undistributed ordinary income | $13,970 |
Capital loss carryforward | $(4,678) |
Net unrealized appreciation (depreciation) on securities and other investments | $97,195 |
Short-term | $(3,871) |
Long-term | (807) |
Total capital loss carryforward | $(4,678) |
November 30, 2023 | November 30, 2022 | |
Ordinary Income | $41,905 | $ 128,957 |
Long-term Capital Gains | 22,731 | 247,410 |
Total | $64,636 | $ 376,367 |
Equity Risk | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |
Purchases ($) | Sales ($) | |
Fidelity Convertible Securities Fund | 1,371,800 | 1,707,923 |
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Class A | - % | .25% | $111 | $2 |
Class M | .25% | .25% | 39 | - |
Class C | .75% | .25% | 75 | 13 |
$225 | $15 |
Retained by FDC | |
Class A | $13 |
Class M | 1 |
Class CA | -B |
$14 |
Amount | % of Class-Level Average Net Assets | |
Class A | $80 | .18 |
Class M | 14 | .18 |
Class C | 15 | .20 |
Convertible Securities | 2,002 | .13 |
Class I | 130 | .16 |
Class Z | 25 | .04 |
$2,266 |
% of Class-Level Average Net Assets | |
Class A | 0.1795% |
Class M | 0.1816% |
Class C | 0.1969% |
Convertible Securities | 0.1327% |
Class I | 0.1631% |
% of Average Net Assets | |
Fidelity Convertible Securities Fund | .03 |
% of Average Net Assets | |
Fidelity Convertible Securities Fund | 0.0272% |
Amount | |
Fidelity Convertible Securities Fund | $ 7 |
Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
Fidelity Convertible Securities Fund | 11,836 | 17,982 | (866) |
Amount ($) | |
Fidelity Convertible Securities Fund | 43 |
Amount | |
Fidelity Convertible Securities Fund | $3 |
Total Security Lending Fees Paid to NFS | Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Convertible Securities Fund | $7 | $2 | $- |
Year ended November 30, 2023 | Year ended November 30, 2022 | |
Fidelity Convertible Securities Fund | ||
Distributions to shareholders | ||
Class A | $1,597 | $9,999 |
Class M | 262 | 1,853 |
Class C | 225 | 3,063 |
Convertible Securities | 57,992 | 334,483 |
Class I | 2,636 | 16,854 |
Class Z | 1,924 | 10,115 |
Total | $64,636 | $376,367 |
Shares | Shares | Dollars | Dollars | |
Year ended November 30, 2023 | Year ended November 30, 2022 | Year ended November 30, 2023 | Year ended November 30, 2022 | |
Fidelity Convertible Securities Fund | ||||
Class A | ||||
Shares sold | 187 | 345 | $5,785 | $11,765 |
Reinvestment of distributions | 52 | 267 | 1,544 | 9,618 |
Shares redeemed | (297) | (476) | (9,113) | (15,584) |
Net increase (decrease) | (58) | 136 | $(1,784) | $5,799 |
Class M | ||||
Shares sold | 11 | 22 | $388 | $739 |
Reinvestment of distributions | 9 | 51 | 259 | 1,834 |
Shares redeemed | (28) | (73) | (873) | (2,434) |
Net increase (decrease) | (8) | - | $(226) | $139 |
Class C | ||||
Shares sold | 72 | 62 | $2,215 | $2,080 |
Reinvestment of distributions | 8 | 84 | 225 | 3,040 |
Shares redeemed | (115) | (330) | (3,484) | (11,038) |
Net increase (decrease) | (35) | (184) | $(1,044) | $(5,918) |
Convertible Securities | ||||
Shares sold | 3,484 | 3,810 | $108,700 | $127,430 |
Reinvestment of distributions | 1,718 | 8,254 | 51,559 | 298,970 |
Shares redeemed | (7,203) | (7,761) | (222,403) | (256,520) |
Net increase (decrease) | (2,001) | 4,303 | $(62,144) | $169,880 |
Class I | ||||
Shares sold | 2,364 | 3,547 | $72,452 | $116,065 |
Reinvestment of distributions | 86 | 436 | 2,581 | 15,728 |
Shares redeemed | (2,779) | (3,593) | (85,764) | (118,871) |
Net increase (decrease) | (329) | 390 | $(10,731) | $12,922 |
Class Z | ||||
Shares sold | 1,473 | 880 | $45,556 | $29,080 |
Reinvestment of distributions | 58 | 253 | 1,750 | 9,135 |
Shares redeemed | (639) | (1,115) | (19,720) | (36,173) |
Net increase (decrease) | 892 | 18 | $27,586 | $2,042 |
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, 2023 to November 30, 2023). |
Annualized Expense Ratio- A | Beginning Account Value June 1, 2023 | Ending Account Value November 30, 2023 | Expenses Paid During Period- C June 1, 2023 to November 30, 2023 | |||||||
Fidelity® Convertible Securities Fund | ||||||||||
Class A | 1.04% | |||||||||
Actual | $ 1,000 | $ 1,036.00 | $ 5.31 | |||||||
Hypothetical-B | $ 1,000 | $ 1,019.85 | $ 5.27 | |||||||
Class M | 1.29% | |||||||||
Actual | $ 1,000 | $ 1,034.90 | $ 6.58 | |||||||
Hypothetical-B | $ 1,000 | $ 1,018.60 | $ 6.53 | |||||||
Class C | 1.81% | |||||||||
Actual | $ 1,000 | $ 1,032.00 | $ 9.22 | |||||||
Hypothetical-B | $ 1,000 | $ 1,015.99 | $ 9.15 | |||||||
Fidelity® Convertible Securities Fund | .74% | |||||||||
Actual | $ 1,000 | $ 1,037.90 | $ 3.78 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.36 | $ 3.75 | |||||||
Class I | .79% | |||||||||
Actual | $ 1,000 | $ 1,037.40 | $ 4.03 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.11 | $ 4.00 | |||||||
Class Z | .65% | |||||||||
Actual | $ 1,000 | $ 1,038.50 | $ 3.32 | |||||||
Hypothetical-B | $ 1,000 | $ 1,021.81 | $ 3.29 | |||||||
Class A | Class M | Class C | Convertible Securities | Class I | Class Z | |
Fidelity® Convertible Securities Fund | ||||||
December 2022 | 2% | 2% | 2% | 2% | 2% | 2% |
April 2023 | 41% | 52% | 99% | 34% | 33% | 32% |
July 2023 | 44% | 58% | 100% | 34% | 34% | 32% |
October 2023 | 39% | 46% | 67% | 34% | 35% | 32% |
Class A | Class M | Class C | Convertible Securities | Class I | Class Z | |
Fidelity® Convertible Securities Fund | ||||||
December 2022 | 13.72% | 14.47% | 16.49% | 12.88% | 13.33% | 12.66% |
April 2023 | 71.41% | 89.72% | 100% | 58.32% | 56.44% | 54.68% |
July 2023 | 74.84% | 99.36% | 100% | 58.21% | 58.21% | 54.37% |
October 2023 | 67.87% | 79.37% | 100% | 58.17% | 60.43% | 55.42% |
Item 2.
Code of Ethics
As of the end of the period, November 30, 2023, Fidelity Financial Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Convertible Securities Fund and Fidelity Equity Dividend Income Fund (the “Funds”):
Services Billed by PwC
November 30, 2023 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Convertible Securities Fund | $50,700 | $4,800 | $14,100 | $1,600 |
Fidelity Equity Dividend Income Fund | $50,100 | $4,700 | $33,100 | $1,600 |
November 30, 2022 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Convertible Securities Fund | $48,300 | $4,600 | $13,600 | $1,600 |
Fidelity Equity Dividend Income Fund | $47,500 | $4,400 | $12,500 | $1,500 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
November 30, 2023A | November 30, 2022A | |
Audit-Related Fees | $8,284,200 | $7,14,600 |
Tax Fees | $1,000 | $1,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | November 30, 2023A | November 30, 2022A |
PwC | $13,647,700 | $12,921,200 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.
The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.
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 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 trust’s 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 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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 Financial Trust
By: | /s/Stacie M. Smith |
Stacie M. Smith | |
President and Treasurer | |
Date: | January 22, 2024 |
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, 2024 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 22, 2024 |